German growth dip has extended into 2019, full-year growth to fall "well short" of 1.5%

normalisation of monetary policy will be a gradual process, lasting several years;

ending QE was only first step

ECB should look through short-term weakness

Next steps in ECB policy depend on inflation developments over the medium-term

Important to continue policy normalisation when appropriate

Fiscal policy reaction is needed in case of a 'big shock'