Of course, the European Central Bank could not foresee Russia's war against Ukraine and its impact on energy and food prices.

But since last year the ECB has been far too hesitant in its perception of the inflationary risks that would build up even without the war.

Now that hesitation threatens to knock her to her feet.

Because their picture, which has been maintained with great difficulty so far, that the current inflation is primarily caused by changes in supply and is limited to this year, will not stand the test of time.

The German Council of Economic Experts forecasts an inflation rate of 3.4 percent for the coming year in Germany, assuming that the ECB will finally take action against currency devaluation.

Don't watch spellbound

The prospects are unlikely to be more favorable in the eurozone as a whole.

The ECB's assumption, which was already questionable a few weeks ago, that the inflation rate will again be in the immediate vicinity of the inflation target of 2 percent in 2023 and 2024, seems increasingly absurd.

Because the longer the inflation rate stays high – and it could rise even further in the coming months – the more people will fear for the value of their money beyond 2022.

This prompts private households to bring forward consumer spending and trade unions to demand higher wages.

Then a spiral of rising wages and prices threatens;

Inflation becomes a permanent threat.

Furthermore, the ECB cannot do anything directly against rising energy prices, but it can and must prevent high inflation rates from becoming entrenched.

Because she was hesitant for too long, she will now have to act all the more quickly.

The hint that a tighter monetary policy could further damage the already declining economic growth is not a good reason for further hesitation.

Experience teaches that it is often more important to act quickly, especially in uncertain times, than to fearfully hope for better times.

You shouldn't watch the inflation spellbound.

It must be fought early and consistently by monetary policy.