The question is, after that, will they be able to keep the inflation genie in the bottle or will they have to keep raising interest rates to keep the cork in?

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Allowing just a bit more inflation out of the bottle would also make it easier for countries to get out from under the mountains of debt they have taken on in recent years (they would be paying the debt off with inflated currencies).

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Letting the inflation genie out of the bottle could trigger 1970s-style stagflation.

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How do we put the inflation genie back in the bottle?

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It explains their resistance to cutting interest rates to boost the eurozone economy, because they fear it would let the inflation genie out of the bottle.

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By then, the inflation genie was out of the bottle, as the accompanying graph starkly illustrates.

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So after the devastating runaway inflation of the 1970s, central banks have made sure that if they err it is on the side of raising interest rates early, at the first whiff of inflation fumes, to make sure most of it remains in the bottle.

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The Fed used to act pre-emptively, because if it waited until inflation began to show, it would be much harder to stuff the genie back in the bottle and the damage to the economy from having to increase interest rates was that much greater than it would otherwise have been.

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