Euro zone: The distribution of the effort between fiscal and monetary policy has not been optimal

We defend the following theory: in the euro zone it would have been better if: Fiscal policy had been more expansionary from 2010; Monetary policy had been less expansionary from 2014-2015. This preference is explained by the following facts : Fiscal policy seems to be more effective than monetary policy in boosting activity; Zero interest rates have well-known drawbacks: weakening of banks, asset price bubbles. If interest rates were partially normalised as in the United States , these drawbacks of zero interest rates would have been avoided while making an expansionary fiscal policy possible. Since 2010 the euro zone has, on the contrary, made an extreme choice: restrictive fiscal policy, ultra-expansionary monetary policy .