Inflation in Europe is very low. It is below the ECB target of 2% and it is negative in country's with high total debt (household plus government debt). That is not good for households and governments with a high debt burden. The debt must be repaid with more expensive euros. Its a mystery to Paul Krugman. He can't understand why low inflation is a priority in nations with a high debt burden. It is not good for economic growth and economic growth is the best way to reduce debt.