Ewald Nowotny out with comments a little while ago •Is expecting a significant rise in inflation in 2017 due to stable or increasing energy prices •But still sees inflation below the ECB's target in 2017 •Sees the ECB's continued but not endless expansive monetary policy •Governments should still use low rate phase to reduce deficits and government debt If Europe is a mirror of the UK, we will be seeing inflation rising next year on energy prices alone. Petrol and diesel prices are already back above levels when oil was nearer $100, not $50. (full story)