The first President of the European Parliament, Paul-Henri Spaak, commented 50 years ago: “Today, Europe consists solely of small countries. The only relevant distinction that remains is that some countries understand this, while others still refuse to acknowledge it”. This is even more true today but will become a dramatic reality in a few years.
A combination of the subsequent expansion in money supply and raised inflation expectations will ultimately translate into higher inflation. In a monetary union of independent countries, one additional aspect that is often missed in  BIS central bankers’ speeches  3  the current discussion is particularly relevant.