"The way that it stands right now, it isn't," she said. "And there's a crucial difference between what's going on in U.S. policy and European policy that potentially the markets have misunderstood. And that's follow-through."
The European Central Bank on Thursday cut its main refinancing rate by 25 basis points to 0.5 percent, the first rate cut since July 2012 in a move aimed at boosting the ailing euro zone economy.
(Read More: ECB's Draghi: Easy Monetary Stance as Long as Needed)
On CNBC's "Fast Money," Godfrey called U.S. monetary policy both "early" and "aggressive," crediting it for helping to spur economic improvement.
"Whereas in Europe, the situation continues to be dire, and until we see that follow-through, something like a rate cut is going to have a limited impact," she said. "Banks are not going to be passing it on. They're not going to be boosting their lending to indebted households and companies that are struggling – and that is what we need to see.
"And that's what Draghi is trying to allude to in his words of 'more to come,' but at this stage it's just words."
Godfrey said that Europe needed further action, citing such headwinds as Spain's 50 percent unemployment rate.
"The European economy has started to deteriorate to such an extent that now Germany's being impacted," she said. "It's still so incredibly fragile that we need to see more. Even if you say 'not getting worse,' we're seeing stagnation. We're seeing recession. What we're not seeing is a way for these countries to be able to grow out and deal with their debt problems."