• Analysts seem to have underestimated “force and coherence” of reforms undertaken since crisis
• Doubt over private sector involvement in bailout packages is raising market rates, risk if contagion
• Is a “dangerous illusion” to think reducing or rescheduling debt would ease budget adjustment
• European states must strictly respect the seniority of debt, otherwise quality will be affected
• “Highly desireable” for France to step up pace of deficit reduction
• France’s creditworthiness needs to be defended and safeguarded
• Potential sharp correction in property market represents substantial risk to financial stability in France
• Necessary to show determination in preventing energy and commodity inflation spilling over to general prices
• Monetary policy reflected in interest rates will remain seperate from provision of liquidity