Commentary The constant financing of deficits in countries that perpetuate structural imbalances has not only not helped to strengthen growth, since the eurozone and the United States already suffered downgrades of estimates before the COVID-19 crisis, but is also driving inflation higher. Monetary policy has been ultra-expansive for more than 10 years, in crisis, recovery, growth, and stabilization. In fact, the central bank becomes hostage to states that don’t reduce their structural imbalances but perpetuate them because the cost of debt is low and the central bank “supports” them. It’s no coincidence that the reformist momentum has stopped short since 2009. It coincides exactly with the period of never-ending balance sheet expansion. Low rates and high liquidity have never been an incentive to reduce imbalances, but rather a clear incentive to increase debt. Once in place, the so-called expansionary monetary policy can’t be stopped. Does any central banker believe that …