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November 24, 2013 AT 4:33 PM
Benoit Coeure, a senior European Central Bank official said slowing price growth, or disinflation, in Europe is likely to continue for now, but will not progress to deflation because the economy is recovering and inflation expectations remain anchored around 2 percent. Coeure said Europe's economy is stabilizing and the banking sector is strengthening, but policymakers need to make progress with structural reforms to bring down unemployment and encourage business investment. With euro zone inflation running at 0.7 percent, well below its target of just under 2 percent, several ECB members have said they are open to taking new steps to prevent deflationary pressure from harming the economic outlook.