Doomsday projections were always exaggerated

LTROs were key for sentiment improvement

LTROs designed to prevent credit crunch

LTROs will help SMEs to get loans

ECB is managing risks carefully

No sign of inflation above the monetary objective

Need to tackle underlying imbalances

Have the necessary tools to achieve price stability

Sees positive developments in Italy and to some extent Spain

Trust that reforms will be implemented across EMU