The ECB did not itself take on the design or enforcement of conditionality arrangements. See https://www.ecb.europa.eu/press/pr/date/2012/html/pr120906_1.en.html. Page 7 of 16  Money creation, inflation and sterilisation  But why is it that monetary financing of the fiscus could be inflationary? As I have said elsewhere, I am not worried about high inflation this year, especially given the recent collapse of oil prices.
But the fact that 2020 inflation is likely to be low in no way guarantees that inflation will stay low, and therefore that we can stop worrying about it permanently.