Growth data in the Eurozone had been very positive in recent quarters. Since the third quarter of 2016, in which the year-on-year growth was 1.70%, it has been progressing steadily in the following quarters and, in the fourth quarter of 2017, the growth reached the 2.80% share
However, in the first quarter of 2018 there was the first deceleration of this growth with a figure of 2.50%, a deceleration of three tenths compared to the year-on-year figure of the previous quarter. Of the four major economies of the Eurozone, only Spain shows an advance above this figure with a growth of 2.90%. In contrast, Germany, France and Italy reflected an inter-annual growth of 2.30%, 2.10% and 1.40% respectively.
If we see it quarter by quarter, the expansion of 0.40% of the economy of the Eurozone was the weakest in six quarters after recording a growth of 0.70% during the last quarter of 2017.
No doubt these are signs of economic weakness in Europe what that sharpens the fears that the recovery of the monetary union after the crisis is being exhausted.
The reasons that justify the brake on growth
The truth is that this deceleration of the growth of the Eurozone as a whole is mainly attributed a temporary factors such as bad weather but we must also bear in mind that the trade war factor and the Brexit were also responsible only a few months after the Eurozone saw its GDP grow at its fastest pace in a decade.  Mario Draghi himself, president of the ECB, acknowledged that the pace of recovery in the Eurozone has slowed since the beginning of 2018 due to "a loss of momentum that is quite widespread in many countries and in all sectors."  These are preliminary figures that confirm previous signs of weak conjunctural surveys and reliable data across the continent, suggesting that production growth in the manufacturing, retail and services sectors was slowing down .
Although Eurostat has not yet broken down the causes of the slowdown, the present data suggest that the figures for exports were lower than anticipated .
Some indicators reflect the current concerns. For example, surveys of German companies have indicated that some companies in the EU's largest economy are increasingly worried about the impact of trade tension between the United States and China, as well as the output expected from the United Kingdom of the EU, in the global economy.
The survey of purchasing managers (leading indicator) conducted on Wednesday indicated that activity had slowed down further in April. The final manufacturing PMI of the Eurozone for April was 56.2 which remains a positive level for the indicator, but remains a sharp decline from the level of more than 60 registered at the beginning of the year .  The structural factors of the trade war and the Brexit
While the factors linked to bad weather can be conjunctural, we have other structural factors: the commercial war unleashed by the United States and the Brexit that is is currently negotiating. Both factors contribute to the generalized uncertainty, harming the growth of the Eurozone.
In relation to the commercial war, for the United States the problem is Germany and not France . Looking at the numbers, the bilateral trade deficit of the United States with France in 2017 was 15,000 million dollars against 64,000 million dollars with Germany, because it is the third largest trade deficit. Simplifying … The problem is the German cars!
United States exports 53,000 million, a large part of which are automobiles, aircraft and pharmaceuticals and imports 118,000 million dollars in similar goods: motor vehicles and parts, industrial machinery and medicine.
Germany is an exceptional economy open to the world. In fact, German exports were increased by 6.34% compared to the previous year, so that sales abroad represent 39.28% of its GDP . Consequently, the uncertainty that surrounds the commercial war, could suppose a brake to the exports of the European locomotive.
The other factor of uncertainty is the United Kingdom and the Brexit. The EU does not want to hear about an agreement in which the United Kingdom obtains rights without accepting responsibilities accumulating the benefits of European integration without taking on the burdens. The success of the European project is more important for Brussels than the economic value of the commercial relationship with the United Kingdom. Brussels is determined that the British do not "get better" from the EU
When will the QE program be liquidated?
Today we find that the expansion of the Eurozone economy extends to 20 consecutive quarters and the creation of millions of new jobs, but the main debate among policymakers is about how quickly the stimulus must be withdrawn and preserving the ECB's firepower for the next recession.
] In October 2017, the Governing Council of the ECB decided that net purchases would be reduced from the monthly rate of 60,000 million euros to the new monthly rate of 30,000 million euros from January 2018 until the end of September of 2018.
The intention is that the purchases they are carried out until the Governing Council sees a sustained adjustment in the path of inflation that is consistent with its objective of achieving lower inflation rates, although close, to 2% in the medium term.  A final date should be agreed for the ECB 2.55 billion procurement program, which has reduced borrowing costs and helped growth, even if it has not managed to raise inflation to the target. With this plan that expires in September, the ECB will have to decide in June or July whether it will extend the purchases or liquidate them definitively .