It will simply mean not running at full throttle any more. By the way, the recent appreciation of the euro doesn’t change the very accommodative monetary policy stance in the euro area either. This is because the euro’s price trend is – at least 3/8  BIS central bankers' speeches  partly – a reaction to the euro area’s improved growth prospects.
According to the OECD, the average marginal tax rate on labour in the euro area is high and it hovers around 15 percent points above the rate in the US 7 . Female participation could be supported by providing adequate childcare facilities. Euro area’s labour markets could also use some extra flexibility.