It should be pointed out that the “Those Who Want More Do More” scenario formally recognises for the first time the model of differentiated/multi-speed integration (already endorsed by the leaders of the four biggest Member States, i.e. Germany, France, Spain and Italy), an idea dating back to German Chancellor Willy Brandt in 1974.
We are coming out of a lengthy period of low inflation. Between 2011 and mid-2021, euro area inflation averaged 1.2%, which is below the ECB's price stability target of 2%. The ECB's monetary policy was therefore very accommodative for a long time, with the additional aim of preventing self-reinforcing effects via falling inflation expectations and deflation. Inflation subsequently rose sharply for various reasons.