The risks of inflation are coming down, but we have to look at the new (economic) information since the beginning of the year.

The U.S. imbalance is obviously still an issue of concern.

The ECB could never argue in the way the Fed did in justifying its most recent rate cuts, by citing markets and the economy.

The ECB differs fundamentally from the U.S. central bank, the Fed, in terms of its task and strategy.

We still feel it is not yet the time to reduce interest rates. Of course we will watch closely what goes on in the United States ... [But] we are optimistic there will be strong growth in the euro zone this year.

I am not happy about this. I am concerned about this development and this development has to stop. We can see that this helps the export situation, but the confidence in the (financial community) and the public is concerned with this.