Head of the Dutch central bank and ECB governing council member Klaas Knot speaking in a TV interview:
- The lower oil price has boosted purchasing power in the euro zone
- Helps economic recovery
- It is impacting to lower inflation, which is a concern for central banks
- "If the oil price drop starts to influence inflation elsewhere within the economy and takes a foothold in the economy, it would be a reason to revisit monetary policy"
- The ECB's December inflation outlook for 2016 needs to be trashed, new forecasts made
- ECB will revisit monetary policy again in March
- On elsewhere, says the situation in countries like Brazil, Russia, China worrying
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All obvious point from Knot.