First of all, backwards compatible changes in libraries don't need application updates, by definition.
Second, if your library changes are backwards compatible, you can maintain separate release cycles - this is the normal way of doing things, actually.
Third, microservices simply don't allow backwards incompatible changes. This is a big hint that perhaps your libraries shouldn't do backwards incompatible changes either, as a matter of policy, even though doing them is theoretically possible.
Perhaps you meant deployment instead of releases, and were assuming static linking?