Economic consensus, reflecting in part the experience of the 1970s, is that the tradeoff between growth and inflation is unsustainable. Over time inflation expectations and nominal wages adjust to monetary expansion such that long-run unemployment and output are largely unchanged, but the rate of inflation is higher.
6 / 14  BIS central bankers' speeches  On the left-hand side you can see ECB research on the extent to which output in each country responds to a common area-wide shock. Clearly, there are significant differences, even among countries of broadly comparable size.