What would the ECB and euro-zone countries’ governments do if euro-zone growth fell sharply?

As a result of rising oil prices, mounting uncertainty and recruitment difficulties, it is possible that euro-zone growth will fall sharply. What could be the economic policy response in that case? The ECB could obviously not cut its interest rates; The only possibility would be an increase in fiscal deficits financed by money creation, to prevent a marked rise in long-term interest rates due to the high level of public debt; The euro zone would therefore - like Japan - enter a process of a simultaneous and continuous increase in the public debt and in the size of the central bank's balance sheet. We would expect this development to lead to a financial crisis (rejection of money and currency crisis), but we must recognise that it has not yet taken place in Japan.