2/3  BIS central bankers' speeches  4. Financeable risk and risk that is acceptable to society Banks take risks as part of their normal activity. However, when such risks are excessive they can lead to huge losses – not only for banks and their investors, but for the whole economy.
Chart 17 presents the Phillips curve using the same observation period as the Phillips curve with inflation version. Steepening of the slope reflects the higher responsiveness of wage changes against the improvement in the unemployment rate. Recent movements of the curve, however, have not yet resulted in an apparent steepening of the slope.