ECB conference summary

•ECB SEES “UPWARD PRESSURE” ON EURO AREA INFLATION
•COMMODITY, ENERGY COSTS DRIVING PRICE PRESSURES; UNDERLYING PACE OF MONETARY EXPANSION RECOVERING
•SEES 2011 INFLATION AT 2.5% TO 2.7% VS PREV 2.0% TO 2.6% *TRICHET SAYS HIGHER INFLATION FORECASTS REFLECT ENERGY COSTS
•”STRONG VIGILANCE” NEEDED ON INFLATION RISKS; ECB WILL ACT IN FIRM AND TIMELY MANNER; ECONOMIC UNCERTAINTY REMAINS “ELEVATED”
•UNDERLYING PACE OF MONETARY EXPANSION RECOVERING; MONETARY STANCE IS “ACCOMODATIVE”
•GREECE NEEDING ABOUT EU45B OF NEW LOANS; GREECE WILL GET EU57B OF LOANS UNTAPPED FROM 2010; RAISE EU30B FROM ASSET SALES THRU ’14
•ECB TO SECURE FIRM ANCHORING OF PRICE EXPECTATIONS; ECB “WILL DO ALL THAT IS NEEDED” ON INFLATION