EUR/USD has come under some pressure in early European trading, presently down at 1.4590. ECB’s Papademos feels the euro-zone slowdown is likely to be longer due to the banking crisis, and the recent turmoil has made euro area banks more vulnerable. He feels market rate cut expectations will be influenced by favourable oil price developments and impact of slower growth on inflation. Papademos says the ECB will do what is necessary to achieve and maintain price stability in eurozone over medium term.