- ECB in a good position to carefully consider upcoming steps.
- If downside growth risks strengthen disinflationary process, ECB should keep easing monetary policy.
- Potential reduction in the global importance of US markets could create chances for others, including Europe.
- Europe can benefit from reallocation of global portfolios but it must act.
Panetta is a dove so it's not surprising him to place more focus on growth than inflation.
ECB's Panetta
