In the current situation, given the resilience of euro area banks, President Lagarde rightly stresses that there is no trade-off between price stability and financial stability. The ECB can continue to do whatever is  needed to bring inflation back to our 2% target in a timely manner.
The result is often the insolvency not only of those who borrowed, but of others whose business model is undermined by the subsequent recession induced by the need for deleveraging. This pattern is familiar and it is now uncontroversial to declare that preventing this pattern emerging calls for macroprudential policy measures to stifle demonstrably excessively credit growth.