However, it is not yet clear how high we will need to raise the federal funds rate and how much time will pass before we begin to see inflation moving back down in a consistent and lasting way. My general point is that inflation is much too high, and the outlook for inflation remains significantly uncertain.
Governance of the euro area can be thought of like the gearbox of a car. The cogs do not all need to be of equal size but they all need to be moving in the same direction. If only one cog starts going the wrong way, the whole car grinds to a halt.