samchain/econo-pairs-v1 huggingface dataset:
Nevertheless, such reflection does provide an opportunity for a realistic assessment of the prospects and challenges that lie ahead for the RMB. There are at least 5 key factors. Let me list them without going into the details. •  Currencies that rise to dominance are often of countries that are dominant in global trade. •  Currencies often become internationalised because the country is a key global exporter of capital. •  Every successful currency had official support. •  Currencies can only rise to international prominence when backed by liberalised and developed markets. •  There needs to be confidence in the currency and the economy. How does China fare against these signposts? I would say that it is three out of five. As far as trade dominance is concerned, China surpassed the US economy as the largest goods trading nation in 2013. The internationalisation of the currency, despite its cautious nature, is certainly getting a lot of official support – not just from Chinese policymakers but also from policymakers in other countries. As for confidence in the currency and the economy, there would not be so much enthusiasm for RMB internationalisation were such confidence missing. The fact that countries are queuing up to be able to trade RMB within their borders, or to gain access to China’s domestic financial markets, shows a strong desire on the part of these countries to participate in what they see as an economy with a potential for continued strong growth.

The observation of large surpluses of a currency, and that currency nevertheless appreciating, is an anomaly created by a global system where there are too few global currencies. By there not being enough choice, the whole world bears the pain when the domestic policies of the few major currency economies become extreme and inconsistent with the global role of their currencies. Monetary policy in many major advanced economies is being conducted as if theirs are closed economies with closed financial systems. The implication in terms of how monetary policy is conducted is that it creates a false sense of confidence about the effectiveness of extreme monetary policy with respect to the domestic economy and a failure to fully appreciate the global implications. In an integrated global economy and financial systems, the impact of policies leak out. Investors and savers earning lousy returns on their savings do not simply throw up their hands and say “since I’m earning lousy returns I might as well consume my savings or save less.” No, they start looking for other means to preserve the value of their savings, including venturing beyond their borders in search for better returns. The outcome is a monetary policy that is less effective than what is envisioned by the policymakers in the major economies and a significant policy headache for countries that are on the receiving end of those capital inflows.
Mario Draghi: ECB press conference – introductory statement Introductory statement by Mr Mario Draghi, President of the European Central Bank, and Mr Vítor Constâncio, Vice-President of the European Central Bank, Frankfurt am Main, 21 January 2016. *  *  *  Ladies and gentlemen, first of all let me wish you a Happy New Year. The Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis. Based on our regular economic and monetary analyses, and after the recalibration of our monetary policy measures last month, we decided to keep the key ECB interest rates unchanged and we expect them to remain at present or lower levels for an extended period of time. Regarding our non-standard monetary policy measures, the asset purchases are proceeding smoothly and continue to have a favourable impact on the cost and availability of credit for firms and households. Taking stock of the evidence available at the beginning of 2016, it is clear that the monetary policy measures that we have adopted since mid-2014 are working. As a result, developments in the real economy, credit provision and financing conditions have improved and have strengthened the euro area’s resilience to recent global economic shocks.

Given continued high structural unemployment and low potential output growth in the euro area, the ongoing cyclical recovery should be supported by effective structural policies. In particular, actions to improve the business environment, including the provision of an adequate public infrastructure, are vital to increase productive investment, boost job creation and raise productivity. The swift and effective implementation of structural reforms, in an environment of accommodative monetary policy, will not only lead to higher sustainable economic growth in the euro area but will also raise expectations of permanently higher incomes and accelerate the beneficial effects of reforms, thereby making the euro area more resilient to global shocks. Fiscal policies should support the economic recovery, while remaining in compliance with the fiscal rules of the European Union. Full and consistent implementation of the Stability and  2  BIS central bankers’ speeches  Growth Pact is crucial to maintain confidence in the fiscal framework. At the same time, all countries should strive for a more growth-friendly composition of fiscal policies. We are now at your disposal for questions. BIS central bankers’ speeches  3
When we think of “innovation and disruption”, it usually brings up images of companies acting to ward off imminent threats from challengers to their business. “Innovation and sustainability” on the other hand, focuses on opportunities to do things better, increase long term value and strengthen a company’s agility to adapt and respond to changing conditions. Put another way, “disruption” often keeps an eye on your competitor, while “sustainability” focuses attention on the customer and understanding one’s own inherent strengths and weaknesses to build stronger, more responsive and more resilient companies. It would be a mistake to associate innovation solely with technology, or assume that it can only be achieved with huge investments in research and development. When Apple came up with the Mac, IBM was spending at least 100 times more on R&D. Steve Jobs underlined the point that innovation is not about the money, but the people you have, how you’re led and how much 2/4  BIS central bankers' speeches  you get it. Einstein famously said that “we cannot solve problems with the same thinking we used when we created them”. He reminds us that innovation is fundamentally concerned with solving problems, having an open mind to ideas and the ability to convert those ideas into an organized and disciplined process to create a positive and lasting impact. Viewed in this perspective, the frontiers of innovation are almost boundless; limited only by our ability to define problems and our imagination.

Jessica Chew Cheng Lian: Harnessing innovation for the sustainability of the MSB industry Speech by Ms Jessica Chew Cheng Lian, Assistant Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Money Services Business Asia Pacific Conference 2017 "Harnessing Innovation for the Sustainability of the MSB Industry", Kuala Lumpur, 5 September 2017. * * * It is my great pleasure to be here with you today at the Money Services Business Asia Pacific Conference 2017. I would like to congratulate the Malaysian Association of Money Services Business for organizing this event. Thank you for allowing me an opportunity to offer some remarks on this occasion. Over the last decade, the global MSB industry has made significant strides. Worker remittances have more than doubled to USD420 billion between 2007 to June 2017, providing critical resources that have helped lift families and communities in developing countries out of poverty, and facilitating greater talent mobility. Meanwhile, the currency exchange business has followed the fortunes of global business travel expenditures that have surpassed USD1 trillion annually, as well as over a billion international tourists arrivals recorded annually for the last 7 years. At the same time, the cost of money remittances has also fallen. The global average remittance cost has come down from above 10% a decade ago to 7% in 2016. Several countries have already met or surpassed the World Bank’s target of reducing costs to 5%.
Mario Draghi: Interview with Lithuanian business daily Verslo Zinios Interview by Mr Mario Draghi, President of the European Central Bank, with Verslo Zinios, conducted by Mr Dalius Simenas on 25 September 2014. *  *  *  The saying that “When America sneezes, Europe catches a cold” was absolutely true in the aftermath of the dramatic collapse of Lehman Brothers in the autumn of 2008. We are now seeing signs of a recovery in the United States and the United Kingdom, but are still not seeing any in the euro area. Does this worry you? What is missing? I am not sure I can agree with the last part. The euro area has, in fact, been recovering since the second quarter of 2013, when the economy returned to growth after six quarters of recession. It is true, however, that the recovery seems to have lost momentum recently: the flat GDP reading in the second quarter of 2014 was disappointing. According to the preliminary information received over the summer, economic conditions have been somewhat weaker than expected. Overall, however, we expect modest growth in the second half of the year and continue to expect euro area domestic demand to be supported by various factors. These include our accommodative monetary policy stance, favourable financing conditions and structural reforms, which should sustain private consumption and investment. At the same time, unacceptably high unemployment and continued weak credit growth are likely to curb the strength of the recovery.

4  BIS central bankers’ speeches
In a nutshell, during this first phase of the crisis, the Eurosystem (1) more flexibly used its open market operations by changing the time-path of liquidity provision and employing fine-tuning operations, (2) lengthened the maturity structure of its open market operations (for instance, operations with a maturity of six months were introduced, whereas the maximum length had been three months before the crisis), and (3) coordinated with other central banks around the world to provide US Dollar funding.4 The failure of Lehman Brothers in September 2008 and the subsequent very severe financial market tensions led the Eurosystem to adopt further measures. Official interest rates were cut by 325 basis points in just a few months to the then-historically low level of 1 per cent by March 2009. Open market operations were conducted as tenders with a fixed rate and full allotment. This implied that the ECB no longer controlled the aggregate supply of liquidity to the banking sector, but that the aggregate demand by banks, subject to individual banks’ availability of adequate collateral, determined total liquidity provision. As a consequence, the Eurosystem’s balance sheet increased, and short-term money market interest rates dropped to levels close to the deposit facility rate. Moreover, the ECB further widened the set of eligible collateral. Finally, and importantly, the ECB introduced a limited number of open market operations with maturities of one year (three such operations were conducted in 2009). The objectives behind this second wave of measures differed from the first wave.

Removing barriers is one thing and if, for example, investment in green assets is being held back by excessively backward-looking forms of measurement of risk, then that is something we should change. But it is a fundamental pillar of the prudential regime that it be risk-based: disregarding the risk in individual investments is a recipe for an under-capitalized financial system that would not be a robust or sustainable source of investment. For example, we should make sure that we and firms have the best possible understanding of climate exposures, in order to make sure that firms can make the transition to net zero safely, and we should take account of this in capital where the evidence supports it. But the wider economic, environmental, and social benefits of investment in assets to support transition are in my view better recognised using other tools of public policy. Enhancing accountability Nonetheless, although I do not believe we will suddenly go rogue if given more rule-making powers I absolutely recognise the need for enhanced accountability arrangements to Parliament if our role expands somewhat as a result of Brexit. I hope you recognise that we already make policy in a transparent, engaged and consultative manner, encouraging input from stakeholders including industry rather than leaping straight to the solution. But to me it seems natural that if our rule-making role were expanded then Parliament might choose to expand the amount of time it spends examining our regulations.
This reaction seems to reflect the incentive of managers and shareholders to  23  Indeed, in the context of the recent turmoil, while the annual growth in undrawn credit lines, following an increase up to mid-July 2007, has been on a declining trend and moved into negative territory in the course of 2008, the annual growth in the draw-downs of credit lines has been increasing up to the third quarter of 2008. 24  This is based on information derived from the Eurosystem’s Bank Lending Survey. favour remuneration on equity and human capital, rather than long-term investment. This is not in line with the macroeconomic objectives. This is why we insist that the profits made in these months by the banking sector – which were obtained thanks to the interventions by the policy authorities to keep the system going, and thus ultimately by the taxpayers – should be used to increase the capital rather than to reward the banks’ managers and shareholders. This applies not only to banks that have received direct assistance through guarantees and public capital injections, but also to the indirect benefits obtained as a result of low interest rates. 5. Conclusion  The pre-crisis period was marked by unsustainable credit policies by the banks and, more generally, by the financial system. These policies were encouraged by inadequate supervision and slack prudential regulation, and also by the excessive influence the financial system had on regulatory mechanisms. This caused the biggest crisis of the post-war period.

Various proposals have been formulated in this regard, including: strengthening the capital requirements for counterparty credit risk exposures arising from derivatives, repos and securities financing activities; a leverage requirement (capital divided by total exposure) to put a cap on the level of leverage in the banking sector; and internationally harmonised global liquidity standards, including a liquidity coverage ratio and a structural ratio (measuring the amount of longer-term stable funding sources to cover the liquidity needs for funding assets over the period of one year). Finally, governance of financial institutions must be strengthened, for instance with regard to remuneration incentives. 13 The regulatory community is well aware of the fact that the reform must be introduced in an ordered manner in order to ensure the resilience of the financial system as a whole, while also supporting economic growth over the longer term. The proposals are currently the subject of extensive consultations with the banking system. In addition, an impact study will be conducted to assess the implications of the various measures. Based on the outcome thereof, the aim is to arrive, by the end of 2010, at an appropriate calibration for the new requirements in terms of the level and quality of capital, in order to find a balance between financial innovation, financial stability and sustainable economic growth. The Basel reform will be phased in gradually as financial conditions improve and the economic recovery strengthens, with the aim of implementation by the end of 2012.
This bolstered the confidence of counterparties in one another and restored market and funding liquidity. Of course, this type of lending is only feasible to an institution that is deemed to be solvent with sufficient collateral available to pledge to the lender-of-last-resort so that it can safely secure its loan. In practice, all of these methods are in place to address funding liquidity risk. Capital requirements have been increased; there is much better reporting about how firms will do under significant stress tests; liquidity requirements – such as the liquidity coverage ratio – provide a buffer that allows management more time to respond to problems; and, if necessary, the central bank can act as the lender-of-last-resort to support market confidence and funding liquidity. So, should more be done to support funding liquidity? In my view, an important issue is to identify and address gaps in the lender-of-last-resort function. In the U.S., some significant gaps remain. For example, the Federal Reserve has a very limited ability to provide funding to a securities firm, even on a fully collateralized basis. The Discount Window is only available to depository institutions, and Section 23A of the Federal Reserve Act severely constrains the ability of a depository institution to pass Discount Window funding along to its securities affiliate.

The standardisation of messaging and APIs can enable quicker, cheaper and safer  Page 7  payments. But implementing the technical changes is only the first step. Common practices and usage guidelines are essential in helping financial institutions operate across borders. Importantly, the industry panel will not seek to add another competing standard. Rather, it will evaluate existing API standards and develop recommendations for harmonisation based on current practices. It will also seek to develop lasting global governance forums to evolve and update the standards. The Call for Participation[17] is closing at the end of this month and I would encourage all relevant parties to consider applying. Legal, regulatory and supervisory frameworks Diverging approaches to regulation and supervision are a major source of friction in cross-border payments, and an area where I increasingly hear calls for change from the private sector. Differences in how banks and non-banks are supervised can create opportunities for regulatory arbitrage. There are very good reasons why nations adopt differing approaches to financial institution supervision, data protection and financial crime prevention. Nevertheless, international guidance and recommendations provide a strong principles-based framework for collaboration and interoperability between jurisdictions. A key part of the existing international framework for combatting financial crime is The Financial Action Task Force (FATF) Recommendations. [18] To remain effective, they need to keep pace with market developments. Global adoption of ISO20022 standards also offers an opportunity to harness the benefits of improved data.
The estimated interest rate they use in the calculation is on average around 7 per cent, which is some way above a long-term normal level, which can be assumed to be between 4.5 and 6 per cent. 7 Calculations done by the Swedish financial supervisory authority, Finansinspektionen (FI), on a sample of new mortgage holders show that only just over 5 per cent of households have a deficit in their discretionary income calculations if the mortgage rate rises to 7 per cent. 8 There is hence nothing to indicate that the household sector as a whole would encounter significant problems in paying their interest expenses even if interest rates were to rise substantially in relation to their current levels. And, as I said earlier, our forecast indicates extremely limited rate increases in the years to come. But when the rate rises, many households might have to adapt their consumption to cope with the increased interest payments. From a macroeconomic and monetary policy perspective, it is therefore important to understand how household consumption is affected when interest rates change. 7 I have assumed a mark-up on the mortgage rate of 2 percentage points over the interval for the long-term repo rate of 2.5-4 per cent. 8 See Finansinspektionen (2018), “The Swedish mortgage market”.

Also, in the first five months of 2021, the growth amounted around ALL 10 billion. Meeting the demand of market for cash is achieved through ensuring and planning the sufficient stock of cash at the Bank of Albania, which guarantees the security for both the present and future. Allow me to detail briefly some of the features of these two denominations: The 1000 lek banknote, part of the new series, has a refreshed design, but it retains the same motives presented in the existing one, embedding changes related to the whole configuration of all added and improved elements. The theme of the 10000 lek banknote are the symbol of flag and national anthem - the main symbols of our national identity - accompanied with the portrait of the distinguished poet of the Albanian National Renaissance, at the same time, author the “National Anthem”, Aleksandër Stavre Drenova - commonly known by the pen name “Asdreni”. The presentation of a new series of banknotes means more than a simple change of its image. The Bank of Albania continuously improves the quality of the banknote in circulation, aiming to preserve its integrity. Both new banknotes, like all the other denominations of the new series, contain advanced security features. They are produced with cutting-edge technologies for banknote printing and personalised by denomination. The 1000 lek banknote integrates the raised print in the portrait of Pjetër Bogdani, numerals, lettering, and in the short lines, which help the visually-impaired people to easily identify and recognise the banknote.