• If Greece not able to finance debt on the market, support could be used as last resort
• Short-term inflation risks are low but point to upside
• Goal of possible Greece rescue would be ensuring financial stability in euro zone
• Litmus test coming at end of June when first of 12-month tenders expire
• Greece must remain responsible for its fiscal policy
• Eurosystem will take care that end-June transition goes smoothly
• Most pressing task for monetary policy is exit from support measures
• Eurogroup decisions offer Greece chance to win back credibility
• Greece must stick to budget consolidation path as minimum requirement
• Current record low ECB rates are appropriate
• Can expect quick rate cuts during crisis accompanied by quick rises afterwards
• If budgets lead to higher inflation expectations could lead to more restrictive monetary policy