Beware of 2020 in the euro zone

2020, and not 2019, is likely to be a difficult year in the euro zone, due to: End of the expansionary fiscal policies (implemented in 2019 in France and Italy); The proximity of une mployment and structural unemployment, and therefore the risk that, in the best case, growth will return to potential growth; The decline in corporate profitability (prices are not following costs in the euro zone at present); The rise in the oil price. Euro-zone growth will in all likelihood be lower in 2020 than in 2019, which is not expected .