The European Central Bank (ECB) has decided not to cut interest rates, but instead fucus on minimizing Euro zone inflation (here and here)

Given the different financial situations in Europe and the US, the Euro Zone is not having a housing collapse, this is not surprising. Additionally, the ECB does not have a portfolio is just controlling inflation, unemployment is not a part of its mission.

This does, however, limit the Fed, as it places yet more downward pressure on the US Dollar.