European Central Bank Chief Economist: Neutral interest rate upper limit raised to 2.5%, interest rate decision not affected by fall in oil prices.

Philip Lane, Chief Economist of the European Central Bank, clearly stated on June 18 that despite recent declines in international energy prices, the inflation rate in the euro area will remain above the target level of 2% for a longer period of time. He also revealed that the bank has adjusted its calculation of the neutral interest rate range, raising the upper limit from the previous 2.25% to 2.50%.