samchain/econo-pairs-v1 huggingface dataset:
By placing its initiatives within the framework of the Eurosystem’s discussions on an “e-euro", the Banque de France will continue and enhance its investment and expertise in the area of innovation in payment infrastructures and means of payment. To this end, it has recently created an Infrastructures, Innovation and Payments Directorate. This Directorate will enhance its resources in this area and will, I hope, participate in the work carried out within the BIS Innovation Hub. On an operational level, this  commitment will soon lead the Bank, in close cooperation with market professionals, to conduct experiments with a view to integrating a CBDC into the procedures for exchanging tokenised assets. In this respect, a call for projects will be launched at the end of March 2020. Conclusion It is indisputable that the digitisation of the economy has been a source of progress in the field of payments and other areas, as it has diversified and streamlined the services offered to the consumer. However, despite this positive assessment, we must not overlook the growing interdependence of economies, and the sovereignty risks that this greater intermediation is likely to pose in a context of trade tensions. At the Banque de France and the ACPR, we are ready to assist the market in the transformations necessary to preserve and develop a robust and resilient European ecosystem, capable of ensuring the continued sovereignty of our monetary and financial system.

They are: •  Clause 1: Freedom for the Church. •  Clause 13: Protection for the “ancient liberties” of the City of London. •  Clause 39: No wrongful imprisonment. Perhaps the most famous clause. “No free man shall be seized or imprisoned, or stripped of his rights or possessions, or outlawed or exiled, or deprived of his standing in any way, nor will we proceed with force against him, or send others to do so, except by the lawful judgment of his equals or by the law of the land.”  •  Clause 40: Justice is not for sale. Added to that, the spirit of Clause 12 of the 1215 Magna Carta (dropped from all later reissues), that “no “scutage” or “aid” may be levied in our kingdom without its general consent…”, is clearly what would later become “no taxation without representation”: to establish a council (the embryonic embodiment of what would later become Parliament) to agree whatever new taxes the King might demand. Whatever their purpose at the time, the more universal clauses that remain on the statute book certainly resonate today. They in effect encompass the idea of the rule of law and of due process as a means to ensure justice.
BIS central bankers’ speeches  Table 1 Historic equity home bias for G20 countries (a) (1995–2007)(b)(c) Advanced G20  1995  2000  2005  2007  USA  0.72  0.76  0.61  0.56  UK  0.66  0.68  0.58  0.56  Germany  0.65  0.58  0.45  0.48  France  0.80  0.78  0.59  0.62  Italy  0.71  0.65  0.54  0.54  Japan  0.93  0.92  0.84  0.84  Canada  0.67  0.69  0.67  0.68  Australia  0.81  0.83  0.79  0.74  Weighted average  0.79  0.76  0.64  0.61  Un-weighted average  0.75  0.74  0.63  0.63  Argentina  0.79  0.70  0.58  0.59  China  0.96  0.94  0.98  0.99  South Africa  0.94  0.70  0.72  0.79  Mexico  0.94  0.98  0.86  0.91  South Korea  0.98  0.97  0.90  0.82  Brazil  0.97  0.96  0.96  0.97  Turkey  0.95  0.98  0.97  0.98  Russia  n/a  0.97  0.98  0.99  India  0.99  0.99  1.00  1.00  Indonesia  0.99  0.98  0.99  0.98  Weighted average  0.96  0.93  0.92  0.94  Un-weighted average  0.85  0.92  0.89  0.90  Weighted average  0.80  0.77  0.66  0.66  Un-weighted average  0.80  0.84  0.78  0.78  Emerging G20  Total G20  Source: IMF International Financial Statistics, IMF WEO database October 2010, S&P Global Stock Markets Factbook (2010), updated and extended version of dataset constructed by Lane and Milesi-Ferretti (2007), Thompson DataStream, UN Census Bureau, Penn World Tables and Bank calculations.

Bank Negara Malaysia also looks forward for a more active role by all shareholders, including the non-  BIS Review 73/2006  1  controlling shareholders, in the transformation of the new takaful operators into efficient and world-class players capable of competing against the best in both the domestic and international marketplace. Ladies and Gentlemen, On the regulatory front, as the financial services industry transitions to a more deregulated and market-driven environment, the regulatory and supervisory approach will continue to evolve into one that is more principle and risk-based. The regulatory initiatives will also continue to emphasise competition, efficiency, and innovation whilst maintaining financial stability. For the takaful industry in particular, the consultative paper on the principle-based guidelines on the takaful operational framework will soon be issued. The aim is to establish the parameters within which the takaful operators operate their business, whilst allowing for the different takaful models currently adopted by the respective takaful operators to continue to operate. This consultative process is a further reflection of the approach adopted to take into consideration the feedback from the industry players in designing appropriate regulatory framework and thus towards balancing the interests of the various stakeholders. The industry can also expect to see progress on the development of international best practices for the takaful industry by the Islamic Financial Services Board (IFSB) in the near future. An important step towards this direction has been taken with the recent establishment of an IFSB working group to develop supervisory standards on corporate governance.
The ASEAN+3 member countries have already taken steps to multilateralise the Chiang Mai Initiative towards a more advanced and robust framework for the effective pooling and utilisation of liquidity support in the region. The bilateral relationship between Malaysia and Korea Malaysia’s economic relationship with Korea is very much part of this integration process in Asia. The bilateral trade and investment relationships between Korea and Malaysia over the recent years has continued to increase with trade now averaging RM45 billion per annum. Both countries have already benefited from the growing production networks within the region as well as from the numerous trade and investment opportunities from an increasingly open and liberal business environment. Investment linkages, though still relatively modest, have been on an upward trend since 2006. Korean investment in Malaysia is predominantly in the manufacturing sector, particularly the electrical and electronics sub-sector. The opportunity for further co-operation in this area is vast. Korea, as a nation known for its knowledge-based and innovative capabilities, can leverage on the liberal investment climate offered by Malaysia to diversify into new growth areas such as green technology and biotechnology. In the area of finance, Malaysia now has a well-developed financial system, with deep capital markets including a comprehensive system of Islamic finance. The Malaysian bond market is the fourth largest in Asia in terms of volume after Japan, China and Korea. More than 55% of the outstanding bonds are Shariah-compliant and the sukuk market is the largest in the world.

Throughout Malaysia’s more than 50 years of development, the country has demonstrated economic flexibility to successfully shift to the new areas of comparative advantage to the new areas of growth. I believe, with the foundations in place, Malaysia has every potential to transition into a high value-added, high income economy. Concluding remarks Asia’s new role in the globalisation process has only just begun. The continuous dynamic evolution of Asia as greater regional economic and financial integration take place will contribute towards raising the standards of living in this region. In this context, the important partnership between the Government and the private sector remains a key element in ensuring stability and sustainable economic development in the future. 4  BIS Review 43/2010
The second change is that we will now hold press conferences in connection with all of the monetary policy meetings, and not, as before, only when we have adjusted the interest rate. The motives for keeping the interest rate unchanged are just as important as the motives for adjusting it. Together with publishing our own interest rate forecasts, press conferences after each monetary policy meeting will provide better and more regular information on the considerations we make. Finally, we Executive Board members will normally avoid implying prior to a meeting what interest decision might be made there, what is known as signalling. And by this I mean signalling above the interest rate forecast, press releases and minutes of meetings that have earlier been published. The actual need for signalling has declined, not least with the publication of our own interest rate path. Our assessment is that it is enough to communicate our intentions clearly in connection with the seven monetary policy meetings held every year. Moreover, we publish our own interest rate forecasts in connection with three of these meetings, when a Monetary Policy Report is published. On the other four occasions we will report a qualitative assessment of how the most recently published interest rate forecast relates to the new information received. I would like to point out that the individual members of the Executive Board will continue to express their own opinions in public.

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.
In the early years of the MPC there was an intense debate about these imbalances, and how they should affect monetary policy. 24 In a speech in April 2000, I argued that “it is important not to let domestic demand grow too rapidly for too long. The longer the correction is left, the sharper the required adjustment will be”. 25 The question was how much to stimulate domestic demand, at the cost of exacerbating the imbalances, in order to compensate for weak external demand, and the minutes of the MPC in 2001 and 2002 explicitly discussed the case for accepting inflation below target over the two-year horizon. 26 The Committee rejected the case, and during that period most of the dissenting votes on the MPC were for lower rates (see Table 3). The dilemma, and the MPC’s resolution of it, was summed up by my predecessor Eddie George in 2002 when he said “So in effect we have taken the view that unbalanced growth in our present situation is better than no growth – or as some commentators have put it, a two-speed economy is better than a no-speed economy.” 27 Was that the right choice? As in some other industrialised countries, asset prices, including house prices, had been pushed up by falls in long-term real interest rates (see Chart 7).

A corroborative effort involving both public and private sectors, through a public-private partnership, is key, especially in Asia. This is in light of the large size of risks to be insured, the substantive size of population which needs insurance cover but remains unreachable, and the lack of natural incentives for the private sector to offer sufficient coverage for certain risks. A PPP approach recognizes the different roles as well as limitations of governments and private insurers, and can enable innovative solutions collectively. Public-private financing solutions, such as natural catastrophe insurance pools, micro insurance, and alternative risk transfer solutions such as catastrophe bonds, have the potential to enlarge the financial capacity of insurance solutions, by providing affordable cover to a wider pool. With the expertise and capital  BIS central bankers’ speeches  3  support from international and regional organisations, the public and private sectors can work together in developing purposeful risk transfer solutions for the region. 12. It is encouraging that governments, regulators, industry, academia and international organisations in Asia have already taken initial steps to develop effective PPPs to enhance natural catastrophe risks management. In October last year, for example, the International Finance Cooperation (“IFC”), a member of the World Bank Group, announced a partnership agreement with MAIPARK Indonesia, a specialised catastrophe reinsurer formed by the government and industry, to develop an earthquake-index insurance product to help protect banks that provide loans to individuals and micro, small and medium enterprises from losses due to natural disasters such as earthquakes6.
With the advent of the EU’s internal market in the 1990s, however, the issue of a common currency was revived. National currencies came to be seen as the last major barrier to the internal market’s full impact, which would pave the way to even greater European integration. To a large extent, the driving force behind the Werner Plan and the Maastricht Treaty was political. Experience has taught us that institutionalised economic cooperation can be an antidote not just to trade conflicts but even to war. A common currency is a strong political symbol that can render cooperation durable in the daily economic round. Instead of being just a topic for solemn speeches on television, European cooperation with a single currency could be something real that people carry around in their purses and pockets. 1  BIS Review 102/2000  But the Maastricht Treaty was, of course, also backed up by the strong economic forces that lay behind previous attempts at monetary union. By reducing exchange risks for firms, a single currency facilitates cross-border trade and investment. It also helps to integrate capital markets, rendering them larger and deeper, which aids the supply of corporate capital in Europe. These considerable effects are accompanied by others that we ought not to underrate. In the present situation, moreover, they are likely to be enhanced by the internet and other new information technology. Not the least of these is that the monetary union eliminates the psychological barrier that different currencies raise when we try to compare prices in different countries.

But an intense dialogue has now started on structural issues at extraordinary Council meetings, such the coming meeting in Stockholm, as well as in more regular processes such as the Luxembourg process for better employment policies and the Cardiff process for more efficient product markets. The EMU to date It must then be asked, of course, how well this framework is working now that EMU is a reality. It is certainly too early to draw definite conclusions about these matters but I can offer some observations. The first point worth noting is that we are now reaping the benefits of the convergence process and of the consensus on stabilisation policy that has, in fact, been established. Europe is now experiencing an  3  BIS Review 102/2000  economic upswing in which macroeconomic conditions are more stable and inflation expectations lower than for many decades. Since the move to EMU, there have been no clear signs of asymmetric shocks that might hit a particular country or group of countries, although the Asian crisis and the subsequent unrest did affect the member states somewhat differently. And we do not know what would have happened during the tempestuous autumn of 1998 if Stage Three had not been well on the way. Perhaps exchange rate developments in Europe would have been considerably more dramatic and disruptive. It will be recalled that the Swedish currency’s deviation from a reasonable long-term level was considerably greater than that of, for example, the Finnish markka.
Accordingly, market rates are higher than they would be in normal conditions given the monetary impulse, because they are also affected by the risk assessment of operations and, in the current juncture, a higher premium is being tagged on sectors that are more exposed to the economic downturn. In addition, lending has slowed and, although somewhat less restrictive marginally, March’s Survey on Economic Conditions, plus additional information, reveal that high requisites are in force for bank lending, and consumer demand has fallen. The macroeconomic scenario A corollary to the change of global macroeconomic scenario has been the significant deterioration of expectations combined with increased uncertainty about the future unfolding of the world economy. Income prospects for firms and households have become more uncertain, while problems in international financial markets could have been resolved faster to clear the picture on the true solvency of various financial institutions at the global level. The aforesaid factors have naturally increased the risks associated to economic activities and to decision-making processes, contributing to the sharp reduction in expenditure by the end of 2008 and to the revision of consumption, investment and production decisions around the globe. This factor may be the culprit of a large share of the fall in the level of domestic demand in Chile, much larger than the fall in GDP, which cannot be fully explained by movements in the usual macroeconomic variables.

These meetings help me get a more complete picture of economic conditions on the Island and a fuller understanding of the major issues and concerns. This is the third time we have visited Puerto Rico in the past five years. Yesterday, I met with Governor-elect Rosselló to discuss the transition into his new role and the key challenges for his upcoming term. I also spent time with members of El Colaboratorio, a shared workspace organized by the Foundation for Puerto Rico. I attended a roundtable discussion with local businesses and spoke with former and current members of several of the New York Fed’s advisory councils. Earlier this morning, I met with the heads of a number of financial institutions and the University of Puerto Rico’s interim president, Celeste Freytes. Following this visit, I will meet with the leadership from Parallel18, an economic development initiative that attracts early-stage, highpotential startups to Puerto Rico. Finally, I will join the leadership of the Boys and Girls Clubs of Puerto Rico for a discussion on the organization’s initiatives and a site visit to one of the clubs to learn about workforce development programs and youth services. As we all know, the Commonwealth of Puerto Rico has been through a very rough 10 years. The economy has been in a long slump that could easily be called a depression. Residents have endured a terrible drought, periodic blackouts and a fiscal crisis. I don’t need to elaborate on all of the struggles Puerto Rico continues to face.
The recent market stability issues resulting from the Covid health crisis has provided an opportunity to ensure there is a good flow of information between authorities and coordinate our approaches where appropriate. As a recent example, in December, the PRA, European Central Bank (ECB) and Federal Reserve Board all published short statements on our respective websites5 highlighting that, recognising the global and interconnected nature of banks, we are committed to working closely to ensure that supervisory approaches on operational resilience are well coordinated. Given the UK’s exit from the EU, I would like to specifically mention the open and supportive relationship we have with colleagues at the ECB and individual National Competent Authorities (NCAs) across the EU. Clearly, the nature of those relationships has changed, both in terms of its legal basis but also how some of the supervisory interactions will work. As Sam Woods noted in his Mansion House speech, we will double down on our cooperation efforts to ensure good relationships continue. The good news is that we have agreed a range of tools to facilitate this, from Memorandums of Understanding to information exchanges and supervisory colleges. Given this and the long history of building relationships with Home State authorities, we are confident our relationship with the ECB and the NCAs will continue to develop and deepen. Robust and proportionate requirements for international firms  Having talked about our expectations of supervisory cooperation, let me turn to what we expect from international firms.

But the ongoing recovery of the global economy from the Covid-19 pandemic and associated restrictions will provide support to economic activity. The financial sector should grow at least as fast as the overall economy. More importantly, the Asian growth story remains intact, and Singapore’s financial centre is well positioned to support and grow with Asia. The Asian Development Bank estimates that strong exports and domestic demand will drive developing Asia’s growth at more than 5% per annum in the coming years. Demand for financial services typically grows faster than income as the middle class and mass affluent base expands. We are seeing the development of new capabilities which will add more engines of growth to our financial sector. In private markets, Singapore’s private equity and venture capital ecosystem is providing smart capital and business networks to the rapidly expanding pool of growth companies here and across the region. In wealth management, Singapore’s thriving family office ecosystem is helping wealthy Asian families to professionalise the management of their wealth and support their growing interest to invest for impact, as wealth is transferred to the next generation. In insurance, new capabilities are being developed to provide risk advisory services for complex and structural risks in Asia, like cyber-attacks, pandemic, and climate risks. The increasingly pervasive use of technology in our financial sector will be another key driver of growth. Financial institutions in Singapore are making significant investments in technology.