In a guest article for the Telegraph, leading deflationist Roger Bootle explains how lower oil prices will accentuate the move to lower inflation, which is already under way, and to eventual deflation, which increases the chance of a debt disaster.
...the eurozone is perilously close to deflation, that is to say, a point at which overall consumer prices fall. That may not sound so bad. Indeed, often it isn’t, but it is downright dangerous in an economy saddled with as much debt as the eurozone now is.
You can read the entire article on the Telegraph's website: http://www.telegraph.co.uk/finance/comment/11234610/The-economic-glass-really-is-more-than-half-full-for-once.html