samchain/econo-pairs-v1 huggingface dataset:
This level will still provide solid profitability for many investment projects in the petroleum sector and continued large surpluses on the current account and in government finances. The krone exchange rate, measured against our most important trading partners, has appreciated by about 7 per cent since the spring of 2000. However, the krone exchange rate is about 2.5 per cent weaker than in 1990 and at the same level as in the mid-1990s. Traditional merchandise exports remained high in the first half of 2001 but exhibited a weaker trend in the second half of the year. Foreign trade figures for the fourth quarter of 2001 indicate that the decline in export volumes may have come to a halt, although export prices are still falling. Consumption indicators suggest strong growth in private consumption. Credit growth has slowed somewhat due to reduced borrowing by enterprises. Household borrowing, on the other hand, has increased further. Developments in debt may also influence financial stability. Although borrowing by enterprises appears to be declining, their debt burden remains high. This reduces enterprises’ ability to cope with downturns. The household debt burden is increasing, but the level is low. These developments are due in particular to the housing market, with high turnover and high price rises. Experience shows that private sector debt tends to increase at a particularly fast pace during upturns. Higher asset prices may be a driving force.

In a recent report, the Malta Competition and Consumer Affairs Authority made a number of recommendations to address issues primarily related to price transparency, barriers to expansion and consumer mobility in view of improving competition and borrowing costs for SMEs. Bank charges on SME loans and charges for credit transfers need to be revised downwards to facilitate access to finance and also to encourage the use of electronic money, which would ultimately result in lower processing costs to banks. BIS central bankers’ speeches  7  Chart 9 – Credit growth to households and businesses  In keeping constant focus on maintaining competitiveness, the Government took a significant step by committing itself to set up the Malta Development Bank. Preparatory work on the establishment of the Bank is well advanced. The development bank will strengthen and diversify the local financial base and will contribute to economic growth by funding sectors and projects that are not catered for by commercial banks on their own. It will provide attractive wholesale financing and risk sharing facilities. It will be a powerful tool to bring to realisation more economically feasible projects. The delay in tackling non-performing loans (NPL) on the bank’s books is another factor that puts a drag on credit growth and reflects a dimension of credit risk that should be resolved. An efficient judiciary system that deals with insolvency cases in a timely and cost efficient manner facilitates credit risk management by bringing down the stock of NPLs.
As a result of the devaluation policy, it became increasingly difficult to keep inflation in check. Wage earners tried to compensate themselves for the reductions in real wages, and firms had little reason to resist; everyone believed that the krona would be devalued if price and wage inflation became too high and competitiveness was threatened. The expansion of the public sector contributed in turn to a rise in the tax burden that was unsustainable in  2  BIS Review 59/2004  the long run. One way of putting it is that the devaluations and the increase in public sector employment allowed us to put off dealing with our employment problems. Monetary policy and employment in the long term The crucial insight when discussing unemployment and jobs - an insight which has firmly rooted support in decades of economic research and practical experience - is that loose monetary policy cannot be used to bring about a lasting rise in employment. The best that monetary policy can do is to reduce the fluctuations in the cyclically determined component of unemployment. Consequently, it’s not possible to create lasting jobs by systematically keeping interest rates low, weakening the exchange rate and allowing inflation to rise. In other words there is no opposition between a target for inflation at the levels pursued by most central banks today and a policy of high employment. In order to reduce unemployment permanently, attempts must be made to influence the structural component of unemployment, i.e.

Four factors seem to have been especially significant: •  At the beginning of the period with an inflation target, particularly in 1996, the CPI was affected considerably by the dramatic decline in interest rates that ensued when the credibility of the new regime was established. •  On a couple of occasions in the past years, rapid rises in energy prices in particular, but also in food prices, have pushed up inflation. The rises were essentially related to supply factors, such as water shortages in hydroelectric power companies’ reservoirs. The effects were judged to be temporary, which also proved to be the case. •  During certain periods, not least recently but also in the latter part of the 1990s, imported inflation has been unexpectedly low. •  At the end of the 1990s and the beginning of this decade, productivity growth has been unexpectedly robust. It is interesting to note that during several periods when inflation was below target, monetary policy was clearly loose at the same time as GDP growth was high. But in spite of this, inflation has been too low. What has happened above all is that unexpected supply changes have dampened inflation. This has been a global phenomenon to a large extent; in other words, a situation that we have shared with other countries.
The gap between richest and poorest region is around 150%. For wealth per household, the North-South divide is also large, with a gap between richest and poorest of 130%. These are striking differences. But are they unusual compared either with the past or other countries? 6  All speeches are available online at www.bankofengland.co.uk/speeches  6  Chart 2: Cartogram of UK income per head  Sources: Eurostat and Bank calculations. Notes: Purchasing power standard (PPS) per inhabitant for NUTS 1 regions. 7  All speeches are available online at www.bankofengland.co.uk/speeches  7  Chart 3: Cartogram of Great Britain wealth per household  Sources: ONS Wealth and Assets Survey and Bank calculations. Notes: Data refer to 2014-16 for NUTS 1 regions, re-sized and coloured by median household wealth. No equivalent data available for Northern Ireland. 8  All speeches are available online at www.bankofengland.co.uk/speeches  8  On the first of those, Chart 4 plots the distribution of income per head across UK regions on three dates: 1997, 2007 and 2016. All of the distributions are centred on mean levels of income in 2016. This suggests a modest increase in the degree of regional income dispersion over time. The 2016 distribution has somewhat fatter tails, lower and upper, than in earlier periods.12  Chart 4: Distribution of UK income per head over time (mean-aligned)  Sources: ONS and Bank calculations. Notes: Chart shows regional gross disposable income for different time periods at current basic prices, centred around the 2016 mean.

Importantly, it improves the decisions they make, nationally and locally, governments and citizens. Weather is by no means a unique example. Micro-level data, digital twins and massive-scale simulations are being used to better understand all manner of other systems at all manner of resolutions – from the sub-atomic scale when seeking the Higgs-Boson, to the global scale when modelling flows across oceans, the world wide web and galaxies. All have benefitted from drawing on mass micro-level data, crowd-  sourced, centrally-stitched, micro-to-macro. Until recently, fewer such high-resolution data existed when it came to tracking flows of goods and services, people and money through our economy. That is changing. These data increasingly exist in companies, whose management systems capture activity in close to real time. They exist through now-ubiquitous  sensor, camera and satellite technology. And they exist in governments, local and central, in the form of administrative data on people, goods and money flows. Increasingly, these data are being put to use to understand the economy.40 In the UK, the Office for National Statistics recently started publishing a range of high frequency economic indicators, based on such sources as administrative data on VAT returns and geospatial data on traffic flows. The Bank has made increasing use of these sorts of data in its own real-time assessment of the economy. Let me give a couple of examples. One topic attracting attention recently has been the economic consequences of a disruptive Brexit.
The STRs submitted are 2  BIS central bankers’ speeches  valuable to us and to law enforcement agencies. Based on the feedback that we received from the law enforcement agencies, the STRs submitted have provided leads to their investigation and have resulted in the number of joint initiatives. More than 70% of the STRs disclosed to the enforcement agencies have resulted in the opening-up of Enquiry Papers or Investigation Papers. The remaining of the information disclosed will be is used as part of the database for future investigation. Compliance with AML/CFT law and regulations in the financial institutions require high commitment from all level of staff, particularly the front-liners. Non-compliances will be seriously dealt with. At the international level, we have witnessed banks been penalised to the tune of billion of dollars for failure to comply with AML/CFT law and regulations. In Malaysia, we have also taken and will continue to take strong actions on banks that failed to comply and implement AML/CFT law and regulations. With the implementation of the Financial Services Act, there are various forms of enforcement actions that can be taken by Bank Negara Malaysia including private and public reprimand. In terms of the penalties, the amendment to the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFA) that came into force on 1 September 2014 had increased the penalty amount.

Encik Abu Hassan Alshari Yahaya: Continuing efforts to combat money laundering and terrorism financing in Malaysia Keynote address by Mr Encik Abu Hassan Alshari Yahaya, Assistant Governor of the Central Bank of Malaysia, at the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) Compliance Conference 2014, Sesana Kijang, Kuala Lumpur, 17 September 2014. *  *  *  It is my great pleasure and honour to welcome all of you today to our annual Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) Conference. Today’s line up of programme and most importantly, your presence here today underscores our continuing efforts to combat money laundering and terrorism financing in Malaysia and the critical importance of the role that financial services industry contributes in supporting regulators, government and law enforcement to tackle and mitigate the threats. I am pleased to note that today we have close to 350 participants representing banking, insurance, takaful, investment and securities industries in Malaysia. I also would like to take this opportunity to express my appreciation to all the speakers and moderators for your willingness to share knowledge and views for the two concurrent sessions that we will be having later this morning. Money laundering is a serious global problem Money laundering is a serious global problem. At the global level, the International Monetary Fund (IMF) estimated the extent of money laundering to be at 2% to 5% of global GDP.
1 Financial Integration and Structure in the Euro Area: https://www.ecb.europa.eu/pub/fie  /html/ecb.fie202003~197074785e.en.html#toc1 2 4 Challenges for the financial industry and the best tech solutions to fight them, Rocky  Osborn, November 2020. 3 Financial Stability Review, November 2021:https://www.ecb.europa.eu/pub/financial-  stability/fsr/html/ecb.fsr202111~8b0aebc817.en.html 4 EU structural financial indicators: end of 2020: https://www.ecb.europa.eu/press/pr  /date/2021/html/ecb.pr210526~7469dedaaf.en.html 5 Financial Stability Implications from the FinTech, Financial Stability Board, 27 June  2017. 6 DORA is a European attempt to streamline the third-party risk management process  across financial institutions, by ensuring that an organization can continue to guarantee the continuity and quality of its services in the face of operational disruptions in information and communication technologies. 4/4  BIS - Central bankers' speeches

3  Reinhart, C. and K. Rogoff, 2009, “This Time Is Different: Eight Centuries of Financial Folly”, Princeton University Press. 4  Gorton, G. and A. Metrick, 2009, “Securitized Banking and the Run on Repo”, NBER Working Paper 15223. 5  Reinhart, C. and K. Rogoff, 2009, “This Time Is Different: Eight Centuries of Financial Folly”, Princeton University Press. 6  Roubini, N. and X. Sala-i-Martin, 1995, “A growth model of inflation, tax evasion, and financial repression”, Journal of Monetary Economics, Vol. 35(2), pp. 275–301  BIS Review 126/2010  5
Likewise, customer deposits at a bank grow when customers make a shift in their portfolio from medium term debt certificates issued by the bank to deposits, or if they take cash to the bank and have it credited to their account. When transactions are conducted in the opposite direction, or when borrowers pay off their loan, the banks’ customer deposits decrease accordingly. Page 5/12  Let us take a step back and look briefly at what actually goes on at an individual bank. 7 A bank’s balance sheet typically contains comparatively illiquid, long-term claims such as loans on the assets side and comparatively liquid, short-term liabilities such as sight deposits on the liabilities side. The bank therefore engages in liquidity and maturity transformation, mediating between the diverging requirements of savers and investors. Savers want secure and readily available deposits, while investors need long-term loans to finance projects, which tend to be illiquid. The bank thus bears both credit risk and liquidity risk. Due to the large number of depositors and borrowers, these risks can be diversified. Moreover, with their focus on lending activities, banks have the advantage over individual savers of being better able to assess and monitor borrowers. This opens up access to loans for parts of the economy that cannot raise funds on the capital market and would hardly be able to finance their projects without a bank. By providing loans, banks therefore perform an important economic task.

But we are not content with this and aim for a further improvement. The tasks as such, the proximity to economic policy and the international dimension should be sufficiently attractive. If, in addition, we can create an environment in which people can grow and feel they are an important part of the organisation, then I believe we can do still better. There are many connections between an open, clear relationship with the outside world on the one hand and our internal work on the other. Distinct goals have helped to focus internal operations and tighten the analysis. By making things less hush-hush we have also made it possible to include more people in a realistic discussion of monetary policy, for example. We are now open to criticism of a sharper and more specific nature and that has been good for us. The Riksbank's motto, Hinc robur et securitas (Hence strength and security), which used to allude to our earlier functions as the producer of notes and coins, for example, now refers at least as much to our analytical competence, the accuracy of our analyses and our efficiency as an authority. Management with an executive board One consequence of the new Riksbank Act, effective from the beginning of 1999, was that a new Executive Board, consisting of six members, is collectively responsible for all the Bank's operations.
That said, the difficulty in resolving or limiting the discussion on some key issues for society, many of which gave rise to the process of constitutional change, has played a part in our having historically high uncertainty, which has affected the economy in different ways. For example, the low flow of new large-scale investment projects, which, according to the available surveys for the next five years is at its lowest of several years. Another example is the reaction of the Chilean foreign exchange market in July to the Fed's more restrictive message. Due to the expected impact of a further rate hike in the U.S. on world demand and the prices of commodities, these episodes usually come with a greater aversion to risk and a search for safer assets. The Chilean market, like many others, reacted in that direction, but here the response was of a much greater magnitude. Actually, there were moments in which the market presented such difficulties in its functioning that it required a foreign exchange intervention to stabilize it. The task of reducing uncertainty is long and complex, but a possible one. Clearly, the recent plebiscite does not mean the end to the challenge of having a new constitutional framework, 8  but rather the opening of a new phase. The leaders will have to guide this path, with the will to bring positions closer together and reach points of convergence that are attuned to the expectations of society.

The public authorities at home were committed to supporting the domestic economic development by pursuing stimulus fiscal and monetary policies. In the banking sector, the global financial crisis appeared mainly with the contracted paces of lending to the economy. Throughout this period, the Bank of Albania has aimed at preventing the deepening of the impact of this crisis by conducting an ease monetary policy and supplying the interbank market with necessary liquidity. During 2009 and 2010, the Bank of Albania lowered the key interest rate by 1.25 percentage points, to 5%. Also, during the major part of 2009, the banks benefited unlimited liquidity, at an interest rate equal to the key policy rate. In the meantime, before the impact of the crisis, through special regulatory acts initiated  BIS central bankers’ speeches  1  since 2006, the Bank of Albania has aimed at limiting some risks arising from banking activity, such as rapid and foreign-currency lending, by setting higher capital requirements for more exposed banks. Throughout this period, we have communicated regularly with the public at large, businesses and banking industry, to explain our actions and discuss the challenges posed to economic actors. We believe that as a result of these actions taken by public authorities and the cooperation with the financial industry, the banking sector has successfully withstood the impact of the global financial crises, remaining sustainable and maintaining positive indicators of financial intermediation.
It would seem, therefore, that no significant growth could  BIS Review 84/2005  1  be expected next year if the underlying pace of economic activity does not accelerate from this year’s level. The increase in Malta’s fuel bill is also roughly equivalent to the narrowing of the fiscal deficit achieved over the past seven years. In the circumstances, it would be foolish to allow the progress made at considerable cost to be blown away by this external shock. An attempt to cushion the increase in the oil price through borrowing may be economically justifiable in terms of sustaining the incipient recovery suggested by recent GDP data. On the other hand, any borrowing would have to be serviced; and, because it would constitute interference with market signals, it could also retard the process of economic adjustment. The only long-term remedy to counteract the effects of higher fuel prices is to expand productivity and output, and therefore incomes. Indeed, the oil price shock is another compelling reason, if one were needed, for redoubling our efforts to energize the economy. … and by a higher dependency ratio due to population ageing. The third challenge is the demographic shift caused by population ageing, such that the ratio of the working age to the dependent population is expected to shrink from almost four- to just over two-toone by the late 2020s. Some effects of this trend are already being felt this year as the first cohorts of the baby-boom generation reach retirement age.

This growth rate, in turn, would still not be sufficient to ensure convergence with the average per capita GDP of the EU twenty years from now. For this latter objective to be achieved, a real growth rate of some 4 per cent would be required. The way forward: a concerted push for faster growth These scenarios underline the urgency of achieving more rapid, sustainable growth. The longer it takes to expand the productive base of the economy, the more onerous the challenge will be. The prospects for a significant recovery in the short term, moreover, are doubtful since oil prices are expected to remain at their current high level, and the dynamic benefits of fiscal consolidation and EU membership are unlikely to exercise a marked impact on growth in the coming months. Growth forecasts for 2006 vary between 1% and 2%. The current economic situation, therefore, requires decisive action designed to produce early results. I, therefore, feel obliged once again to make a strong appeal to all the social partners not to underestimate the threat which today’s realities represent for the wellbeing of their own members, and to cooperate in the search for real, long-term solutions in the national interest. The alternative is a slow, but depressing process of stagnation.