Blanchard, the IMF´s Chief-Economist writes:
Turning finally to policy recommendations. Given the diversity of situations, it is obvious that policy advice must be country-specific. Even so, some general principles continue to hold. Measures to sustain growth both in the short and the longer term continue to be of the essence. With the introduction of quantitative easing in the euro area, monetary policy in advanced economies has largely accomplished what it can.
No, it has only gone as far as it wants, which is not far enough!
An extreme example:
The charts indicate that Greece at the present time has a great depression which is proportionally almost equal to the depths of the US great depression in early 1933. At this point in the cycle, however, the change in the monetary policy regime by FDR in March 1933 had allowed the US to show a significant recovery. The most favorable reading for Greece is that the depression has stagnated!