You can see this on my next slide. Although the results need to be treated with caution given the short sample, a wage Phillips curve regression using household inflation expectations would have provided the best out-of-sample fit for euro area wage growth over the course of last year. For financial market-based inflation expectations, the prediction error would have been more than twice as large.
As I close, I believe commendations are in order for your continued participation and contributions towards ECAMA, its mission, as well as for the way you have championed economics. Now everyone wants to be known as such. You have more work to do ahead of us. Keep the torch burning.