2  The Phillips curve in monetary policy research  2.1  Monetary policy design and challenges in a low-inflation environment  As a starting point, let me go into slightly more detail concerning the lessons learnt over the past few decades. It is indeed the case that various institutional changes in monetary policymaking can be traced back to research on the Phillips curve.
Let me make this clear: the new changes to the foreign exchange distribution system were not ineffective, but change is always difficult to accept. Foreign exchange management is a highly sensitive area of central banking. We are not at liberty to divulge the details of our operations.