BIS central bankers’ speeches  9  Overall, this evidence suggests that the shifts in unemployment rates observed since 2007 were mostly triggered by the macro-economic cycle and not by an increase of structural unemployment as allegedly indicated by very high NAIRU levels. This means that the estimated NAIRU from Phillips curves is not a good representation of structural unemployment.
We will continue to keep our ears to the ground, remain vigilant and prepare to face challenges ahead. Our banking system remains one of our strengths, continuing to strongly support economic growth. Our payments system has been growing steadily in scope, allowing for more efficient processing of financial transactions, spurring more economic activities and development.