The global financial crisis had a major effect on the global economy causing recessions and loss of jobs on a national scale. The purpose of this study is to investigate if the relationship between inflation and unemployment is different before and after the recent financial and economic crisis in Sweden, Norway, Finland and the United Kingdom. The Phillips curve is used in order to explain the relationship between inflation and unemployment. The paper defines the crisis as the period between 2007-2010 and will study a time period of five years before and after the crisis, using quarterly data on the unemployment rate and the inflation rate. Ordinary least squares regression was used to estimate the regression output. The findings of this paper conclude that a change in the inverse relationship of the Phillips curve has occurred when comparing pre- and post crisis periods.