samchain/econo-pairs-v1 huggingface dataset:
Farmers, traders, rulers, missionaries and the military have all had a part in the cosmopolitan societies that existed in Nusantara. Money has taken many forms over the millennia, and our region has seen a greater diversity than most. Cowrie shells, tin “tampan” and brass gongs are some of the more exotic stores of value. But among coins and banknotes there are some equally distinctive means of making commercial exchange a safe and convenient activity. Nowadays the central banks have taken on this role. In the past, there was less clarity about issuing authorities. Many different currencies could circulate in the same location, resulting in a variety of payment options. Often this resulted in confusion and even counterfeiting. In this exhibition there are examples of forgeries intended to deceive, along with local copies that represented a tribute to the originals. Good designs have always had their admirers, some of whom have created coins to pay homage to innovations such as the pohon pitis, the coin money tree that had coins which could be detached from its branches or used as an entire “money tree”. In other cases it is the name of a coin that became adopted by different societies. The “leeuwendaler” (“lion dollar”), which circulated in the Dutch colonies such as New York, ended up as the official US currency after the war of independence from Britain. The same Dutch coins were also common in the Malay Archipelago, but only in Brunei has the dollar survived as an official term for the currency.

François Villeroy de Galhau: New Year wishes 2023 New Year wishes to the Paris financial centre by Mr François Villeroy de Galhau, Governor of the Bank of France and Chairman of the Autorité de contrôle prudentiel et de resolution (ACPR), Paris, 5 January 2023. *** Allow me to extend my warmest wishes for 2023 on behalf of the Banque de France and the ACPR. I don't know if I dare wish you, or wish us, a year free of shocks after those of 2020, 2021 and 2022. This past year has been marked by a climate of uncertainty, exacerbated by Russia's war in Ukraine and the energy crisis. It has also seen increased financial market volatility, compounded by the turmoil in the cryptoasset universe. In this unstable environment, I would like to make two double wishes for 2023: 1) Less inflation and more stabilisation. Activity has, until now, proved more resilient than expected, which is good news; however, inflation must not become entrenched. It is the number one concern for French people, and defeating it is our number one mission. It fell in December to 6.7%, which is encouraging but still not enough. It should peak in the first half, before declining towards 4% by the end of this year. But our forecast, and our commitment, is that inflation should be brought down towards 2% by end-2024 to end-2025.
And, the banking system has become more fragmented or “balkanised”, with a preference for banks to subsidiarise in countries beyond their home state, and for regulators to wish for – and achieve – the location of more capital and larger pools of liquid assets in their jurisdictions. We should not be surprised by this, but nor should we accept that it is inevitably with us as a permanent feature. The reasons why we have seen these changes are not hard to explain. Major concerns about sovereign creditworthiness undermine stable banking activity across borders, another important lesson of history. Combined with that, as authorities we have had bad experiences in trying to deal with and resolve failed banks headquartered in other countries. It is not surprising that the natural reaction is to make sure in future we have “got the money”. Moreover, no one country is particularly responsible for this trend – the honest thing is to say that many of us have contributed to it because the alternative available at the time looked worse. And, writing rules to say that such actions should not be taken, irrespective of the underlying reasons for them, is not likely to be a success. This amounts to contradicting basic human nature. BIS central bankers’ speeches  1  But, and this is the important point, we should not design the world as if fragmentation and balkanisation are inevitably always likely to be with us.

The real progress that we have made on resolution issues makes it reasonable to start to take steps towards planning for a safe resumption of the growth of cross-border banking in ways that had been in some senses discouraged, and sometimes with a history of discouragement going back before the onset of the crisis. A good example of this is our approach towards branches from outside the European Economic Area (remember that EEA branches are governed by the Single Market legislation). Earlier this week, it was announced that the PRA will be prepared to see Chinese banks open branches here (recognising that the Bank of China already has a branch in London). I want to describe how this change can come about, and in doing so it should be clear that this is not a special arrangement for China – rather it is part of a broader policy. Branches of foreign banks (both non-EEA and EEA) have a large presence here in the UK. Currently, they account for around one third of total UK resident banking assets. Supervision of branches has therefore always been an important issue for the UK authorities. In the runup to the launch of the PRA, in April, we set out our approach to supervising subsidiaries and branches from overseas, and in this context the announcement on China is not a surprise.
Banks should extend all necessary assistance to help these groups to migrate to the e-payment platform. To realise the full potential of the payment network, banks that offer cheque issuing and ATM cash withdrawal facilities should provide the full suite of funds transfer and electronic payment functionalities over the ATMs. Of the 20 banking institutions that offer ATM services, 17 of them today provide the IBFT service, a real time interbank funds transfer service that enable customers to transfer funds via the ATM in a safe and secure manner. Banking institutions are strongly encouraged to also offer the Interbank GIRO (IBG) via their ATMs as a lower cost option to the IBFT. With over 1,400 new ATMs deployment by MEPS over the next 5 years, in addition to the current 12,000 installed nationwide, there is a significant potential for the ATMs to be used as convenient access points to the public to conduct electronic payment and funds transfer transactions. The widespread availability and reach of the ATMs network should serve the needs of the public not just in the urban areas but also in the rural towns. ATM cards to be used for purchases at Point-Of-Sale terminals Whilst Malaysia has a population of about 29 million, we have a high penetration of 39 million ATM cards. The ATM cards issued by banks that are used for cash withdrawals also have the domestic debit card application which can be used at merchants’ Point-Of-Sale terminals to make purchases.

2  BIS central bankers’ speeches  The banking industry should step up its effort to counter these incidences, including the use of ink staining technology that renders the cash stolen to be worthless. This technology has been implemented successfully in countries such as the Netherlands, South Africa and Belgium with good results. Attempted robberies would cause the notes in the ATMs to be stained, rendering it valueless. Stained banknotes should not be accepted by retailers for payments and by the banks as deposits. This will serve as deterrent, sending a strong message to would be robbers. We had recently issued a guideline on the use of Ink Staining Technology for the industry. With this issuance, the banking industry should be ready to implement this initiative. Conclusion Let me conclude my speech by congratulating MEPS for the successful launch of this new initiative. MEPS’ can play an important role as the catalyst for the development and deployment of the ATM network. We hope that MEPS will also continue to collaborate and coordinate the pooling of resources for the banking industry. The banking institutions should give MEPS their full support as well. It now gives me great pleasure in officiating the launch of MEPS ATM initiative. BIS central bankers’ speeches  3
This reform agenda is very ambitious and time-wise rather tight, but before describing the measures under discussion, let me first briefly introduce the main actors in this area. The G20 provides the political and strategic impetus for the reforms, with the Financial Stability Board (FSB) playing an important role in the policy coordination. Various committees and working groups, of which the most prominent is the Basel Committee on Banking Supervision, are charged with reviewing specific international standards. As regards the reform agenda, the most important issues are the following:   the adoption of high-quality capital and liquidity standards for banks,    measures to reduce the financial system’s procyclicality,    the introduction of a regulatory framework for systemically important financial institutions,    the regulation of credit rating agencies and hedge funds, improving OTC derivatives markets, and    finally, sound compensation practices that support financial stability. These issues are comprehensively addressed by the Basel Committee’s reform package that aims to strengthening the banking sector’s resilience and represents a cornerstone of the response to the crisis. The package, which was released at the end of last year for consultation, aims at improving the quality and consistency of bank capital. It also considers the introduction of a non-risk-based leverage ratio as a supplementary capital measure. This leverage ratio is expected to curb excessive balance sheet growth and to set a floor for the Basel II capital requirements.

In the pursuit of this objective, we also try to draw as much as possible from synergies with existing work and resources both within the ECB and the ESCB, as well as at the supervisory authorities. I conclude on this point that the establishment of ESRB will be a watershed event in developing a macro-prudential framework for Europe. Having said that, I should also say that the ESRB does not have an easy mission and it certainly faces many challenges. Macroprudential supervision is relatively new, which implies that a well-established framework with a clear operational objective, as we know for monetary policy, must yet be set in place. The ESRB will therefore have to develop its own thinking and strategy, and will probably have to advance in a pragmatic way. The interplay with the micro-prudential function will be crucial, not only because the ESRB will have to rely to a large extent on micro-prudential supervisors for the information and the data, but also because a number of the tools that can be expected to address potential weaknesses in the financial system are of a micro-prudential nature. In that respect, I should recall that the ESRB will not have any binding powers but will have to rely on moral suasion and peer pressure for the follow-up to its risk warnings and recommendations. And finally the ESRB will have to strive for effectiveness and efficiency in the pursuit of its tasks, given its relatively wide composition (over 60 members).
In the area of large value payment infrastructures, the degree of integration has increased very quickly. We should bear in mind that EURO 1 and TARGET have been clearly set up to face the challenge of the EMU. It was of great importance for large value payments, in particular those linked to the money market, to rely on systems handling efficiently and safely cross border transactions. Moreover, TARGET was a prerequisite for the effective conduct of the single monetary policy, because it ensures the settlement of monetary policy operations. The timeframe was particularly tight to build up the TARGET system. Therefore, the design of TARGET 1 was based on the principle of minimum harmonisation and on a decentralised architecture, with an interlinking of the national RTGS (Real-Time Gross Settlement Systems). TARGET 2, which is due to go live in 2007, will further improve the degree of integration of wholesale payment infrastructures. It will provide fully harmonised settlement services across Europe in real-time in central bank money, supported by a single price structure for domestic and cross-border payments and a single processing platform. This single platform will be used by all central banks of the ESCB to provide services to their banking community. TARGET 2 will enhance cost-efficiency and meet stateof-the-art business continuity procedures.

The Republic of Macedonia is on the map of foreign investors due to several factors, which were emphasized also by the surveyed companies. Low labor costs, i.e. low wages, low taxes, good qualification structure of the labor force, as well as the macroeconomic stability, mirrored in low and stable inflation, exchange rate stability, low levels of budget deficit and public debt. These were the core pillars the business decisions were laid on. Therefore, we – the macroeconomic policymakers, have an obligation to keep the solid fundaments of the Macedonian economy in the next period. 2  BIS central bankers’ speeches
So far this year, the price of Brent Blend oil has largely moved between USD 45 and 55 per barrel. In the past few weeks, it has hovered around USD 50 per barrel. Oil futures have also increased. Little excess production capacity in OPEC countries, combined with the prospect of lower production in non-OPEC countries, has probably influenced oil prices. At the same time, there are prospects of continued strong demand growth in important oil-importing countries, such as China and some other emerging economies. The IMF has analysed supply and demand in the oil market for the period ahead in the latest issue of "World Economic Outlook": With price expectations at around the current level and global GDP growth at approximately 3 per cent, demand for oil is expected to increase by around 2 per cent per year over the coming decades up to 2030. The rise primarily reflects higher demand for fuel for motor vehicles, particularly in non-OECD countries. An increase in per capita income in China will in particular lead to a sharp increase in car use. Output in non-OPEC countries will peak soon – in 5 years, according to IMF estimates. Higher demand will thus require higher output in OPEC countries. These countries have substantial oil resources, but are currently producing close to capacity. Production capacity must therefore be increased. Higher demand can thereby be met by non-OPEC oil producers operating at full capacity while OPEC passively accommodates any remaining demand by increasing its production capacity.

Jarle Bergo: The Norwegian economy - possibilities and challenges Address by Mr Jarle Bergo, Deputy Governor of Norges Bank (Central Bank of Norway), at a seminar hosted by Agder Research Foundation, Arendal, 12 May 2005. Please note that the text below may differ slightly from the actual presentation. The address is based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 20 April, Inflation Report 1/05 and on previous speeches. The  Charts in pdf-format can also be found on the website of the Norges Bank. *  *  *  The Norwegian economy is growing at a solid pace and there are prospects that growth will remain high. The recession was mild after the previous expansion culminated in 2002. The period of relatively high cost inflation in Norway came to an end without production being impacted to the same extent as during the recessions in the early 1980s and around 1990. One of the main reasons for this is probably that low inflation in the 1990s and current monetary policy have anchored expectations of low and stable inflation among economic agents. Together with private consumption and fixed investment in the petroleum sector, traditional exports were an important factor underlying growth in the early stages of the recovery that started in the first half of 2003. Prices for many of our main export goods have risen as a result of strong growth in new markets.
How large a stake these strategic investors will be allowed to take will depend on what they are able to contribute to the exchange in terms of business alliances, technology or other ways of supporting the business and infrastructure of the exchange. Fund managers In addition, SGX has received indications from fund managers that they would like to hold more significant stakes in SGX than is currently permissible under the 5% cap. Fund managers are key institutional players on the buy-side of the capital markets, and will, as shareholders, add to the diverse range of groups with an interest in SGX's business. MAS will therefore generally allow fund managers who invest pools of customer funds to hold SGX's shares beyond the 5% limit. They will have to apply to MAS for approval first. The combined holdings of such a fund manager will be capped at 10%. A fund manager, however, cannot expect to be represented on the SGX Board unless it has a substantive, strategic relationship with the Exchange. Proposed changes to the prospectus registration regime The Companies Act requires every company seeking to raise funds via a public offer to issue a prospectus to inform potential investors of the financial status of the company, its business plans, the risks of investing in the company, and all other material information which will enable them to make informed investment decisions. Currently, companies submit their draft prospectuses to the Registry of Companies and Businesses (RCB) to be vetted for compliance with the Companies Act.

There is a generally-accepted principle that looking a few years ahead, CPIF inflation is the relevant operational measure of inflation. The reason for this is that in the short term, CPI inflation is affected directly by the Riksbank’s own repo-rate adjustments and monetary policy should not react to these temporary effects. CPIF inflation does not include these effects. In the longer run, these effects largely cancel one another out, and then it is CPI inflation that is relevant. 4 The point of using CPIF inflation as the operational measure is thus to best stabilise CPI inflation in the longer run. In the longer run, monetary policy should therefore be assessed with regard to how well it stabilises CPI inflation around the target and unemployment around a long-run sustainable rate. 3  The employment gap is equal to the labour-force gap (the “participation” gap) minus the unemployment gap, where the “gap” refers to the difference between the actual rate and the long-run sustainable rate. If the labour force gap is not so small that it can be ignored, the employment gap can be stabilised by more precisely stabilising unemployment around the sustainable unemployment rate minus the labour force gap. 4  This is entirely in line with the recommendations in the assessment made by Goodhart and Rochet (2011), and which the Riksbank agreed with in its consultation response.
In our case, about 46% of women participate in the labor force. Why activity rate of women on the labor market is low? According to a World Bank survey, about half of the inactive women reported that they do not seek employment because of family or caring responsibilities – twice the share of women stating this reason in the EU28. Another economic impact is also visible through the income channel. For example remittances, which are very important source of disposable income in the region including our country, plunged across the board last year. According to the UN study, the decrease was more prominent among women than men; especially among women in rural areas, and among women 35–44 years of age. Although wage data is still not available to see how the COVID crisis has affected this wage gap that existed even in the pre-crisis period, some indicators point out that probably the wage gap has widened throughout this period. For example, in North Macedonia assessment is that the wage gap has hovered throughout the range of 16–20%, which is already large. Apparently, the crisis has hit women and men unevenly, which is a natural consequence of the fact that it did not hit all the sectors equally. It had more pronounced effect on the services, especially services dependent on social interaction, and informal economy where women tend to be presented more. For example, in our country these sectors employ about 27% of all employed women and about 25% of all employed men.

At the same time, we had been charged with stabilising the financial sector, committing ourselves to take over a large portfolio of illiquid UBS assets. In addition, we concluded euro versus Swiss franc swap arrangements with the European Central Bank and the central banks of Poland and Hungary, to ease refinancing of banks that had granted mortgage loans in Swiss francs in these two countries. These swaps made it possible to counteract the rise in the Libor generated by an additional demand for Swiss francs outside our normal field of operation. The third stage began in March 2009. By then, price stability was threatened, not by the temporary inflationary escalation of 2008, but quite the opposite – the risk of a fall in prices over the coming three years. Since, by that time, our room for manoeuvre in the area of interest rates was limited, we decided to turn to unconventional instruments in order to bring about a further relaxation in monetary conditions. How has the economic and financial situation developed since our assessment in March? Global economic outlook Global economic activity declined more sharply than expected in the first quarter of 2009, especially in Europe and Japan. However, recent financial and macroeconomic indicators have shown a few encouraging signs. Stock exchange indices have started to edge up. Oil prices, which had been falling since July 2008, have been rising again since March. Risk premia in the money and capital markets have declined.