The new phase would seem to spell disaster for debtors (individual or governments), for whom inflation would seem their best hope of long-term solvency.

The new phase is more related to the need/desire to see the banking sector finally restructured and recapitalised and off life support. Some of the healthier banks are already off life support and the others need a little nudge since governments and regulators aren't doing their job here.

Economics is politics by other means