This phase has now been taken over by the banks in line with the model in other countries and the Riksbank is only responsible for the wholesale phase. Developments in the field of payments can be viewed in a similar way. As long as payments are made using notes and coins it is the Riksbank that guarantees the confidence of the means of payment. However, as an increasing number of payments are made using cards, this role is increasingly becoming the responsibility of the banks and card companies. It is against this background that I intend today to speak about the Riksbank’s view of the development of safe and efficient payments, what we are doing in our area of responsibility and what we hope various private players will do. The payment behaviour of the Swedes Swedes increasingly use cards to make payments. Over the last ten years, the value of the card payments made has increased fivefold, while the number of card payments made has increased eightfold. For couple of years now, the value of the card payments made has also exceeded the value of all cash payments. The value of all card payments is almost twice that of all cash withdrawals. In comparison with our Nordic neighbours, we previously used cards to a lesser extent in Sweden. This is no longer the case; cards are now used to more or less the same extent in Sweden, Denmark and Finland.
BIS central bankers’ speeches  7  Figure 1 Inflation indicators (*) (annual change, percent) 8  8 Services EFE  6  6  4  4 CPI  2  2  CPIEFE  0  0  Good EFE  -2  -2  -4  -4  -6  -6 11  Jul. 12  Jul. 13  Jul. 14  Jul. 15  Jul. (*) As from January 2014, the new indexes with annual base 2013=100 are used, so they are not strictly comparable with earlier figures. Sources: Central Bank of Chile and National Statistics Institute (INE). Figure 2 Labor market (percent; annual change, percent) 12  12 Unemployment rate(1)  10  10  8  8 Wages (2)  6  6  4  Employment (1)  4  2  2  0  0  -2  -2 00  05  10  15  (1) Spliced series using monthly variation in February 2010. (2) For nominal wages, average ULC and IREM were used. Spliced series using monthly variation in February 2010. Sources: Central Bank of Chile and National Statistics Institute (INE).