Significantly high inflation continues due not only to a surge in global demand on the path to recovery from the pandemic, but also to the effects of supply-side constraints and Russia's invasion of Ukraine. In response, central banks have been raising policy rates sharply to contain high inflation, at the risk of economic slowdown.
It should also be apparent that being inside a monetary union provides an economy with a shield that can help to weather a potential storm that could adversely affect economic activity and inflation.