I recommend Firefox add-on "News Feed Eradicator" to read this article.

Some snippets:

"A shift into a 1970s-style era of high and unstable inflation would be a calamity. Yet there is indeed a risk that the slowdown in economies caused by a combination of falling real incomes, and tightening financial conditions will cause an unnecessarily deep slowdown. One part of the problem is that calibrating monetary tightening is particularly difficult today, because it involves raising short-term rates and shrinking balance sheets at the same time. A bigger one is that policymakers have not confronted anything like this for four decades."

"In the US, there is a particularly optimistic view of “immaculate disinflation”, promulgated by the Federal Reserve. This debate focuses on whether it is possible to reduce labour market pressure by lowering vacancies without raising unemployment. An important paper by Olivier Blanchard, Alex Domash and Lawrence Summers argues that this would be unprecedented. The Fed has responded by saying that everything now is unprecedented, so why not this, too? In reply, the authors of the original paper insist that there is no good reason to believe things are that unprecedented. Think about it: how can one expect a general monetary tightening only to hit firms with vacancies? It is sure to hit firms that would then have to lay off workers, as well.

"Tthe core of [Europe's] current crisis is the energy shock. Central banks cannot do anything directly about such real economic disturbances. They must stick to their mandate of price stability. But a huge effort must be made to shield the most vulnerable from the crisis. Moreover, those most vulnerable will include not just people, but countries. A high level of fiscal co-operation will be needed in the eurozone. A political understanding of the need for solidarity within countries and among them is a precondition."