First, monetary policy is automatically looser in the coming months, even without central bank action: due to the increased inflation, the real interest rate declined. The effects are similar to a central bank rate cut. Second, in the euro area, we are now far removed from the threat of deflation, which is to say an expectations-driven downward wage-price spiral.
Financial market participants seem to have a similar take on it: the probability, derived from inflation options, that the inflation rate will be negative in the next five years is now at its lowest point since the summer of 2011. Personally, I have always deemed such a deflation scenario highly unlikely.