France and Spain are going to have to make much greater use of macroprudential policies

The euro zone is going to be affected for a long time by: A weak German economy, due to the persistent recession in its industry; A weak Italian economy, due to underinvestment and stagnant productivity. Monetary policy in the euro zone is therefore going to be pushed towards expansion by the poor situation of the German and Italian economies, and by the risk of another public debt crisis due to the lack of growth in Italy. For the countries where growth remains decent (France, Spain), this will result in a monetary policy that is too expansionary for their needs, leading to the need for these countries to use macroprudential policies more intensely.