Italy is the powder keg of the EU, and especially the Eurozone. The ECB has to raise interest rates to curb inflation, but they can't raise them too high or for too long a period because otherwise Italy will be bankrupt. An Italian bankruptcy will be infinitely worse than a Greek bankruptcy. It will collapse the Euro, and potentially the entire EU. The Eurocrats know this, so they hope this inflation wave will just go away by itself. Spoiler alert! It won't.