1 For a fuller account of the response of monetary policy to demand and supply shocks in the oil market see  Draghi M. (2015), “Global and Domestic Inflation”, speech at Economic Club of New York, 4 December. 2 Deutsche Bundesbank (2016), “The Phillips curve as an instrument for analysing prices and forecasting  inflation in Germany”, Monthly Report, April.
3 Source: AMECO database (workers aged 15–74 for the euro area and 16–74 for the US). 4 ECB (2017), “Assessing labour market slack”, Box 3, Economic Bulletin, Issue 3. 5 See Cœuré, B. (2017), “Scars or scratches? Hysteresis in the euro area”, speech at the International Center for 6/7  BIS central bankers' speeches  Monetary and Banking Studies, Geneva, 19 May.