samchain/econo-pairs-v1 huggingface dataset:
Later this vulnerability became a boon for Sweden, as the strong upturn in global trade after the crisis benefited Sweden more than many other countries due to its high export share. But the recovery was not only led by exports. As I said initially, Sweden was well prepared to confront the crisis as public finances were strong, unlike much of the euro area and the United States. In both these regions the budget deficit averaged 2 per cent of GDP in the  1  For a more detailed discussion of the Swedish fiscal consolidation see Göran Persson (1996), “The Swedish Experience in Reducing Budget Deficits and Debt”, Economic Review, First Quarter 1996, Federal Reserve Bank of Kansas. BIS central bankers’ speeches  1  10 years leading up to the recent crisis, while Sweden had, on average, a surplus of over 1 per cent; in line with the surplus target I mentioned previously. Strong public finances limit the need for fiscal restraint during and after a crisis. While in other countries the fiscal stimulus needed during the crisis was widespread, in Sweden the fiscal stimulus was more targeted to the labour market and to those sectors that were more strongly hit. In addition to this, Sweden has had a high level of household saving and a relatively strong increase in disposable incomes in recent years. This combination has also enabled a high rate of growth in private consumption during and after the crisis.

In addition, efforts to enhance transparency have not progressed as well as I myself and many market participants had hoped. 8 There have of course been some positive developments, such as the development by BZW of Property Investment Certificates, the growing importance of data produced by the Investment Property Databank, and the development by RICS of new valuation standards in the revised Red Book. Some of the trade associations, such as the IPF and the Association of Property Bankers, have also developed well and have begun to play a very important role. I believe the Bank of England’s Property Forum, set up in 1993 to bring all sides of the industry together, has also made a positive contribution. But these developments cannot obscure the fact that, on the whole, this period has been one of disappointment. Property’s poor performance in the past few years has undoubtedly caused some to consider very carefully whether or not they wish to remain in property. The Present 9 Are we turning a corner? The commercial property market is important to the UK economy in many ways. Property and related activities such as construction make a significant contribution to GDP. The availability of property of the right standards at the right price is very important to UK competitiveness. This puts some onus on landlords to provide what is wanted. It is equally important that the planning authorities should continue to provide a consistent and flexible planning framework in which developers and landlords can operate and earn a satisfactory return.
Prasarn Trairatvorakul: Thai economy – tapping the untapped opportunity Speech by Dr Prasarn Trairatvorakul, Governor of the Bank of Thailand, at the inauguration of the RMB Clearing Bank in Thailand and 5th year celebration of the ICBC (Thai), Bangkok, 22 April 2015. *  *  *  1. Your Excellency Ambassador Ning Fukui, Chairman Jiang, Chairman Hu, Dr. Zhigang Li, distinguished guests, ladies and gentlemen, thank you for the invitation to give a few remarks on the occasion of the inauguration of ICBC (Thai) as the official Renminbi clearing bank here in Thailand. 2. This development of the RMB Clearing Bank in Thailand and certainly also to celebrate the 5th Anniversary of ICBC (Thai) is in fact the result of the long and continued ties between China and Thailand. It has marked another important step in further development of our financial ties following the signing of the Renminbi – Thai Baht Bilateral Swap Agreement and the Memorandum of Understanding with the People’s Bank of China on the establishment of the Renminbi Clearing Arrangements in December 2014. 3. Today, I was invited to talk about Thai economy. So I am pleased to have the opportunity to share with you some of my observations on the current state of the Thai economy. Let me humbly start from some of the challenges we are facing, the economy is currently reeling from both internal and external headwinds. Internally, the stagnant technology and labour readiness has so far taken a toll on Thailand’s economic expansion.

Thailand has advantages to be a hub for regional headquarters of multinational companies; a hub for logistics and distribution activities; a sourcing hub for regional markets; and a financial hub for regional markets. However, to remain competitive as a regional hub is a challenging task. 2  BIS central bankers’ speeches  14. To remain as the preferred hub and entry point of the region, we perceive an opportunity for investment from China which has the advantage in capital, construction capacity and technology. As the advantage of low cost factor of productions is rapidly declining, China is facing an urgent need to re-orient supply chains through Thailand to enter ASEAN and the Greater Mekong Subregion (GMS) in particular. China and Thailand should therefore make every effort to grasp this opportunity and construct win-win solutions for both sides. Ladies and gentlemen, 15. Let me conclude that China economic prosperity and advancement provides wide range of untapped opportunities for Thailand. They are right here where we are now, in our region. We should seize it and not miss it. And I am confident that so long as we work hand in hand with China, unite together, and embrace the merit of economic integration, the synergy of the two will surely give its fruit on the growing tree. Thank you. BIS central bankers’ speeches  3
As the global economy gains momentum, staying the course on these policies will be decisive to achieving escape velocity. The United Kingdom is at the centre of these decisions. Let me expand. 2. Financial reform  In recent years, protectionism has been the dog that didn’t bark. Although gently mocked, the G20 pledge to resist protectionism has been largely respected. In contrast, some major trade deals have been signed (such as between Canada and Europe), and other even more significant ones are in train. The UK can help spur on the Transatlantic Trade and Investment Partnership discussions on wide ranging free trade between the EU and the US. In tandem with keeping the global trading system working is the re-founding of an integrated, open global financial system. As the leading global financial centre, the UK will be central to completing the job of financial reform. The UK financial system is both a global good – it supports an open global system – and a national asset. To realise its potential, we need our system to be safe, fair and to act 2  BIS central bankers’ speeches  with integrity. Without those foundations, the innovation for which finance in the UK is renowned will be meaningless. A safe system means resilient banks and markets that together can absorb rather than amplify shocks. Much has been achieved in recent years to repair the core of the banking system. Minimum capital requirements for the world’s largest banks have been increased seven-fold.

2  All speeches are available online at www.bankofengland.co.uk/speeches  2  In part, the deceleration of the global economy reflects the shift from accommodative to tighter financial conditions that occurred initially in emerging economies, then in most advanced economies, and finally and sharply in the United States (Chart 2). Last year, the returns on all major asset classes from equities to credit to sovereign debt were negative. Cash once again was king. Chart 2: Global financial conditions indices tightened over 2018 United Kingdom  Standard deviations from historical average  8  United States  7  Emerging Market Economies  6  Global  5 4 3 2 1 0 -1  -2 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Sources: Bloomberg Finance L.P., Eikon by Refinitiv and Bank calculations. The tightening of financial conditions globally partly reflected the usual – if somewhat delayed – reaction to the tightening of monetary policy.1 Over the past year, the withdrawal of monetary policy accommodation gathered pace. The Fed raised interest rates four times, and the Bank of England and ten other G20 central banks also tightened policy. In addition, after five years in which there was no new net issuance of G7 government debt, new government borrowing outweighed central bank purchases by more than $ trillion for the first time since 2012. Potentially more seriously, the slowing in global momentum may also be the product of rising trade tensions and growing policy uncertainty.
This one is perhaps more straightforward: a lack of suitable talent will be a major obstacle to Regtech adoption. As a start, no doubt a combination of upskilling and sourcing new hires is the key to developing talents with the right combination of local regulatory knowledge, technical skills and business acumen. To take that one step further, if Hong Kong can evolve into a hub for global Regtech talent, we will be uniquely positioned to build and export Regtech solutions to the rest of the world. 46. The White Paper suggests developing a Regtech skills framework. This framework will cover suitable modules and competency standards. And we would seek to identify the skills required for different roles and which would help speed up Regtech adoption, and then we would help train and develop both new entrants and existing practitioners. 47. Finally, on “Momentum Matters”. All our hard work will not bear fruits if the momentum for changes cannot be sustained. It is therefore crucial to keep the industry engaged in the years ahead. One suggestion is that we introduce a benchmark for our progress in increasing Regtech adoption. This benchmark will provide us with a holistic framework that will enable us to visualise the success of our Regtech initiatives. 48. That is a quick snapshot of the key recommendations in the White Paper. In fact, we are already putting some of those recommendations into action. 49. For example, a flagship event is already planned for the first half of 2021.

David Clementi: A bank for all regions: promoting monetary and financial stability in the United Kingdom Speech by Mr David Clementi, Deputy Governor of the Bank of England, to the Ulster Society of Chartered Accountants, Belfast, 14 March 2002. *  *  *  Introduction Ladies and gentlemen, thank you very much indeed for your kind invitation to be here with you tonight. Despite its name, the Bank of England is the central bank of the United Kingdom, and as such it is essential for us to get out and about in the country at large, explaining our actions, and listening hard to the views of businesses and the wider public about the way we are doing our job. In the past year, members of the Bank's Monetary Policy Committee have made some 50 visits across the UK. On this trip, apart from attending this dinner, I have held a meeting with the regional council of the CBI, discussed trading conditions with local business people, and explained our mission to some of the Northern Irish press. I want to cover three main themes in my comments tonight. First, I want briefly to explain the Bank's general approach to monetary policy. Second, I want to give you my current assessment of the outlook for the economy. And, third, I want to explain the Bank's other key role - that of maintaining stability in our financial system.
Going forward, the policy mix will centre on the fiscal prudence and public investment in basic infrastructure and the Bank of Thailand’s commitment to maintaining economic and financial stability. These together should translate into moderate long-term cost of investment financing and sustained economic expansion for Thailand. We live in the global economic and financial environment that is highly uncertain. Policymakers need always to be aware of what is in store for us so that we use the policy room available to craft the right and flexible macroeconomic policy mix that is best suited to changing circumstances. At the same time, with the collaboration of our trade and investment partners, we must remain firmly committed on the national goal of enhancing the economy’s productivity and competitiveness. Thank you for your attention. 6  BIS Review 54/2008

François Villeroy de Galhau: Recovery and resolution of CCPs Opening speech by Mr François Villeroy de Galhau, Governor of the Bank of France, at the Policy conference “Recovery and resolution of CCPs”, Paris, 24 June 2016. *  *  *  I will not comment now on the results of the British referendum. Be only assured that we are mobilised and determined. France has already quite a long history with CCPs. La Caisse de liquidation, based in Le Havre, was the first to provide, in 1882, an insurance against counterparty risk on commodities markets. This history explains why we have a longstanding role as CCP overseer; it gives us also a special interest and commitment to contribute to this policy issue, on which I would like to share a few thoughts. Considering the growing importance for financial markets and financial stability of CCPs, it is our collective responsibility shared among the financial industry and regulators- to maintain a robust network of CCPs. As we strongly believe in the key role of CCPs we must ensure that they never become the next “too big to fail” institutions. The growing importance of CCPs is linked to regulatory changes, but not only. It is also linked to financial disintermediation and changes in the behaviour of market participants, which in both cases are most welcome evolutions. Regulatory changes and the Pittsburgh agenda have been obviously major factors contributing to the systemic importance of CCPs. However, the clearing obligation for OTC derivatives is not the end of the story.
It should be noted that this does not affect the personal independence of the members of the ECB’s decision-making bodies, who remain protected from arbitrary dismissal under Articles 11.4 and 14.2 of the Statute of the ESCB, irrespective of whether they exercise new tasks and functions that are conferred on the ECB. The Statute of the ESCB sets out http://www.ecb.europa.eu/press/key/date/2017/html/sp170330.en.html[03.04.2017 15:53:14]  Central bank independence revisited  explicitly the two grounds for dismissal and any interpretation leading to a different outcome would be contrary to the letter and the spirit of the Treaty. In practice, a dismissal from office would apply to all functions performed under that office and cannot be restricted only to the monetary policy and core central banking functions. Nothing would prevent a national legislator, however, from severing a national governor from national responsibilities in the prudential field. Fourth, the principle of financial independence applies to the ECB as a bank supervisor in order to have sufficient financial and human resources to perform its supervisory tasks. [45] To conclude on this point, when performing its supervisory tasks, the ECB is not shielded from external influences with the same level of independence as it is in its monetary policy function. While the ECB as a supervisor still enjoys a high degree of operational and financial independence, the ECB’s discretion in policy decisions and the use of supervisory tools is confined by the European and national legislators and regulators.

Let us seize the opportunity of a new Parliament and a new Executive to reflect further on how to develop the architecture of our EMU in order to enhance its functioning. In particular, I think there is a case for some form of common governance over structural reforms. This is because the outcome of structural reforms – a continuously high level of productivity and competitiveness – is not merely in a country’s own interest. It is in the interest of the Union as a whole. For example, one could consider embedding the process of undertaking necessary structural reforms in a common framework of convergence towards policies and institutions aligned to best practices. Honourable Members, as EU institutions, the central bank and the Parliament of the European Union are duty bound to maintain a close and fruitful relationship of cooperation. I sincerely hope that in this respect, we can continue in the same spirit as we left off three months ago. I am now looking forward to answering your questions. 4  BIS central bankers’ speeches
Climbing the Public Engagement Ladder Speech given by  Andrew G Haldane Chief Economist Bank of England  Royal Society for the encouragement of Arts, Manufactures and Commerce (RSA) 6 March 2018  The views expressed here are not necessarily those of the Bank of England or the Monetary Policy Committee. I would like to thank Shiv Chowla for his help in preparing the text. I would like to thank Michael Anson, Ben Broadbent, Mark Carney, Clare Macallan, Emma Murphy, Jennifer Nemeth, Mette Nielsen, Dave Ramsden and Ratidzo Starkey for their comments and contributions. 1  All speeches are available online at www.bankofengland.co.uk/speeches  I am delighted to be here to discuss the final report from the RSA Citizens’ Economic Council on “Building a Public Culture of Economics”. This is the culmination of a two-year project, working with around 250 citizens and a number of organisations from across the country, including the Bank of England. I would like to congratulate Matthew Taylor, Chief Executive of the RSA, and Reema Patel, Kayshani Gibbon and Tony Greenham from the RSA as leaders of the project, for their terrific work in pulling this together. It is an impressive, progressive and ambitious agenda for the economy and for economic policymakers like me. Of course, citizens do already have a crucial stake in the economy. As economists we often divide the world into neat institutional packages – companies, governments, trade unions, charities. While useful organisationally, these names are no more veils, part legal, part social.

Page 9 of 10  I believe that the financial services community can and must contribute to change our nation’s mentality. At the interface between our nation’s savings and investment it is best placed to leverage more effectively our current economic success. Thank you. Page 10 of 10
In Asia, and in many emerging market economies, meaningful headway has been made toward recapitalizing banking systems, ridding banks’ balance sheets of problem assets, and improving supervisory and regulatory frameworks. As a result, economies are growing again, equity markets have rebounded, and foreign capital has begun to return. What a difference two years of hard work can make. When I last addressed this conference in October of 1998, I said that bank supervisors have a special role in maintaining financial stability, and that our special role has two components: facilitating the resolution of problems when they occur, and taking the necessary steps to lower the risk of problems occurring. Two years ago we were busy with the first component – crisis management and resolution. Today, as we stand on the threshold of a new century, we have the opportunity to focus on the second – prevention. With that in mind, it is my view that the greatest challenge to the long-term goal of financial stability, both locally and globally, is the accelerating pace of change and financial innovation, driven by the steady march of technological advancement. To be sure, such rapid change has created unprecedented opportunities for both producers and consumers of financial products and services. But it must also be acknowledged that with such remarkable progress has come new, more complex and potentially farreaching risks.

7  BIS Review 75/2000  At the same time, the respondents raised a number of important concerns and questions that the Committee is reviewing and considering carefully. The comments offered by emerging market and other “non-G10” countries have figured prominently into the Committee’s review of its initial proposal, and Claes Norgren, who is chairing the next session, will provide an update on the Committee’s thinking regarding these points. I’d like to take a few minutes to update you on our efforts, focusing on a few topics of special interest. Given the progress we have already made, it is clear to me that the Committee is well positioned to continue its momentum and to release a revised Consultative Paper early next year. Internal ratings-based approach The centerpiece of the new Accord is likely to be the internal ratings-based approach to credit risk. We envision that the internal ratings method will be applicable to those institutions that have in place strong internal rating systems accompanied by robust internal controls. Naturally, our new standards will also encompass guidance on supervisory oversight and provide for ample disclosure. The Committee is looking to establish standards that are rigorous and yet permit institutions willing to make the necessary investments to use the approach. I think that it is fair to say that the Committee now expects that many sophisticated institutions will seek to use the internal ratings-based approach. How will an internal ratings-based approach work? Simply described, there are three components to the internal ratings-based approach being developed by the Committee.
Our interest in bank funding, as central bankers, stems also from the fact that it touches upon the very essence of our respective mandates. Money, remember, is the liability of the banking system. Central bank money represents but a fraction of broad money. To ensure that money is sound, and, in the euro area, that it is “single”, we need the banking system to be equally sound, and importantly, single. It is against this background that I will devote my remarks tonight to the latest development in European policy, specifically the decision to proceed with a banking union to complement monetary union in the euro area. I will discuss the desirable components of a banking union, towards which a single supervisory mechanism represents the first step. The establishment of a banking union is a key factor in the completion of monetary union, and probably a turning point in the current crisis, with profound repercussions for the financial sector and the real economy alike. Over the past few years, the mounting pressures in funding markets have led to a growing fragmentation of the banking system of the euro area along national lines. Links between banks and sovereigns have grown tighter, and in some countries the credit supply has been negatively affected. The conduct of a single monetary policy has become increasingly difficult as the transmission channels have become heterogeneous.

This report comes at an opportune time as there have been growing concerns that terrorist groups are using the pandemic outbreak to advance their propaganda and fundraising efforts. Although the risk seems muted at the moment due to strengthened border enforcement, online activities and financial transactions related to terrorism could easily go under the radar of authorities. This bolsters the continuous need to better understand and profile key players involved in the furtherance of terrorism financing activities. I believe that the typology report and also discussion during this Workshop will help us to close gaps and reduce our blind spots. As we progress, financial crimes will continue to evolve and take on more complex forms. As such, we should remind ourselves to not let our guards down. The fight against terrorism is a shared battle and it must always be our collective priority. This can only be successfully conquered through the sharing of information between members. Conclusion As we face unprecedented times, we are bound to encounter unknown challenges. Thus, there is a need for all of us to stay prepared, agile and responsive in facing those threats. Collaboration amongst us, through sharing of information and experience, will further strengthen our collective readiness to address the ML/TF risks. I note that a diverse mix of participants including from the private sectors have registered for the Workshop which will no doubt enrich the discourse this week.