samchain/econo-pairs-v1 huggingface dataset:
10  BIS central bankers’ speeches  We are still in early days on this initiative and will work with the industry on how best to take this forward. Fourth, supporting a FinTech ecosystem. The effort to grow a Smart Financial Centre must go beyond the financial industry, to help nurture a wider FinTech ecosystem. We need a strong FinTech community that can: •  generate ideas and innovations that FIs could adapt and adopt; and  •  provide a platform for collaborations with the industry to produce innovative solutions for defined problems and needs. For those of you who are not aware, we have a pretty vibrant FinTech start-up community that is growing over at the “Launchpad” in Ayer Rajah Industrial Estate. MAS looks forward to engaging FinTech start-ups more actively – to better understand emerging innovations as well to help them design their solutions bearing in mind the regulations and risk considerations that apply to the financial industry. Fifth, building skills and competencies in technology. Technology will disintermediate and make obsolete many jobs in the financial sector, but it will also create new ones. Finance professionals will need new capabilities. And the industry will need skills and expertise from other disciplines traditionally not associated with finance. MAS and the financial industry must work together to prepare for the changes ahead on the jobs and skills front. Building capabilities and opportunities in FinTech will be a key area of focus in the financial sector’s SkillsFuture drive.

More recently, we have engaged industry players more directly to co-create rules and guidance – in other words, to jointly come up with proposals. •  An example is the Private Banking Industry Code – developed by industry practitioners but in close consultation with MAS. •  Such co-creation is particularly relevant for developing rules or guidance on new technologies whose benefits and risks are not fully known and where a more flexible approach may be desired. 8  BIS central bankers’ speeches  A further possibility in co-creation might be MAS and the industry working together to develop common technology infrastructure that meets regulatory requirements. The aim is to clarify and address issues and uncertainties upfront during the course of development. MAS is not seeking a zero-risk regime. And we understand that failure is part of the learning process. •  If things do go wrong with an innovative product or service, and there will no doubt be some failures, the FI will need to review its implementation and draw lessons. •  MAS will examine the facts to assess if there is any systemic or deeper issue that needs to be addressed, and determine if any action needs to be taken. Development initiatives for a smart financial centre Besides providing a conducive regulatory environment, MAS will work closely with the industry to chart strategies for a Smart Financial Centre.
In Europe, it is the consequence of an economic and financial crisis resulting from weaknesses in the architecture of Europe’s Economic and Monetary Union (EMU). Institution-building takes time. Even though European integration started over six decades ago, the building of those institutions remains a work in progress. But to understand the challenges that Europe is currently facing, we should take a step back and look briefly at the origins of the Europe’s integration process. I will then share with you my thoughts on what I believe to be the main shortcomings in the current EMU framework. Finally, I will give you my views on the short- and longer-term measures that the euro area should take to overcome the crisis. 1. Building Europe after World War II: the path towards economic and monetary union  In 1945, Europe emerged from the Second World War as a devastated continent, economically broken and politically divided. But even during the darkest days of the war, there were some Europeans who were convinced that Europe would eventually overcome its divisions and unite in peace. One of them was Robert Schuman, a French statesman, who in 1950 made a declaration that became a rallying cry: he proposed that Europe should aim for closer economic and political cooperation. The declaration was well received, also by West Germany. This was a crucial point because Germany and France had been rivals in a century-long quest for dominance over the European continent.

According to research, the productivity rise was mostly due to what we call "total factor productivity", that is improvements that can be attributed neither to capital nor to labor, but to specific organizational, technological and institutional changes that result in productivity rises and GDP growth. In the past few years, the new EU member-states register trends of positive influence also of the labor to the economic growth, while among the SEEU countries this contribution is still mainly negative. 3 Structural and institutional reforms also had key influence on the accelerated productivity growth. Transition indicators of the EBRD that are commonly used for assessment of the reforms indicate that the new member-states have already reached the level of the developed countries in the fields of privatization, price liberalization, trade and foreign exchange systems (although they are still lagging behind with respect to the enterprises restructuring, competition protection, banking reform and liberalization of the interest rates and financial markets and institutions, as well as the overall infrastructure). 4 On the other hand, these indicators clearly point to the fact that the SEEU countries, are significantly lagging behind with the reforms in all these areas, except price liberalization and to a certain extent trade and foreign exchange systems. The process of accelerated income increases, that is the process of real convergence, also initiated the process of nominal convergence.
•  In addition to the 83 million people that live in the river basin, Danube is home to 47 cities and 10 countries, passing through 4 national capitals (Vienna, Bratislava, Budapest and Belgrade) and 20 cities only in Romania,  •  There are 120 tributaries that drain 805,000 square kilometers of basin into the Danube river, the most prominent and fully navigable being Inn, Drava, Morava, Tisa, Sava and Prut rivers. •  Danube played a vital role in the settlement and political evolution of central and southeastern Europe. Its banks, lined with castles and fortresses, formed the boundary between great empires, and its waters served as a vital commercial highway between nations. •  The river’s majesty has long been celebrated in music, poetry, painting and other forms of art. It inspired famous artists such as the Strauss family, the Danube School of painters, Richard Wagner and Franz Liszt, etc. The Danube Delta includes exceptional habitats and globally important species of flora and fauna (including the white pelican and the Beluga sturgeon). It has been explored by many scientists. Perhaps, the most complete survey of the river was carried out by Captain Jacques Cousteau and a team of forty European researchers and experts, from 1990 to 1992. They investigated the problems linked to energy, pollution, navigation and the protection of natural areas. The outcome was a large amount of conclusions that were distributed to over a thousand scientists, decision-makers and journalists. It had specific recommendations for each country involved.

To refer only to big projects some have been finalized, as it is the case of the Danube-Black Sea Canal, which runs from Cernavodă, on the Danube, to Constanţa (southern arm, as main branch), and to Năvodari (northern arm), on the Black Sea. Other big projects are still in progress, such as the Danube–Bucharest Canal, a 73-kilometre long canal project that is planned to link Bucharest to the Danube via Argeş River. Thus, at the completion of this project Danube could become home for five capitals, including Bucharest. This conference has two main objectives. One is to bring together Romanian financial sector representatives and project initiators; the other one is to find appropriate financial instruments to better highlight the remarkable business potential of the lower Danube basin. I do hope this conference is going to offer you all the opportunity for successful networking and may you find appropriate solutions for vital issues regarding the agenda. I desire you all success with the materialization and accomplishment of your present and future projects and I conclude by wishing all the foreign guests at this conference a good stay in Romania. I am now giving the floor to Mr Kurt Puchinger, Coordinator of the EU Strategy for the Danube Region and chair of the first session, to start the conference. Thank you. 2  BIS central bankers’ speeches
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.

This line of reasoning applies when demand grows rapidly, as now, and when capacity utilisation rises. In my opinion, the interest rate effects would be different if the growth in demand slowed down, the labour market weakened and capacity utilisation ceased rising. Then there would be less upward pressure on house prices and I believe that an interest rate cut would be less risky in these terms. International developments could also be so weak that insufficient export market demand would curb the recovery. The weak developments in our most important trading partner countries, the euro area, are particularly worrying. Like Sweden and the United States, Germany, France and Italy are affected by globalisation, but in these countries the labour market seems to be finding it particularly difficult to cope with change. Germany is at the same time undergoing extensive structural reforms, such as the reduction of compensation levels for unemployment benefits and other transfers, and also longer working hours without full compensation. In the long term, these measures are aimed at increasing the labour supply and competitiveness of the German economy. However, in the short term they lead to uncertainty for many individuals and thereby curb consumer confidence and demand. At the same time, fiscal policy is tied by weak government finances due to a lack of fiscal consolidation during the good times at the end of the 1990s which has made the obligations under the Stability Pact more or less binding, while monetary policy is common to the entire euro area.
The euro area is not cured, but... It’s not cured. But it’s doing less badly. It’s doing less badly. But it can’t take care of itself. It’s doing less badly but it’s not doing well enough and that’s why the prescription has been extended, and there is indeed, as you say, a kind of “warning” or let’s say...  An alert. An alert, a message, which is as follows: all this won’t last forever, it can’t last forever, sources of growth have to be found that don’t depend on monetary policy. Long-term interest rates are going to rise and economic actors must prepare themselves – governments in particular, which have benefited greatly from the decline in rates. They must prepare for an environment in which monetary policy will be less necessary and where growth will have to come from elsewhere. That’s why you are making no commitment for 2018. We already have a commitment until the end of 2017, which isn’t bad, as this makes it possible to cover a whole year, when there will be many economic risks inside and outside the euro area, as we well know. But it was noted that Mario Draghi said yesterday that, if necessary, the policy would be eased and liquidity would continue to be provided so as to improve the economy and growth.

Muhammad bin Ibrahim: Insights from the financial market in 2015, expectation and direction going forward Opening speech by Mr Muhammad bin Ibrahim, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Annual Dinner of Persatuan Pasaran Kewangan Malaysia (PPKM), Kuala Lumpur, 13 November 2015. *  *  *  This annual dinner is an important event for it presents an opportunity for us and the market to reflect upon all the challenges in the financial market, and draw lessons as we move into the new operating year. The year 2015 has been a very interesting year for all of us here, industry players and regulators alike. During the year, we witnessed significant capital outflows as markets responded to the global economic developments. In particular, every commentary or data release hinting at policy normalization in the US was met with gyrations in financial markets. Emerging currencies, felt the brunt of such volatility, especially commodity exporting countries given the significant decline in commodity and energy prices and moderation in growth for the China’s economy. For Malaysia, we saw ringgit weakened as much as 18%, while in the bond market, we saw relative stability even though yields went up by 30 to 50 bps given by the negative sentiment in the domestic and global markets. Insights from the financial market in 2015 In the midst of all the global economic uncertainty and financial market volatility, I would like to highlight some observations and comments.
Household wealth plays an important role in the Riksbank’s assessment of how private consumption will develop. Wealth affects households’ consumption in several ways. To simplify, one can say there are two reasons why an increase in wealth, for instance in the form of an increase in the value of one’s own home, can be expected to lead to increased consumption. Firstly, the larger the wealth an individual has, the more he or she can consume during his or her lifetime. This is a traditional wealth effect. Secondly, the size of the wealth can affect the possibilities to obtain loans. This is usually called the balance sheet effect. The larger the collateral a household can offer for its loans, the greater the possibilities to borrow and thereby to consume. When the value of the property owned by the household increases, this also provides a possibility to take out further loans on the property, for instance, to extend or renovate and further increase the value of the property, or to consume other goods. Another effect is that a higher valuation provides the possibility to renew last mortgage loans as first mortgage loans and thereby reduce the interest costs for the loans. There is also empirical support for a positive correlation between wealth and consumption. Wealth also has significance for how strongly households are affected by interest changes.

It is indispensable that households with minimum income to access and benefit the basic banking products, such as current accounts. The Bank of Albania, through legal and institutional changes has provided the possibility that households benefit these basic financial products at a low or no cost at all. As a result, cheaper and swifter alternatives, which compete with the existing financial products, will be available. At the same time, companies that will enter into these new markets will have better possibilities of profit. Education is the sole costs to know and benefit from these products. In this regard, the Bank of Albania remains the main actor for the spread and implementation of the national financial education and inclusion strategies. In this framework, the Bank of Albania is working with national and international important partners, the World Bank and EBRD. Their long experience shows that the correction and reduction of social and economic disparities is a difficult commitment, which takes time. Nevertheless, enhancing financial literacy, by spreading knowledges such are: budget drafting; its effective management; knowing risks and avoiding wrong investments; may affect the mitigation of wounds that these turbulences brings into the life of poor people, and of course to everyone; to the whole society and population and the financial situation that the moment brings about. Turning back to the launching of the Global Money Week 2022, I am glad to see the ever increasing interest of youths, their teachers and professors in our educational activities.
9  Note that when explaining the configuration of the Banco de España the preamble to the Law of Autonomy of the Banco de España states the following: “In sum, the law makes the Bank a special institution within the administration; it is subordinate to the government in general terms but nonetheless enjoys full autonomy in the area of monetary policy, so as better to defend the objective of price stability set out in the law itself.” 10  This is an issue that the International Monetary Fund (IMF) has highlighted on several occasions. See, for example, Technical Note on Supervision of Spanish Banks, No. 17/345, IMF, November 2017, in which the IMF concludes: “The MdE (Ministry of Economy) is the appeals body for submissions by aggrieved parties against BdE (Banco de España) decisions, including sanctions. Such an appeals mechanism has the potential, at least in theory, for government interference.” 8  administrative appeals against its decisions may not be lodged at the Ministry of Economic Affairs and Digital Transformation. Of course, such decisions could still be contested in the courts. This change would equate the Banco de España’s supervisory decisions, which generally refer to less significant institutions, with those of the ECB in relation to significant institutions. In tandem with greater Banco de España independence in the supervisory realm, it could be useful to strengthen the governance of decision-making in this arena.

10  In countries where supervisory competences lie with an institution other than the central bank, a representative of the latter can also attend meetings, although only one vote per country is counted. 11  To prevent conflicts of interest between monetary policy and supervisory powers, the ECB ensures a separation of objectives, decision-making, processes and tasks. This includes strict separation of the Governing Council’s meetings. 12  This procedure does not apply to ECB decisions relating to its general framework, which are adopted by the Governing Council in accordance with the ECB’s standard procedures, following a proposal of the Executive Board. Nor does it apply to macroprudential decisions, which are proposed by the Supervisory Board and may be approved, rejected or amended by the Governing Council. 5  draft decision (which has not yet been the case), it is returned to the Supervisory Board, which will examine the Governing Council’s reasons and submit a new draft decision. To resolve any differences of views expressed in this interaction, the SSM Regulation provides for the creation of a Mediation Panel, on which each Member State has a representative chosen from among the members of the Governing Council and the Supervisory Board. This mediation process is activated at the request of one or more NCAs, when they fail to agree with the rationale for the objection raised by the Governing Council.
Perhaps it is because we now find ourselves confronted by a pandemic and climate change, and relying greatly on original thought, and scientific innovation, that Turing's values and achievements resonate so strongly with us today. Banknote character ‐ speech by Andrew Bailey | Bank of England  Page 2  Banknote features And we’ve tried to reflect those many achievements on this new note, which I’m very pleased to now unveil. Turing is perhaps best known for his code breaking work at Bletchley Park during World War Two. Here, far from being the solitary genius he is sometimes caricatured as, Turing led a team of codebreakers who designed a machine which could be used to decipher German military codes, something once thought impossible. This machine was known as The Bombe, and the technical drawings for it are featured here on the note. Until Turing and his colleagues invented this machine, British Intelligence had employed codebreakers to crack these German cyphers manually. But the sheer complexity of the codes meant they had little success. The early computers which Turing helped design would decipher some of these codes in as little as 15 minutes, giving the allied forces an invaluable military advantage. Historians have credited this work that Turing led at Bletchley Park, with shortening the war by as much as 2 years, saving many millions of lives in the process. But Alan Turing’s contributions to the field of computing start even before his wartime efforts.

In 1936, he wrote his seminal work “on computable numbers”, and this research formed the basis for modern day computer algorithms. We can see some of the calculations from his paper in this table on the new bank note. In his research, he demonstrated how, what he called universal machines, could perform any solvable computation they were presented with. Of course, these universal machines are what we now call computers. Quite simply, his mathematical research in 1936 laid the foundations for modern computer science. After the war Turing returned to computing, but this time helping turn it into reality. Moving to Manchester to work at the National Physical Laboratory, he dedicated the next few years to designing the UK’s first electronic stored program computer. And here is an image of that invention, along with the diagrams Turing drew when designing it. The ACE Pilot machine, although much larger than anything we would use today, was one of the world’s first computers. Recognising the potential for computers to revolutionise the world around us, Turing delivered his now famous quote, when describing the ACE Machine. “This is only a foretaste of what is to come, and only the shadow of what is to be”. He has turned out to be prophetic. And this is reflected in one of the key security features of the note – a two colour foil featuring a microchip image over the main see-through window. Within this are two gold foil squares, which change between a pound symbol and the number “50” when tilted.