• 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