ECB's Villeroy: Effects of negative rates can change over time

European Central Bank (ECB) Governing Council member and Bank of France Head Villeroy de Galhau crossed the wires in the last hour arguing that the pass-through of the fall in crude oil prices would cause the euro area inflation to continue to soften before recovering gradually. 

Regarding the recent argument on the potential impact of the ECB's negative rate policy, Villeroy said that the ECB was convinced that the impact was still positive while noting that the effects could change over time.