There is only a "remote" risk of a deflationary episode in the eurozone, but the European Central Bank (ECB) could still ease policy in the face of "too prolonged a period" of positive but low inflation, according to its latest monthly bulletin, released today.
The ECB was at pains to distinguish between outright deflation and "subdued price developments of a less malign nature" – stressing the need to consider the wider economic context before deciding how to characterise a particular period of
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