Stop it with this idea that it is the Central Bank's job to steer the economy. This is all part of the mythology of the Fed, possibly to do with John Volcker's contribution to ending stagflation (by causing a deep and sharp recession) and then the fawning over Alan Greenspan and his "great moderation". The central bank can't fix things, it can just avoid fucking them up.

The problem in Europe is fiscal and the solution has to be fiscal, and there's no chance of a sensible fiscal policy in the Eurozone so all the ECB can do is try not to deepen the recession or cause a financial crisis by excessive tightening.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman