The IMF article, probably due to political reasons, does not touch the monetary policy, or "the money printer goes brr" as it is known in Internet memes. While

The IMF article, probably due to political reasons, does not touch the monetary policy, or "the money printer goes brr" as it is known in Internet memes. While energy prices and poor labour productivity contribute to the inflation, the past monetary policy decisions are a major factor. The increase in money supply created for COVID-19 response, "stimulus", goes to the prices. Furthermore the ECB cannot tame the inflation, because if it hikes rates too much the EU member countries debt burden becomes unsustainable (if it is not already it). Between a rock and a hard place: keep massive inflation going on (tax on poor) to inflate away the debt, or bankcrupt the EU member states. More on the topic in the link below: the EU did not start hiking rates soon enough and is very lax rising the rates to avoid the breakdown of Euro system, and the inflation is caused by too low interest rates https://www.dw.com/en/opinion-europes-monetary-policy-shift-comes-too-late/a-62083231 https://www.dw.com/en/opinion-europes-monetary-policy-shift-...