ECB Account of the monetary policy meeting (19 November 2015) of the Governing Council of the European Central Bank:
... The risk of deflation remains relevant, although not yet a fact.
... Eurozone external factors reduce the effects of the stimulus measures of the ECB. The fear is that these incentives have not sought influence.
... In assessing the risks to the outlook for inflation, members noted that downside risks remained prevalent and had possibly increased. These risks stemmed mainly from uncertainties regarding the economic outlook and the persistence of the output gap in the euro area, as well as from global oil and commodity price developments.
... Accordingly, the Governing Council needed to re-examine the degree of monetary policy accommodation at its December 2015 monetary policy meeting, when the new Eurosystem staff macroeconomic projections would be available
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