ECB: drop in oil prices is a sign of economic slowdown
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The drop in oil prices is a slowdown in global economic signal. This was stated by the European Central Bank (ECB) in anticipation of the Economic Bulletin, explaining that "while in 2014 most of the drop in oil prices could be explained by the significant increase in the supply of crude oil, the lowest price of the most recently is the reflection of the decline in global demand ".
The ECB warns that "even if the low price of oil may support domestic demand due to rising real incomes in the importing countries, this may not necessarily offset the wider effects of the weakening of global demand."
The report, however, shows that internationally many countries exporters of crude are facing a recession "serious", taking into account that the weakening of global demand has had repercussions on other emerging economies.