While the ECB insists on considering inflationary pressures in the Eurozone temporary and keeping the emergency bond market program unchanged, central banks have begun processes due to the acceleration of inflation. In particular, in recent days the Fed announced that it may soon reduce bond purchases and raise interest rates within the next year. Similar announcements were made by the Bank of England and other central banks, which raised interest rates.

Although inflationary pressures have accelerated in the Eurozone, central bank officials continue to support the economy much more than their counterparts in other central banks, although they admit that the acceleration of inflation will exceed the 2% target. ECB President, Christine Lagarde, remains adamant that inflationary pressures in the eurozone will be temporary and does not expect price increases to be channeled across the economy. She also mentioned that the goal of the central bank through its policy and interventions, is to stimulate the forces of demand that can lead inflation to the 2% target and keep it at this level. Of course, there are "voices" within the bank, warning that policymakers must be prepared to respond to persistently high inflation that could result from supply difficulties.

On the contrary, her counterpart in the US Federal Reserve, Jerome Powell, expressed the outlook that it is very likely that inflation will remain at current high levels for longer than originally estimated. He also mentioned that the inflationary pressures that hinder the growth of the economy, which is still strengthening, are due to the problems of the supply chain and various unbalanced factors. Amid growing concerns, the Fed announced last week that it would soon begin to reduce the bond purchases, while expecting that interest rates would rise for the first time sometime the year ahead.

But while the divergence of the ECB's approach from the rest of the world is more than obvious, many believe that the gap between them is small, as everyone is moving in the same direction, just doing it at a different speed.