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Q: As there's no order of instruments in........>

ECB
ECB: Q: As there's no order of instruments in package, should they come
together? Which first?
- A: Haven't decided yet.
Q: Consequences on banking system of no tiering had no impact to current levels,
but would lower rates affect profitability?
- A: Don't know yet. Have to consider that. QE has worked, inflation went up.
Moved from massive unemployment to closer to full employment. 11m jobs created
in last 5 years. Pass through of mon pol taking longer than expected - both in
euro area and globally.
- Question on Lagarde, Draghi said that she will be outstanding.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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