Inflation has already risen as a result of the renewed increase in value-added tax and the introduction of a CO2 price for mobility and buildings. The purchase of government bonds by central banks is also having an effect. "This puts more money into the system. This can accelerate inflation, especially if the purchases are made permanent and the bond holdings are not subsequently reduced."
Unlike the financial crisis, he said, the money supply is currently higher. "It's different now because of the high lending," he said. That could return to normal, he said. But "if the economy does not grow for several years, but the money supply increases by ten percent annually, price increases would be unavoidable," Wieland warned.
FAZ: "Es ist anders als nach der Finanzkrise" (€)