To run a democratic economy, you need a fiscally responsible government. And also a central bank that is independent but has vision about what's over the next hill.
The tug of war between the "new socialist" leaders of Europe and their newly minted European Central Bank is of huge importance. The bank must steer a course that will alleviate both the continent's current major problem, joblessness, and its impending problem, graying (a surge of retirees, who will want their pensions to benefit from the inflation-fighting tradition set by Germany's central bank).
Sometimes simplicity is the best policy. In this case, the ECB can fend off the politicians by attending to jobs. That means private business growth. And that in turn means prompt lowering of interest rates. Doing so is inflation-safe in today's deflationary world scene. It aids European exporters hit by lower US interest rates. And it wards off dead-end government job programs. In short, it's time for lower rates - and growth.