13  References Bean C. (2003), “Asset Prices, Financial Imbalances and Monetary Policy: Are Inflation Targets Enough?”, BIS Working Papers, No. 140. Bernanke B. (2022), 21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19, W.W. Norton & Co, New York, NY. Blanchard O. (2016), “The Phillips Curve: Back to the ‘60s?”, American Economic Review, 106, 5, pp. 31-34.
ECB action was fast, targeted and decisive. But we cannot shoulder the burden of solving the problems alone. The euro area governments have to live up to their responsibilities.