Azerbaijan, Baku, Jan. 15/ Trend , A. Badalova/ The world economic recession and fall in demand will last for a long period of time, Vesti TV channel quoted head of the European Central Bank (ECB) Jean-Claude Trichet as saying in a press conference on the ECB meeting.
He said drop in crude prices reflects slowdown in inflation in the second half of 2008.
ECB expects crude prices to fall soon.
"In mid-2009, crude prices will fall dramatically," Trichet said.
In its meeting held today, the ECB cut base interest rate 50 base points to 2 percent per year. The ECB decision coincided with forecast of many analysts. EBC cut interest rate 0.75 percent points in December.
Trichet said inflation rate will meet criteria of price stability in a medium-term period.
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