Turning to data wishes, as outlined earlier, further sectoral detail is necessary for an adequate analysis of risk exposures and to account for the activities of purely internationally oriented entities. There are important ongoing initiatives in this direction, both at a global level and within the ESCB.
Many commentators have questioned whether monetary policy still works in the current environment.11 Some cite the low level of interest rates globally as a sign of ineffectiveness. Others highlight the relationship between economic activity and inflation outcomes (the Phillips Curve) being weaker than in the past, suggesting this points to a fundamental change in dynamics (figure 5).