samchain/econo-pairs-v1 huggingface dataset:
Taking into account the Report, and how we see the banking sector developing, we see scope for developing HKAB’s role in four broad areas. First, and perhaps most important, the Report recommends that HKAB could take further its function as the voice of the industry. We support this recommendation. HKAB already fulfils this role to a great extent, particularly in its submissions on policy proposals and in its regular meetings with us on a variety of operational issues. But this role could be deepened, particularly in developing a more unified position on major policy issues, and in achieving a position that broadly reflects the views of the whole of the banking industry. I would even suggest that there is scope for HKAB to become not just the spokesperson for the banking industry, but also a lobbyist for the industry. This is not an easy task, because the banking industry in Hong Kong is diverse and not always able to come to a single view on issues that affect it. Nor is there any reason why it should do so on every issue. However, HKAB could develop its profile and gain strength as a representative organisation if it were to work on developing its role as the clear industry voice. The second main recommendation in the Report concerns HKAB’s role in the development of the Code of Banking Practice. The Code, which sets the standards for banking services, is jointly issued by HKAB and the DTC Association, with the endorsement of, and involvement of, the HKMA.

Competition also facilitates the work on holding back inflation. The EMU has particular importance for the scope of the trade. Many economists have tried to estimate this gain by looking at the way fixed and floating exchanges respectively affect trade, and they have found very little difference. However, a single currency is not the same as a fixed exchange rate. There are considerable practical and psychological differences. Professor Andrew K. Rose at Berkeley in the USA, together with some other economists, has instead compared trade within monetary unions with trade between countries outside of the monetary union, and made adjustments for facts such as monetary unions often sharing the same language, culture and other regulatory frameworks. When Professor Rose presented such a study for Sweden some time ago, he claimed that EMU could increase trade and integration by as much as 30-50 per cent over the course of a few decades. This could lead to an increase in Swedish welfare of over ten per cent in the long term. Rose himself admits that the figures are uncertain and other economists believe in much lower figures for trade gains. So what about the disadvantages? Giving up one’s own currency entails also giving up some of the right to self-determination in economic policy. The instrumental rate would no longer be set in Stockholm, but in Frankfurt and would reflect the economic situation in a large monetary area.
12  BIS Review 139/2009  Tucker, P (2009), “Regimes for Handling Bank Failures: Redrawing the Banking Social Contract”, available at http://www.bankofengland.co.uk/publications/speeches/2009/speech396.pdf. ANNEX  Table 1: Support packages $ Trillions)  UK  US  Euro  - “Money creation”  0.32  3.76  0.98  - Collateral swaps  0.30  0.20  0.00  - Guarantees  0.64  2.08  >1.68  - Insurance  0.33  3.74  0.00  - Capital  0.12  0.70  0.31  Total (% GDP)  74%  73%  18%  Central Bank  Government  Source: Bank of England Financial Stability Report, June 2009. Figures for UK updated to November 4th 2009. Notes: (1) Exchange rates used: FSR Euro / US dollar exchange rate of 0.710. Sterling / US dollar exchange rate of 0.613. (2) Money creation includes both monetary and financial stability operations. Table 2: Capital provision in past UK crises Date  Crisis  1977  Secondary Slater Banks Walker  1984  1994  2008  Support Reason for recipient(s) capital provision  Johnson Matthey  Johnson Matthey  Small banks  National Mortgage Bank RBS, LBG, Northern Rock  Current crisis  Orderly resolution (wind down) Orderly resolution (wind down) Orderly resolution (wind down) Mitigate systemic risk and promote lending  Did UK clearing banks receive direct capital support?

Someone has to pay the bill. The rapid growth in government debt in Europe and the US is consistent with a well known historical pattern. Fiscal policy was used actively in most countries to curb rising unemployment. The mistakes of the 1930s were not to be repeated. The intention was good and the policy was most likely appropriate, but weak public balances became even weaker. On top of this, some countries provided substantial government funding to banks. The situation came to a head in several euro area countries, initially in Greece, which had allowed deficits to creep up during the growth period. In the next round, Ireland, Portugal and Spain came under pressure and had to payer higher interest rates on new loans. The UK also ran a government budget deficit in the favourable pre-crisis years and when tax revenues rapidly declined and social security spending rose, the deficit increased to more than 10 per cent of GDP and government debt doubled. The authorities in many countries must now tread a difficult balance. Controlling debt requires an economy with a back strong enough to carry it. It is not certain that low interest rates are sufficient to sustain the nascent recovery if fiscal policy is tightened. Credible  2  BIS central bankers’ speeches  reforms that limit public spending in the long run, combined with moderate tightening in the short run, could be an appropriate strategy. Governments that saved during the expansion may have the scope for pursuing that approach. Greece did not save.
(3) Exports of goods and services minus imports of goods and services. Source: Central Bank of Chile. 8  BIS central bankers’ speeches  Figure 6 Output gaps (*) (percent) 6  6  4  4  2  2  0  0  -2  -2  -4  -4  -6  -6  08  09  10  11  IPoM Sep.10  IPoM Dec.10  (*) Gray area, as from fourth quarter of 2010, indicates forecast. Source: Central Bank of Chile. Figure 7 Consumer perception index  Labor market (percent, millions of persons)  90  140  70  120  50  100  30  80  10  60  03 04 05 06 07 08 09 10 IPEC (1)  U. de Chile (2)  12  7,5  11  7,0  10  6,5  9  6,0  8  5,5  7  5,0  Mar.09 Sep.09 Mar.10 Sep.10 Unemployment rate Employment  (1) IPEC: value above (below) 50 points indicates optimism (pessimism). (2) Index, March 2001 = 100. Sources: Adimark, Central Bank of Chile, National Statistics Institute (INE) and Universidad de Chile.

In multilateral terms, the appreciation has also been smaller, because of the dollar’s loss in value with respect to other currencies; even some currencies of Chile’s trading partners have shown higher bilateral appreciations than the peso (figure 10). Among the long-lasting elements underlying this appreciation, we may highlight improved terms of trade, a better cyclical position of the Chilean economy compared with developed ones, the accumulated increase in the ratio of public expenditure to GDP and the reduction in our net debtor position relative to the rest of the world. In Chile, net capital flows have been limited. We have seen capital inflows as direct foreign investment and placement of bonds abroad by Chilean firms. But at the same time, these inflows have been offset by outflows due to higher investments abroad by residents, including pension funds. Considering the level of the nominal exchange rate and currency parities prevailing at the statistical closing of this IPoM, the real exchange rate (RER) is around its minimum consistent with its long-term fundamentals. The baseline scenario of this IPoM uses as a working assumption that the peso will post a moderate real depreciation into the long-term. Projections also use the assumption that the monetary stimulus will continue to be gradually withdrawn at a pace comparable to what can be inferred from the various expectations surveys (figure 11). The Board hereby states that this will depend, in any case, on the unfolding of domestic and external macroeconomic conditions.
The strengthening of the capital position will improve the resilience of existing institutions while encouraging only the more financially efficient and effective companies to remain in the sector. Improved capital positions are also essential for the smooth consolidation of the sector in the near-term through market driven acquisitions or mergers. There are also ongoing discussions on the encouragement of LFCs and SLCs to obtain credit ratings and list themselves on the Colombo Stock Exchange (CSE). This will, in turn, ensure financial stability and operational excellence while creating healthy competition. We also consider imposing directions that LFCs and SLCs achieve a capital adequacy ratio of 12 per cent with the intention of improving sensitivity to risks, while focusing on credit risk based on borrowers’ risk profiles, and operation and market risk in the trading book. With the view of ensuring a stable and stronger non-bank financial sector, market driven acquisitions and mergers will be encouraged among LFCs/SLCs to sustain strong financial institutions, while minimising unstable small scale finance companies in the sector. 20  The Finance Business Act is also being currently revamped to strengthen the regulatory framework with due consideration to the evolving characteristics of the sector. Accordingly, it is being revised to incorporate provisions related to the resolution of LFCs and SLCs and unauthorised establishments. It will also focus on an improved litigation mechanism for fraudulent activities, while ensuring rapid prosecution of those who have misappropriated public funds.

We are, as I have said, also seeking feedback on the technical approaches for such a model of the digital pound. The Technology Working Paper accompanying the Consultation Paper sets out an illustrative and complementary conceptual model consisting of a core ledger, API layer, analytics and alias service. The core ledger operated by the Bank might be centralised, running as a traditional database, or it might use Distributed Ledger Technology (whether a blockchain or another form of the technology). The paper includes key questions which will be further explored in the next phase of work, including for example which privacy-enhancing technologies might support our policy objectives and what features of an API for the digital pound would best enable innovative use cases. The digital pound within a digital payments landscape Finally, I want to cover briefly how a retail digital pound, designed for use by firms and households in everyday transactions, might sit alongside a wholesale central bank digital currency, privately issued digital money, and also alongside central bank digital currencies issued by other jurisdictions. On the question of a ‘wholesale CBDC’ the first point to emphasise is that for the Bank this is not a question of either one or the other of ‘retail or wholesale’. We are working extensively on both areas, including through the renewal of the digital infrastructure we currently use to provide money to commercial banks in the form of Bank of England reserves.
With the changes that are reshaping the financial system, skills requirements in the financial industry will also change. Today new careers are also being created in more diverse areas including in areas of finance that have leveraged on technology such as in internet based services. Further challenges will arise from the intensification of competition for talent in a more borderless workplace. Given the importance of talent to performance greater attention needs to be accorded to talent development. There also continues to be an acute talent shortage of such skilled talent in our financial services industry. If left unresolved it will impede future growth and performance of the industry. This existing significant skills gap is already becoming a constraint on industry growth. Indicators from the AIF Skills Gap Index, which measures skills gaps within the workforce, point to a significant deficit in several skill sets that are considered important in the financial services industry. The creation of ACE represents an important step in efforts to provide a comprehensive and integrated solution for such skills and talent development for the industry. At the executive level, leadership, corporate governance and ethics are issues that have dominated attention in global finance given the need to recognise the importance of sustainable outcomes. There are high expectations of the financial industry to demonstrate responsible leadership that will also embrace a strong moral compass in its operations. Education and professional development have a key role in bringing to the forefront these important issues for the industry.

The establishment of ACE will support and indeed, further propel efforts to raise the calibre and dynamism of talent across all levels in the industry. ACE will provide a range of facilities for professional development and skills development including learning and training for all the different levels of financial specialisation. The institutions that are to be housed within ACE have all embarked on measures to deliver programmes and qualifications that are benchmarked against leading education and training standards. The high quality talent that ACE will develop will contribute to the vibrancy and progress of the Malaysian financial industry. BIS central bankers’ speeches  1  ACE is an initiative spearheaded by the financial services industry and it will house 10 institutions, involved in education, training and standard setting. With its strategic location in Kuala Lumpur, ACE has close proximity to the headquarters of financial institutions. Its integrated facilities will foster and facilitate collaboration amongst banking, insurance, capital market and Islamic finance industries to share intellectual capital, expert resources as well as benefit from economies of scale by the sharing of common infrastructure and facilities. Today’s ground breaking ceremony marks the official start of the construction for the ACE project. Let me take this opportunity to congratulate those involved in the Project to bring it to this stage of development.
The Fund therefore purchased a large volume of equities from 2001 to 2003 and is buying a considerable volume now. Of the equities now owned by the Fund, 40 per cent were purchased last year when prices were moving down. 9  Knut Hamsun (1976): August. In Samlede Verker 11, Gyldendal Norsk Forlag, p. 120. (Unofficial translation by Norges Bank’s translators). BIS Review 16/2009  19  As a result, ownership in the business sector in the US, Europe and Asia has increased – in companies’ human capital, in their machinery and equipment, brands and organisation. In the long run, and even though many companies have now folded, it may perhaps be at least as safe as extending loans. Conclusion Let me conclude. At the moment, activity is falling in the Norwegian economy, as elsewhere. The source of the downturn is external. We cannot shield ourselves from its impact, but we can decide how we will address the turnaround. The global financial highway is now being modernised and overhauled. It is essential that traffic again flows smoothly. Rimbereid asks: “In which landscape Will we lay our next lucrative track?” 10 Norway has a credible and robust economic policy, and a business sector that is quick to adapt. This is a good point of departure. Thank you for your attention. 10  20  Øyvind Rimbereid, 2008: Herbarium, p.54. (Unofficial translation by Norges Bank’s translators). BIS Review 16/2009

4 June 2021  Remarks for the panel discussion at the BIS-BdF-IMF-NGFS Green Swan 2021 Global Virtual Conference  Many thanks, Morgan, and thank you also to the BIS, Banque de France, IMF and NGFS for the invitation to take part in this panel. As you perfectly know in both my capacity as Governor of the Bank of Spain and member of the Governing Council of the ECB, and as Chair of the Basel Committee I can say that the topic of climate-related financial risks is one of the top priorities over the coming years. In both cases, I think the right way to frame the issue is to take our mandates as the starting point. In the case of the Basel Committee, as the primary global standard setter for banks, our mandate is to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability. If we combine this mandate with the fact that, as has been discussed in various sessions during this conference, climate change poses risks to the financial sector (physical and transition risks) that can be significant in magnitude and therefore can impact financial stability at the global level, one should conclude there is a need for supervisors, regulators and, of course, the Basel Committee to act. In particular, we need to guarantee that individual banks and the banking system as a whole are adequately prepared to identify, measure and mitigate climate-related financial risks. This is the approach we are following at the Basel Committee level.
Conceivably, household and corporate debt ratios, which increased rapidly during the expansionary phase, will continue the adjustment on which they have embarked in recent quarters, and this requires that agents' debt should grow for some time at a rate below that of income generated. The strong concentration of resources in the real estate market is also being corrected, with a very swift decline in new housing starts, although this has not prevented the emergence of a sizeable housing overhang and downward pressure on prices as the fall in demand has also been very sharp. Nonetheless, cuts in interest rates and in house prices have placed housing affordability indicators at more moderate levels, which will help boost house purchases. Similarly noteworthy is the reduction in the inflation rate in Spain in recent months, which is proving more marked than in the euro area. This decline is underpinned not only by the greater effects induced by the course of oil prices but also by the fall in the prices of industrial goods and in the notable easing in services prices, which are growing below 2%, after having held at a persistent rate of increase of around 4% for many years. It would be most beneficial for the economy to seize this opportunity to make the appropriate reforms to services markets, so that this pattern in moderation may be maintained when household expenditure picks up.

Chart 4: BCC survey activity indicators Balance reporting increased sales/deliveries 60 Services  Manufacturing 40 20 0 -20 -40 -60  Mar-07  Sep-07  Mar-08  Sep-08  Mar-09  Sep-09  Mar-10  Note: Sales/deliveries relate to domestic market Source: British Chambers of Commerce (BCC)  BIS Review 99/2010  5  The CBI’s most recent surveys show a similar picture, with manufacturing industry bouncing back strongly alongside a muted recovery in the services sector (see Chart 5). According to the CBI, retail sales growth appears to have been weak in the last couple of months – though this may reflect some temporary uncertainties relating to the change of government and the Budget, which could have affected consumer confidence and spending patterns. Chart 5: CBI survey activity indicators Balance reporting/expecting increased sales/output 40 Manufacturers output expectations  30  Retail sales  20 10 0 -10 -20 -30 -40 -50 -60  2007  2007  2008  2008  2009  2009  2010  Note: Retail sales – percentage balance reporting annual increase (3 month average); Manufacturing output – percentage balance expecting rise in the next 3 months. Source: CBI Monthly Trends Enquiry and Distributive Trades Survey  I would not want to play down the uncertainties which remain in relation to the growth outlook here in the UK. Access to credit is still being adversely affected by the problems in the banking system.
In the last quarter of 2008, the aggravated lack of confidence in the global financial markets had unfavorable effects on the global liquidity flow and created an extraordinary demand especially for US dollar liquidity. This led to significant depreciation of the TRY, as was the case for currencies of other developing countries. Despite these developments in the exchange rate, slowdown in total demand and the decline in commodity and food prices affected inflation outlook positively, which provided room to maneuver for monetary policy. Against this backdrop, the Central Bank has taken several measures to support the liquidity of the financial system and to ensure the efficient functioning of the credit markets. BIS Review 3/2009  3  Chart 3. Inflation expectations for the next 12 and 24 months  10  12 Months  9  Target Revision  24 Months  8 7 6 5  Kas.08  Eyl.08  Tem.08  May.08  Mar.08  Oca.08  Kas.07  Eyl.07  Tem.07  May.07  Mar.07  Oca.07  Kas.06  Eyl.06  Tem.06  May.06  Mar.06  Oca.06  Kas.05  Eyl.05  Tem.05  May.05  Mar.05  Oca.05  4  Source: CBT. Since the Central Bank can directly control New Turkish Lira liquidity, it can support smooth functioning of financial and credit markets by providing the required liquidity. As for foreign exchange liquidity developments however, external conditions are more influential.

It is stipulated in Article 42 of the CBT Law that “The Bank shall submit information to the Government in writing and inform the public disclosing the reasons of incapability to achieve the determined targets in due time published or the occurrence of the possibility of not achieving and the measures to be taken thereof”. Implementation details regarding the specification of the extent of the deviation from the target that require explanation are left to  BIS Review 3/2009  5  the discretion of the Central Bank. In this respect, the Central Bank sets an uncertainty band around the target and enforces the accountability mechanism in case figures breach this band. The uncertainty band for 2009 has been maintained at two percentage points around the target. In this context, a path consistent with the end-year target has been established for the end of each quarter. The figures to be used as a reference for accountability throughout 2009 can be found in Table 1.