But the first time for these actions was scarcely a decade ago, and there is good reason to think such a response may not be extraordinary anymore. Structural changes in the economy have tended to lower interest rates and limit the room that the Federal Reserve will have to cut rates during a slowdown.
This would support economic activity across the euro area, as advised by the European Commission and the IMF. All this calls for better policy coordination for the sake of smooth rebalancing of the euro area than so far.