Some, to be sure, have called for a more accommodative policy to take advantage of, or test for, an acceleration in productivity growth. But central banks are cautious creatures and need to see signs of higher productivity growth before moving to accommodate higher growth in supply.
Perhaps the more interesting question is whether the differences in monetary policy between the Fed and the ECB reflect not only differences in economic circumstances but also differences in how these two central banks would respond to a similar set of circumstances.