samchain/econo-pairs-v1 huggingface dataset:
In addition, FMIs will need to address how potential uncovered liquidity shortfalls or credit losses would be allocated, and how the FMI would replenish any financial resources it uses in a stress event so that it can continue to operate in a safe and sound manner. The Principles also introduce a number of new requirements. Some of these address shortcomings that were observed during the crisis. For example, the Principles require CCPs to have segregation and portability arrangements that protect customer positions and collateral. An FMI will also be required to manage the risks it bears from and poses to, not only its participants and their customers, but also to other entities with which it does business such as linked FMIs, settlement banks, custody banks, and liquidity providers. Furthermore, the Principles will require FMIs to establish a dedicated financial cushion that could absorb unanticipated general business losses. This is to ensure that an FMI can continue to provide its critical services. The Principles also require that FMIs have plans for their recapitalization or orderly wind down, if that were to prove to be necessary. Finally, the coverage of the international standards has been expanded to trade repositories as a new category of FMI, to further complement the G-20 OTC derivatives initiative for mandatory trade reporting. The Principles that address trade repositories focus on their transparency and the disclosure of market data. This reflects the important and unique role they will play in disseminating information both to regulators and to the market more broadly.

Transparency into counterparty risk should be greatly improved via disclosure requirements and the ability to aggregate trade information in trade repositories, and end user trading positions should be much better protected by segregation and portability requirements and a more robust financial market infrastructure. Although there is still much to do as part of this process, I’m optimistic that we are on the right road. We just need to continue to push ahead and not forget the lessons learned from the financial crisis. Thank you for your kind attention. I would be happy to take a few questions. BIS central bankers’ speeches  7
And at the very heart of that is their capacity to bring together financial resources not currently needed by their owners for expenditure on consumption or physical investment, and to channel those resources to wherever they can be most productively used – always allowing for risk. The free movement of capital, like free trade in goods and services, is an immensely powerful means of promoting efficient resource allocation nationally, regionally and globally, and as such it can make a major contribution to improving economic welfare – reducing poverty and raising living standards – which is, of course, what we all want to see. Certainly the free movement of capital, like free trade, needs to be governed by rules designed to minimise distortions and unfairness, and to reduce the risks of intermediaries being unable to honour their commitments or of broader, systemic, instability. I don't pretend for a moment that it works perfectly in practice: we could all well do without the wellpublicised institutional failures of recent years, for example, or the volatility which characterised the Asian financial crisis or the more recent "tech stock" bubble. But it is certainly the most effective means of financial resource allocation that we have so far discovered. The challenge is to make it work more effectively – more efficiently, both in terms of intermediation costs, and crucially in terms of the direction of the flow of resources – but also more reliably and securely for both savers and borrowers. This is largely down to financial markets themselves.

The Rt Hon Sir Edward George: The convergence of financial systems Speech by The Rt Hon Sir Edward George, Governor of the Bank of England, at the Oesterreichische Nationalbank Economics Conference held in Vienna, 31 May 2001. *  *  *  The theme of this session is convergence of financial systems, within the context of the overall conference theme of "The single financial market – two years into EMU". What I propose to do this morning is to ask, first, what are we – or should we be – looking for from our financial systems; then to ask, secondly, what are the major driving forces that have been, and are, affecting our financial systems – including but not confined to EMU; and, finally, to offer some thoughts on how those systems might continue to evolve. So let me begin by asking what should we look for in our financial systems. In answering that question I suppose I could give you a long list of particular payments and savings services as well as credit, investment and insurance services, provided to individuals, to private organisations and businesses of all kinds, and to various levels of government. But that would be simply a description of our financial systems which do still differ in many respects as a result of history and tradition, of particular local needs, and of the state of evolution in individual countries. We are more interested in the essential purpose of our financial systems.
Other policy makers have faced similar challenges, and have found highly innovative and effective ways to overcome them, such as the Treasury’s furlough scheme. And of course the intellectual challenges faced by economic policy makers have been tiny compared with the very substantial challenges faced by the healthcare and other key workers who have had to tackle the Covid pandemic itself, as well as those who have suffered from the disease. My previous Strand Group lecture, “The First 50 years of the Government Economic Service”, touched on some of that earlier experience. 2 My MPC colleague Silvana Tenreyro made a similar observation in her 2018 speech on models in macroeconomics. 3 Or to give the quote from Korzybski (1933) more fully: “A map is not the territory it represents, but, if correct, it has a similar structure to the territory, which accounts for its usefulness”. 4 It’s not for nothing that the Bank of England’s central forecasting model is known as COMPASS. 1  2  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  2  Figure 1: The MPC’s approach to its forecasts has evolved during the pandemic  3  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  3  An evolving approach to the outlook  The MPC, supported by the efforts of Bank of England staff, has continued to make use of forecasts throughout the Covid period.

Developments since May The MPC’s next Monetary Policy Report is not published for another three weeks, and we have not yet begun to discuss what our updated August forecast might look like. What I am going to discuss today will be the MPC’s initial assessment, as set out in the minutes of our June meeting, of what we had learned about the economic outlook since our May MPR, as well as my own interpretation of the very latest data which have come out over the last three weeks since the June MPC meeting. Global growth appears to have been somewhat stronger than we expected in May, largely due to upside news in the euro area. Activity in the US so far looks to have been broadly in line with expectations; but CPI inflation in the US has now reached 5.4% - its highest level since 2008, and 0.5pp above market expectations at the time of release. Despite that, global yield curves, led by US Treasuries, have first risen and then fallen back in recent weeks; the ten year gilt yield is now 10bps lower than at the time of our May forecast, while ten year US Treasury yields are 20bps lower. Bank staff models suggest US factors have been the dominant driver of the movements in UK yields since May.
Gent Sejko: Modernisation of retail payment systems in Albania Welcome address by Mr Gent Sejko, Governor of the Bank of Albania, at the Conference on the "Modernisation of retail payment systems in Albania", Tirana, 21 June 2018. * * * Dear Deputy Prime Minister Dear media representatives, Dear participants and colleagues, Welcome to this conference, whose topic, I would say, is a challenge and promotes the modernisation of the retail payments in Albania. The Bank of Albania has constantly noted in its communications that the safe and efficient development of payment systems is a key objective not only to support monetary policy implementation and safeguard financial stability, but also to serve as an important tool for formalised and sustainable economic development. In addition to the focus on payment systems – as a fundamental pillar for the functioning of financial markets and the economy in general – the Bank of Albania is paying increasingly more attention to their development from the perspective of financial inclusion. The main goal in this regard is the broad use of payment instruments in the everyday life of citizens. This new way of development aims to identify and satisfy the needs of the smallest component of the economy – households and enterprises.

The transposition of European Union Directive (PSD), which is considered as one of the most avant-garde pieces of legislation in this field, is a concrete initiative in this regard. The Bank of Albania, in collaboration with the experts of the World Bank and Bank of Italy, has prepared a draft-law, which will be subject to public discussions very soon. To support these initiatives, the Bank of Albania is analysing the possibility of innovative 1/2  BIS central bankers' speeches  developments in the systems we operate, such as: instant payment, which, based also on international experience, would reform the payment markets from the digitalisation point of view. ****** Dear participants, Given its very nature, this new dimension of payment systems development requires certainly broader cooperation by all the stakeholders. In this regard, the inter-institutional cooperation has resulted as very effective through the organisation and functioning of the National Payment Systems Committee. The Committee is a collegial advisory body, chaired by the Bank of Albania, and is making important steps forward toward reformation and modernisation of retail payment systems. Its vision for the future is “creating a contemporary and all-inclusive retail payments market,  supported by safe and efficient infrastructure, and a broad range of instruments and services that satisfy the needs of the users”. The realisation of this vision requires legal, regulatory and infrastructural developments.
Having competent staff to deliver high quality products and services is critical to building customer confidence and goodwill, driving customer satisfaction, enhancing reputation and ultimately realising individual institutions' corporate vision and strategic goals. It is therefore, in the best interest of banking institutions to strengthen further the competence and professionalism of staff in the industry. In this regard, financial institutions can of course adopt the measure of “buying talent” from the market. This may however, risk in high compensations that are not commensurate with the value added. The more desirable option is the building, developing and maintaining a pipeline of talent from within the company. Let me turn to Malaysia's experience in human capital development for the financial services industry. In Malaysia, structured and comprehensive approach to human capital development has been a key part of our efforts for the development and advancement of the industry. The programmes by ICLIF, which is now in its 6th year of operations, provide programmes in leadership development for the senior management level in the financial services industry. The programmes carried out by the Institute of Bankers Malaysia, the training arm of the banking industry, have also been recently reviewed to meet the new demands of the financial sector. In addition, dialogue between the industry and other education providers including institutions of higher learning have taken place to promote well equipped supply of talent.

These developments have led to a rapid pace of innovation and enhanced international interdependence and inter-linkages. This has generated an environment that is increasingly more complex, competitive, uncertain and ambiguous. The recent episodes of financial turmoil, have shown that even financial systems in developed and advanced economies continue to be vulnerable to financial stress. This more difficult operating environment demands new skills and the ability to manage these new challenges. Indeed, the role of leadership has changed. It is essential to have the talent that are not only able to see the new emerging opportunities, but also to be able to deal with the high level of unpredictability and navigate through turbulent conditions. The industry leaders need to be visionary and comprehend future trends, chart strategic directions and adapt to changes to stay competitive and relevant. Effective leaders in this era, will be those who are continuous learners, who are on the cutting edge of excellence, who have strong convictions, and yet, having humility to recognise the need to reinvent themselves and inspire their organization to adapt to the new environment. Such attributes are vital if the financial services sector is to forge ahead and remain at the forefront of new innovations and thus secure long-term competitiveness. In this process, there needs to be avenues for continuous learning. The establishment of ICLIF is part of our commitment towards providing such an avenue to enhance leadership capability and develop world-class leaders in the financial services sector.
Our past successes have been as much a result of foresight in pursuing new opportunities as a firm resolve in confronting new challenges. Even as insurance markets continue to mature in Asia, forces of change are already underway that will transform the landscape in which insurers operate and drive the development of new business models and delivery channels. In the coming decade, insurance business in Asia will be profoundly shaped by social and economic transitions. I will briefly touch on five areas: (i) demographic shifts, (ii) increasing affluence, (iii) greater connectivity from new technologies, (iv) more intense competition and (v) a renewed focus on financial inclusion. Firstly, while countries in Asia are at different stages of demographic transitions, what is unique to Asia is the speed at which populations are ageing. For example, the US took 72 years for the population over age 65 to double from 7% to 14%. Most countries in Southeast Asia are expected take 20 to 25 years, while Korea and Singapore are expected to take less than 20 years 5 Asia will have a much shorter timeframe to ensure an adequate social safety net is in place to support an aged society. Greater reliance will therefore be placed on the insurance sector to keep pace with the growing demand for old age protection and healthcare funding. Secondly, increasing affluence and a growing middle-income population will be a key driver of demand both in terms of quantity as well as quality.

Global Money Week takes place on the 10–17 March and is a worldwide celebration through events and activities to help empower children and youth to be confident and responsible economic citizens. During this week, children are encouraged to engage in learning on how money works, including saving, creating livelihoods, gaining employment and entrepreneurship as well as living financially smart lives. And so for Samoa’s contribution to the event, the Central Bank decided to conduct a financial literacy poster competition to encourage kids to use their imaginations and knowledge about money choices, and help provide a creative outlet to demonstrate their knowledge. For this year’s poster competition theme “I can grow my money by...” myself and Mrs Vicseta Meredith of Business System Limited had the pleasure AND the hard task of judging the entries. We were very impressed with the quality of entries that were presented to us – so it pains us that there are only a limited number of awards we can give out for the competition. “Financial literacy” or “the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources” is an important life-skill in our diverse capacities as students, employees, consumers, savers and investors etc. In short, it is important for all responsible economic citizens to have. – So why not start now and start young? Start young on financial fitness...it will be fun and worth it!
There is evidence, across a number of countries, of the labour share having fallen over recent decades (Chart 24). Even in the UK, the labour share has glided south, if more slowly than elsewhere, over recent years. The relationship between productivity and real wages tells a similar story. Across a number of countries, there is recent evidence of real wages falling short of productivity (IMF (2015)). In the US, this has been evident since at least 1970, with average real wages rising 0.6 percentage points per year more slowly than productivity (Chart 25). In the UK, that gap has averaged 0.3 percentage points per year since 1990. For median wages, these gaps are larger still (Chart 26). Over time, these gaps can accumulate into big income differences. Had US real wages tracked productivity since 1970, the median worker today would be 40% better off. Had UK wages tracked productivity since 1990, the median worker today would be 20% better off. Unlike earlier phases of rapid technological change, labour has not shared equally in the fruits of recent great leaps forward – or at least not yet. A number of explanations have been put forward for these falling labour shares, including the falling relative cost of capital goods and globalisation (OECD (2012)). A third explanation, related to the first two, is technological change. As machine has substituted for man across a greater number of tasks, and as hollowing-out has intensified, the balance of bargaining power has swung against labour.

The quantitative definition of price stability has been clarified after five years of experience The definition adopted by the ECB’s Governing Council in October 1998 was confirmed and clarified in May 2003 following an in-depth review of its strategic framework by the Eurosystem. In the wake of this assessment exercise, the Governing Council specified that price stability was defined as an annual increase in the HICP close to, but below, 2% over the medium term. Several remarks should complement this definition: - by specifying that inflation should be close to 2%, the Governing Council intended first of all to confirm the symmetrical nature of its strategy by ruling out situations of deflation. This clarification also makes it possible to take account of any possible measurement bias in the price index, as well as inflation differentials within the euro area; - the quantitative definition of monetary stability brings the Eurosystem’s strategic framework close to that of central banks that rely on inflation targeting, especially if a broad definition of the latter is accepted, such as that expressed by the term “flexible inflation targeting”. The big difference is in the use made of forecasts derived from econometric models, which play a predominant role in “pure” inflation targeting strategies, whereas they are only one component in the decision-making process of the Governing Council of the Eurosystem; - especially in the early days, we were confronted with substantial criticism regarding our definition of price stability, considered by many observers as too ambitious.
Rising commodity prices and buoyant activity in markets that are important for Norway have fuelled growth in the Norwegian economy. We assume that the upturn will continue for our trading partners as a whole. Growth is projected to be somewhat stronger in 2006 than in 2005. Nevertheless, there will still be idle resources, especially in a number of European countries, implying continued low inflation. In recent years, investment in the petroleum sector has increased sharply. Investment growth has generated substantial impulses to the mainland economy. The large development projects relating to Snøhvit outside of Hammerfest and Ormen Lange at Aukra have made a large contribution to the high level of investment. Both these projects also involve considerable onshore development, which may have generated stronger impulses to the business sector locally than pure offshore projects. Investment activity associated with Snøhvit and Ormen Lange will probably decline in the period to completion in 2007. High oil prices have led to a strong increase in activity on the Norwegian continental shelf. Many projects have been launched to increase recovery from fields in operation. A number of oil companies have revised upwards the long-term oil prices that are used as a basis for investment decisions, although they are still moderate compared with futures prices. Further out in the projection period, developments in petroleum-related investment are highly uncertain.

Excess domestic demand combined with low productivity growth should be reflected in rising prices, and domestic measures of price and wage inflation in the catchingup economies were indeed running considerably higher than the euro area average on a cumulative basis. Average annual inflation differentials in the 2002 to 2008 period were in the range of 0.5 to 1.5 percentage points. However, these developments were not considered especially alarming by some observers as they were interpreted as reinforcing the theory of Balassa-Samuelson equalisation. Some also saw inflation differentials as being more reflective of low inflation in Germany as it went through a phase of wage adjustment. Overall, this may have led to less concern about the lack of real convergence in productivity levels than was warranted. 8  European Commission, “EMU@10: Successes and challenges after ten years of Economic and Monetary Union”, European Economy 2, 2008. 9  See for example Minsky, H (1982), “Can ‘it’ happen again?”, Essays on Instability and Finance. 10  Drehmann et al (2012), “Characterising the financial cycle: don’t lose sight of the medium term!”, BIS Working Papers No 380, June 2012. 11  For a detailed explanation see Borio et al (2013), “Rethinking potential output: Embedding information about the financial cycle”, BIS Working Papers No 404, February 2013. 4  BIS central bankers’ speeches  Achieving sustainable convergence It was only when the financial cycle turned that the unsustainability of economic convergence became apparent.