samchain/econo-pairs-v1 huggingface dataset:
vii This largely falls within national remits, but should be pursued within an upward-levelling European convergence: namely the Northern European solutions, including a much greater development of apprenticeships and professional training. Lastly, by pooling our funding. I mean, partly, public investment programmes, such as those enabled by the famous "Next Generation EU", that decisive breakthrough from the Covid crisis. But a private driver is at least equally important: Europe must be able to harness and  Page 7 sur 15 redirect its domestic savings, which are the largest in the world; in recent years, we have had a surplus of domestic savings over investment of almost EUR 300 billion per year. These savings should be channelled towards the equity financing of companies, which is a method of financing that is particularly well suited to innovative projects – which are inherently riskier and require long-term support, but which are also more profitable if successful. Our lag visà-vis the United States in this area is striking: the largest European venture capital firm appears to be three times smaller than the 10th largest US one. The technical agenda has been identified, but politically is not very clear and is far too slow in its implementation: it is the Capital Markets Union (CMU). On the one hand, we have resources – savings – and on the other, the investment needs of companies: we must decisively accelerate a European financial ecosystem that better allocates the former to the latter, if we want to finance the forthcoming digital and environmental revolutions. III.

The most striking symptom of this is the recruitment difficulties reported by 52% of companiesix , with around 300,000 unfilled jobsx, even though France still counts 2.4 million unemployed, xi including 600,000 young people. This is an economically unacceptable paradox, but even more so socially. Page 9 sur 15  There is no greater priority than to get out of this French impasse, and in order to do so, to understand the problem by comparing our situation with that of Germany, which is at full employment (with an unemployment rate of 3.4%xii). While hourly productivity is similar, the average number of hours worked per capita is 10% higher in Germany. This difference is largely due to our low employment rate. While in the mid-2000s, our employment rate stood at 63%, which was roughly identical to the German rate (64%)xiii, it is now clearly lagging behind even though it has started rising (67% compared to 75%).xiv This gap is partly due to the more widespread use of part-time work and work-study schemes in Germany. Nevertheless, for a working-age population of just over 40 million people, this gap represents a shortfall of close to 3 million jobs, which mainly concerns young people (1.2 million missing jobs) and seniors (1.3 million). So let's first talk about young people, then seniors, and then about the measures for all working people. Page 10 sur 15 For the past decade, the share of young people who are not in employment, education or training (the so-called NEETs) has remained stable overall.
The Riksbank’s forecasts are therefore based on the prices of forward contracts for oil, that is, the price of delivering oil in the future. This means that at the monetary policy meeting in July we were assuming a price for crude oil of USD 130-140 per barrel during the forecast period. Since April the oil price has fluctuated substantially. First it rose to USD 147 a barrel and since then it has fallen. At the beginning of this week the oil price was USD 113 a barrel. 2  BIS Review 100/2008  Food prices have also risen substantially in the world market, particularly over the past year. Rising incomes, urbanisation and changes in diet lead to an increase in the demand for food. As oil becomes more expensive it becomes profitable to use maize and other grains to produce biodiesel and biofuels. Furthermore, the production costs for foods are rising. Other factors such as supply shocks and speculation in future price changes also affect developments. Our assumption in June was that food prices would not continue to increase, but would stabilise at a high level. Since the beginning of July food prices have fallen. High international inflation and rising inflation expectations The upswing in commodity prices in recent years has in turn led to an increase in inflation around the world. In the United States it has risen to 5.6 per cent and in the euro area it rose to 4.0 per cent in July 2008. It has risen much more in several emerging economies.

To sum up, a cross-check of the outcome of the economic analysis with the signals coming from the monetary analysis confirms the need to closely monitor the risks to the outlook for  2  BIS central bankers’ speeches  price developments over the medium term and to be prepared to provide further monetary policy accommodation, if needed. Monetary policy is focused on maintaining price stability over the medium term and its accommodative stance contributes to supporting economic activity. However, in order to strengthen investment activity, boost job creation and raise productivity growth, other policy areas need to contribute decisively. In particular, the determined implementation of product and labour market reforms as well as actions to improve the business environment for firms need to gain momentum in several countries. It is crucial that structural reforms be implemented credibly and effectively as this will raise expectations of higher incomes and encourage firms to increase investment today and bring forward the economic recovery. Fiscal policies should support the economic recovery, while ensuring debt sustainability in compliance with the Stability and Growth Pact, which remains the anchor for confidence. All countries should use the available scope for a more growth-friendly composition of fiscal policies. The Investment Plan for Europe which the European Commission announced on 26 November 2014 will also support the recovery. We are now at your disposal for questions. BIS central bankers’ speeches  3
I hope, in describing two current issues in the policy debate, I have been able to convey something of the Bank’s role in financial stability and the importance of current work in this area. I am encouraged to see how many aspects of financial and monetary stability are included in the programme for this conference. I wish you well with it and the future of the Centre itself and I hope the Centre and the Bank will maintain a close relationship. 9  BIS Review 70/2000

The number of people in employment has recently reached an all-time high in the UK as a whole; and it is very close to its all-time high also here in Scotland. And the number of people claiming unemployment benefit is at a 27-year low both in the UK as a whole and, again, up here north of the border. Meanwhile retail price inflation - on the Government's target measure - has averaged 2.5% over the past 10 years. That is exactly in line with the present inflation target which recognises that consistently low inflation is a necessary - though not in itself a sufficient - condition for sustainable growth. And that of course is the universal central banker's mantra! That's the good news. The bad news, of course, is that over the past two years the imbalance within our overall economy which I referred to when I last spoke to you - between the internationally-exposed sectors including much of manufacturing industry, and more recently some parts of the financial services industry, which have been under intense pressure, and the more domestically-oriented sectors, where I don't say things have been easy but where the pressures have been less severe that imbalance has persisted, and indeed it has got worse. The grim fact is that there is nothing that we in the UK can do directly to address the global economic weakness which has been at the heart of our problem.
The second measure relates to responsible investment by the Exchange Fund. The Exchange Fund now adopts a guiding principle that priority will be given to Green and ESG investments, if the long term return is comparable with other investments on a risk-adjusted basis. 11. Our third measure is the launch of the Centre for Green Finance under the HKMA’s Infrastructure Financing Facilitation Office, focusing on capacity building to facilitate the equipping of financial institutions with the knowledge, skills, tools and other resources in green finance. 1/2  BIS central bankers' speeches  12. In fact, we’re now in our developmental plan to prepare banks for the upcoming changes. A working group on the assessment framework has been in place since August, and today’s seminar marks the beginning of the capacity building programme for the Centre for Green Finance. On the other hand, the assessment framework will help banks understand their readiness for change, while the capacity building events will equip practitioners with the necessary knowledge for the changes. 13. For today’s seminar, we will first invite the IFC to provide an overview of the opportunities and challenges to green banking, and introduce some case studies on their approach to assisting banks in “greening” their operations. This afternoon, several banks will share their initiatives and practical experience on their green journey, including governance, risk management, disclosure and green products and business policy. 14. And here I would like to extend our special thanks to the IFC for their dedicated support for this workshop.

Their expertise will surely benefit our audience today. I would also like to thank HSBC, Standard Chartered Bank, Citibank, BOC and BNP Paribas for sharing their experiences with everyone later today. 15. Ladies and gentlemen, I wish you all a fruitful workshop and I look forward to working closely together with the industry to develop green and sustainable banking in Hong Kong. Thank you very much. 2/2  BIS central bankers' speeches
It is all about their perseverance and resilience and how they have defied all expectations. The issue before us is the source of their energy to persevere and their courage to stay the course when it all appears to be hopeless. In the business of central banking we are increasingly being confronted by such extreme conditions. Building resilience is therefore key. I have described central banking as being an unfinished business because there are always new challenges on the horizon, endless demands emerging from an ever changing and more complex environment and great expectations that the Central Bank will provide the solutions to resolve the financial and economic problems that confront us. The Central Bank is also at the forefront in the management of any financial and economic crisis – a phenomenon that continues to plague the world with increasing frequency. The Central Bank can be described as a high impact organisation. Its decisions or indecisions, its action or inaction will have major and far reaching repercussions and consequences on the economic well being of the public at large and the entire spectrum of businesses. The responsibility and accountability is therefore immense. Our business is about bringing value and benefits to our citizens. In an environment of greater transparency and enhanced communication there is also greater awareness of the prevailing circumstances. This has produced higher expectations for the delivery of results. Energy is derived from this very sense of meaning of what responsibility brings.

Zeti Akhtar Aziz: Central banking – using leadership energy to build resilience Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Iclif Leadership Energy Asia Summit 2015, Kuala Lumpur, 1 December 2015. *  *  *  Welcome to this year’s Leadership Energy Summit Asia organised by our Iclif Leadership and Governance Centre. This is our third summit in the series on leadership energy. The focus on leadership energy reflects its importance in today’s leadership. The contemporary environment we are living in has become increasingly more challenging – characterised by highly destabilising and tumultuous events. Not only are we living in a world that has become highly unpredictable and unstable but a world that is being more frequently subject to extreme conditions in which we are tested to the limit. How do we survive against the odds manifested in this environment? It is all about having the ability to endure and prevail. It is also about being able to succeed and thrive in such an environment. It is about being resilient. Resilience is key to surviving in this environment. Today we are privileged to hear and be inspired from the experience of personalities who not only survived against such great odds but who have also achieved great success. Let me take this opportunity to express our gratitude to our distinguished speakers who have come from different parts of the world to share their knowledge and experience on this subject.
Still, Y2K was valuable to the financial community in so far as it opened our minds and increased our sensitivity for problems that nobody had encountered or envisaged before. Today, however, the situation is different and considerably more complex. The events of September 11, 2001, have clearly increased our awareness further. Looking back to the time before the attacks we seem to have tended to underestimate the probability and consequences of disruption. So what needs to be done to make sure that we do not continue to underestimate threats? How can the resilience in financial systems be improved? What are the responsibilities of each and all of us? At the level of a single financial institution objectives and measures - in terms of back up solutions, staff safety and training, testing procedures, and contingency planning in general - may have to be newly defined. A specific issue that has probably not yet received enough attention everywhere is the internal crisis management process. Establishing a crisis management committee, which coordinates decisions and communication in times of crisis, can be vital, especially for large and complex financial institutions acting globally. On top of this, crisis management needs to be tested in general. One of the simpler scenarios could be: what happens if a bank is - for whatever reason - not able to release S.W.I.F.T. messages? In addition, crisis management of a single institution must involve its customers, its business partners and peers, its service providers and its utility providers. Crisis management is therefore a very demanding activity.

A huge amount of work has already been done: the recommendations of the FSB’s Task Force on Climate-related Financial Disclosures (TCFD) provide a comprehensive and consistent basis for the voluntary disclosure of information about risks. In addition, I propose that we identify European best practices, and move gradually towards a compulsory transparency requirement in Europe, provided that two conditions are met in order to avoid overburdening financial institutions: this requirement should be based on (i) a “comply or explain” principle and on (ii) a common taxonomy with a sufficiently broad level of aggregation. France already requires by law13 that asset managers, banks and insurance companies publish information about the way they take climate change into account. On top of that, we should develop forward-looking carbon stress tests for both insurance companies and banks – what I call “the video of risks”. It is obviously a complex and difficult task, but it is essential. Today we are able to perform sensitivity analyses to ascertain the size of probable losses for financial institutions’ portfolios under a range of economic scenarios. But one of our duties in the NGFS will be to carry out additional work on two key issues: (i) how to translate climate change scenarios into economic scenarios that can be used in our stress testing frameworks, and (ii) assessing the impact of shocks on the probability of default over a much longer horizon than the usual one of one year. 2.
And while the global population has 5  grown from about 5 billion in 1990 to about 7 billion today , the number who go to bed hungry has fallen from 6  about a billion to 795 million . The application of expertise has given us not just aqueducts, sanitation, roads, education and wine, but much, much more. With these achievements in mind, it is not surprising that many decisions have been delegated to experts – by which I mean those who have invested time to develop a deep knowledge of a particular subject, usually with credentials and ongoing professional development to maintain their skills. Since the time when Caesar introduced the Julian Calendar based on expert advice to prevent the pontifex from manipulating the dates to 7  favour their political allies, politicians have turned to experts to help them make better decisions. The mechanisms for doing this have varied: trusted advisors; independent commissions tasked with solving a particular problem; expert witnesses appearing before parliament or the courts; or creating expert institutions with well-defined mandates to deliver a policy objective. A well-known example of such technocracy in action in the UK is the National Institute for Health and Care Excellence (NICE) which is tasked with making the difficult trade-offs around which treatments will be funded by the National Health Service. This ensures those decisions are made on the basis of medical science and rigorous cost benefit analysis, and insulates politicians from lobbying by different interests.

For that reason, there has been an exponential increase in mechanisms to hold experts to account as more decisions require technical input. Michael Power describes the proliferation of such activity – not just financial audits but audits and reviews of boards, research quality, process reviews, environmental impact, independent evaluation offices, parliamentary inquiries, etc. 39  Critics argue that such “bean counting”  is costly, results in risk aversion, and diverts resources from important work. Having been on the receiving end of a great deal of this “checking,” I think it is a small price to pay to legitimize expert input to democratic decision making. Conclusion  So what have the experts ever done for us? The application of knowledge and the cumulation of that through education and dissemination through various media and institutions are integral to human progress. So the question is not how to manage without experts, but how to ensure that there are mechanisms in place to ensure they are trustworthy. More humility and candour about the limits of expertise is a starting point, as is clearer communication. More rigorous assessment of ideas will generate better solutions. Better tools to allow the public to differentiate among ideas are also needed, as is the need to encourage more genuine listening to others’ views. Managing the boundaries and accountabilities between experts and politicians better will help maintain the balance between technocracy and democracy. Getting this right is vital for determining whether our futures are shaped by ignorance and narrow-mindedness, or by knowledge and informed debate.
SPEECH DATE:  12/04/21  SPEAKER:  Deputy Governor Henry Ohlsson  VENUE:  LO  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  Hidden wealth* Expansionary monetary policy causes asset prices to rise and thereby makes those who own assets wealthier. But this wealth is unevenly distributed among households, and therefore the income from it (capital income) will also be unevenly distributed. Expansionary monetary policy can thus lead to more uneven capital income. At the same time, unemployment decreases when monetary policy is expansionary. This makes labour income more even than it otherwise would have been. As the effects on capital income and labour income counteract each other, it is unclear what effect the expansionary policy has on income distribution in total. But this does not stop higher asset prices leading to more uneven wealth distribution. In this speech, I will highlight a phenomenon that can mitigate this effect. I will start with an example that illustrates what I mean by hidden wealth. The Norwegian oil fund is one of the world’s largest funds. In 2019, the value of the fund was 285 per cent of Norway’s nominal GDP. Norway's revenue from oil operations are added to the fund and the assets are then invested abroad. The nominal return has been a good 6 per cent a year on average since the fund started in 1996. Every year, the Norwegian state may utilise the fund’s average real return.

For instance, the Riksbank monitors and analyses the financial system, identifies potential risks and influences participants that are important to financial stability. We shall work to prevent financial crises from arising, but if they should nevertheless arise, it is our task to manage the situation. What does this mean? For instance, we must be prepared to act in situations where our assessment is that financial stability is threatened. Let us assume, for example, that a Swedish bank which is under the supervision of Finansinspektionen, the Swedish Financial Supervisory Authority, is solvent and has assets that are greater than its liabilities, but experiences serious problems with its liquidity and thereby difficulty in meeting its payments. If the Riksbank’s assessment in such a situation is that the stability of the financial system is at stake if the bank collapses, then we can intervene with measures to aid liquidity. The United States is currently in the midst of a financial crisis, the backwash of which is sweeping through the global financial system. Although financial turbulence has been included in our analyses ever since last summer, the way it has manifested itself and the intensity of the events has varied along the way. And in recent weeks the problems have escalated. The most recent wave of financial turbulence is the worst so far since the original US mortgage crisis broke out. So what has happened recently? For one thing, large agents in the US financial market have suffered acute problems.