This analysis is makes no sense whatsoever. There is no such thing as a “liquidity trap” or a “demand deficiency”. Those are Keynesian figments of the imagination. We personally know people in Europe who want to buy a big yacht, their own jet plane and their own island. They are evidently anything but “demand deficient”.
Their problem is only that they have not enough to offer in exchange. This is however not a question of there being “too little money”. As the chart below shows, there is now more money in the euro area than ever before and the money supply in fact continues to grow by leaps and bounds current y/y growth rate: 6.5% and rising.