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ECB governing council member, Olli Rehn was out with some comments in the last hour saying that the decline in inflation expectations may be due to asymmetry in the central bank’s definition of price stability.  

Key quotes:

   “¢   Investors may be doubting the effectiveness of the central bank’s policy.
   “¢   Long-lasting slow inflation may have lowered inflation expectations durably
   “¢   Markets may find that under current circumstances, monetary policy measures are not effective enough to accelerate inflation.