samchain/econo-pairs-v1 huggingface dataset:
In particular, we will have to see the rate of unemployment, currently 7.8%, fall at least to a threshold of 7% before even beginning to consider whether to raise Bank Rate. Second, we are building confidence in banks so they can serve the needs of the real economy by providing credit to those who can put it to work. In particular, we have required banks to repair their balance sheets so that their capital ratios at least reach a threshold of 7% by the turn of the year. Crossing these two 7% thresholds is necessary to ensure that our economy can withstand the inevitable bumps along the road to full recovery. BIS central bankers’ speeches  1  We must meet the thresholds in a disciplined way. We will ensure that we bring inflation down as the recovery progresses. And we will use our considerable policy tools to prevent new vulnerabilities, whether in the housing sector or financial sector, from arising during this critical transition period. Today I want to say more about how the Bank will help bring the British economy over the threshold into a sustainable recovery and what that means for you. Guidance about monetary policy Three weeks ago the Monetary Policy Committee (MPC) did something it has never done before: we gave clear, quantitative guidance about the future path of monetary policy.

Benoît Cœuré: Interview in the Leading European Newspaper Alliance – LENA Interview with Mr Benoît Cœuré, Member of the Executive Board of the European Central Bank, in the Leading European Newspaper Alliance – LENA, conducted by Mr Dominique Berns (Le Soir), Ms Anja Ettel (Die Welt) and Ms Manon Malhère (Le Figaro), and published on 11 November 2015. *  *  *  How many bankers have you met this week? You’ll have an answer next February, when we will begin publishing the meeting calendars of the members of the ECB’s Executive Board on a regular basis. This will give you access to the list of my meetings in November 2015. The decision to regularly publish the meeting calendars of the Executive Board members follows on from other initiatives that aim to make the ECB more transparent, in particular publishing the accounts of monetary policy discussions and the new, clearer guidelines on public speaking engagements. Regarding the meeting calendars, weren’t you pushed into publishing them by the media, to some extent? No, we were already considering doing it. It was a natural decision for us because it reflects current standards for large public institutions, in particular the European Commission. If publishing our meeting calendars enables us to avoid misunderstandings, so much the better – it shows that it is a useful thing to do. Public debate thus enables us to improve how we operate.
SPEECH DATE:  12/06/2019  SPEAKER:  Deputy Governor Martin Flodén  VENUE:  The Riksbank  TION:  SVERIGES RIKSBANK SE-103 37 Stockholm (Brunkebergstorg 11) Tel +46 8 787 00 00 Fax +46 8 21 05 31 registratorn@riksbank.se www.riksbank.se  Should the Riksbank’s payment system be open 24/365? * The central bank's role in the Swedish payment infrastructure has increasingly come into focus at the Riksbank.1 I am aware that this is an area that may not perhaps interest the general public as much as negative interest rates, housing prices, cash-free shops, the krona exchange rate and other things normally associated with the Riksbank. Most people are not – to be honest – very interested in how the “plumbing” works that enables millions of payments to be made every day, to a total value of hundreds of billions of krona. This is not really surprising. Payments are not an objective in themselves, but a means of making our day-to-day life work; getting our wages, paying our bills, buying food, giving the children pocket money, saving for our retirement and so on. But, like other central banks, the Riksbank has been given the task of promoting a safe and efficient payment system. We at the Riksbank therefore need to understand how the payment system is put together and to consider what measures and investments are needed to ensure it remains safe and efficient. The Swedish payment market has changed rapidly over the past decade.

10 As far as monetary policy is concerned, it is only the participant’s net position with regard to the Riksbank that  is important. If a participant in RIX borrows, say, SEK 10 billion in RIXRTGS and invests the same amount in its account in RIXINST the net position with regard to the Riksbank and thus the participant’s interest expenditure, will be zero. 7 [8]  Using the same technical platforms as most of the rest of Europe will, I believe, make it easier for Swedish payment service providers to establish themselves in Europe. And in the same way it will become simpler for foreign companies to compete in Sweden. It is also probable that it will become easier to make instant cross-currency payments in the future if the central banks use the same technical platform to settle payments. What happens next? During the spring, my colleagues on the Executive Board and I have discussed the Riksbank's future role in the payment infrastructure. My baseline in these discussions was that Sweden – like most other countries – has long had a model where the banks have settled payments in risk-free accounts in the central bank. This has been important in preserving the stability and credibility of the payment system. Now that the payment market is moving towards larger, more numerous and more important payments outside of RIX normal opening hours, the Riksbank needs to modernise the services it offers so that central bank money remains the norm when financial institutions settle payments.
Finally, Asia is diverse – across stages of economic development, and across a variety of climate related risks and transition challenges. If we can successfully help Asia transition to net zero, it will go a long way in getting the world to net zero. Third, Collaboration – effective transition finance needs close partnership among the public, private, and people sectors. This will be the focus of our conference – scaling blended finance to accelerate the net-zero transition. Blended finance synergises public and private capital to mobilise financing for projects that are marginally bankable. It is also about combining financing with capacity building, technology transfer, and institutional support, to reduce risk and enhance bankability. In short, it is about taking an ecosystem approach to solving a problem of the global commons. Blended finance is not new but catalysing and scaling it requires a fresh approach. The use of public funds and development guarantees to reduce risks and encourage participation by private capital has been around for many decades. But such programmes are too few and too small. Globally, annual flows of blended finance have averaged less than $ billion since 2015. We need a more systematic and coordinated approach to mainstream blended finance. First, we need to build a pipeline of shovel-ready transition projects. There is insufficient capacity and expertise to prepare projects that are attractive to the private  2/4  BIS - Central bankers' speeches  sector.

Leah Pedersen, Senior Director at Convergence, will share more details later today. We have our work cut out for us. We have the right people in the room – leaders from the financial industry, public sector, multilateral agencies, philanthropic organisations, and global networks of expertise. Let us share our experiences and perspectives, and brainstorm ideas that we can pilot and learn from. Of course, our work will not be done in a day. We hope this conference will grow into a multi-year effort and be a convening platform for practical solutions and concrete projects to mobilise the financing required for an effective and inclusive transition to net zero and a more sustainable planet. Thank you and I wish everyone fruitful deliberations. 4/4  BIS - Central bankers' speeches
It is clear that the fundamental approach, scope and methodologies of official supervision must evolve in line with the way financial institutions manage their activities, which increasingly is along business lines rather than legal entities. With this in mind, we as supervisors should continue our efforts to develop a more dynamic, risk-focused and process-oriented framework, reflecting the reality that banks and other financial institutions are increasingly able to alter their risk profiles at will. By “risk-focused”, I mean that supervisory resources should be directed at the most material risks to which the institution and its capital are exposed, given its array of business activities. By “process-oriented”, I mean that examiners and auditors should ascertain whether management processes and methodologies are sufficiently rigorous and effective, given the institution’s identified risks. Institutions that demonstrate a sound control structure and effective management processes should be subject to less intrusive supervision than institutions that do not have this essential infrastructure in place. As I alluded to earlier, specific supervisory arrangements, practices and techniques vary from country to country depending on differences in culture, financial system structure and internal political realities. Having said that, a set of basic principles can be identified that should guide all supervisors in an increasingly interconnected, global financial marketplace. In 1997, the Basel Committee on Banking Supervision issued a set of twenty-five Core Principles for Effective Banking Supervision intended to serve as a benchmark against which the effectiveness of particular supervisory regimes can be assessed.

Denis Beau: Navigating the digital transition, maintaining a stable payment system Opening address by Mr Denis Beau, First Deputy Governor of the Bank of France, at the France Payments Forum – Les Rencontres Digitales Conference 2021 – Crypto-payments, 8 April 2021. * * *  Introduction The health crisis that we have all been living through for a year now has affected people’s day-today habits, changing not only how we consume but also how we like to pay. This has sped up the transition towards more digital approaches. This acceleration raises major challenges for Europe’s payment ecosystem, but also for payment regulators and supervisors. Thinking now specifically from the viewpoint of the latter, the central question to be addressed is as follows: how to facilitate and support the transition whilst at the same time maintaining the foundations that underpin a safe and efficient payment system. From a safety perspective, these foundations are built on an appropriate regulatory framework and on the availability under any circumstance of central bank money, which alone has legal tender status and which anchors the stability of the whole system; efficiency, meanwhile, relies on having diverse and competing payment solutions and participants, to ensure inclusivity and competitiveness. I would like to share with you my perspective on the answers to this question.
Zeti Akhtar Aziz: Financial education initiatives in Malaysia Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Launch of Financial LATeracy in conjunction with opening of Special Exhibition on Financial Literacy, Kuala Lumpur, 28 September 2015. *  *  *  Ladies and gentlemen Financial education has never been more important than in today’s environment. Participating effectively in the financial system can improve the economic well being of individuals and businesses. Financial education is therefore key so that members of our society will benefit from the financial system and from the new technologies that are transforming our financial landscape. It will help consumers to better understand the risks involved in managing their finances and will facilitate better financial decision making. Building a generation with financial competence therefore needs to start from an early age. This has been the motivation of Bank Negara Malaysia in the development of the Pocket Money Book or Buku Wang Saku for schools that was first launched in 1999. We are very honoured to have progressed this project in collaboration with Datuk Lat whose illustrations have made the complex subject of fundamental issues in finance appealing to school children. The universal appeal of Datuk Lat’s distinctive caricatures which are featured in the Pocket Money Book or Buku Wang Saku, have attracted students, teachers and parents to use it as a tool to nurture good savings habits and to encourage responsible money management among school children.

But most important, due to it being an area which sets us furthest apart from other developed countries, is the reform of the labour market institutions which are the cause of the our economy’s main problem. Our labour market framework makes us unique in comparison with other countries: it hampers job creation and encourages the use of job destruction as a mechanism for adjustment. Here it will not be enough, when the reform has been passed, to say “it’s a move in the right direction”. In this connection, not only the direction but also the scale of the reform is important. Yet we would surely not have to go very far. It would suffice for employers in Spain to be able, as in other developed countries, to offer jobs with productivity-based wages to the millions who are unemployed and for the latter to have the possibility of considering job offers that Spanish employers can’t even make to them due to the inflexibility of our singular regulations. Reducing unemployment and increasing employment is not only an indispensable social goal but it is a vital economic target at this juncture. If we manage to bring the labour market framework more into line with that of our European partners, there will be a swifter and stronger recovery in employment. And that would have effects that go beyond the obvious increase in the welfare of the workers, such as making it easier to restore health to public finances and reducing defaults, which would encourage lending.
The estimates incorporated the price increases associated with Russia's invasion of Ukraine, with the knowledge we then had of how the conflict would unfold and its implications. While at the time inflation already appeared to be a global problem, it has since worsened, due to a protracted war, the spread of problems in international supply chains and transportation costs, and the effects of China's weak real estate sector and its zero Covid policy. On top of all this, there was further persistence in a context of significant inflationary surprises and heightened inflation expectations. Thus, we come to the end of the year with a sum of new shocks that were installed in our economy, which already exhibited important imbalances that needed to be corrected. During this period, financial markets have shown high volatility. At home, we have had to face it while immersed in a context of high uncertainty, which peaked in July. In that period, the local exchange market experienced important tensions in its price formation process, particularly in exchange rate derivatives. This led us to announce a foreign exchange intervention aimed at reducing the probability of significant distortions in the operation of other segments of the financial market. This year has not been easy, nor were the previous ones. In this challenging period, the Bank has continued to make progress in various areas.

Retail activity, which was buoyant in May, fell back in June partly due to poor weather conditions. In aggregate, activity was up over the last two months. The construction and civil engineering sector1 recovered in the second quarter of 1997 primarily as a result of seasonal factors. Employment levels held steady in industry, except for the automobile sector, where there was a further contraction, and the building, retail and market services sectors. Wherever possible, companies sought to enhance workforce flexibility via temporary staff and overtime, in order to cope with fluctuating demand and organize themselves for the summer vacation period. __________________ 1  Unadjusted data. BIS Review 70/1997
Rogoff (2017), as well as Agrawal and Kimball (2015), have pointed out that if the central bank were to abolish cash entirely, or introduce an exchange rate between cash and central bank reserves, and allow this exchange rate to reflect negative interest rates, the lower bound could be eliminated entirely. But this is not an easy matter – part of the Riksbank's social contract with Sweden’s citizens is to offer the means of payment demanded and many citizens wish to continue to use cash. Accept low inflation One interesting question is that of which measure of inflation a small, open economy should actually have. The Riksbank measures inflation using the CPIF, and this basket includes quite a large element of imported goods, as Sweden is a small, open economy. The question is whether Sweden can have inflation on target if the rest of the world has very low inflation. Or must we accept that inflation is too low? Is it reasonable that the price of domestically produced goods and services is to increase by more than 2 per cent to compensate for imports being cheap? Yes, I consider such compensation is possible, as the variable exchange rate, in principle, can capture the difference between Swedish inflation and inflation abroad. The real economic conditions determine which relative prices prevail for Swedish and foreign goods. For example, a deterioration of the relative price of Swedish goods could arise through either a fall in Swedish prices or an increase in foreign prices or a combination of these.

From the Bank of  BIS Review 50/2009  1  Zambia’s point of view, the objective of financial stability remains key in all our activities. Financial stability depends to a large extent on the existence of robust risk management systems of financial institutions. It is therefore, important that risk management systems should keep pace with financial innovation. I have no doubt that the banking sector will rise to this challenge. Once again, thank you for the opportunity to witness this important event. 2  BIS Review 50/2009
In addition, there are a number of initiatives currently underway to exploit more fully the possibilities of cooperation and convergence provided by this approach, and I think the results will be positive. Now it may be that over the longer term, the current structure is judged to be insufficient to meet the needs of a more integrated market, and that a more fundamental re-think of the organisation of EU supervisory responsibilities is necessary. I personally think that this debate will intensify in the next decade. But we would certainly need to proceed with great caution in this debate. I am a firm supporter of the idea that changes should only be made if clear problems are identified. But whatever happens, I think the solutions we have to look for should be cooperative in nature, embracing the needs of all EU member states. This would, in my view, be preferable to an approach which would tend to concentrate responsibilities in the hands of a few Member States while the implications of their actions would extend far beyond their borders. Taking a more inclusive approach is the way that we have found solutions in the past to European challenges, and I think it is the best way forward. EU-wide financial stability is of interest to all of us.

Islamic finance in the era of deleveraging The clear and present danger to all financial activity, including Islamic finance, is the risk of contagion from an escalation of the Eurozone crisis. Islamic finance is closely intertwined with underlying economic activity and will be affected by the impact of slower global growth. Contagion from the Eurozone has already curtailed economic growth and capital inflows to many emerging economies where Islamic finance has taken root. Potential spillovers from an escalation of the Eurozone crisis could lower output in the Middle East and North Africa region by about 3¼ percent relative to baseline, the largest spillover effect for any region outside Europe. But Islamic finance has a window of opportunity in the current climate of deleveraging in the global financial system. With its strict prohibition on excessive leverage, Islamic finance has been spared the worst of the financial crisis. Islamic banks are well positioned to reach out to new customers who are in need of financing as many global institutions pull back on their lending due to the need to repair their balance sheets. Islamic finance should diversify into growth areas such as trade and infrastructure financing, where demand is still strong, especially in emerging economies. With a focus on supporting real productive activities, Islamic finance is naturally compatible with trade and infrastructure development. Tapping these sectors also brings about greater diversification benefits, especially for Islamic institutions which have been hurt by their significant lending exposure to the real estate sector.
A fundamental change within the first Pillar - capital levels - compared to the original Accord is that improved risk management in banks has allowed the proposed new Accord to incorporate greater sensitivity of credit risk capital charges. There will be a menu of approaches, depending on the sophistication of the bank. A 'standard' approach differentiates between credit exposures on the basis of external ratings. A 'foundation' internal ratings based approach will allow banks to differentiate between credit exposures on the basis of their internal estimates of borrower default probabilities; and an 'advanced' approach allows other inputs required to assess credit risk also to be provided by the bank, rather than the regulator. In addition to all this, there will be for the first time an explicit capital charge for operational risk. Systemic Implications of the Revised Accord What I have described so far is how the Accord is intended to be applied to individual banks. But given the Bank of England's responsibilities for the stability of the financial system as a whole, our principal concern is with the overall impact on the system. The Basel Committee has said that the new Accord is intended broadly to deliver the same level of bank capital on average across banks as at present. How should we assess the adequacy of this from the viewpoint of overall financial stability? As I suggested earlier, the role of bank capital is to provide a buffer sufficient to cover unexpected losses.

Of equal importance is also to integrate the domestic Islamic financial system with the international financial system. For more than two decades, we have witnessed the success of the development of each of these respective components that has contributed to the rapid expansion in Malaysia's Islamic financial services industry. Indeed, we have seen the development of a comprehensive Islamic financial system. This has placed the Malaysian Islamic financial system at the forefront of the global Islamic financial system. Notwithstanding this, there have been imbalances in the pace of the growth of the components of the financial system. While Islamic banking, being the core component, has recorded significant progress, more efforts need to be directed to promote the growth of takaful and the financial markets. My remarks today will focus on measures to accelerate the growth of the Islamic financial markets by strengthening its required linkages. Of most importance is the development of a wider range of Islamic financial instruments, developing the relevant indicators to support benchmarking and an efficient pricing mechanism as well as to actively promote the role of the market players. Development of a wider range of Islamic financial instruments For Islamic financial institutions to effectively manage its funds, there is a need to have diversity in the type and the maturity of the Islamic financial instruments. This is one area in Islamic finance that offers formidable challenges and opportunities to market participants in Malaysia. A broader range of products and services is vital in this fast changing global financial landscape.