Economies are meant to operate somewhere around the zone of full capacity, not permanently below it. Second, there is no sensible alternative monetary policy that would have prevented us from entering the zone of full capacity. The only way monetary policy could have prevented this is if it had kept the economy 'semi-comatose'.
In some countries, contrary to their commitments, adjustment efforts are insufficient to mitigate the risk of excessive deficits. Moreover, several countries do not plan to attain sound budgetary positions by the end of their respective program horizons, despite favorable growth prospects.