Preventing collapse isn't enough

This article argues that the European Central Bank has not been liberal in its recent policies. It starts out by quoting part of a different article that made the conclusion that since the ECB is doing more than the Bank of England, it is liberal. He then says that this is not what the ECB should be measured against, but that it should be measured against an appropriate macroeconomic stabilization policy. In this case, its actions are not liberal in comparison.

The author argues that if one considers the growth, inflation, and unemployment in the euro zone, the European Central Bank should definitely be doing more than it currently is. He says the ECB is also failing miserably at facilitating labour-market clearing. The author says that the way to solve the problem of peripheral economies trying to boost their net exports (since exchange-rate adjustment is not an option) is inflation throughout the euro zone, which is not what the ECB is doing. Lastly, he says that there are structural issues in the ECB as well. It is willing to allow the euro zone to fall into a recession so that inflation may fall, and this leads to problems in growth.