samchain/econo-pairs-v1 huggingface dataset:
The International Islamic Liquidity Management Corporation (IILM) was therefore established in 2010 as a collaborative effort between 12 central banks and two multilateral organizations to facilitate effective liquidity management solutions through the periodic issuance of short-term Shariah-compliant financial instruments. Let me now conclude my remarks. This decade has been a defining moment for Asia, characterized by rapid global expansion and increased internationalisation. Among the  4  BIS central bankers’ speeches  important trends are the significant actions taken by many emerging economies in Asia towards increased liberalisation as well initiatives toward strengthening of cross-border linkages. Moving forward, it is essential for us to continue to establish strong collaboration given the dynamic nature of the economies and financial markets today. As the new decade beckons the prospects for new opportunities, our ability to capitalize on these opportunities and realize its potential will be increasingly determined by our capability and capacity in building such strong and lasting regional and global linkages. Thank you. BIS central bankers’ speeches  5

As a consequence, consumers can benefit from lower prices, higher real incomes, and greater variety and quality of goods and services. Increased openness may also reduce wasteful rentseeking behavior on the part of protected industries and the related costs of corruption. These benefits from open trade are very evident in India. Academic research has found substantial gains for India following its dramatic trade reforms in the 1990s, which benefited consumers via lower prices and firms via higher markups. These higher profit margins spurred innovation and provided funds for the development of new products. Looking ahead, the upcoming implementation of the goods and services tax in India—which will create a common market internally—is expected to provide many of the same benefits as trade liberalization does internationally. Openness to trade has certainly played a large role in the economic ascent of Asia. Following the rise of Japan, Korea, Taiwan and others, fast growth in China and India has lifted hundreds of millions of people out of extreme poverty—an unprecedented feat in human history. The benefits 2/6  BIS central bankers' speeches  of economic integration and other reforms are exemplified in India’s higher growth rate since the introduction of market reforms in 1991. Growth has averaged 6.5 percent annually in the postreform period, compared to about 4 percent annually over the prior 40 years. Indeed, India is the fastest-growing major economy in the world today.
In practice, the Central Bank has allowed the exchange rate to move within the band to the extent that it deems such movements consistent with its long-term goal of maintaining low inflation. Now the exchange rate is roughly 3.5% above the central rate and has appreciated by 2.7% since the middle of June when the Central Bank raised interest rates for the second time this year. In our present situation, we have sought to increase the transparency of our operations by explaining as thoroughly as we can the targets of monetary policy, our instruments, our methods, the assessments  3  BIS Review 117/1999  that underlie our policy in general and our individual actions in particular. This we do through our regular publications and interviews with the press. This is important in order to broaden the understanding of the main principles which underlie our monetary policy and its implementation. Financial supervision As you may know, until the end of last year, the Central Bank was responsible for the supervision of the operations of all financial institutions in Iceland except insurance companies. At the beginning of 1999, the Bank Inspectorate of the Central Bank and the Insurance Supervision Authority were merged into a new Financial Supervisory Authority which has the responsibility for supervising the operations of all financial institutions in Iceland. The change was in a way modelled on decisions which had been taken in some other countries, such as the United Kingdom.

Given the fact that Iceland is not a member of the European Union, membership in EMU is out of the question. Nevertheless, the establishment of EMU will affect Iceland, particularly in the longer term. A few facts may be mentioned: first, the European Union is an important trading partner, but the absence of Denmark, Sweden and the UK from the EMU means that only about a third of our external trade is with EMU countries at present. Once the three countries join EMU, which we expect them to do, the share of EMU countries in our external trade will rise to above 60%. Second, we expect that our economic performance will be measured by the markets against the criteria developed for the EMU countries. Third, we expect that a successful EMU will bring beneficial effects to Iceland in the form of increased demand for our exports and reduced transaction cost in external trade. Fourth, it might become a greater challenge to operate our own currency. One could, for example, envisage that a currency like ours would be increasingly subjected to pressures from international investors seeking to diversify portfolios, adding currencies on the edge of the euro area and closely linked to it. This could conceivably lead to increased volatility and consequent potential instability down the road. The immediate effects on Iceland of the establishment of the EMU have not been significant. However, the entry of Denmark, the United Kingdom and Sweden into the EMU will markedly change our situation.
It provides the possibility of  BIS Review 36/2005  3  calibrating systemic risk and developing tools that could potentially be deployed to reduce such risk, and will include scenario analysis and macro-stress testing. In reality, it is unlikely we will converge on a single model which captures systemic risk in its entirety. But by developing and calibrating a suite of models we hope to make some progress towards gauging fragilities and frictions in the financial system better – how likely they are to arise; on what they depend; and, ultimately, what pre-emptive mitigating action might be feasible. This could put financial stability analysis on a more similar analytical footing to monetary policy – albeit with a greater amount of uncertainty regarding eventual outcomes. With time we can review the outputs of this research work. We can then operationalise those that are relevant and robust to help decide our ongoing activities. In other words, the outputs of this R&D activity could become inputs to prioritising our day-to-day risk reduction activities. ii)  Ongoing Activities: Organising Principles  In the meantime we have to address the real risks of today. How are priorities to be set? Financial stability is an area where there are so many things we could do. So we need to have a set of organising principles to help us prioritise and focus. I’d like to describe the process we go through in addressing the difficult decisions – how much to do, and how far to go.

Rising concerns regarding the debt sustainability of several Southern European countries have caused risk appetites to follow a volatile and downward trajectory, which in turn, have triggered capital outflows from emerging markets and increased risk premiums. While risk premium indicators particularly in some European countries have increased, during this period, increases in emerging market risk premiums – especially in Turkey – have been limited (Figure 3). BIS Review 133/2010  1  Sovereign debt-related problems in Europe have once again confirmed that downside risks regarding the global economy activity remain. This development led many central banks to adopt a monetary policy stance with an increased emphasis on downside risks, especially in advanced countries. Accordingly, central banks of advanced economies have underscored that the current monetary policy stance would be kept accommodative for a long period, while emerging economies have also adopted similar changes in their rhetoric through policy statements. These developments have postponed the expectations regarding the timing of policy normalization (Figure 4). 2  BIS Review 133/2010  According to this outlook, year-on-year inflation in consumer prices was flat in both advanced and emerging economies during the second quarter of 2010 (Figure 5). In the meantime, core inflation continued to diverge between both groups of economies (Figure 6). 1. Inflation developments  After summarizing current global conditions, I would now like to make an evaluation of the inflation developments in Turkey that took place in the last quarter.
Steps taken as part of the liraization policy, including deposits converted from foreign currency and gold that constitute one of our reserve build-up tools, have not produced a net cost for the Bank's balance sheet. Deposit accounts converted from foreign currency and gold, Turkish lira securities maintained in line with the changes made in the collateral policy, the varying interest cost in Turkish lira reserve requirements, changes in commissions for foreign currency reserve requirements, and the increase in Turkish lira rediscount bills due to the liraization in rediscount credits had a balanced total effect on the balance sheet. Distinguished Shareholders, Esteemed Guests, Before concluding my speech, I would also like to mention the major activities we carried out throughout the year to contribute to the financial development of Türkiye. In line with our vision in the field of information technologies, we maintained our studies to develop the technological solutions and systems needed, as well as to ensure the security and continuity of these systems. Accordingly, we supported our payments infrastructure with innovative business models. We developed and introduced the Security Overlay Service (SIPER), to enhance the security of FAST, our Instant and Continuous Transfer of Funds system that we put into implementation in 2021. To expand the use of TR QR Code, another important application in the field of payments, we continued our work on regulation, infrastructure and promotion.

LIAM has been an advocate of important issues that concerned the industry and has served as the primary interface between the industry and the Government, the Bank, and other key stakeholders. In this capacity, one of its key 2  BIS central bankers’ speeches  roles is shaping public opinion by providing accurate information on the industry. It is also an important agent of change for the better of the entire industry – not just in the short term or with a bias towards any particular stakeholder group. Not too long ago, a media publication reported that life insurance agents are being marginalized and the majority of them earn very low commissions due to restrictive remuneration structures. What the report failed to highlight however, was that such agents were mostly part-timers generating only one policy per month. The report also does not discuss many structural issues confronting the industry; the fact that demand for life insurance in Malaysia remains much lower than in our more developed Asian neighbours. Or that Malaysia’s per capita spending on life insurance of USD330 is lower than the world average of USD373, or seven to 12 times lower than the amount spent in Singapore, Japan and Hong Kong. Also lost was the fact that, the world is experiencing demographic, lifestyle and environmental changes that have profound implications for mortality and morbidity rates. Life threatening diseases that were benign 40 years ago are common causes of early death today due to less healthy lifestyles and greater mobility of labour.
Prasarn Trairatvorakul: Outlook for Thailand at a time of economic uncertainty Speech by Dr Prasarn Trairatvorakul, Governor of the Bank of Thailand, at the Thomson Reuters Forum, Bangkok, 21 February 2012. *  *  *  Distinguished guests, Ladies and Gentlemen, It is my pleasure to be the keynote speaker at this Thomson Reuters forum. This is a special opportunity for me to share my views on the “Outlook for Thailand at a Time of Economic Uncertainty.” At the outset, I would like to highlight that the Thai economic outlook for 2012 is likely to be strong in terms of projected GDP growth while pressure on inflation should be well- contained. Having said that, I know that all of you, especially those in financial markets, are well aware that in today’s fast-paced world we cannot be complacent. Positive outlooks, such as the one I just described, may change quickly. Today, my speech will focus on laying out the challenges, my assessment of the challenges, and our policy options going forward. First, let us turn to the challenges. Last year 2011 was a year of regaining poise and balance for monetary policy. One year ago, the global recovery had started to gain traction. Capital flows had begun to stabilize and became less uni-directional. The balance of risks had started to shift away from growth to inflation. As a result, the Bank of Thailand (BOT), and indeed, the majority of central banks in the region, normalized interest rates throughout most of the year.

But as I say, Hong Kong is a compassionate community, and we need to be in step with those values. 36. We will probably need to consider a similar tolerant approach in future with small businesses that are perhaps slow to adopt e-payment systems. 37. That brings us to the overall segment of start-ups, and companies moving into Hong Kong. These clients have complained a great deal about the difficulty of simply opening corporate accounts. 38. These complaints were potentially affecting Hong Kong’s reputation as a welcoming place for business. We took this very seriously, and we believe we managed to sort out some of the underlying problems. 39. But this is a classic example of the dilemma we all face – as industry players and as the regulator. We do not want awkward due diligence and know-your-customer procedures. But we cannot accept the reputational harm and the other possible costs if one of our leading banks cuts corners and is then found to be handling funds from illicit activities. 40. This challenge – balancing risk – will continue. Technology 41. Perhaps the main possible solution to the problem of growing complexity is technology. And that brings me to my next subject. 42. Most of us here can remember when basic online banking was a novelty, and how we faced new challenges in cybersecurity. In the years to come, we are going to see continued transformation. We have already issued licences for eight virtual banks. 43.
That is a challenge before us, and I’m asking all of you to join in this effort to try and redefine the scope of everything we do in the Central Bank, to see that we reorient ourselves towards winning peace in the broader sense, to making the financial sector, the economy and other types of institutions in this country work in an effective manner that can raise the growth, the potential of this economy, raise the skill levels, and most importantly, bring about that ethnic harmony which I think has been amply demonstrated here today in-terms of all religions and faiths coming together and propagating the message of peace and goodwill, at the same time hoping for a better Sri Lanka for us, our children and grandchildren. So with that simple message, I thank you very much for all your efforts. I think the last six months for me have been a very steep learning curve, coming back and reorienting myself with this institution, which is very dear to my heart. I have observed tremendous improvement, in-terms of several processes that were never there when I left this institution in 1993. I find that there is still more to do but I think Sri Lanka as a country has a great potential. We are geographically situated in a location which is at the center of the fastest growing population cohort, globally. As you know, the last twenty to thirty years were the era of China. China grew massively because it had a very fast-growing population.

So we can provide that real leading edge. Our people are all over the world. Wherever you go, if you look at expatriates, Sri Lankans in any country, anywhere in the world – I have been to the Caribbean, places like Barbados, even there you find Sri Lankans. And they are doing very well in their professional endeavours. So we have to reach out to this diaspora, as I call it, and ensure that they also come and help us but already within the country, we have a sufficient pool of people who really can lead the charge, not just in-terms of raising Sri Lanka’s profile but also attracting foreign investment and other resources which will help this country provide leadership in this region in the decades ahead. So remember that it is a great challenge for all of us, this institution is going to be at the epicenter of this country’s efforts to develop itself. President Maithripala Sirisena who visited us, a few weeks ago, made it very clear that his main objective is to see that people’s incomes increase. That is his objective. He has spelt out his objective. How do we achieve that? That is where we have to sit now and brainstorm. To me the key challenge is how to raise productivity. Productivity is very important, output per capita. This is the key element that we have to utilize.
ISO 20022 will make a big difference to cross-border payments: but it also offers a wealth of other opportunities, which the individual firms can benefit from. While the roadmap is a G20-led initiative, the targets are international, and our goal is to improve payments across all countries and payment corridors. Making progress therefore depends on sharing best practice widely and achieving change worldwide. To that end, the World Bank and IMF, along with the G20 Central Banks, are developing a technical assistance programme available to countries wishing to enhance their national payments infrastructure or policies. We have achieved a lot already but there is still more to do, and much more to gain. We have built the foundations and a framework to support a holistic set of changes. Now we need to act and there is a role for everyone. I look forward to helping to smooth the path ahead in my role as a policymaker and a payment system operator. I hope that many of you will join and play your part in this exciting and transformational journey towards the shared vision that benefits companies, individuals and whole economies through enhanced cross-border payments. I would like to thank Andrei Pustelnikov, Paul Bedford, Anna Koch and Mark Streather for their help in preparing these remarks. 1. See Building blocks for a roadmap to enhance cross-border payments: letter to the G20 2. See Enhancing Cross-border Payments: Stage 3 roadmap 3. See Targets for addressing the four challenges of cross-border payments: Final report 4.

And alongside the Roadmap actions per se, there have been tangible changes that are already paying dividends. Nearly three quarters of payment system operators surveyed by CPMI have either implemented or have concrete plans to implement the latest financial message standard (ISO 20022) by 2025. [5] The Bank of England joined that club last week by moving CHAPS, our high value payment system, to ISO20022. Several jurisdictions have extended the operating hours of their high-value payment systems to near 24/7, including countries as far apart as India, Mexico, Switzerland and indeed South Africa. Over the last two years, several countries have expanded access to their payment systems to new types of financial institution: including Japan, Switzerland and Singapore. Others, such as United States, have developed new guidelines for more transparent and risk-based assessment of account requests. And recent figures[6] show that two-thirds of cross-border transactions that take place via the Swift network reach end beneficiaries within one hour. The private sector is also investing in better infrastructure: almost $ was invested in paytech start-ups last year. [7] Recent survey suggested that 94% of financial institutions are planning to invest in their payment technology in the next 3 years. [8] Africa has a place among the leaders in payments innovation, from new mobile payment technologies with M-Pesa to CBDC with eNaira in Nigeria. The Pan African Payment and Settlement System (PAPSS), launched last year, is expanding rapidly: it has nine central banks and 41 commercial banks live on the system.
These include, inter alia, the unlocking of business potential by creating an entrepreneurial-friendly economic environment, measures to support innovation through higher investment in research and development (R&D) and policies aimed at improving human capital. First of all, Europe needs more new and thriving firms willing to reap the benefits of opening markets and to embark on creative or innovative ventures for commercial exploitation on a larger scale. It is increasingly new and smaller firms, rather than large ones, that are the major providers of new jobs. An entrepreneurial-friendly economic environment would imply less red tape for small and medium-sized enterprises to help them develop at home and across borders, as well as positive action to ease access to the finance they need. Europe is significantly lagging behind in this field. For instance, venture capital financing in Europe remains only a fraction of what it is in the United States relative to the size of each economy. Second, promoting R&D investment is also a major issue. While many Member States expect to increase their R&D spending, Europe will fall short of the 2010 overall EU target of achieving 3% of GDP. In 2005, R&D investment relative to GDP was 1.9% in the euro area compared to 2.7% in the US. The efforts of European countries to increase R&D investment are still insufficient. 16 Finally, to make these measures most effective, they need to be accompanied by efforts to improve the labour force’s level of education and expertise.

The figures I have just mentioned suggest that, overall, structural reforms in the labour market still need to be high on the agenda. This appears even more urgent if we consider that in the past Europe’s growth performance has been, and will be in the future (all else equal), increasingly constrained by its low population growth rate and population ageing. Indeed, since the mid 1990’s, population in the euro area has been growing at a yearly rate of just 0.4% compared to 1.1% in the US. However, what is worrisome is that at the same time, the gap in population growth has been even larger with regard to growth in the working age population. The working age population grew on average by 0.3% per year in the euro area over the period 1995-2007 compared to 1.2% in the US (1.1% in Spain). Finally, turning to labour productivity, while during the 1980s and the first half of the 1990s, hourly labour productivity in the euro area grew on average by 2.3%, it slowed down to 1.3% between 1995 and 2007. Similarly, over the same period hourly labour productivity growth in Spain decelerated very significantly from 2.5% to 0.5%. By contrast, US hourly labour productivity growth rose from 1.4% to 1.8%. The positive labour supply shock, reflected by the increase of employment particularly in the unskilled segment of the labour market experienced in the euro area as well as in Spain has,  2  Average to 2007Q3. 3  Source Eurostat.