It means the inmates are running the asylum that exists where Europe used to be. Hopefully the productive class over there will see this as the idiocy it is and, where possible, start moving assets overseas. Those who cannot afford a foreign bank account may just start keeping their money in a mattress.
This is, allegedly, being done to stop deflation but the endgame is more inflation and a weaker Euro. However, inflation cannot trigger sustained growth. At best, it can cause an economic spurt by promoting bubbles that rely on loose credit practices. When the monetary pumping slows or stops those bubble activities go under. They simply cannot continue to fund themselves without a loose monetary policy to sustain them. In reality the only way to keep the bubble pump primed is to keep inflating the currency.
Despite centuries of history on how badly inflationary practices turn out, politicians still have not figured it out. On the other hand, maybe they have. After all, those in power are well-situated to enrich themselves and for decades have been kicking the debt into the future for some other "leaders" to deal with. By then the current crop of parasites will have retired to their villas and will be better insulated from the misery they helped cause.
I'd like to say the productive class deserves better but people do not always get the government they deserve. They do, however, get the worst government they will tolerate.