The article compares different ways of predicting inflation in Europe. They looked at how well three different models of the Phillips curve worked using survey data to estimate people's expectations about inflation. The results showed that the New Classical model performed the best, while the purely forward-looking New Keynesian model did not work as well. This suggests that inflation in Europe doesn't instantly change with people's expectations, and even if expectations are not always rational, past inflation still plays a role in predicting future inflation.