"In the flash estimate for September, annual headline inflation declined to –0.1%yr, from +0.1%yr in August. Highlighting the ongoing impact of oil price weakness, ex-energy prices are up 1.0%yr.
That outcome is still well below the ECB’s 2.0% target, and expectations are also well below long-run average levels, so there is a strong justification to continue with alternative easing measures through to September 2016 as scheduled – and likely well beyond that time.
The availability of credit and interest rates have both responded as planned to the ECB’s actions; less so the Euro. A weaker currency would aid the region’s exporters and bolster inflation. But its worth depends on the strength of the global economy, which clearly remains troublesome."
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