FRANKFURT (MNI) - As the euphoria surrounding the robust German and Eurozone growth in the second quarter wears off, policy-makers have made it clear that some turbulence is to be expected in the recovery ahead.

These prospects lend weight to officials' comments that December is the earliest date at which the European Central Bank will decide on how to phase out its remaining non-standard liquidity measures. And, if the economy takes a turn for the worse, the bank might further postpone action, unless the price stability outlook worsens.

BRUSSELS (MNI) - European Union rules on debt and deficits should be incorporated into each member state's national law, leading business lobby group Business Europe said on Friday.

"An individual obligation towards discipline and stability, and a collective drive to reform, are essential," BusinessEurope's President Jurgen Thumann wrote in a letter to Belgian Prime Minister Yves Leterme, who currently holds the rotating presidency of the European Union.

LONDON, Sep. 10 (MNI) - Euro-dollar reversed off early European lows of $1.2670 as a semi-official name provided a base, with recovery into the $1.2740/50 area then restricted by sales from the same name.

The move up in the euro was largely driven by strong sell interest in the Swiss franc, initially seen in early Asia and then during early European trade. Next week's (Sep 16) SNB meeting expected to keep the 3-month libor target at 25bp, with the target range remaining 0-75bp.

FRANKFURT (MNI) - The idea of Greece leaving the Eurozone is "absurd" and would only serve to increase the country's debt burden, European Central Bank Executive Board member Lorenzo Bini Smaghi said Thursday.

LONDON, Sep 10 (MNI) - Strong demand for sterling-Swiss reversed the pound's early easing, allowing cable to push up from early European lows of $1.5365 to $1.5467.

However, this strengthening in sterling only allowed for a slight pullback from early recovery highs of stg0.8255 in euro-sterling, as the euro also made decent recovery gains on the back of euro-Swiss demand.

ATHENS (MNI) - Greek government revenues remained well below target in August, according to preliminary data released Friday by the Finance Minister.

Revenues for the first eight months of the year posted a modest annual rise of 3.3%, compared to the full-year target for a rise of 13.5% in the accord for IMF-EU loans signed in May.

LONDON (MNI) - Output price inflation eased for the fourth consecutive month in August to its lowest level for six months, according to figures released by National Statistics Friday.

Output prices were flat on the month in August and rose 4.7% on the year, slightly below the median forecast for a rise of 0.1% on the month and 4.8% on the year.

FRANKFURT (MNI) - Germany will sell E2 billion in a top up of its June-2011 maturity bubill, the Bundesbank confirmed Friday.

The formal tender offer will be announced next Friday, September 17. Bids are due by 0900 GMT on Monday, September 20, with results of the allocation to be announced shortly thereafter.

The bubills will settle on Wednesday, September 22, 2010 and mature on June 29, 2011.