If the pessimists are right and the euro zone is sliding into recession, what economic policy will be conducted?

We believe the stimulation of demand in the euro zone (through fiscal and monetary policies, real wage growth) will prevent a recession even if the trade war weakens global trade and drives down share prices. However, let us make the assumption (which is therefore not our hypothesis) of a recession in the euro zone: what would be the economic policy reaction? The ECB could not cut its interest rates any further; Fiscal policies would become more expansionary; The ECB would monetise the additional public debt, which would be issued at extremely low interest rates (money creation, switch from equities to bonds).