https://www.ecb.europa.eu/press/key/date/2019/html/ecb.sp190916~ca7... 16.09.2019  Reflections on monetary policy  Page 8 of 18  Chart 9 Phillips Curve-based decomposition of wage growth into its main drivers (deviations from mean in year-on-year growth terms and percentage point contributions)  Source: Nickel, C. et al. (eds.)
It is of course too early to fully assess these experiences. Macroprudential policy in the euro area is still in its infancy and we need to fully understand the effects and the interactions among the different instruments. Substantial analytical and empirical work is needed to place the macroprudential authorities into a position to use the available instruments in the most effective way.