Central banks across the world are filling in where politicians fail.  Europe has an alaraming mix of low growth, high unemployment and shrinking potnetial writes Mohamed A. El=Erian.  The European Central Bank is trying to address issues.  What could be done to help?

Four areas that could be addressed:  Politicians in Italy and France could enhance competitiveness, growth and production.  Second, countries like Germany could increase demand by infrastructure expenditures.  A bigger effort could be made to decrease pockets of indebtedness like Greece.  Fourth, countries could work togehter to supplement monetary union with closer fiscal, banking and political integration.