Elsewhere

Merkel:

  • ECB has bought us time
  • After ECB moves, situation somewhat calmer
  • Situation still fragile, crisis not over
  • Steps needed to tame crisis
  • We must use next 3 year for reforms
  • No sense to talk of easing targets for Spain, Dutch before results known (guess she means budgets)
  • Will speak to Brazil president about ECB liquidity concerns
  • Not planning full funding of ESM this year
  • Each ESM tranche is one fifth of total
  • Proposes paying two ESM tranches in 2012
  • Must ensure ECB action doesn’t create bubble