samchain/econo-pairs-v1 huggingface dataset:
In the process, they are systematically capturing the type of knowledge I used to gain from my daily interactions with customers in the bank branch. Some providers are leveraging this data to sell their customers non-bank products and services. This – and the desire to avoid regulation – reduces their incentive to integrate upstream to conventional banking. Traditional universal banking begins with the customer relationship – or what I used to have as a teller. This historic preserve of established financial institutions is now being opened up. Aggregators, making use of banks’ Application Programme Interfaces (APIs), are providing customers with ready access to price comparison and switching services. New pro-competition policies are reinforcing this competition. 3  Meanwhile so-called “robo advisors” are deploying algorithms to deliver affordable investment advice to retail customers. 3  The second Payment Services Directive (PSD2) will allow, conditional on FCA authorisation and customer authority, non-banks to access customers’ bank account data. In the UK, the Competition and Markets Authority has required that the UK’s nine largest banks adopt an open banking standard for APIs by early 2018. 5  All speeches are available online at www.bankofengland.co.uk/speeches  5  As customers become more willing to delegate decision-making to machines, their funds and loans are being better matched with the best rates from around the system. These flows could become seamless if public policy initiatives and new technologies combine to create digital credentials that are universal, durable and reliable.

Leszek Balcerowicz: The optimal timing and path for Poland’s entry into EMU Speech by Prof Leszek Balcerowicz, President of the National Bank of Poland, at the 11th European Banking Congress in Frankfurt, 23 November 2001. *  *  *  Thank you very much Mr Chairman, I welcome this opportunity to address such a distinguished audience. I would start with two basic assumptions. First, we are not discussing whether euro will go east or not because we are assuming Poland and other candidate countries will enter the European Union with the status of a country with derogation, so sooner or later they will be obliged to join the Monetary Union as well. Therefore, the issue under discussion is not “if” but “when” and “how” i.e. what are the optimal timing and the optimal path. Secondly, one should assume equal treatment of candidates and present EU member countries i.e. fulfilling the Maastrich Criteria, no less no more. There should be no additional criteria like, for example, a required level of financial deepening, as it would indicate an unequal treatment of candidate countries. Taking the second assumption of the entry into the EMU as granted, I would like to focus on the core issue, which is the question of optimal timing. My basic point is, that, firstly, early entry into the Monetary Union is possible and secondly, that it is preferable to the delayed one.
Let me also congratulate Stanbic bank for introducing the SME Tamanga account and for streamlining processes such as customer  2  BIS central bankers’ speeches  evaluation and account opening procedures to cater for the special circumstances of this very important part of our economic sector. It is now my honour and privilege to declare the Soweto Branch of Stanbic Bank Zambia Limited officially open. I thank you for your attention. BIS central bankers’ speeches  3

A good reflection of this new manner of conduct is in the recent real estate credit legislation. The financial crisis has given rise to more demanding legislation that calls on banks not only to inform but also to act impartially, transparently and professionally, taking into account the rights, interests and needs of their customers. It may be said that the regulations now transcend mere transparency in form. One very positive aspect of the legislation is the improvement in legal certainty. Clearly, by properly protecting the customer, the risks of litigation are being significantly reduced. And such risks are one of the main costs the sector has been bearing. Let us not forget that the cost of litigation far exceeds any potential benefit that some banks might have obtained in the short term through questionable conduct. Moreover, improper conduct does not only affect those banks guilty of it, but the reputation of the sector as a whole. To conclude, this new type of customer-bank relationship must be the starting point for any sustainable banking business model. Naturally, if it is to be successfully set in place, a topto-bottom cultural change is essential in the organisation. This change will be headed for 10/13  failure if the bank’s senior officers and management do not offer their resolute support. Once again, we are talking about governance as a precondition for change to occur. Financial education I have highlighted how society’s demands with regard to banks’ behaviour with customers have increased considerably.
The sampling approach generates the same entry and exit behavior as present in the population, with young individuals and immigrants entering the sample and deceased individuals and emigrants leaving the sample each quarter at the same rate as in the U.S. population. As a result, for each quarter starting in 1999, the panel constitutes a representative cross-section of the population of borrowers. Moreover, once the random sample of individuals is identified, we then include the credit records of all individuals living at the same address, so the panel can be used to analyze new loan originations, balances, and delinquencies at the household level. Consumer debt traditionally has been measured at the individual level, but most economic decision making is done at the household level. In fact, consumer income and assets are commonly measured and analyzed at the household level. For studying household economic behavior, and in particular for understanding life-cycle household finance, it would similarly be more useful to examine debt and credit aggregated at the household level. It may also be important to consider the distribution of debt within households. Beyond the ability to link individual consumer and household-level loans over time, the panel improves on typical loan-level datasets by linking multiple loans to the same consumer. Thus, at each point in time, one can see whether the individual holds multiple first mortgages or a combination of first and second mortgages while at the same time holding various types of non-mortgage debt.

A striking development, however, has been the progressive convergence of liquidity provision frameworks, even if  2  BIS Review 63/2008  technical modalities remain, and will remain, country-specific. There has been a general move towards a lengthening of maturities, a broader range of collateral and a wider list of counterparties. A clear and strong distinction has been preserved everywhere between liquidity provision, on the one hand, and monetary policy, on the other. In the euro area, the policy rate has been maintained unchanged, even if, at the same time, liquidity has been provided to the interbank market. Indeed, the bulk of liquidity injections since last August has been aimed at aligning the timing and maturity of the liquidity supply with a changing demand within the reserve maintenance periods, in order to stabilise the very short-term interest rate. As I have already pointed out, a standard result in economic theory (William Poole’s paper from 1970) states that, when demand for central bank money is uncertain, then it is optimal to stabilise the short-term interest rate, letting money supply adjust endogenously. We are, by no means, in totally safe territory. The conjunction of inflationary pressures and residual financial instability will prove, in times to come, very challenging for policy-makers. But we can rely on our experience and the lessons learned during the last few months to try and steer the world economy through its current troubles. BIS Review 63/2008  3
These five Principles encapsulate values that are crucial for the well-functioning of Malaysia’s financial market such as professionalism, integrity, transparency, competition and good internal governance. In addition to this, the Bank also enhanced standards for corporate governance, strengthened requirements for KLIBOR rate setting and introduced a Code of Conduct for the Malaysian Wholesale Financial Markets. These are a few recent examples of initiatives aimed at promoting greater professionalism, integrity and quality service to the public, consistent with the Hippocratic Oath to ‘Do no harm'. To add seriousness in upholding ethical standards and integrity, beginning 1 January 2018, a strengthened transparency framework for our enforcement actions will also be introduced to serve as an added deterrence against misconduct. The recent findings published by the Financial Services Professional Board, based on a 2016 survey of Malaysian banking professionals, are sobering. 23% of respondents observed that supervisors reward behaviour derived through unethical means. Another 15% expressly stated that they would act unethically when not being watched or monitored. These disheartening results are a clear manifestation that our journey is far from over and that, much more needs to be done to further strengthen the character within the banking community. There are economic consequences related to ethical choices. It is not a subject of discussion reserved only for the morally enlightened. The consequences are real. They can be dire and they can be expensive. The 2008 financial crisis alone cost the U.S. economy more than USD22 trillion.

I have chosen this topic because over the past few months, the Hong Kong Monetary Authority (HKMA), together with the Securities and Futures Commission (SFC) and the Financial Services and the Treasury Bureau, has been working very closely with the Hong Kong Association of Banks (HKAB) on what Hong Kong should do to take the private banking industry to the next higher platform. I would like to take this opportunity to share with you my views on the steps Hong Kong needs to take to develop as the premier private banking hub in Asia. To start with, I want to talk about some facts relevant to Hong Kong’s realisation of this aspiration. Hong Kong’s strengths to be a leading private banking centre Wealth in Asia-Pacific is growing exponentially. According to industry research, the region accounted for half of the growth in global wealth from 2010 onwards. In particular, China was the second top contributor to the growth in global wealth after the US.1 In 2011, there were about 30 million millionaires worldwide. Among these, about 20% were from Asia-Pacific.1 This trend is likely to continue. It is estimated that global wealth will rise 50% further by 2016.1 This is hardly surprising in that the International Monetary Fund forecasts that, emerging Asia, led by China, will contribute almost 60% of the world’s GDP growth by 2016.
180  International Liabilities  160 140 120  100 80 60 40  20 0 Region  CEE 2007-2005  2012-2008  SEE Baltics 2015-2013  Source: International Monetary Fund, Balance of Payments Statistics. Data from the balance of payments statistics used as an indicator for the capital inflows in the region point that overall capital flows have continued, but at a much slower pace compared to the pre-crisis period. The slowdown is visible in the most recent period, as well. Thus, during 2013-2015 the capital inflows for the region on average amounted to around 12 % of GDP, compared to a cumulative growth of 38 % of GDP in 2008-2012 and 67 % during 2007-2005. The largest slowdown is observed for the CEE group of countries, where capital inflows almost stalled. Chart 8: Components of capital inflows, cumulative change in p.p.

Thus, in countries like Albania, Croatia, and Macedonia as well, the growth of household’s deposits is tepid. In the first two countries, the average growth rate is around zero in the last four years, while in Macedonia, although the growth rate is positive, a slowdown is observed in 2015 and 2016. In the Macedonian case, a comparison of household’s savings and its fundamentals was conducted, and the analysis revealed that the slowdown cannot be explained by the change in the disposable income, nor by other savings alternatives. Hence, some country-specific factors – political instability, and the drop in the interest rates were detected as possible causes for the slowdown. Chart 6: Annual growth in % 100  Deposits of households  75 50 25 0  average -2005-2007  average -2008-2012  average - 2013-2016  region avg  SLO  SRB  ROM  POL  MKD  LIT  LAT  HUN  EST  CZR  CRO  BUL  BIH  AlB  -25  2016  Source: Central Banks’ internet pages. Apart from the interest rate channel, quantitative easing is another possible spillover channel of ECB policy that so far has not been subject to a wide research. The expected outcome of the ECB assets purchase programs for the region would be allocation of part of the liquidity on the CESEE financial markets, enabling increase of the cross–border capital flows, compression of the longer term yields, of the government in particular and possible increase of the stock market indices.
Although the US foreign liabilities exceed the assets by over USD 2.5 trillion, the current account income balance of the US in 2005 was positive. This has led  1  As presented by A. Blinder and R. Reis in „Understanding the Greenspan Standard”, presented at the Fed conference in Kansas City in August 2005. (Economic Performance in the Greenspan Era: The Evolution of Events and Ideas). An example of such delays in the possibility of recognising a certain phenomenon is the rapid acceleration of the growth trend in labour productivity in the USA in mid-90s. The former Federal Reserve President Alan Greenspan formulated a thesis that such an acceleration took place in 1995, whereas econometric models where capable to show it only after five years from its occurrence. BIS Review 19/2006  1  to creation of a new hypothesis, according to which the USA exports “dark matter” 2 . It claims that, since the US revenues on foreign assets are higher than the costs of servicing of foreign liabilities, some “other assets” must exist which, being measured incorrectly in the statistics, affect the “real” international investment position of the USA, which is not negative. In such a case, the US current account deficits observed in the recent years would be a statistical illusion. The aforementioned concept has stirred a very lively debate and has been forcefully criticised by many economists, including Willem Buiter 3 , a former EBRD chief economist.

The draft standard on risk management for new bond issuances sets out principles to mitigate risks around selection and formation of reference rates. The FMSB’s Statements of Good Practice, such as for surveillance of FX markets, provide more detailed guidance and worked examples to help set expectations. The FMSB is also scanning the horizon for future misconduct risks, including through its innovative behavioural cluster analysis. Rightly, given rapid changes in underlying market structure, this process has prioritised work on vulnerabilities arising from fast automated markets. Will These Standards and Codes Make a Difference? We know from history that codes are of little use if nobody reads, follows or enforces them. Why should the FMSB’s efforts be expected to help reverse the tide of ethical drift? Indeed, given the long history of misconduct, aren’t such efforts akin to King Canute rebuking the waves? 8  I’m more optimistic that the tide will turn because the FMSB is part of a much broader effort by UK authorities and market participants. Together, we have created a comprehensive and mutually reinforcing set of measures that strengthen the hard and soft market infrastructure. The resulting incentives give FMSB standards moral force and practical consequence. First, in the FMSB’s core work, the best in the market are taking responsibility for identifying and codifying best practice, in a way that complements and reinforces existing regulation. The FMSB now convenes senior participants from fifty global issuers, underwriters, asset managers, exchanges, custodians and investment banks.
It will help to avoid redundant and unco-ordinated approval and validation work, thereby reducing the implementation burden on banks, and conserving supervisory resources. In this regard, the Committee’s Accord Implementation Group continues to encourage practical work among supervisors on applying Basel II effectively and efficiently to internationally active banking organisations. The AIG is currently working with supervisors of different areas of the world to conduct a number of “real case” studies to gain better insight into the practicalities of co-operation between home and host supervisors. In this context, if you will permit me, I would like to speak from my perspective as a European banking supervisor, and pick up on the statement I made at the beginning of my intervention. As I said, I believe that Europe is in a unique position to lead the way in the cross-border implementation of the  BIS Review 3/2005  3  new framework and to make faster and more tangible progress than is currently possible on a wider international basis. I think we need to seize this opportunity with both hands, because it will not just benefit us in the EU, contributing to the fulfilment of the Lisbon objectives, but, I believe, will also have a positive impact beyond our borders. We have two major advantages in this respect. Firstly, the division of supervisory responsibilities between our countries is embedded in our common single market legislation in the banking field, founded on harmonisation and mutual recognition.

Looking forward, we continue to expect inflation rates in the euro area to be in line with price stability over the policy-relevant medium-term horizon, thereby supporting the purchasing power of incomes and savings. After today’s decision we consider risks to price stability over the medium term to be broadly balanced. This takes into account the latest economic data releases and survey information, which add clear further evidence to the assessment that the euro area is experiencing a significant slowdown, largely related to the effects of the intensification and broadening of the financial turmoil. Both global demand and euro area demand are likely to be dampened for a protracted period. Monetary expansion is moderating further, supporting the assessment that inflationary pressures and risks are diminishing. All in all, the level of uncertainty remains exceptionally high. The Governing Council will continue to keep inflation expectations firmly anchored in line with its medium-term objective of inflation rates below, but close to, 2%. This supports sustainable growth and employment and contributes to financial stability. Accordingly, we will continue to monitor very closely all developments over the period ahead. Allow me to explain our assessment in greater detail, starting with the economic analysis. Since September 2008 the financial market turmoil has intensified and broadened. Tensions have increasingly spilled over from the financial sector into the real economy. As a result, economic activity throughout the world, including in the euro area, has weakened further.
Somewhat paradoxically, bearing in mind how slow progress has been, the objectives of attracting institutional investors, improving the allocation of resources, introducing a safe European asset and reinforcing the international role of the euro are more prevalent than ever. Specific progress, though limited, has at least been made. For instance, most work in terms of the EU-wide harmonisation of investment and saving products has now been agreed, including the definition of a pan-European individual pension product. 9/10  However, the complexity of the project calls for greater regulatory and fiscal harmonisation efforts, in particular regarding the taxation of capital. As a case in point, in the EU there are still more than 90 types of forms in different languages for tax refunds. This might seem rather unimportant but, often, these administrative formalities are a major obstacle to investment by market participants. Against this background, mention may be made of the report published in October 2019, during the Finnish presidency, by the so-called ´Next CMU group´8. This comprised highlevel representatives of industry who, at the request of the EU finance ministers, evaluated the progress of this project, proposing a series of measures in order to re-launch it.9 Conclusion. Allow me to conclude. Throughout its history, the EU has moved towards a greater level of economic and political integration that has provided clear social and economic benefits. Yet the pace of this movement has not been constant.

2  See, for example, Reinhart and Rogoff, 2011 A further breakthrough relating to the Single Resolution Mechanism was in December 2018, when the European Stability Mechanism was recognised as backing for the Single Resolution Fund, both for solvency and liquidity. 4 https://ec.europa.eu/commission/sites/beta-political/files/5-presidents-report_en.pdf 3  5/10  The EDIS as the third pillar of the Banking Union. I believe the following sentence captures in a nutshell a foundational problem of the euro. A common currency should be the reflection of a single financial system; accordingly, the same euro deposited in different banks should have the same backing and confidence, irrespective of the euro area country in which each bank is domiciled. In this respect, the start-up of the SSM and of the SRB is a significant achievement. But we should acknowledge that while deposits do not have identical backing throughout the Banking Union, we cannot consider the edifice to be complete. It is an acknowledged fact that we continue to lack one of its three fundamental pillars: the European Deposit Insurance Scheme (EDIS). Any construction needs at least three pillars to ensure its structural soundness. Likewise, I believe the EDIS would contribute to increasing the stability of the Banking Union, particularly at times of stress, which is when the resilience of structures is tested. The EDIS would have a forceful impact on citizens’ confidence.