The argument is that the inflation in the Eurozone is driven much more by rising commodity prices than the demand-side inflationary pressures that the US/UK hav

The argument is that the inflation in the Eurozone is driven much more by rising commodity prices than the demand-side inflationary pressures that the US/UK have been experiencing. It's generally accepted by central bankers that commodity prices can fluctuate and therefore there is less of a need to aggressively fight commodity-driven inflation. So yeah, I think if by medium term you mean 1-2 years, it's certainly possible. Short-term there's basically nothing any single central bank can do about commodity inflation anyway. Lowering economic demand in the EU as a means to tackle high global commodity prices is a questionable strategy when the continent is on the brink of recession. They're screwed either way though.