samchain/econo-pairs-v1 huggingface dataset:
Conclusion A market in the transition to a net zero world is being built. It will reveal how the valuations of companies could change over time as climate policies adapt and carbon intensity declines. It will expose the likely future costs of doing business, of paying for emissions, and of tighter regulation. It will help smooth price adjustments as society’s opinions and government policies change. As countries build their policy track records and their credibility grows, the financial system will amplify the impact of those policies and pull forward adjustment to the net zero carbon future, Consistent with the ambitions of America’s Pledge, the next year will be critical to mainstreaming sustainable finance. 4  All speeches are available online at www.bankofengland.co.uk/news/speeches  4

These have now been delivered to help ensure that the Bank is prepared for emerging and future technologies, participants, and relationships across the payments value chain. Firstly, our regulatory perimeter has recently been expanded to allow us to supervise critical service providers to recognised payment systems and we have started supervision of our first service provider, VocaLink, who provides critical services to the Bacs, Faster Payments and LINK systems. It is important to be clear here that this change does not, in any way, replace the role of the scheme operators in managing their risks. Indeed we do not expect scheme operators to change how they work as a result. Instead, we see this supervision as a complementary corner stone supporting financial stability. We published our supervisory approach to service providers in February, setting out how we will use 5  international principles that are specifically tailored for this type of firm. Secondly, we worked with HM Treasury to further widen our regulatory perimeter to include non-interbank payment systems through the Digital Economy Act 2017. We are now in a position where a non-bank payment system, for example a ‘FinTech’ payment system whose users are not banks, can be brought under the Bank’s supervision, should one become systemically important to the UK financial system. 6  On both of these changes, the Bank has worked extensively with the other UK authorities to make sure our regime is future-proof and well-equipped to keep pace with and respond quickly to a payments landscape that continues to change shape.
Thanking you for your attention I’m ready to take several questions. 10  BIS Review 119/2007

Once consumers are sufficiently equipped with the knowledge on using digital financial services responsibly and have a high level of trust in the reliability and security of online services, only then can we reap the full benefits of digitalisation. This ties in with one of Bank Negara Malaysia's aspirations in the Financial Sector Blueprint 2022-2026 under the cluster of "finance for all", which is having diverse choices for consumers, with most preferring digital solutions. We aspire for consumers to benefit from the availability of 'digital first' solutions such as invisible payments, digitalised motor claims and smart contracts. Beyond digitalisation, we aspire for consumers to be confident and capable of taking charge of their finances. Towards this end, we are working together with other ministries and agencies in enhancing consumer protection reforms such as the enactment of the upcoming Consumer Credit Act, the establishment of the Consumer Credit Oversight Board and the streamlining of the regulatory regime for financial advisors and financial planners. The world we live in today is ever-changing and fast evolving. We live in a world where, while life expectancy has increased, health and  3/4  BIS - Central bankers' speeches  medical risks have also risen. While income is growing, the nature of employment has also change from largely stable income, to more volatile due to the growth in the gig economy as well high tendency for labour mobility. Although technology attempted to keep pace in managing the impact of climate change, climate-related events have also becoming more frequent.
One example is our work with the Hong Kong Association of Banks in carrying out a comprehensive review of credit card practices in Hong Kong, drawing on reforms undertaken in the UK and US. As a result, we have been rolling out in stages 31 measures aimed at promoting fair and responsible business practices by credit card issuers, and all these will become effective by 2013. A second example is our partnership with the Financial Services and the Treasury Bureau and the Securities and Futures Commission to establish the Financial Dispute Resolution Centre. The objective is to help consumers settle monetary disputes quickly by means of mediation and arbitration. The Centre came into operation in June this year. 2  BIS central bankers’ speeches  The HKMA & consumer education On consumer education the HKMA has also been very active. From time to time, we publish articles, called “insight articles”, to increase consumers’ awareness of their rights and obligations in relation to particular consumer products like accumulators, Octopus cards and instalment payment plans. We also highlight key features and risks of certain investment products, and remind consumers not to invest if they do not understand a product. We have launched earlier this week a “Consumer Corner” on the HKMA website to provide important information on local banking consumer issues, including a set of “frequently asked questions” based on public enquiries and topical issues. As with protection, so with education, we are also working with our partners.

Durmuş Yilmaz: Economic governance – the Turkish case Opening remarks by Mr Durmuş Yilmaz, Governor of the Central Bank of the Republic of Turkey, at the Conference on Current Issues in Economic Governance, Ankara, 3 April 2007. *  *  *  Ministers, academicians, bureaucrats, guests, It is an honour for me to address a distinguished audience on such an important issue. The conference will do much service by bringing forward the issue of “economic governance”, which we as the Central Bank have emphasized at numerous occasions. Let me thank Bilkent University for creating such a productive environment. Today, I would like to devote some time to highlighting the importance of principles of good governance in general and economic governance in particular. In the context of economic governance, I would also like to mention some issues on how to create good institutions. Then, I will proceed with the Turkish case and the Central Bank of Turkey. But first of all, I will start by outlining the basic definitions of the concepts I am going to use. Although the concept of governance is not new at all, in recent years it has started to be widely used in economics, especially in the development literature. While governance, or rather good governance, has been introduced as an effective tool to harness globalisation, it is not easy to define in one sentence because of its many interacting elements.
Since the G20 summits of London and Pittsburgh in 2009, the regulatory effort that has been undertaken is unprecedented, in particular in the banking sector: by increasing both the quantity and quality of banking sector own funds, the Basel III reform has considerably enhanced the robustness of banks; in addition, it ensures better account is now taken of the diverse risks to which banks are exposed, thanks to the introduction of two new liquidity ratios for bank cash levels. But beyond Basel III, we should finalise measures that target non-banks. We must ensure a balance between financing channels. The priority has now shifted from the solvency of banks, which has improved substantially, to the liquidity of the shadow banking sector, particularly funds and asset management companies that are exposed to the risks of sudden panic-driven runs. We have to make sure that this internationally agreed regulatory framework is implemented everywhere with consistency. Unilateral deregulation would be nothing less than a lose-lose scenario with serious consequences for the stability of the global financial system – we would be paving the way for the next financial crisis – as well as the competitive landscape for US, British and European banks. As Bank of England Governor and Financial Stability Board Chair Mark Carney advocated in Washington in April, what we need is: “the combination of robust international standards and greater trust as a consequence of transparent implementation and intensive supervisory cooperation”.

Today, I will first elaborate on two challenges that will continue uniting us: the need for good national economic policies, pro-business and long-term oriented; and the need for active multilateralism to face our global challenges. Then, I will dwell on a challenge that we will have to address together: our future relationship and Brexit. ** I. The need for pro-business and long-term national economic policies  Let me start with the challenge of national economic policies. In the euro area, the economic recovery is now robust and broadly-based across countries and sectors. GDP growth should stand at at least 2.2% in 2017 according to our ECB forecast. The ECB’s accommodative monetary policy has contributed to this acceleration of growth in the euro area. Yet monetary policy cannot be the only game in town. Structural reforms in each country, along with stronger European coordination, are of the essence to boost potential growth in the medium term and to treat the fatal disease of mass unemployment. In recent years, several European countries, including in Southern Europe, have successfully carried out in-depth reforms that are yielding positive results in terms of growth and employment. Germany, the Netherlands and Nordic countries, as well as Spain and Portugal, are proof that economic success, a solid single currency, and the European social model are compatible. We should run pro-business, long-term oriented, fiscally sound economic policies, while keeping the core elements of a common social model, which can be the DNA and pride of Europe in this highly divided world.
 The growth potential should be enhanced also by an increase in capital flows and stock, the absorption of EU funds and a better allocation of resources via investment prioritisation.  Achieving convergence is not enough, as convergence should be sustainable, balanced and equitably distributed.  Real convergence should be pursued not only in terms of income, but also in terms of output structure, by means of the level and composition of budget revenues and expenditures. 3   Good European practices should be used to fight tax evasion and strengthen financial discipline.  In the medium run, a balanced primary budget should be ensured and the MTO (medium-term objective) should be again pursued; public debt should be maintained at sustainable levels and inappropriate incentives leading to over-indebtedness of private sector and households should be avoided.  It is necessary to improve the access to financing. 83% of households have 6% of deposits, whereas 0.3% of households hold 25% of deposits. Housing loans have been accessed by only 1% of very low income earners (the 1st quintile) and by only 4% of relatively high income earners (the 4th quintile). 12% of the highest income earners (the 5th quintile) have accessed housing loans.  A roadmap is necessary for joining the euro area.  The public goods that should be preserved and even strengthened include: the country’s security, financial stability, investors’ confidence. European Union – Romania joint agenda for 2019  Conclusion of Brexit negotiations.

We can consider how the further development of market infrastructures can be an important part of this process. 2. The role of market infrastructures  In the second part of my remarks today, I would like to consider the role of market infrastructures. Market infrastructures have proven very resilient to the crisis. 11 Resilient market infrastructures also play an important role in helping to address some of the issues that have been identified in the money markets. In this regard we can usefully build on the CPSS’ analysis of areas for further development and for enhancing market infrastructures in repo markets. The CPSS has identified seven issues directly or indirectly related to repo market infrastructure that may affect the resilience of repo markets. I would like to pick up on two of these seven issues now in the context of euro area money markets. The first issue concerns “effective protection against counterparty credit risk”, which I believe can be addressed to some extent by the use of CCPs, while the second issue relates to “the inefficient use of (high-quality) collateral due to constraints within repo clearing and settlement arrangements”, which is being addressed via collateral optimisation initiatives. a)  Role of central counterparties (CCPs)  CCPs play a major role in reducing counterparty risk, thereby mitigating the potential risks associated with the drying-up of funding sources.
We have made constant and joint efforts so that the conclusions and recommendations left by ALSAI become a useful, guiding, helpful, and corrective tool. In view of the insofar experience, this combination is an essential component in the work of audit institutions. I have believed and still do believe that auditing is a key instrument, which serves to further perfecting public sector governance. The ALSAI has contributed and will continue to contribute to identifying various problems facing public institutions, divergences from legal and regulatory framework, with subsequent financial effects, and their correction, in accordance with legal requirements and international standards. Focusing on the future role of ALSAI, I am confident it will increase the contribution to perfecting the three main dimensions – oversight, analysis, and vision – of public governance. More specifically, •  With regard to the oversight dimension, the great dilemma is whether public entities are accomplishing their mission in detecting and preventing corruption;  •  With regard to the analysis dimension, the great dilemma is whether these institutions are making responsible decisions about economic policies, development programmes, operations and the achieved results;  •  With regard to the long-term vision dimension, the great dilemma is whether the right directions and future challenges facing auditors are properly determined.

The Central Bank is doing its utmost and intends to boost its efforts and the quality of these efforts by providing top quality and highly reliable public domain quantitative and qualitative information. Our research capability is one of our top priorities. This enhancement of our capability to produce reliable knowledge will benefit all discerning stakeholders including the policy maker (who we are statutorily committed to advise) and the potential investor (who abhors any vacuum of knowledge concerning the target location). Promoting a healthy business environment also requires action to reduce excessive bureaucracy, to increase the efficiency of our judicial system and to ensure that our legal and regulatory frameworks remain appropriately flexible. At the Central Bank of Malta we have taken initiatives to help the business environment by launching the Credit Register and by promoting the setting up of the Development Bank to give better access to credit for SME’s and to infrastructure investments on the Public Private Partnership (PPP) model. We are also piloting changes to pre-insolvency procedures in an effort to curb unnecessary liquidations and save businesses that deserve a second chance through financial restructuring. We are also leading efforts to amend legislation to achieve more efficient contract enforcement procedures to address the long duration of NPL’s on bank balance sheets. These initiatives will help us climb the admittedly steep ladder of international rankings measuring business efficiency.
The industry structure of our economy has changed. A growing number of firms, and not only in the engineering industry, have targeted the oil industry. Labour shedding in some sectors has freed up labour for other uses. Chart: High wages in the oil industry  BIS central bankers’ speeches  1  Oil companies have had the capacity and the willingness to pay. Tax rules have favoured investment spending and earnings have been solid. Oil company employees have been wage winners here in Norway. A state-of-the-art oil service industry has emerged. New products and technological solutions have been developed. For many firms, the contracts on the Norwegian continental shelf have been a springboard to new export markets. Chart: Growth in oil investment High oil prices and a profitable petroleum production industry have led to record-high oil investment in recent years. The level of investment in 2014 was equivalent to that of all the domestic non-oil industries combined. The positive spillovers to the oil service industry and other firms have been substantial. Employment has remained high and unemployment low, even when the financial crisis hit in 2008. A large share of the business sector and the labour market is now linked to the oil industry. A relatively small number of jobs are directly involved in oil and gas production. But if account is taken of all the suppliers to the petroleum sector, about 1 in 9 jobs in Norway, a total of about 300 000, were linked to the oil industry in 20141.

Likewise, the iTraxx Sovereign Western Europe Index, consisting of 15 sovereign CDS across Europe, rose by approximately 70% in the same period. 2  This is an approximation of the real effective exchange rate, assuming constant weights and inflation differentials. 3  Annualised volatility computed over one calendar month on the basis of daily movements. BIS central bankers’ speeches  1  rate on 6 September, EUR/CHF volatility has fallen below 10%, though it remains high from a historical perspective. The introduction of the minimum exchange rate also had an impact on some of the dynamic properties of the Swiss franc. As the red bar on the left side of chart 2 suggests, there was previously a positive correlation between the movements of the Swiss franc and those of risk indicators such as the VIX Index, i.e. investors tend to buy Swiss francs when perceived risk increases. In the same vein, the blue bar on the left of the chart shows that the correlation between the movements of the Swiss franc and those of risky assets, such as the equity shares on the MSCI World Index, has historically been negative. In other words, negative market developments have often been accompanied by a rising Swiss franc. Intriguingly, as the right side of chart 2 shows, the introduction of the minimum exchange rate appears to have had a significant impact on these correlations. The SNB’s implementation of monetary policy: liquidity measures On 3 August, the SNB started to implement liquidity measures against the massively overvalued Swiss franc.
Stock exchanges have dropped significantly at the global level (figure 8). To this is added, to a lesser extent, the strengthening of the dollar against some currencies, and the strong appreciation of gold and the Swiss franc, also used as safe havens. Finally, it is  BIS central bankers’ speeches  3  worth mentioning the decline in commodity prices, with the exceptions of agricultural goods and, again, gold (figure 9). Domestically, some variables of local financial markets have felt the external turmoil. The Stock exchange has experienced significant setbacks and interest rates on Treasury and Central Bank documents have fallen sharply (figure 10). The money and interbank markets have continued to operate normally, and liquidity conditions in both dollars and pesos have been unaffected by the increase in interbank premiums in developed markets. The peso, with swings, stands now close to its levels at the statistical cutoff of June’s Report. In light of these developments, output figures for the second quarter and advanced indicators for the third – which are still weak in developed economies – , the baseline scenario revises downward by 0.2 percentage points the world growth estimate for 2011, and by half a percentage point the one for next year (table 1). The biggest change is for the U.S., where, aside from the low growth seen thus far, there is the incidence of foreseeable fiscal adjustments after the approval of the higher limit for public borrowing. Growth in the Eurozone is still expected to be slow.

In the baseline scenario I will present to you in a moment, we assume that the effects of the external scenario will be limited, and the Chilean economy will grow close to its trend, with inflation near the target. Now I will describe the factors that shape this baseline scenario and the implications of the risks I have mentioned. Macroeconomic scenario In Chile, the dynamism of output and demand moderated further during the second quarter, although somewhat less than had been forecast in June. Inflation, meanwhile, was slightly below expectations of a few months earlier. Headline y-o-y inflation has hovered around 3 percent, while the annual growth rates of core measures remain contained (figure 6). The inflation outlook has been characterized by limited transmission of food prices to the local market. Similarly, the propagation of the price increases of these goods and fuels to other prices has been in line with projections. As I said a while ago, the external scenario has brought important news, with the materialization of some of the risks considered in the last quarters. This, coupled with prospects of slower growth in developed economies and concerns about the debt spreading to Central Europe, has had a significant impact on global financial markets. The sovereign spreads of several Eurozone members, like the premiums of some banks, are in all-time highs (figure 7). Asset prices have seen substantial changes, where worth noting is the decline in interest rates on long-term T-bonds of several developed economies that act as safe havens.