-TRICHET-DOWNSIDE RISKS TO GROWTH FROM FINANCIAL MARKETS, ENERGY PRICES, PROTECTIONISM, GLOBAL IMBALANCES

-TRICHET-INFLATION RATES ARE LIKELY TO STAY CLEARLY ABOVE 2 PCT OVER COMING MONTHS

-TRICHET-UPWARD PRESSURE ON INFLATION IS ALSO DISCERNIBLE IN EARLIER STAGES OF PRODUCTION PROCESS

-TRICHET-OF PARAMOUNT IMPORTANCE THAT INFLATION RISE DOES NOT LEAD TO SECOND-ROUND EFFECTS