A more full transcript of Lagarde's comments....>

ECB: A more full transcript of Lagarde's comments in response to what tools the

ECB might turn to first for stimulus if the eurozone were to slow over the

course of the year:

- "I am concerned about low rates as it is predicated on low growth. I would

much rather have much higher growth and higher rates. Not the situation we have

at the moment...different tools apply to different portions of the yield curve.

We will - let`s hope we don`t have to do that because growth doesn`t slow and

growth continues to not only stabilise but to accelerate in the going future,

that would be a nice problem to have to deal with. But if it did not, then we

would really have to ask ourselves, at which end of the yield curve we want to

operate. And that will determine which kind of instrument we want to use."