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Early next year for reassessment of ECB policies' impact: Draghi

European Central Bank President Mario Draghi said on Thursday the falling price of oil would have mixed impact on the eurozone, boosting the economy by removing costs but also dragging down already-weak inflation.

[FRANKFURT] European Central Bank President Mario Draghi said on Thursday the bank would reassess the impact of its monetary policy stimulus early next year and take further action if necessary.

He also told a news conference the level of technical preparation for further measures - widely believed to include quantitative easing sovereign bond buying - has been stepped up.

"Early next year, the Governing Council will reassess the monetary stimulus achieved, the expansion of the balance sheet and the outlook for price stability, the outlook for price developments," Mr Draghi said.

"We will also evaluate the broader impact of recent oil price developments on medium-term inflation trends in the euro area. Should it become necessary to further address risks of too prolonged a period of low inflation, the Governing Council remains unanimous in its commitment to using additional unconventional instruments within its mandate."

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The bank has already cut borrowing costs to record lows, given cheap loans to banks and started buying reparcelled debt to kick-start lending and bolster growth.