The Phillips curve was invented by UK economist Alban William Phillips, who observed a correlation between nominal wage growth and the unemployment rate for the period 1861 to 1957. The original version of the curve implies a trade-off between unemployment and inflation. Empirical evidence shows, however, that the relationship is not nearly as simple as that. Over the past 50 years, the Phillips curve has time and again been hotly debated, leading to numerous modifications.

Guests in the official gallery, from left to right: Mr Troeger (Bundesbank Deputy President), Mr Vocke (former President, Bank deutscher Länder), Mr Bernard (former President, Bank deutscher Länder), Mr Könneker (former Bundesbank Director) 

The insolvency of LBHI in September 2008 was the culmination of events that had begun in the summer of 2007 as a crisis in the US real estate market. This brought the interbank market virtually to a standstill. Within a year, a crisis that had until then been confined to the United States had engulfed the global financial and economic system.

The Deutsche Bundesbank has not been provided with any supervisory powers in the areas mentioned. The compliance system described here exclusively covers internal Bundesbank rules and mechanisms. In particular, the Deutsche Bundesbank is not responsible for receiving reports of violations of supervisory provisions, compliance with which is monitored by the Federal Financial Supervisory Authority (BaFin). In these cases, please contact BaFin if necessary.

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