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Draghi says ECB needs expansive monetary policy: paper
(Reuters) - European Central Bank President Mario Draghi said a loose monetary policy is needed to achieve price stability in the euro zone and the Governing Council is determined to deliver this.
With euro zone consumer prices turning negative in December for the first time in five years, there are growing doubts among policymakers whether the ECB's stimulus implemented so far will enough to prevent the euro zone from slipping into deflation.
To achieve the ECB's medium-term inflation target of below but close to 2 percent, the ECB must "keep interest rates low and work towards an expansive monetary policy that accompanies growth," Draghi told Die Zeit in an in advanced release of an interview to be published on Thursday.
Norway to Tackle Oil Slump Via Krone Buffer, Government Says
Norway is embracing a slump in the krone that Finance MinisterSiv Jensen says will act as a buffer to protect western Europe's biggest oil exporter from plunging crude prices.
Canadian Dollar Falls to C$1.20 First Time Since 2009 on Crude
Canada's dollar weakened past C$1.20 per greenback for the first time since April 2009 on concern a continued slump in crude oil, the nation's biggest export, will damp economic growth.
Less than two weeks into the year, the currency has already lost more than 3 percent against its U.S. counterpart as speculation a global oversupply of crude that's already cut the commodity's price by more than half since June will drive it down further. Bank of Canada Governor Stephen Poloz, who will release new economic forecasts next week, said in December the slide in oil will cut about a third of a percentage point from growth this year.
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