Dow Jones - We think the euro area is at the beginning of a genuine downturn, that GDP is settling below trend, and that the consumption outlook is worsening by the day. Eventually, this broad-based slowdown will result in lower prices pressures and... this may pave the way again to a forward-looking monetary policy response around the turn of the year. In the meantime, the ECB can only talk tough and leave rates on hold to reaffirm its status of real inflation fighter and keep inflation expectations under control.