• But no reason to be excessively pessimistic.
• U.S. “fiscal cliff”, energy prices and euro crises main risks for global economy.
• Concerned governments more and more relying on Central Banks in fighting crisis.
• Monetary policy alone cannot resolve crisis, governments have to act.
• German economy still in robust shape, feels European adjustment process.
• Expects German economy to stagnate in second half.
• Bundesbank to sign IMF bilateral credit line deal, along with 9 other countries.
• Can’t solve crisis with ECB printing press.
• Says must await Troika report on Greece.
• Greek program extension means higher financing needs.