An important part of that discussion relates to the impact of the low oil price and whether this is a temporary or permanent shock to inflation... The usual answer in the ECB would be to see if that’s temporary ... and this is what we’ve done, usually faced with commodity price shocks to commodity prices, up or down.
This is what we’ve done in 2009 for instance, the last time we saw a significant decrease in commodity prices. 6  BIS central bankers’ speeches  This time may be different.