As Milton and Rose discussed in Chapter 9 of the 1980 edition of Free to Choose, popular views in the 1960s and 1970s (and even the views of some Federal Reserve  2  BIS Review 45/2003  officials) held that inflation could arise from a variety of non-monetary sources, including the power of unions and corporations and the greediness of oil-producing countries.
The Eurosystem shall support the general economic policies in the Union but only where this is “[without] prejudice to the objective of price stability” (Article 127 TFEU).