To create growth in Europe you need to bypass the stagnant lending markets which are not allowed central bank stimulus to enter the economy. Simply modify the monetary system so that the central bank deals directly with the public and bypass the frozen credit markets.
The deflationary effect of going over the cliff can be more than offset on an aggregate basis through monetary policy. Simply modify the central bank so it deals directly with the public and not commercial banks in order to circumvent the monetary transmission channel.
The most important financial reform is that of money creation. Commercial banks should not create a nations currency or manage monetary policy. We need to reform the monetary policy arrangement so that the central bank policy directly with the public instead of through banks.
Central banks should focus on how to make monetary policy more effective. The main problem at present is that the monetary transmission channel is too dependant on the lending decision of banks which renders monetary policy ineffective. A viable solution for central banking would be to bypass the commercial banks and conduct monetary policy directly with the public in a non debt based manner. For a more detailed explanation: internationalmonetary.wordpress.com