If the central bank was manned by honest conscious humans, uncorrupted and immune to politicians and the global central banking system, I don't think there would be a problem. Although there is something to be said about Small Free Market Banks with a common currency...which wasn't the case in the beginning.

The article says-
raising interest rates brings on recession.
This is not a sensible statement, the problem is not the raising but the lowering that was brought on earlier.

As FFA asks,
Is having a central authority making these decisions, however well intentioned and expert, worse than simply leaving interest rate decisions to individual banks, and let them evaluate the return and risk potential according to locality and sector? A fed reserve set rate, one size fits all , seldom works.