In reality, the ECB would like the entire burden of the inflationary shock to be borne by wage earners

The ECB expects inflation in the euro zone to fall to 2.1% by 2024, so it is not moving to a really restrictive monetary policy at present. But it is important to note that the ECB expects wage growth of 4.2% in 2022 and 4.3% in 2023, i.e. the same as in 2021 (and, moreover, high productivity gains). We then understand its scenario: the burden of the inflationary shock (rising prices of energy, commodities, transport, etc.) is entirely borne by wage earners in 2022 and 2023. As a result, companies do not need to increase their prices more quickly. But there is concern that the ECB is confusing the normative (what it would like to do to avoid inflation: no compensation for price increases for wage earners and no indexation of wages to prices) with the positive (what will probably happen: wage increases in the euro zone in 2023 will be significantly higher than in 2022).