samchain/econo-pairs-v1 huggingface dataset:
Such risks do not necessarily materialize, but when they do, the repercussions are dramatic. Altogether, considering the different tools are potentially at the disposal of policy-makers, it is crucial to gauge the short- to long-run benefits, limits and risks associated with each of them. I do not think that confidence would really benefit from measures that are known to carry non-negligible long-run risks, even if some short-term relief is expected from them. As a way of conclusion, let me shortly consider the progress that has already been made to solve this crisis and list some of the remaining challenges ahead. First, it seems important to welcome the significance of the fiscal stabilization programs many euro-area governments have committed to. As mentioned earlier, this is a necessary step to restore confidence in a sustainable way. Although this is a difficult task, the timely delivery of the promised reforms is necessary. Second, beyond individual policy actions, the recent progress obtained in the design of a common fiscal governance in the euro area is of the essence. Indeed, many important decisions have been taken in that direction: The creation of the EFSF and the ESM or the agreement on fiscal rules and surveillance mechanisms during the Brussels EU Summit on December the 8th and 9th are historical steps in the right direction. Obviously, most of these newly established institutions, rules and processes would have been unthinkable four years ago. This makes me really optimistic about our prospects for restoring stability and growth in the euro area.

The fact that both public and private indebtedness had followed an unsustainable pace of growth over the previous decade then makes area-wide adjustments both necessary and painful. Among the factors that contributed to the excess of the pre-crisis period stands in my view the misleading belief that sophisticated financial engineering was able to achieve close-toperfect risk diversification and market completeness led in fact to excessive risk-taking by banks. This is in sharp contrast with the current situation, in which investors have doubts about even the risk-freeness of sovereign bonds of developed economies. Restoring market confidence is a difficult and potentially lengthy task. That said, all actions that are consistent with the commitment of governments to address national fiscal imbalances and structural impediments to real growth are likely to accelerate this process. Besides, it is clear that nominal long-term anchors are also of the essence to reduce uncertainty and facilitate such reforms. The primary mandate and the best possible contribution of the Eurosystem is precisely to ensure price stability in the medium run. Then, to the extent that dysfunctional financial-markets are likely to jeopardize our ability to maintain stable prices in the medium run, the Eurosystem must intervene. This analysis has motivated our decisions in the past and will continue to motivate future ones. This brings me to the second part of my talk today. 2.
Stability on the playing field was restored, and Hong Kong remains an open market, and, we believe, like the Rugby Sevens, attractive to participants from all over the world who are keen to play a fair game. 22. We have been taking another look at the rules of the market to ensure that its free workings receive the best safeguards possible. The reforms include the currency board measures, now in place, and the proposed reorganisation of the securities and futures markets that I have already mentioned. It has to be stressed, however, that there is a limit to what can  BIS Review 35/1999  6  be done locally in an international financial system that still lacks international forms of regulation. There is consensus that some international action is now needed to build a global financial architecture that can cope with volatile fund flows more effectively than can individual jurisdictions on their own. Various international agencies and forums have been grappling over the last six months with this issue, and Hong Kong, with its direct experience of speculative attacks, has been pushing as hard as it can for an internationally backed and non-intrusive system of disclosure and indirect regulation of cross-border fund flows.

Ravi Menon: Bending the curve of nature loss Keynote remarks by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore and Chair of the Network for Greening the Financial System, at the COP15 Finance and Biodiversity Day, Montreal, 14 December 2022. *** Ladies and gentlemen, I am honoured and delighted to be able to address you on this important occasion of COP15 of the Convention on Biological Diversity. The world is getting painfully acquainted with the impending climate crisis. There are promising efforts at mitigating this crisis, though far from what is necessary to avert disaster. But the planet faces a second crisis –– nature and biodiversity loss. The nature crisis is no less threatening than the climate crisis. But it is much less appreciated and much less is being done to mitigate it. We assiduously measure and seek to grow our physical and human capital. We speak of the importance of social and political capital. But we fail to appreciate let alone measure natural capital – the world's stock of natural resources, comprising soils, air, water, plants, animals, and minerals. These are assets that sustain our food supplies, underpin our economy and society, and enable human life. We are collectively depleting our natural capital and degrading the ecosystems that support it. We are consuming more resources than the Earth can produce in a year. At current rates of consumption, we use up 1.6 Earths' worth of resources. By 2050, our annual resource use will rise to 2 Earths' worth.
The medium term outlook presented in the Report assumes that problems in the euro area will be resolved gradually and the global outlook will not deteriorate further. However, the probability that the solution of the problems may take a more protracted and painful process poses downside risks regarding the global growth and risk appetite. On the other hand, perceptions regarding the global economic outlook may turn more favorable than expected, should the measures taken towards the solution are completed sooner and more decisively than envisaged. Such a situation, coupled with the ongoing quantitative easing policies pursued by the central banks of advanced economies, may improve risk appetite and re-accelerate capital flows towards emerging economies. Overall, ongoing problems in the euro area and uncertainties regarding the effectiveness of measures aimed at solving these problems suggest that global financial markets will continue to be volatile in the forthcoming period. These conditions necessitate a flexible approach in monetary policy, which utilizes multiple instruments. I would like to underline once more that the CBRT will continue to monitor global developments closely and take the required measures promptly. Another risk on the inflation outlook is the uncertainty regarding oil prices. Although weak global outlook dampens commodity prices, rising problems of oil supply have recently posed upside risks on energy prices. I would like to reiterate that should such a risk materialize, the CBRT will not respond to temporary price movements, yet will not tolerate any deterioration in expectations. We will continue to monitor fiscal policy developments closely while formulating monetary policy.

The downward slope of the current yield curve signifies a tight monetary policy stance (Chart 6). Additionally, loan interest rates have recorded a notable increase since October (Chart 7). As a consequence, loan growth rate declined to more reasonable levels towards the yearend (Chart 3). 4  BIS central bankers’ speeches  Chart 6. Chart 7. Yield Curve*  Consumer and TL Business Loan Rates*(Percent)  Calculated by the return on bonds quoted on the ISE  *Flow data. **4-week moving average. Bonds and Bills Market using the Extended Nelson-Siegel (ENS) method. Source: CBRT. Source: ISE, CBRT. Overall, the last quarter of 2011 was marked by ongoing tightening in monetary and financial conditions and a pronounced deceleration in loans. 2. Macroeconomic Developments and Main Assumptions  Having climbed to 10.45 percent at end-2011, inflation was significantly above the target. As you all know, the Article 42 of the Central Bank Law stipulates that in the case of a significant breach of the inflation target, we are required to report to the Government and announce to the public the reasons behind the breach of the target and the necessary measures to be taken. I would like to announce that we will publish the Open Letter that will be sent to the Government today on our web-site at 12 a.m. Now, I will touch upon the macroeconomic outlook and our assumptions which constitute the basis for our forecasts.
An Accenture survey revealed that aggregators account for 70% of new business premiums in the UK private automobile insurance market. Indeed, two product aggregators platforms are already operating within Bank Negara Malaysia’s Regulatory Sandbox. The Bank is reviewing the regulatory framework to enable the aggregators to operate by the end of this year. 1/5  BIS central bankers' speeches  These are headwinds that the industry has to tackle head-on, and like it or not, they will further intensify. While we cannot stop these changes, we can certainly choose how we respond to it. With challenges are opportunities. These can only be reaped through a combination of traits – greater proactiveness, a willingness to adapt and clear strategic thinking. I do not doubt that this is much harder than it sounds, but I believe a good place to start would be focusing on three priorities. Allow me to elaborate on each in turn. Technology that matters The vision for the life insurance and family takaful industry is to achieve a penetration rate of 75% of the Malaysian population. Within this, the takaful industry has set a 25% target to be achieved by 2020. For this to happen, it is crucial that the industry gets to grips with the shift in market demographics, especially where interactions with technological platforms are concerned. It is imperative that agents embrace technology. A 2017 study 1 by Bain & Company indicates that nearly 60% of insurance customers in Malaysia are digitally active.

Another aspect that takaful agents must recognise is that takaful products embody universal value propositions that would appeal to all market segments, whether Muslim or not. One of the more distinct features of takaful is the distribution of surplus to takaful participants, reflecting the principles of solidarity, risk-sharing and mutuality among takaful participants. The outcome of this are not just socially meaningful products, but also commercially competitive ones. Take a motor takaful product as an example: In addition to the ‘No Claim Bonus’ feature that is common in conventional motor insurance, takaful participants could receive additional financial benefits when the takaful fund performs well through the sharing of surplus. Often, the advantages of the takaful products are not sufficiently highlighted, potentially hampering the competitiveness of takaful products The key is to continuously espouse the value propositions of takaful products. This is an aspect that agents could certainly help to address. The market potential for takaful products is so much larger than what is realised today. Let me offer you two key information. As at end-2016, insurance and takaful penetration in the B40 segment of working age stood at 30.3%, compared with the overall penetration rate of 46.8%. Second, the global Halal industry is worth USD2 trillion annually and Malaysia has a large and growing Halal industry. The question is to what extent the takaful industry fulfills the insurance needs of the Halal businesses.
Most notably, as the SVC integrates several processes, it is fast, efficient and safe. In equity trading, “straight-through processing” has technically reduced “time to settlement” to as little as four seconds, though in market practice the settlement cycle for equities is three days. Domestically, the system is inexpensive and the price of trading has decreased significantly in recent years. “Straight-through processing” has also been applied to and strengthened the Swiss repo market, where not a single “fail”, i.e. a settlement that is one or more days late, has occurred in the interbank repo transactions since May 2009. In terms of automation, the integrated Swiss approach compares favourably to other systems of its kind. Despite the omnipresence of electronic systems worldwide, only one third of all repo transactions in Europe are in fact handled by automatic trading systems such as BrokerTec, Eurex Repo or MTS. In several national markets, most steps are still performed manually.8 As the Swiss value chain was built in the mid-1990s, it was a frontrunner in the move towards straight-through processing. It is still a “state-of-the-art” set-up, but this is no time to be complacent in view of the ever-increasing strengths of competing systems. Given its high level of performance, it is interesting to observe that the Swiss value chain is the result of a typically Swiss form of collaboration, known as “Gemeinschaftswerk”. The principle of “Gemeinschaftswerk” has been vital in shaping and maintaining Switzerland’s FMI.

Each of us constitute a vital link for building the proper international regulatory framework The presence of so many different institutions at this conference demonstrates the need and interest to talk and work together because we share a lot of similar concerns and goals concerning depositor protection and financial stability. We are united by a common goal: to strongly mitigate contagion and make liquidation operationally possible. Depositors must perceive the DIS as a well-funded and reliable partner able to satisfy their claims in a timely manner. But continuous efforts are required. I know for instance in France the permanent working relationship between the ACPR, the FGDR and the Treasury to make the French DIS ever more effective with regard to these goals. I am wholeheartedly convinced that working together, especially at the international level, is a key factor of success. BIS central bankers’ speeches  3
Against this background, it needs to be stressed that monetary policy in an enlarged euro area would not – and could not - include, as an own objective, the promotion of the catching up process of any participating country. Notwithstanding that catching up is desirable, it is our conviction that the best contribution the ECB can make to enhancing the growth prospects of current and new participants in the single currency area is to guarantee stable prices. Moreover, it should also be realised that the entry of new Member States into the euro area will neither lead the ECB to redefine the scope for monetary policy, which is the formulation of a monetary policy for the euro area as a whole. If individual countries are faced with an asymmetric economic development, national economic policies should be used to tackle the problems that might be the result of such an asymmetric development. Concluding remarks I should like to close my presentation here. Yet, before concluding my remarks, let me stress that we at the ECB, as well as at the Eurosystem level at large, are fully aware of the magnitude of the political, economic and institutional challenges faced by accession countries along the road towards the adoption of the euro.

To evaluate that, you need an effective TCA tool that goes beyond measuring just the observed spread to include market impact, price variation, hold times and fill ratios, and can give you guidance pre-trade, as well as post-trade analysis. TCA is already well established in equity markets, reflecting amongst other things the European regulatory obligation to show best execution under MIFID II. But FX poses different challenges. There is no MIFID obligation for most spot FX business. And effective data are harder to come by, given the lack of market-wide pre- or post-trade transparency. TCA data sourced exclusively from one liquidity provider are unlikely to provide an objective evaluation. Platforms typically only give access to their post-trade data to active users. And very large shares of FX turnover are internalised by the large liquidity providers. So it’s hardly surprising that less than two-thirds of European FX desks use any form of TCA16 – and only a fraction of this (according to our market intelligence) involves picking trading strategies, using genuinely independent data. It remains to be seen whether independent third-party TCA providers can develop business models in FX that are both sustainable economically but also robust enough in terms of their quality and breadth of data inputs to drive widespread adoption. Establishing common standards for effective TCA, and sharing post-trade data anonymously, are areas where the buyside can usefully collaborate.
•  A stable value of money combined with sustainable public finances makes an essential contribution to an economic development that is favourable and stable. •  A policy with this direction that is implemented consistently can, with the aid of certain direct cyclical measures, help to stabilise economic activity. As I have chosen to focus today on issues to do with cyclical activity and stabilisation policy, I have not said much about the first of these pillars but that does not imply a value judgement. On the contrary, the reforms of taxation, regulations and so on have presumably played a crucial part in the good development in the 1990s, both in Sweden and elsewhere. At the same time, recent developments bring out some of the problems we now face. Markets are evidently liable to malfunction in the sense that prices deviate markedly from what is reasonable in the long term. Stock markets have provided evidence of this in recent years and it is also very much the case with the krona’s exchange rate. The result can be considerable fluctuations not just in financial markets but in the real economy, too. It is here that I believe the major challenges lie today, both for economic theory and for us more practical decision-makers. I have already discussed the other two pillars. Attempts to raise demand and employment in the short term entail considerable risks, as we saw in the three decades before 1990.

One underlying cause is the low labour force, which limits the supply of workers. The total size of workforce may further decline with the secular demographic trend, an important issue I will come back to in a moment. But the low degree of cyclicality of unemployment suggests that there may be factors keeping the labour market tight other than demand pressure. Through our business contact and recent surveys, the labour shortage has repeatedly come up as one of the top concerns, alongside competitiveness and production costs among others, yet pressure on wages is largely absent. What labour market imperfections are responsible for the structural shortage of labour supply, or equivalently, persistent excess demand for labour? A long standing issue is that of education and skills mismatch. The manufacturing industry, for example, often reports difficulties in hiring workers with vocational training, which is in shorter supply relative to university graduates. There are also reports of under-supply of graduates in science, relative to social science. One reason may be the firms’ reluctance to adjust wage upwards, resulting in shortage of supply at the going wage. This reluctance, in turn, may be caused by low marginal productivity of labour, which is a consequence of subdued capital formation over the years, resulting in low capital-to-labour ratio. Escaping this vicious cycle of low wage and labour shortage, involves an improvement in labour productivity via higher investment in physical capital. Several strategies have been proposed.
The greater degree of economic flexibility in the region in responding  BIS Review 11/2006  1  to shocks and the dynamic global conditions is a further feature that contributes towards strengthening the region's potential. While private consumption's contribution to domestic demand is becoming increasingly more significant in the region a renewed expansion in investment is also needed to create a more sustainable growth path. Significant initiatives are already underway to increase the contribution of private investment and secure new areas of growth. These include improving the investment climate and reducing the cost of doing business. Efforts would also continue to be on-going on the priorities in the region as countries have the potential to further expand the role of domestic demand. For several of the countries in the region, a significant boost to investment is expected to stem from an expansion in physical and social infrastructure as well as from research and development activities being relocated to Asia. On the financial front, the region's high savings rate and the pool of capital in the region for productive investments would be able to provide a boost to development of the region's financial markets. Strengthening the structure of the regional markets would facilitate the surplus savings to financing investment within the region. Significant progress has already been made in the Asian region in strengthening the financial sectors, in the banking system or the capital markets. This has increased the region's capacity to intermediate funds, especially within the region.

As a result of both supportive external and domestic demand, the economy is expected to register improved performance in 2006. For Malaysia, the focus of policy thrusts in 2006 would be to build on the gains of 2005, ensuring fundamentals are strengthened and the flexibility of the economy is further enhanced. In this respect, the Central Bank will determine the interest rate policy to provide a sound environment for sustainable performance of the economy. Macroeconomic policy would thus continue to stress growth in an environment of price stability. Of importance, is to strengthen private sector-led growth. Further efforts will therefore be undertaken to ensure that the economic and financial structures and systems are conducive for the building of a dynamic, resilient and flexible economy. The dynamics of growth and development in the region are reshaping our environment. Effective chief executives and corporate leaders in this new environment need to develop accordingly taking into account the new requirements. In its programs, ICLIF has focused on these new dimensions of leadership development, particularly for the financial services sector. As a leadership development institution, ICLIF has also evolved over time by continuously reviewing the contents of its programs to match the needs of the rapidly changing environment. A review of the Global Leadership Development Program (GLDP) has now been undertaken, based on the valuable suggestions and feedback from participants, faculty, facilitators and expert panel.