As I have said, the outward shift in the curve, which means higher unemployment for a given level of vacancies, is usually interpreted as an indication of increasing mismatches in the market. The implication is that, ceteris paribus, we would see a higher unemployment rate for a particular stage in the business cycle.
This development reminds me of what we experienced in Japan ten years earlier, which you can see on the next slide. Data points after the bursting of the bubble, shown in black, are clearly on a different curve. 1.2.