• the plan here to be used if countries meet conditions
• Ireland and Portugal have not yet qualified for help
• sees risk calmer markets weaken reform drive, must show reforms are bearing fruit
• would like France to take corrective action in 2013 to get close to 3% deficit
• not much ECB can do if govt yields go up because of political events
• if Ireland bank debt deal allows CB to dispose of bonds faster then concern of monetary financing is alleviated