samchain/econo-pairs-v1 huggingface dataset:
But the Federal Reserve states itself that in the long term stable prices are a condition for sustained output and employment growth. The introduction of formal inflation targeting has been under discussion in the US for several years. The debate was rekindled with the appointment of Ben S. Bernanke as Chairman of the Federal Reserve on 1 February this year. He has argued that quantifying the concept of long-term price stability may reduce the uncertainty associated with monetary policy and more effectively anchor longterm inflation expectations. In his view, however, the introduction of a long-term inflation target is fully  2  BIS Review 80/2006  consistent with current US monetary policy 1 . There has been little interest in US political circles in changing the monetary policy framework 2 . Pursuant to the Regulation of March 2001, the mandate for monetary policy stipulates that monetary policy shall be aimed at stability in the Norwegian krone’s national and international value, and at the same time underpin fiscal policy by contributing to stable developments in output and employment. The operational objective of monetary policy is low and stable inflation, with annual consumer price inflation of approximately 2.5% over time. The mandate implies that inflation targeting shall be flexible, so that weight is given to both variability in inflation and variability in output and employment. The concrete target for inflation varies somewhat among central banks.

However, there is a risk that rising or persistently high oil prices may gradually curb growth among important trading partners. In its June Inflation Report, Norges Bank assumed that money market rates among our trading partners would rise gradually over the next three years. The path for domestic and external interest rates does not imply considerable changes in the krone exchange rate. Given solid global growth, demand for goods and services from Norwegian export companies may remain at a high level. A growing number of export companies are facing capacity constraints, particularly in the production of metals and refined petroleum products. Export growth in the years ahead will probably occur in industries such as the engineering and shipbuilding industries. Production growth is now high in these industries and employment is rising after declining over several years. Capacity utilisation in the Norwegian economy is now higher than normal. Strong global growth is supporting both high demand and favourable prices for the Norwegian export sector. Although petroleum investment is likely to peak this year, prospects of persistently high oil prices will contribute to continued strong demand from the petroleum sector. High oil prices also generate substantial central government revenues and there are prospects of strong growth in the Government Pension Fund – Global in the next few years. This means that spending in line with the fiscal rule will lead to an increase in the structural, non-oil central government budget deficit.
The dilemma is solved, at the domestic level, by the provision of eligible collateral. This may prove very uneasy for international liquidity: transferring ownership of substantial amounts of sovereign assets between countries or to international institutions would meet with huge legal and political difficulties. This is the rationale for conditionality. But, of course, conditionality creates an uncertainty which is incompatible with the purpose of instant supply of liquidity. A conditional facility will never be a perfect substitute for reserves. Many countries fully eligible to the Flexible Credit Line (FCL) have used foreign swaps instead. Anecdotal evidence suggests that swaps are often perceived as carrying less of a stigma effect. One way to deal with moral hazard would be to distinguish explicitly between two different risks facing each country: on the one hand idiosyncratic risk, created by national policies and country specific shocks; on the other hand, “systemic” risk stemming from aggregate liquidity shocks occurring on a broader – global or regional – scale. At the moment, foreign exchange reserves are meant to cover both risks. Since systemic risk is not related to a country size or GDP level there is potentially no limit to the demand for self insurance. A the same time, if systemic risk is defined in such a way that it is truly independent from individual countries behaviour or policies, protection through a multilateral mechanisms would not create any moral hazard problem.

Keynote address during a seminar organised jointly by the Bank of Thailand and the World Bank entitled “Good Governance for Financial Institutions” on 10 June 2000. 7  BIS Review 111/2000  There are, therefore, no one-size-fits-all solutions. Each country will have to pick up from the experiences of others, and adapt these experiences to their own conditions. Each will have to judge for itself the right balance and speed of changes to suit its own needs and circumstances. Nobody else has the same stake in the outcome. Conclusion The crisis has been a major setback for ASEAN and its member economies. Many external observers and investors still consider our economic prospects doubtful, and see ASEAN as an ineffective sunset organisation. These perceptions are political facts which can define political reality. If ASEAN economies do not deliver by way of structural reforms and strong, sustained economic recovery, and North East Asia continues to pull ahead, international investors will relegate us to the sidelines, and we will be marginalised. Perceptions, however, can be proved wrong. The best answer to them is real action and change. We must strengthen our economies and make ourselves more competitive, while safeguarding ourselves against external shocks. We must press on with economic cooperation among ourselves, and with the rest of the world. And each country must set its own house in order, by creating the political preconditions, restructuring its corporate sector, and reforming its banking system. Then the resilience of individual members will result in a strengthened ASEAN as a whole.
The budgetary cost of this reform will be relatively lower in 2015, although it will have a greater impact, naturally, once it has been set fully in place. The budgetary projection indicates that this forgone revenue will be offset by the greater buoyancy of revenue against a background of strengthening recovery, particularly in domestic demand. The uncertainty habitually clouding estimates of the impact of tax changes will require a continuous monitoring of revenue-raising in 2015 so as to head off potential slippage and, where appropriate, to react in time so as to prevent such slippage from adversely impacting budget deficit targets. 4  BIS central bankers’ speeches  The public debt/GDP ratio will continue on an upward trend, until reaching 100.3% according to the official forecast. The scale of this figure highlights the challenge facing budgetary policy in Spain, which will have to continue prioritising the gradual reduction of this debt. Outlook and challenges The outlook for the Spanish economy is brighter than that which I outlined to this Committee a year back. The rebalancing of domestic expenditure and net external demand has continued, with greater vigour than was previously expected. The pick-up in employment is proving to be one of the main drivers of domestic demand, attesting to the role that the labour market reform and wage restraint are playing in entrenching the recovery, although unemployment remains unacceptably high. But this scenario of recovery is not free from risks. Some, particularly those stemming from the external environment, have increased in recent months.

2) In recent months, as a prior step to the SSM taking over supervisory competences, an assessment has been made of significant institutions, the aim of which is to enhance transparency in respect of their position and to reinforce their solvency. The outcome of this exercise will help the SSM to assume its functions with accurate knowledge of the actual situation of the banks it will directly supervise. The exercise is now close to completion and its results will be made known before the end of this month. It comprises two phases: an asset quality review and a stress test, on which the Banco de España has been working intensely for several months in cooperation with the ECB. The first phase, namely the assessment of the quality of the assets associated with credit and market risk, consisted of verifying the accuracy of the figures and of reviewing asset and collateral values, along with the related provisions (with the collaboration of audit firms). On the basis of the results obtained, exposures have been classified as standard or nonperforming, based on the level of risk, with the ECB imposing painstaking quality control of the results of the review. A stress test is an analysis of credit institutions‘ capacity to absorb losses, evaluating their resilience in different scenarios. The exercise indicates how much capital might be needed were risks to materialise, and it helps highlight areas where supervisory action might be necessary.
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With it has also come an unwavering sense of identity, ethics and purpose for medical practitioners. The numbers are equally telling. Polls such as Gallup and Ipsos have consistently ranked doctors among the most competent and ethical professionals worldwide. In 2016, 65% of people surveyed believed that medical doctors had either a high or very high level of honesty and ethical standards. The corresponding number for bankers was a mere 24%. A sad reflection of the state of affairs in the banking industry. We trust doctors with the most intimate details of our health problems, complications and issues. We adhere to their instructions and advice, often assuredly and willingly. Few professions enjoy such stature, respect and trust. This is the epitome of professionalism. Professionalism matters. Like the medical field, professionalism ought to form the cornerstone of the banking sector. It can be fostered. It should be practiced. And above all, it must be earned. As intermediaries in the economy and guardians of public funds, banking sector cannot hope to perform its role effectively if the respect and trust of the people is not earned. As we commemorate this graduation today, there’s no better time to ask ourselves what it means to be a professional banker. Drawing from the medical profession and the Hippocratic Oath, let us ponder on the traits to guide our pursuit of developing high calibre and trustworthy bankers, and professionalising the banking industry. Three traits come to mind; Competence, Character and Calling. The first is Competence.

Muhammad bin Ibrahim: Reflection on professionalism, Hippocratic oath and the banking industry Remarks by Mr Muhammad bin Ibrahim, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the 20th AICB Chartered Banker's Graduation and Awards Ceremony, Kuala Lumpur, 13 May 2017. * * * Thank you for the opportunity to speak at the 20th AICB Chartered Banker’s Graduation and Awards Ceremony. My congratulations to the 1,062 graduates who have been certified across 15 qualifications. Today, you join the ranks of the over 18,600 banking professionals in the nation. Your graduation is not only an important step in your own careers, but also contributes to our shared aspirations of elevating the banking profession towards greater heights. When we reflect about professionalism, the medical profession often comes to mind for its dedication, devotion, care and interest for society. Over 2,000 years ago, the Hippocratic Oath was first introduced to the world. Today, most medical school students profess some form of the oath upon graduation. While written in antiquity, its principles are held sacred by doctors to this day. Its words have evolved with history. But its message remains the same: treat the sick to the best of one’s ability, preserve patient privacy, teach the secrets of medicine to the next generation, and much more. What is interesting is not the oath itself, but the principles it expounds and the deep philosophical values that have firmly grounded the medical profession over the years.
Including new players in stress-testing the system is challenging and requires cooperation and timely transparency. Many of these new players are non-banks. It is therefore important to look at the role of non-banks in payment and settlement systems. Payment, clearing and settlement services have traditionally been offered by banks and non-banks alike. The coexistence of banks and non-banks raises some important regulatory questions. In fact, while there is a trend towards common regulatory standards, banks would typically argue that they are subject to prudential supervision and that there is no need for further regulation. In contrast, non-banks would argue that common regulatory standards should apply to all relevant service providers in order to ensure a competitive level playing-field. In the end, the question is whether the approach to regulation should be based on functions or institutions. Finally, the globalisation of finance has resulted in the expansion of cross-border financial linkages. An implication of globalisation is that financial distress is more likely to have farreaching cross-border effects. This is a natural consequence of the tighter cross-border linkages that have formed. Such effects are almost guaranteed if distress were to involve one of the global players that operate across so many countries and underpin the smooth performance of so many markets. In fact, over 30 years ago, even the failure of a small bank active in FX transactions was sufficient to have significant cross-border ramifications – so significant as to act as a catalyst for the establishment of the Basel Committee on Banking Supervision.

This reflects first that unlimited liquidity facilities provide banks with a buffer against liquidity shocks and thereby contribute to financial stability. Second, it however also reflects the need for sound credit risk management by the central bank, which argues against unsecured lending, in particular at overnight and longer maturities. This framework – of unlimited access to intraday and overnight central bank credit against eligible collateral – implies that collateral availability becomes the ultimate liquidity issue for banks. As long as banks have sufficient eligible collateral for overnight or intraday credit, they have a buffer against liquidity shocks. Once a liquidity shock exceeds the eligible collateral, a major liquidity issue arises, and the bank may fail to fulfil its payment obligations, with all the serious consequences that this has for the bank itself and, via knock-on effects, potentially for the entire financial system. This is what makes collateral availability so important today as a contribution by central banks to financial stability – again, both intraday, i.e. for payment purposes, and for overnight credit. Let me now turn briefly to the recent financial market developments, which involved, as you know, partially a shortage of credit, but eventually also a significant drying-up of liquidity. It was not a failure of the payment system, as all payment systems worked smoothly. Nevertheless, let me say a few words here.
These frameworks, which have been put in place during the good times, are also being supported by ongoing work, in the area of building a consistent regulatory environment given the increasing presence of Asian banks in each others’ jurisdictions. This is reinforced by cooperation among national supervisors and in the development of arrangements for crossborder resolution. Regional platforms have been established for structured forums for the assessment of risks and vulnerabilities to the region, to increase the prospect for pre-emptive actions to be taken. Collaborative efforts are also ongoing in the area of building regional financial infrastructure, including the financial markets and payment systems to facilitate the efficient intermediation of financial resources in the region. Collaborative efforts are also accorded to the area of anti-money laundering, to ensure the integrity of the increasingly integrated financial systems in Asia. Finally, collaboration has also progressed in the area of capacity building, to strengthen the institutional capability of the central banks in the region to deal with the new challenges of the new environment. Finally, one of the most significant but often under-appreciated trends across most economies in these recent two decades, is the significant rise of inequality within economies. The economic crisis has worsened this trend given the conditions of high unemployment in many parts of the world. In many areas of policy-making, inequality is often not given explicit consideration.

In addition, the industry itself has failed to co-operate to enable it handle mega risks and stop the externalisation of insurance funds. Unlike the Bankers Association of Zambia (BAZ), whose existence and strength is cemented by the banks themselves, the insurance industry has a very loose arrangement about how it should promote a common front. There is neither a written nor binding memorandum of understanding among the insurance companies to foster cooperation on some of the thorny issues confronting the insurance industry today! However, I must acknowledge here, that there is an organisation called the Insurers Association of Zambia (IAZ), whose membership is compulsory but which may not be very strong in guiding its membership. BIS Review 74/2004  1  Ladies and Gentlemen, from my observation, the insurance and pension industry in Zambia is facing many challenges. These include: 1)  Amendments to the Insurance Act of 1997 and the Pension Schemes Regulation Act of 1996 so that laws and regulations that impose stricter corporate governance practices and structures in all institutions managing pension and insurance funds are introduced;  2)  The Investment Act must be harmonised with the Insurance/Pensions Acts in such a way that all insurance companies formed or already formed must have local ownership/equity partnership. This would greatly contribute to minimising capital flight and huge repatriation of dividends;  3)  Need for the establishment of a national re-insurance company to avoid capital flight;  4)  Insurance companies need to harmonise their operations so that clients benefit from fair competition.
Moreover, Hong Kong has expertise in project negotiation, works contracts preparation and management, international law as well as professional arbitration services, enabling us to take part in the planning, implementation and operation of such projects. The steadfast implementation of the Belt and Road Initiative also creates opportunities for Hong Kong to make best use of its strengths as the global offshore RMB business hub and an aspiring infrastructure investment and financing platform. The setting up of IFFO would provide a platform for pooling the efforts of investors, banks and the financial sector to offer comprehensive financial services for various infrastructure projects. 1/2  BIS central bankers' speeches  Since the launch of IFFO by the HKMA in July 2016, work has progressed very quickly and significant progress has been made on all fronts. Just last week, our list of partners expanded from 41 to 54, bringing in new additions from the insurance, banking and legal sectors, as well as international business council and corporation which are experts in the infrastructure development field. IFFO is also an active participant at various industry forums promoting the use of Hong Kong’s platform for infrastructure investments and financing both locally and overseas. This morning, President Jin will share with us his views on AIIB’s operations, project planning and management.

Arthur Yuen: Promoting economic and social development in Asia Welcome remarks by Mr Arthur Yuen, Deputy Chief Executive of the Hong Kong Monetary Authority (on behalf of Mr Norman Chan, Chief Executive of the Hong Kong Monetary Authority), at the seminar on "President Jin Liqun on the Asian Infrastructure Investment Bank’s Operations and Projects", Hong Kong, 8 November 2016. * * * President Jin, distinguished guests, ladies and gentlemen, Good morning. It is my pleasure to welcome you to this seminar on the Asian Infrastructure Investment Bank (AIIB)’s Operations and Projects, organised by the HKMA Infrastructure Financing Facilitation Office (IFFO). On behalf of the HKMA, I’m honoured to welcome President Jin to Hong Kong to meet with leaders from the financial and business sectors who have an interest in infrastructure project planning and management. I am delighted to see the strong level of interest and the diversity of business leaders represented in the field. AIIB is an important establishment in promoting economic and social development in Asia. Boasting an initial capital of $ billion and a founding membership of 57 countries, AIIB came into operation in January 2016 with a mandate in the development of infrastructure and other productive sectors in Asia, including energy and power, transportation and telecommunications, rural infrastructure and agriculture development, water supply and sanitation, environmental protection, urban development and logistics. As we are all aware, President Jin has played an instrumental role in shaping up the formation and the guiding principles of AIIB.