They certainly had imagined things differently in the ECB-Tower in Frankfurt: inflation rates in the individual key member states such as Germany, France and Spain did not fall as much in February as had been forecast. Inflation is combated on the supply side (a complete hidden concept for our central planners) by creating investment conditions or lowering taxes and reducing government demand. It is better not to talk about stable money at this point; after all, we are talking about the European Central Bank here. It now finds itself in an increasing dilemma: on the one hand, it has to finance the rising government debt, as no one in their right mind wants to take the government debt of the eurozone member states onto their balance sheet. On the other hand, ongoing inflation ensures that it would also have to take care of this: a dilemma from which a central bank cannot find its way out, as it does not act alone in the world, but has to include capital outflows to more stable currency areas in its calculations.