samchain/econo-pairs-v1 huggingface dataset:
They have partnered with FinTechs to harness the capabilities of new technologies and deliver more customised solutions. For example, UOB has partnered with Personetics to use artificial intelligence to identify individual transaction demands and enable UOB to provide customers with real-time and personalised guidance on their financial decisions. Second, they have built digital banks in overseas markets, leveraging a lower-cost operating model to quickly acquire new customers. For example, DBS launched digibank in India and managed to acquire over 2.5 million customers in its initial two years of operations. The bank has also recently replicated its digibank strategy in Indonesia. DBS was ranked by Euromoney as the world’s best digital bank last year. Third, they have adopted more customer-centric approaches, integrating solutions for their financial and non-financial needs. For example, OCBC has built a niche marketplace to provide curated products and services for mothers and their babies. The bank also launched the OCBC Silver Years programme to provide seniors a one-stop solution for financial advice, insurance products and lifestyle options. 28. Digital challengers with innovative business models can add diversity and choice to banking systems. They can often serve the needs of traditionally underserved segments, such as the credit gap faced by young and micro-enterprises. They could also bring with them deep digital know-how and insights from operating non-bank businesses. In China, for example, MYBank, has broadened financial inclusion, with 80% of its clients being first time borrowers like mom-and-pop shops. 99% of its customers repay on time.

Frankly, it’s too early to tell: we know the final rate of inflation, 2%; but we don’t know yet the « terminal interest rate », or the policy rates that will ensure a timely return of inflation to our target, while seeing no reasons for increased expectations on these. Let me rather give some light on the first part of the journey, the normalisation till neutral rate; for sure it’s unobservable, but this one can be estimated, in the euro area at below or close to 2% according to me. I sometimes use a simple metaphor: as long as it is about lifting off the accelerator, we have to act for sure, in a determined but orderly way, and we should be there by the end of the year. Afterwards, the question could come of pressing the brake, and tightening if needed: but this part of the journey remains today an open question, and will deserve further assessment and reflection, in due time. Let me only stress one last and obvious point of yesterday’s decision: it marks the return of interest rates in positive territory. This historical step brings with it multiple dimensions that need to be revisited: on our operational framework, on our TLTRO operations, on our remuneration mechanisms of bank’s reserves. This is a matter that, as Christine Lagarde said yesterday, we will take up without delay. May I add that with a long view, monetary policy cannot be the only game in town?
Today, I want to explore those deeper questions and what they mean for policy. But before raising the pessimists’ challenge, let me first keep with recent practice by setting out this year’s reasons for optimism. Grounds for optimism The news from the UK is positive. Inflation has fallen, from more than 5% in 2011 to 2.2% now, jobs are being created at a rate of 60,000 per month, and growth is – for the moment – the strongest in the advanced world.1 This recovery is relatively recent, having started in earnest during the second quarter of the year. Its timing and pace caught most unawares. Certainly, the cumulative run of economic surprises has dwarfed those of the other major advanced economies (Chart 2). With the wisdom of hindsight, there were three main drivers of the recovery: a marked reduction in extreme uncertainty (Chart 3); significant progress on repairing the core of the financial system, with risk-weighted capital ratios doubling in recent years; and a marked improvement in household balance sheets, where debt to income ratios have fallen by about 30 percentage points. Together, improved access to finance and raised expectations of future prospects led to a reduction in precautionary savings by households, a modest recovery in consumer spending, a revival in housing investment from very low levels and an increase in business confidence to a 15-year high.

Benoît Cœuré: Ensuring the smooth functioning of money markets Speech by Mr Benoît Cœuré, Member of the Executive Board of the European Central Bank, at the 17th Global Securities Financing Summit, Luxembourg, 16 January 2013. *  *  *  Ladies and Gentlemen, 1 It is a pleasure to speak to you today at this annual Global Securities Financing Summit organised by Clearstream / Deutsche Börse Group. In my remarks today, I will talk about the smooth functioning of money markets and the role of market infrastructures in this respect. The speech is composed of two parts. I will start with some comments on developments in the euro area (interbank) money markets. As you are well aware, the financial crisis and the subsequent sovereign debt crisis have led to a gradual shift from the unsecured to the secured segment of the money markets. Moreover, the crises have exposed the weaknesses of certain financial institutions, causing the European interbank money market to fragment. Fragmentation has occurred between cash-rich and cash-strapped banks and also between different jurisdictions, leading to a “renationalisation” of money markets. Since money markets can be a source and a propagation channel of financial instability, it is important to ensure their proper functioning and mitigate the potential risks they pose. In the second part of my speech I will consider the role of market infrastructures in ensuring well-functioning money markets.
We know that because labour’s share of the national income pie is similar today to 1750. th  Of course, it is not ideas and innovation from the 18 century that has sustained growth over the subsequent period. Although the innovation process is continuous, historians often point to three distinct waves – three th  Industrial Revolutions. The second came in the latter part of the 19 century with the emergence of GPTs  11 12 13  For example, Romer (1990) describes a theoretical model of growth based around innovation. Bresnahan and Trajtenberg (1995). For example, Mokyr (2011) discusses Britain during the Industrial Revolution. 4  All speeches are available online at www.bankofengland.co.uk/speeches  4  such as electricity, the internal combustion engine and sanitation. The third came in the middle of the th  20 century with new GPTs such as computing, digitisation and the internet. 14  Yet in each case the playbook was familiar from the first Industrial Revolution. The emergence of a new strain of GPTs resulted in an outward shift in the production possibility frontier and capital-deepening. With higher levels of investment in physical and human capital, the productivity of companies, the wages of workers and the living standards of societies continued their Northerly ascent. The Golden Era continued. Some people are now discussing the next innovation wave, a so-called Fourth Industrial Revolution. The GPTs driving this are likely to include Artificial Intelligence (AI), Big Data, automation, robotics, 3D-printing and nano-technology.

Mr. Davies gives his personal view of EMU Speech by the Deputy Governor of the Bank of England, Mr. Howard Davies, at the EFMA Conference on the Single Currency in Brussels on 16/12/96. Like many British men of my generation, I spent a good part of my spare time as a boy involved with the Scouting movement, first as a Wolf Cub, then as a Boy Scout. I have to confess that I have forgotten many of the useful things I learned in the Boy Scouts. I can no longer light a camp-fire using only two sticks. I can no longer tie a clove hitch. But I can remember the Boy Scout’s motto - ‘Be Prepared’. And that motto strikes me as a useful injunction to bear in mind, as we approach the D-Day for Economic and Monetary Union of 1 January 1999. It applies, I think, just as much to those who may, for one reason or another, find themselves outside the first group of EMU countries, as it does to those who firmly intend to surf on the first wave. The preparations, though, may be slightly different in each case. Now some of you may think, if you read the British press, or hear echoes of the British political debate on EMU through the media elsewhere in Europe, that in present circumstances one of the other pieces of advice which Lord Baden-Powell handed down to Boy Scouts who followed him would be more appropriate.
W A Wijewardena: Central banking nearly six decades after John Exter Speech by Mr W A Wijewardena, Deputy Governor of the Central Bank of Sri Lanka, Colombo, 20 August 2007. *  *  *  Nearly six decades have elapsed since John Exter, founding Governor of the Central Bank of Sri Lanka (then, Ceylon), enunciated his wisdom on and philosophy of central banking. He did so in a report titled “Report on the Establishment of a Central Bank for Ceylon” which he completed in 1949 as one-man commission on the request of the Government of Ceylon. His ideas on central banking could also be found in his speeches and press conferences during the formative years of the Central Bank. The Report, also known as the Exter Report was published by the Government as a Sessional Paper in November, 1949. The case for a central bank for Sri Lanka has been presented succinctly and cogently in this report. As a mark of appreciation of his work and in recognition of the need for placing a competent skipper on the newly formed organization, Exter was invited by the Government to form the new central bank as its first Governor. Exter is reported to have accepted this offer only for a limited period. True to his word, he resigned from the post of Governor in 1953 and returned to the States. The Exter Report consists of two parts. Part I presents a lucid summary of the significance of a central banking system for Ceylon.

Lars Heikensten: Introduction on monetary policy Speech by Mr Lars Heikensten, Governor of the Sveriges Riksbank, at the Riksdag Committee on Finance, Stockholm, 1 April 2004. *  *  *  Let me begin as usual by thanking you for the opportunity to come to the Riksdag Committee on Finance and give an account of monetary policy. The committee’s public hearing of the governor is an important part of the transparency the Riksbank wishes to uphold. These meetings illustrate the clear link between the bank and the democratically-elected body in Sweden. Now these meetings are a part of our legislation. As is usual on these occasions, I intend to begin by commenting on our current assessment of inflation and our view of monetary policy. Then I shall briefly discuss events in the Swedish economy last year and the results of the monetary policy we conducted. The current assessment World economy recovering As Sweden is a small country, very dependent on events in the outside world, it is natural to begin a discussion of the current economic situation with a description of developments in the world economy. Global economic growth has largely followed the path anticipated by the Riksbank and most other analysts during the autumn and winter. Compared with the picture we envisaged in December, we are now assuming that international growth will be slightly stronger.
Securitisation is not the silver bullet but it can thus be seen as a seed instrument to reshape the European economy funding, whereby long‐term investors such as insurance companies, pension funds among other real money investors are given a more important role in the funding of the economy, while preserving the clients/banks relationship. These real money investors are natural investors in securitization also because they have long-term liabilities that ought to be matched by long-term investments. However, it seems now clear that the changes in the regulatory treatment of ABS in the aftermath of the crisis, which were to a great extent a response to events in the US, may arguably have hindered the development of the European ABS market. These postcrises regulatory proposed reforms (CRD IV and Solvency II) lead to a substantial increase of the capital charges for investments in securitisations. It is worth mentioning that risk weighted assets calculated on ABS tranches can be several times the risk weighted assets of the constituting pool. Further, the due diligence process that must be put in place to invest in ABS represents a considerable burden. The common practice in the US of full derecognition of assets also led to regulatory changes with impact on the supply side, and may have been a main cause of depression in the European ABS market, which in many cases already had provisions against lack of “skin in the game”.

Carlos da Silva Costa: Reviving markets in high quality securitisation in Europe Address by Mr Carlos da Silva Costa, Governor of Banco de Portugal, at the European Investment Bank/International Monetary Fund Meeting, Brussels, 23 October 2014. *  *  *  Let me start by congratulating the EIB and the IMF for this initiative. It is very important to assure that the topics chosen for this workshop (SME Securitization and Distressed assets) be at the forefront of policy makers’ and regulators’ concerns. A more healthy European financial system requires progress in these areas. Six years since the onset of the financial crisis in 2008, output levels in the EU are below those observed before the crisis. The same is true for employment and investment. Some countries have fared much worse than this average while adjusting their balance sheets and external accounts; that has been accompanied by deleveraging in all sectors, along with changes in relative prices vis-à-vis the rest of Europe in a low inflation environment. All this is taking place at the zero lower bound on the nominal interest rate, where active monetary policy can only be unconventional. The role of financial markets is crucial in this story. But the distinction of the direction of causality is difficult: is the economy weak because of financial markets or are financial markets weak because of the economy? The question is often put as: is the problem supply or demand for, say, credit?
But, as we have gotten closer to the range of estimates of neutral, what appeared to be a bright point of light is really a fuzzy blur, reflecting the inherent uncertainty in measuring r-star. 4 More than that, r-star is just one factor affecting our decisions, alongside economic and labor market indicators, wage and price inflation, global developments, financial conditions, the risks to the outlook… the list goes on and on. I’ve talked a lot about normalizing our policy around interest rates. In addition, about a year ago we started the process of gradually reducing the Fed’s balance sheet as we work to unwind the 2/4  BIS central bankers' speeches  asset purchase policies put in place during the crisis. In the now-standard Fed practice of communicate, communicate, and communicate, we published detailed plans well in advance on how we would gradually and predictably reduce the balance sheet.5 This process has proceeded smoothly without creating undue market disruption or volatility.6 With balance sheet normalization well underway, the Fed is studying the question of what exactly the new normal looks like. We have indicated that we plan to shrink the balance sheet to the smallest size consistent with the efficient and effective conduct of monetary policy—and that, in the long run, the asset side of the balance sheet will consist primarily of Treasury securities. 7 That’s our strategy, but its execution will depend on the operating framework of monetary policy, among other factors. Here, the Fed basically has two choices.

These are vast resources which can be harnessed to finance future growth. Strategic stability within the region Politically, I expect the strategic environment in Asia to be stable. On a bilateral level, the key relationships which underpin the region’s stability – US-China, US-India, China-Japan and China-India – are sound. The major players will compete and cooperate over a range of issues. There will be occasional tensions over trade, history and territorial disputes but these will be managed as the major players want stability and growth, not conflict and instability. They have also taken steps to strengthen their relations. Although slow, progress is being made to resolve the crisis over North Korea’s nuclear programme. Tensions may arise in cross-strait relations should Taiwanese politicians play the independence card as Taiwan heads for elections in 2008. But so long as the US maintains its clear stand that it will not support Taiwan’s independence, the situation will not get out of hand. BIS Review 76/2007  1  I do not expect major military conflicts to break out in Asia. All countries in Asia understand that any such conflict would set themselves and the region back. This will detract from everyone’s focus on economic growth and building cross-national and cross-regional ties. There is strong optimism that Asia can make it in this century and strong determination to succeed. I therefore expect a stable strategic environment to provide the backdrop for the region to grow.
The Chatroom will provide speedy and timely feedback when new technology or solution is being contemplated, thereby reducing the risk of abortive work by the parties concerned and expediting the rollout of new fintech applications. Second, tech firms may have direct access to the Sandbox. Tech firms may test out their innovation by seeking feedback from the Chatroom without necessarily going through a bank. Third, we understand that our fellow regulators in Hong Kong, the Securities and Futures Commission (SFC) and the Insurance Authority (IA), will shortly be launching their own sandboxes. Following discussion among the HKMA, SFC and IA, we have agreed to link up the three sandboxes through a common interface so that there can be a single point of access by the stakeholders for fintech solutions covering more than one sector. (C)  Facilitating Virtual Banking  We believe that the time is ripe for Hong Kong to try out virtual banks. In some jurisdictions, it has proved to be technically feasible and commercially viable for virtual or branchless banks to operate. A virtual bank operates on a different model of service delivery and may help promote financial inclusion as they normally target small customers, be they individuals or SMEs. Our view is that the emergence of virtual banks in Hong Kong would also provide additional impetus to the application of fintech in Hong Kong and offer a new kind of customer experience in mobile and digital banking.

On the other hand, banks need to appreciate and accept that they must revamp the way they offer financial services to their customers. It is true that, compared with unregulated entities, there is a high degree of public trust in banks, but customers now demand much faster and convenient services, not just in payments but also over a wide range of financial services, many of which are now made possible by the advancement in technology. Banks must become more “customer-centric” by offering highly personalised services to meet what the customers actually want rather than pushing out products or services that the firms think the customers should have. So what does it mean on the ground? I believe that in a couple of years’ time, there will be a high degree of convergence in the way in which banks and tech firms conduct their businesses and compete in the arena of finance. This means that the landscape of banking and finance will undergo a profound change during this process of convergence between banking and technology. So how does Hong Kong move from here to there and what role will the HKMA, as 1/6  BIS central bankers' speeches  bank supervisor, play in preparing the banking sector for the change? First of all, let’s take stock of where we stand at present on electronic or digital banking. Hong Kong is the premier international financial centre in Asia, and has been at the forefront of smart banking in terms of digital or internet banking.
The situation we found ourselves in over the autumn and winter of 2021-22 was not a looser labour market and an increase in unemployment as the furlough scheme ended. Rather, it was a tighter labour market and a decline in labour market participation. As Chart 6 shows, during this time, supply turned out to be weaker than demand. In other words, as demand increased after Covid restrictions ended, supply did not follow to the same extent. At the same time, a rotation in demand away from services and towards goods, in particular in the United States, continued to put strains on global supply chains. And unfortunately, the contraction in the labour force coincided with the most extreme shock of all during this period, the impact, particularly on energy prices, of Russia’s appalling and unprovoked invasion of Ukraine. So the supply side has played a more important and unusual role in recent macroeconomic developments. Conclusion Now let me conclude with a few remarks on where we stand with monetary policy today. The economy has been subjected to some very large and overlapping shocks. The largest impact has come from the effect of Russia’s invasion of Ukraine. This appalling act had a massive impact on energy prices last year, and has substantially affected other prices, notably food. For a variety of reasons, particularly in energy markets, those effects are now unwinding.

This institution has supported the Romanian banking sector too, especially during the privatization process. Joining MIGA finalized the normalization process. 1/3  BIS - Central bankers' speeches  Throughout the 1990s and up until the EU granted Romania the functional market economy status in 2004, and later on, until the actual EU Accession in 2007, the IMF and the World Bank have been our main economic and financial external partners, during the transition. It goes without saying that one central pillar of this transition was represented by the continuous reforms of the national legislation regarding the central bank and the financial sector reforms, which have benefited from the extensive contributions of IMF and World Bank staff. For instance, the essential legislation governing the banking system was drafted with the assistance of IMF experts. In this context, I would like to mention the seven IMF Stand-by Agreements that, in addition to the Balance of Payments support, have also contributed to the implementation of structural reforms prior to the EU accession. Similarly, the World Bank's programs have contributed to the development of the Romanian financial and banking system (e.g. the Financial and Enterprise Sector Adjustment Loan (FESAL) – focused on reforming the financial sector, and the Private Sector Adjustment Loan (PSAL) – offered support towards the privatization of the Romanian banks and to the development of the monetary and capital market). During this transition period marked by major changes, I would like to highlight one element of continuity.