Comments made in interview with Market News International.

  • Wild expectations about ECB rate cut show some people have lost direction, ECB has one needle in compass
  • Certain number of non-standard measure options on table
  • Will do what is needed to ensure markets function well
  • ECB working assumption on Greek default clear, unchanged
  • Acting on July 21 plan first step to restore confidence
  • Europe is showing it is able to deliver on its’ promises
  • Markets will regain their equilibrium regarding Europe

The Mersh comments, dismissing ECB rate cut expectations, have lent the single currency some support. We’re back up at 1.3405.