Below are highlights of ECB policymakers' comments since their last meeting on January 12.

JOZEF MAKUCH (SLOVAKIA), JAN 30

"The market is still not functioning, we see some opening of markets with unsecured securities, but we are at the beginning of this process and hope it will continue."

YVES MERSCH (LUXEMBOURG), JAN 28

"Because of the many special measures (the ECB has taken), it appears that the role of interest rates is not so prominent anymore ... Negative real interest rates over a longer period not only diminish wealth; they put in question the effectiveness of money market funds, which have so far provided short-term liquidity."

EWALD NOWOTNY (AUSTRIA), JAN 27

"Buying sovereign bonds takes place only on a limited scale and is not a regular program. Providing liquidity to banks is however a central task for a central bank. In this area we will certainly still be active."

MARIO DRAGHI (PRESIDENT), JAN 27

On the ECB's first 3-year loan offer: "So we know for sure that we have avoided a major, major credit crunch, a major funding crisis ... Do we know that actually this money is going to finance the real economy? We don't have evidence of this yet. We have to wait. There is a lag. In the meantime, you have parts of the euro area where credit is more or less normal. You have (other) areas where credit is seriously impaired."

JOERG ASMUSSEN (EXECUTIVE BOARD), JAN 27

On Greek bond swap: "As you know, the abbreviation stands for private sector involvement. The ECB and the euro system are clearly not private."

JOSE MANUEL GONZALEZ-PARAMO (EXECUTIVE BOARD), JAN 27

"The ECB is not involved in the discussions over Greek debt. But there are restrictions under the bank's mandate that prohibit the central bank from lending to governments."

On interest rates: "Interest rates will be as high or as low in Europe as they have to be to ensure price stability, and we have not committed to a minimum level in the slightest."

MARKO KRANJEC (SLOVENIA), JAN 25

"I absolutely never heard that anyone would seriously doubt the euro, the euro zone, the ECB and the existence of the euro. The alternative would only be worse. ... Therefore I believe the euro will be here for quite some time."

YVES MERSCH (LUXEMBOURG), JAN 24

With reference to the latest purchasing manager surveys for the euro zone: "(This) shows that Europe at the beginning of this year is no more in a contraction, the European economy being again growing. If anything we might have only a very shallow recession."

PETER PRAET (EXECUTIVE BOARD), JAN 24

"There are signs that the speed of the downturn is slowing and that a stabilization is occurring."

JOSE MANUEL GONZALEZ-PARAMO (EXECUTIVE BOARD), JAN 24

"Quantitative easing is not what we think needs to be done in the euro zone."

MARIO DRAGHI (PRESIDENT), JAN 19

"We see a softening business cycle in Europe with significant downside risk. We also see some tentative signs ... but I have to be quite cautious here ... some tentative signs of stabilization of economic activity at low levels."

"All this is subject to downside risk, in other words it can get worse."

JENS WEIDMANN (GERMANY), JAN 18

"The EFSF losing S&P's top rating proves in my opinion again that there are limits to solving the crisis. ... A credibility crisis can only be solved by keeping a consistent mid- to long-term perspective for the monetary union and sticking to treaties and agreements."

MARIO DRAGHI (PRESIDENT), JAN 16

Speaking as head of the European Systemic Risk Board at a testimony to the European Parliament's Committee on Economic and Monetary Affairs: "We are in a very grave state of affairs and we must not shy away from this fact."

CHRISTIAN NOYER (FRANCE), JAN 16

"We are in a period of crisis, and 2012 will be without doubt a year full of challenges... The decision just made by one of the main credit rating agencies with regard to the countries of the euro zone obviously constitutes an additional challenge."

ERKKI LIIKANEN (FINLAND), JAN 13

Liikanen said central bankers' views on the economy had "converged strongly" at the policy meeting.

"The risks are still on the downside, meaning that it is possible weaker development might be ahead."

(Compiled by Frankfurt Newsroom; editing by Ron Askew)