![ECB's Schnabel](https://images.forexlive.com/images/ECB%27s%20Schnabel_id_38e1d8a1-9d6c-4fac-8aaa-5c164a16effd_size900.jpg)
- There is not yet an all-clear for the inflation problem
- Unusual contraction in monetary aggregates is unlikely to foreshadow a deep recession but rather reflects a significant rebalancing of portfolios
The question is: How far with the eurozone economy fall?