I am pretty sure that what happened is a bug. While playing as Italy, I was in my third or fourth term when I saw a blank Situation notification come up only labeled “EU.” It appears that my development dropped just enough to go from the “net contributor” version of the EU situation to a “net recipient.”
However, the “net contributor” situation never went away. As a result, I had both versions of the EU Situation active at the same time. As a result, the “EU Monetary Policy” Situation had double the inflation effect on the country. This immediately triggered the Hyperinflation Situation with no way of getting out of it.