samchain/econo-pairs-v1 huggingface dataset:
Concluding Remarks Ladies and Gentlemen,  Some of these policies may be perceived  I hope the policies and the outlook  as painful in the short run, but they are  unveiled in this Road Map will be a  meant to strengthen medium-term  catalyst in planning your activities and  stability of the economy. This is crucial  formulating relevant policies in the  for the long-term prosperity of all Sri  period ahead. At the same time, I would  Lankans. like to mention that we would not be hesitant to introduce new policies and plans depending on the requirements of the economy and as contingencies arise. Such initiatives would be adopted with necessary consultation and will be clearly communicated to the stakeholders. Now, let me conclude this statement by emphasising some important points. As an agent for stability, the Central Bank would continue to play its role through clear and consistent policies to ensure overall macroeconomic stability in the country. The frameworks that are being developed are intended to support this. Our role in relation to the country’s economic performance is primarily as a facilitator. As a facilitator, we would  It is clear that stability in the economy is  continue to support the new growth  broadly on track as evident in the  model of the government, which  improving macro-fundamentals. As the  focuses on the central role of the private  monetary authority and the apex  sector.

Accordingly, we have already revisited the existing regulatory framework of primary dealers and based on those findings, we will introduce an appropriate regulatory framework for primary dealers in line with the latest developments in the  data by customising the existing FInNet Data Reporting System of the Central Bank; (2) expanding the statistical analysis to identify system-wide vulnerabilities and threats to the financial stability from the build-up of risks and interconnectedness of financial institutions; and (3) improving the early warning framework with a focus on stress tests and financial system stability indicators, to identify and assess systemic risks and vulnerabilities in order to ensure formulation and implementation of proactive macroprudential policies to maintain financial stability. market by benchmarking the global  The Central Bank has continued to take  standards. We also expect to establish  measures to strengthen the payment  and implement a restructuring  and settlement infrastructure of the  mechanism for distressed primary  country and to develop an efficient and  dealers. stable payment and settlement system,  The Macroprudential Surveillance Department (MSD) of the Central Bank  capable of catering to the growing payment needs. is being strengthened to keep a close  Continuing to discharge this important  tab on the developments in the financial  function, we expect to improve the  system as a whole. In this regard, we  national payment system to promote  expect to strengthen the institutional  electronic payments to establish a less-  framework for macroprudential  cash dependent society.
If interest rates are kept at a low level over a longer period, price and cost inflation will eventually pick up and longterm interest rates will rise. Rising wage and price inflation reduces the real value of assets and debt. In isolation, this will naturally benefit individuals and enterprises that have a high debt, while others will see a decline in the value of their savings. At the same time, low interest rates could lead to a rise in property prices and other asset prices. A sharp rise in house prices and advances in stock markets imply a substantial shift in favour of those who are already well positioned in these markets. Many young people will find that the price of entering the housing market is too high. 5  Income less net interest expenditure. 9  BIS Review 92/2000  Cyclical fluctuations, income developments and asset prices will show greater volatility in an economy without a nominal anchor. The policy of devaluation and low interest rates in the 1970s and the beginning of the 1980s contributed to pronounced cyclical fluctuations and sharp variations in property prices. The winners and losers as a result of such instability are to some extent arbitrary. Some will always manage to come out ahead; those who take their profits in boom periods will also be able to secure and withdraw from exposed positions in time. Others - who do not use resources for these activities to the same extent - are often the losers.

After the interest rate increase has been reversed, GDP growth will pick up again. After a period, GDP will approach the level that would have been achieved with an unchanged interest rate throughout the period. The 2 results of analyses in the Bank of England are similar, but the uncertainty, of course, is considerable. The key interest rate is set on the basis of an overall assessment of the inflation outlook two years ahead. Our inflation projections and our views on the balance of risks associated with these projections provide a summary of these assessments. Due to a number of factors, there is considerable uncertainty surrounding the inflation projections. Our knowledge of the functioning of the economy is far from perfect. We base our projections on simulations using the macroeconomic model RIMIMI. As the model is not an exact replica of reality, a forecast error arises. In addition, the different economic mechanisms change. Normally, this occurs gradually, but in some cases the changes may occur quickly. Moreover, it may be difficult to assess the current situation in the light of the information available at any one time. The information is often deficient, both because statistics are published with a lag and data contain measurement errors. We must also make assumptions about a number of factors when working on the projections. The economy will occasionally be exposed to events that cannot be anticipated. The terrorist attacks in the US on 11 September represent such an extreme event.
But undoubtedly, finance without rules could be the ruin of the economy. To be sure, financial regulation is necessary particularly because financial crises often have considerable economic and social costs, with serious and lasting repercussions. A study by Laeven and Valencia 8 in 2013, which considers 147 banking crises between 1970 and 2011, estimates the median output loss between the peak of activity before the crisis and the three years after at around 23% of GDP, and the median increase in public debt over the same period at 12% of GDP, while total government bailout spending amounts to almost 7 percentage points of GDP. Moreover, beyond the immediate effects, financial crises reduce the economy’s longterm potential: companies cut back on their R&D, capital and infrastructure investment, which results in a decline in productivity and a slowdown in technological progress. The 2007–2009 crisis is unfortunately an illustration of this; it was the worst crisis since that of the 1930s. The financial imbalances generated by the bursting of the subprime bubble in the United States spread rapidly to the global economy. The crisis affected both the level and trend of GDP, leading to a permanent loss in wealth. Cumulative GDP losses compared to the pre-crisis trend are estimated at a quarter of global GDP. 9 In a number of countries, in particular in southern Europe, GDP has still not returned to its pre-crisis level. II.

The new regulations have increased the solidity of the financial sector, without weighing to any notable extent on economic growth The exorbitant costs of the 2007–2009 crisis highlighted the urgent need to reinforce financial stability, and the response was unequivocal. In 2009, at their meetings in London and then Pittsburgh, the G20 leaders rose to the challenge of their historical mission, setting an ambitious agenda for global cooperation. The opening words of the communiqué from the London summit still merit repeating today: “A global crisis requires a global solution […]. We believe that the only sure foundation for sustainable globalisation and rising prosperity for all is an open world 2/7  BIS central bankers' speeches  economy based on market principles, effective regulation and strong global institutions. We have today therefore pledged to do whatever is necessary to: restore confidence, growth and jobs; repair the financial system to restore lending; strengthen financial regulation to rebuild trust." This unprecedented regulatory effort concerned all financial system participants. Four main objectives were set: (i) to make financial institutions more “resilient", that is increase their soundness and their ability to withstand crises; (ii) to put an end to the problem of “too-big-to-fail” institutions – which benefited from an implicit guarantee that they would be bailed out by the government; (iii) to make over-the-counter derivatives markets more secure, notably through central clearing; and (iv) to transform unregulated market activities – shadow banking – into a sound form of market financing.
Rather in the best traditions of central banking, my conclusion is that the authorities as a whole need to remain vigilant and deepen our understanding, so that we can take appropriate action in the future if required – be that from a macro-prudential or supervisory perspective. Looking to the future  Financial markets are ever in a state of flux. In particular, the trend toward greater automation of trading – my focus today – looks certain to continue, both in already fast markets as well as those currently more reliant on traditional intermediation methods. Market participants have a clear interest here in understanding how risks to their businesses are evolving and in managing them prudently. For the authorities, we need to dig deep to understand what this means for the financial system as a whole: both to appreciate the benefits and to remain vigilant as to the risks. This remains very much in focus for the Bank and the FCA. It is important for us to ensure that regulation – both of individual participants, market infrastructure and the financial system as a whole – keeps pace with the changes in the type and distribution of risk. Only then can it provide an adequate guard against risks to prudentially regulated institutions and their counterparties. Regulation is most effective when informed by a rich and diverse set of research – and here we need help from the academic community. There is enormous potential for varied and interesting research in the area of fast markets.

Gent Sejko: Welcome remarks -15th SEE Economic Research Workshop Welcome remarks by Mr Gent Sejko, Governor of the Bank of Albania, at the 15th SEE Economic Research Workshop, virtual, 6 December 2021. * * * Dear professors and researchers from academia, Dear fellow central bank colleagues and researchers, Dear participants, It is a great pleasure to open the proceedings of the 15th SEE Economic Research Workshop, which is being organised virtually this year as well, due to the COVID-19 pandemic restrictions that are still in place. I take this opportunity to express my wish that we would all stay safe and healthy and for the negative effects of the pandemic to come to an end as soon as possible. I hope that the vaccination process, progress in knowledge, cures against COVID-19, and an improvement in the overall situation caused by the pandemic, would enable us to welcome you in Tirana next year. I am glad to note that we have again a full house and a rich agenda this year, with two days in which colleagues and researchers from central banks as well as distinguished universities in Albanian and worldwide will present their works. We really appreciate your interest in participating in this workshop and in the research carried out by the Bank of Albania throughout 2021. I am confident that discussions across this workshop’s panels will be very interesting.
The last observation is that goods-producing value chains are becoming more regionally concentrated. Robotization and automation made cheap labor less relevant when companies decide where to place production. This pattern is obvious in certain sectors with closely integrated supply chain for just-in-time production such as automotive, electronics, and electrical appliances. Locating production line close to the end-market also helps businesses better customize the products based on each market’s preference. Trade protectionism is undeniably one other key factor that help accelerate value chain regionalization. All these changes in value chains could be a threat to today’s businesses. Consumers are ready to switch to a competitor’s product if they find it suits their changing preferences better and quicker. A standalone service business might be disrupted by new service value chains that offers a more complete solution to the customer’s need. Rising wages in Thailand will draw production to emerging market countries with lower wages, while automation will help advanced economies draw production closer to home. But then again, for those who are prepared, this could be an opportunity. Businesses will have to think about how they could incorporate service components into their 6  products. An example of this transition is Daimler and BMW, who joined hands earlier this year to explore service-focused business models such as taxi-hailing, car sharing, parking, and EV charging. This, of course, also means that we will need to continuously reskill and upskill our workforce. 4. Digital transformation The fourth trend is digital transformation.

17.03.2021  The Role of Central Banks and Banking Supervisors in Climate Action Opening remarks. Resilience of the financial system to natural disasters, IESE online conference Pablo Hernández de Cos Governor  Ladies and Gentlemen, Let me first thank Professor Xavier Vives for inviting me to this conference on the “Resilience of the financial system to natural disasters”, organised by the IESE. It is a pleasure for me to open the conference. I am sure the final version of your forthcoming report1 will benefit from the views of such distinguished members of academia that are today with us. And I am certain they will provide us with much food for thought, ultimately benefiting the joint efforts to address the risks associated with climate change. This topic has, in recent years, come to the fore of the concerns of the overall financial sector, including firms, supervisors and central banks. Let me offer some brief remarks on this topic, starting with the impact of climate-related risk on the financial sector and the role of regulators and supervisors, and followed by the connection between climate change and the conduct of monetary policy. Climate-related risk for the financial sector and the role of regulators and supervisors Across the studies measuring the impact of the various industries and sectors on climate change, the financial sector is usually classified among the environmentally friendly branches of activity.
Andrew Sentance: The challenges of the “New Global Economy” Speech by Mr Andrew Sentance, External Member of the Monetary Policy Committee of the Bank of England, at the Jersey Chamber of Commerce, St Helier, 25 May 2011. All speeches are available online at www.bankofengland.co.uk/publications/speeches. *  *  *  I would like to thank Adrian Chiu for research assistance and I am also grateful for helpful comments from other colleagues. The views expressed are my own and do not necessarily reflect those of the Bank of England or other members of the Monetary Policy Committee. It is a great pleasure to have this opportunity to speak here today at your Annual General Meeting lunch and I am extremely grateful to Ray Shead and the Jersey Chamber of Commerce for inviting me and helping to arrange this visit. For you here in Jersey, this event is a first – as I believe it is the first major speech which a member of the Bank of England Monetary Policy Committee has given in Jersey or any of the other Channel Islands. Hopefully I am blazing a trail for my MPC colleagues to follow in the future! For me, however, it marks the close of a chapter. This is my last public speech as a member of the Bank of England Monetary Policy Committee (MPC), as my term in office comes to an end this month.

Source: IMF World Economic Outlook This raises the possibility that some key commodity markets, including the market for oil, could be in a structural position of scarcity for some time yet, leading to further significant upward price movements. For example, in its recent World Economic Outlook, the IMF published an analysis suggesting that current trends in the oil market – with supply unable to keep up with strong demand – could lead to a further 200% rise in oil prices from current levels over the next 20 years.5 Of course, there is great uncertainty around such predictions. But my judgement would be that this IMF analysis is likely to be directionally correct, even if we can’t be precise about the exact timing and scale of upward price movements. This upward shift in energy and commodity prices cannot carry on indefinitely, of course. Eventually, rising prices should choke off demand – both by encouraging more efficient use of resources and possibly by squeezing growth in consuming countries. Over a period of time, high prices may also encourage investment in new sources of supply. But while we are in this phase of strong energy and commodity price growth, there is also the risk that the inflationary trend could become embedded in the rate of increase of wages and prices more generally. That is a risk that cannot be dismissed lightly, given the experience of the 1970s when this did indeed happen.
This situation will not last much longer, certainly not in the UK, because the authorities are very keen to see real implementation of RRPs, alongside the continuing international work on them. One thing is for sure – you will hear a lot more about Recovery and Resolution Plans. Thank you. BIS Review 156/2009  3

We therefore take our AML/CFT efforts very seriously, that include the surveillance and investigation work of our Financial Intelligence Unit in the Commercial Affairs Department. 5 In the last two years, more than 15 government agencies had come together to perform a comprehensive assessment of our ML/TF environment and the adequacy of measures. This culminated in a National Risk Assessment (NRA) report published in January. It is the first time that we have taken a consolidated and comprehensive look at the overall ML/TF risks to Singapore. What did we find? For one, the results largely validated the prevailing instinctive sense that high-risk sectors are primarily the cash intensive and internationally oriented ones, such as casinos and remittance agents. The NRA also revealed emerging risk areas  BIS central bankers’ speeches  1  like virtual currencies and large-value precious stones and metals dealings, and we are looking into addressing the potential risks associated with these sectors. 6 Put simply, the NRA has been a useful “health-check” of the ML/TF risks facing Singapore, by highlighting areas that warrant more resources and attention. As with the importance of having regular medical “health-checks”, we intend to update the risk review regularly, every two to three years, to ensure that our understanding of Singapore’s ML/TF risks is current and accurate. 7 A better understanding of risks should also translate into more targeted mitigation measures.
Once a group has completed about six months of mandatory savings and gone through the essential elements of social mobilisation, its members would be provided with an opportunity to acquire vocational skills as a prelude to preparing them to be future micro entrepreneurs. With this training, members are also encouraged to select their own micro enterprise and the change agents do not advise them what they should select. The only advice given to these up and coming micro entrepreneurs is that they should select any business line where the output could be sold within a radius of 15 km. from their homes. This way they were guided  18  This is in line with the traditional local culture which has always upheld savings as a core value of life. Even according to Buddhist scriptures, a wise household should save at least a quarter of his income as a safeguard against unforeseen events use a half of his income for further wealth creation. See, Singalowada Sutra. Dheega Nikaya. 19  In fact, as to be expected, the members initially resisted that they could not save that much when they did not even earn that amount of money. But, when it was shown to them that there was a vast amount of resources lying idle around them which could be tapped and they could cut certain inessential expenditures, they willingly participated in the savings programme. BIS Review 22/2008  5  to produce for the market and keep their selling costs at an affordable level.

This explains why I was pleased to accept to participate in this conference, whose purpose is indeed to take stock of what has been achieved since Malta joined the EU in 2004 and, more importantly, to reflect on what still remains to be done. Where have we come from? In order to appreciate the nature of the challenge that membership implied, it is first necessary to recall where we were coming from. Suffice it to point out that the European Commission’s response in 1993 to Malta’s application had been highly critical. It concluded that, “The adoption of the acquis communautaire … depends on a thoroughgoing overhaul of the Maltese economy’s regulatory and operational systems.” The first steps in the reform process were taken in the mid-1990s. These included the liberalisation of the financial system and of the import tariff regime, the gradual easing of exchange controls, the partial deregulation of interest rates and the introduction of value added tax and of lower direct taxes. When the membership application was reactivated in 1998, however, the economy still needed significant restructuring. Further reforms were, therefore, launched once accession negotiations commenced in 1999, including a further dismantling of trade restrictions and the privatisation of State-owned enterprises. This, however, was still not enough. The vulnerability of the Maltese economy was exposed in 2001 by the mounting competitive pressures from emerging economies and by two major external shocks, the bursting of the dot.com bubble and the events of 9/11, which together had an adverse impact on the manufacturing and tourism sectors.