• Expects Eurozone recovery to come in 2nd half of 2013
  • Welcomes and is very satisfied with Eurogroup accord of Nov 27
  • Shows Greece will remain in the Euro
  • ECB will do what ever it takes to keep euro stable
  • Banks are suffering from state of public finances
  • Unified supervision must apply to all banks to avoid banking sector fragmentation
  • Need to boost labour market flexibility
  • France and Italy need to remove rigidity from their labour/product markets
  • Losing AAA status sends signals to governments, must be taken seriously