'The important thing is low prices $45 to 50 dollars are a temporary phenomenon. It's a very good breathing zone for oil importing countries.'

Finance Minister Arun Jaitley shared the details of his meeting with economy and finance ministers of Switzerland. He spoke with NDTV's Shweta Rajpal Kohli on the sidelines of the World Economic Forum in Davos.

Europe has squandered three years of opportunity to carry out badly needed economic reforms, former Bundesbank chief Axel Weber said at a panel in Davos, the ski resort hosting the global elite over four days at the World Economic Forum.