Michael Noonan (Limerick City, Fine Gael)
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I do not believe there is a possibility of deflation. One of the factors in driving the European figures so low was the reduction in energy prices in recent times, and this will fall out of the figures shortly. The inflation figure will not return to 2% but it will ease fears of deflation. If one follows what Mr. Draghi states, he does not envisage deflation, but he is very conscious of the adverse effects of continuing low inflation on European economies. He seems to stand ready to do something about it. What this might be I am not quite sure. We have not been briefed. The point of contact will be through the Governor of the Central Bank. The Council of Ministers has the same level of knowledge as anybody who reads the business pages and speculation from analysts. We have no inside-track information.