Germany has a deep commitment to the EU and also a deep commitment to price stability. When the two clash, I don't know what the outcome consensus in the German population will be. The outcome is more predictable in neighbouring Austria and the Netherlands, which have an equally deep cultural commitment to price stability but a much weaker commitment to the EU. When inflation rises, I expect more howling outrage and hawkishness coming out of Vienna and den Haag than from Berlin. Inflation will add fiery fuel to their already strong populist parties and heard by their sympathetic national populations.
Germany has a deep commitment to the EU and also a deep commitment to price stability. When the two clash, I don't know what the outcome consensus in the German population will be. The outcome is more predictable in neighbouring Austria and the Netherlands, which have an equally deep cultural commitment to price stability but a much weaker commitment to the EU. When inflation rises, I expect more howling outrage and hawkishness coming out of Vienna and den Haag than from Berlin. Inflation will add fiery fuel to their already strong populist parties and heard by their sympathetic national populations.