EFTA Document EFTA01459551

CIO View Special Fa4uary VA& Monetary policy For the European Central Bank (ECB), less dollar strength than expected is unwelcome, as Mario Draghi, the ECB's president noted on January 21. Amongst other things, it means that the fall in the oil price will continue to have an even more negative effect on headline Eurozone inflation figures. Even at constant exchange rates, the recent fall in the oil price means that energy will continue to be a bigger drag on Eurozone prices for longer th