One (of the many) problem with our current ideal of central bank independence is that the defensible idea that they should be immune from the day to day meddling by politicians has been extended to an impervious Do Not Criticize cloud. I'm not saying that nobody anywhere criticizes the Fed, but it's a bit taboo for politicians to do so and even Polite Gentlemen refrain from such things to some degree.*
The ECB central bankers, and to a lesser extent our own, are doing a horrible job. People need to say so more often. Especially people with microphones.
*As with most things this is asymmetrical. It's more acceptable to accuse them of causing massive inflation than it is to accuse them of causing the needless suffering of millions.
