So what will happen with the ECB? - Natixis

Analysts at Natixis argued that the ECB’s scenario is probably that interest rates will gradually be normalised between mid-2019 and the end of 2021. 

Key Quotes:

"The belated start of this normalisation is due to the low level of inflation in the euro zone."

"But what will happen if euro-zone growth slows down from the second quarter of 2018?"

"Can the ECB normalise its interest rates if the euro zone enters the end of the cyclical expansion from 2018?"

"Is that not too late for the ECB? Financial markets currently do not believe - and perhaps rightfully - in this scenario of a normalisation of short-term interest rates towards a neutral interest rate of around 2.5%."