How can we create new leeway for European economic policy?

The problem with European policy is that, given the cyclical situation, economic policy should become expansionary. However: Fiscal policy in the euro zone will have to be restrictive for a long time; Monetary policy in the euro zone will not be able to become truly expansionary due to the resilience of inflation. For a few years, the euro zone’s policy mix will therefore have to be restrictive overall, which will reduce growth below potential growth, which is already low, and which will also reduce potential growth as a result of cuts in productive public spending. Creating new leeway for European economic policy would require: Either accepting higher inflation; Or developing European rather than national investment financing (along the lines of NextGenerationEU); Or keeping Europeans' excess savings in Europe.