Is the ECB Forecasting a Recession?

The ECB is forced into tightening to keep inflation expectations anchored in a situation of massively adverse supply-side shock. It's not an easy thing to explain, especially if we've spent the last 20 years explaining to stakeholders in the real economy that central banks have your back. And this time, no, sorry, central banks cannot have your back because there's an inflation issue,. There's an inflation expectations issue. And central banks are not going to be your friend.