European Central Bank strengthens monetary policy accommodation : ECB monetary policy strategy needs to be reviewed

The first months of 2019 have confirmed that global economic activity has undergone a change for the worse. Political uncertainty and trade tensions have eroded the outlook for the economy. However, at present, this change does not seem to imply entering into a recession but rather a transition to a phase of more sluggish growth. While at the end of last year many still hoped that the stagnation of growth would remain transient, it is now turning out to be more persistent and has led to substantial downward revisions to growth forecasts for the current year nearly everywhere.