For Volker Wieland, the ECB's assessment is too optimistic (ARD-Magazin Plusminus,

The ARD magazine "Plusminus" showed in a report what consumers have to be prepared for in view of further rising prices. According to Prof. Volker Wieland, the European Central Bank (ECB) missed an early and moderate reaction. As early as January 2021, there were clear signals of an increase in inflation.

For this year and next, the ECB expects higher inflation. According to its forecast, it will be more than 8 and 5 percent, respectively, before falling back to around 2 percent. Wieland disagrees with that assessment, saying, "The ECB is too optimistic for 2024." According to Wieland, the ECB must ensure that the market reverses the trend. Its actions are not decisive enough in Wieland's view. "The ECB would have to be much more decisive, like the U.S. Federal Reserve, the Fed."

He sees parallels to the price development in the 1970s. With one important difference, however: The German Bundesbank's policy at the time ensured that inflation never reached double digits.

ARD-Magazin "Plusminus": "Inflation - was im Winter alles auf unsere Geldbeutel zukommt" "Inflation höher als in den 1970er Jahren"