Consumer price inflation in the eurozone has been below target for 22 consecutive months – long before the price of oil started collapsing. Cheaper oil is a boon for growth; but it also lowers long-term inflation expectations, which are the true target of monetary policy.
但是，批评者说，没有理由需要担心，因为欧元区的近零通胀只不过是因为石油价格的暴跌。不幸的是，确实存在许多理由需要担心。欧元区消费物价通胀已经连续22个月低于目标值——远远先于油价开始崩溃。廉价石油是增长的助推剂；但它也降低了长期通胀预期，而长期通胀预期才是货币政策的真正目标。