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11th Aug 2025 08:01EurozoneWeekly Monitor

  • The shape of the Phillips curve is unstable over time, but its shifts are difficult to pin down with data. 
  • Data point to a flat PC in the EZ, and a high sacrifice ratio for the ECB, but only for demand-pull inflation. 
  • Our estimates of the NKPC support our broader call that EZ inflation will ultimately settle above 2%.

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Keywords for: 12 August 2025 Eurozone Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence