• Recovery on track but growth will be slower than Q2 for Europe.
  • Europe bordering on self-sustaining recovery
  • Labor market performance in Germany very strong
  • Too early to say sovereign debt crisis in Europe behind us, though stabilized
  • Refuses comment on monetary policy as in blackout period before September meeting
  • Good crisis management does not distort long-term incentives
  • Refuses comment on US policy, citing central bankers code to discuss policy in private
  • Downplays talk of taking helm of ECB, concerned with working on ongoing German economic challenges