• 2015 should be more positive for eurozone
  • Fiscal position in eurozone should be neutral or slightly expansionary in 2015

Hope. Pray.

Update, more comments:

  • Traditionally ECB would look through oil price moves, today it’s not so obvious because inflation expectations are fragile
  • Difficult to see how supportive the drop in oil prices will be for growth
  • If eurozone went into deflation, no doubt all tools would be used, only question is timing

Dovish take.