Does the lack of inflation in the euro zone justify the ECB maintaining zero or negative interest rates?

To be sure, core inflation in the euro zone remains far below (1%) the ECB’s target. But there is still a Phillips curve in the euro zone (which is not the case in the United States): declining unemployment and companies’ hiring difficulties have led wages and unit labour costs to accelerate . If inflation has not risen, it is because companies in the euro zone have no pricing power and cannot pass on their costs to their prices. If the euro zone’s companies had normal pricing power, core inflation would be slightly higher than 2%. Against this backdrop, stimulating demand with an expansionary monetary policy: Does not drive up inflation, due to companies’ lack of pricing power; Squeezes companies’ profit margins, by boosting wage increases , w hich is not very wise.