This is part of Europe's problem. Without any power over Fiscal expenditures, quantitative easing will be far less effective to counteract deflation. In fiat currency systems, there are two main channels for money creation: Fiscal spending and Loans (private sector financial net savings increases with Government spending and Loans create Deposits in reserve accounting, non-convertible currency systems).
Loan creation is a finicky mechanism as the demand for capital is not necessarily constrained by high interest rates, which leaves us with Fiscal policy as the primary means Governments have to combat deflation. This issue has yet to resolve itself but the balance points seem to be shifting to brinksmanship on the part of smaller EU members. Rational behavior but unfortunately not exactly forward looking with respect to the survival of the EU. The ECB can site as many policy instruments as it likes, but the central fact remains it has run out of time. It is silly that Novotny does not see deflation as THE threat.