The ECB could be in trouble

In late 2018 and in 2019, the ECB could be faced with: Slower growth in the euro zone, as it may fall below potential growth; An appreciation of the euro, as the economic policies conducted in the United States are due to lead to a depreciation of the dollar; Fiscal solvency problems in some euro-zone countries due to the slowdown in growth. If these problems actually materialise, the ECB will be in trouble since its interest rates will still be zero and since a resumption of quantitative easing would be very rather ineffective, given the very low level of long-term interest rates.