Inflation in the euro area reached 7.5% last month — far above its medium term goal of near 2%. Slamming on financial policy brakes is a blunt measure that slows down economic exercise. The ECB seems to be notably constrained, and never solely because of the danger of derailing an already weakening financial system. With the region’s bonds also being dumped, the currency market might start to factor in debt risks within the euro zone, based on HSBC Holdings Plc strategists including Dominic Bunning. The benefits of the euro go beyond the euro area, and the euro performs an necessary…