samchain/econo-pairs-v1 huggingface dataset:
Prices of Services (Quarterly Percentage Change) 7.87  8  2005 Q1  7 6  2006 Q1  5.19  5  4.264.08  3.85  4  3.02  3  2.41 1.751.80  2  1.27  1 0 Services  Rent  Transportation Services  Restaurant and Hotels  Other Services  Source: TURKSTAT, CBRT. Analyzing the course of prices in durable consumption goods, excluding gold prices, that have continued their high-rated upward trend within the framework of developments in international markets, the annual rate of increase of the said prices entered a downward trend as of August and this trend continued to accelerate in the first quarter of 2006. A reverse in the tendencies of both furniture prices, which may be an indicator of consumption demand and prices in the electrical and nonelectrical devices group, including technology-intensive goods open to competitiveness in general and susceptible to the exchange rate developments as well, are major determinants of this trend (Graph 5). Graph 5. Prices of Durable Goods (Excluding Gold) (Annual Percentage Change)  20 15 10 5 0 -5 Durable Goods (Excl. Gold)  -10  Furniture  -15  Electrical and Non-electrical Equipments  Mar-06  Jan-06  Nov-05  Sep-05  Jul-05  May-05  Mar-05  Jan-05  Nov-04  Sep-04  Jul-04  May-04  Mar-04  Jan-04  -20  Source: TURKSTAT, CBRT.

Under the said assumption, output gap becomes clearly negative as of the third quarter of 2006 and the contribution of demand conditions to falling inflation increases. According to the projections produced under such conditions, inflation drops rapidly compared to the previous scenario and is realized between a 1.9 4.5 percent by the third quarter of 2007. Thus, the possibility of inflation falling evidently under the path consistent with the target increases (Graph 26). Risk elements Distinguished Participants, It should be emphasized once more that the forecasts that I have presented were produced under a main scenario, which was developed on the basis of the above-mentioned assumptions and shortterm outlook in the light of current data. In the event of a possible threat to the medium-term inflation outlook by risk elements, the Central Bank will review both its forecasts and the stance of monetary policy towards the future. Distinguished Guests, In the final part of my speech, I would like to touch on the risks in question. Uncertainties about the course of oil prices are the leading risk element with respect to the achievement of the inflation target in the coming period. In the forecasts produced in the previous Inflation Report, oil prices were assumed unchanged. However, these prices persisted to rise throughout this period and reached high levels in recent times. The unfavorable impact of oil prices on  BIS Review 67/2006  19  annual inflation became one of the factors that slowed down the decline in inflation expectations in the first quarter of 2006.
In this respect, the BCBS, which I have the honour to chair, has resolved to delay by one year (from 2022 to 2023) the implementation of the revised methodology of identification of global systemically important institutions and also the full implementation of Basel III. The BCBS has also postponed the end of the transitional period for capital requirement floors for banks using internal models to 1 January 2028. In any event, the BCBS has confirmed that all jurisdictions are committed to the full, consistent and timely transposition of the Basel III regulations in accordance with the new calendar. Second, in the accounting sphere, certain aspects relating to how the existing regulations should be applied to calculate credit risk have been clarified, to ensure that potential temporary delays in loan repayments by borrowers are not treated as if they were a case of permanent impairment of loan quality. The latter would lead to an immediate and abrupt correction in credit ratings and, therefore, to an increase in the provisions required, which  3  See P. Aguilar, Ó. Arce, S. Hurtado, J. Martínez-Martín, G. Nuño and C. Thomas (2020), The ECB monetary policy response to the COVID-19 crisis, Occasional Paper No 2026. Banco de España. 12  would ultimately lead to a decline in credit extended by banks. In exchange, especially should the crisis become prolonged, it is necessary to ensure that misuse of this flexibility does not lead to inappropriate accounting practices that may translate into delayed recognition of actual quality impairment of some credit exposures.

Occasional Paper No 2014, Banco de España, and Box 3.4 of the Annual Report 2019 of the Banco de España for a discussion of the role of a fiscal policy coordinated at European and international level in the current context. 18  receive from the fund over this period is some € billion (around 12.5% of Spain’s estimated GDP in 2020), of which almost half would take the form of direct grants, with the rest in the form of loans. These funds, appropriately channelled towards projects with the ability to transform the Spanish economy and raise its potential growth, will be fundamental to strengthen the economic recovery and reduce the possible permanent consequences of the crisis. In fact, according to Banco de España estimates,8 this fund has the potential to become an important element of support for the recovery and, especially, a unique lever to raise the Spanish economy’s low potential growth rates. Nonetheless, we would be making a huge mistake if we were to think that mere receipt of the funds will be sufficient for our country to extract the greatest possible benefit from them. First, we need to establish the capacity to design and develop a sufficient volume of new projects, so that the funds are not used to finance spending that would have taken place in any case, or to finance projects with limited added value. Second, prompt execution of these projects would help make the Spanish economic recovery more robust, once the constraints imposed by the pandemic are lifted.
The steps taken by central banks have taken them into, up to now, uncharted territory. Interest rates have been reduced to very low levels by historical standards, clearing the way for significantly lower bank interest rates (although with a significant time-lag), thus supporting credit demand from households and firms. At the same time, non-conventional measures have been adopted with the aim of bringing abnormally high money market spreads down and ensuring a proper transmission of the monetary policy impulse. These exceptional measures have had important effects on macroeconomic and financial stability, and improved the overall conditions on financial markets. 19 In particular, they have helped to “liquefy” assets that could otherwise have caused the insolvency of many financial institutions. More generally, they have helped to restore confidence by reducing uncertainty. In addition, they have prevented contagion effects that can arise in the financial system as a result of the inter-connectedness between various market participants. The monetary policy intervention also helped to restore the profitability of banks as the fall in short-term interest rates steepened the yield curve, to the benefit of the banking system, which usually funds itself in the short term in order to provide credit for longer terms. This profitability also helped to support the flow of credit to the economy. Financial measures have also been adopted, such as increased deposit insurance, guarantees for bank liabilities, and injections of capital. In addition, fiscal budgets have supported aggregate demand via automatic stabilisers and expansionary measures.

François Villeroy de Galhau: Challenges and opportunities in Europe and beyond Keynote address by Mr François Villeroy de Galhau, Governor of the Bank of France, at the 2018 Paris Europlace International Financial Forum, Tokyo, 19 November 2018. * * * It is a pleasure to be with you again in Tokyo, with my colleague and friend Governor Kuroda. This 22nd edition of the annual International Financial Forum is focused on the disruptive world that Europe is facing. But beyond disruption, the world is also increasingly uncertain, with tensions coming from protectionism, rising oil prices, a controversial policy-mix in the United States, and equity market valuations that remain volatile; but also, within Europe itself, the Italian fiscal policy and Brexit. So in my remarks today, allow me to elaborate on these two dimensions: the challenges and opportunities for Europe, but also the global questions that we have to address collectively. **  1. Our European challenges and opportunities Let me first speak about the gradual normalisation of our monetary policy. The broad-based expansion of the euro area economy is continuing, although at a more moderate pace. Despite a slowdown in the first half of the year, GDP growth is still expected above potential in 2018, even if the output gap is closed. 9.2 million jobs have been created since 2013 and the unemployment rate has fallen from 12.1% to 8.1%.
We look at [HICP] stripped, super stripped, PCCI. There's a whole variety of the prices and the inflation that we look at, and we need to see that. We need to be confident that it is heading down. For the moment, we have some of those measurements declining a bit, some of those sort of stable and others still going strongly. The third component is the strength of transmission, which we measure at each and every step of the way from the market rates, bond prices, credit by banks, bank funding. And then to the economy, where we refer to the 4.4% and 3.4% [April bank lending rates to] corporate and households, because that's how it is transmitted. And ultimately to inflation. So, that's the path that we want to see delivering so that we head towards our target. That's what we have done, that's what we will do and we will stick to that methodology. I was wondering: how alarmed are you about the upward revision to the 2025 inflation outlook? Does it mean that the 3.75% terminal rate that was generally expected – at least until recently – isn't going to be enough? Then secondly: you've alluded to the strength of the labour market and the impact that wages are having on inflation. Do you think you can achieve the 2% inflation target with unemployment remaining as low as it is now? Or does it have to go up? So, your first question referred to the core inflation revision. We revised actually all three.

On the first one, our revision to core inflation – I've started answering already in the previous question–, a lot of it is attributable to the unit labour cost. That's a large chunk of the revision. The rest is what you have in the monetary policy statement, which is past upward surprises. So, it's a different starting point, which is informed by data that came in after the last projection that we made in March. The latest data that we had in terms of inflation was from January. Now, things obviously changed between those January data and the May data that we have incorporated because we cut off on the 23 May1. I think that's a small part of it. The large part of it is the unit labour cost. You asked me about the decision and the atmosphere. I have to tell you that it was quite a harmonious discussion and a very good and thorough economic discussion. As I said, we went really deep into the analysis of the labour market and tried to really understand the forces behind inflation to better fight it. It was a very, very broad consensus. By the way, I just want to remind that it was a twofold decision. It was, number one, the 25 basis points but it was also the decision, or the confirmation, that we would stop any reinvestment under the APP. What does the ECB know about lag effects? What takes longer to transmit into the economy? What are you looking at more closely?
Google has established its Center of Excellence in Cyberjaya. This centre would showcase a range of Google for Work products such as Google Apps for Work and Google Cloud Platform. Malaysia always subscribes to global best practice and standards. From national statistics to macroeconomic management, international organisations like the IMF and World Bank have long acknowledged Malaysia’s adherence to international best standards. A quick word on the impact of global standards on the real economy. Our adherence to international standards has extended to the quality of our products. From precision semiconductors to commodities, a wide array of Malaysia’s exports have gained international 4/6  BIS central bankers' speeches  recognition. A recent case in point is the palm oil industry, which also marks its 100th year of industrialisation this year. Since the introduction of the Roundtable Sustainable Palm Oil (RSPO) standards, our major palm oil players have redesigned their plantation strategies to comply with the strict RSPO standards. We have also gone a step further by introducing the Malaysian Sustainable Palm Oil (MSPO) certification to elevate the standards of smallholders. Malaysia’s economic and business policies are agile and pragmatic. Our world is increasingly fast-paced, with ever changing challenges. To remain competitive and relevant, policies must be agile and efficient. Malaysia’s policies have been flexible and pragmatic. Time and again, we have demonstrated the courage to take bold and unconventional measures to protect the economy and the interests of genuine investors.

Essentially, we need to teach our young on how to learn and adapt, not how to work. I am confident that Malaysians as a whole are able to adapt to these changes, as we have proven on numerous times over the course of our short history. Conclusion Let me conclude. Malaysia has evolved significantly in the last 60 years. Our history has shown how Malaysia has been an economy that is able to adapt to an evolving environment. We welcome business, we provide an opportunity to profit, and we are pragmatic and agile in our policies to protect the interest of all. With more than a hundred years of history between us, Malaysia looks forward to a mutually beneficial relationship with both foreign and domestic investors alike. Thank you. 6/6  BIS central bankers' speeches
The programme will (i) create a one-stop knowledge hub, (ii) forge a community of practice and innovation, (iii) deploy advisory support for green transformation, and (iv) promote green investment and financing activities. 10. As a first step, we are pleased to formally launch the Alliance’s membership programme by inviting five leading banks in Asia with demonstrated achievements in green finance to join as Cornerstone Members. 11. They are, in alphabetical order, Bank of China (Hong Kong), Citi, Crédit Agricole CIB, HSBC, and Standard Chartered. 12. The Cornerstone Members are committed to making further progress in mainstreaming green finance, achieving carbon neutrality, and having an environmental, social and climate risk management system. 13. They will also support the Alliance’s strategy and outreach plans to expand the membership network, promote green finance market and product development, and spearhead knowledge sharing and thought leadership activities. 14. The Alliance also seeks to amplify the synergy by bringing in institutions that are engaged in cutting-edge research, capacity building, and standard-setting related to green finance. 15. We are delighted to announce that Carbon Trust, the Institute of Public and Environmental Affairs, and the Resource and Environment Branch of China National Institute of Standardization have joined the Alliance as Global Partners. 16. We are also honoured to have the University of Chicago joining the Alliance as a Knowledge Partner to assist the Asia Chapter’s training and thought leadership efforts. 17.

Speeches 07 Jun 2022  Opening remarks at the Alliance for Green Commercial Banks Cornerstone Members Memorandum of Understanding Signing Ceremony Eddie Yue, Chief Executive, Hong Kong Monetary Authority Distinguished guests and friends, 1. Good afternoon. It is my great pleasure to join you to celebrate another milestone of the Alliance for Green Commercial Banks. Today we are going to witness the signing of a memorandum of understanding that brings in five Cornerstone Members to the Alliance, welcome the on-boarding of four Global Partners and a Knowledge Partner, and publish the Alliance’s first thought leadership paper. 2. My special thanks to the IFC advisory team and the HKMA market outreach team for their hard work and close collaboration that brings out the biggest common denominator among various stakeholders. I would also like to personally thank the Cornerstone Members and Partners for their strong support and contribution throughout the engagement process. What we have achieved today is the product of collective efforts. 3. We at the HKMA feel privileged to have partnered with the IFC in launching the Asia chapter of the Alliance for Green Commercial Banks. This is an important joint commitment and undertaking to support financial institutions in Asia on their journey to become leading green institutions 4. Indeed Asia has the largest need for climate finance among the geographical regions. It is estimated that 66 trillion USD of climate investment is required for the region in the coming three decades.
Older workers tend to suffer larger earnings losses, and often face more difficult transitions. Displaced workers may not have the appropriate skills to find good jobs in other areas of the economy, including in growing export sectors. When the affected industry represents a large share of the local economy, the damage is often magnified. In this case, the burden can become more widespread as the level of wages across the community is negatively affected. And, this doesn’t begin to capture the full human toll— 3/8  BIS central bankers' speeches  including the impact on workers who have lost confidence in the future and the poorer health outcomes that occur because of increased stress. Research on Brazil has found that workers employed in regions facing larger tariff cuts experienced declines in formal sector employment.6 They also generally did not migrate to more favorable regions. Instead, they either became unemployed, moved into the informal sector of the economy, or—when more fortunate—moved into another sector within the same region. We should find better ways to help communities that are struggling because of the effects of free trade. In the United States, we have historically experienced a high degree of geographic labor mobility—much higher than in other advanced economies. The ability to move in search of better opportunities, when possible, has helped to mitigate some of the adverse effects of trade. But, mobility has declined in the United States in recent years, implying that the adjustment costs to trade may have increased.

Although we are still in the infant stages of development, we have accumulated some experience, which I would like to share with you today. First, since it is now such a hot topic to talk about change, I trust that you will agree with me that Islamic finance, at least for jurisdictions like Hong Kong, means change – a change in perception, a change in skills, a change in structures and techniques, in contracts, standards, and so on. Change, in all its many forms, is happening within the global Islamic finance arena, even as we speak. In the past year or so, we have seen the inception of several standardisation initiatives for Islamic financial documentation, spearheaded by international institutions like the Islamic Financial Services Board (IFSB) and the International Islamic Financial Market (IIFM). This form of change is significant towards facilitating harmonious practices, providing greater clarity for the Islamic financial services industry and thus acting as a boost to the development of global Islamic financial markets. There have also been many exciting developments in the new markets for Islamic finance in Asia, where there is a growing tendency for sukuk issuance, such as the sovereign issues from Indonesia and Singapore to support the development of Islamic finance. At the same time, we have also seen enhanced co-operation and increased linkages, both internally within the region and externally with other Islamic financial centres in the Middle East.
This was the best result since 2000. While enjoying the benefits of healthy demand in both foreign and domestic markets, it was also able to take advantage of the increased flexibility of local production attributable to the fact that the labour market had been opened up to nationals of neighbouring countries – without threatening domestic employment. In the course of the past twelve months, almost 60,000 new jobs have been created – a figure unmatched since 2001 – while the number of jobless has dropped by 22,000. Restructuring efforts on the part of the corporates, advances in productivity and the increased flexibility in the employment market have created an environment that allows more vigorous growth. Thus, the difficult path of reform and of opening up has yielded its first successes. It is advisable that we continue following this path in order to ensure a sustained and durable increase in our productive potential. This will help us to place our social security institutions on a sound financial basis again and confront the challenges posed by the aging of our population. Continuing the normalisation of monetary policy Within this context of an improved economic situation, the SNB last year continued the policy of gradually normalising the interest rates that it has been pursuing since June 2004.

Yet the good results can be explained quite logically, since they arise from a combination of particularly favourable factors. First, I would like to mention the remarkable ability of the private sector to adapt to the challenges presented by the globalisation of markets. Thanks to reorganisation efforts in the export sector, results in foreign trade have improved substantially. Over the past ten years, our exports have grown by more than 80%, or five times as fast as the gross domestic product. We now run a surplus in goods trading in addition to our traditional surplus in the area of trade in services. The success of strategies geared to quality and high-tech content are demonstrated by the vigorous growth recorded by exports in high added-value areas such as electronics, watchmaking, chemical and pharmaceutical products. Alongside this we should mention the growth in the exports of services, particularly in the areas of finance and tourism. Overall, our net balance from trading in goods and services has increased from CHF 17 billion to CHF 37 billion in 10 years, in other words, from 4.6% to 8.3% of GDP. Clearly, far from threatening our expansion abroad, globalisation has led to an expansion in our markets from which our companies have been able to derive extensive benefits. The prosperity of our foreign trade depends to a large extent on the good shape of the global economy, whose performance has been very good over the past few years.