MUST WATCH EURO FX CLOSELY FOR POTENTIAL CPI THREAT
REPEATS: ECB POLICY COURSE IS APPROPRIATE AT MOMENT
ECB DECIDING POLICY IN VERY UNCERTAIN ENVIRONMENT
EMU GROWTH EASING, BUT OUTLOOK BETTER THAN US/JAPAN
WEAKER EMU GROWTH OUTLOOK TO COUNTER INFL. PRESSURE
NO 2ND ROUND WAGE EFFECTS YET, MUST REMAIN SO
EURO EXCHANGE RATE MUST BE OBSERVED 'VERY CAREFULLY'
ECB INTERESTED IN A STRONG EURO