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The European Central Bank (ECB) Governing Council Member Ewald Nowotny said on Monday that the central bank's asset buying programme was working and it will continue until September 2016.
"The economic downturn is over, the risk of deflation has been overcome, and the emergency measures of the ECB appear successful," Nowotny noted.
He also said that lower oil prices were also supporting the economy in the Eurozone.
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