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True, but as with any bank, its primery responsibility is to protect their own money.  Fiscal stimulus is a responsibility of the EU Council as representative of member state Governments, and they ain't going to go down that route either in Greece or in their own countries, largely for ideological reasons.

However there is some limited good news.  As Krugman never tires of pointing out, the deflationary impact of Government cuts is proportional to the rate of change of Government expenditure. EU Governments may not be spending much, but most aren't further cutting their expenditure, and thus the economic impact of their parsimony is petering out. As Ireland (and to a lesser extent) other peripheral EU states have shown, economic growth can recover quite quickly (off a much lower base) once the rate of change of cutbacks in Government spending declines.

And while QE and zero interest rates has the unwanted effecting of boosting asset price inflation in growing EU economies, it does at least have the effect of improving the sustainability of Peripheral sovereign and private debts and reducing asset price deflation in those economies.. You might say, just balm for a basically unsustainable and unjust situation, but central banks don't do morality.

Index of Frank's Diaries

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Mon Mar 14th, 2016 at 12:19:24 PM EST
[ Parent ]
QE boost asset prices in stagnant economies as well, and, even for those growing under QE, the growth, maybe 2% at most, is dwarfed by the increase in asset prices which further exacerbates wealth disparities and increases the burdens on all who don't own through higher rents.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Mar 14th, 2016 at 03:45:27 PM EST
[ Parent ]
But in the case of Greece, in particular, and bombed out economies in general, the effect of QE is to minimise the complete freefall of asset prices which could facilitate the takeover of assets by external vulture funds etc. -  not that that hasn't been happening to some degree in any case. The ECB can thus play some beneficial role in helping an economy like Greece whilst similtaneously pissing off net creditor countries like Germany - "the ECB is playing around with OUR savers' money..."

Index of Frank's Diaries
by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Mon Mar 14th, 2016 at 04:25:37 PM EST
[ Parent ]
Frank Schnittger:
The ECB can thus play some beneficial role in helping an economy like Greece whilst similtaneously pissing off net creditor countries like Germany - "the ECB is playing around with OUR savers' money..."

Well...

Mario's dangerous game with the German savers' money.

by Bernard (bernard) on Tue Mar 15th, 2016 at 04:16:55 AM EST
[ Parent ]
LOL.  Hadn't seen that..!

Index of Frank's Diaries
by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Tue Mar 15th, 2016 at 04:56:44 PM EST
[ Parent ]

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