Il ruolo della Banca centrale europea e dei governi nazionali nelle politiche di contrasto all’inflazione

The work aims to examine the context in which the surge in inflation in 2021-2022 arose and developed, analysing the corrections made by the European Central Bank to the expansionary monetary policies adopted in the last decade, with the aim of counteracting the uncontrolled increase in prices and preventing any speculative manoeuvres against the most indebted euro area countries. While recognizing the central role of monetary policy instruments, the delay in implementing the measures and the limited nature of the instruments available to the ECB have highlighted the inadequacy of the overall economic manoeuvre deployed by the European institutions, if not accompanied by a fiscal policy consistent with the ultimate objective of price stability: however, this matter belongs to the sovereignty of individual States, and in the absence of a decalogue of common fiscal rules, It is to be expected that fragmentation and differentiation between areas will increase in the coming years.