- Financing conditions in Europe very heterogeneous
- Only governments can deal with root causes
- Inflation expectations anchored blah blah
- ECB operates within certain constraints
- Tensions in financial markets are receding
- Euro economy to stabilise this year
- ESM recap no backdoor for debt mutualisation
- Governments can’t expect ECB to substitute for them
- ECB to conduct bank quality review in Q1 2014
- Essential SSM accompanied by credible SRM
- ECB’s bond plan in line with mandate
Obviously he didn’t have enough fun at the German constitutional court so he’s boring the pants off of a general assembly of European savings banks
Via BBG
