The Hollow Euro Specter of Inflation Haunts Europe

If Europe's single currency is really to be saved, fundamental reforms have to follow the emergency bailout by euro-zone members. The biggest danger comes, however, from the European Central Bank, which has given up its role as the protector of price stability. The risk of inflation is increasing. By SPIEGEL staff.
A Hungarian money changer corrects the sale price of foreign currencies in Budapest: The euro zone is running the risk of inflation.

A Hungarian money changer corrects the sale price of foreign currencies in Budapest: The euro zone is running the risk of inflation.

Foto: Bela Szandelszky/ AP
Translated from the German by Paul Cohen