ECB staff analysis for the euro area, however, suggests that while the slope of the Phillips curve is flat, it has not changed in any statistically significant manner in recent years (see left chart slide 4). [1]  Instead, Phillips curve models point to other factors putting persistent downward pressure on underlying inflation in recent years (see right chart slide 4).
It would allow us to ensure that money and payments remain trusted, secure  3/4  BIS - Central bankers' speeches  and efficient in a rapidly changing digital environment. And by doing so, the digital euro would essentially serve wider public policy objectives, such as strengthening Europe's strategic autonomy and economic efficiency.