Isabel Schnabel looks back on seven years in which the ECB moved from persistently low inflation to recurrent inflationary shocks, and from historic accommodation to its fastest-ever tightening cycle. Her message is that central banks should (1) avoid binding commitments and (2) favour agile policy rates over hard-to-reverse QE. They should (3) react to the inflation outlook, not to the type of shock, and (4) protect monetary dominance through sound bank and => non-bank regulation <=, prudent fiscal policy and stronger growth. Finally, they should (5) run policy with a balance sheet no larger than necessary, using a demand-driven operational framework.