Why Would the ECB Create Inflation by Printing Money, and Why Would That Be Bad?

In a column noting the bind in which the euro zone countries fund themselves, Robert Samuelson told readers that:

"Softening today’s austerity would require more borrowing. Who would lend? The ECB? Historically, excessive lending by central banks risks high inflation, though many economists discount that now."

Given the massive amounts of excess capacity in the euro zone it is difficult to see how additional lending in the euro zone would lead to inflation. The context in which central bank l...