Higher inflation will mean weaker consumer demand and that will keep core inflation under control.

Companies are doing well, but aren't passing their wealth on to employees. Consumer spending is under strain. When you add oil prices to that, disposable incomes are falling.

The markets were wrong in the first place to worry about inflation, ... will not let inflation run out of control.

Europe will have the most effective air traffic control infrastructure in the world,

Inflation can't be controlled through price agreements or price controls. The only way to control it is with a stronger monetary policy.

You either control inflation or the exchange rate. You can't do both.