FRANKFURT—Euro zone inflation could exceed the European Central Bank’s forecast in the long term, so there is no reason now to boost a legacy bond purchase programme when an emergency scheme ends next March, ECB policymaker Madis Muller said. The ECB is debating life after the 1.85 trillion euro ($2.08 trillion) Pandemic Emergency Purchase Programme expires. A murky economic outlook has left its 25-member Governing Council unusually divided over what course to steer at a crucial policy meeting on Dec 16—decisions that could determine its actions over much of 2022 and possibly beyond. Conservative policymakers argue that inflation, running at more than twice the ECB’s 2 percent target, could stay too high even in the long term, while doves warn that price pressures are still too weak, so abandoning ultra-easy monetary policy now would risk undoing years of stimulus. “The Pandemic Emergency Purchase Programme (PEPP) can go to zero in …