This makes it quite a lot less likely that it will (reduce rates) but it doesn't rule it out completely.
I think deflation (will be an issue) particularly if the oil price drops further from this year. Some countries in Europe are more at risk, like France.
This bodes well for the future. Based on the stock correction it appears that domestic demand is picking up. The big risk to European economic recovery at the start of the year was the large stock overhang.
This points to a slowdown in industrial production growth to 2 percent year-on-year.