There is no "right" policy. There can be disagreed upon means for achieving agreed upon ends, but it's wrong to assume that there is in any way agreement on the ends, and even slight differences in desired ends can suggest fairly different means for achieving them. It's quite possible that Europe's "technocrats" know exactly what they are doing. Their ends may not be mine, or Brad's, and they may not be their stated ends, but it's possible they know exactly what they're doing.
That the social welfare function of someone who is willing to trade several points of unemployment for a point or two of worried about inflation might be a bit weird, or even sociopathic, does not mean that they are failing to maximize that social welfare function. Arguably the people who are in these jobs are in them for precisely that reason.
