samchain/econo-pairs-v1 huggingface dataset:
In my view this is the only reasonable way of dealing with cross-border problems without rolling back financial integration. Recent development of cross-border banking The structure of the financial services industry has gone through major changes over the past decades. Until some twenty years ago, banks were essentially national entities with  1  In terms of lending the Swedish banks’ market shares account for 80 per cent in Estonia, 53 per cent in Latvia and 60 per cent in Lithuania. 2  National Bank of Greece, Annual Report 2009. BIS Review 82/2010  15  most of their activities limited to their home market. Of course, many banks conducted international operations even earlier than this, but those operations primarily focused on wholesale markets and large corporate clients. Smaller companies and consumers have in principle been obliged to use the services offered by domestic banks. Today, banks run businesses across the globe. And through the existence of foreign-based branches and subsidiaries consumers can choose to buy services from banks that are headquartered in a completely different part of the world. The trend towards more cross-border banking is widespread, but much of the development is driven by large financial institutions in a few countries, notably the US, the UK, France, Germany, Japan and the Netherlands. 3 It has become an especially widespread phenomenon in Europe.

As a start, the HKMA will organise an “AML RegTech Forum” later this month to bring together the banking industry, technology firms and other experts to explore technological collaboration on AML/CFT issues. We hope this will give everyone more understanding of the critical pain points in banks’ AML/CFT work. 3/5  BIS central bankers' speeches  28. Meanwhile, the HKMA has embarked on its own digitalisation programme. This cuts across multiple functions, including banking supervision, anti-money laundering, financial stability surveillance, research and investment. 29. Where supervision is concerned, we have started a pilot to collect more granular data from banks. Such data will enable us to have a fuller and more up-to-date picture of banks’ business. The upshot for banks is that in time, this could have the potential of replacing many template-based regulatory reports and lessening the reporting burden on banks. 30. The HKMA’s digitalisation programme is a multi-year project that will fundamentally overhaul our IT and data infrastructure. We are working closely with technology consultants and service providers to explore new technologies, including Supervisory Technology, or SupTech. 31. In the background, we have strong support for innovation from the Hong Kong Government. The Government plans to roll out its electronic ID initiative, “iAM Smart”, in the fourth quarter of next year. Registered Hong Kong citizens will be able to use this service to authenticate their identity using their own mobile phone. And many financial institutions have already expressed strong interest in this for customer authentication for accessing financial services. 32.
The question now, of course, is where do we go from here. There have recently been encouraging, but still tentative, signs that the worst of the global slowdown may now be behind us, and that the US and Eurozone economies are now beginning to bottom out and will pick up, perhaps to around trend, as we go through this year. Some Asian countries actively involved in the ICT sector are showing a strong recovery, and even in Japan financial markets have recently strengthened. As for the exchange rate, the euro, which has, as I say, been puzzlingly weak since soon after its introduction 3 years ago, still seems likely to strengthen eventually. As it becomes clearer that the international environment really is improving, and that external demand really is picking up, then we can look forward to better balanced and generally stronger growth in our own economy. That will in due course mean that domestic demand growth - and consumer demand growth in particular - will need to moderate if we are to avoid a build up of inflationary pressure. But let me be quite clear - that's not a warning, still less is it a threat. It is essentially just a matter of arithmetic! It's quite possible, even quite likely, that the necessary moderation of consumer demand - and I emphasise the word moderation - will come about of its own accord, given the gradual increase in unemployment we are currently seeing, and the build up of household debt.

The Rt Hon Sir Edward George: A broad brush picture of the UK economy Speech by The Rt Hon Sir Edward George, Governor of the Bank of England, at the Asian Business Association Dinner, London, 19 March 2002. *  *  *  Thank you, Mr President, for that kind introduction. I'm delighted to be here. In fact it's the second time this year that I've had the pleasure of dining with representatives of the Asian Business Community in the UK. Just a couple of months ago, in Glasgow, I joined the Association of Business Community in paying tribute to Mr Yaqub Ali for the remarkable contribution that he has made to Scottish commercial and community life since he arrived here from Pakistan some 50 years ago. It was a very poignant occasion, coming as it did when the terrorist attacks of 11th September in New York and Washington were still fresh in our minds. Those events sadly have been sometimes represented - or misrepresented - as having something to do with ethnic or religious differences. But, as the universal condemnation of terrorism which followed the events of 11th September showed, they had nothing to do with ethnic or religious differences; they were a reflection of a fanaticism which has no place in any civilised society. Nevertheless they clearly had the capacity to accentuate perceived differences, and to provoke unwanted tensions within our international, national and local communities.
Inflation in the euro area is likely to have been 0.0-0.3 percentage points lower per annum as a result of the net impact of the inflation-dampening effect of non-commodity import prices and the inflationaugmenting effect of commodity import prices over the past decade. 12 The two effects are linked and have partly offset each other as they reflect the impact of emerging market economies on the prices of manufactured goods and world commodity prices. The size and sign of the net impact on the inflation of advanced economies in the future are surrounded by uncertainty, and are likely to change as globalisation unfolds. 11  See Boivin and Giannoni (2006) and Bean (2005). 12  See ECB (2008); Pain et al (2006) and Pula and Skudelny (2007). 4  BIS Review 9/2008  Impact on monetary policy strategies Do central banks need to adapt their monetary policy strategies to cope with the challenges of globalisation? It has been shown that the rationale for maintaining price stability – the primary objective of the ECB and of many other major central banks – is strengthened by financial globalisation for at least two reasons. First, if international risk-sharing loosens the link between domestic consumption and domestic output, optimal monetary policy would tend to increase the relative weight on price stability at the expense of output variability, as it is real consumption which ultimately matters for social welfare.

In this timeline of measures to preserve monetary stability since 1800, 1848 marks a turning point because, with the opening of branches in Bordeaux and eight other French cities, the Banque de France became the central bank for the entire country, for three reasons: First, it unified local payment systems by creating a single nationwide multilateral settlement system through its branch network. Banknotes then circulated over all the French territory with the same value, and the ability to transfer money between branches slashed and standardised the cost of wire transfers for economic agents. Second, it could perform in each financial centre a single supervision of what was essentially local banking businesses, greatly lessening the financial instability that had plagued France off-and-on between the fall of the Empire and the Revolution of 1848.7 Harnessing its in-depth knowledge of business and banking communities, which was shared between each branch and the head office, the Bank was able to implement prompt corrective actions or step in to ensure the recovery or resolution of struggling financial institutions. Faure, Edgar, 1977, La Banqueroute de Law, 17 juillet 1720, Paris, Gallimard “Trente journées qui ont fait la France” for a complete description of the Law system, and Courtois, 1875, previously cited, on attempts to set up a central bank before the Banque de France. 6 Sargent, Thomas and François R. Velde, 1995, Macroeconomic Features of the French Revolution, Journal of Political Economy, Vol. 103, pp.
Currently, decisions on the supervision and resolution of banks are taken at the European level, while the responsibility for financing deposit guarantee schemes falls on national insurance arrangements. This divergence is not only fertile ground for potential political and institutional conflict, but it also hinders the creation of a true European banking system. We should also explore the creation of a common safe asset for the whole of the euro area. The operations of financial markets and intermediaries require a broad set of sufficiently liquid assets with minimal counterparty risks. This need is greater at times of financial turmoil, given that investors tend to react by accumulating low-risk assets. Within the euro area, the volume of these low-risk assets is insufficient, since the debt of only a small number of countries is considered risk-free. That gives rise to a shortage of such assets and to financial fragmentation. Evidently, an improvement in countries’ fiscal positions might help increase the amount of risk-free assets available. But a common safe asset would have additional benefits. It would contribute to weakening the link between bank and sovereign risks, preventing capital movements towards safe assets that might prove destabilising at times of financial tension. And, more generally, it would promote the fairer provision of more stable safe assets for the euro area as a whole. Moreover, it is worrying that the euro area still has no fiscal policy tools capable of providing for a greater degree of cyclical stability for the Union as a whole.

Addendum 'No Man is an Island' No man is an island entire of itself; every man is a piece of the continent, a part of the main; if a clod be washed away by the sea, Europe is the less, as well as if a promontory were, as well as any manner of thy friends or of thine own were; any man's death diminishes me, because I am involved in mankind. And therefore never send to know for whom the bell tolls; it tolls for thee. John Donne 1 International Monetary Fund, World Economic Outlook: Global Manufacturing Downturn, Rising Trade Barriers,  Washington, D.C., October 2019. 4/4  BIS central bankers' speeches
While the focus of this Summit will be on Islamic finance, it is inevitable that the discussions today will touch on the recent developments in Europe, given the potential impact it may have on the rest of the world and the need to implement strategies and policies for coping with the consequences of these developments. While the financial solutions being implemented in managing the crisis and the measures being introduced to mitigate the impact of the crisis by the rest of the world is important, it can only provide temporary relief. It is the structural policies and reforms that are more challenging to undertake that will ensure fundamental financial stability and a long lasting self sustaining economic recovery. My remarks today will focus on the changes in the Islamic financial landscape and its increased potential to contribute to sustainable growth, increased international connectivity following the increased pace of internationalisation of Islamic finance and new developments to achieve financial stability in the Islamic financial system. The changing financial landscape and the accelerated expansion in Islamic finance have also resulted in changes in the nature of the supporting ancillary services, including education that is being provided for the business and financial sectors. Islamic finance and fostering sustainable growth As the Islamic financial system evolves to become more diversified and more comprehensive to meet the changing requirements of the real economy, it is increasing its potential to fostering sustainable growth.

I judge that there are some upside risks to inflation, should confidence about achieving the 2% inflation target in the medium run be lost. But there are also downside risks if growth remains very subdued. As long as medium-term inflation expectations do remain consistent with our objective – in particular as long as wage growth remains so weak – I believe that we can and should continue to support the economy through the supply of money. But there is a case for taking a slightly longer-term approach than previously. Because of the underpinning from regulated and administered prices, and the fact that the economy is currently flat rather than contracting, I think the risk of deflation is considerably reduced. Rather than a very large, rapid programme of asset purchases to avoid an imminent slump – as was needed in 2009 and again in 2011/12 – a slower, more gradually supportive policy might be more appropriate and less risky to nurse the economy through the next phase of recovery. It is sustained momentum that the economy needs now rather than emergency action. Because of that, in February I voted for an additional £ over 3 months thinking that this could be the first instalment of a more prolonged run of purchases at a somewhat slower pace than previously, and with a relatively modest addition to the total by the end. If we were to do that, then it would be straightforward to accelerate or to stop purchases as the economic outlook developed and the risks became clearer.
Zeti Akhtar Aziz: Growth and development in the Asian region Dinner address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the ICLIF Alumni Association Dinner, Kuala Lumpur, 17 February 2006. *  *  *  It is my pleasure to be here this evening at this Inaugural Annual Dinner of the ICLIF Alumni Association. This occasion provides an excellent opportunity to promote greater engagement and networking among the industry leadership. This is particularly important for our region where the financial sector has experienced a pronounced transformation in the financial landscape. There will be new dimensions and new requirements for leaders and leadership capability in this new and highly challenging environment. It calls for being able to meet the new demands of the new economy, being able to perform in a more competitive environment, being able to reap the benefits of the new technologies and finally being able to operate in an environment of heightened uncertainty. Despite these increased challenges, the world economy has entered 2006 on a stronger note. The latest indicators suggest that the global economic outlook remains favourable, with sustained growth across the major economies. While the US and China are expected to continue to experience strong growth, it is expected that the recoveries in Japan and Europe would provide additional support to global demand. This provides a positive external environment for Asia. In the Asian region, domestic demand has proved resilient with most countries experiencing a strengthening of domestic demand.

It is important to recognise the important role that Asia can have in contributing to rebalancing global growth and in so doing contribute towards global adjustment of the imbalances. In terms of economic growth, the region has consistently recorded performance that is, one-and-a-half times higher than the global average. On demographics, Asia is home to more than half of the world's population, with a young and growing workforce, and expanding middle-class in a number of countries. Robust domestic consumption and rising investment have therefore become important sources of growth. This has been supported by the rising income and increased productivity and the expansion of intra-regional trade. The increasing importance of intra-regional trade, which accounts for more than 50% of Asia's total trade, makes the region the next most integrated region after the European Union in trade. This has positioned Asia as the largest and fast-growing market in the world. In addition, the Asian region has also embarked on measures to spur its economic openness by forging free trade agreements, which would contribute to increasing the capacity of the region and the potential of the region, in addition to improving prospects for contributing towards the rebalancing of global growth and the global adjustment process. Combined with the region's traditionally high degree of economic openness with a total trade averaging 95% of GDP in the region, it reflects Asia's potential to be a self-sustaining and mutually reinforcing the region's growth.
The legal rights of the parties in the financial market are important, at the same time as the authorities must be able to operate without the threat of legal countermeasures by the banks in the event of an intervention. The supervisory authority therefore needs to have adequate resources, the right competence and operational independence. There need to be clear rules as to how the authority responsible can take over and close a credit institution. This was not the case in Sweden at the time of the crisis, which of course delayed the rescue work. Creating confidence in the banking system – which does not become unconditional confidence if the central government acts as final guarantor – also requires a deposit insurance that  4  BIS Review 24/2006  clearly indicates how much of the customers' deposits the government is prepared to guarantee. The legislation must also cover more than just the banks – other institutions that receive deposits from the general public must also be under supervision. As I said, deregulation was necessary – it was rather the incapacity of the banks and the supervisory authorities to manage a competitive situation that contributed to the crisis. However, the economic policy conducted also contributed. Monetary and fiscal policy were not used to slow down developments at the end of the 1980s, which laid the foundations not only for increased borrowing, but also for the currency crisis. The combination of a fixed exchange rate and large budget deficit was devastating.

Of course, considerable resources were required to administer all of these regulations. My description here shows clearly how thoroughly regulated the Swedish financial system was. Furthermore, the regulations applied over a long time. They were for a good purpose. The aim was to create stable markets for credit and foreign currency, secure and sound banks and also to achieve redistribution of wealth effects through prioritising economic policy measures. However, the result was the removal of necessary incentives for the banks to develop their operations in a professional manner and it also reduced the opportunities to compete, which prevented new banks from entering the market. Thus, short-term stability was attained at the cost of the build-up of long-term tensions, which would gradually result in a crisis. The emergence of a market economy… The idea behind the regulations was good, but they led to the central government having too much control over the banks’ operations. This put the banks’ functions out of operation. The banks’ most important task is to borrow money from the general public and then lend it to companies who wish to invest. They must therefore be able to assess the creditworthiness of their borrowers. However, the regulations that had prevailed for almost forty years meant that the banks had not needed to develop thorough credit assessment competence. The central government had controlled their risk-taking. The limits to lending growth also meant that they could choose to only provide credit to the customers with the highest credit ratings. Loan losses were thus small.
The mission of the Joint Year 2000 Council has four parts: First, to ensure a high level of attention on the Y2K computer challenge within the global financial supervisory community; second, to share information on regulatory and supervisory strategies and approaches; third, to discuss possible contingency measures; and fourth, to serve as a point of contact with national and international private-sector initiatives. After their meetings on May 8-9, 1998, the G-7 finance ministers called on the Joint Year 2000 Council and its Sponsoring Organizations to monitor the Y2K-related work in the financial industry worldwide and to take all possible steps to encourage readiness. The Council has met twice since being formed in early April and plans to meet frequently, almost monthly, between now and January, 2000. At our first meeting, we organized our work projects and approved our mission statement. At our second meeting, we met for the first time with an External Consultative Committee consisting of international public-sector and private-sector organizations. Meeting with this External Consultative Committee is intended to enhance the degree of information sharing and the raising of awareness on different aspects of the Year 2000 problem by both public and private sectors within the global financial markets.

Hence, on financial sector surveillance, I support the idea that all systemically important economies need to participate in financial sector surveillance or FSAP, including the stress testing, to support the global surveillance objectives. As for the overall global surveillance, we need more effective role of the IFIs, in particular the IMF. Effective surveillance means the capacity to ensure right policy actions by the public sector and sufficient risk awareness and management by the private sector so that policies and market responses generate positive feedbacks. Underpinning effective surveillance is of course the credibility and legitimacy of the governance structure of the IFIs. In this regard, I believe that we all need to be sincere in pushing for continued improvement of the IMF for it to be a truly credible and effective organization for surveillance. 2  BIS Review 34/2010  Dealing with the inherent instability: developing deep and broad financial markets and a multi-currency system I’d like to emphasize that even if we have achieved all the above and embraced good global citizenship, it is almost certain that there will be the next crisis. But, hopefully, this will not happen in the immediate future, and it will perhaps come from different sources of vulnerabilities. So, it is imperative that both the public and the private sectors remain very vigilant and risk-focused in identifying the changing nature of risks and new sources of vulnerabilities. The last point I’d like to touch upon is on the vulnerability in the current international monetary system.