On Monday, The European Union (EU) finance ministers announced a timeframe for the end of the current wave of price hikes.

They added that the high public debt created by the pandemic had to be reduced, but in a way that does not harm economic growth.

For his part, the chairman of eurozone finance ministers, Paschal Donohoe, said: "While the increase in prices is largely due to temporary factors, this increase is more persistent than anticipated due to the strength of the recovery."

Donohoe added, "But we continue to expect their changing and lessening over 2022 and into 2023."

Good #Eurogroup meeting today. We had a detailed and productive discussion on the EU’s economic governance framework.

Read my full statement after the meeting: https://t.co/ZCLPymWYkQ pic.twitter.com/lsmtahC45C

— Paschal Donohoe (@Paschald) November 8, 2021

Inflation rose 4.1% year-on-year last month in the 19 countries sharing the euro, up from 3.4% in September," according to Reuters, while ministers are beginning to worry that this increase may fuel stronger wage growth, which in turn risks to create an inflationary spiral.

The October inflation spike was largely fueled by a 23.5 % increase in energy costs, which coincided with an increase in demand from the quickly improving economy. The ministers also pointed to supply chain constraints caused by the same pent-up demand.

The ministers also began discussions on a planned reform of the EU's budget rules, which require governments to keep budget deficits below 3% of GDP and debt below 60% of GDP, in order to adapt them to post-pandemic economic realities. This includes high public debt and large investment needs to combat climate change.

Annual public debt reductions are now required. These reductions are overly ambitious for most EU nations and give no clear support for government investment.