samchain/econo-pairs-v1 huggingface dataset:
At the same time, supervisors will benefit from easier exchange of information. And the framework offers the flexibility to incorporate future modifications with lower costs. Overall, these positive effects should lead to higher quality in the information flows generated. I should say at this point that neither of these projects has been easy. If you consider that the European Union is currently made up of 25 countries, you can well imagine that the starting situation was complex, with each country requiring its banks to submit different information. In fact, the differences were not limited to the definitions used by each Member State, but also related to the reporting systems, and the technologies and formats used. But I would argue that it has been a very worthwhile initiative, and one that will reap benefits for years to come. 3  Increased reliance on business information  Let me turn now to the third element that I believe is important for success. I believe that regulators should put increased reliance on information generated and used by institutions within their own business. Let me set the context for this remark. I don’t think it is an exaggeration to say that, over recent years, the Basel II initiative has driven a paradigm shift in regulatory attitudes. Regulation used to be something that was rather imposed on institutions “to be complied with”, and seen by them as completely separate from their own internal business processes, and therefore an additional cost.

In my view, a greater degree of convergence in the underlying regulation which applies to financial institutions and markets will provide us with an excellent basis for making progress on other aspects. Let me refer to some initiatives that have been taken in this respect. Of course, the first initiative that I must mention is that of International Financial Reporting Standards (IFRS). Given the importance of accounting data as the basis of information flows, the development and application of these standards is providing a valuable opportunity to enhance the efficiency and comparability of information, especially on an international basis. Indeed, with effect from 1 January 2005, all EU listed companies have been required by law to use IFRS for their consolidated financial statements. The significance of this development should not be underestimated. It means that market participants and other interested parties should be able to compare and contrast information relating to companies in different jurisdictions on a like-for-like basis, and thereby make more informed decisions. Common accounting standards increase transparency and comparability for investors, thus promoting greater cross border investment. And let me give you a less direct, but nonetheless important example of a regulatory convergence initiative, from my perspective as Chairman of the Basel Committee on Banking Supervision. As you may well be aware, at the end of the nineties, we embarked on a review of the so-called “Basel Accord”, an agreement reached back in 1988 to determine minimum regulatory capital requirements for international banks.
Prasarn Trairatvorakul: Bank of Thailand’s policy direction in 2013 Speech by Dr Prasarn Trairatvorakul, Governor of the Bank of Thailand, at the Bank of Thailand, Bangkok, 22 January 2013. *  *  *  Honourable guests and members of the press, Thank you all for attending this annual event, in which I would like to outline the Bank of Thailand (BOT)’s policy direction in 2013. Throughout history, our country might at times be faced with economic challenges and obstacles of different nature and severity, but the BOT’s mission and resolve to safeguard Thailand’s economic and financial stability has remained unchanged since its birth over 70 years go. Today our country is moving into an era of ever-closer linkages, whose scope extends well beyond the technology and communication dimension. It involves regional economic integration, not least among neighbouring countries or what is collectively known as the CLMV area. Within our country itself, the volume of cross-provincial trade and the number of SMEs outside the capital have grown, suggesting that growth has been increasingly inclusive. On the other hand, the greater economic interdependence brought about by closer trade and financial integration could also be a source of systemic risk, if an imbalance, however small, was allowed to develop unchecked. The BOT, as one of the nation’s key policy makers, strives to foster a sound and stable economic environment that enables the private sector not only to grow, but also to retain sufficient resilience and flexibility to withstand competition and uncertainties.

The impact of the second minimum wage hike on inflation is expected to be limited, as most businesses manage to keep a lid on cost via increased production efficiency, encouraged in part by a highly competitive goods market. The BOT will however continue to closely monitor any inflationary impact of the wage increase. Policy challenges for 2013 While it may seem that the worst is behind us, one must continue to be vigilant of risks. It is crucial for policy to be forward-looking and proactive, quickly adjusting to changing environment and shifting challenges. As I have mentioned, the key immediate challenges is to preserve the right balance of policy mix, in order to ensure that each policy’s effectiveness is maximized and grounded on the basis of sustainable economic well-being, as well as safe and sound financial system. Toward these goals, the BOT has a number of functions to perform. Monetary policy and exchange rate policy The overriding objective of monetary policy continues to be the safeguarding of economic stability, which encompasses the dimensions of growth, inflation, and financial stability. This year, a key challenge will be in striking the right balance between providing sufficient support to growth while ensuring that financial stability is also preserved. In particular, a prolonged accommodative monetary policy may pose risks to financial stability if it  2  BIS central bankers’ speeches  encourages excessive debt accumulation, or induces overinvestment in risky assets as investors search for higher yields.
However, the task is complex and banking supervision in itself is too important to present solutions under time pressure that will not work in practice. We should therefore take the time it takes to get it right. Financial stability and monetary policy Having reviewed the additional tasks that central banks are asked to take over, a question regards the implications for the practice of monetary policy. I will hence explain in the following how the two responsibilities will complement each other. The crisis has clearly demonstrated how essential financial stability is for the effective conduct of monetary policy. Financial market developments have always been an integral part of our monetary policy considerations and have influenced the design of our non-standard measures. Nonetheless, in my view and looking forward, monetary analysis and financial market analysis should play an even greater role for the conduct of monetary policy – particularly with regard to financial imbalances and financial fragilities. Here I would see three main areas in which further work is needed to incorporate the lessons from the crisis. First, we are faced with the fact that the smooth functioning of the financial sector is key for macroeconomic outcomes and monetary policy transmission. We saw that adverse financial conditions can have strong and impairing effects on the effectiveness of monetary policy. Academia and central banks have already taken up this research agenda and  BIS central bankers’ speeches  7  macroeconomic models and monetary policy assessments are refined in that regard.

Only recently, the Fed and the Bank of Japan have announced a numerical inflation goal. The second element: central banks should be independent on legal and operational grounds. Indeed, the independence of central banks is enshrined into primary law in a number of advanced and emerging countries and has been key for a stability oriented monetary policy. For crisis management, the so-called Jackson Hole consensus 2 of the 1990s and early 2000s foresaw only a limited role for central banks. Following the logic of the consensus, monetary policy should react to financial imbalances only to the extent that they affect the inflation forecast. Yet, as asset price build-ups are often accompanied by relatively contained inflation rates, 3 “ex-ante” monetary policy reactions were considered difficult. Effectively the consensus implied that central banks would only intervene “ex-post” to counter potential deflationary risks and risks to financial stability. The dot-com bubble of the beginning of the century was an illustration of such strategy. The ECB with a special emphasis on monetary developments The ECB’s standpoint differed from the Jackson Hole consensus. We have always emphasised that focusing on money and credit developments provides for a medium- to long-term perspective. It was believed that the monetary pillar would release warning signals and hedging against the building up of financial imbalances. 4 Indeed, as of 2005, on the basis of its monetary pillar, the ECB has repeatedly warned on the observed strong credit growth and the accompanied under-pricing of risk.
9 Board of Governors of the Federal Reserve System, Federal Reserve Board invites public comment on the  framework that would more closely match regulations for large banking organizations with their risk profiles, October 31, 2018. 10 Basel Committee on Banking Supervision, 2010. 11 This assumes the official sector preferences reflect society as a whole and does not consider potential gaps  due to issues such as principal agent problems within the official sector or regulatory capture. 12 Consolidated Supervision Framework for Large Financial Institutions, SR 12–17, December 17, 2012. 13 Federal Reserve Board, Federal Reserve Board seeks comment on proposal to simplify its capital rules for  large banks while preserving strong capital levels that would maintain their ability to lend under stressful conditions, April 10, 2018. 14 For a discussion of how rationalization of excessively complicated regulations could “morph” into a more  deregulatory posture, see Daniel K. Tarullo, “Financial Regulation: Still Unsettled a Decade after the Crisis,” Journal of Economic Perspectives, 33(1), 2019 Winter, 61–80. 15 6/7  BIS central bankers' speeches  15 Board of Governors of the Federal Reserve System, Supervision and Regulation Report, November 2018. 7/7  BIS central bankers' speeches

5” while the Federal Council, in turn, “is solely responsible for the economic decisions that fall within its area of responsibility.”  8  In 2010, members of the Governing Board appeared 13 times before parliamentary commissions. 4  BIS central bankers’ speeches  However, central bank independence has its pitfalls. A latent threat to such independence can, in principle, always be said to exist. This threat is particularly great in times of crisis. Consequently it was right and important, during the recent crisis, for central banks around the world to work closely with governments. However, the risk now is that false expectations have been raised amongst politicians. Central banks need to remain firm and concentrate on their monetary policy mandate. While it was necessary to be close to other government authorities at a time of emergency, now that the crisis has been confined, a little more distance is in order. As I outlined at the beginning, the SNB has also taken exceptional measures in order to fulfil its mandate. In doing so, it has shown that it is prepared to make use of the independence it has been granted. What is essential here is that we are always guided solely by our mandate when making our decisions. At the same time, we are continually analysing developments and constantly drawing conclusions with a view to our future actions.
However, the krona has strengthened more during the summer than we were expecting. It remains to be seen how much of the strengthening is perceived to be permanent. This will to a large extent determine the impact on inflation. The unease on the financial markets has entailed large fluctuations in the currency markets and we know that changes can happen suddenly. Next decision on 5 September What I have said today is, as I mentioned initially, an attempt to summarise what has happened in the economic sphere during the summer. At the Riksbank we are busy working on new analyses and forecasts on which to base the next repo-rate decision on 5 September. Of course, a lot can happen before that, and we will not be making an overall economic assessment until then. But without getting ahead of ourselves, one can note that so far developments abroad may have been slightly weaker than expected, while developments in Sweden have been unexpectedly strong, at least during the second quarter. The krona has strengthened more during the summer than we were expecting in July. There is still unease over the situation in Europe. What we now have to consider is how these factors should be balanced against one another. Our conclusions on this matter will be presented at the beginning of September. 6  BIS central bankers’ speeches

Lawyers, for instance, can be disbarred, and complaints against them can become matters of public record. That is added incentive to maintain the skills, character, and other qualifications required to become (and remain) a member of the bar. And, critically, professions do not stop improving. Lawyers continue—I hope—to seek a more just society. Doctors, a healthier one. I do not mean to call for the equivalent of the legal bar for bankers—although it might not be a bad idea. But there are elements of professions that could be useful. For example, forums like this one facilitate information sharing and promote a sense of community. A code of professional conduct is another example. Again, I refer you to the work of the Banking Standards Board, 5/7  BIS central bankers' speeches  which has developed a “Statement of Principles for Strengthening Professionalism.” Like Bill Dudley, I have argued that banking would benefit from a misconduct database. 15 Records of employee misconduct would be available to future employers to combat the so-called “rolling bad apple” phenomenon. Hopefully this would encourage more careful choices by bankers in the same way that the risk of disbarment prompts lawyers to think about the long-term consequences of their decisions. None of these ideas is a magic bullet. But they may be helpful as you consider how the first line of defense and the financial services industry develop as a profession. Conclusion: professional courage Let me end with one final thought on professionalism.
It was precisely under the extreme pressure that the financial system proved its stability. The market participants mastered the crisis situation spontaneously and networked their efforts: for example, the tasks that would normally have been performed in downtown Manhattan were carried out in New Jersey or in London. Or they agreed to extend the settlement period to five days and to conclude general money market trades at the official Fed rate (instead of fixing prices via brokers, some of whom could not be reached due to the collapse of technology). Furthermore, market participants practised restraint in stock sales and abstained from taking personal advantage of the general state of emergency. Creditors, notably the banks, also endeavoured to fulfil merely implicit commitments as far as possible and to ensure the functioning of the markets. All this would not have been possible without the tireless creative and networked efforts of thousands of shocked and grieving staff of the enterprises concerned and of the international financial community. The private measures for overcoming the crisis were also actively supported by the central banks, first and foremost by the Fed, which had fully retained its capacity to act from the outset despite being located in the immediate vicinity of "Ground Zero". It injected additional liquidity into the market and allowed the rate for one-day repos to fall to 1%. It also opened its counters to foreign banks operating in the United States and, when necessary, offered foreign central banks one-month dollar swaps.

Niklaus Blattner: Review of the Swiss economy: end-of-year media news conference Introductory remarks by Prof Dr Niklaus Blattner, Member of the Directorate of the Swiss National Bank, at the End-of-year Media News Conference, Zurich, 7 December 2001 *  *  *  11 September 2001: a test for the global financial system For a number of years now so-called systemic risks have received increasing attention from the central banks and from banking and financial market supervisory authorities. In extreme circumstances, systemic risks may ultimately lead to a breakdown of the financial system. They have their origin either in a transmission of liquidity and solvency problems between banks and other financial service providers or in the fact that numerous market participants are simultaneously affected by the same non-diversifiable risks. Examples of such risks are sudden, widespread and massive losses in the value of financial assets (stock market crash), serious malfunctioning of major financial market infrastructures, large-scale natural disasters or terror attacks which obstruct markets and market participants in economic or technical and physical respects. The consequence may be a substantial disruption of economic activity. The damage caused to the affected economies is liable to be correspondingly large. The terror attacks of 11 September 2001 hit the central nerve of the global financial system - New York, the major trading centre for the world's leading currency and the preferred location of the international banking and financial services industry.
Triggered by the increase of real estates prices, the steady appreciation of the lek, workers’ remittances and the rapid growth of credit and budget expenditure during the present year, the high current deficits have become a dominant phenomenon in the external sector of the economy. Their automatic and abrupt adjustment would prompt the correction of exchange rates to the rapid and strong depreciation of the lek, drop in private and public consumption and reduced economic activity which could generate crisis in the external sector and spread to economy, hence, jeopardizing the financial stability at home. Availing myself of this opportunity to address to the audience I would like to explore this issue further. Skipping the theoretical arguments, I would note that the high current deficits mainly originate from the consumers’ behaviour. In plain words, what I am trying to say is that in a general economic level we consume more than we produce. This extra consumption, which is mainly financed by borrowing, is mainly driven by our expectations for higher income in the future. That is, in a household level, there is deficit, triggered by the insufficient income to cover household consumption. The international financial crisis and the negative consequences on the global economic and financial activity stem from household consumption beyond the sources (providing additional financing from banking loans) and the rise of real estates prices. This consumption approach was followed by the increase of current deficit and long-term liabilities for households.

Empirical studies of the Bank of Albania show that the cease of these flows would put our consumption model and the long-term balance of the external sector of the economy in the difficult position. Our concern related to the household budget stands in the fact that the behaviour model we adopt at a household level can also affect the behaviour model of given regions. The Albanian economy has by and large made evident progress, detaching itself from the IDA country group. Macroeconomic indicators have for a relatively long period been positive and stable. However, beyond the nationwide average indicators, detailed statistics by regions indicate that welfare in mountain areas has progressed at slower rates relative to the other regions. According to World Bank assessments, an average resident in the mountain area has 12% less per capita real consumption than the average resident in Tirana, while in 2002 this figure was 9%. According to the same source, the average rural coast resident has 34% higher per capita consumption than the average mountain rural resident. Generally, poverty has a strong positive relation with the family size and a negative relation with age and education. In contrast, the District of Kukës has great potentials for more prosperity in this area. First, your district is distinguished for its rare natural beauty and diversity from the mountain and ethnographic tourism viewpoint.
In formal terms, the General Council may only severe a member of the Executive Board from his or her appointment if “…he no longer meets the requirements which are made on him to be able to carry out his duties or if he has been guilty of serious misconduct.” 2 The legislation strengthens the Riksbank’s independence and credibility for monetary policy. For example, it should not be possible for those in power to be able to groundlessly dismiss a member of the Executive Board for the purpose of appointing their “own” decision-makers. As the question of accountability is stated in law, it is not actually the Riksbank’s task to take a stand on how this should be achieved. However, what we can do – and also strive for – is to create the best possible conditions for accountability. We do this by being as open and clear as we can. This makes it easier for outsiders to critically examine how monetary policy is conducted and how well we live up to our principles. 1  Sveriges Riksbank Act (1983:1385), Chapter 8, Article 1. 2  The Instrument of Government, Chapter 9, Article 13. 4  BIS Review 62/2007  There are also certain formal requirements for providing information to our principal. Our tasks include, for instance, presenting a written report on monetary policy to the Riksdag Committee on Finance at least twice a year. In connection with this, the Committee also holds a hearing with the Riksbank Governor.

They indicate that Swedish companies can compete in the global marketplace, but their operations are such that they do not require very much labour, at least not in Sweden. Different assessments have been made of how large a percentage of total unemployment is cyclical and in turn how much of this cyclical unemployment can be affected by monetary policy. The serious assessment attempts that I have seen usually end up with only a small fraction, according to some estimates only one or a few tenths of a percentage points, of total unemployment being affected by monetary policy. Those are calculations that are highly uncertain and should be taken with a large pinch of salt. However my point is that it is a gross exaggeration when, in the present debate, the Riksbank’s decision to lower or not lower the interest rate is presented as having momentous consequences for unemployment in Sweden. This kind of claim is not compatible with any serious assessments or forecasts. 2  BIS Review 41/2005  On the whole, the reason for the problems in the labour market is not poor demand – on the contrary, lending is growing at a rapid pace and companies have ample liquidity – but these problems are rather related to structural factors.