In autumn, the Deutsche Bundesbank considers an inflation rate of ten percent possible in Germany.
The major American bank Citi predicts as much as 18 percent for the British inflation rate at the beginning of next year.
The West was last hit by currency devaluation in the oil crises of the 1970s.
Back then, high inflation combined with a recession to create a severe economic strain known as stagflation.
In the coming winter, stagflation could experience a rebirth.
The Bundesbank showed in the 1970s that a consistent policy of stability is the only right answer, even in times of stagflation: inflation triggered by higher energy prices must also be combated by monetary policy early and consistently with interest rate hikes.
For this reason, the European Central Bank must not hesitate to raise interest rates further.
The depreciation of the euro on the foreign exchange market, which contributes to inflation in the euro zone, reflects the ECB's lack of determination in the fight against inflation.
Once expectations of persistently high inflation have become established in the population, the danger of a spiral of rising wages and prices increases.
That is why it is so important that monetary policymakers quickly signal their willingness to take decisive action against inflation.
The central bank's responsibility for the stability of the price level should not invite governments to use bad policies to complicate the task of monetary policy.
The bizarre thesis that Germany has a gas but no electricity problem, and the assertion by the Federal Minister for Economic Affairs and Climate Protection that continued operation of nuclear power plants would hardly bring anything, was followed on Monday by an almost dramatic increase in the price of electricity on the German futures market.
The federal government is completely off the mark with its energy policy.