Finally, when looking at the years 2010–2017, we discover that the Phillips curve seems almost 3/6  BIS central bankers' speeches  horizontal, signalling that the above-mentioned correlation between inflation and unemployment was no longer valid for this period. When both the earlier and more recent periods are combined in a single graph, the change that has occurred gets highlighted.
If this change were to prove permanent, what would be the implications for price stability? Logically it would mean that even a continued expansion of output, and the decline of unemployment, would not lead to the expected acceleration of inflation: there is uncertainty about the limits of expansion and its effect on inflation.