What was previously more of a nightmare scenario is increasingly becoming a certainty.
The Bundesbank expects double-digit inflation rates for Germany in the coming months.
A turning point: What was already part of everyday life in some euro countries such as the Baltic States or the Netherlands has not existed in Germany for a very long time.
Many Germans once feared that the euro would be less stable than the Deutsche Mark;
since the introduction of the euro, however, inflation had never reached this magnitude.
And even before that, in the 1970s, when inflation rates in America were in the double digits, things had never gotten that far in Germany – also thanks to the policy of the Bundesbank.
In any case, the ECB's assessment that inflation in the euro area will only be of a temporary nature has proved to be fundamentally wrong.
Even if, admittedly, nobody knows exactly what would have happened without the Ukraine war.
The central bank has meanwhile raised interest rates twice.
But that won't be enough - and it certainly won't work very quickly.