“Even though we hold some hopes of a moderate (domestic) growth pickup in the Eurozone from Q2 onwards, we believe the ECB has already missed its ‘window’ to hike rates “through the summer” (even under a flexible interpretation of that guidance).”
“As we believe 2020 will bring new challenges the ECB cannot ignore, it increasingly faces a ‘Japan/BoE’ type of scenario.”
“This below-consensus and below-market view implies that the risks to our view are now to the upside; but this is just hope that we will be proved wrong.”
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