I’ll let you enjoy the article. It’s an easy read.
Perhaps, we should remind Krugman that Europe’s fiscal policy is in a strait-jacket because of the Fiscal Constraint formula to prop up the Euro, which is vigorously enforced by Germany and the EU bureaucrats.
Without fiscal policy, it is left to the ECB to help Europe recover. Now that the ECB is close to exhausting traditional tools of monetary policy attention is focusing on injecting helicopter money (see related article).
Personally, in the 2017 elections, I expect voters in both Germany and France to vote for radical change.