The obvious lack of coordination of monetary and fiscal policy in the euro zone today

In the United States, the fiscal deficit is currently being sharply reduced and the Federal Reserve is raising its interest rates: fiscal and monetary policies are coordinated to curb demand, cool the economy and drive down inflation. The situation is completely different in the euro zone. Fiscal policy is expansionary, it aims to preserve household purchasing power, so it stimulates demand; monetary policy will become more restrictive to fight inflation. We can see that fiscal policy and monetary policy in the euro zone are not coordinated at all: the former stimulates demand and therefore prevents unemployment from rising; while the latter aims to slow down activity and therefore push up unemployment in order to combat inflation. The consequence of this lack of coordination of fiscal and monetary policies in the euro zone is clear: we are heading for both abnormally high fiscal deficits and abnormally high interest rates. This pattern was seen already in the early 1980s, after the oil shock.