Has the monetary policy response been postponed in the euro zone?

The war in Ukraine is having a much greater impact on the euro zone than on the United States: Europe is directly affected as it imports its oil and natural gas, which is no longer the case with the United States. So the Federal Reserve has no reason at this time to change the monetary policy it intends to conduct because of the war in Ukraine. But the situation is different in the euro zone: the rise in energy prices is weakening growth in the zone, leading to problems for households; fiscal deficits are going to be much higher than expected (support for households and companies in difficulty, increased military spending, loss of tax revenues). We can talk about a “war effort”, and it would be difficult for the ECB to make it more difficult by rapidly raising its interest rates. It can therefore be assumed that, as long as the war in Ukraine lasts, the euro zone's monetary policy will become only moderately more restrictive. This means that inflation will be able to rise (acceleration in wages and production prices) and that monetary policy will have to become highly restrictive to correct inflation once this becomes possible after the war. By then, inflation will have become well entrenched.