samchain/econo-pairs-v1 huggingface dataset:
Some thirty years ago, the founders of the Committee recognised the growing need for cooperation and consistency in the supervision of internationally active banks. As we prepare to adopt a new capital framework, we know that we supervisors will need to cooperate even more in the future to supervise an internationally active bank’s adoption of the more advanced approaches to credit or operational risk. The Accord Implementation Group was created under the leadership of Nick Le Pan, the Canadian Superintendent of Financial Institutions, precisely to share experiences and approaches to applying the new rules. By sharing information on practical matters, we expect that supervisors will apply the New Accord more consistently at home, thereby promoting a more level playing field across countries as well. Based on the AIG’s work to date, the Committee published a paper this past August on the “high level principles for the cross-border implementation of the New Accord.” In this paper, we reiterate our view that the traditional allocation of responsibilities to home and host supervisors will continue. Cooperation will be critical to the effective supervision of institutions under the New Accord, especially considering the challenges an internationally active bank will face in receiving the initial approval to adopt, and then validate, advanced approaches to credit and operational risk at home and in host jurisdictions. Similarly, supervisors will need to find practical ways to cooperate in the evaluations of capital adequacy under pillar 2 and ongoing reviews of compliance with the minimum operational requirements of the New Accord.

When the krona appreciates, this has both a direct effect on inflation, which is pushed down when import prices fall, and an indirect effect in that the demand for Swedish-produced goods and services is affected negatively. Strong krona contributes to low inflation The possibility for monetary policy to steer the exchange rate is limited, but there is nevertheless reason to believe that the krona has become stronger than it would otherwise have been because of our leaning against the wind. If foreign exchange market participants see an increased difference between the yield on a Swedish treasury bill and the yield on foreign equivalents, the Swedish treasury bills and thus the Swedish krona will be more attractive and therefore more expensive – that is, the krona will appreciate. Although it is difficult to see clear links between observed exchange rates and interest rate differentials, a positive interest rate differential usually coincides with a strong krona (see Figure 1). The difficulty in seeing clear links is due to expectations having considerable significance for trade on the financial markets. The market rates and the krona rate do not change when the Riksbank makes its repo-rate decisions, they change when market participants’ expectations of future repo-rate decisions change. Figure 1.
Many of my friends in the real economy say that the Czech Republic is a country where everything is produced, from wings for Airbus and Embraer aircraft (we are also the biggest producer of ultralight planes in the world, for instance), through turbines, cars, buses, locomotives and guns to bearings, brushes and semtex. Whatever you need to produce you will always find at least one factory capable of making it, the anecdotic evidence seems to be suggesting. As exports obviously feed this country, and as we are so close to Germany and the Germanspeaking world, you won’t be surprised to learn that Germany is by far our biggest trading partner, with more than 30% of our exports going there and with the biggest proportion of foreign investment in the Czech Republic coming from Germany. (The UK is roughly the tenth or eleventh biggest source of investment for this country.) But you might be surprised when I tell you that the Czech Republic is one of the few countries in the world that has a trade surplus, not a trade deficit, with Germany. This is also quite unique. But it’s not all about the economy, so let me turn to a couple of small curiosities which might be of interest for this audience. I believe some of you use contact lenses, which were invented by the Czech scientist Otto Wichterle, as well as nylon, for instance. The Czech scientist Jan Jansky was the first to classify blood into four groups.

This goes back to the 19th century, to the time of the Austro-Hungarian monarchy, when this part of the empire used to be its industrial undisputed powerhouse. This tradition has survived through wars and totalitarian regimes to the present day. Even now, the Czech Republic is the country with the highest ratio of industrial production to GDP in the whole of the EU and the ratio is higher than in Germany, a fact which many do not know. And it has actually been rising rather than falling over the last 10 years or so. This is manifested in the fact that the Czech Republic is the second biggest producer of cars per head in the world. Moreover, the Czech Republic and Slovakia – which formed a single state until 1993 – are together by far the biggest car-producing countries in the world in per capita terms. With 150 cars produced per every 1,000 citizens these two countries are well ahead of South Korea and Germany combined in per head metrics. So whenever you drive your Skoda, Hyundai, Peugeot, Kia, Volkswagen or even Porsche, don’t be surprised to learn that they were actually manufactured within a radius of 300 kilometres of Prague. By the way, Ferdinand Porsche, the 1/2  BIS central bankers' speeches  founder of the Porsche car manufacturer, was also born here, 100 kilometres north of Prague.
Having grown steadily before the pandemic, our exports accelerated and increased sharply after the pandemic, reaching USD 126 billion in the first half of 2022, up nearly 20% year-on-year. This marks a historical high for our exports in the first six months of any year. 3/5  BIS - Central bankers' speeches  We identify three main reasons for our record-breaking export performance despite the armed conflict between our major trading partners. First, we see that Türkiye has become a key trade hub thanks to its increased relative advantages in the reshaped global market after the pandemic. Second, we observe that our exporters have the capacity to adapt rapidly to changing conditions by covering diverse products and destinations thanks to their resilient and flexible structure. I would like to discuss this point with you in more detail. As you know, Turkey has a much stronger export structure compared to many similar, neighboring or regional economies. This is supported by the high share of manufacturing in exports and the diversity of the number of destinations and exported products. The destination and product diversity of our exports doubled in 2022 compared to 2006. Around 29% of the increase in our exports between 2015 and 2022 was generated by new markets. The flexible and dynamic structure of our exporters protects our economy against external shocks. Our companies' flexibility in introducing new products and finding new markets allows them to compensate for possible losses in adverse conditions, including the current armed conflict.

It is vital that the commitments made to achieving balanced budgets by 200304 be firmly followed up in the Member States concerned. A continuation along the path of fiscal consolidation is essential, as is vigilance in ensuring strict adherence to the medium-term plans and rigorous implementation of the procedures of the Stability and Growth Pact. Equally, the expected recovery should be seen as an ideal opportunity to strengthen efforts towards implementing comprehensive structural reforms – in public expenditure and revenues and product, labour and financial markets. Heads of State and Government confirmed this objective during their recent meeting in Barcelona. If implemented vigorously, such reforms could increase the growth of real GDP and employment on a sustainable basis. Past improvements in the functioning of markets, together with wage moderation, have contributed to strong employment growth and a considerable reduction in unemployment. It is therefore clearly in the interest of all countries to continue to rigorously implement the agenda agreed in Lisbon and recently confirmed in Barcelona. We are now at your disposal for questions. 2  BIS Review 22/2002
Currently, 18 currencies are allowed to settle through CLS. The CBC along with CLS and the banking sector are working to make the CLP the 19th currency of this system. In addition to acting in accordance with its financial stability mandate and contributing to the development of the Chilean financial sector, the promotion of this initiative further support the internationalization of the CLP. Page 16 of 20  Central Bank of Chile September 2019  The reduction of settlement risk of the FX transactions through a PvP settlement in CLS is just one of the benefits of the system. Moreover, CLS reduce the liquidity needs of its participants through the use of multilateral netting, and enhance confidence, particularly in times of financial stress. From a more general perspective, a satisfactory CLS due diligence process along with a broad international participation trading in the CLP, will be a strong signal of the development and competitiveness of the Chilean financial markets. The process for the Chilean peso to become the first South American currency on CLS has started. Last July, we received the visit of CLS executives who had conversations with market participants and fruitful discussions at the CBC. After that visit, CLS and the CBC started the due diligence process. During this phase, the actions from the public and private sectors are essential. Nevertheless, a successful process should not be over before the end of 2021.

Mojmír Hampl: The EU banking industry Speaking points by Mr Mojmír Hampl, Vice Governor of the Czech National Bank, at the European Economic Congress “Section: Banking Industry in the EU”, Katowice, 15 May 2012. *  *  *  “Dzen dobry” – this is unfortunately the only thing I can credibly say in Polish, so the rest will be in my imperfect English. Thanks to the organizers for the invitation and for the opportunity to participate in such a distinguished panel. It is my first time here and I can only hope not the last one after I finish my presentation. Given the time constraints I will focus on a just a couple of quick points to stimulate the debate. My key point is: Let’s not repeat the same mistakes again and again. What I mean is this: Since the onset of the current crisis there has been a constant push for a more pan-European, or “federal-like”, approach to the regulation, supervision and potentially also resolution of the financial industry in the EU. The famous de Larosière report and all its consequences, such as the three new pan-European supervisory agencies, are just direct results of this push and this way of thinking. Some may recall that the Czech authorities were quite reluctant to accept this approach and also the final compromise which brought these agencies into existence, and we believe we had good reasons for this.
If these risks are present, then we should face up to the issue with tougher standards and enhanced supervisory oversight rather than leave the issue unaddressed. This has to be a superior approach relative to pretending these firms could not be TBTF and the problem doesn’t exist. Policy measures to reduce the adverse systemic consequences from failure Because no plausible level of capital and liquidity standards will be sufficient to reduce the probability of failure to zero, it also makes sense to work on the other major margin – to reduce the cost of the failure of a large, complex financial firm. We can do this by making changes so that such failures are less likely to impair the functioning of the broader financial system. In this area, although many initiatives are in train, I would conclude that we are still very far from where we need to be. One simple but meaningful step that already has been enacted is to put a brake on the ability of the largest and most complex firms to become even larger and more complex. To this end, the Dodd-Frank Act adds “the risk to stability of the U.S. banking or financial system” as an additional factor to be considered in evaluating a proposed merger or acquisition under the Bank Merger Act and the Bank Holding Company Act. As Governor Daniel Tarullo discussed in a recent speech, there is not a hard and fast rule to be applied here.

Ultimately, if risks materialise, could one of the options be a further extension of the programme into 2019? As our President, Mario Draghi, said last week, the asset purchase programme is now an integral part of our “toolbox". It is definitely an option, but, last week, we announced our anticipation of the end of net asset purchases, which reflects our confidence that inflation is on course to reach levels below, but close to, 2% over the medium term. Well, are you being vigilant? We are alert to the tail risks that may, for example, stem from protectionism and, potentially, from an associated sharp fall in confidence. Might another option be to increase the monthly pace of purchases for the last three months of the year, to purchase more than € billion, if the situation deteriorates? The asset purchase programme remains an integral part of our “toolbox". This being said, our monetary policy decisions altogether maintain the current ample degree of monetary accommodation that is still needed for inflation to converge towards our aim. This includes, first, our enhanced forward guidance on interest rates, which we expect will remain at their present levels at least through the summer of 2019 and in any case for as long as necessary, and, second, our very large stock of assets for which we intend to reinvest the principal payments from maturing securities. The reinvestment policy plays a very important role, as the amounts are sizeable. How long will the reinvestments last?
Stock markets’ centre of gravity has undeniably shifted from Europe to the US. 1 In 1900, railway shares accounted for 63 percent of the US stock market and 50 percent of the UK stock market, while today, these shares account for less than 1 percent. New industries have emerged and industries already established in 1900, such as telecommunications, have changed radically.2 In the course of these past 100 years, global equity markets have experienced the Great Depression of the 1930s, the Second World War, the oil price shock followed by stagnation in the early 1970s, the dotcom crash in 2000and the financial crisis ten years ago. The management of the GPFG must have a long-term perspective that extends just as far into the future. We do not know which companies or countries the fund will be invested in 100 years from now, but we do know that investments will have to change over time. We must also expect that the return on the GPFG will fluctuate substantially in periods and that the fund will have to be managed through future dramatic events. What we do not know is when, how or why such events will occur. Maintaining stable management of the GPFG requires sound management of financial risk. An important feature of the fund’s strategy is diversification, where the fund’s capital is invested in many different assets worldwide, reducing the vulnerability of the fund’s return to developments in individual companies, sectors or countries. Nevertheless, diversification cannot shield the GPFG from crises that have a broader impact.

The merger of the Dow Jones Islamic Index for Malaysia and the existing RHB Islamic Index, besides achieving some form of economies of scale with reduced duplication of efforts, will have the significant added advantage of both international and domestic recognition. Moreover, as one of the leading countries that support the growth and development of Islamic financial markets, it is most appropriate for the development of the index to be part of the Dow Jones Islamic World Index. Within a global index such as the Dow Jones Islamic World Index, the inclusion of the Dow JonesRHB Islamic index will increase the potential for further investments into Malaysian Islamic equities. Malaysia is well positioned to benefit greatly from this as the infrastructure and marketplace for Islamic financial instruments and investment has long been developed. Indeed, in our equity market, more than 80% of the counters in Bursa Malaysia or previously known as the Kuala Lumpur Stock Exchange, are Syariah compliant. Ladies and Gentlemen, Certainly, the development of benchmark market indices is an important part and parcel of the continued progress, contributing to the further deepening of capital markets. Two particular areas of heightened focus are in the regional bond market and international Sukuk market. In the region, the Asian Bond Fund 2, launched by the EMEAP central banks in December 2004, is aimed at promoting the further integration of the regional countries' bond markets and the creation of a new asset class for Asia and global investors.
At some point – and no-one could know at all precisely at what point – demand in the US would begin to outstrip supply and the growing external imbalance between the US and the rest of the world would become unsustainable; relative asset prices – including the dollar’s exchange rate – would over-discount prospective US corporate earnings growth and both equity and foreign exchange markets would then become vulnerable to abrupt correction. Against that background it has been clear for some time that there needed to be a slowdown in the growth of the US economy to a rate which was more sustainable, both in the US itself but also in terms of the imbalance within the global economy – and the debate turned to whether it would come  BIS Review 1/2001  1  as the “soft landing” we would all welcome or a more disruptive “hard landing” which we could all well do without. And slowdown, of course, is what we have seen over the past six months. In the third quarter US GDP growth fell to an annualised rate of some 2¼% - less than half that in the earlier part of last year, and much of the more recent data suggest a further weakening.

I would not venture to suggest how these – and all the other developments we look at – will influence our next forecast in February; and it would be pointless to anticipate possible future policy decisions. I would be surprised if they radically altered the broad prospect of relatively steady progress over the next two years. But I can assure you of one thing: if the prospect – or the balance of risks around it were to change significantly – either in the context of our February forecast or subsequently – we will promptly react to that change. Despite the fact that we left interest rates on hold again last week, we have certainly not gone to sleep! We cannot guarantee that we will always remain as close to the symmetrical inflation target as we have been in recent years – the uncertainties as I have explained are too great for that degree of confidence. But that remains our aim. And I will be happy to report back to you again at your next dinner. Let me, Mr President, just conclude by congratulating you and the Chartered Institute on your achievements – not just over the past two years though I do congratulate you on that, especially, if I may, on your introduction of your new Chartered Banker qualification. But I congratulate you more broadly on your achievements over the whole 125 years since your foundation.
9  For the economists amongst you let me be more a little more precise: one would expect an impact on average unit labour costs but not on the marginal costs that matter for inflation. Suppose workers are paid wages equal to their marginal revenue products. In that case, all else equal, an extra job will have no impact on the ratio of the two (marginal costs). It will also have the same impact on aggregate output, in levels terms, as on aggregate wages. But because output is bigger than wages – GDP also includes gross capital income – the proportionate effect on output will be smaller, by a factor equal to the capital share of income (around a third). So when the compositional effects are positive – say they add 1% to average wages – you’d expect a slightly smaller proportionate rise in average productivity (around 2/3%) and a small rise, of around 1/3%, in the ratio of wages to productivity (average unit labour costs). BIS central bankers’ speeches  7  Bernanke, Ben S. and Powell, L. James, 1986, “The Cyclical Behavior of Industrial Labor Markets: A Comparison of the Prewar and Postwar Ears.” in: R.J. Gordon, ed., The American Business Cycle, Chicago: University of Chicago Press Chassamboulli, A., 2011, “Cyclical Upgrading of Labor and Employment Differences across Skill Groups”, B E Journal of Macroeconomics Goos, M. and A. Manning, 2007, “Lousy and lovely jobs: the rising polarisation of work in Britain”, The Review of Economics and Statistics Nickell, S., 1979.

On an annual basis, cobalt output at 8,781.85 mt was 49.4% higher than the 5,879.14 mt of cobalt produced in 2009. The improvement in output was due to the resumption of production at Konkola Copper Mines and Chambishi Metals Plc. Manufacturing 20. During the quarter under review, production of clear beer by Zambian Breweries Plc increased by 6.2% to 237,458 hectolitres from 223,607 hectolitres the previous quarter. Further, this output was 46.7% higher than the 160,820 hectolitres produced in the corresponding quarter of 2009. On an annual basis, output of clear beer at 727,191.0 hectolitres was 27.6% higher than the 569,771.0 hectolitres of clear beer produced in 2009. 21. Similarly output of soft drinks by Zambian Breweries Plc rose by 28.8% to 163,848.0 hectolitres from 127,244.0 hectolitres in the previous quarter. Moreover, this output level was 45.3% higher than 112,722.0 hectolitres produced in the fourth quarter of 2009. On an annual basis, output of soft drinks at 561,910.0 hectolitres was 49.1% higher than the 376,747.0 hectolitres of soft drinks produced in 2009. 22. Production of milk by Parmalat Zambia Ltd during the quarter under review rose by 10% to 8,613,737.0 litres from 7,830,878.0 litres in the third quarter of 2010. Further, this output was 5.3% higher than 8,178,335.0 litres of milk produced during the fourth quarter of 2009. On an annual basis, output of milk at 32,456,505.0 litres was 8.2% higher than the 29,984,030.0 litres of milk produced in 2009. 23.