Could the euro’s exchange rate force the ECB to act?

Consider the following scenario: the Federal Reserve wants to conduct a restrictive monetary policy to swiftly regain control of inflation; the ECB does not conduct a restrictive policy, either because it has other objectives (preventing a rise in unemployment, boosting investment in the energy transition) or because it believes that inflation will fall spontaneously. This configuration would cause the euro to continue to depreciate. The question then is: would the euro depreciate sufficiently to cause high imported inflation and force the ECB to react, even though it did not initially intend to? A yield spread between the dollar and the euro of 1 percentage point is estimated to result in a depreciation of the euro of 3.5% to 10% and additional inflation in the euro zone of 0.3 to 1 percentage point. This shows that the yield spread currently expected between the dollar and the euro (2 percentage points) would increase euro-zone inflation by 0.7 to 2 percentage points, which would be sufficient to persuade the ECB to act.