samchain/econo-pairs-v1 huggingface dataset:
We are exploring geothermal and biomethane technologies as well as small modular reactors using nuclear fission. GREEN ECONOMY The third imperative for the net zero transition is to green the economy. Greening the existing economy is more important than growing new green sectors. Investing in green technologies and renewable energy is important. But such pure green activities are estimated to make up less than 8% of the global economy. Non-green activities – in manufacturing, building and construction, aviation, maritime, agriculture and fisheries - make up the bulk of any economy. To move the needle on emissions reduction, we need transition strategies that progressively reduce the carbon footprint across all sectors. Let me highlight six challenges associated with greening the global economy. First, a green economy will rely much more on electricity. The cheapest and easiest way to decarbonise several sectors of the economy, such as cars that run on petrol or heat generated by burning natural gas, is to electrify them and ensure that the electricity is generated from zero 5/9  BIS central bankers' speeches  or low carbon sources. According to the Princeton researchers, total electricity usage in the United States will likely be two to four times as great in a fully decarbonised economy compared with today. In the IEA’s net zero world, electric vehicle sales would vault from 5% of the car market today to 60% in 2030. This would require building the equivalent of 20 of Tesla’s massive “gigafactories” every year this decade.

Singapore will do well to prepare for a future where CBAMs cover a significant part of world trade. CBAMs are likely to be a reality, especially if several major economies agree on a global minimum carbon price. The EU has already proposed a CBAM. A well-designed CBAM that does not raise barriers to trade, is compliant with W TO rules, and gives some relief to the poorest countries who are also small emitters, is not a bad outcome. CLEANER ENERGY The second imperative for the net zero transition is a decisive shift towards cleaner energy. According to the IPCC, to have a good chance of limiting global warming to 1.5 degrees Celsius, global consumption of coal, oil, and gas must start declining immediately and steeply. This is unlikely to happen. The growth in renewable energy has been spectacular but not sufficient to meet growing energy demand. Despite a 50-fold increase in the supply of new renewable energy in the last two decades, fossil fuels continue to account for more than 80% of global primary energy consumption. One of the reasons is that about 750 million people in the world still lack access to electricity. For them, the priority is having the lights on at an affordable price, not how much carbon dioxide is emitted in its production. Most of the people living in sub-Saharan Africa in 2020 consume no more energy per capita than the people of France and Germany did in 1860.
I also welcome the IMF’s continuous engagement and responsiveness to the experiences of countries in this region, that have been using these policy tools for many decades. And I hope the IMF will continue to fine-tune the Institutional View on Capital Flows and its interaction with macroprudential policy. To my mind, this will provide the 3/5  BIS central bankers' speeches  impetus to a deeper partnership between members and the IMF as a trusted policy advisor. The second area relates to our policy approaches. They must be clear, coherent and complementary to ensure a more human-centered approach. Experience shows that for globalisation to make sense to the man on the street, they must ‘feel’ and be ‘touched’ by its benefits, and be satisfied that their lives are better than before. Public engagement is important to address specific concerns. Domestic policy programs and implementation must be coherent, comprehensively explained and easily understood, and complemented by policy measures consistent with the intended outcomes of international arrangements. Robust communication and transparent assessments can contribute to deeper levels of public understanding and acceptance. With information now easily accessible to all and sundry, authorities are no longer the sole arbiter of knowledge. Authorities, therefore, cannot maintain a one-dimensional communication strategy to explain the multi-dimensional policies and the consequent impact of those policies that we implemented. Finally, we must fully embrace the explosion of technology to keep pace with the altered global economic landscape. Come 2020, more than 24 billion internet-connected devices will be installed.

Conclusion Looking ahead, globalisation will likely work if we widen the horizon that touches positively on all segments of society. Negative spill-overs are likely unavoidable. But it is incumbent upon us to formulate policies and give greater attention to those most adversely impacted by this process. Kofi Annan compared globalisation to gravity. With weightlessness, astronauts experience intense dizziness and lose their sense of orientation. Without gravitational pull, their bones weaken, ligaments deteriorate and muscles atrophy. The same can be said about the force of globalisation – without it, economies weaken, relationships deteriorate and growth atrophies. Globalisation is slowly but surely solidifying our shared future as one global nation of states. It is our collective responsibility to strengthen and sustain the state of this nation for the benefit of future generations. 4/5  BIS central bankers' speeches  Let me end here by thanking the eminent speakers and participants for being here, and I look forward to hearing your views. I hope that you will also take some time during your stay here to enjoy the diversity of our country. Thank you. 5/5  BIS central bankers' speeches
But beneath this sense of calmness is a tense undercurrent. There is an underlying anxiety that prevails beyond the realm of economics, for example in relation to issues of international security, environmental change, and the global spread of disease. Despite the tremendous progress that has been achieved in many of these areas through international treaties and institutional efforts globally, anxieties remain. Extreme views are becoming more prevalent in both side of the aisle, and manifests in the form of backlash against conventional wisdom, and the establishments. We ought to be circumspect in expressing our views. As individuals and institutions that have influence to mould public thought and perception, we have the added 4/8  BIS Central Banker's Speeches  responsibility to be balanced. We should not be too eager to discard all wisdom that have been carefully amassed over many years but at the same willing to adapt to new thinking, new circumstances and new possibilities. As policy-makers and economists, these contemporary issues confronting the field of economics are indeed reinvigorating. New rules are being made. Old rules revisited. The contradictory forces that I mentioned earlier, are causing great policy tensions. The policies that have been implemented and experimented in recent years by policy-makers across the world might themselves appear in contradictions. And the fact that the performance so far has been mixed does not invoke confidence in some of the policy prescriptions.

These ranged from continued experimentation of unconventional monetary policies and the need to ‘balance’ that, with preserving financial stability, to the continued reemphasis in fiscal and structural policies in both advanced and emerging economies. But in facing a world of paradoxes, perhaps we too need to take full advantage of the strong foundations and conventions that were built in the past, yet remain sufficiently nimble and unafraid to rethink and reconstruct in facing the uncertain future. Errors will be inevitable, but the more important point is our ability to correct them and to remain committed to achieving the right outcomes. This is true for policies of central banks as well. Bank Negara Malaysia’s Approach to Monetary Policy Within this context, please do allow me to share with you the approach to monetary policy that Bank Negara Malaysia takes. Bank Negara Malaysia’s decision-making processes and governance framework today reflect the combination of the efforts and progress since the establishment of the Monetary Policy Committee (MPC) a decade and a half ago. Not many of you might be aware, but the MPC had its first meeting in 2002. In fact, the upcoming MPC meeting in November would mark our 100th MPC meeting since 2002. Before that, monetary policy formulation was conducted under the absence of an established framework and a standard structure. Over the years however, the MPC has evolved and enhanced its effectiveness as the sole body responsible for the formulation of Malaysia’s monetary policy and policies for the conduct of monetary policy operations.
Zeti Akhtar Aziz: Islamic finance and global financial stability Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the Seminar on Islamic Finance: During and After the Global Financial Crisis – "Islamic finance and global financial stability", Istanbul, 5 October 2009. *  *  *  "The unfolding events during this global financial crisis have brought to the forefront the issues concerning the stability of financial systems and the robustness and resilience of the international financial architecture. At the heart of the crisis is the breakdown of the functioning of the financial intermediation process and the loss of confidence in the financial system. As the world continues to struggle with the consequent global economic recession and the continued fragile financial system, it has intensified the search for solutions. Indeed, wide ranging reforms are now currently being discussed. The future financial landscape in the aftermath of this crisis is, therefore, likely to be significantly different from the present. In the search for the appropriate reforms, there is a general consensus that we need to return banking to its basic functions – to provide financial services that adds value to the real economy. This in fact represents the very essence of Islamic finance. These are the very elements that are espoused in the Shariah principles that underpin Islamic finance and which explains its resilience during this international financial crisis.

The challenge before us is to build a new financial architecture that would allow for the more efficient functioning of not only financial intermediation within national economies but also across borders. Islamic finance, with its emphasis on a strong linkage to productive economic activity, its inbuilt check and balances and its high level of disclosure and transparency offers this prospect. Indeed, inherent in Islamic finance is the explicit elements that address several of the issues that have surfaced in the conventional financial system during the current crisis. Given the global dimension of the current crisis, the accelerated pace at which it has spread and the severity of its repercussions, it has called for a higher degree of collective determination by the international community to work together towards developing a global strategy that will evolve a financial system that is stable and sustainable over the entire business cycle. As Islamic finance continues to become an integral part of the global financial system, it will increasingly be exposed to risks of financial stress arising from global financial instability and global economic activity. This necessitates a greater global engagement between those that are driving the reform agenda given that it will result in new structures, standards and regulatory regimes for the industry. This is particularly important  BIS Review 123/2009  1  when such standards become the basis on which assessments are made by multilateral agencies, rating agencies and the market at large.
It is almost impossible for those who are not undertaking full-time studies on the subject to keep pace with these developments. Yet, all of us who are interested in systems that stimulate business and keep the wheels of economies moving at a rapid space, would continue to have a strong interest in the subject. I am also hopeful that, the banking and financial community will continue to promote and foster these studies and practices since these provide the lubrication for the smooth functioning of our complicated financial systems in our ever-changing corporate regimes. We also know that a large portion of global business is in the banking sector. In addition, all business entities, maintain direct relationships with banks and financial institutions. In that context, the preeminent position that is applicable to the banks and enjoyed by them cannot be over-emphasized or under-estimated. Therefore, our efforts to enhance the governance capabilities and capacities within banks and financial institutions have to be at the forefront of our agendas. The trend in the world of targeting governance practices in the banking and financial sector to be at the cutting edge of prevailing practices worldwide is a significant step in the right direction and should continue to be so in the future as well. Let us therefore together and collectively dedicate ourselves to promote and apply good Corporate Governance principles and practices in our respective banking and financial sectors.

Nevertheless, in our collective endeavour to pump the patient with as many drugs and tests  BIS Review 24/2007  1  we could possibly administer (may be because we could avoid law suits relating to professional negligence by doing so! ), a plethora of new rules and regulations have been churned out and these keep being churned out at regular intervals. But, with all that frenzied activity, the vexed question that keeps on haunting stakeholders is: Will today’s regulations suffice to inoculate companies from crises in the future and keep them healthy? Will these rules help to maintain and sustain investors’ trust in companies? Will these laws and regulations help to stimulate institutions instead of stifling them? Will these efforts actually build trust and confidence in the overall system? Of course, we have to readily admit that if not for the quick responses in the aftermath of Enron and others, the damage could have been too much to bear. The repercussions and loss of confidence could have been too serious to contemplate. But, at the same time, a painful truth has also emerged. i.e., that laws, rules, regulations and Codes, by themselves do not ensure good corporate behavior. However powerful and strong the new vaccines appear to be, however effective the treatment seems to be, however professional and keen the doctor tries to be, new diseases will emerge. Some may be minor. But, ever so often, new strains will occur, that will place the system under severe threat.
In short, more Basel III now, rather than a hypothetical and delayed Basel IV. However, there are two issues to consider: the increased speed of deposit withdrawals connected with digitalisation and social networks - raises new challenges. None of the ideas put forward on this subject are clear-cut, but none should be taboo. Moreover, the lack of liquidity and transparency in the single-issuer CDS market must no longer give rise to systemic risks: as a first step, we must ensure a better understanding of the transactions, the participants and the correlation risk with other financial instruments. Let me now turn to supervision. Why did Credit Suisse fail despite meeting the requirements of Basel III? The answer is clear: good regulation is necessary; but it is never enough. A Highway Code - regulations -, even the best one in the world, will only be effective if the traffic police - supervisors - are efficient. Risks generated by specific business models should lead to stricter requirements. This is precisely the spirit of "Pillar 2" of the Basel framework. Supervision can and must be responsive, intrusive - including with on-site inspections -, exercised by highly qualified professionals, and applied forcefully. This is not wishful thinking: this active supervision is one of the greatest success stories of our European Banking Union. The SSM demonstrates the benefits of bringing all players under one main authority only, rather than regional ones, with clearly defined responsibilities  and  coordination.

The digital currency for a changing world Let me now turn to my second topic: the technological evolutions underway in the fields of finance and payments, which has led us, the Eurosystem, to have launched an investigation phase on a retail central bank digital currency (CBDC) under the sponsorship of President Christine Lagarde and my friend and colleague Fabio Panetta. Pending an approval by the Governing Council, a preparation phase will then start at the end of this year, before a potential and gradual launch from 2027 or 2028 onwards. I am aware I am entering here a less consensual ground, listening to banks’ doubts along two arguments (i) the CBDC would be a ‘solution in search of a problem’, the ‘why?’ question (ii) and the CBDC would be a competitor to commercial bank money. The purpose: a digital banknote About the ‘why?’, I can imagine that two centuries ago, there were many voices questioning the need for a paper banknote – at that time a huge technical innovation – to be issued along the good old gold and silver coins. Today, it all  Page 4 of 6 boils down to one simple question: as everything is becoming digital, why should central bank money be the only thing to remain in paper? As many of you know, central banks have also – and fortunately so – innovation in their DNA i, keeping pace with technological disruptions.
Since the inception of the euro, it has staged an impressive take-off, even though its institutional, legal and accounting environment is still far from optimal. Central bankers have good reason to welcome such developments. Not only because they probably make the saving-investment process more efficient, but also because they allow for a better distribution of credit and market risk which should - if anything - enhance the stability and robustness of financial systems. BIS Review 37/2002  3  Financial processes and markets will continue to become more and more internationalised with obvious impacts on securities operations, liquidity and collateral management procedures. What kinds of challenges will this create for market infrastructures on the one hand, and for oversight authorities on the other hand? Let me address these two questions in the following. Implications for financial market infrastructures A first requirement for financial market infrastructures is that they must be capable of coping not only with an increase in cross-border securities operations, but also with their time-critical nature. Therefore, particular efforts should be made to ensure intraday finality, to shorten settlement cycles, to co-ordinate operating hours among the individual systems and to standardize communication procedures as well as message formats. As you know better than I, this is easier said than done, since we still rely heavily on technologies and systems that are tailored to domestic needs and peculiarities. The current coexistence of several non-interoperable platforms implies an extensive amount of costly manual intervention.

All in all, the introduction of the euro has been a very positive development for the international monetary system in general, and for Switzerland in particular. We benefit from the greater transparency offered by the euro and the lower transaction costs made possible by its creation. Perhaps for the first time in history, we are surrounded by an area that shares the same monetary policy objectives as we do, namely price stability. This explains to a large extent why the Swiss franc/euro exchange rate has been relatively stable over the past five years. But the presence of a single European currency has per se also shielded third currencies - like the Swiss franc - from too much volatility in the case of dollar turbulence. At the same time, we keep the trump card of an independent monetary policy that enables us to respond very rapidly to the specific needs of the Swiss economy. Between 2001 and 2003, we have thus lowered interest rates more quickly and more decisively than the ECB. Once economic activity showed signs of recovery, we were able to gradually shift to a less expansionary stance, again well  4  BIS Review 72/2004  before any similar move by the ECB. With inflation around the one percent mark, we enjoy price stability and our interest rates lie clearly below corresponding rates in the eurozone. Thanks to enhanced stability in Europe with the introduction of the euro, a two headed international monetary system is good news for small countries.
Key drivers should carry their growth momentum going into H2/22 as we see high growth in consumption and better-than-expected tourist numbers, as well as more broad-based improvement in employment and income. Despite softening global economic outlook, tourism is gaining traction from pent-up demand to travel and not that sensitive to global slowdown. b. For stagnation to occur, we should expect to see severe slowdown in key drivers. For example, we should expect to see very low tourist numbers for the remainder of this year or sustained price increases that severely affect consumption. This is unlikely to occur. (4) Most concerning risk to a smooth recovery is risks to the tourism sector from unpredictable and volatile shocks, e.g. a new covid variant which could trigger a ban on international travel, and geopolitical risks. Part 4: Concluding remarks 1. Aggressively rate hikes in order to curtail aggregate demand and bring down high inflation may be the right approach for some. It is however not universal and depends critically on the underlying nature of high inflation, the cyclical position of economic activity, as well as structural features of the economy that determine the degree of persistence of price shocks. The right policy approach is thus more nuanced and country-specific. 2. In the Thai context, the decision to start a gradual and measured monetary policy normalization only recently reflects our cyclical position, where the recovery is gaining traction later than others.

6 See Altavilla, C., Canova, F. and Ciccarelli, M. (2019), “Mending the Broken Link: Heterogeneous Bank Lending  and Monetary Policy Pass-Through”, Journal of Monetary Economics (forthcoming) and Kayshap, A. and Stein J. (1994), “Monetary Policy and Bank Lending”, in Mankiw, G. (ed.) , Monetary Policy, Studies in Business Cycles, 29: 221–56, Chicago, University of Chicago Press; van den Heuvel, S. (2002), “Does bank capital matter for monetary transmission?”, Economic Policy Review, Federal Reserve Bank of New York, May, 259–265. 7 See Budnik, K. (2019), “Abird’s-eye view of the resilience of the European banking system: results from the new  macroprudential stress test framework”, Macroprudential Bulletin, 7 (March), European Central Bank. 8 See Altavilla C., Boucinha, M. and Peydró, J-L. (2018), “Monetary policy and bank profitability in a low interest rate  environment,” Economic Policy, 33(96): 531–586. 9 See Andersson, M., Kok, C., Mirza, H., Móré, C. and Mosthaf, J. (2018), “How can euro area banks reach  sustainable profitability in the future?”, Special Feature, Financial Stability Review, November, European Central Bank. 10 See Brand, C., Bielecki, M. and Penalver, A. (eds.) (2018), “The natural rate of interest: estimates, drivers, and  challenges to monetary policy”, Occasional Paper Series, No. 217, ECB, Frankfurt am Main, December. 11 See, for example, Holston, K., Laubach, T. and Williams, J. (2017), “Measuring the Natural Rate of Interest:  International Trends and Determinants”, Journal of International Economics, 108 (Supplement 1, May): S59–75. 12 Andersson et al. (2018), op. cit.