samchain/econo-pairs-v1 huggingface dataset:
This means that we have to look for ways to cooperate more closely with other supervisors across the functional lines of supervision in our system in such as way as to impact the incentives of a broader range of market participants. Fourth, we need to find ways to accelerate the pace at which the regulatory framework evolves to meet new challenges. The increase in the pace of change in financial innovation and in market structure requires greater agility among supervisors and regulators. Without this agility we risk lagging too far behind changes in the frontier of risk. This does not mean that each innovation needs to be met  2  BIS Review 54/2006  with a regulatory response. That would be an unfortunate and surely counterproductive impulse to encourage in regulation. But when a problem in the existing framework has significant implications for financial stability or efficiency, we need the flexibility and expertise required to act more quickly than we have been able to in some areas in the past. Fifth, we need to be creative in identifying areas where market-led initiatives, rather than new laws, regulations or formal supervisory guidance, are likely to be successful and possibly more efficient in achieving certain policy objectives. Where collective action problems limit the incentive or the ability of individual institutions to make the necessary investments in infrastructure, the official sector can facilitate or motivate cooperative effort among market participants to solve the problem.

While omicron was milder for many—and thankfully the wave subsided relatively quickly—it still caused terrible hardship for countless families. You can see the economic effects of the pandemic right here in New Jersey. What struck me this week as I met with New Jersey business, community, and political leaders was the different ways that COVID-19 affects local economies. Just a few miles from Jersey City, Port Newark and Port Elizabeth are humming with activity. But across the Turnpike, Newark Liberty International Airport has seen a big reduction in the number of flights and passengers relative to pre-pandemic trends. Likewise, the pandemic has led to empty office buildings and fewer travelers in New York City, which affects businesses here in New Jersey as well. Today I’m going to talk about how the economy has continued to recover despite the many disruptions and imbalances that COVID-19 has caused. I’ll also discuss the labor market and the rise in inflation. Then, I’ll describe how the Federal Reserve’s monetary policy is working to help restore balance and stability to the economy during these uncertain times. Economic Outlook Since it’s the Friday before a holiday weekend, I won’t test any of you on the functions of the Federal Reserve System. But I do want to take a moment to discuss the Fed’s dual mandate of promoting maximum employment and price stability. U.S. monetary policy is set by the FOMC, which is made up of the Board of Governors and five of the 12 presidents of the Federal Reserve Banks.
6 Gallatin spent his first years in the US in New England, trying to earn a living. Eventually, he taught French at Harvard. With his early savings, he purchased some land in Fayette County, Pennsylvania and in 1784, he settled there. 7 1788-1801: Politics Once established in Pennsylvania, Gallatin became politically active at the local and later at the federal level. This marked the beginning of a second distinct period of Albert Gallatin’s life. This period lasted from approximately 1788 to 1801, when the newly elected president, Thomas Jefferson, appointed Gallatin as his Secretary of the Treasury. 8 These final few years of the 18th century were an extraordinary period in American history and politics. During the second half of the 1780s, the Constitution was written, adopted and eventually ratified; the first federal government under the Constitution was formed and George Washington, who had presided over the Constitutional Assembly, was elected first President of the United States – in 1789. President Washington appointed Hamilton, whom he had relied on greatly during the War of Independence, as his Secretary of the Treasury. From 1789 to 1800, Hamilton built the foundation of what was to become the federal financial system of the United States.

15  Jefferson was elected president in 1800, but did not appoint Gallatin until 1801 – even though it had been his intention from the start. See for example Wright and Cowen, op.cit., p. 93, for details. BIS Review 106/2008  3  priorities included a change in Hamilton’s tax structure in order to better reflect the Republican Party’s ideology and its constituencies. He also focused on the need to increase transparency in fiscal policy. He progressed rapidly on both fronts. Internal taxes were soon abolished. The federal government came to rely almost exclusively on import tariffs, which Gallatin saw as luxury taxes that did not burden his farming constituency. 16 Gallatin also convinced Congress to pass the law of 1801, which required an annual report by the Secretary of the Treasury to the President. He submitted the first of these reports later that year. Moreover, the minting of dollars was somewhat scaled back under Gallatin. To compensate, he allowed foreign coins to circulate along with the dollar. These measures were not taken because Gallatin was opposed to the Mint. Rather, the Mint proved to be very costly for the federal purse. Therefore, Gallatin saw the reduction of its operations as a way for the government to save money, in line with his primary objective of fiscal consolidation.
Chart 6. NOK bonds issued outside Norway Total outstanding. In billions of NOK 100  100  80  80  60  60  40  40  20  20 0  0 2000  2001  2002  2003  Source: Norges Bank  This is reflected in the international market for bonds issued in NOK. Last year, such bond issues amounted to more than NOK 50 billion. Both foreign and Norwegian companies were issuers and a number of small and large foreign investors and Norwegian companies - primarily life insurance companies - were buyers. The relationships in the foreign exchange market are unstable. New shifts in the world economy may reduce interest in the krone. Chart 7. Relative labour costs Deviation from historical average. Per cent 20  20  31 January 2003  15  15  10  10  5  5  0  0 -5  -5  Common currency  -10  -10 -15  -15 1970  1975  1980  1985  1990  1995  2000  Sources: TRCIS/IMF, Ministry of Finance and Norges Bank  As a result of the strong krone and a high wage level, competitiveness in business and industry is close to 15 per cent weaker than the average for the past 30 years. Historically, following such substantial deviations, competitiveness has always returned to the average fairly rapidly.

SGFinDex uses the national digital identity and a centrally managed online consent system to enable Singaporeans to access their financial information held across different government agencies and financial institutions. Singaporeans can seamlessly consolidate their financial information, and use digital tools to make holistic financial planning decisions. 2/3  BIS central bankers' speeches  Singapore is now looking at how our digital infrastructures can be made interoperable and connected with the rest of the world. The PromptPay-PayNow connectivity that links domestic payments between Thailand and Singapore will go live very soon. India’s Rupay and Singapore’s NETS were connected last year to make merchant payments interoperable. But linking payment systems bilaterally is complex and expensive, due to the different technical and data standards as well as legal regimes. We must explore multilateral cross-border payments in a more scalable way. The Bank for International Settlements (BIS) Innovation Hub Centre in Singapore is exploring how payment systems could be linked together to enable faster and cheaper cross-border payments. There is strong synergy between the BIS Innovation Hub’s work on a cross-border payments bridge with MAS’ work on foundational digital infrastructures. MAS plans to collaborate with the BIS Innovation Hub to explore opportunities to improve cross-border payments by connecting payment systems to digital identities across borders. We are also engaging financial regulators and central banks globally on their digital infrastructure initiatives to explore similar synergies and opportunities to move forward as a global digital community.
Considering the fact that the relationship between macroeconomic variables changed remarkably along with the structural transformation in the economy after the 2001 crisis, it is assessed that the mentioned uncertainty in Turkey is at least as high as those in other countries. However, in light of the recent normalization experience, it is possible to produce forecasts about the period required for monetary policy to influence inflation. The latest observations indicate that the period needed for monetary policy measures to affect domestic demand varies between 3 to 9 months, while the change in demand influences inflation in a period between 3 months and 1 year. This leads us to the conclusion that the impacts of monetary policy on inflation spread over a period of one and a half years on average. In this context, taking into account the lagged impacts of monetary policy, the Central Bank defined the policy horizon as approximately one and a half years in the main policy statement published last year. Although it is forecasted that the impact of monetary policy on inflation will show itself in a more lagged manner and that the control horizon may be extended as the normalization process of the economy continues, the control horizon is maintained as one and a half years at this stage. There is no doubt that this period may be extended or shortened depending on the extent of shocks and the period needed for their influence to reflect on prices.

Based on the information currently available, the level of the liquidity in the market in 2007 (i)  The increase in base money,  (ii)  Coupon and principal redemption by the Treasury to the Central Bank,  (iii)  Treasury’s foreign exchange debt payments financed by its domestic currency borrowing  will have a lowering effect, while (i)  The Central Bank’s net foreign exchange purchases,  (ii)  Interest payments to be made by the Central Bank for reserve requirements and for excess liquidity absorbing transactions,  (iii)  The decline in Treasury cash accounts with the Central Bank will have an increasing effect on liquidity. Based on the assumption that the foreign exchange payments of the Treasury would exceed the foreign exchange inflow, and by taking the Central Bank FX buying auction program into consideration, the excess liquidity in the market is expected to continue within reasonable limits in 2007, even though temporary liquidity shortages may occur. However, as in previous years, it is not possible to make a precise forecast regarding the net foreign exchange payments of the Treasury, the amount of the Central Bank’s foreign currency purchases and the balance of Treasury cash accounts with the Central Bank. Depending on the variations of these variables, the market liquidity may change significantly.
Stefan Ingves: Coming stronger out of a crisis – lessons from Sweden Speech by Mr Stefan Ingves, Governor of the Sveriges Riksbank, at the Brussels Economic Forum, Brussels, 18 May 2011. *  *  *  “If in debt, you are not free.” This expression was widely used by Göran Persson, Sweden’s former prime minister, to explain the need for the extensive fiscal consolidation process that Sweden underwent after the crisis in the 1990s.1 In 1997, a three-year nominal expenditure ceiling was introduced. This was an important step towards increasing budgetary discipline and strengthening the long-term perspective of the budget process. In addition, as part of this fiscal consolidation process, a new fiscal policy framework that included a budget surplus target of 1 per cent over the business cycle was introduced in the year 2000. With these instruments in place the debt to GDP ratio fell from 56 per cent in the year 2000 to 35 per cent today. Recent developments in many European countries remind us of Göran Persson’s words: small, open economies are vulnerable to crises of confidence when financial markets are in turmoil. They need to stand on very solid economic foundations and be supported by a credible and sound fiscal-policy framework. Sweden was lucky enough to be in this position when the recent crisis struck. This was indeed fortunate as the crisis had a major impact on the Swedish economy. GDP fell by more than 5 per cent in 2009 – the largest fall since the 1930s.

NASP has engaged actively with us in this effort, and I'll explain why we're committed to building on our partnership through and after the crisis. Before going any further, though, let me note that I am expressing my personal views and not necessarily those of the New York Fed or the Federal Reserve System. I would also point out that the FOMC will hold a monetary policy meeting next week, which puts us well into the blackout period. This means I'll steer clear of discussing our policy outlook, and I won't be able to take any questions, but I look forward to the day when we can gather in person again for a twoway conversation. Context: The Unequal Impact of the COVID Pandemic I'll begin by describing the context. Everyone here is painfully aware that the pandemic has hit the most vulnerable segments of our society the hardest, leading to highly unequal outcomes. Labor market damage has been concentrated among people of color, lower-wage workers, those with the least education, and people with disabilities. Even after recent improvements, unemployment rates for Asian, Black, and Hispanic Americans all remain in the double digits, rising a cumulative 8.7, 7.6, and 6.6 percentage points, respectively, from their pre-pandemic lows. Reductions in labor force participation for those without a college degree have been more than twice as large as those with a degree.
There are not a few cases when clients are not well informed on the interest rate they have to pay for their loans or on the criteria applied by the banks to benefit credit. Communication from depositors is neither the best. While small changes of deposit interests may be justified by the changes of market conditions, changes somewhat stronger need to be accompanied by full relevant information and explanations. The strengthening of this transparency should be accomplished not only in the name of ethics but also in the name of the increase of market competition. The system can play a greater role in reducing cash in the economy, by increasing and improving further the level of services. The positive recent developments have given their effects in reducing cash quantity in the economy. On the other hand, we have conducted an intense public activity, of informative and promotional character, where meetings of another nature have frequently been held and in which we were concretely involved as a banking system. Allow me just to remind you the open meetings we have already organised with the business of utility services and with that of Treasury bills primary market. I hope that now, after finalising the Automated Electronic Clearing House project, each bank should think seriously of increasing the benefit degree from this new facility offered by the Bank of Albania. After the implementation of this project, I estimate that we should think more seriously of increasing the number and the quality of electronic payments.

I would like to draw your attention on the following topics: •  The system should be more active and keep its public promises to put its windows at the service of selling Treasury bills directly to the interested public. We as Bank of Albania have kept our promises, applying a commission, which is supposed to cover the transaction cost, while this measure will be accompanied by the inhibition of cash receipts at the Bank of Albania windows. Also, banks should invest in modern technology to enable the reallocation of funds of their customers in various investment alternatives, by electronic means and not as it happens more frequently today that individuals still move carrying cash bags. •  Banks should be more active in the T-bills secondary market. We should clearly inform the public that whoever is interested can discount his/her bills at any time like each individual  3/4  who has put little money aside can refer to the banking system not only to deposit but also to purchase Treasury bills. •  The interbank market can and must improve. Nowadays, commercial banks exchange a big quantity of liquidity with the central bank. But, even exchange of this liquidity among commercial banks must be intensified. This would ensure more financing and investing opportunities for individuals and companies, including banks. •  Banks should give more attention to foreign exchange and Treasury bills markets, to further deepen and expand them.
There will then be a maximum six-month period before the national currencies cease to be legal tender, at which point the transition to the euro will have been completed. Again, during this period in relation to the transition of retail transactions the guiding principle will be no compulsion and no prohibition, although collective efforts will no doubt be made by retailers and banks to shorten the period of dual denomination as far as they can. As far as the UK is concerned, the new Government -- while not definitively ruling it out -- has pointed to formidable difficulties in the way of participating in the euro from the beginning, and promised a referendum before the UK could join. A key consideration for us is likely to be whether -- on the basis of our assessment of the extent to which convergence has indeed been achieved -- the euro-area is a safe club to join in its early stages. If the Government were to decide not to join, at least at that point, it will be crucially important -- in our own national economic interest, and in order to avoid creating unnecessary problems for the euro-member countries -- that we continue to pursue, in parallel with those countries, the consensus policies of monetary and fiscal discipline. If EMU goes ahead, whether or not the UK is a part of it, it is clearly in our interest that it should succeed.

The City of London thrives on broad, liquid markets regardless of currency, and provided we are prepared -- as we will be from 1 January, 1999 - to quote, trade and settle in euro, as we are now in dollars or yen or DM, then I am convinced that the broader markets in euro instruments will represent an opportunity rather than a threat to the City. The fact is that overseas-controlled financial institutions are continuing actively to build their presence in the City, notwithstanding expectations that the UK will not be among the initial euro-member countries -- and this suggests very strongly that they take the same view about the City’s future. I am quite confident that here in Hong Kong you will continue to be able to conduct your European financial business in euro in London, just as you do now in DM and French francs. So now then, Mr Chairman, should I answer the question in my title? One euro-currency at some point, certainly most probably from 1 January, 1999. Fifteen countries? I doubt it from that date, but eventually who knows? BIS Review 89/1997
Thomas Jordan: Swiss monetary policy and provisions Introductory remarks by Mr Thomas Jordan, Member of the Governing Board of the Swiss National Bank, at the end-of-year media news conference, Zurich, 10 December 2009. *  *  *  Introduction Tension in the global financial markets began to abate this spring, and has continued to do so ever since – though despite all the talk of recovery, they are still far below their pre-crisis levels. Whereas initial price rises were mostly corrections of previous excessive falls, markets are currently being driven mainly by the improving economic outlook, by companies’ predominantly positive earnings reports and by expansionary monetary and fiscal policies. However, there is still considerable uncertainty in the financial markets. In the course of the crisis the Swiss National Bank aggressively relaxed its monetary restraints, sometimes treading new paths in the implementation of monetary policy. I shall now briefly summarise the instruments that we used in connection with the financial crisis, highlighting their effects on the SNB’s balance sheet. The risks that exist in the SNB’s balance sheet or that the SNB could potentially be required to take onto the balance sheet demonstrate the importance of strengthening our equity capital. I shall therefore, as already indicated by the Chairman of the Governing Board, Jean-Pierre Roth, briefly explain to you the new regulations governing our policy on provisions. One of these monetary policy crisis measures is the SNB’s stabilisation fund (StabFund), which I shall deal with later.

This means that we will assess the effects of these measures and adapt them, if necessary: (1) to confirm that they continue to fulfil their monetary policy objectives; (2) to ensure – within our mandate – that the relevant measures continue to support the decarbonisation path to reach the goals of the Paris Agreement and the EU climate neutrality objectives; (3) to respond to future improvements in climate data and climate risk modelling or changes in regulation; and (4) to look beyond climate and address additional environmental challenges, within our mandate. While I understand it is not a specific topic covered in today's conference, a similar commitment to fully incorporate climate-related and environmental risks applies to our banking supervision tasks and responsibilities. In addition to the climate stress test that was concluded by ECB Banking Supervision earlier this year, we will soon publish the results of our thematic review. As part of this exercise, our core banking supervision teams – Joint Supervisory Teams – thoroughly assessed to what extent banks' risk management practices for climate-related and environmental risks live up to the supervisory expectations we published in 2020. We conducted this exercise to assess where banks stand with regard to our expectations and to highlight any gaps they urgently need to close. We will also take the opportunity to identify and share best practices to help banks close any gaps identified.