No way out of inflation without recession and restrictive monetary policy

We look at economic cycles in the United States, the United Kingdom and the euro zone since the early 1970s and seek to determine what has brought economies out of periods of inflation. We show that there h as been only one exit from an inflationary period without recession, rising unemployment, and restrictive monetary policy, in the case of the United Kingdom in 2015 when the fall in inflation was due to the appreciation of the pound. This shows that it is now very unlikely that inflation could be ended without a recession and without a shift to a restrictive monetary policy, which is not the financial market consensus, at least in Europe.