samchain/econo-pairs-v1 huggingface dataset:
Accordingly, I strongly encourage all financial intermediaries to actively participate in the dialogue the Eurosystem has established, both at the European level through the Euro Retail Payments Board and at the national level. We just decided to set up a CBDC working group within our French payments committee (the CNPS). Concerns have emerged that the issuance of a CBDC would threaten the role of banking intermediaries in client relationships, while draining banks’ deposits through a massive conversion into risk-free CBDC accounts, especially in times of stress. These outcomes are not foregone conclusions, to say the least. The Eurosystem is currently looking at the possible scope and design of a digital euro. Let me just share my personal thoughts about the general framework that  Page 4 sur 7 should see light: in my opinion, similarly to the current intermediation model, as many functions as possible should be delegated to intermediaries.   Obviously, some functions should remain the exclusive privilege of the  Eurosystem because they are at the core of its mandate and cannot, by definition, be outsourced. This is the case specifically for the issuance of a potential digital euro.   The Eurosystem should entrust banks with the distribution of digital  euros to final users, while setting technical, functional and commercial rules like for example the branding, logo, and fee structure. We would thus build on their experience as intermediaries to offer means of payment to end users and develop value-added services.

Therefore, we are once again addressing the Duma. We know that the Government has approved a draft law that allows the Central Bank to set quantitative limits on unsecured consumer loans for borrowers with a high debt burden. And it will not be an additional burden on capital. In our opinion, this will be positive and will affect different banks with different capital reserves equally. The introduction of quantitative restrictions themselves, if we are granted that right, is a crucial step, we understand, and we will discuss it in detail with the banking community. Another risk that we are paying attention to, and we think that you are also paying attention to, is not only the increase in debt burden, but also the interest rate risk that individuals can unwittingly take upon themselves. Thus, we came up with an initiative and published a report. We are also discussing with you the proposal of not allowing uncontrolled lending to individuals, and I emphasise here specifically to individuals, at floating rates. If you look at the history of the issue, in recent years banks have been actively increasing their long-term assets. This is probably a good thing, that is to say, the economy gained long-term resources, which includes growth in the amount of mortgage lending. However, equities were increasingly formed at the expense of short-term funds, including current accounts. To a certain extent, this led to an increase in interest rate risk for banks.
Over the last 10 years, for example there has been a striking swing in employment with rapid growth during the dotcom boom followed by a sharp fall and subsequent recovery (Chart 5). 3  The UK is a net exporter of financial services, running a surplus in 2006 of £ billion (or 2% of GDP) on financial services and insurance. North Sea oil production peaked in 1999, and in 2006 was nearly 40% below this peak. 2  BIS Review 73/2007  That reflects a strong cycle in financial sector profits (Chart 6) which is an international phenomenon – indeed, in the last 10 years major European financial firms and US securities dealers saw an even bigger cycle in their profitability than major UK financial firms (Chart 7). The same is true for earnings (Chart 8). This reflects the importance of bonuses which account for around 20% of remuneration in the financial sector compared with around 5% across the economy as a whole. The figures in the City itself can be considerably higher. A figure of 50% is common in investment banking, in which a rough rule of thumb is that firms distribute about half their pre bonus profits to staff. It is estimated that 4200 workers in the City received bonuses worth more than £ in 2006/07. Of course the growth in those bonuses is contributing to the widening inequality of incomes at the top of the earnings distribution.

The IILM is expected to issue high quality, liquid, tradable and low risk Shari’ah-compliant financial instruments at both the national level and across borders to enhance the soundness and stability of the Islamic financial markets. The instruments of the IILM will be utilized in liquidity management as eligible collateral for interbank transactions and central bank financing, or through trading of IILM instruments (either within the same country or crossborder) in the secondary market. As the IILM is intended to facilitate cross-border liquidity management, its instruments shall be denominated in major reserve currencies. This is to ensure access to a large pool of global investors and broaden the range of its holders, thereby enhancing the prospects for active secondary market. There is not an available mechanism through which the Central Bank of Turkey can provide liquidity to the interest-free banking sector, or the so-called participation banks. However, the Central Bank of Turkey has become a founding member of the IILM and contributed 10 million USD to its equity. As additional efforts by the institutions in Turkey to facilitate participation banks’ liquidity management, the Undersecretariat of Treasury has started the issuance of Revenue Indexed Bonds, which are purchased by the participation banks. As it is known, another kind of interest-free security, which could be useful for participation banks especially in their liquidity management, is a specially designed financial certificate, called “Sukuk”.
In our efforts to promote a larger role for consumer activism, attention has also been directed at enhancing dispute resolution mechanisms for consumers to seek redress. Within the insurance sector, the Insurance Mediation Bureau established in 1992 constitutes the main avenue outside the court system for resolving disputes between policyholders and their insurers. To further enhance the role of the Insurance Mediation Bureau as a dispute resolution mechanism, an expanded scope for the Bureau involving higher limits for claims falling within its purview and the inclusion of third party claims is being considered. This will provide greater access to the Bureau for a wider spectrum of the insuring public. At the same time, efforts are also underway to merge the mediation bureaus of both the banking and insurance sectors into a single new Financial Mediation Bureau that will serve as a one-stop centre for the resolution of a broad range of retail consumer issues raised against the financial institutions that are regulated by the Central Bank. With effect from 1 June this year, we have also made it a requirement for all insurers and takaful operators to establish dedicated complaints units in their respective organizations. The experience has been that most complaints can be resolved in-house by the service providers themselves, in particular those complaints that involve delays in claims settlements due to institutional procedures, which generally comprise the bulk of public complaints.

Under the programme, examinations have been made mandatory to maintain continuing education standards of agents. ·  Guidelines dealing with unfair practices in insurance business have been introduced in April 2003 to provide a more comprehensive framework for the regulation of insurance market practices. Among other things, the Guidelines provide for enhanced disclosures to consumers, requirements for insurance to be sold on equitable terms and conditions, and specific restrictions against misrepresentation and unfair discrimination. ·  The Guidelines on Claims Settlement Practices introduced in 1995 have now been revised to incorporate new measures and improved market practices in claims handling, as well as the specification of minimum fraud control and risk management practices relevant to the claims process. ·  A minimum standard on product disclosure and transparency in the sale of medical and health insurance policies was issued in May 2003. The standard requires insurers and their intermediaries to provide sufficient details of the essential features of medical and health policies so that policyholders will understand the important provisions of the policies, in particular, with respect to premiums, benefits, exclusions and limitations under the policies. ·  A survey has also been commissioned to determine the level of consumer satisfaction with financial services, including insurance. The results of the survey will provide important input for the development of a service quality index for financial services that will serve as a benchmark for financial institutions to evaluate their service levels and identify areas for improvement.
Revenues have recorded a slight rise related to the previous months, while there is noticed a reduction in realised expenditure pace. In annual terms, during the first nine months of the year the budget revenues have recorded a growth of 6 percent, whereas the budget spending has increased by 22 percent. The budget deficit remains at comparably high historical levels, but within the budget limits reviewed lately. To a great extent, this deficit reflects the high level of public capital expenditures during 2009. Public expenditures and fiscal policy have provided a tangible contribution to the maintaining of the economic activity along this period, but they have been associated with increased pressures over the money markets. The Bank of Albania considers that the fiscal policy should continue to be prudent towards these balances in the future, and should take into consideration the long-term fiscal stability while drafting and implementing mid-term and long-term budget plans. External trade was featured by weakening in the trade volume during the first nine months of the year. However, trade exchanges value recorded during September is the highest recorded since 2009. After about three months of constant narrowing, the trade deficit enlarged during this month by about 9 percent in annual terms. Exports dropped by about 18 percent in annual terms, though the lek’s weak position vis-à-vis the Euro is a favourable factor for exports. Imports recorded positive growth rates for the first time since January of the current year.

Early on during the COVID-19 crisis, several macroeconomists including Martin Eichenbaum and Jason Furman recognised that the global pandemic was imposing an unfamiliar mix of shocks. It was not simply that the pandemic lowered aggregate supply by making workers ill, or that mobility restrictions reduced demand from private consumption. Instead, dynamic interactions between the supply and demand disturbances were causing discontinuous shifts. 5 The current spate of inflationary shocks, including those catalysed by geopolitical events in February, has also highlighted that the supply side can be pertinent for business cycle gyrations, alongside the more commonly-recognised aggregate demand fluctuations. Supply-side factors can no longer be regarded as low-frequency phenomena relevant only as determinants of long-term growth. Rather, in a globalised world, shocks in one jurisdiction can lead to gridlock in production via supply chain linkages, leading to short-term effects on growth and inflation in other economies. These coordination failures within and across industries, are most relevant today. 6 Second, once the nature of the shock is properly characterised, the appropriate policy response needs to be brought to bear. Policies clearly need to be carefully fashioned. Traditional fiscal pump-priming was not appropriate for dealing with strict lockdowns during the pandemic, while tighter monetary policy would not directly alleviate supplyside, cost-push, inflationary pressures. Complicating the picture, when multiple types of shocks are in play, coordination across different policy instruments becomes imperative.
III LE SUCCÈS DE L’EURO APPORTERA UNE CONTRIBUTION MAJEURE À L’AMÉLIORATION DE L’ÉQUILIBRE ÉCONOMIQUE ET MONÉTAIRE MONDIAL Dans la situation économique globale actuelle, le succès de l’euro va beaucoup aider à la fois l’Europe et le reste du monde, qui vont tirer profit de la prospérité et de la croissance européennes, éléments essentiels de la bonne santé de l’économie mondiale. Il est clair que le nouveau cadre monétaire européen a et aura des conséquences de grande portée non seulement pour l’Europe et sa population, mais aussi pour l’économie mondiale et la communauté internationale. La contribution de la zone euro à la stabilité internationale peut être appréciée à l’aune du développement de relations économiques équilibrées au sein de la zone euro et avec les pays extérieurs à la zone euro, et à celle du renforcement de la stabilité monétaire et financière internationale. A. L’établissement de relations économiques équilibrées a) Les relations entre l’Union monétaire et les autres États européens seront fondées sur la coopération. La coopération se traduira principalement par la coordination des politiques économiques des 15 États de l’Union européenne. Une telle coordination est requise par le Traité et elle est nécessaire pour que l’Union européenne fonctionne de manière satisfaisante au niveau économique.

Ladies and Gentlemen It is a continuing concern of all key stakeholders that provision of financial services in rural areas continues to be significantly lower than in urban areas. This has constrained the rural populace from access to savings products. This largely on account of poor infrastructure coupled with low literacy levels. As of June 2020, 39 out of the 116 districts in the country, did not have either bank branches or agents. It is from this backdrop that the Bank of Zambia, the Ministry of Finance and National Planning and the Ministry of Health, commenced an initiative to help accelerate rural financial inclusion in Districts by promoting the use of health facilities as general access  2/4  BIS - Central bankers' speeches  points for financial services. The General Access Point Inspection Report was presented during the dissemination workshop on 13 September 2022 and is available for detailed information. Ladies and Gentlemen The implementation of the National Strategy on Financial Education requires the united responsibility of the financial sector. This has been demonstrated by the Pensions and Insurance Authority, the Insurers Association of Zambia as well as Securities and Exchange Commission and the Capital Markets Association of Zambia who successfully launched the Insurance Week under the theme "Insurance-Solutions for a better tomorrow" and World Investor Week under the theme "Learn more about Investor resilience and sustainable finance" earlier this month. I am confident that the key messages disseminated during these events will contribute to raising the levels of financial literacy in the country.
We make it clear in the Inflation Report that we consider the risks of a poorer development in Swedish and international economic activity to have declined as the recovery has progressed. Experience also shows that it is easy to underestimate the force of an upturn once it has found a foothold. Developments in the labour market in both Sweden and the United States are one factor pointing in the other direction. In addition, developments in the euro area remain sluggish and in the United States there are problems with imbalances in foreign trade in particular. Our opinion is nevertheless that, compared with the picture we present in the main scenario, there is an upside risk for inflation from economic activity in Sweden and abroad, with links to price trends. There are arguments that we could have either overestimated or underestimated cost pressure. Compared with the December assessment, we have revised up our basic view of productivity, although there is considerable uncertainty in this area, given the surprising developments over the past six months. On the other hand, the uncertainty regarding wages has diminished somewhat, as central wage agreements have now been concluded for a large part of the labour market. All in all, our assessment is that the risks in this field are balanced.

Let me name a few – 1) sovereign is no longer risk-free, 2) we are taught to value economies of scale but are now confronted with the too-big-to-exist problem and 3) banks should no longer be only international in life but also in death as crises are more and more systemic given the growing interconnectedness. Spillover and contagion were witnessed in 1997 where the turbulence spread from Thailand to South East Asia and to Russia, China and Brazil, as it was a decade later in 2007 where the crisis widened from US and EU to the rest of the world. Imagine the pace of the spread of crisis in the next 10 years in 2017 – where crises would grow in size and speed beyond the management capacity of a single nation, real collective action is called for. Most importantly, we have to be forward-looking and well prepared. As crises are prone to occur more frequently with larger spillover, reform must be continued during normal times. It is imperative that the public is on board and support the reform effort to raise the competitiveness of the country, and minimize vulnerabilities or imbalances that may be triggered by external factors through no fault of their own. Ladies and gentlemen, Let me conclude by offering an observation that in 2002, five years after 1997 crisis, Asian economies had fully recovered, in particular, Thailand was able to repay the IMF package some two years ahead of the schedule.
The first set of examples above highlighted the need to critically evaluate contingent exposures: without true stress correlations, tail events will not be captured properly. We believe more emphasis should be put on this by investors, analysts and regulators alike. Inevitably that means severe stress tests involving “jump to default” risk and the need to consider counterparty and market liquidity risks, not just issuer risks in these circumstances. Some banks have told us that they think they should not be required to hold capital and liquidity to deal with such extreme tail events – leaving the public sector to be the capital provider of last resort. But that leads directly to moral hazard and excessive risk-taking. Tail events seem to happen far more often than people assume15 and if the risks were properly acknowledged at the outset, many structures would be avoided or risks re-structured so as to limit losses in the event of tail risks. That has obvious implications for financial stability. A crucial component of this analysis is the proper design of stress tests. Obviously, scenarios have to be rather draconian in order to serve the purpose of challenging the “unthinkable”, but at the same time there are difficult decisions to be made, for example, in deciding how much bank capital (contingent or not) banks should hold – and what the probability is of it being wiped out.

As the debate about adequate capital levels for banks rages on, we feel that it is important to keep these lessons in mind. Whatever is decided in terms of capital requirements, the numbers should be calculated with tail event analysis in mind. A new example: contingent capital securities One present issue is that, given banks will need to hold much more capital in future, how could that best be achieved? Some have called for very high levels of equity capital in banks16; others have been focusing on requirements to raise new equity before it is too late, e.g. mandatory rights issues17. We find contingent capital securities – so-called “co-co’s” – to be a potentially attractive proposition for a number of reasons. One has to evaluate contingent capital on how it would perform in a crisis. First, the funding for extra capital is already in place. In other words, no one has to scramble to execute a contingency plan, or convince someone to come up with new cash in a difficult situation. Obviously, conversion is consistent with a bank being under stress, but if conversion was always automatic, not discretionary, that could help to avoid signalling even wider problems. Second, and related to the examples in this paper, because the contingent conversion feature is explicit, no investor should be able to say that “equity conversion” could never have been anticipated. As new mechanisms are being explored, we believe that it is crucial that investors correctly assess and price the probability of conversion into common equity.
The story was the same with Europe’s cannon, electric lighting, printing, small firearms, and innumerable other innovations: each was first neglected or opposed in some parts of Europe for idiosyncratic reasons, but once adopted in one area, it eventually spread to the rest of Europe.” Europe rose to dominance over the centuries to the extent that the positive effects of competition prevailed over the negative effects associated with the recurrent conflicts between states that stemmed from the inability to resolve the tensions generated by competition. The European Union was created precisely in order to ensure that the spirit of emulation and competition could operate within a framework of peace. There is no doubt that there are currently substantial differences within Europe, with some countries demonstrating a strong capacity to adapt to the new global conditions, while others are finding it hard to implement the changes that are necessary to maintain their level of prosperity and continue to grow. These differences are not confined to Europe. Contrary to what some observers say, I think that the anti-Europe movements that have emerged in some countries are a symptom of a more general dissatisfaction linked to the structural factors of the crisis. In the United States too, society is deeply divided on how to face the challenges of globalisation. Although European institutions provide an easy scapegoat, they represent an element of extraordinary strength in the current circumstances, not only for Europe, but also for the Member States, giving them – I believe – a great advantage.

Since the European Union has realized GDP of 12.34 thousand billion of the world's 40,000 (which means around 30%), our share, i.e. the share of the 10 countries, participants in tomorrow's conference, in the GDP of the 27 EU Member States, equals 4.5%. Ladies and Gentlemen, I do not present these figures for pure statistical reasons. It was agreed with president Azevski to give you a brief overview of today's hottest issue, "the financial crisis in the world". Management of this crisis, as well the response of each of us individually and jointly of the region, is directly related to the answer to the question in the focus of tomorrow's conference: How to go faster towards the EU? The figures that you are very well aware of, and I only reminded of them, indicate that: we were not in a position to cause the latest world financial crisis, that we are not in a position to solve it, but that we are definitely bearing the consequences from it for a simple reason: borders are open. Balance of payments current accounts are 100% liberalized. Varying from country to country, the export and import of goods and services participate with over 50%, up to nearly 100% in the domestic GDP. Capital accounts are also 100% liberalized in some of the participants in the conference, the others are close to that.