Above all, mechanisms seen in the past should not be used today

Given the structural changes in the functioning of economies, a number of mechanisms seen in the past have now been totally changed. For example: Due to the disappearance of the link between inflation and the economic cycle, the link between the yield curve slope and the economic cycle has disappeared; As a very expansionary monetary policy is maintained even at full employment, it has become very unlikely that a recession will follow an expansion period; Given the lower sensitivity of foreign trade in volume terms to the exchange rate, linked to the segmentation of the value chains, an exchange rate depreciation is no longer positive for growth.