David, you got to the heart of the matter when you said recently: [Central banks] “must not lose the ability to do the opposite when necessary, for example when inﬂation rises.” [14] And you hinted that after the crisis, inﬂation would probably return. [15] Elga Bartsch mentions several reasons why https://www.bundesbank.de/en/press/speeches/too-close-for-comfort-the-relationship-between-monetary-and-fiscal-policy-850120  5/11  11/5/2020  Too close for comfort?
The relationship between monetary and fiscal policy | Deutsche Bundesbank  inﬂation pressure could rise in the medium term, ranging from stricter health requirements to deglobalisation, rising market concentration and demographic shifts. [16] Indeed, Charles Goodhart and his co-author highlight in their latest book that demographic changes could soon reduce the global labour supply.