The Economist o nevarnosti deflacije:

[…] But even though falling inflation may seem a less alarming prospect than a market-led siege of the euro, it could be highly corrosive, especially if inflation turns to outright deflation. As Japan’s experience over the past 15 years has shown, once people start to expect falling rather than rising prices it can be very difficult to reverse such expectations. And worryingly, at 0.7%, inflation in the euro area is now lower than in Japan where Shinzo Abe, the prime minister, has mounted a determined campaign to try to slay the dragon of deflation.…

The ECB may have acted today, but it is still not doing enough to counter weak inflation and to bolster what looks like a feeble recovery. Mr Draghi said today that the central bank has other artillery. Although it lowered the rate at which it lends to banks to 0.25% it left unchanged at zero the one it pays to banks on their deposits with the ECB. One option would be to charge a negative rate on them, making banks pay for leaving money with the central bank, as has happened in Denmark. Now that the ECB’s main rate is so low, it will have to consider taking such unconventional steps in order to ward off deflation.