But, I think I have to disagree with your attitude to the ECB. I agree that "Bubbles" Greenspan is no model for anyone to follow, but at the same time I think there is a long overdue debate on the ECB. It's charter only addresses inflation, so any harmful deflation caused by its policies are not really considered fully.
This is unbalanced and from the point of view of "the great mass of European unemployed" of whom I am one, I am wary of anyone who, like you seem to, dismisses the idea that the ECB has been too deflationary since it's creation. It is not at all a settled fact (except perhaps in the minds of French bankers </snark>) that the ECB's definition of what is sustainable is perfectly correct. There's reasonable evidence to suggest a little more growth would not have been inflationary.
Of course, now energy prices are going up, it's too late for that. Thanks.
The ECB has been extremely pragmatic. That image just does not fit with the neolibs's discourse, so they call it otherwise. It's only rigid when compared to the Fed's outrageously lax policy. In the long run, we're all dead. John Maynard Keynes
