Since about 2014, however, model-based analysis has suggested that the predominant source of the decline in oil prices is likely to reflect supply-side factors. Chart 7 a Overhang in oil inventories weighing on oil prices Oil price decomposition (cumulative contributions to changes in oil price since January 2010; oil price in USD per barrel)  Source: Bloomberg, Haver Analytics, IEA and ECB staff calculations.
Furthermore, the establishment of European Economic and Monetary Union will drastically change the institutional setting of money and monetary policy in the member states of the European Union, and will have a strong positive impact on the economic development of Europe in the next century.