Is the ECB too zen on the inflation risk?

In the face of the protracted surge in inflation, the central banks in advanced economies are growing increasingly jittery. Some have raised their policy rates (RBNZ), others are preparing to do so (BoE). The Fed is resisting this shift, but will soon adjust its QE policy. In contrast, the ECB seems somewhat zen. Let's see why. First, price increases linked to the exiting of the pandemic, taxation and shortages are not causing second-round effects on wages. Second, the ECB sees n...