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Inflation rates in the euro area, the United States and the United Kingdom have risen far beyond the self-imposed targets of the central banks. US president Joe Biden, the German chancellor Scholz, and ECB president Christine Lagarde have pointed to the coronavirus and the Russian president Putin as the main culprits. But what about central banks as the guardians of price stability? Read Prof. Dr. Gunther Schnabl's article for 1828.