What about this chart says to you “Eurozone demand is too high, I need to tighten policy”?
Maybe you can see something in this chart to indicate that inflation is out of control in the Eurozone?
On some level, I think Europe is paying the price for France’s desire to have a Frenchman run the ECB. He’s acting like a cartoon version of a German inflation hawk. I can imagine an alternate universe in which a German runs the bank and finds himself bending over backwards to dispel suspicion that the Euro contraption is being run for the benefit of German bondholders and totally ignoring the welfare of the majority of Europe’s citizens.