LeMonde: Huge European Deficit Spending on Military will provoke Inflation

LeMonde warns of economic disturbances following the huge debt financing instruments agreed by the EU (800+150 billion) and by Germany (500 billion).
While there is hope that this deficit spending will bring some growth to the economies, in particular, as the funds must be spent on European made weapons, the other view is that there will be a rise in competition for rarer resources, energy, skilled workers, driving the inflation higher.
The huge debts also have an pact on the financial markets, raising interest rates, borrowing costs and finally prices/the inflation. As well, currency changes are expected, with sell-offs from existing bonds.
The huge deficit spending by huge debts in unproductive goods, such as arms, will destroy huge wealth and bring higher costs and charges for future generations of tax payers.