Gilles Möec (chief economist at AXA IM) | In our view, the ECB’s narrative lacks consistency at the moment. Most of the members of the Governing Council who have expressed themselves called for more fiscal stimulus. This was evident again in Bank of Spain Governor De Cos’ speech last weekend. We agree with that. But if even central bankers now consider that the fiscal leg of economic policy should take the lead, while they also recognize that additional monetary stimulus can come with adverse effects – to the point that another deposit rate cut must be “mitigated” – then the question of whether the monetary push is going to be a net positive arises.