The fall in oil prices over the past two years will add less to global growth than earlier thought and the overall impact could even be negative, the European Central Bank said on Monday. With oil prices falling from around $110 per barrel in mid-2014 to $50 per barrel now, many had expected a one-off boost to global growth from higher consumption as households and businesses spend less on fuel, realizing an income gain. But the positives have so far been limited while the adverse impact on net oil-exporting countries has been severe, accompanied by negative spillovers to other emerging market economies, the ECB said in a bulletin article. “Taking the example of the United States as one of the largest net oil importers, the benefits for consumption of lower oil prices have been smaller […]