The ECB is preparing to raise interest rates for the fourth time in a row at its next meeting.
At the same time, she wants to announce the separation of her trillion-dollar bond holdings, at least in outline.
That's right and good.
In view of inflation of 10.7 percent in the euro area, a further loose monetary policy would not be justified.
However, this should not lead one to underestimate the risks of the situation.
High inflation, a downturn and rising interest rates can create a toxic cocktail.
Households are suffering from inflation, companies from the economic contraction, weak states from the increased interest burden.
Everything is connected to everything else.
The real estate market should not collapse in view of the rise in interest rates.
But it is also unlikely that the development will pass him by without a trace, as the first figures show.
At some point, the effects of all these developments may hit the banks.
The institutes are currently in a good position because they can expand their margins in view of rising interest rates.
Some say quite openly that they are happy to pass on the higher ECB interest rates to borrowers, but would rather wait a bit for savers.
On the other hand, if the economy slips into recession, the banks will no doubt feel it.
But neither consideration for the financial sector nor for heavily indebted countries should prevent Europe's monetary policy from fighting inflation.