[12] Overall, aggregate data do not point towards deglobalisation, at least not for now. At the same time, the nature of globalisation may be changing. Firms are becoming more inclined towards nearshoring, onshoring or friend-shoring their supply chains, especially for the production of advanced technologies (Chart 3).
2 For more detailed discussion of the Phillips curve and low inflation in the euro area economy, see Praet, P.  “Maintaining price stability in the euro area”, remarks at the 15th Handelsblatt Jahrestagung “Zukunftstrategien für Sparkassen und Landesbanken”, Berlin, 2 February 2017. 3 For further discussion, see “Recent wage trends in the euro area”, Box 2, ECB Economic Bulletin 2016/03.