samchain/econo-pairs-v1 huggingface dataset:
In particular, if current drought conditions prevail, there could be adverse implications on price levels, while impacting on economic activities,  Central Bank of Sri Lanka – ROAD MAP 2017  Accordingly, it is anticipated that inflation expectations would broadly remain anchored in the medium-term with appropriate demand management policies, supported by timely supply side measures. 17  4. Financial Sector Policies for 2017 and Beyond The financial system remains important  from various internal and external  for efficient allocation of resources and  developments. hence in facilitating strong economic performance of the country. In particular, a broader, deeper and a liquid financial system is vital as economies grow more sophisticated. The Central Bank has sought to preserve the soundness, efficiency and stability of the financial system primarily through the regulation and supervision of all major categories of financial institutions,  A stable financial system creates a  ensuring sound and safe payment and  trusted, enabling environment  settlement systems as well as  favourable to savers and investors; helps  establishing risk management systems  the transmission of monetary policy;  and instilling good corporate  encourages efficient financial  governance standards and practices in  intermediation, which eventually  the financial sector while promoting  promotes investment and growth; and  financial inclusion. encourages effective and efficient operation of markets while improving the allocation of resources in the economy.

result in the reform of the Monetary  We are also mindful that while the overall development thrust is on track, there exists disparity in the incidence of poverty across the provinces and districts, despite the progress that has so far been made in reducing overall poverty in the country. Recognising the urgent need to pay attention to this, the  Law and Banking Acts, particularly to give greater powers to the Central Bank to regulate the financial system. We are confident that such moves would be instrumental in enhancing the credibility of the Central Bank, while preserving the independence it needs to perform its roles effectively. government has declared 2017 as the  Before concluding, let me express my  “Year of Alleviating Poverty” to  sincere gratitude to a number of people  eradicate poverty in all its forms from Sri  who are instrumental in supporting our  Lanka in line with the Sustainable  efforts to achieve economic and price  Development Goals (SDGs). stability and financial system stability as well as to deliver our agency and ancillary functions. I am grateful, to His  Central Bank of Sri Lanka – ROAD MAP 2017  34  Excellency the President Maithripala  excellent and highly professional advice.
However, to date, I am pleased to note that one issue has been resolved with regard to the plight of the visually impaired that they were sometimes denied access to own ATM cards and internet banking. The Association of Banks in Malaysia (ABM) together with its council members have worked with the NCBM (National Council of the Blind) and as a result have now reached a solution that enables access to such services by the visually impaired individuals. This is indeed a positive step to move forward. However, there are other immediate needs that have not been addressed. For the banking industry, examples of such needs are: •  lower bank counters for wheelchair-bound customers  •  “Talking ATMs” for the visually impaired  •  availability of sign language interpreters for the deaf  •  the need for OKU-friendly bank website to enhance their accessibility to e-banking services, which would augur well with the initiative by Bank Negara Malaysia to promote the usage of e-banking. Banks are encouraged to provide websites which are W3C compliance. The World Wide Web Consortium (W3C) is an international body that provides standards to enhance the web accessibility, enabling people with disabilities to participate equally on the Web, such as providing alternative text for images to allow accessibility by the visually impaired, providing text transcript to allow audio information accessible to the hearing impaired, and many other services.

As the Government has initiated various efforts to integrate people with disabilities into all aspects of life, the financial industry should also continue to play a more pro-active role in providing an enabling environment to ensure that their fundamental rights to have access to the banking and insurance products and services are actively promoted. Taking into account the Persons with Disabilities Act 2008, the financial industry are expected to give appropriate consideration and take necessary measures to ensure services and facilities are accessible by all in the OKU community. Clearly, these obligations signify our accountability and responsibility towards providing the necessary access for members of the OKU community and not to deny their rights to be included in our financial system. Moving forward, under the RMK11 recently announced, the Uniform Building By-Laws, 1984 is going to be strengthened with greater mandate to include the enforcement power of the authorities. With this possible enhancement to the legislation, the financial industry need to be ready to face this changing landscape whereby there is a possibility that action could be taken against those service providers that fail to provide the enabling environment to the OKUs. Against these backdrop of higher expectation from the OKU, stronger legislation and our aspiration of more inclusive financial system, today’s program provides a platform for us to further understand the needs of the disabled, to be more preemptive and anticipatory in our approach and to collaboratively work towards ensuring that the financial industry of Malaysia becomes completely disabled-friendly and truly inclusive.
*** To conclude, let me briefly recap: (i)  The lack of economic coordination has a high growth cost for Euro area citizens, of several points of GDP  (ii)  Between complete integration – monetary policy type – and solely “monitored” national policies – as at present –, the missing link is a full coordination of fiscal and structural policies  (iii)  This full coordination can only be achieved by setting up a legitimate decision-making institution, embodied by a Finance Minister of the euro area, in charge of elaborating its “collective economic strategy”. Robert Mundell, father of the theory of optimal currency areas, did acknowledge that the euro area was far from optimal. Yet he remained confident, saying: “it will be achieved because, for Europe, it isn’t just the best game in town, it’s the only game.” Economic policy as a whole, not central banking alone, is indeed the only game in town. Of course, we always face the risk of failure when conducting far-reaching reforms. Yet we cannot afford another missed opportunity and we have to act swiftly without losing a longer term view. For EMU, for its citizens, 2016–2017 is the decisive time to act. 8  BIS central bankers’ speeches

The second error to avoid is to tackle the effects deriving from a supply shock, like that connected to the increase in the oil price, with policies to stimulate demand. If the increase in oil price and other commodities is protracted, anticyclical policies simply postpone the adjustment by several months, making it more expensive. From the first oil shock – in the mid-1970s – it is possible to gain very clear insights that ought not to be forgotten. The comparison between the experience of Germany, which avoided using monetary and fiscal policy to compensate for the loss in purchasing power caused by the increase in oil price, and that of Italy, which instead sought to stimulate domestic demand is illuminating. The German economy and that of other countries which followed the same path emerged stronger from that difficult phase of adjustment than countries like Italy which followed the illusions of Keynesianism and only engineered a higher inflation rate. 1 The depreciation of the exchange rate did not allow to increase market share on a sustainable basis. Italy is still paying for that error, with a public debt above 100% of GDP and a debt burden that weighs heavily on taxpayers. The third error that history invites us not to repeat is to put up protectionist barriers to stop or impede the economic and financial integration under way at global level. Experience shows that such measures damage economic growth and tend to worsen crises. The 1929 crisis  1  See Figures 1-4 in the Annex.
As major players in credit provision, Banks have an urgent challenge to provide products that are suitable to SMEs and within their reach. Honourable Minister, at current levels, interest rates are too high for the SMEs to access credit. We urge banks and other financial institutions to continue reviewing the cost of borrowing as part of the process to improve SMEs access to the much needed finances to expand their operations, employ more people, and thereby provide impetus to significantly reduce poverty rates in the country. Honourable Minister, distinguished ladies and gentlemen, in view of the financing gap for the SMEs, the microfinance sector in Zambia has taken a leading role to fill this vacuum. However, the services provided by the microfinance institutions fall short of meeting the demands of SMEs. The sector can be said to be relatively young with the pioneers being established in the early 1990’s. Distinguished ladies and gentlemen, I am glad to note that the conference will also focus on the very important aspect of corporate governance. Corporate governance is vital to building a solid, efficient and sustainable financial system and growth of businesses. Without these sound foundations, the institutions capable of reaching out to the poorest in society will never be encouraged. It is generally agreed that there is a strong link between corporate governance and access to finance.

That said, private sector actors do not need to wait for public authorities to do everything before starting to think about consolidation strategies. Lastly, we also need to ensure that institutions are treated equally under international regulations. If we are to reach an agreement, two conditions must be met. The transposition of Basel III must be reasonable and take into account the application of the “output floor” at  Page 4 of 5  the highest level of consolidation. Above all, the transposition must be fair and applied to the letter in all jurisdictions, including in the United States. Let me be clear about one thing, however: the solution to our banking challenges is not deregulation but rather innovation; not a step backwards – towards the financial crisis – but a leap forwards. III. We need to remain fully mobilised with regard to two deadly risks: ALM/CTF and cyber-security  The fight against money laundering and terrorist financing (ALM/CTF) calls for unwavering commitment. The 23 inspections carried out by the ACPR revealed major failings in supervised entities’ compliance with their AML/CTF and asset-freezing obligations. In 2018, the Sanctions Committee imposed nine sanctions, one of which amounted to EUR 50 million. In parallel with the Financial Action Task Force’s assessment of France in 2020, the ACPR will be closely involved in the implementation of a robust and renewed AML/CTF system at the European level.
As it happened, the epidemic also clearly showed us that it is an unwillingness to completely move to remote identification that has become the main barrier to fully transitioning all services to a digital mode. You will remember that we made temporary decisions to ease identification requirements. But the systematic solution, in our opinion, is the development of biometrics. We hope that all necessary changes to the legislation will be adopted. On the one hand, it will allow citizens to make greater use of biometrics, and on the other hand, increase banks’ interest in using this tool. On the other hand — and this is certainly the main trend in the Russian market and, in my opinion, the main challenge — is that equal access to infrastructure, even the equal access we are developing, does not mean equal access to customers. Both globally and in the Russian market powerful ecosystems are being formed that unite both financial and non-financial services. For example, according to McKinsey experts, by 2025 — and this is just round the corner — ecosystems may account for about 30% of world GDP (60 trillion US dollars). While ecosystems worldwide are predominantly formed around technology companies, in Russia their core is the major financial players. Competing for a customer who is already inside such an ecosystem is very difficult, which you know very well from your experience.

I hope that at this new stage, the economic recovery stage, banks will be full participants in the economic recovery process, expand lending, create new services, and, in fact, add new value for their customers by responding to the needs of the people and business. I wish you all every success. Thank you for your attention. 7/7  BIS central bankers' speeches
The banking sector maintains its strong and sound position as banks in Turkey are wellcapitalized with high quality and highly liquid assets and continue to offer solid rates of return on capital. As a result the banking sector still provides a reasonable loan growth for the economy despite heightened uncertainty in global markets. To conclude given the ongoing challenging external conditions it will be essential to continue to implement a tight and flexible monetary policy in order to lower inflation in a volatile environment. Meanwhile, taking liquidity stabilizing measures for the foreign currency market and ensuring the stability of the financial system are key to alleviate policy tradeoffs. Last, but not the least, maintaining the fiscal discipline; and adhering strictly to the announced structural reform agenda in order to lift potential growth in accordance with the country’s needs remains the key to stability. Thank you.

However, new regulation may affect the magnitude of these affects, and the size of the market-based financial sector may end up being smaller after the crisis. In Europe, the commercial banks dominate the financial sector. 18  Kohn (2006, 2008) specifies three conditions that should be fulfilled for central banks to take “extra action” to deal with a possible asset-price bubble: “First, policymakers must be able to identify bubbles in a timely fashion with reasonable confidence. Second, a somewhat tighter monetary policy must have a high probability that it will help to check at least some of the speculative activity. And third, the expected improvement in future economic performance that would result from the curtailment of the bubble must be sufficiently great.” He concludes, also in 2008 and after thorough considerations, that those conditions would rarely be met. See also Kohn (2009). BIS Review 16/2010  9  In particular, if there is evidence of rapidly-rising house prices and mortgage loans, and these developments are deemed to be unsustainable and a possible bubble, there are much more effective instruments than policy rates. Restrictions on loan-to-value ratios and minimum mortgages and requirements of realistic cash-flow calculations for house buyers with realistic interest rates are much more effective in putting a break on possible unsustainable developments than a rise in the policy rates. In particular, more transparency about future policy rates, in the form a policy-rate path published by the central bank, may help in providing realistic information about future interest rates.
However, when banks are trying to de-leverage, such additional reserves are more likely to be hoarded. That appears to be what happened during the Japanese experiment with quantitative easing in the early part of this decade and a similar response is to be expected from banks at the current juncture. The initial responses in the United Kingdom to these measures have been moderately encouraging. Government bond yields fell significantly on the commencement of the programme of asset purchases, and yields appear to be some 50-75 basis points lower than they would otherwise be. And there are also signs of beneficial effects on conditions in the relevant corporate credit markets. Meier (2009) provides a fuller assessment. But it is very early to draw conclusions on the efficacy of these measures, as the transmission lags  11  14  Andres, Lopez-Salido and Nelson (2004) is a rare recent contributions in this tradition. BIS Review 101/2009  through to nominal spending are likely to be quite long. Moreover, even in some years time, it will still be difficult to draw firm conclusions, as the counterfactual is bound to be uncertain. But it will certainly provide fertile ground for future PhD theses. Let me turn now to the lessons from the crisis regarding the conduct of monetary policy in the future. In the run-up to the crisis, there was a lively debate regarding the right way to respond to rapid credit growth and rising asset prices.

Nevertheless, in the case of Thailand after the crisis, the banking system has not yet been fully functioned and this, to a certain extent, undermined the effectiveness of the monetary policy. The macro-model gives a range of core inflations with probability distribution being described into a fanchart. This fanchart takes into account the related uncertainties and gives some flexibility in a range of forecasts. Based on the most likely outcome, the MPC will announce the expected rate of inflation for this year and next year. According to the most recent assessment, the core inflation will be 0.5-1 percent in 2002 and 0.5-1.5 percent in 2003, providing growth of between 3-4 percent in 2002 and 2003. Finally to enhance transparency of the process, Inflation Report is published on the quarterly basis providing forecasts of inflation and economic growth for the next eight quarters along with the quarterly press release. For the final part of my talk, I would like to dwell on the issues of Central Bank Independence. The first issue is whether a Central Bank can have too much independence in the sense that it can be harmful. To this, I incline to say yes, but only in a rare circumstance. Bad decisions relating to monetary or financial institutions operations can be damaging with wide impact. To prevent this from happening, a mechanism should be installed such as a Monetary Policy Committee or a Financial Institutions Policy Committee comprising of qualified external directors so that important policy measures are made through group decisions.
In a similar vein, on the whole, research does better at identifying these “credit channel” mechanisms in the context of particular stressed episodes than in longer-run averages. 11 Be that as it may, it is beyond doubt that there has recently been an adverse shock to bank balance sheets – involving capital, liquidity, and a potent “asymmetric” information mechanism affecting a wide range of banks. I will pick out four elements in the story, involving liquidity, counterparty-credit risk and capital. First, near closure of the capital markets for leveraged loans, conduit and SIV commercial paper, and RMBS has left banks whose business model is “originate and distribute” unexpectedly holding on to loans and, in addition, facing the prospect of having to take assets back on to their balance sheets. The consequent reintermediation is a hit to both capital ratios and liquidity, as the banks have bigger books to fund. For these reasons alone, big picture, banks responded from August onwards by tightening loan terms and hoarding liquidity. But the story does not end there. The second element is that access to resources (uninsured deposits) from outside the banking sector has become more restricted since the summer. While the new risk-transfer instruments have plainly dispersed risks, lack of ex ante disclosure left market participants highly uncertain about the scale and distribution of losses across the banking sector itself. On top of that, open-ended investment vehicles that have (or may have) themselves invested in structured-finance paper have felt compelled to preserve liquidity, to guard against redemption risk.

By reducing reliance on retail deposits, it reduced barriers to entry. Lenders’ margins fell (Chart 16), and credit conditions in the UK mortgage market eased. Conversely, the painful reminder that undiversified funding and income sources may leave a bank unusually vulnerable will probably bring about another shock to the structure of the market. The persistent tightening in mortgage credit that that would bring was a factor in the MPC’s November projections. In the near term, the extent to which the big or more diversified banks fill the gap will depend on the extent to which they too preserve capital and liquidity in the face of the harsh environment I have described. Money, or bank intermediation So far I have focused entirely on credit. Where does this leave money (or Money), the starting point for much traditional monetary analysis? Well, much that I have said about banks – their capacity, in the short run, to lever up their balance sheets and expand credit at will; their role in providing liquidity insurance to investment vehicles and corporates – turns precisely on their liabilities being money. And for this reason, banks are after all decisively different from other intermediaries. As transactions balances and so the means of exchange in our payments system, the moneyness of bank deposits lies at the core of credit intermediation.