The US shale oil cycle is going to continually disrupt the ECB

The shale oil production cycle in the United States and the resulting oil price cycle lead to alternating years in the euro zone of low inflation and high growth (2017, 2019) and higher inflation and low growth (2018, 2020). This alternati on obviously disrupt s the ECB: in 2019, low inflation is justification to not raise its interest rates; but in 2020, low growth will prevent it from starting to normalise its monetary policy.