Don’t forget that higher oil prices also have a negative impact on the purchasing power of companies and households. Moreover, it is unclear how these developments will impact underlying price pressures, if at all. Speaking personally, I don’t exclude upside risks to inflation in 2017 if the reflationary impact of the new US policies dominates.
*  *  *  Views expressed in this speech are personal views and do not necessarily reflect those of the institutions I am affiliated with. This is an abridged version. The 2008 global financial crisis has led to a rapid accumulation of government debt in most countries of the euro area.