samchain/econo-pairs-v1 huggingface dataset:
To reach that goal we have based our monetary policy on two “pillars”. As regards the first “pillar” we have set up a quantitative reference value, namely 4.5%, for the growth of the broad monetary aggregate M3; we have recently confirmed this rate of growth of 4,5 % as an important factor for stabilising expectations. It should be noted that the concept of a reference value does not imply a commitment on the part of the Eurosystem to mechanistically correct deviations in monetary growth in the short term. However, the reference value for M3 is consistent with, and helps to maintain price stability over the medium term. The second pillar of the monetary policy strategy is a very comprehensive set of indicators that are important in our eyes in signalling future price developments in the euro area. This strategy, which ensures a great deal of continuity with the monetary policies of the participating national central banks, appears to have been understood by financial markets and the public at large. In particular, the yields on long-term bonds denominated in euros indicate clearly that the Eurosystem has kept intact the legacy of credibility that it has inherited. d/ Finally, the credibility of the euro also results from the Eurosystem's constant efforts towards transparency and communication. I must stress here that the Eurosystem is one of the most transparent central banks in the world.

Instilling values in the financial sector strengthens trust of the people which benefits the public at large. The VBI initiative is envisaged to shape proactive behaviour amongst industry players. For the Islamic finance industry, the move towards embracing VBI is another hallmark in our journey to manifest the larger aspiration of Islamic finance. Islamic banks, with its natural affinity towards social justice are well-positioned to lead this agenda and become the prominent and leading agent of positive change. However, the momentum of VBI is only sustainable through collective endeavours that prompt a shift in our paradigm and change in our actions. It is only with our strong commitment that we can translate the VBI vision into reality. 3/4  BIS central bankers' speeches  4/4  BIS central bankers' speeches
It is our expectation that the board of directors and senior management of institutions to play their roles in ensuring that the compliance programme is fully implemented and that any money laundering and terrorism financing activities are promptly detected and reported. Hence, I urge all reporting institutions to improve both the quantity and quality of STR submitted. In the same vein, the FIU will continue to improve its feedback mechanism to reporting institutions. The fourth area is to give greater emphasis on compliance. This is important so as to improve the compliance level among the reporting institutions in order to preserve the integrity and stability of the financial system. More focus will be given to enhance and raise the compliance level among DNFBPs in view of the emerging risks. To this end, greater collaboration between the FIU and the various self-regulatory organisations would be pursued actively during the year. BIS Review 46/2009  3  The fifth and last area is to ensure that the enforcement of the AML/CFT regime should be achieved without undue increase in the regulatory cost. It is important that the controls in place are commensurate with the associated money laundering and terrorism financing risks and the risk mitigation measures are adequate. This underscores the progressive introduction of more risk-based approach in the national AML/CFT regime. I understand that this is among key topics to be discussed in this conference, and I am sure it will generate interesting discussions between the experts and the participants.

Nor Shamsiah perseverance  Mohd  Yunus:  Mastery,  adaptability  and  Remarks by Ms Nor Shamsiah Mohd Yunus, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the 2018 Kijang Emas Scholarship Award “Mastery, adaptability and perseverance”, Kuala Lumpur, 21 September 2018. * * * When I entered university in Australia many years ago, the Times named the Computer the ‘Man (or in this case, Machine) of the Year’. It was a significant signal in public consciousness on the importance of the computer. The byline was, “The Computer moves in”. The world then, as is now, was a world in a state of constant change. Today, we see that technology is at the forefront in transforming almost every aspect of our lives. It is doing so at an unprecedented and relentless pace. This is exciting, but also for many, it brings about the feeling of trepidation, discomfort and uncertainty. Therefore, as both of you begin your next chapter of your life, I encourage you to make the most of your years in university, to not only excel in your chosen discipline, but also to absorb lessons that will serve you well in life. Let me just mention three today: mastery, adaptability and perseverance. First, on mastery. Even in a world where knowledge decays quickly, mastering a field of knowledge is the foundation in building one’s expertise and credibility. Mastery is not mere information accumulation. It is the ability to understand the inter-linkages between complex and evolving situations.
José De Gregorio: Macroeconomics, economists and the crisis Speech by Mr José De Gregorio, Governor of the Central Bank of Chile, at the Annual Meeting of the Society for the Chilean Economy (SECHI), Antofagasta, 4 September 2009. I thank Luis Felipe Céspedes, Eduardo Engel, Pablo García and Mariana García for valuable comments. *  *  *  This is certainly a great opportunity to speak about a subject that has triggered more than a few reflections in me recently, and that was probably best said by Queen Elizabeth’s famous question, made when she was visiting the London School of Economics last year: Why did nobody notice it? As someone who has dedicated his professional life to academic activities and policy making, the question is surely unsettling. The current global financial crisis and recession, whose depth is unprecedented in recent decades, has cast doubts about the work of macroeconomists, the usefulness of their theories, and their capacity to anticipate and deal with crises. These are the issues I will discuss today. Macroeconomics Over the past few decades, macroeconomic theory has evolved, on the one hand, as a discipline whose purpose is solving problems similar to engineering, and, on the other hand, whose purpose is to explain phenomena embodied in economic reality, similar to science (Mankiw, 2006). In fact, macroeconomics was created to solve the problems of the Great Depression. In its beginnings, it was devoted to building large models to evaluate macroeconomic policies in the tradition of engineering.

Another aspect making a big difference is the performance of emerging economies. Latin America, excluding Chile, posted an average annual fall of 4.2% between 1930 and 1932, while Chile, where the crisis compounded with the downfall of the nitrate industry, fell an average of 17.6%. For the three-year period 2009-2011, private forecasts indicate that Latin America will grow by an average of 1.2%, while Chile will grow by 2.1%. These are just projections, not definitive figures, but data released so far this year indicates that the effects of the crisis, although far from negligible, are much milder than they were in the 1930s. This is an encouraging fact. Usually, whenever developed countries go into a recession, its effects are amplified into our region. That has not been the case this time; on the contrary, our region today is outperforming the developed economies. That the current crisis did not turn into a Great Depression proves that lessons have been learned. Economies are much stronger, and also the policies applied have gone in the proper direction of mitigating the tremendous financial shock of last year. For one thing, the task of stabilizing the financial system was assumed decisively, which prevented its collapse. Uncertainties remain, but are more focused and less dramatic than at the end of last year.
Zeti Akhtar Aziz: Strengthening our future Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the launch of the Financial Sector Blueprint at Sasana Kijang “Strengthening Our Future”, Kuala Lumpur, 21 December 2011. *  *  *  It is my great honour to welcome you to Sasana Kijang for the launch of Bank Negara Malaysia’s Financial Sector Blueprint. On behalf of Bank Negara Malaysia and the financial services industry, Yang Amat Berhormat Dato’ Sri, I wish to express our appreciation to you for your presence here this afternoon to launch the Financial Sector Blueprint. This Blueprint marks a new phase in the development of the financial system. It focuses on new areas that will strengthen the competitiveness and efficiency of the financial sector and its potential role in facilitating our ongoing economic transformation and greater regional economic and financial integration and thus to enhance Malaysia’s long term economic growth potential. The Blueprint themed “Strengthening Our Future” builds on and reinforces the solid foundations that has been achieved in this decade. Malaysia has benefited from a well developed, more competitive and well regulated financial system. The financial system emerged from the global financial crisis strong and resilient, and has continued to support our domestic economy even during these most challenging of times. The recommendations in the Blueprint has taken into account the expected changes in the international and domestic environment and its consequent demands on the financial system in this next decade.

The Athenian boule was not democratic embroidery, like a modern-day focus group. It had real power. It decided which proposals were taken to the public assembly and which were lawful. Brett Hennig calls it the “nerve centre of power” in ancient Athens. 40  The boule had wide public acceptance and attendance. Participation in public life, through the boule or public assembly, was an accepted part of Athenians’ civic responsibilities. Those not taking part were termed idiotes, from which the modern word idiot derives. The infrastructure was far from perfect; the boule excluded women, slaves and non-citizens. But it was notable in seeking to strike a balance between the two features subsequent research has shown to be crucial for effective, representative decision-making in complex environments: diversity and deliberation. 41  Indeed, for that reason some have called the Athenian model of decision-making a deliberative democracy. Diversity of decision-making was achieved by calling on a rotating, randomly-selected pool of non-expert citizens, augmented by experts in a limited number of positions. Deliberation in decision-making was achieved by restricting the number of representatives, having them convene and discuss regularly and agree on a set of proposals. The Council of Five Hundred sits slap bang in the middle of the optimal range of people suggested by Wagner and Vinaimont. The Greek Empire of course did not last. Nor did its model of deliberative democracy for decision-making. In the period since, two alternative models of representative decision-making have risen to prominence.
Continued recovery in the world economy To summarise the international economic situation one can say that the new information published during the summer largely supports the picture painted by the Riksbank of a continuing recovery in the world economy. But there are some signs of weakness in the United States and Asia, while Europe looks slightly stronger than expected. Large deterioration in public finances in many countries There were concerns at the monetary policy meeting in June over the possible consequences of the public finance problems in several countries. During the spring these problems had led to increased risk premiums in the financial markets and caused difficulties for many banks. In a worst case scenario, this could lead to a much weaker development abroad, which would also affect Sweden. I said at the monetary policy meeting that in this case we must be prepared to reconsider the direction for our monetary policy. Given this, I shall now specifically discuss public finance problems and developments in the financial markets. Deficits in public finances and national debts have increased rapidly in many countries during the economic crisis. (Figure: Public finances in the OECD area). Developments have been dramatic for some countries, and especially so for Greece. The poorer public finances have pushed up government bond rates and are making it difficult or almost impossible to fund the large deficits. Many other countries are also experiencing serious problems.

Nevertheless, the United States could be doing better. The U.S. fiscal policy program, for example, does not appear well-calibrated to the current set of economic circumstances. We have too much fiscal restraint in the short term, and too little consolidation in the long term. The degree of fiscal restraint this year (about 1¾ percent of gross domestic product [GDP] in 2013) is quite large relative to the forward momentum of the economy. Thus, we have a tugof-war between the improving economy and the current large negative fiscal impulse. How this tug-of-war gets resolved – which force dominates – won’t be known for some time. In other words, the level of uncertainty about the near-term outlook in the United States remains quite high. Meanwhile, the long-term fiscal outlook for the United States is still troubling. So far, partisan divisions in Washington have limited progress in reaching the type of “grand bargain” needed to put the United States on a sustainable long-term fiscal path, though of late we have at least seen some renewed talk about this. Nor have we yet deployed a comprehensive set of policies to support the rebalancing of the U.S. economy toward a growth path based more on business investment, trade and broad-based income gains than the type of asset price gains and credit-fuelled consumption, which dominated the last business cycle. For Europe, the near term macroeconomic outlook seems less bright. The good news is that the peripheral countries have made substantial efforts to bring down their structural budget deficits.
For example, 70 per cent of respondents in the Riksbank's financial market survey believe that the securities purchases have contributed negatively or very negatively to the functioning of the market. However, the costs of such negative side effects are hardly comparable to the value of avoiding a prolonged recession. The losses in the first purchasing phase are offset by gains for the state Nevertheless, I would like to try to evaluate the narrower and more direct effects of our purchases of government bonds, purchases which were largely decided prior to the pandemic. In Flodén (2016) I tried to make such an evaluation of the initial purchases.34 My calculations then indicated that the purchases of government bonds in phase 1 led to the government's costs for new borrowing via treasury bills and government bonds falling by approximately SEK 7 billion in 20152017. The reason was that the rate on these securities was pushed down about 0.3 percentage points below the policy rate. 34 Kjellberg and Åhl (2022) present this type of update, based on market prices in April 2022. Their calculations  indicate that the overall effects on government finances will be positive, despite the losses on the Riksbank's balance sheet. In a similar assessment, the Reserve Bank of Australia notes that while their purchases during the pandemic are now leading to substantial financial losses and probably a negative capital for the Bank, the total value of purchases is nevertheless higher than the costs (Bullock, 2022).

House prices in Sweden and abroad Annual percentage change and index respectively, 2019-12 = 100  Note. Housing prices refer to the HOX Sweden price index for tenant-owned apartments and detached houses. Sources: EUROPACE, Lloyds Banking Group, Real Estate Norway, S&P Global and Valueguard. Phase 2b: Extended purchases with greater elements of broad economic stimulus The aim of the Riksbank's measures was thus to prevent problems on the financial markets from further exacerbating the country's economy in the middle of the pandemic, which was thus successful. On the other hand, the ambition was not to completely eliminate risk premiums in the financial markets, nor to contribute to rapidly increasing asset prices. It is therefore hardly controversial to note that the effects of the overall support measures were greater than intended. As I have already pointed out, developments in the housing market in particular were surprisingly strong. It was, of course, important for the housing market that the rise in risk premiums was interrupted so that credit provision was sustained and interest rates on household mortgage loans did not start to rise. The fact that the risk premiums for covered bonds in addition were lower than prior to the pandemic may have contributed to the rise in housing prices, but this was hardly the most important factor.
Jaime Caruana: What next for Basel? Remarks by Mr Jaime Caruana, Governor of the Bank of Spain and Chairman of the Basel Committee on Banking Supervision, at the Seventh Annual Supervision Conference of the British Bankers Association, London, 9 October 2003. *  *  *  Introduction  Mr. Mullen, distinguished guests, and members of the British Bankers Association, it is an honour for me to address you this morning as the new chairman of the Basel Committee on Banking Supervision. This conference, the seventh to date, encourages a healthy exchange of ideas between bankers and supervisors on ways to promote safety and soundness in the banking sector. Today’s agenda offers a timely focus on the development of regulatory policy on several levels – on a national level through the mission of the Financial Services Authority, on a European level through the directives of the European Union, and, of course, on a global level through the standards adopted by the Basel Committee. It seems appropriate to think about banking and supervision on national, regional and global levels. Enhancements in telecommunications, continued expansion in trading relationships, and the increasing interdependence of markets make it difficult to view banking on a purely local or even domestic level. Bankers are no strangers to the global economy, having underwritten letters of credit to exporters and merchants almost since the first trading vessels plied the rivers and seas. However, it seems fair to say that the pace of globalisation and innovation has accelerated dramatically in recent years.

For example we are not certain that any leading bank today consistently adjusts the value of all of its assets based on each asset’s contribution to diversification. Consequently, for the time being we have decided instead to establish standard estimates of diversification that banks would apply. I know that many members of the industry have accepted that choice as prudent for now, but you have also stressed the need to move forward with an approach that is more consistent with the existing treatment of market risk and the emerging practices in operational risk management. We are ready to start this work as soon as it is possible. Still, portfolio theory suggests that an obvious next step to further enhance the risk-sensitivity of the capital framework would be to incorporate calculations of diversification benefits into  BIS Review 42/2003  5  the framework. In the coming years, and we can start very soon, we look forward to working with banks, with banking associations such as the BBA, and with academics and researchers to find ways to move Basel in the direction of full credit risk models. Likewise, the Committee must continue to monitor developments in the industry to be prepared to harness other improvements in risk measurement and management practices. It is at once exciting and perhaps a bit daunting to think about the work ahead for all of us, whether on a national, regional, or global level.
Youth unemployment fell to 20.6% in the third quarter and continues to decline more rapidly than the overall unemployment rate. Bank lending to households and companies is growing, while demand for loans is rising. ECB simulations showed that euro area GDP would be cumulatively at least 1.5% lower between 2015 and 2018 without the expansionary policy measures, with worse outcomes for inflation. And more than that: by acting timely and decisively we preserved future growth prospects. There is a growing awareness of the potential permanent negative effects of prolonged downturns, a process termed hysteresis. There are a number of channels through which hysteresis works. Unemployed people lose valuable human capital and skills that may take time to recover. They may also become permanently discouraged from working, reducing long-run participation in the labour force. The distressingly high rates of youth unemployment witnessed in many euro area economies are likely to cause some labour market “scarring”. Prolonged downturns may also cause businesses to become increasingly uncertain about future prospects, causing them to delay investment. This has the dual effect of depressing current economic activity, which reinforces the downturn, and reducing the amount of capital available for future production. Lower future growth translates directly into lower natural rates today, something I shall return to shortly. 2/5  BIS central bankers' speeches  Other potential consequences of unconventional measures While our measures have been successful in their aim of stabilising output and inflation, they also carry risks in terms of allocation of resources and distribution of wealth and income.

I have noticed that although real growth is evident in the region, it is accompanied by some important risks and vulnerabilities. One of the challenges attached is related to the sustainability of this growth. The National Bank of Romania shares your 1/2  BIS central bankers' speeches  view. We should not forget the saying “easy come, easy go”. Loose economic policies, unbalanced budgets and wage-price spirals could cost us much when the economic downturn check is due. This problem hit us severely in the recent past, but we have hardly learned the lesson. Because I have mentioned the economic laws, I will turn now to the legal environment: the report covers extensively the rule of law, the role of institutions and the judiciary. In the report, Central and Eastern Europe is presented as an example of effective measures and progress in this respect, which is of no small importance. Romania finds itself in an upright moment when economic performance is associated with strong achievements in the reform of institutions. We should not waste this moment. In the long run, the economy’s, the institutions’ and the society’s progress goes hand-in-hand, and, conversely, so does their regress. Therefore, we have to be careful not to reverse the current trend. Banks in Europe seem to ride better on the economic tide, also thanks to wide-ranging reforms brought by the Banking and Capital markets Union. Credit is still below its potential and the needs of the economy.