• Market mechanisms must continue to be able to work with permanent euro crisis mechanism
  • There will be no changes up to 2013, after 2013 it won’t be about old bonds
  • Involvement of private investors only after 2013
  • See no euro zone country in danger of insolvency
  • Euro zone in much better shape now than before crisis
  • Germany will press for strong euro, therefore strong savings measures needed
  • Sees risks of 1930’s style protectionism, hope for Doha round trade deal during French G20 presidency
  • Supports idea of EU-Russia free trade zone, but Russia not making this easier with import tariffs