Clever old sticks
- ECB averted a credit crunch
- 2012 has been an intense year for the ECB
- ECB ensures price stability in both directions
- ECB has shown resolve, foresight (a little humility wouldn’t go amiss Mario)
- OMT, ESM has helped to calm markets
- Return of confidence in euro area justified
- ECB stands ready to implement OMT when required
- Governments must followthrough on reforms
- Single supervisor needs to be implemented well
- Need to take all the time needed for supervision
- Probably pragmatic that ECB be single supervisor
- ECB has competence to be single supervisor
- ECB’s independence must be safeguarded
- Independence extends to supervisory tasks
Yada, yada, yada…….
