samchain/econo-pairs-v1 huggingface dataset:
Market participants – and indeed the general public – will learn about the authorities’ behaviour and shape their own  10  For more information, see “The Corporate Sector and the Bank of England’s Asset Purchases” available at: http://www.bankofengland.co.uk/publications/Pages/speeches/2010/423.aspx  BIS central bankers’ speeches  5  accordingly. Moral hazard is one aspect of this – that can lead to market participants taking more risky actions because of the perceived backstop provided by the central bank. More generally, communications strategies can be a positive part of the toolkit, in particular by giving out information about the central bank’s monetary policy “reaction function”. For the most part it is helpful for markets to be able to predict what the central bank will do. That way one can often hope to generate the desired responses with less severe policy actions than otherwise. Credibility matters. For example, if people believe that inflation will be 2% in the medium term, and act accordingly, it is much more likely that inflation will stay close to 2% in practice without big swings in monetary policy. Keeping inflation under control is much more costly for the economy if expectations become de-anchored from the official target. But how explicit do we need to be about our forward plans? This is a very live policy debate.

Indeed, there is no “one size fits all” solution, and individual countries must tailor their approach to their own conditions. Moreover, crises typically evolve in unpredictable ways, and policy must be sufficiently fluid to adjust to changing conditions. Nonetheless, past crises have taught us important lessons applicable to the current situation worldwide. First, it is imperative that bankers and authorities be realistic about the size of the problems they face. While it is often difficult to accurately gauge the scale of problems at the outset of the crisis, history shows that problems usually are much larger than they first appear, and estimates often are subject to frequent and significant upward revision. While pressures to muddle through may, at times, be almost irresistible, policymakers and bankers must realize that the costs of inaction and denial are substantial and that problems left unaddressed grow rapidly over time. Second, it is important to recognize that financial system distress typically encompasses weaknesses in many individual areas, and effective solutions need to be comprehensive BIS Review 64/1998  -3-  and multidimensional. Solutions usually involve complex tensions and trade-offs: improving the condition of the banking sector, for example, may have the effect of worsening the condition of the corporate and household sectors, which may, in turn, negatively affect the banks. Similarly, liquidating problem banking assets may put additional downward pressure on a broader range of asset markets and further exacerbate banking sector problems. However, asset retention more often than not erodes values and freezes market liquidity.
In Africa, we have seen successful waqf projects such as the construction of a commercial complex for Islamic studies in Sudan. Waqf, properly structured and with the right governance could create wealth and economic opportunities. Helping to kick start a Market. Another idea to explore is for the AfDB, sovereigns including central bank, and pension funds to set up sukuk funds to give out funding mandate to support and kick-start domestic and regional sukuk investment in Africa. In Malaysia, our Employees Provident Fund and Central Bank of Malaysia have created its mandate to external portfolio managers to include international Shariah compliant equities and sukuk. This strategy has further stimulated growth of Islamic fund management industry. Perhaps these ideas can be adapted to suit the operational environment in Africa. These ideas that I outlined above have been tested and implemented. I believe the same can be considered by new and emerging Islamic finance jurisdictions. Conclusion Let me conclude that the journey in Islamic finance is a rewarding experience. For this journey, we have to bear in mind that It takes serious efforts. We need to be patient and organized. With determination and perseverance, the result will surely follow. We need to work in unison. Respect diversity. Amplify on the collective agreements. Seek solutions for differences. In time we should come to an understanding. We have to ensure, always, that Islamic Finance must remains competitive. It must make sense. The maths must be right. Exciting opportunities exist for new and emerging jurisdictions in Islamic finance.

In Malaysia, both the Federal Government and the central bank 2  BIS central bankers’ speeches  issued long and short term papers that formed the basis for the creation of a vibrant Islamic money market and a deep and sophisticated sukuk market. Another lesson that can be learnt is that central bank can play a catalytic role in promoting a new market. Central banks have the capacity to issue Shariah compliant money market instruments to enable investment in short term papers. It could assist in the liquidity management of Islamic banks. It also gives an opportunity for the public at large to invest in short term Shariah-compliant papers. At the same time, conventional investors have an opportunity to invest in a new asset class. Usage of Waqf. Another interesting area for Islamic finance and this applies, not only to new entrants but also established finance jurisdictions, is the innovative use of waqf in areas underserved by the present financial system. The endowment received from waqf, together with the revenue generated from the waqf properties can assist in the socio-economic uplift of the community. Utilisation of waqf by Islamic microfinance institutions can potentially create more options in offering interest-free financing in the economy. Islamic financial institutions and corporate organisations can also consider including waqf as part of their corporate social responsibility programmes for more suitable solutions that have profound impact over the long term, particularly in education.
We are currently discussing the results from these questionnaires directly with firms. You will appreciate that I cannot go into specifics. But overall the responses did not reveal any immediate critical shortcomings in the cyber resilience of the firms involved. But they did point to areas for improvement that we will be following up on with firms. Let me list some common themes. 1. Cyber has changed the rules: existing operational resilience arrangements are often geared to dealing with physical threats. These still matter. But cyber changes the game. Cyber is a dynamic, intelligent and adaptive threat. In the cyber arms race, costs are stacked in favour of the attacker, not the defender. To meet the challenge, organisations need to have policies and processes that are dynamic, intelligent and adaptive too. This means investment in capability to identify threats and detect cyber attacks. Without this situational awareness it is hard to determine and achieve appropriate maturity levels for cyber defence and to allocate resources effectively to meet the threat. 2. Cyber is not a minority sport for technologists only: Of course the first line of defence is critical and we still need IT specialists who understand the technical challenges cyber presents. But good cyber resilience is about much more than technology. It is about culture too and this means people and processes. When Morgan Stanley reported recently its customer information had been breached, this wasn’t due to sophisticated hackers, rather an employee who stole data from over 350,000 customer accounts.

Given the scope, relevant intelligence on threats and attack types is drawn together from threat intelligence providers, including government sources, and is used to design a series of tests that mimic the methods that are most likely, according to the threat intelligence, to be deployed against the firm. The companies providing the penetration test are accredited within a framework that has benefitted from GCHQ input and delivery of the test is within a controlled testing process agreed between the firm, the authorities and the test provider. The results should provide firms – and us – with a direct read on the robustness of their defences to more sophisticated attack types and a gaps analysis so that firms know what steps they need to take to improve their resilience. This is not a regulatory requirement though we are encouraging firms to participate. Rather it is a voluntary process. But we think the benefits to firms of CBEST are significant. This is why the FPC in December encouraged firms to undergo a CBEST as “soon as practicable” 5. By going through this process, firms will not only understand where their vulnerabilities lie, but also which threats should cause them most concern and what steps they should take to combat them. Access to direct feeds of commercial and government intelligence, via accredited red team testing by cyber experts, ensures that the test involves the most up-to-date threats, most relevant to their specific situation. And we are keen for other sectors, and other jurisdictions, to benefit from our experiences 6.
Krzysztof Rybiński: The role of the EURO for the future of Poland Speech by Mr Krzysztof Rybiński, Deputy President of the National Bank of Poland, at the International Conference “The role of the EURO for the future of Poland”, Warsaw, 15 June 2007. *  *  *  Only a few months ago the eurozone was enlarged for the second time. Slovenia became the first of the twelve new member states of the EU and the thirteenth country to adopt the common European currency. Now two other countries, i.e. Malta and Cyprus, are knocking on the euro’s door, and others are lining up for the “monetary club membership”. This seems to be a good occasion to return to the, once lively, discussion about the advantages and disadvantages of joining the monetary union. Indeed, there are still more reasons to come back periodically to the euro cost & benefit debate, since we have more and more data, the world changes rapidly and even economic theory is subject to evolution. Let me illustrate this with one example. It has long been a widely accepted view that asymmetric shocks are the biggest threat to currency unions. Nowadays some respected economists think it may not be the case.

Accordingly, the only policy tool left after euro area accession is fiscal policy. For this reason it is of crucial importance to run a balanced budget in the medium run, so that in case of negative shocks, there is room for increasing the deficit, and thus buffer the shock. Additionally, there are also economic forces which can bring the economy back to equilibrium. The most prominent is wage adjustment – after a negative shock, falling wages can help reduce the cost of production and – as a consequence – prices. This will increase demand and help the economy return to equilibrium. A crucial prerequisite for this channel to operate smoothly is a flexible labor market – only if wages adjust immediately, can an increasing unemployment and an economic slowdown be avoided. We know, however, that this downward wage flexibility is rarely seen in real life. Regarding asymmetric shocks, one thing seems certain. We are not able to foresee if serious asymmetric shocks are going to affect the Polish economy after joining the euro or not. We can only speak in terms of probabilities and, given the data, it seems that the probability of huge shocks occurrence seems limited. The Polish economy is strongly integrated with the eurozone, with a majority of exports going to the common currency area. Moreover, most studies (e.g. Fidrmuc, Korhonen 2003, Eickmeier, Breitung 2005) show a relatively high correlation of business cycles between Poland and the eurozone. This substantially reduces, though does not eliminate, the risk of asymmetric shocks.
To ensure that the normalization process continues properly, the Central Bank of the Republic of Turkey will take the necessary policy steps, as it has done so far. Concluding my speech, I would like to thank you all for your participation.

Taking into account the distinct characteristics and specificities of Islamic finance, the effective implementation of these standards will contribute towards maintaining the soundness and stability of Islamic financial institutions. Liquidity management in the international Islamic financial system has also been strengthened with the establishment of the International Islamic Liquidity Management Corporation (IILM) in 2010 that will contribute towards facilitating efficient liquidity management and cross-border flows by Islamic financial institutions. On the domestic front, in Malaysia, the upcoming issuance of a ringgit denominated Mudharabah Certificate for  BIS central bankers’ speeches  1  liquidity management purposes by the central bank is the introduction of a new profit sharing instrument that is expected to contribute towards increasing the range of instruments in the global Islamic short term securities market. With returns that are linked to the performance of the underlying asset and tradability in the secondary market, it is expected to draw significant interest of international investors. Moving forward: transformative changes to grow beyond numbers The efforts taken to strengthen the global financial infrastructure of Islamic finance thus far have provided a solid foundation for the growth and internationalisation of the industry that is underpinned with soundness and stability. While the rapid growth of Islamic finance, attests to its resilience and competitiveness, the challenge before us is also to enhance its capacity to contribute towards inclusion and more balanced economic growth. Statistical numbers and projections are important performance indicators and benchmarks for the industry.
Cheque usage declined by 35% from over 200 million cheques in 2011 to 133 million in 2016. Over the same period, Interbank GIRO (IBG) and Instant Transfers (IBFT) grew almost four fold from 66 million transactions in 2011 to 257 million transactions in 2016. Encouraging progress has also been achieved in efforts to displace cash. Reform measures implemented since 2015 have made the acceptance of payment cards more affordable to merchants. We estimate the annual cost savings to merchants to be about RM168 million in 2016. This in turn has encouraged an increase in the number of payment card acceptance devices (or POS terminals) which expanded by 40% to 323k terminals in 2016. We expect these developments to further expand the usage of debit cards to displace cash together with the enhancements to the payment card infrastructure to support PIN and contactless technology. A new era in payments For many years, Bank Negara Malaysia has taken the leading role in shaping the development of the country’s payment systems, in line with its statutory mandate to promote safe, efficient and reliable payment systems. We have taken important steps to correct price signals associated with the use of different payment instruments, and created market mechanisms to better align incentives at the institution level. Along the way there was resistance, but we had experienced that left to its own devices, the market is not capable of making strategic changes necessary to drive payment efficiency, financial inclusion and competitiveness. But, cooperation is key.

Importantly, the merger will further strengthen the alignment of strategies and priorities for the development of Malaysia’s payment systems. It is also expected to significantly reduce the time to market for delivering improvements. As a shared utility, PayNet will operate with a public interest objective to support and develop safe, reliable and efficient payment systems in Malaysia. PayNet will provide the necessary common infrastructure, and the banks will compete on providing financial products and services. In the long run, we should expect that the merged entity should venture abroad and strike foreign alliances to further expand network and reach. Over the next 12 months, PayNet will move forward with plans to develop and implement a Realtime Retail Payments Platform (RPP) that will facilitate interoperable mobile payments. A central feature of the RPP is the national addressing database that will allow payments to be made conveniently through the use of mobile phone numbers and National Registration Identity Card (NRIC) numbers, instead of referencing bank account numbers. In line with principles of fair and open access, the RPP will be open to both banks and eligible non-bank payment service providers. Besides making the technology roadmap for the RPP publicly available, PayNet will actively engage with the banking industry, FinTech community and other relevant stakeholders in the development of the RPP. PayNet will also direct its focus to promoting MyDebit, which is the domestic debit card network, as a low-cost alternative to displace the use of cash.
At the same time, it is reasonable to assume that spending on other programmes, which are today financed over government budgets, will increase as a share of total GDP. With the current tax level, in conjunction with the challenges that increased trade and globalisation pose to the tax system, there would hardly be scope for increasing taxes. It would therefore be reasonable to assert that the value of the right to tax is lower than the value of commitments taken on by the government when the intention is to develop the welfare state. Without substantial government saving in the years ahead, promises to preserve the welfare state will lose credibility. The government thus has a clear motive for saving. At the same time, the high level of petroleum revenues, as mentioned, provides scope for accumulating substantial government financial wealth. In my view, three points are of importance with regard to government wealth management. First, investment must be based on the reason underlying government saving which, as I understand it, is to distribute petroleum wealth across generations and establish a foundation for maintaining important elements of the welfare state. Second, the manager must seek to achieve a maximum return within duly considered risk limits. Returns and risk must be monitored continuously. The return and the risk limit must reflect the government’s motive for saving. BIS Review 14/2001  9  Third, the management must be organised so that the manager pursues the objectives of the owner and does not develop its own goals.

For a beneficiary who has an account within the same bank with the payer, which is known as Intrabank, the funds will be credited instantaneously. The program for today includes the showing of three video clips on online banking and IBG, which can be downloaded through YouTube and ABM and AIBIM’s website, including presentations by two banks. In addition, 17 banks and MyClear (the national payment system operator) have also set up exhibition booths to showcase their respective electronic payments and funds transfer solutions. This is indeed an opportunity not to be missed as you will be able to learn and ask questions about online banking solutions and sign up for the special offers such as free security tokens or waiver of monthly subscription fee for business Internet banking as provided by some of the exhibitors today. BIS central bankers’ speeches  1  In conjunction with today’s roadshow, I am pleased to announce that 2 banks namely, Bank Simpanan Nasional and OCBC Bank, together with 8 banks in Temerloh1 in Kuantan will hold their “Open Day” from today, 2 December until this Friday, 6 December. During the weeklong “Open Day”, visitors can enquire and learn more about e-payment solutions from the branch staff. The “Open Day” event is open to all businesses and the general public to complement the efforts of the roadshow to reach out to smaller towns and I encourage all participants to take this opportunity to visit the bank branches in Kuantan and Temerloh.
We sometimes read that Central Banks, including the ECB, are presently squeezed by two dilemmas: the first one on their objectives, as Central Banks would have either to accept excessive inflation, or to threaten the recovery. And the second on their instruments as 4/5  BIS central bankers' speeches  they would take the risk of cliff edge effects by exiting their Covid-crisis instruments. These two views are largely wrong according to me, and I tried to explain why in the case of the ECB. Based on the successful conclusion of our strategy review and forward guidance, we can be patient in navigating through a significant but temporary surge of inflation; besides, we have beyond PEPP a broad spectrum of possibilities to further run an accommodative monetary policy, thanks to our quartet of non conventional, or “new conventional” instruments. Thank you for your attention. i Lane (P.R. ), “The monetary policy toolbox and the effective lower bound”, speech, 11 October 2021 ii Schnabel (I. ), “Prospects for inflation : sneezes and breezes”, speech, 7 October 2021 iii See paragraph 8 of ECB’s monetary policy strategy statement  5/5  BIS central bankers' speeches

In case that sounds odd given that Bank Rate has been at 0.5% for over two years, I should underline that, even in normal circumstances, monetary policy works through the expected path of our policy rate. The markets now expect us to keep Bank Rate low for longer. Two-year risk free money market rates are over 100bp lower than in the late spring. That has helped to offset the rise in credit spreads, and so means lower borrowing costs in the real world. I place weight on that, as my MPC colleagues know. Above that, we have decided to add £ to our programme of Quantitative Easing (QE). The degree of monetary stimulus will slowly increase as the agreed QE is executed. That money does not, as is sometimes suggested, get stuck with the banks. The whole point of the Bank’s operating framework for QE has been to avoid that. All central bank money is ultimately held by banks: that is what a banking system is. But by buying bonds from insurance companies, pension funds and others, we put the money into their hands. It is money that, by construction, provides a meagre return – negative in real terms – and so money that they will want to get rid of by purchasing other higher-yielding assets. Policy still works through asset prices, increasing wealth and reducing the cost of capital relative to where they would be otherwise.
Two key issues remain: how to fund the backstop at a sufficiently high level to be credible, and how to create a swift decision-making process to deal with emergencies – if we need 1/3  BIS central bankers' speeches  weeks, it is useless. The euro area also needs a system for providing liquidity to financially sound banks after resolution – one that is provided by the Eurosystem and secured by a highquality public guarantee. I’m fully convinced that once we have a credible and efficient mechanism for resolution, it will be much easier to reach a pragmatic compromise on deposit insurance, probably with a focus on liquidity sharing between national guarantee schemes. Let me add two thoughts on substance: First, on anti-money laundering. In this area, I am convinced that we need to enhance our approach by building on a network of national authorities and EBA that should ensure an effective single anti-money laundering supervision. This means that EBA should have the legal and human capacities to foster convergence of practices on the best standards, based on clear European mandates. It should go as far as including effective breach of law reviews and a capacity to directly intervene in some cases with European-wide impact. Second, what we have managed to achieve for banks can serve as an example for financial markets.

The SSM is the fruit of all these lessons… and, under your responsibility, the best guarantee for the future. Thank you for your attention. 3/3  BIS central bankers' speeches