The European Central Bank cut interest rates for the fourth time this year on Thursday, by quarter of a percentage point, and kept the door open to more as growth is hit by political instability at home and the threat of a fresh U.

President-elect Donald Trump's tariffs and political crises in France and Germany have darkened the outlook for the euro area.

The level of the ECB's deposit rate now stands at 3%. And, clearly, less is more. No, this is no recommendation for the upcoming Christmas menu; the ECB’s decision to cut interest rates by 25bp also doesn’t mean that all of a sudden, it has become a supporter of the degrowth theory, simply embracing and accepting weak growth in the eurozone.