The economic researchers who have come together in the EEAG advisory body have called for rapid and decisive steps to be taken against inflation.
The pandemic and the war in Ukraine would have scarred energy and many goods.
"There is a risk of a stagflation scenario," said economic researcher Jan-Egbert Sturm from ETH Zurich on Tuesday.
That is why politicians must focus more on limiting government debt and fighting inflation.
One speaks of stagflation when an economic crisis and high inflation come together.
Ifo President Clemens Fuest said: "Politicians and the public have become accustomed to tackling economic problems with expansive monetary policy and ever-increasing government debt."
Harold James from Princeton University warned: "It is risky to assume that this is only a one-time and temporary price increase." Because rising inflation solidifies when price expectations adjust and collective bargaining parties price in the higher inflation.
Rising energy and food prices are currently driving up inflation rates.
The ECB is under pressure to keep interest rates under control in the interest of some member countries.
But this could conflict with the goal of price stability, according to the report by the European Economic Advisory Group (EEAG).
Cecilia García-Peñalosa, a professor at the Aix-Marseille School of Economics, said that this was a major challenge, since large expenditures for climate protection and digitization were pending and armament budgets were being increased.