samchain/econo-pairs-v1 huggingface dataset:
Meanwhile, the ecosystem continues to develop and we will probably need a MiCA 2. First, to deal with concerns over "crypto conglomerates", involving  Page 3 of 6 multiple subsidiaries with diverse activities and geographical locations: the FTX collapse has demonstrated that it is not enough to regulate a single sub-entity in a single jurisdiction. In my view, these conglomerates could be subject to transparency obligations – particularly the preparation of consolidated financial statements – while the sharing of information between jurisdictions will be essential to understanding their overall organisation as well as interdependencies between entities. The second deficiency concerns the ecosystem of what is often erroneously referred to as "decentralised" finance (DeFi) – what we prefer to call "disintermediated” finance. The ACPR is pioneering thinking in this area with the publication in April of a document that outlines possible regulatory frameworks for DeFi. The very successful public consultation process ended at the beginning of June. It was widely reported upon and generated almost 40 responses of high technical quality from both French and international players, including "established" players and new entrants. We will be publishing a summary of these responses in the autumn. Overall, these contributions confirm our understanding of this topic and the regulatory avenues taking shape on each of the three DeFi 'floors': (1) ensuring the resilience of the blockchain infrastructure – albeit a public one – through security standards (2) certifying smart contracts, even if this raises a number of operational issues, and (3) regulating DeFi entry points to protect users.

This requires that investments in people and processes are firmly supported by good information, confidence in a strong risk culture, and compelling risk managers who will ensure that organisations do not become complacent, and remain focused on doing their very best to prepare for any possibility. BIS central bankers’ speeches  5
Now, I would like to talk about developments in economic activity and the short-term outlook, on which the inflation forecasts are based. Economic activity was more favorable in the second quarter of 2013 compared to the outlook set in the July Inflation Report. The stronger-than-expected economic activity was mostly driven by changes in inventories. Private consumption demand saw a dramatic recovery, while final domestic demand remained almost flat due to slowing public demand (Chart 18). On the other hand, imports grew strongly, while exports increased only modestly due to weak global demand. Indicators for the third quarter of 2013 suggest that economic activity will grow more moderately than in the second quarter. In the July-August period, production of consumer goods was down from the previous quarter, while imports of consumer goods continued to rise. On the investment side, indicators show a weaker outlook compared to consumption demand. While exports were flat, imports saw a remarkable decline. Therefore, we expect the negative contribution of net exports to growth to decrease in the third quarter. Meanwhile, the export-weighted global growth index remains virtually unchanged from the previous reporting period (Chart 19). Final domestic demand is likely to continue to recover modestly in the second half of the year. Thus, we revised output gap forecasts slightly upwards for 2013. However, downside  BIS central bankers’ speeches  3  risks to recovery increased following the latest financial developments. Accordingly, we revised output gap forecasts downwards for 2014.

Moreover, the output gap forecast, which was revised upwards owing to the better-than-expected growth outlook for 2013 compared to the figures presented in the July Inflation Report, added 0.1 percentage points to the year-end inflation forecast. Developments in the exchange rate and oil prices were also influential on the revision in the inflation forecast for 2014. When evaluated together with output gap forecasts, we expect these cost-side factors to push the inflation rate in 2014 up by 0.3 percentage points. 4  BIS central bankers’ speeches  Although inflation is estimated to fluctuate in the short term due to the base effect on energy prices, we expect it to remain on a downward track. As the effects of the hike in tobacco prices in January 2013 on annual inflation taper off, we expect inflation to plunge in early 2014, and come down to levels consistent with the target by the last quarter of 2014. In addition to these forecasts, alternative scenarios on the inflation outlook and the global economy are discussed in the Risks section of the Inflation Report. You can examine the Report for details. While concluding my remarks, I would like to thank all my colleagues who contributed to the Report, primarily those at the Research and Monetary Policy Department as well as the members of the Monetary Policy Committee, and thank every one of you for your participation. Chart 1  Chart 2. Global Risk Appetite  Portfolio Flows to Emerging Economies (12-Week Moving Average, Billion USD)  Source: Bloomberg, Credit Suisse.
43  12  All speeches are available online at www.bankofengland.co.uk/speeches  12  Typically, the two sides of this argument are taken to be in a secular struggle: the dark forces of secular stagnation pitted against the dynamic forces of secular innovation. Yet in practice, both arguments have merit. They are certainly not mutually incompatible. It is perfectly possible to imagine a world of rapid innovation which nonetheless leaves large swathes of society in its slipstream. More than that, recent research suggests this is a likely outcome of the Fourth Industrial Revolution. There are good conceptual grounds for thinking the displacement effects of the Fourth Industrial Revolution may be larger than ever-previously. Every industrial revolution has resulted in a hollowing-out, typically of mid-skilled tasks. Historically, that has meant largely manual, labour-intensive tasks. Machine has replaced human in activities that are routine and repetitive. The future could well be very different. For example, the dawning of AI means that humans will no longer having the cognitive playing field to themselves. Thinking or non-routine tasks may increasingly be taken up by machines. They will be able to process more quickly, more cheaply and with fewer errors than their human counterpart, at least in some activities. That could make the hollowing-out of human tasks, now cognitive as well as manual, far greater than ever before. 48  A cottage industry has emerged over recent years manufacturing estimates of job loss that might result from 49  this rise of the robots.

However, to optimise its benefits objectively, we need to overcome four clichés. I shall then turn to your banking industry and its three key challenges for tomorrow. ** I. Overcoming four clichés in order to optimise the euro area. I am fully aware of the criticisms and debates that exist here in Germany about the functioning of the euro area. Not everything is perfect; but Germany can be proud of having helped to create an internationally recognised currency inspired by its own core values: independence, respect for Treaties, price stability and a long-term approach. The ECB and the euro are the true descendants of the Bundesbank and Deutsche Mark. But today, if we want to move forward with a serene debate, we need to get rid of four clichés. Page 2 sur 7 The first one that needs to be overcome, including by some in my own country, is the somewhat lazy idea that economic union is a substitute for national reforms. I want to make this clear from the start: on the contrary, national reforms are a prerequisite for reinforcing the economic union. I am saying this as a completely independent central banker; the current French government is taking reforms very seriously. France has already reaped the first rewards: strong job creation – 1 million new jobs in the past four years – is lowering unemployment; growth – forecast at 1.3% this year – is proving more resilient than in the rest of the euro area.
•  All the major mobile wallets – Apple Pay, Android Pay, Samsung Pay – are available in Singapore. •  They can be used at any merchant that accepts contactless Visa, MasterCard, or American Express payments. Our banks have been active in payments innovation, with several home grown mobile payments apps. •  DBS has PayLah! and Standard Chartered has Dash. •  These pioneering apps allow users to easily pay friends and businesses that use the same app. •  And the newer apps can do even more. –  OCBC’s Pay Anyone allows customers to send money to friends in Singapore, using only their mobile number, Facebook ID, or email address. –  UOB has created UOB Mighty, an all-in-one mobile banking app and wallet similar to Android Pay. But the rest of the world has not been standing still. China, for instance, has been a hotbed for payments innovation. BIS central bankers’ speeches  1  •  WeChat integrates social media and payments to let users make seamless peer-topeer payments, shop online, and even pay at physical merchants. •  These solutions have made themselves an indispensable part of their users’ daily lives. So, while there has been quite a bit of payments innovation in Singapore, our payments experience needs to be as good as the best we see globally. Our vision is to make Singapore an electronic payments society.

This positive growth performance has been broad-based, extending beyond the recovery of the mining sector and withstanding adverse shocks, such as droughts and record increases in oil prices. In 2006, real GDP growth was largely driven by the mining, agriculture, construction, transport and tourism sectors. Last year, Zambia achieved single-digit inflation in 30 years. What were the main contributing factors to this achievement? Bringing inflation down to single digits has been Government’s goal for a long time. It is, therefore, pleasing to note that last year, inflation fell to its lowest level in 30 years. At the end December 2006, the annual rate of inflation had fallen to 8.2 % from 15.9% achieved in 2005 and was well below the target of 10%. This positive development in inflation was due to continued implementation of prudent monetary and fiscal policies, coupled with increased food supply. This was despite the persistent rise in oil prices on the world market. This year so far, inflation has been in double digits. What are the reasons for such a development? What is the outlook for inflation at end of the second quarter? During the first quarter of 2007, containing inflation pressures was a challenge. Inflation rose to 12.7% in March 2007, reflecting both higher food and non-food inflation. Higher food inflation was explained by increased cost of most fresh vegetables, typical during this period.
As before, these solid growth rates are a consequence of the growth of the activity of the foreign facilities, the announced new foreign investments, with some of them expected to employ a larger number of people, but also the expected additional fiscal impetus in infrastructure. Their positive secondround effects are expected to continue to be felt in the labor market by increasing the demand and price of labor. Current projections show room for growth in the number of employees and the nominal wages of around 3%. Partial effect on the wage growth is expected from both the realized and the announced increase in the wages of the public administration. Under such assumptions, our projections show that domestic demand will be a source of economic growth, while net exports would have a negative contribution. By the end of the time horizon of the projections, there are assessments for gradual balancing of the growth structure, with a gradual reduction of the negative contribution of net exports. Consumption and investment decisions of the entities are still expected to be financially supported by domestic banks. The performances of the credit market in 2014 are better than our initial expectations, and lending surveys show that these performances are a combined effect of the growth of both the supply and the demand for loans. These performances and the assumptions about the movement of the sources of funding for banks indicate credit growth in 2014, which is assessed at 8.7%, and its acceleration to 9% in 2015 and 10% in 2016.

Since 2010, the cumulative positive effect of these companies on the trade balance is about Euro 200 million, or 2.6% of GDP. This reduces the external vulnerability and improves the risk profile of the country and its foundations. The raised technological level, the increase in manpower, the improved access to capital, the spillover effects on domestic companies (which is already visible in our country), the absorption of the workforce, are also significant favorable effects. In the medium term more positive effects should be expected. The second key factor that significantly contributes to achieving solid rates of economic growth is the fiscal stimulus, through the increased number of investments in infrastructure projects. Large investments in road, rail and energy infrastructure are, on the one hand, an important impetus for growth in the short run, while on the other, they improve the competitiveness of the economy and contribute to the increase in the potential growth. The public sector share in the investments during the crisis has increased (from 20% in 2007 to 34% in 2010), offsetting the smaller investments from the private sector and providing positive stimulus for the economy. It is expected that Government’s announcements of infrastructure projects will continue to provide significant support for the growth in the medium term. What is also important is that the growth in recent years has created preconditions for improving the conditions in the labor market.
Along the way of trying to solve different policy problems transparency and openness have been important features to us and helped us to increase credibility for our actions. The clearer the principles and rules are that guide policy, also in the financial stability area, the better. Given the complexity of European policymaking and the many different national aspects involved I think that the arguments for this clear framework and for rules are even stronger on a European level although perhaps more difficult to obtain. BIS Review 85/2000  4

Banks, like other companies, need to discover what will or will not work in the internet world. They are thus exposed to their own mistakes. But they are also exposed to the potential mistakes of their customers. For example, if the telecom companies in Europe really have taken too big a gamble on 3G, this would have repercussions for the banks that have financed them. These challenges are also confronting banks in Asia as they recover from the hangover of the Asian crisis. I do not think that bankers anywhere would ever claim that they have an easy life. But certainly the existence for banks in Asia before the crisis was easier than it is now. If I take Hong Kong as an example, the banks here have always competed actively. But that competition was taking place in a buoyant market, whereas business is currently much harder to find. A few simple statistics illustrate the point: in the six years from 1992 to 1997, domestic lending by the locally incorporated banks grew at an average rate of 21% per annum, and pre-tax profits rose at an annual rate of 15% during the same period. In contrast, the equivalent annual figures for the three years to mid-2000 were 1¼% and 4½% respectively. It is true that bank profits staged a sharp recovery in the first half of this year. But growth in bank lending has remained sluggish.
(2022) for more details. To better understand this missing-investment puzzle we conduct a regression analysis, using historical national accounts data to study the relationship between investment and the wedge since 1970. Chart 7 shows the observed investment rate (orange line) and its estimated value from its historical relationship with the wedge (blue dashed line). The increasing unexplained gap between the two lines illustrates and quantifies the extent of the puzzle. It shows that UK investment has remained persistently below the levels that would have been predicted from the observed changes in the wedge since the early 2000s. Page 12  Chart 7: The missing-investment puzzle in the United Kingdom  Note: The chart shows the observed investment rate (net investment to lagged capital stock, in orange), and its value predicted from its estimated historical relationship with the wedge (in blue), both in percentage points. See Appendix B to Bailey et al. (2022) for full details. Source: ONS, Jordà et al. (2017) Macrohistory Database and authors' calculations. The key question, then, is what structural factors can account for this puzzle? To explore this I will draw on new analysis in the accompanying paper, using industry-level data for the United Kingdom. [19] That analysis considers the role of mismeasurement of capital, as well as the role of competition, financial frictions and corporate governance. In contrast with the existing literature studying the United States, the results find little role for changes in competition. [20] For the United Kingdom, intangible investment plays the most important role.

But, from what I gather as an observer from afar, there are a number of other factors, less tangible, which also contribute to that scepticism. I shall go through some of them with you, noting once again that perception from many miles away may indeed be quite different from reality. The first factor concerns structural rigidities, which appear to observers from my side of the world to be more serious in Euroland than in many other economies, big and small. The severity of these structural rigidities is seen to be undermining the ability and the efficiency with which Euroland can respond to change. Of course, we recognise that some loss of adaptability may be the price that has to be paid for a relatively stable society and a comfortable social safety net, and that the trade-off has effectively been arrived at through a democratic process. But it is hard to believe, as an outsider, that the trade-off is an optimal one. I cannot imagine, for example, what goal of social stability could justify labour market and social security arrangements that deliver an unemployment rate of double digits; or contribute to delaying, if not preventing, the arrival of the “new economy” in Euroland. I understand that some still do not believe that there can be a new economy, in which the technological revolution enables productivity gains that are capable of sustaining a much higher rate of non-inflationary growth. Of course, we should always question and critically examine any unusual phenomena, rather than embrace them blindly.
In line with developments elsewhere in the world, the Swedish purchasing managers index for October also showed a positive development. The expected upturn in private consumption is confirmed by new information, in this case turnover in the retail trade sector. The picture of a gradual, cautious strengthening of the labour market is also supported by incoming data regarding, for instance, new job vacancies, redundancies and companies’ recruitment plans. Employment appears if anything slightly stronger than was expected," said Mr Heikensten. “Inflation in the Swedish economy has been low since the end of 2003. According to the most recent data, for October, annual inflation in terms of the CPI and UND1X stood at 0.5 per cent and 0.8 per cent, respectively. The low domestic inflation rate is largely due to a surprisingly rapid increase in productivity. At the same time, imported inflation has been kept down by strong global competitive pressure, spare resources in the global economy and a previously relatively strong krona. Our assessment in the Inflation Report was that inflation would increase in future, but at a fairly moderate rate. At the beginning of the forecast period the oil price in particular was expected to push up the rate of price increase. After that, rising capacity utilisation in Sweden and abroad, together with diminishing effects of a number of price-dampening factors, was expected to lead to inflation rising.

The comprehensive nature of the information facilitates the development and validation of credit scoring models by the banking institutions, leading to more robust credit decisions. Information provided through CCRIS allows financial institutions to look beyond collateral and cash flow statements, to understand the borrowers’ track record in making payments. This undoubtedly contributes to higher loan growth and better asset quality. Since the inception of CCRIS in 2001, loan outstanding grew at an annual average rate of 8.9%, while the overall impairment ratio showed a significant decline  BIS central bankers’ speeches  1  from its peak of 16.2% in 2001 to 2.2% currently. The World Bank, in its Doing Business Report, has ranked Malaysia No. 1 for five consecutive years in the category of “Getting Credit”. Another example is the Credit Bureau Malaysia (CBM) which was established to assist SMEs build credible credit records from transactions outside the regulated banking system such as transactions with suppliers and utility companies. With this credible credit record, SMEs that utilise the formal banking system for the first time will be able to more effectively obtain access to finance. CBM also has a comprehensive credit scoring methodology which helps banking institutions assess the credit worthiness of potential customers. Further, CBM plays an important role in educating SMEs on how credit scores are calculated and how borrowers can improve their business operations and transaction conduct to improve their credit scores. At end-September 2012, CBM has 28,337 SME members and had produced 707,164 credit reports.