If the euro zone’s policy mix is to remain expansionary, would it not be better to have a more restrictive monetary policy and a more expansionary fiscal policy?

First, the question must be asked whether the euro zone currently needs an expansionary policy mix. On the one hand, labour market pressures are strong even though the unemployment rate is still quite high . O n the other hand, there are excess savings, which normally points in the direction of an expansionary economic policy. It is therefore not certain that an expansionary policy mix remains necessary, given the return to full employment - yet the cyclical outlook is not good. If the governments and the ECB nevertheless want an expansionary policy mix, would it not be better if it took the form of a more expansionary fiscal policy (increase in public investment, cuts to taxes that hamper employment) and a more restrictive monetary policy, with higher interest rates, in order to avoid the negative effects of zero interest rates (weakening of banks, inability to lower interest rates in the event of a recession, appearance of zombie companies, excessive taxation of savers)?