64 ) exceeds that of the total population. 1 in other words, the youth and elderly dependency ratio ( hereafter called the “ total dependency ratio ” ) – defined as the ratio of the combined population of the youth and the elderly ( aged 65 and over ) to the working - age population – tends to decline. during this period, the high growth rate of the labor force directly stimulates economic growth. moreover, the working - age population tends to save more than other generations and these higher savings indirectly contribute to economic growth through supporting infrastructure and productive investment activities. considering these positive the ratio of the working - age population to the total population tends to rise as well. bis central bankers ’ speeches effects of demographic change, this period is often called “ the period of the demographic dividend. ” 2 eventually, the demographic dividend period ends and a country enters a new stage of demographic change. in this new stage, a country faces a growing number of elderly retirees. as the growth rate of the working - age population lags that of the total population, the total dependency ratio rises. during this period, the decline in the working - age population is likely to directly depress the economic growth rate. the economic growth rate may also decline as lower national savings reduce the available support for investment activities. because of these possible adverse effects, this period could be called “ the period of the demographic burden. ” 3 b. japan in the stage of the demographic burden summarizing the points made so far, the demographic dividend period starts when the total dependency ratio begins to decline, and the demographic burden period starts when this ratio begins to rise ( after averaging out fluctuations driven by baby boom periods ). chart 1 reports the general conditions and outlook for demographic changes. japan has already entered the demographic burden period, based on united nations data since 1950. since the second half of the 1950s, the total fertility rate has almost always declined, and reached 1. 39 in 2011 ( chart 2 ). 4 over the same period, life expectancy at birth increased rapidly. male life expectancy increased from 50. 1 years in 1947 to 79. 6 years in 2010, and female life expectancy increased from 54. 0 years to 86. 4 years over the same period. in 1970 the ratio of the elderly population to total population exceeded 7 percent ( the threshold used to define an “ aging ” society ), and in 1995 it exceeded 14 percent ( the threshold used to define an “ aged ” society )

jean - claude trichet : a rich variety of cultures at the heart of europe interview with mr jean - claude trichet, president of the european central bank, in the frankfurter allgemeine zeitung special supplement of the ecb cultural days, published on 4 october 2009. * * * 1. the ecb cultural days have been held seven times since their launch. on three occasions, they have featured countries from eastern europe. what does eastern europe bring to europe and to frankfurt, in particular? it is very important for the ecb – with our staff coming from all 27 eu member states – to discover or rediscover the wealth of european culture in the international environment of frankfurt and its surrounding area. as you say, it has always been our aim to embrace the whole of europe, both the old and new members of the european union. it is no accident that we have welcomed three central and eastern european and three western european countries. last year, on the occasion of the tenth anniversary of the ecb, the events involved all 27 eu member states in order to underline the diversity of european culture. this year, the 20th anniversary of the fall of the iron curtain, the event takes place against the unique backdrop of the reunification of europe. 2. you made a speech on european culture in frankfurt this spring, which explored the link between the concepts of roots, diversity and identity. did you have the ecb cultural days in mind? of course. i was very keen to deliver this speech upon the invitation of my friend, professor otmar issing. i profoundly believe that culture is at the heart of the european project. the cultural unity of europe is based on the recognition of, and an openness to, its cultural diversity. europe benefits greatly from the mix of cultures. this is the core concept of the ecb cultural days. 3. in times of crisis, culture can be seen as a luxury, a remedy or a refuge. the past two years must have been very difficult for you, presenting you with many challenges and a very heavy workload. what works of art helped you to unwind during this period? particularly in very demanding and challenging crises, it is important to remain composed, to be able to stand back from immediate events and to develop as sound and as lucid a judgement as possible. i think that, in times like these, it helps more than ever to read a good ismail kadare book or a beautiful heine poem,