- sees reasons to believe that monetary policy is feeding through to real economy
- gaining traction across Eurozone especially via bank lending
- policy will remain accommodative for as long as necessary but cannot solve all problems
- recovery remains relatively weak and uneven
- long way to go to bring down very high levels of unemployment
- ECB rate transmission to bank lending rates still uneven but differences have narrowed considerably
Nothing new . EURUSD unmoved at 1.3569
