The act of central bank money printing temporarily drives down nominal interest rates, while at the same time creating inflation and lowering the intrinsic valueof the currency that is printed.
French complaints about the strength of the single currency have been rumbling for some time, as the euro has climbed in value against the dollar and Asian currencies.
The price level can only be altered through a change in the valueof money itself, and with the dollar at near all-time lows against gold and nearly every foreign currency, the presumption of deflation promoted by Sumner is laughable, and also sad.