samchain/econo-pairs-v1 huggingface dataset:
Financial service providers, both old and new, can capitalize on modern technology to provide new – and perhaps once unimaginable – products and services. These technologies will allow business to by-pass the traditional stages of financial market developments, especially those that are paper-based or those that rely on brick-and-mortar infrastructure. Let me cite a few examples which I find very encouraging. In Thailand, an offshoot of the TMB Bank, called ME by TMB, is a bank that does not rely on physical 5  World Bank Global Findex 2014, measured by numbers of those not having bank accounts  3  branches. Vietnam has a similar model called Timo Bank. Businesses are conducted online, making full use of digital payment technology. These banks pass on reduced costs to consumers in the form of better offers, such as higher deposit interest rates or better services. As technology provides more choices, there is room to provide more alternatives by easing some of our regulations. Take, for example, local currency usage for trade settlement and direct investment in our subregion. The Bank of Thailand is currently working with central banks in the region to relax regulations on the use of local currency for cross-border trade and investment. Amid volatile global financial markets, this will offer businesses more options in choosing currencies for trade settlements. Exporters and importers are able to reduce their foreign exchange conversion costs and better manage foreign exchange risks by using their local currency for settlement.

The local currency framework that Thailand concluded with Malaysia has been operational since 2016. We are now discussing a similar framework with Indonesia, which will be implemented by the end of this year. We also have a bilateral swap agreement in local currencies with China to facilitate the use of renminbi and Thai baht bilateral trade and investment. We hope that similar frameworks can soon be expanded to other GMS countries. *** Ladies and Gentlemen, 3. Let me now turn to my third message – the challenges and the role of policymakers to support businesses. While the GMS was first initiated by policymakers, it is now driven mostly by businesses. In order to further support business development, policymakers need to set proper incentives, governance structures and regulatory frameworks to foster closer market linkage. I see two ways we can address this. First, each individual country must ensure that its rules and regulations are sufficiently flexible to support innovative regional connectivity and technologies. To provide regulatory flexibility and to support FinTech in Thailand, we have allowed innovative FinTech products to be offered and pre-tested under the so-called “regulatory sandbox”, which is designed to be a safe space where businesses can test innovative products, services business models and delivery mechanisms. This arrangement will make it easier for firms to test their products, and for regulators to develop necessary regulatory requirements before these products are launched to the public.
2  BIS central bankers’ speeches  In addition, none of these sectors is unregulated today in Europe (AIFM directive for alternative funds, UCITS directives for funds, Solvency 2 for insurance, EMIR for CCPs) and replicating some rules stemming from banking supervision to these entities would simply be irrelevant. More generally, it is up to the policy makers to act consistently and try to anticipate and mitigate any possible unintended effects of their policy decisions. For instance it might seem contradictory to encourage central clearing of derivatives or trading on organized trading platform as a means to reduce systemic risks on the one hand, while on the other hand levying a Financial Transaction Tax on these operations if they are deemed safer. Policy makers should make sure their actions will not be a factor of market instability which could spread to the market and create another crisis. Conclusion As we can see, policy makers have still a lot of work on their plate as regards the design of an adequate regulatory framework for the “shadow banking sector” and for it to be sufficiently sound to be providing a sustainable “market based financing”. The Capital Market Union’s project launched by the European Commission is aiming at achieving to achieve a sound regulatory framework. To this end, for instance, the European Commission with the help of the European Banking Association (EBA) has recently defined criteria for Simple, Transparent and Standardized (STS) securitization.

The idea is both to regain investors’ confidence in securitization assets, which we must admit still suffers from the US subprime crisis, and to encourage banks to deleverage loans portfolio from their balance sheet to refinance the real economy. By encouraging this new type of securitization, the European Commission is mindful to avoid another subprime crisis. Indeed, rebalancing the financing mix of the EU economy as promoted in the CMU initiative is a valuable objective provided a rightly calibrated regulatory and risk framework is in place. These are some of the challenges to tackle in the years to come. And let me wish you a fruitful conference. I now leave the floor to Jean Tirole. BIS central bankers’ speeches  3
Organizations like the CEE and the National Association of Economic Educators exist to improve awareness of economic concepts. This enhances the ability of young people to make better financial decisions and helps to close the gaps in knowledge that contribute to inequality. Top-tier researchers in both academia and the Federal Reserve System are focusing their attention on the causes, consequences, and solutions of this social problem, using better data, methods, and means of communicating their results. Even more importantly, policymakers are also paying close attention. Ultimately, I believe we will identify and implement policies that can make the dream of a better life a reality for more of our fellow citizens. Thank you again for your kind attention. I would be happy to take your questions. 1 Gerard Dages, Jack Gutt, Andrew Haughwout, Anand Marri, and Wilbert van der Klaauw assisted in preparing  these remarks. 2 Board of Governors of the Federal Reserve System, Monetary Policy Report – July 2017, July 7, 2017. 3 See William C. Dudley, Remarks at the Economic Press Briefing on the Regional Economy, August 10, 2017. 4 See the New York Fed’s Economic Press Briefing on Wage Inequality in the Region, August 10, 2017. 5 Pew Research Center, Global Publics More Upbeat About the Economy, June 5, 2017. 6 Corak, 2013. “Income Inequality, Equality of Opportunity, and Intergenerational Mobility.” The Journal of  Economic Perspectives, vol. 27, no. 3 (Summer). 79–102. 7 Goldin and Katz, 2007. Long-Run Changes in the U.S. Wage Structure: Narrowing, Widening, Polarizing.

13  It could be argued that wage formation should be based on inflation always being 2 per cent, as periods below and above the target should cancel each other out in the long term. However, if inflation deviates significantly from the target for a long time, it can be difficult for wage setters to stick to this. Therefore, wage formation would be facilitated if the inflation target were formulated in term of CPIF or HICP inflation rather than in terms of CPI inflation. 14  Until 1999, when the Executive Board was established, monetary policy decisions were made by the General Council of the Riksbank. 6  BIS central bankers’ speeches  The interval remained a part of the monetary policy framework for a long time, but was finally abolished in 2010. The reason for this was that the Riksbank assessed at that time that it had fulfilled its role and was not serving any practical function. In the memorandum published in connection with the decision, it was noted that: “There is considerable understanding for the fact that inflation commonly deviates from the target and that the deviations are sometimes larger than 1 percentage point. Inflation can thus be outside the tolerance interval without threatening the credibility of the inflation target. Such deviations have proved to be a natural part of monetary policy.”15 So as a few years now have passed, it may be justified to evaluate the period where there has been no interval.
Such risks can constitute a threat to both the stability of the macro economy and inflation. To me, saying that the Riksbank has no mandate to take these risks into account therefore appears rather odd. As the Governor of the Bank of England, Mervyn King, has put it: “Monetary policy cannot just ‘mop up’ after a crisis. Risks must be dealt with beforehand. I do not see this as inconsistent with inflation targeting because it is the stability of inflation over long periods, not year to year changes, which is crucial to economic success.”10 Similar thoughts are expressed in the IMF's Article IV consultation for Sweden: ”[I]f mortgage credit growth increases unsustainably, the Riksbank might have to raise the interest rate path relative to that warranted by short-run macroeconomic considerations alone.”11 Is it meaningful to consider risks linked to household debt in monetary policy? If one is thinking about giving consideration to risks linked to household debt when formulating monetary policy, it is reasonable to first take a stance on a number of specific questions.12 Does the repo rate have an effect on the variables one wishes to influence, housing prices and lending? How large are the risks linked to household debt? And finally, are there other tools at hand that are better-suited to managing these risks? The answers to these questions are important for determining whether it is justified taking the risks linked to household debt into account in monetary policy.

DCS listings will broaden the range of investment options for investors and add vibrancy to Singapore’s capital markets and capital markets globally. 29 Đ Đ With the recognition that public markets play an important and key role in our entrepreneurial ecosystem by providing public financing for growing companies, MAS will continue to support growth in public equity markets. • MAS has committed $ million over three years to help companies list and raise equity capital on SGX and support initiatives that broaden and deepen our research ecosystem. This will help to mitigate the growing and global phenomena of shrinking research coverage and build up our capabilities in covering public markets. Conclusion 30 Đ Đ In conclusion, as we move into a changing world with a less certain global order, rapidly advancing technology, and increasing threats and opportunities, it will be even more important for exchanges and clearing houses to keep pace with global trends and be ready to adapt. This will ensure that you are wellplaced to navigate challenges and remain relevant to the evolving needs of our financial markets. 31 Đ Đ The WFE, in continuing to advance a collective voice for the improvement of our public markets, will be an important contributor to global discussions with regulators on how our public markets are shaped for the future. The WFE’s ongoing eworts in advancing the sustainability agenda for exchanges and clearing houses, is testament to the leadership and contributions it has presented since its founding in 1961.
National banking communities will be requested to provide national migration plans for a SEPA in the course of this year. The EPC has the initiative and capability to define the pan-European schemes for credit transfers, direct debits and cards. However, since the EPC has no power to enforce, it would have to rely on the cooperation of the banking sector and infrastructures. The ECB, in cooperation with the Eurosystem NCBs, stands ready for facilitating the implementation of the SEPA objectives and for fostering the full adoption of the project which it considers key for achieving financial integration. Concluding remarks Ladies and gentlemen, I have explained why the ECB attaches utmost importance to progress in European financial integration and I have talked about the various channels we have at our disposal for fostering it. In describing the present state of affairs, I have also given the main examples where the ECB actively contributes to European financial integration. At the same time, I have made it clear that the ECB expects continued efforts from the private sector and I have mentioned the substantial opportunities of, but also the challenges to, the relevant public policy framework. The ECB has demonstrated since the first days of its existence that it is a credible and solid anchor for monetary stability. Financial institutions and market participants know also that they can count on the ECB to be in the domain of financial integration a very strong pillar to sustain their efforts and to facilitate the success of this important European endeavour.

4  BIS Review 18/2005  In principle, the ECB and the Eurosystem also support the adoption of a framework directive on clearing and settlement, for two main reasons. First, a directive would complement the market-led removal of the “Giovannini barriers”, a necessary condition for competition to be able to fully play its role. Second, the implementation of the ESCB/CESR standards, as well as any other harmonisation measures, may require changes to the national legal framework that cannot be made by the national supervisory authorities. We do not expect this framework directive to duplicate the work of the ESCB/CESR. Rather, in line with the Lamfalussy approach, the directive should stipulate high-level principles to be further developed by implementing measures. We agree with the Commission that the ESCB/CESR standards might form the basis of such implementing measures. Last, but not least, in the light of our interest in the financial market infrastructure, the Commission is invited to recognise explicitly, the responsibilities and tasks of the ESCB and the Eurosystem, especially their role in the oversight of the securities clearing and settlement infrastructure. Having covered the wholesale aspects of the financial infrastructure, I now turn to the retail aspects, which are very important. Take the example of the mortgage markets that I covered earlier. A pan-European mortgage market cannot develop if there are limitations on making payments from one bank to another within the euro area.
But it is not clear to me what this would be intended to achieve. Apart from the simple fact that the Bank is already in the market every week offering to buy corporate bonds, and we have been doing that for nearly four years, this aspect of the capital markets is functioning well in terms of providing credit to businesses. Any firm that has an issuance programme – typically the larger firms with credit ratings – can issue whenever and whatever bonds they choose at historically low interest rates. The backstop to corporate bonds provided by the Bank’s operations is still there – but it is not being used much because it is not needed. The power to intervene in credit markets is one to use cautiously. Any intervention by the public sector carries the risk of creating distortions. Usually, we intervene because there is a demonstrable failure of private markets – so that the central bank is undoing distortions caused by other factors. Buying private sector paper also carries the risk of credit losses – ultimately of public money. And it is a very short step to cross the boundary from seeking to improve credit supply generally to determining the credit allocation between individual borrowers – which the central bank is neither equipped nor empowered to do. That is best left to private markets. When a central bank – or any public authority – takes actions, it has to remember that the precedent of that action can be as powerful as the action itself.

Caleb M Fundanga: Brief summary of economic and financial developments in Zambia Speech by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the official launch of Standard Chartered Bank Crossroads Branch, Lusaka, 25 September 2007. *  *  *  The Chairman of Standard Chartered Bank Zambia, Mr George Sokota Members of the Board of Directors of Standard Chartered Bank Zambia The Managing Director of Standard Chartered Bank Zambia, Mr. Tom Aaker Distinguished Guests Members of the Press And may I simply say Ladies and Gentlemen I am very pleased to be here today to officially open the new Crossroads Branch of Standard Chartered Bank Zambia. Mr. Chairman, as I have stated at various fora before, it is important for banks in Zambia to take the lead in implementing actions, which contribute to the development of the financial infrastructure and support the development of our economy. As you may be aware, Ladies and Gentlemen, we would like banks to: •  Open new branches, such as this one, to enhance convenience for our people to access banking services, thereby improving financial service delivery and empowering our citizens;  •  Provide loans to the productive sector to support economic activity, such as Mr. Sokota just described; and  •  Invest in latest state of the art technology, such as Standard Chartered’s new electronic Branch Banking platform.
With regard to the situation in Malta, it bears recalling that a Financial Stability Office was created in our central bank as long ago as 2000 when the Bank was still responsible for banking supervision. The decision to add a macro-prudential dimension to our micro-prudential work was motivated by a realization that potential systemic risks were not being adequately monitored. Our work in this field was given a boost in 2002 when Malta became one of the first countries to undergo an IMF/World Bank Financial Sector Assessment Programme (FSAP). Though the Bank had already built up a small stress testing capacity and had undertaken assessments from a macro-prudential perspective, the FSAP proved a very valuable learning experience and gave our work a new sense of purpose and direction. Since then the Bank has endeavoured to build up expertise in this important field by following closely developments abroad and through exchanges with other national central banks and the ECB. We are even now in the process of restructuring our internal set-up and human  BIS central bankers’ speeches  1  resources to take into account lessons learned during the financial crisis and to be able to participate actively in the newly-established European Systemic Risk Board and its substructures. The financial stability function will be composed of two separate offices, one dealing with surveillance and the assessment of systemic risk, the other focusing more on policy, stress testing and crisis management.

Against this background, the step we are taking today, which is designed to intensify the exchange of views between the authorities and the financial services industry and to deepen the examination of common concerns, assumes even greater importance. Participation in the work of the Forum for Financial Stability should, therefore, prove to be of mutual benefit. From the point of view of the Central Bank of Malta, it should also enable us to refine our analytical work, whose conclusions have since 2009 been published in our annual Financial Stability Report and the mid-year Update. The Report contains insights into the main vulnerabilities of the domestic financial system and into any latent risks, whether in the system itself or in the external environment. It also assesses the robustness of the financial  2  BIS central bankers’ speeches  system and its resilience to particular stress events. By publishing its findings, the Bank aims to foster a constructive dialogue among all stakeholders with the ultimate objective of strengthening the financial system. The quality of the Bank’s assessments, however, depends on access to timely and reliable market intelligence. For, while the statutory data submitted regularly by reporting institutions is thoroughly analysed, this is insufficient to provide a holistic assessment of emerging risks. Financial stability is a forward looking concept. Risks, moreover, may materialise suddenly or with little warning. This is where market intelligence plays an important role.
I am well aware that it raises substantial questions, for banks themselves – for their governance, their brands, their relationships with customers – as well as for deposit guarantee schemes. On this latter issue, the current legislative framework needs to be revised in order to remove the strict limitations on the transfer of past contributions to the new DGS in the case of a branchification. These questions are all the more reasons to seriously investigate this option with the banking industry, as soon as possible. 2. Finding alternatives to EDIS.On the “third pillar” of the Banking Union, we must acknowledge the intractable oppositions to a fully-fledged EDIS, and adopt a more realistic 2/4  BIS central bankers' speeches  approach. By changing the name and the content, perhaps we could regain momentum and willingness to make progress together. We could call it the “Common deposit mechanism”. It would combine a well-known idea with a new one: (i) the well-known idea of a liquidity support system between national DGSs, – and obviously ensuring that each of them is funded as expected – combined with (ii) a renewed approach, in which foreign subsidiaries would be affiliated to the home DGS. The first leg of this new tool would already provide increased funding possibilities. The second leg would provide a serious safeguard to host countries, as they would not bear the cost in the event of an idiosyncratic crisis. 3. Completing the resolution framework. The third pillar – deposits – has been excessively polarising discussions for years.

Arthur Yuen: Promoting economic and social development in Asia Welcome remarks by Mr Arthur Yuen, Deputy Chief Executive of the Hong Kong Monetary Authority (on behalf of Mr Norman Chan, Chief Executive of the Hong Kong Monetary Authority), at the seminar on "President Jin Liqun on the Asian Infrastructure Investment Bank’s Operations and Projects", Hong Kong, 8 November 2016. * * * President Jin, distinguished guests, ladies and gentlemen, Good morning. It is my pleasure to welcome you to this seminar on the Asian Infrastructure Investment Bank (AIIB)’s Operations and Projects, organised by the HKMA Infrastructure Financing Facilitation Office (IFFO). On behalf of the HKMA, I’m honoured to welcome President Jin to Hong Kong to meet with leaders from the financial and business sectors who have an interest in infrastructure project planning and management. I am delighted to see the strong level of interest and the diversity of business leaders represented in the field. AIIB is an important establishment in promoting economic and social development in Asia. Boasting an initial capital of $ billion and a founding membership of 57 countries, AIIB came into operation in January 2016 with a mandate in the development of infrastructure and other productive sectors in Asia, including energy and power, transportation and telecommunications, rural infrastructure and agriculture development, water supply and sanitation, environmental protection, urban development and logistics. As we are all aware, President Jin has played an instrumental role in shaping up the formation and the guiding principles of AIIB.