samchain/econo-pairs-v1 huggingface dataset:
For the same reason, although we believe that the evolution of macroeconomic conditions will make it necessary to reduce the monetary stimulus and that the external impulse facing the Chilean economy has not seen significant changes, we will continue to implement this process with particular caution. Let me now share with you some more detail of our assessment of the macroeconomic scenario, its prospects and monetary policy implications. 1  II. Recent evolution of inflation  As is well known, in January, the INE updated the CPI basket and measurement methodology, giving rise to a new CPI series with base 2018=100, that supersedes the former base of 2013. The new CPI uses a basket of products that responds to the current consumption patterns of the population, taken from the Family Budget Survey of 2017, and incorporates a series of methodological improvements in the collection of some price data. This certainly makes the new CPI a more accurate indicator of current inflation. In introducing the new series, the INE has applied the same procedures of the last two updates, in 2009 and 2014. Thus, for analytical purposes, it has generated a benchmark series, corresponding to the CPI level calculated with the new methodology for the months of January to December 2018. This allows estimating the average prices established by the base of the indicator and twelve-month variations, beginning in January 2019.

As I said, although in the medium-term immigration should have an expansionary effect on GDP and a limited one on inflation, it is unclear how the supply and demand channels will interact, and which one will dominate as the economy absorbs the population inflow. Second, on the activity side, it is possible for investment to be even more dynamic if larger-scale projects keep coming, but it can also happen that the greater external risks induce a more conservative behavior by entrepreneurs and consumers. Third, the expected evolution of inflation could also be affected if the pass-through of the peso depreciation returns to near average magnitudes earlier than expected and pushes up inflation of CPIEFE goods. Finally, we cannot rule out a faster depletion of the oneoff effects of sectoral supply shocks, particularly the heavier competition in some areas. V.  Final remarks  The global economic scenario poses important challenges to our country. For two years now, events have been unfolding that have added uncertainty to the global growth Outlook, such as the trade conflict between  7  the US and China or the Brexit resolution. Thus, we have seen several episodes in which global markets have been stressed, generating less favorable conditions for the emerging world. The most recent of these events is still underway, putting pressure on economies that are perceived to have weaker macroeconomic fundamentals. Chile, being a small economy, commercially and financially integrated in the world, has not been spared these tensions.
9 The balance sheet cost associated with the interbank trade can be thought of as capturing the additional risk introduced into the system by that trade. One side effect of interbank trades is that they create a network of exposures that can contribute to financial fragility, as we saw during the crisis. Central bank liquidity provision Let me now turn to the question of broad-based liquidity provision by central banks. As Ulrich notes, there is an academic literature on the topic that focuses primarily on the incentives that individual financial institutions may have to take on excessive risk if they expect the central bank to provide insurance ex post; an incentive often referred to as moral hazard. This framing had become so pervasive that central bankers relied on constructive ambiguity – the idea that if market participants were unsure about whether the central bank might supply liquidity, they might not be as tempted to take privately beneficial but socially costly actions. I don’t intend to discuss constructive ambiguity, but I find it striking that there is little research on this topic directly related to central banking that could help us think of the costs and benefits of such an approach. 10 More generally, now might be a good time for academics and central bank researchers to take a fresh look at the issues of central bank liquidity provision, taking into account, in particular, stigma and liquidity regulation. 11 Let me start with stigma.

“Liquidity Regulation.” November 20, 2014, speech at the Clearing House 2014 Annual Conference, New York. Tucker, Paul, (2016). “The Political Economy of Central Bank Balance Sheet Management.” May 5, 2016, prepared for a workshop jointly sponsored by Columbia University’s School of International and Public Affairs and the Federal Reserve Bank of New York, New York. 23  See Tucker (2016) for a consideration of these issues. BIS central bankers’ speeches  7  8  BIS central bankers’ speeches  BIS central bankers’ speeches  9  10  BIS central bankers’ speeches  BIS central bankers’ speeches  11
While educated young people are moving abroad, I invite you to consider investments in technology, not only for the automation of processes, but also as an opportunity to prevent the impoverishment of the labour market, thus contributing to setting up conditions for keeping the qualified labour force in this market, which is also part of the elite clientele of the banking market. In conclusion, let me assure you that the Bank of Albania provides the maximum support and attention to all your proposals, not only in capacity of the regulatory authority, but also, as a loyal, supportive and serious partner, aiming at achieving the common objective, that is a developed market which offers attractive possibilities for investors, for financial stability and a fair competition which respect the consumer’s rights. Our decision-making will be transparent and all our initiatives will be guided by a spirit of cooperation with the banking sector, aiming at ensuring highest efficiency. Thank you for your attention! 3/3  BIS central bankers' speeches

The significant progress that was achieved in financial sector reform and restructuring in 2001 has enabled BNM to shift its focus from managing banking sector problems to the medium and longer-term issues of developing a more competitive and resilient banking sector. The Financial Sector Masterplan that was launched in March 2001 aims to provide the blueprint for the development of financial sector over the next ten years. To date, 9 out of the 119 recommendations under the FSMP have been fully implemented. In addition, 22 recommendations are being implemented on an on-going basis. Outlook and Prospects for the Malaysian Economy in 2002 As we enter the year 2002, indications are that world trade is expected to recover to about 2.5% in 2002. Growth in the major industrial countries as a group is expected to stabilise at 1.1%, reflecting a stronger growth of 1.4% in the US economy. Malaysia is well positioned to benefit from the emerging recovery in the global economy. Real GDP growth in the Malaysian economy is projected to recover to 3.5% in 2002. The projection is based on stronger growth in private consumption, a modest recovery in private investment, sustained public sector expenditure and moderate growth in exports. Current domestic indicators suggest that the Malaysian economy is in the early stages of recovery. The index of leading indicators has shown positive growth for six consecutive months. Both the decline in exports and manufacturing production have also begun to moderate.
BIS central bankers’ speeches  3  The third reason is that the Single Resolution Authority is an essential complement to the Single Supervisory Mechanism. The Single Supervisory Mechanism will provide a timely and unbiased assessment of the need for resolution, while the Single Resolution Authority will ensure prompt and efficient action once the trigger is reached. This will avoid misaligned incentives that could arise with supervision moved to the European level while resolution responsibility remained national. The fourth reason is that a Single Resolution Authority would help to break the vicious banksovereign nexus. The Single Resolution Authority naturally needs to be strong and effective to deliver what is needed. This requires three features to be fulfilled: First, the Single Resolution Authority needs to dispose of a robust resolution framework, one that provides it with enforceable resolution tools and powers. In this respect, the proposed bank recovery and resolution directive is key. Adoption of the directive, ideally by June, is an urgently needed step towards a strong European resolution framework. Second, the Single Resolution Authority needs access to resolution financing. It should therefore have a European Resolution Fund at its disposal, which should be financed by the private sector via risk-based ex ante levies. The European Resolution Fund should be backed by a public backstop mechanism, the support of which would need to be recouped via special ex post levies on the private sector. This means that it would be fiscally neutral over the medium term.

It was compiled using your perspective as a school student, as an elder of the village, as a hard working stay at home mother and as a danceloving-father when he gets his paycheck without his wife knowing; or to put simply, as an everyday Samoan citizen. MoneyPACIFIC has produced the Guide and made it easy to understand, and made it accessible to everyone so that you can plan, measure, prioritise or just to be aware of how  BIS central bankers’ speeches  1  much you are spending for everyday necessities. Again the intension is not to dictate how much your wallet is crying but to ensure that your wallet is happy to deliver a well sought out purpose for you and your families. To round up my remarks, I would like to take this opportunity to thank the New Zealand and Australian Governments for the support afforded to the MoneyPACIFIC iniative as we have benefitted greatly from the work it carries out for the Pacific communities. I would like to thank each and every one of you for making the time to attend today’s MoneyPACIFIC Money Guide launch.
All of this is extremely useful, but these documents also need to be widely publicised and made available, and this task falls first and foremost to the banks. This should in turn encourage them to make their bank fees and charges more transparent and explicit. 2) Turning now to the Banque de France, we clearly need to provide more help to VSEs before they get into difficulty. Credit mediation is a very effective tool for resolving VSEs financial problems after the fact, and indeed these make up the majority of cases submitted to the mediator. However, it is also important – especially so in my view – that we provide help before this stage, and prevent VSEs from getting into trouble in the first place. We have therefore decided that, in addition to the legal and operational assistance provided via credit mediation, the Banque de France will contribute to this preventive action by appointing a VSE Correspondent in each of its département branches. The role of these correspondents will be to act as a first point of contact for VSEs and listen to their concerns in the capacity of a trusted third-party. They will be responsible for providing information – including the documents I’ve just mentioned – and for broadly identifying the VSEs’ needs. If necessary, and of course only if the VSEs themselves are in agreement, they will also direct them towards the relevant professional networks which can provide appropriate support: approved management centres, institutes of chartered accountants, micro-credit associations, etc.

That new bridge I mentioned a moment ago is up and running. By the end of this month, all lenders should be ready to offer you products linked to SONIA or another non-LIBOR rate. Six or twelve months ago, that wasn’t universally true. Now it is. But don’t just take my word for that. Ask National Express, which took out one of the first SONIA-linked loans.2 Ask Riverside Group, a housing association, which secured a SONIA credit facility during the height of the Covid crisis in early April. 3 Or ask GlaxoSmithKline, which concluded a multi-currency refinanced credit facility linked to both SONIA and its US equivalent SOFR.4  -  Moving away from LIBOR won’t always be easy. But that’s where I come to my third message: which is that you are not in this on your own: for those needing to transition, there is help, and lots of it. The first port of call for most firms should be your own bank, to begin understanding how SONIA can work for your business. But help is also available from many other sources: o  The industry wide Risk Free Rate Working Group has produced educational videos and helpful short guides. These are available on the Bank of England5 and FCA websites and will be sent to everyone attending today’s webinar. o  The Working Group will also be taking forward a programme of engagement with your sector into the end of this year, to help you with transition.
Rachel Lomax: Stability and statistics Speech by Ms Rachel Lomax, Deputy Governor of the Bank of England, to the North Wales Business Club, Llandudno, Wales, 23 November 2004. I would like to thank Simon Hayes and Jens Larsen for research support and Spencer Dale, Mark Cornelius and colleagues at the Bank of England for helpful comments. *  *  *  “The first time we saw the MPC we were given the folder of all the statistics they had which was something like a foot high. We found it hard to believe that they all read that stuff but they claimed they did.Statistics seem to be their life blood…” Chairman, House of Lords, Select Committee on Economic Affairs, HL Paper 176 - II. The past decade has been a time of unparalleled stability for the UK economy. It is more than twelve years since the United Kingdom experienced a single quarter of negative GDP growth. Consumer spending, investment and output have all shown a degree of stability over the past ten years which is unmatched in any decade since the war - indeed in the twentieth century. Inflation has been impressively stable too, as well as lower on average than at any time since the war. And, to complete the story, employment has grown steadily, and unemployment has fallen to a 30 year low. A stable economy has created a much better climate for business. So no wonder soaring oil prices make people nervous.

The main reasons for changing payment habits include the increased convenience of the electronic payments, for example increased limit on the amount of contactless payments, the perceived risk of infection from banknotes, governments’ recommendations to use cash less, as well as more difficult access to and lower acceptance of cash at the points of sale. This trend in payments is unlikely to be reversed. Almost 90% of the respondents stated that they would continue to use cash less once the pandemic is over. Similar trends in payment habits can be observed in our country as well. Consumers have shown strong preferences for using cashless instruments such as cards. For example, the number of payment transactions initiated on the virtual point of sale last year doubled and continued to raise at double-digit growth rates this year. Also, the volume of contactless card payments increased by about 50% in 2020 and this trend has continued this year. Obviously, advancement in technology opens the doors to innovative digital services, but to unlock its true value for businesses and consumers, we as regulators have a role to play. In this context, clear example is the Payment Services Directive 2 (PSD2) that opened up EU payments market to higher competition, by establishing a level playing field for traditional players and new entrants, while providing higher protection for consumers. The new concept of open banking was conducive to richer payment landscape with numerous new entrants (third party providers) and numerous new customer-centric services.
Figure 8 Interest rates on nominal 10-year benchmark bonds  Stock markets (*)  (change with respect to 1 July 2020, basis points) 200  Chile  (change with respect to 1 July 2020, percent)  United States  40  Chile  World  30  150  20 100 10  50 0 0  -50 Jul.20  -10  Oct.20  Jan.21  Apr.21  -20 Jul.20  Oct.20  Jan.21  Apr.21  (*) World denotes ACWI stock index in local currency from Morgan Stanley Capital International. For Chile, the IPSA is used. Sources: Central Bank of Chile and Bloomberg. Page 18 of 27  Figure 9 Businesses confidence (PMI) (*) (diffusion index)  Manufacturing PMI  Services PMI  United States  70  Eurozone  70  China  60 60 50  50  40  40  30  30  20  20  10 Jul.19  Jan.20  Jul.20  10 Jul.19  Jan.21  Jan.20  Jul.20  Jan.21  (*) Value below (above) 50 indicates pessimism (optimism). Source: Bloomberg.

Page 25 of 27  Table 3 Structural parameters Long-term copper price  Long-term oil price (dollars per barrel)  (dollars per pound)  Trend non-mining GDP next 10 years  Nominal neutral MPR (percent)  Technical mínimum MPR (percent)  (annual change, percent)  Dec-15/Mar-21  Dec-15/Mar-21  Jun-19/Mar-21  Jun-19/Mar-21  Jul-09/Mar-21  2.7  70  3.25-3.75  3.75-4.25  0.5  June 2021  June 2021  June 2021  June 2021  June 2021  3.3  60  2.4-3.4  3.25-3.75  0.5  Source: Central Bank of Chile. ***  Page 26 of 27
Indeed, in contrast to what usually happens in legislative or transformative processes, the private sector has spearheaded many of the sustainability-related initiatives, such as the development of the green bonds market, arising in response to growing demand for responsible investment, regardless of supervisors. The cooperation of the private sector is also manifest in expert groups, which are helping authorities to define legislation and actions relating to this issue. Examples include, in the European arena, the EU High-level Group on Sustainable Finance, set up by the Commission in 2018 to advise on sustainability matters; turning to the Financial Stability Board (FSB), the creation of the Task Force on Climate-related Financial Disclosures (TCFD) in 2015 is particularly noteworthy. Indeed, regulators and supervisors have also recently stepped up their involvement. And they have done so significantly. This conference organised by the CNMV is a good example of this. As you are all aware, the Climate Change and Energy Transition Law is in the process of being approved by parliament; this Law envisages that a huge volume of investment (around € billion over the coming decade) will be needed to successfully undertake the energy transition. The banking sector's participation will be essential to mobilise such a volume of investment which, in turn, represents a clear incentive for credit institutions to become involved in this challenge.

As regulator, our mandate is to ensure the financial stability of the economy. In this regard, our competencies as micro- and macroprudential supervisor require us to be able to assess and quantify the risks entailed by the transition to a more sustainable economy, both for each individual bank and for the financial sector as a whole. Indeed, the transformative measures to change our productive model will affect bank borrowers. In some cases, they will give rise to opportunities, but there is no way of hiding that these transformations will adversely impact the business model of certain sectors. Therefore, it should come as no surprise that as supervisors we require that banks measure the risks derived from the transition process and incorporate them into their management. It is well known that the ecological transition process entails two types of risk: (i) physical risks, caused by the direct effects of climate change, storms, floods and natural disasters, and (ii) transition risks, which refer to the potential effect on specific borrowers of technological changes, changes in customer behaviour and preferences and the regulatory measures taken precisely to prevent physical risks from materialising. The measurement of these risks poses significant challenges. For example, the long time horizon over which the effects of physical risk are observed far exceeds that used to measure conventional banking risks.
Nina Stoyanova: Bank of Bulgaria’s latest projects in the area of financial services and payments Speech by Ms Nina Stoyanova, Deputy Governor (Banking Department) of the Bulgarian National Bank, at the opening of the “Innovations” Financial Forum, Sofia, 14 June 2016. *  *  *  Dear colleagues and guests, I would like to welcome you at the Financial Forum ‘Innovations’ organised for the third year in a row by the ‘Bank of the Year’ Association in partnership with the University of Finance, Business and Entrepreneurship (VUZF). The topic of this forum gives us the opportunity to present and discuss the innovations in the financial sector in the area of technologies, banking products and regulations. In this regard, I would like to briefly present the latest projects in the area of financial services and payments, on which the BNB is working. Later today our colleagues are going to give you more details on these projects, which will have an impact on the financial sector over the next couple of years. As you are well aware, the legal and regulatory framework of financial services and payments in Bulgaria is consistent with all European trends and requirements aiming to achieve an integrated European market, to harmonise the rules and conditions for providing payment services, to promote innovative payment methods, to ensure a high level of security for payments and better consumer protection.

Thus, additional development and modernization of the Bulgarian government securities market is expected to be achieved and its further integration into the European Union’s single market to be encouraged. This will allow by the end of next year financial institutions to freely select the place where they trade in government securities issued in Bulgaria, in compliance with the requirements under Regulation 2015/61 concerning the assessment of liquid assets in the form of government securities. This would possibly provide the prerequisites for additional diversification of the investors in Bulgarian government debt instruments. These changes are conceived in line with the debt management and financial markets security policy in the context of our future euro area membership and are necessitated by regulatory reforms at EU level. Finally, I would like to mention a project successfully completed recently. On 31 May 2016 Bulgaria subscribed to the Special Data Dissemination Standard Plus of the International Monetary Fund (IMF). Bulgaria is the 11th country worldwide to adhere to this highest tier international data dissemination standard. Adhering to this standard is the result of the joint efforts of the Bulgarian National Bank as coordinator for Bulgaria, the National Statistical Institute, and the Ministry of Finance. The BNB oversaw the adherence efforts and was responsible for developing the so-called National Summary Data Page, which is already available on the BNB website. The greater part of the new statistical indicators included in the standard are compiled by the BNB.