- alone project. there are interdependencies with standardization and regulatory issues at global level. for instance, full emv migration for cards in europe and the move to chip - only cards remain difficult as long as there are regions in the world where the magnetic stripe remains dominant. and yet, sepa and europe ’ s retail payments integration is affecting initiatives for integration at global level. international initiatives such as the international payments framework association ( ipfa ) see sepa as a blueprint for developing multi - currency schemes for nonurgent cross - border payments. these initiatives face the additional challenge of accommodating control requirements relating to anti - money laundering and countering terrorist finance. finally, retail payments integration at global level may also extend to the remittance market and make remittance payments cheaper and more efficient. these are all weighty matters and i ’ m sure you ’ ll be considering them in the sessions tomorrow. i hope you will have a stimulating, useful and successful morning. but now, i ’ d like to wish you bon appetit! table 1 : use of payment instruments : number of transaction per inhabitant ( bis red book for us figures, ecb sdw for euro area figures, 2011 figures ) euro area us credit transfer direct debit cheques cards total bis central bankers ’ speeches

demographic changes on consumption patterns. as the average income level in japan rose, expenditure on durable consumption goods also increased. this trend was observed for ( a ) transportation equipment ( including passenger cars ) and ( b ) tvs and information / communication equipment ( chart 9 ). particularly, expenditure on transportation equipment rose rapidly in the second half of the 1980s, probably reflecting a shift in consumer preferences from motorcycles to passenger cars and from low - quality cars to high - quality cars. since then, expenditure on durable consumption goods has flattened. the number of new passenger - car registrations has declined moderately in recent years ( chart 10 ). the population ’ s declining trend that started in 2011 is likely to reduce the sales volume of durable consumption goods. b. age - driven changes in japan ’ s consumption structure while consumption appears to have peaked owing to the constraints imposed by demographic changes, it is important to pay attention to the changing characteristics of the consumption structure. first, the elderly are becoming a major consumer generation. the share of consumption by households whose heads are aged 65 and over has been rapidly rising and already accounts for more than 30 percent of total consumption ( chart 11 ). if households whose heads are aged 60 and over are added, the share of consumption by elderly households exceeds 40 percent of total consumption. according to analysis based on household survey data, elderly households tend to allocate a greater proportion of their consumption to medical and nursing services, tourism, social expenses, and foods than younger households. meanwhile, elderly households spend less on education and transportation / communication ( including passenger cars ) than younger households. these generally, in the early stage of the demographic dividend households tend to increase their demand for durable consumption goods ( such as cars and home electronics ) and actively conduct residential investment. this is because households belonging to young generation are likely to form families. as a country passes through the demographic dividend period, a growing number of households complete the child rearing stage, and so more money can be allocated to savings for retirement. during the demographic burden period, households, as population aging proceeds, may increase demand for medical care, nursing care, and housekeeping services, as well as recreation, tourism, and cultural activities. bis central bankers ’ speeches consumption patterns make sense since many elderly households have already completed child rearing. other data show that medical and nursing related expenditure in japan increased cumulatively by more than 30 percent between 2000 and 2010. this increase is larger than in other advanced countries. for example,