• Government should ensure sufficient money is available in bailout funds
• Have to ask yourself if a Greek debt haircut makes sense after reforms. A haircut alone doesn’t solve problems
• Confident that France will address it’s budgetary challenges, but demographic trends support France
• Global low rates scenario poses economic risks
• Shouldn’t accept higher long term inflation rates
• EU inflation expectations are stil anchored
• ESM should have been an alternative to tihe ECB’s OMT program