samchain/econo-pairs-v1 huggingface dataset:
Last autumn, the Independent Commission on Banking, chaired by Sir John Vickers and comprising some of our most brilliant bankers and economists, published recommendations on how to do this. It’s vital that Parliament legislates to enact these proposals sooner rather than later. Regulation, resolution and restructuring of the banks are the three Rs of a new approach to make banking, and so our economy, safer. The three Rs will be central to the work of the Bank of England. And all of that will come on top of our responsibility for monetary policy to reduce inflation while supporting a gradual recovery of our battered economy. It’s the biggest challenge the Bank has faced for decades. 4  BIS central bankers’ speeches  We are up to the task. Already we see vested interests rise up to defend their bonuses and profits. But, as an independent central bank with over three centuries of history, we can resist those short-term pressures and take the longer view needed to prevent another crisis. Independence is, however, not the discretion to do as you wish, but the exercise of specific powers delegated to us by Parliament to meet a remit set by Parliament. So with independence come the responsibilities of transparency and accountability. Back in 1997, with independence to set interest rates, we revolutionised the openness of monetary policy. Our decisions, deliberations and even the disagreements within the Monetary Policy Committee are open to public scrutiny.

Mervyn King: Monetary policy developments Speech by Mr Mervyn King, Governor of the Bank of England, on the 2012 BBC Today Programme Lecture, London, 2 May 2012. *  *  *  Fifty years of rising living standards came to an end with the financial crisis. As a nation, we are now significantly worse off than we were four years ago. The crisis has cast a long shadow. Of course, the immediate challenge is to get our economy growing again. But fifty years from now will our grandchildren ask why we lacked the courage to put in place reforms to stop a crisis happening again? I hope not – and that’s why I want to speak to you tonight about the changes we need to make. Believe it or not, it’s more than seventy years since the Governor of the Bank of England last gave a talk on radio in peacetime. In March 1939, Montagu Norman spoke to the BBC in the wake of the economic slump that we now call the Great Depression. Just listen for a moment to the 1930s version of Evan Davis introducing the broadcast: AUDIO INSERT: “The Rt Honourable Montagu Norman, Governor of the Bank of England, speaking in the Empire Series on the City of London.” More the presenter of “yesterday” than “today”! In those days, the Bank of England, known affectionately as the “Old Lady of Threadneedle Street”, was a private bank performing the role of a central bank only by custom and practice.
In addition, French national regulators are recognised for their credible action, and for being at the cutting edge of technological developments, as Geoffroy Goffinet from the ACPR will develop in more detail. Let me just briefly highlight one last course of action at the Banque de France. We have been a pioneer in central bank digital currency (CBDC): in addition to taking an active part in the work on a potential euro retail CBDC, as early as 2020 we launched a series of twelve experiments on a wholesale CBDC, both for payments and securities settlement. The first nine experiments have been very valuable, and the three experiments underway focus on cross-border payments and tokenised asset settlement. 4 We are keen to pursue our long-standing partnership with commercial banks, to reconcile innovation and security. To conclude, this stay in New York is also the opportunity for me to point out that the Statue of Liberty, which so forcefully embodies our common values, is the fruit of a tight cooperation between France and America. Let this fruitful cooperation carry on throughout the 21st century; we will be happy to welcome you in Paris. I thank you for your attention, and will now leave the floor to Olivier Vigna, deputy CEO of Paris Europlace. 1 ECB, Macroeconomic Projections, 16 March 2023 2 Eurostat flash estimate, 31 March 2023 3 Bloomberg, 22 March 2023 4 An updated report will be published by the Banque de France within next months.

Currently, we are working for this project to be transformed into regional cooperation taking into account that same banking groups operate across the entire region. According to banks reporting at end-September 2011, banking sector total assets expanded 9.5% from year start and about 13% from the corresponding period of a year earlier. The banking sector credit portfolio widened 9.6% during the year or about 15% year-on-year, constituting 49.1% of total assets. During the year, Lek-denominated loans increased more rapidly than foreign currency-denominated loans. The activity increase was sustained mainly by deposits increases, which constitute 81.4% of total liabilities. During the year, they were up 9.7% or 14.1% higher than the corresponding period of 2010. Liquidity ratios are stable and are expected to consolidate following recent regulatory requirements introduced by the Bank of Albania. As at September 2011, banking activity made a profit of ALL 1.3 billion and return on assets and capital was 0.2% and 1.9%, respectively. Capital adequacy ratio was 15.1%, better than at the end of H1 2011. This was due to capital increase by some banks, following the Bank of Albania’s requirement. These developments confirm stable public confidence in the Albanian banking sector and the significant contribution of the banking sector to fund the Albanian economy in this year. These may be considered as precious achievements while the Albanian economy and its economic agents faced with more challenges in 2011. Loan portfolio worsening and credit risk management requirements were matched by higher provisions by banks, which in turn contributed to worsened financial result.
But one could also say this comes with transparency – outside observers were very aware of the discussions that were being held and the uncertainties involved. Inflation targeting so far has proved to be a successful way of conducting monetary policy, but there are unresolved issues and one concerns the treatment of house and other asset prices; it has been hard to formally fit asset price developments into the frameworks researchers and central banks use when they study inflation targeting. The models currently available to us and other policy makers, while indispensable as tools for organizing our thoughts concerning difficult matters, are incomplete representations of complex economies and cannot be the sole input into our analysis. Thus, while the academic community and researchers at central banks – including Sveriges Riksbank – continue their efforts to formulate models that combine firm founding in economic theory with good empirical properties, policy makers have to use judgement and take into account those relationships that history and experience suggest are of importance. In my view it is well worth keeping an eye on house prices and other asset prices and passing judgement on the risks that their developments may give rise to. If the probability of very negative outcomes can be reduced ex ante I believe this to be a good thing and a better solution compared to picking up the pieces ex post. 6  BIS Review 96/2007

Lucas Papademos: Eurosystem and Bank of Russia cooperation programme Introductory statement by Mr Lucas Papademos, Vice President of the European Central Bank, on the occasion of launching the Eurosystem and Bank of Russia cooperation programme on banking supervision and internal audit, Moscow, 20 March 2008. *  *  *  It is a pleasure for me to be here in Moscow today, together with my esteemed colleague First Deputy Chairman Melikyan of the Central Bank of the Russian Federation and His Excellency Ambassador Marc Franco, Head of the Delegation of the European Commission to Russia. I would first like to thank First Deputy Chairman Melikyan for his kind opening remarks and all those who have contributed to the organisation of this ceremony. I would also like to greet the representatives of the eight national central banks of the Eurosystem who accompany me here today, marking their strong institutional commitment to and support for this cooperation programme: the Deutsche Bundesbank, the Bank of Greece, the Banco de España, the Banca d’Italia, the Banque de France, De Nederlandsche Bank, the Oesterreichische Nationalbank and the Suomen Pankki-Finlands Bank. Today, we are taking a further step that advances the increasingly close cooperation between the Bank of Russia and the Eurosystem, by signing a protocol which accompanies the contract for the Eurosystem cooperation programme with the Bank of Russia that was signed by Ambassador Franco earlier today.
This forum brings together some of the best minds from different parts of the world with diverse experiences in the field of financial inclusion. I am certain that this forum will enhance our understanding of the vital issues confronting the financial inclusion agenda, and will contribute towards the formulation of new ideas in addressing the important issue of regulation and policy that will ensure the sustainability of an inclusive financial system. The financial crisis and its implications on the poor The year 2009 will likely to be a difficult year for most countries. As we enter the third year of this financial crisis, there is already a synchronised recession in the advanced economies. For most of the emerging economies however, the full effects of the crisis on their domestic economies will be felt this year. It is important to note that the financial systems in most emerging economies continue to remain sound and more importantly continue to function, providing credit and supporting the economy. The collapse of external demand has however, adversely affected the more open emerging economies. The issue of equal concern however, is the more disproportionate impact these developments will have on the poorer economies. Similarly, the disproportionate effect these developments are having on the poorer segments within a particular economy. This crisis thus brings to the forefront a number of issues concerning financial inclusion.

These include increasing the public awareness on the importance of financial inclusion, assisting governments in the design of regulatory systems that facilitate the creation of financial services for the poor, encouraging the of use of holistic measures to gauge the progress of financial inclusion, collecting and disseminating best practices, collaborating with the private sector to leverage on the talent and technology to further advance financial inclusion and to promote research that will galvanise new initiatives. In Malaysia, financial inclusion is a high priority in our national agenda. Since the establishment of the Central Bank, there has been a conscious policy to have an extensive commercial banking branch network across the country, to ensure the outreach, in particular, to cover the non-urban areas. Malaysia now has 10.2 branches for every 100,000 individuals as opposed to the global median of 8.4 branches for every 100,000 individuals. In Malaysia, more than 80% of the population also have some form of savings account. This has also contributed to the financialisation of savings in the country. Deposits as a percentage of gross domestic product is 180%. This means that savings is mobilised including from small savers into the formal financial system. This allows the savings to be channelled to productive economic activity. To further drive the provision of basic financial services to the underserved, the National Savings Bank in Malaysia has been mandated to enhance the outreach of deposit services and micro-financing.
1  … but remaining deficiencies in the infrastructure On the other hand, things have moved rather more slowly with regard to integration of cross-border money market trading against collateral. This is because it is more difficult to equate the value of these different types of collateral when they fall under different national legal systems. Securities trading between different countries is on the whole made more difficult by the fact that the infrastructure has still not been adapted to making transactions between buyers and sellers in different countries as simply and cheaply as within individual countries. One of the most cited examples of obstacles to cross-border financial transactions is the cost of making payments from one country to another. Now there is an EC regulation that prescribes that the price of making payments in euro between countries should not be higher than the same payments within a country, but the underlying infrastructure has involved de facto higher costs for making payments across borders. Other examples of national differences concern provisions aimed at establishing good consumer protection, but which make it more expensive and difficult in practice to create an efficient competition across borders, as the suppliers of financial products must adapt their marketing strategies to each individual country. One might have believed that the Internet would break this national fragmentation and open up the way for a demand-based international market for traditional bank services, but so far electronic banking services have mainly been used on a national basis.

2  BIS central bankers’ speeches
With that in mind, we conclude with some thoughts on issues which might be fruitful for future research on regulatory policy. International Regulatory Reform  There are already a number of detailed accounts of the regulatory reforms undertaken by international policymakers over the past decade (Carney (2017b), Duffie (2017), FSB (2017a), Greenwood et al (2017), Sarin and Summers (2017), Yellen (2017)). The following is a summarised and simplified account of the state of play. It partitions reform efforts into their microprudential and macroprudential components, recognising that the two often overlap and are usually mutually reinforcing in their impact. We focus here squarely on international banking regulation. We do not cover insurance regulation or international accounting standards. We do not discuss regulatory reforms undertaken nationally, such as the “Volcker Rule” in the US (Financial Stability Oversight Council (2011)) and the “Vickers proposals” in the UK (Independent Commission on Banking (2011)). Nor do we discuss international reforms of market infrastructure – for example, clearing – and financial market instruments (FSB (2017b)). Finally, we do not cover changes to banks’ large exposures regime and a range of pay and governance reforms. Microprudential Reform  Under the umbrella of Basel III, international reform of microprudential regulation has focused on four key areas: capital, leverage, liquidity and resolution. Taking these in turn:  Reform of risk-based capital standards has focused on increasing the quantity and quality of capital held by banks against their asset exposures.

Co-ordination is stressed in the Treaty itself, which requests that Member States treat national economic policies “as a matter of common concern” and subject them to a multilateral procedure. Naturally, this economic co-ordination can in no way undermine the independence of the ECB and the Eurosystem. Even more importantly, the euro area possesses institutional mechanisms which are conducive to an appropriate policy mix: the Stability and Growth Pact includes, on the part of the Member States, strict fiscal requirements. I will cite three economic justifications for the Treaty provisions that gave rise to the Stability and Growth Pact: –  First, by keeping a rein on the fiscal policies of the EMU Member States, the Pact ensures a satisfactory policy mix within the euro area. This is essential for monetary policy, in order to counterbalance the fact that Europe does not have a federal government and hence no significant “federal” budget. Mutual surveillance and close co-ordination of fiscal policies are the responsibility of the "Eurogroup" and of the Ecofin Council. Keeping the deficit below 3 % of GDP, and achieving budgets that are "close to balance or in surplus" in the medium term, ensure a balanced policy mix throughout the euro area. –  Second, the Pact helps to prevent well-managed economies from having to bear an unjustified risk premium on interest rates, resulting from the poor management of other EMU economies, by setting up a penalty system for excessive deficits.
-  The Icelandic government nationalised its three largest banks. -  In Germany the problems besetting the Hypo Real Estate bank led the government to design a rescue plan for the entity, at the end of September, and they are currently providing support to Bayern LB. -  In the Netherlands, the problems at ING required a large injection of capital from the government, and the French government also had to recapitalise France’s five main banks. In recent weeks the crisis has spread to many emerging countries, against a background of heightened risk aversion and the liquidation by investors of market positions subject to even minimal risk. The countries that have suffered most are those with significant current account deficits and financial systems strongly dependent on external financing. In Europe, I should mention Hungary, the Baltic States, Bulgaria, Rumania, Turkey and Ukraine, as well as Russia, which has also been affected by the fall in oil prices; and in Asia, Pakistan. In Latin America, although the starting position was in many cases better, the impact has been significant, for various reasons, in Argentina, Brazil, Chile, Colombia, Mexico and Peru. This risk aversion and heightened uncertainty has also been strongly apparent in the foreign exchange markets, which have seen a sharp rise in volatility and a strong appreciation of the yen and the dollar, the latest protagonists in an ongoing crisis.

Pembangunan pengguna yang lebih berpengetahuan juga akan memberi cabaran kepada institusi kewangan untuk mempercepatkan proses inovasi dan mempelbagaikan produk, perkhidmatan dan saluran penghantaran yang ditawarkan. Ini akan merangsang pembangunan sektor kewangan yang kukuh dan progresif, yang selanjutnya akan menyumbang kepada pertumbuhan ekonomi negara yang mapan. Dengan lafaz Bismillahirrahmanirrahim, saya dengan sukacitanya merasmikan pembukaan Biro Pengantaraan Kewangan di Malaysia. Terima kasih. 4  BIS Review 4/2005
CPI is affected by technological changes, making it cheaper to make phone calls and to use the Internet. Inflation is also affected by the changes that come under the designation of globalisation, and that lead to increased trade and competition and to, for instance, cheaper imports of TVs. During the first three months of the year, inflation has not been as low as expected in the forecast made in February. This is mainly because energy prices have been slightly higher than calculated. In February we believed that CPI would be 1.5 per cent in March. Instead it was 1.9 per cent. Higher costs lead to higher prices One explanation as to why inflation is expected to rise in future is that growth in productivity – how much is produced per hour worked – is slowing down. At the same time, wages are rising slightly faster than they have done in recent years. All in all, this means that companies' costs are rising more quickly. It is difficult to say when a higher rate of increase in costs will lead to a higher rate of increase in prices. Many Swedish companies are currently making large profits and can probably manage a period with higher costs without raising their prices. There are also other factors holding back inflation. For instance, prices of many imported good are continuing to fall. Better understanding productivity Inflation has been below target since the beginning of 2004, but we can now see that it has begun to increase again.

Stefan Ingves: The Riksbank and the Swedish economy Speech by Mr Stefan Ingves, Governor of the Sveriges Riksbank, to the Swedish Association of Local Authorities and Regions, Tylösand, 28 May 2007. *  *  *  Introduction Firstly, thank you for the invitation to come and speak to this assembly. Today I will talk about my views on the role of the Riksbank and about the current monetary policy situation, roughly as expressed in the discussion at the May monetary policy meeting. International economic activity remains good Sweden is a very open economy and large parts of the business sector are dependent on being able to sell their products to customers abroad. If the economies in countries around us are doing well, then the Swedish economy also does well. In recent years global growth has been extremely high. We believe that the growth rate will slow down slightly in 2007 and 2008, but will nevertheless remain high. After many years of high growth the US economy has now entered a slowdown phase. Economic activity has been dampened above all in the housing sector, but also in the manufacturing industry. Productivity growth is lower. The earlier upturn in house prices has slowed down and residential construction has declined. The problems have been aggravated by the fact that it has been easy for people with low incomes to obtain large loans for housing. As yet the problems in the housing market do not appear to have spread to the rest of the economy.
Switzerland according to common view  Switzerland has the reputation of being a special case - one which in some ways is slowly becoming a normal case. A good example of this is the development of the public spending ratio. Still quite low by international standards at the beginning of the eighties, it has now almost reached the EU average. As in most industrialised countries, the financing of the social security system has become a political hot potato also in my country. At the same time, the wealth gap between Switzerland and other OECD nations is shrinking; and there is no consensus as to how Switzerland might boost its economic growth. Political debates have intensified and politicians’ telegenic skills have become an issue there, too. However, certain aspects of Switzerland’s time-honoured image still prevail. Despite all the prophecies of doom, our democracy is under no threat; the Alps still shine in all their majestic glory; and the Swiss people - a fifth of whom are non-Swiss in origin - are just as hard-working, punctual and reliable as ever. The level of employment is in fact remarkably high: almost 80 percent of the population of working age are in employment. While it is true that the unemployment rate rose sharply at the beginning of the nineties, it is still less than half as high as the EU average.

Durmuş Yılmaz: Overview of the Turkish economy in the light of new global realities Speech by Mr Durmuş Yılmaz, Governor of the Central Bank of the Republic of Turkey, at the International Arab Banking Summit (IABS 2010), Istanbul, 18 June 2010. *  *  *  Esteemed governors and distinguished guests, At the outset, I want to express my gratitude to the Union of Arab Banks along with Turkish Banking Association, Banking Regulation and Supervision Agency and the World Union of Arab Bankers for their efforts in organizing this summit. As the Central Bank of Turkey, we are honored to be a part of this prestigious event congregating such an esteemed group of participants. In this keynote speech, first I want to discuss the post-crisis episode in a global context. Then I will continue with the extent to which the Turkish economy has been affected by the downturn in global economy. Finally, I will conclude with the opportunities and prospects in our region in the light of the new global realities. Dear participants,  As we all observe from the latest data, signs of recovery have continued in the first half of 2010, albeit at variable speeds across countries and regions. Coordinated efforts of the global community have been so far successful in averting a downward spiral similar to the one experienced during the Great Depression. Although global economy is back on its feet, there are several risks involved in this recovery process and many challenges lie ahead.