The ECB will probably have to resume quantitative easing in 2020

That factors that are shoring up the euro-zone economy in 2019 (fiscal deficits, accelerating wages and declining inflation due to the fall in the oil price) will very probably no longer bolster the economy in 2020. We can therefore seriously consider the possibility that euro - zone growth will be quite good in 2 019 and poor in 2020. The economic policy reaction to weak growth in 2020 could then only be a markedly more expansionary fiscal policy, and - which is our point here - which the ECB would have to accompany with additional public debt monetisation to prevent long-term interest rates from rising. A resumption of quantitative easing in 2020 in the euro zone is therefore a hypothesis that should be taken seriously .