The coronavirus crisis has led to a sharp increase in public debt levels in all industrialized countries, sup-ported by immense government bond purchases by central banks. As officially measured consumer price in-flation has—so far—remained low, central banks are en-couraged to expand their mandates. The European Central Bank aims to bridge the deep economic split in the euro area. This is unlikely to be successful for three reasons. Prof. Dr. Gunther Schnabl in the following article (p. 32).