The ECB will continue to have a very expansionary monetary policy for an extended period of time until we see the rate of inflation going close to 2% and that’s something that should be counted upon. But, at the same time, as I said before, proper structural policies and fiscal policies have to be in place.
In France, a question comes back often: the mythical 3% of deficit which was fixed in Maastricht 22 years ago. This was in very different universe and Europe. There were  BIS central bankers’ speeches  1  not 28 member states, didn’t go through a worldwide crisis with as much unemployment, the French people were not 65 million.