samchain/econo-pairs-v1 huggingface dataset:
For the euro area I will say clearly: we need for cross-border banking institutions a European Resolution Authority, including or combined with a Resolution Fund, as well as a European Supervisor. This requirement is not only a necessity stemming from the high degree of interconnectedness among euro area banks, but  BIS central bankers’ speeches  5  constitutes also a major lesson of the present crisis. Indeed, some of the major imbalances that are besetting the euro area stemmed from uncontrolled behaviour of some banking sectors that eventually contaminated the sovereign. However, in the longer term, one can only envisage an integral EU resolution framework on a full EU basis, reflecting the highly integrated financial system in the EU. In parallel with the establishment of an EU resolution fund, we could gradually also start preparing to set up an EU-level resolution authority. Following a pragmatic approach, we could focus on the recently established Cross-Border Stability Groups. Common practical guidelines and blueprints could be prepared for them to foster a more harmonised approach for resolution across jurisdictions. With a more forwardlooking approach, on the basis of frequent peer reviews, qualitative assessments and stocktaking of best practices, we could gradually explore the possibilities of entering into more binding multilateral agreements within these groups, which in turn would pave the way for an EU-level authority. We should not forget that the supervisory reform process based on the De Larosière proposals is not yet finished. The review of the new EU supervisory authorities is scheduled for 2014.

I hope this report will inspire new ideas to help solve corporate KYC problems in the most cost-efficient way because this is a problem that needs to be solved. We tried, we failed, we will learn, and we will do better next time. Innovation is about experimenting and learning from setbacks. Just as we showcase our successes, let us also be open about our setbacks. This is the spirit of enterprise we need in the financial sector and in Singapore. And we will continue to explore other ways to alleviate KYC pain for FIs and their customers. MAS and the GovTech are now working with the industry to facilitate FIs’ credit assessment of SMEs using trusted government data. 4/9  BIS central bankers' speeches  Today, young SMEs that wish to obtain bank financing may face difficulties due to the lack of credit history. We will help pool trusted data from government sources on the business and key individuals associated with the SMEs to facilitate a more informed credit assessment. We will run a pilot with three banks in the first half of next year. Payments Next, payments. We have substantially completed Singapore’s national e-payment infrastructure. There is FAST, a 24x7 real-time funds transfer infrastructure. There is PayNow, which rides on FAST to enable instant money transfer to an individual or business, using their personal ID number, mobile phone number, or unique entity number.
Sources: Statistics Sweden and the Riksbank  BIS central bankers’ speeches  17  Figure 9 Forecasts 2013–2014 for CPIF inflation 2014 Annual percentage change, annual average 2,0  2,0 The Riksbank Other analysts  1,5  1,5  1,0  1,0  0,5  0,5  0,0 jan-13  0,0 jul-13  jan-14  jul-14  Sources: Respective forecasters (8 of them), Statistics Sweden and the Riksbank  Figure 10 Inflation expectations, money market participants Annual percentage change  Source: TNS Sifo Prospera  18  BIS central bankers’ speeches

It is heartening that these institutions have had notable achievements since their inception. An example is INCEIF, where as to date, 107 students have graduated with the Chartered Islamic Finance Professional qualifications, while an estimated 1,000 more are at different stages of completing the qualification. As the pool of talents within the Islamic finance industry widens with the entries of new players, the competition for the best talent would also intensify as demands increase for the right and most suitable talent. It is therefore opportune for the education and learning service providers to constantly review their teaching methodology and learning contents, and to be updated on the skills requirements of the industry. Greater collaboration between the industry and academia is also an important aspect to align the training and development with the business requirements of the industry. Moving forward, more initiatives are required to expand the business horizon and product offerings in Islamic finance. Further in-depth research on Shariah issues relating to risk mitigation, liquidity management and hedging would enrich the research and development function to facilitate in the generation of ideas and creation of new ground-breaking Islamic financial products. The combined market knowledge and insights from education and training institutions such as INCEIF and ISRA can also provide meaningful contributions to the global Islamic finance industry that address both market needs and Shariah preservation.
Bear Stearns and JPMorgan continued to negotiate changes to the merger agreement that would tighten the guarantee and provide the necessary certainty that the merger would be consummated. All the parties shared an overriding common interest: to move toward a successful merger and avoid the situation in which they found themselves on March 14. The extended Easter weekend saw intense sets of bilateral negotiations among the three parties. The deal, finally struck in the early morning hours on March 24, held benefits for all parties. That deal included a new, more precise guaranty from JPMorgan, which lifted the cloud of default risk that had been hanging over the transaction. Bear stockholders were to receive a higher share price. In addition to fixing the guaranty, JPMorgan gained assurance that its merger with Bear would take place. And the New York Fed obtained significant downside protection on the loan and a tighter guaranty on its exposure. The new Fed financing facility will be in place for a maximum of ten years, though it could be repaid earlier, at the discretion of the Fed. This is an important feature: the assets that are being pledged as collateral can be managed on a long-term basis so as to minimize the risks to the market and the risk of loss. They can be held or disposed of at any time over the next decade. A summary of Terms and Conditions is attached as Annex III.

Using Section 13(3) of the Federal Reserve Act, the New York Fed agreed in principle to lend $ billion to JPMorgan Chase and to secure the lending with a pledge of Bear Stearns assets valued by Bear on March 14 at approximately $ billion. This step made it possible for JPMorgan to agree to acquire Bear and to step in immediately to guarantee all of Bear’s short-term obligations. This guarantee was especially important to stave off the feared systemic effects that would be triggered by the panic of a Bear bankruptcy filing and of the failure to honor its obligations. And by agreeing to lend against a portfolio of securities, we reduced the risk that those assets would be liquidated quickly, exacerbating already fragile conditions in markets. The portfolio of securities is described in Annex II to this testimony. On the evening of Sunday the 16th, I sent a letter to James Dimon, the CEO of JPMorgan Chase, to memorialize the fact that we had reached a preliminary agreement that the New York Fed would assist the acquisition with $ billion in financing, with the understanding that the parties would continue working during the week towards a formal contract. We also  6  BIS Review 39/20086  provided regulatory approvals, including under Section 23A, to assist with the merger and a transitional period for phasing in the assets under our capital rules.
On this occasion, I would therefore like to announce the following measures which we have instructed financial institutions to take, to further strengthen safeguards against financial scams. First, financial institutions are required to migrate from SMS One Time Passwords (OTP) to more secure forms of authentication for online activities or transactions relating to account opening, fund transfers and payments, as well as changes to personal information and account settings. The major banks have already started this process of migrating to more secure forms of authentication; Second, financial institutions will further tighten fraud detection rules and triggers for blocking suspected scam transactions. Customers will be immediately alerted when any such activity involving their banking accounts is detected. As an additional measure, financial institutions will block such transactions, and customers will be asked to confirm that such transactions are genuine before they are unblocked; Third, a cooling-off period will be observed for the first-time enrolment of online banking services or secure devices. During this time, no online banking activity is allowed to be conducted; Fourth, customers will be restricted to one mobile or secure device for the authentication of online banking transactions; and Fifth, financial institutions will be required to set up dedicated hotlines for customers to report financial scam incidents. Financial institutions have been directed to be more responsive to scam reports lodged by customers. Financial institutions have also been directed to facilitate efforts to recover and protect stolen funds, including to work with relevant agencies to prevent further losses.

An important aspect in dealing with financial scams is in raising public awareness, including of scam tactics used by criminals and the steps that the public can take to avoid becoming victims of financial scams. In this regard, BNM, the financial industry and law enforcement agencies will continue efforts to enhance the effectiveness of awareness programmes and improve on the dissemination of information to the public. Various educational and awareness initiatives have been implemented across multiple channels and platforms, including online webinars, as well as the sharing of reminders and advisories on how the public can protect themselves against financial scams. We encourage the public to visit and follow the Amaran Scam Facebook page at https://facebook.com/amaranpenipuan. That said, the effort to combat financial crimes requires the support of all parties. Each of us as consumers are responsible and have a role in protecting ourselves from scams. Online banking users must protect their personal and banking information, and to never disclose such information to any individual or to key it into suspicious websites. Users should also be vigilant and ensure that their devices, such as mobile phones, run up-to-date software and operating systems. They should ensure that their devices are secure, free from suspicious apps which might carry malware and spyware. This means being careful with what you install on devices used for online banking transactions.
I do not share this view. Price stability, defined as the inflation rate being below but close to 2%, is the anchor of the adjustment process and it is our duty to deliver it within our mandate. Very low government bond yields can indeed weaken the incentives for sound fiscal policies, and this is why we need strong and credible fiscal rules. But the suffering of young and longterm unemployed in our countries should suffice as an incentive to reform. Conclusion To conclude, the main lesson of the crisis is that a major financial shock leaves a set of initial conditions that can only be worked through by policies on both the supply and demand sides of the economy – that is, structural reforms and monetary and fiscal support. Key to the effectiveness of those reforms, however, is that they are fast – to avoid drawing out the disinflationary process – and that they focus on productivity as well as competitiveness. Today the reform agenda facing European countries is largely about productivity, and this means that pursuing reforms aggressively is less likely to have negative short-term effects. Many of the reforms that lead to downward price pressures and higher real interest rates have already been done, and their effects are working their way through the economy now. The remaining reforms are more about boosting investment demand and productivity and so raising growth today. Thus, it makes little sense for European countries to stop reforming now.

14  World Bank (2013), Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises. 15  Foster, N., Poschl, J., Rincon-Aznar, A., Stehrer, R., Vecchi, M. and Venturini, F. (2013), “Reducing productivity and efficiency gaps: The role of knowledge assets, absorptive capacity and institutions”, in European Competitiveness Report, DG Enterprise and Industry, European Commission. 16  See for example Gomez-Salvador, R., A. Musso, M. Stocker and J. Turunen (2006), “Labour productivity developments in the euro area”, ECB Occasional Paper No. 53, October 2006. 17  Bourlés, R., Cette G., Lopez J., Mairesse, J. and Nicoletti, G. (2012), “Do product market regulations in upstream sectors curb productivity growth? Panel data evidence for OECD countries”, Review of Economics and Statistics, MIT Press, vol. 95(5). 6  BIS central bankers’ speeches  to have access to adequate initial and vocational training – something which on the whole US firms seem to have been able to do better than European ones.18 As part of this process, reallocation of resources is both unavoidable – as firms need to restructure – and essential – to concentrate resources where they are most productive. There are however important differences in the extent to which capital and labour flow to innovative firms. For example, researchers at the OECD have found that a 10% increase in the patent stock is associated with an increase in the typical firm’s capital stock of about 3% in Sweden and the United States; 1.5% in the United Kingdom and Germany; and a 0.5% in Italy and Spain.
The engagement of private investors is thus essential for the resolution of payment imbalances in crises… the official sector needs to avoid creating expectations that private creditors and investors will be protected from losses or that official resources would be used to finance large, sustained capital outflows. … We underscore the need for further progress". The opponents of this approach raise two important questions. First, is it possible to define limits on IMF lending? Second, is it acceptable for the official sector to countenance default by a sovereign borrower when the consequences for both the country and the international financial system could be devastating? I shall try to provide answers to both of these questions. It is true that recent crises have been the result of developments in the capital account rather than the current account. As capital flows have grown, so too have the potential demands on the official community as they attempt to fill capital account financing gaps. That is why so many more programmes have involved "exceptional" access in relation to quota. So perhaps, in a world of capital account crises, exceptional access should become the norm? This argument is superficially quite attractive. But its implications need to be assessed carefully. It would mean that IMF resources would need to increase in line with private capital flows even for the IMF to maintain its current role. And since 1970, capital flows have grown around four times as fast as world incomes.

There are two key milestones approaching: CHAPS payments will migrate to enhanced ISO 20022 messaging in April 2023, followed by the switchover of the core settlement engine in Spring 2024. The new RTGS platform will have the capability to extend operating hours to 22/5, and with further changes, to near 24/7 operation. And it will be built with the capacity to accommodate a significant increase in account holders. Importantly, it will be a modular design with a strong foundation on which to build additional innovative functionality. We are currently consulting industry on a menu of features which could be introduced to RTGS beyond 2024. [19] This includes assessing demand for a number of features, including synchronised payments that seek to bring not only domestic benefits, but help to improve crossborder payments. The consultation closes on 30 June 2022 and we expect to issue a response document around the end of this year. In 2017, the Bank became one of the first central banks to expand access to non-bank PSPs. But we want to keep pace with the fast changing payments landscape. By spring 2023 line with roadmap timelines, we plan to review access arrangements by conducting a gap analysis to understand if we have expanded access to the three key groups identified in the report, and consider if we can do more to expand access. And to a similar timeline we plan to undertake operational, risk and policy analysis to arrive on a way forward on operating hours.
Gains to shareholders are potentially unlimited. But the same is not true in bad states of the world. The reason is limited liability. That constrains the losses of shareholders to around zero. Losses beyond that point are borne by other parts of banks’ capital structure – wholesale and retail depositors. Therein lies the problem. If protection of depositors is felt to be a public good, these losses instead risk being borne by the state, either in the form of equity injections from the government (capital insurance), payouts to retail depositors (deposit insurance) or liquidity support to wholesale funders (liquidity insurance). The gains risk being privatised and the losses socialised. Evidence suggests this is a repeated historical pattern. Socialised losses are doubly bad for society. Taxes may not only be higher on average. They may also need to rise when they are likely to be most painful to taxpayers, namely in the aftermath of crisis. So taxes profiles will be spiky rather than smooth and will spike when the chips are down. This is the opposite to what tax theory would tells us was optimal. 13 So far, so bad. But it is about to get worse, for this tells only half the story. This is a repeated game. State support stokes future risk-taking incentives, as owners of banks adapt their strategies to maximise expected profits. So it was in the run-up to the present crisis.

I don’t want to reveal too much now, but there are a few points worth considering in this context. First of all is the importance of real-time settlement, which enhances efficacy and security. This has been a feature of payment intermediation in Iceland for a decade and a half, and it is where other countries are heading. It is therefore vital that we preserve that feature during the changes now taking place. Second, it is important to keep the cost of domestic payment intermediation down. New and more diverse solutions that, for example, work directly with core financial market infrastructure, such as bank deposits and the Icelandic Banks' Data Centre’s systems, could help in this regard. Third, it is important that it be impossible to stop domestic payment intermediation through some sort of foreign intervention. Fourth, there must be alternate routes in the system, in case anything goes wrong. This could call for some diversity in payment intermediation, using different types of technology. Electronic krónur could play a role in this. But the topic of electronic krónur gives rise to big questions that must be discussed — questions about the possibilities for the general public to use electronic claims against the Central Bank (and indirectly against the State) as a medium of payment instead of bank deposits, and questions about the repercussions this could have on the role and stability of the banking system. The discussion promises to be an interesting one, and it is just beginning.
Price  operations through a new fiscal  stability is interpreted to mean low,  framework, aimed at strengthening  stable and predictable levels of inflation,  fiscal sustainability in the medium-term. which is conducive for fostering  This framework is embedded in the IMF-  sustainable long-term economic growth  EFF arrangement. and employment in a country. Price stability is instrumental in keeping nominal interest rates low, thereby enabling an economy to exploit its growth potential, while both consumers and producers can make economic decisions with confidence and certainty. These efforts will complement the expected improvements of the Central Bank with regard to two key policy frameworks in relation to monetary policy. a. The conduct of monetary policy will  Therefore, modern central banks  be strengthened through the move  predominantly focus on achieving price  towards a flexible inflation targeting  stability as a pre-condition for  (FIT) framework. sustainable growth. b. A properly designed and widely In this context, I would like to indicate  accepted framework for exchange  that the Central Bank and the  rate management will also be  government are working towards  introduced to establish a market-  establishing a well-designed  based exchange rate system in the country. Central Bank of Sri Lanka – ROAD MAP 2017  11  The broad-based reform actions under  towards new frameworks, such as  the EFF arrangement with the IMF will  inflation targeting. complement these efforts.

But I must stress the urgency here: we don’t have much time left, one or two years. Everybody is talking about a CBDC; but first, and much earlier, we need to regulate crypto-assets, and then implement EPI. The third and final action: be ready to launch a general purpose CBDC, which means for the public and for the financial sector, to reassert the anchoring role of central bank money in case of need. Let me insist on the dual purpose: public attention is naturally focused on a retail digital currency, for individuals and firms. But a “wholesale” or “interbank” form is also important, particularly as the use cases are already even more obvious, and because this interbank money will be vital for cross-border transactions. The next investigation phase and technological prototypes selected by the Eurosystem will, in my view, need to cover both these functions, separately or together. The results of the ECB’s public consultation, published mid-April, show that European citizens regard two aspects as particularly important: privacy and security. Therefore, the retail CBDC would be made available to citizens as an easy-to-use, secure and accessible payment instrument, that protects user privacy and can be used for all types of payment. How would it be distributed? We want to develop a model where CBDC is distributed by intermediaries, to allow private players, first and foremost the banking sector, to keep a key role. Let me be clear on this: it is not the Banque de France’s or any Central Bank’s role to open bank accounts!