As emphasised repeatedly by the Governing Council, and as again strongly echoed in both European and international policy discussions, in order to reap the full benefits from our monetary policy measures, other policy areas must contribute much more decisively, both at the national and at the European levels.
I am of the view, based on a preliminary assessment by Atlanta Fed economists, that lower oil prices will be a net benefit to the U.S. economy. I expect a decline in energy-sector new investment and some falloff in employment to be more than offset by a boost to consumer activity.