- Says demand from emerging economies is diminishing
- Inflationary pressures are easing
- Economic growth should ease inflation pressures
- Says the "bottom will be reached" in mid-2009
- Says fiscal position will deteriorate
- Sees 7 member countries with deficits over 3.00%/2009.
- No new EMU members likely until after Spring 2010
- Sees "gradual recovery" from the second half of 2009.