As national debts soar, it’s evident that inflation must increase to address the debt crisis and facilitate the transfer of purchasing power from the private sector to the state. The 2% inflation target, a dubious fiat goal, is now obsolete. The challenge lies in how to sell this shift to the public, especially as there’s growing debate about moving the official target to 3%.

Olivier Blanchard, former Chief Economist of the International Monetary Fund (IMF), advocates for a rethink by the ECB and other central banks. "A 3% inflation target would be more sensible," Blanchard told Handelsblatt. He hopes this issue will be addressed in the next strategic review. This perspective contrasts with ECB President Christine Lagarde, who recently affirmed that the 2% target is "not up for debate" in the upcoming strategy discussions.