Will it be sufficient to check the deflationist trend that has emerged clearly enough to be noticed by the European Central Bank? Probably not.
Although a more reactive ECB may surprise markets by easing further, conventionally or unconventionally, the key issue will be the restructuring of the banking system, a pre-condition for a credit-led recovery.
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This will be a difficult political battle, but there are reasons to be cautiously optimistic. After all, willingly or not, politicians burnt the bridges behind them when, in 2012, they took the brave decision to move toward a banking union.
Eric Chaney is chief economist at Axa Group and head of research at Axa Investment Managers
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