• Budget consolidation should be based on spending cuts
• ECB ensures price stability in both directions
• The Eurozone financial market was seriously fragmented
• ECB acted to restore a unified monetary policy
• It’s up to individual governments to regain their credibility
• OMT measures doesn’t jeopardise ECB independence, or feed inflation
• Bigger risk is deflation in some countries in Europe
• OMT is ‘indispensable’ for preserving price stability
• Banks are reducing their reliance on ECB funding
• Up to governments to resolve uncertainties
• EU’s making progress on political , fiscal and bank union
• Political uni[on in the EU is a long road with plenty of uncertainty