In my following remarks, I would just like to highlight a number of aspects that I feel to be of importance in my capacity now as a practitioner of monetary policy in the Eurosystem.
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.