FRANKFURT (MNI) - The European Central Bank appears likely to hold off on any further winding down of non-standard policy measures until next year in a move that may suggest the central bank's policies will be increasingly geared towards the lagging economies and troubled sovereign debt of peripheral countries.

The renewed widening of peripheral EMU debt spreads raises the risk that the ECB may not only delay its exit from non-standard measures but also from historically low interest rates.

FRANKFURT (MNI) The Bundesbank's upwardly revised growth forecast for Germany may do little to expedite the European Central Bank's exit from remaining non-conventional support measures, as the darkening global economic outlook should keep the ECB on careful footing.

Following Germany's much stronger than expected record GDP rise of 2.2% in the second quarter, the Bundesbank on Thursday revised up its projection for full-year growth to around 3% from 1.9% expected in June.

FRANKFURT (MNI) - European Central Bank Governing Council member Athanasios Orphanides Monday was less cautious than the bank's President Jean-Claude Trichet in assessing the unexpectedly strong Eurozone recovery, though the Cyprus central bank governor still left no doubt that the ECB will tread very carefully in removing support measures.

FRANKFURT (MNI) - Significantly tighter credit conditions in the Eurozone have thus far not undermined a recovery in loan demand as economic developments continue to surprise on the upside.

Nevertheless, expectations of yet harsher lending conditions for businesses in the third quarter may prompt concerns that credit constraints could eventually become a drag on growth.

Recent Eurozone sentiment data have surprised markedly on the upside.

FRANKFURT (MNI) - The Eurozone recovery remains on track and businesses unfazed by market jitters ahead of banking stress test publication.

While latest data surprised on the upside, easing concerns over a double-dip, the upcoming release of bank stress tests results appears to bear more downside risks.

FRANKFURT (MNI) - The exit from non-conventional policy measures has moved back into focus amid ongoing signs of economic and financial market recovery, the latest comments from European Central Bank Governing Council members confirm.

Council member Yves Mersch welcomed Greece's recent sale of short-term debt to investors as a sign of increasing normality that could allow the ECB to end its government bond buying program.

FRANKFURT (MNI) - The European Central Bank's government bond buying programme is winding down, suggesting that the end of controversial market intervention is near.

On Monday, the central bank said it had bought only E1 billion in bonds last week after E4 billion in each of the previous three weeks and as much as E16.5 billion in mid-May at the height of the sovereign debt crisis.

FRANKFURT (MNI) - The European Central Bank's government bond-buying program has produced results and not gone beyond the aim of restoring the transmission of monetary policy, ECB policy-makers said.

Governing Council members also welcomed the decision by governments to release detailed results of bank stress tests as a step towards restoring confidence.