Will the hawks be as harmful under Lagarde as they were under Trichet?

Exactly ten years ago, the ECB initiated the tightening of its policy stance. At the time, the Eurozone was emerging from a particularly severe recession, inflation was accelerating, industrial prices were red hot and money supply growth was very robust. Sound familiar? As we know, these policy rate hikes decided under Jean-Claude Trichet, under pressure from the hawks, were a major monetary policy mistake. Today, other hawks have started to press for, if not an explicit tighteni...