Inflation is profoundly socially unjust. Its causes lie above all in an expansionary monetary policy, and this must be stopped. If policymakers want to prevent the inevitable recession that will follow, they will only make the problems worse.
The euro has been a political project since its inception. That is why the independence of the European Central Bank was also in danger from the outset. In the end, it always came down to the alternative “Cambridge or Vienna” or, rather, “Keynes or Hayek.” The option for Keynes led to an increasing politicization of monetary policy in the European Monetary Union.
