samchain/econo-pairs-v1 huggingface dataset:
So, let me first express my gratitude to the ECB, with which we jointly initiated and organized this collaboration, to the national central banks of the European System of Central Banks and to their experts who participated and were directly involved in the implementation of the project, as well as to the EU Delegation in our country for their support throughout the project duration and of course for providing financial assistance to ensure the implementation of the project. Also I would like to stress the benefit for the NBRM from the extraordinary collaboration with the representatives of the ECB and of the national central banks of the Eurosystem. Considering the role of the central bank in the country's accession to the EU, the National Bank of the Republic of Macedonia has initiated this project in order to prepare for future membership in the European System of Central Banks and the Eurosystem. The road to the EU is a process that requires from us to build strong and effective institutions. This project has exactly that aim: strengthening the institutional capacity of the National Bank and harmonization of the standards for the national central banks in the EU by means of revising the current legal framework, the adoption and implementation of new policies and practices and staff training. The implementation of European standards and best practices in the operations of the NBRM is not an end in itself.

The development of new markets and instruments, for example credit derivatives, has also led to a broader risk spread than earlier. The improved diversification of risk is probably one of the reasons that world financial markets have coped with the stock market decline and the accounting scandals with limited damage to the wider economy. This is probably one reason why the downturn following the stock market decline in 2000 was considerably less pronounced than during earlier downturns. The new instruments spread risk, but do not eliminate it. Financial markets have become highly complex. This alone entails an operational risk, which is a challenge to participants and the supervisory authorities. BIS Review 16/2004  1  Increased trade promotes growth and lays a basis for prosperity. A number of Asian countries have experienced strong, export-led growth - Japan from the 1950s and several countries in Southeast Asia from the 1960s. In recent years, China has become an important player in international trade, and is now probably the world’s fourth largest trade nation. The Asian economies and the rest of the world have become more integrated. Technological advances and a sharp fall in prices in the IT and telecommunications sectors have exposed a number of services that were previously sheltered from competition from low-cost countries. EU enlargement this spring, with ten new members, is also influencing the division of labour in Europe. Implications for the Norwegian economy Intensified competition from Japanese and Korean shipyards had serious implications for Norwegian shipbuilding in the 1970s and 1980s.
Within the Bank of England, we are building a suite of models that allow the transmission channels for potential financial system stress to be mapped out accurately and comprehensively, including in the form of loss distributions. The outputs can also be compared to measures of financial system buffers, such as profits, to provide summary statistics of systemic vulnerability. 4 Others too have been pursuing a similar course. For example, the Austrian central bank has developed a Systemic Risk Monitor to characterise the interaction between shocks and the structure of the banking system and inform the internal policy debate. 5 11 A schematic for the planned suite of models is set out in Chart D and will be described more fully in future papers. The left-hand side of the diagram emphasises the transmission of shocks to the system through conventional channels of credit and market risk. On the righthand side, asset-pricing models can be used to facilitate inferences about banks’ balance sheet positions and vulnerability to default from market price data (such as equity prices). Given the limitations of balance sheet data and the difficulty of identifying new types of  4  A new approach to assessing risks to financial stability by Andrew Haldane, Simon Hall and Silvia Pezzini, Bank of England Financial Stability Paper No 2 April 2007 for a fuller discussion. 5  Oesterreichische Nationalbank (2006), "Systemic Risk Monitor: A Model for Systemic Risk Analysis and Stress Testing of Banking Systems", Financial Stability Report 11, by Michael Boss, Gerald Krenn, Claus Puhr, Martin Summer.

If a shock is sufficiently large, the financial network may consequently act as a conduit for transmitting rather than absorbing risk. So the flip side of greater integration is that it may have lowered the frequency but increased the magnitude of potential financial crises. 1 3 Improving the toolkit for financial stability analysis is consequently a very high priority for public authorities and for major financial institutions. Enhancing the capability to model the financial system under stress is the key challenge. 4 In recent years, many central banks and supervisory agencies, charged with the public policy goal of supporting the maintenance of financial stability, have sought to develop a socalled “top down” or “macro” stress-testing capability. Utilising information on balance sheet exposures, the authorities draw on macroeconomic and financial models to try to assess the impact of adverse shocks on the financial system. Several inter-related high level objectives can perhaps be set for an “ideal” stress test: •  To assess the vulnerability of the financial system to extreme but plausible shocks  •  To improve the understanding of the transmission of shocks through the financial system (and, in a worst case, the potential propagation of financial crises)  •  To identify “weak spots” in the financial system, to guide risk reduction priorities and crisis management planning  1  Systemic risk in modern financial systems: analytics and policy design by Prasanna Gai, Nigel Jenkinson and Sujit Kapadia, Journal of Risk Finance Vol8, No2, 2007.
The Road to Glasgow Speech given by Mark Carney Governor of the Bank of England, Finance Adviser to the Prime Minister for COP26  Guildhall 27 February 2020  I would like to thank Jennifer Nemeth for her assistance in drafting these remarks and Jennifer Bell, Sarah Breeden, Alice Carr, Iren Levina, Sini Matikainen and Harriet O’Brien for their input. 1  All speeches are available online at www.bankofengland.co.uk/news/speeches  Introduction Sir David Attenborough’s prophetic introduction has exposed the scale of the challenges and hinted at the enormous opportunities before us. And the Secretary of State has just described the prospect of a lasting COP 26 legacy and the opportunity for finance to be the force for good we know it can be. Now is the time to answer these calls to action. Private finance will have a critical role to play in a successful transition to a net zero carbon economy. With the UK COP26 Presidency, in partnership with Italy, the world is watching. Today is all about action. The actions the private financial sector can take to support a whole economy transition. The actions that regulators, governments and countries will take to catalyse your efforts. The actions that our fellow citizens are demanding, and that future generations deserve. And you have already begun. Private finance is now increasingly focused on the opportunities and risks in the transition.

6  All speeches are available online at www.bankofengland.co.uk/news/speeches  6  3. Progress on transition as assessed against industry-specific transition pathways to help identify the leaders and laggards in the transition; and 4. Degree warming potential of the portfolio, which assesses the quality of transition plans relative to the Paris goals. Firms such as Aviva, Axa and Allianz have already voluntarily disclosed this information. They are now feeding into a TCFD group that is considering whether the warming potential, or any other metric, is the best way to measure the potential opportunities in the transition. For COP 26, we intend to leverage the success of existing groups and coalitions, like the Net Zero Asset Owner alliance, Climate Action 100+ and the UN PRI to build a large coalition of asset owners and asset managers who expect their portfolio companies to become Net Zero aligned. MDBs and Innovative Finance The work on reporting, risk and returns will put in place the foundations for private finance to help drive the transition to net zero, but much more must be done across the full spectrum of the financial sector. Multilateral Development Banks and Development Finance Institutions have essential roles in mobilising blended finance for adaptation, resilience and mitigation, especially in the communities most exposed to the devastating effects of climate change. As the Secretary of State noted, we will be asking these institutions to develop robust implementation plans for Paris Alignment in the run up to COP26.
Encik Abdul Rasheed Ghaffour: Optimal balance of paper and digital, cash and cashless; and next page for physical currency Welcoming address by Mr Encik Abdul Rasheed Ghaffour, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Currency Conference 2017, Kuala Lumpur, 15 May 2017. * * * Mr Richard Haycock, Chairman, Currency Research, Fellow central bankers, Distinguished participants. A very good morning and a warm Selamat Datang to Malaysia. Paper lives on A lot has changed in the past 10 years. In May 2007, there was no such thing as a smartphone. Tablets did not exist, and the human race had not discovered the fast-expanding universe of mobile apps. Back then, we read the news by leafing through the pages of a large newspaper. We listened to music with CDs, and bought or rented DVDs to watch movies. Today, most of these are streamed through internet devices. When e-book sales increased by over 1,000% in the two years leading up to 2010, many questioned the future of the printed book. The bankruptcy of Borders in the United States the following year solidified these fears. Similarly, there has been much hype about the end of cash. This has been sparked by the rising use of e-payments and the recent proliferation of digital currencies in an increasingly virtual world. However, just as physical books continue to enjoy increasing sales, we have seen cash in circulation rise in many countries, quicker than their GDP growth for some.

While most economies were able to recover in just over a year, in the decade that followed, wide ranging financial reforms were implemented. In addition, the development of the financial markets and the financial infrastructure were aggressively pursued to strengthen the capacity of the financial system. The legal framework and the regulatory and supervisory framework of the financial sector were also strengthened. Several important lessons from the crisis were also addressed, in particular, avoiding the excessive accumulation of debt whether by the household, corporate, financial sector or the public sector. Measures were taken to avoid the build-up of such  BIS Review 94/2010  1  leverage and excesses largely through prudential regulation. In addition, buffers were built during the good times. These reforms have yielded tremendous payoffs for Asia. With more developed financial markets and with better capitalised banking institutions equipped with strengthened risk management and governance practices, Asia did not experience any disruptions in financial intermediation during the 2008–2009 global financial crisis. The continued access to financing has in fact been important in sustaining domestic demand and in supporting Asia’s rebound from the recent global crisis. The International Monetary Fund estimates that the emerging economies in Asia will grow by an average annual rate of 8.6% in the next five years. Asia is therefore very much part of the global shift that is taking place in which the economic power in the world will become increasingly more dispersed with the emergence of several growth centres in the global economy.
The Bank of Japan is implementing an intensive quantitative easing program and, similarly to the ECB, they include both public and private issues, but with a very important weight of public debt, which amounts now to more than 80 % of Bank of Japan’s total assets. The size of the Bank of Japan balance sheet represents now more than 75 % of the Japanese GDP. The provision of ample liquidity by Central Banks has contributed to restore financial market functioning in situations of severe stress and so, to support the economy. In the euro area, the effects of ECB actions are estimated to have contributed to reduce financial stress and fragmentation, easing financing conditions and helping to restore the credit channel. According to available estimates, all these developments have added significantly to inflation and GDP growth over the last two years. And, although quantitative estimates are surrounded by some uncertainty, it is clear by now that this battery of monetary policy actions have reduced the likelihood of very adverse scenarios. In due course, a need to restore more normal monetary conditions will arise, although its precise timing is impossible to predict and will depend on the cyclical situation of each economy or monetary area. This normalization process may create a scenario of monetary policy divergences, in which there maybe unexpected exchange rate movements and communication is very relevant.

The Governing Council has today also adopted an ECB Regulation establishing transitional provisions for the integration of Greek credit institutions into the Eurosystem’s minimum reserve system, as a consequence of the introduction of the euro in Greece as from 1 January 2001. BIS Review 97/2000  2
This deceleration will clearly have some dampening effects on euro area net exports. The euro area is a large economy where exports of goods and services amount to around 17% of GDP only. Economic activity in the euro area is therefore determined mainly by domestic factors. Overall, the fundamentals of the euro area remain broadly favourable. While, as recently published data show, real GDP growth slowed somewhat in the second half of last year, the level of business and household confidence has remained high, supported by, inter alia, high degrees of capacity utilisation and ongoing unemployment declines. Moreover, real income in the private sector will benefit from lower oil prices and from the reductions in direct taxes in 2001. Hence, while downside risks to real GDP growth exist, growth is very likely to continue at a reasonably robust pace. Developments in the euro area bond markets are in line with this outlook for economic activity. Moreover, inflationary expectations implied by bond yields confirm that the financial markets expect current levels of consumer price inflation to be temporary, and price stability to be maintained in the medium term. This assessment may also have been reinforced by the recent moderation in oil prices and the movement of the euro exchange rate in the period since the end of October 2000. BIS Review 8/2001  1  Lower oil prices and the appreciation of the euro have already produced some effects on price developments.

Starting with the first pillar of the monetary policy strategy of the ECB, monetary data for December 2000 confirmed the gradual moderation of the growth of monetary aggregates which has been observed since the spring of last year. According to the latest data, the three-month average of the annual growth rates of M3 in the months from October to December 2000 stood at 5.0%, which was slightly lower than the average of 5.1% recorded for the period from September to November 2000. Therefore, after the recent slowdown in monetary growth, the risks to price stability from the monetary side have become increasingly balanced. Caution still needs to be exercised, however, given the continued dynamics in credit growth to the private sector and the upward deviation of M3 from the reference value in the past. Turning to the examination under the second pillar, broadly similar indications are emerging, as inflationary impulses resulting from previous developments in oil prices and the external value of the euro are gradually diminishing. As regards economic activity, uncertainty concerning the external environment for the euro area has increased, mainly related to signals that the slowdown in growth in the United States may be more significant than earlier expected. This is likely to result, directly and via a spillover to other regions, in some deceleration of growth in the world economy. World real GDP growth, which in 2000 posted its strongest performance for many years, may therefore moderate in 2001 but will still remain at an acceptable level.
This provided a stimulus to major reform of the banking law and to improvement of supervisory standards, a process that has continued to this day. BIS Review 53/1999  2  We should not however allow the relatively better credit performance of Hong Kong during the crisis to lull us into a sense of complacency. Much of the blame for the rise in bad debts in Hong Kong can indeed be laid at the door of the recession, as is shown by the rise in nonperforming loans at even our best-managed banks. But it is also possible to argue that the rise in bad debts has been accentuated by certain weaknesses in the credit environment during the 1990s. What sort of things am I talking about? As Alan Greenspan has suggested in his usual oblique manner, the period prior to a financial crisis is often characterised by “over-exuberance”. Hong Kong in the years prior to the Asian crisis was no exception. The mood of the times was well captured in a magazine article from 1997: “Prospects couldn’t have been rosier. In the early 1990s, the stock market was booming. China’s economic reforms were in full swing, opening up enormous opportunities for the risk-takers. Liquidity was abundant, corporate bankers were eager to lend and listed companies were keen borrowers.” In such a mood of euphoria, it is typical that too much money is borrowed from too many banks.

In Germany, as in other euro are countries, there were and are forces in disagreement with the Monetary Union, analysts and economic agents who considered the break-up of the euro as likely. But what counts is what the German Government’s position was and its support, at key moments, to save the Monetary Union and the euro, its support to the programmes for stressed countries and the Banking Union process. Rather, we can say that the new hegemon is the culture of monetary and fiscal stability that has gained in strength over the course of the crisis. The strengthening of the institutions and of the rules to ensure fiscal stability is essential for maintaining the stability of the Monetary Union and of the euro. This is because, as we all know, the source of the Monetary Union crisis lay basically in certain countries’ fiscal performance, even more so than in the banking crisis which has also affected – to differing degrees of intensity – virtually all the euro area members. 2  BIS central bankers’ speeches
Christian Noyer: Monetary policy, the French economy and its outlook Introductory letter by Mr Christian Noyer, Governor of the Bank of France, to the Bank of France’s Annual Report 2006, submitted to the President of the French Republic, the President of the Senate, and the President of the National Assembly, 1 August 2007. *  *  *  I have the honour of submitting to you, as required by law, the report on the operations of the Banque de France, monetary policy and its outlook. The year 2006 was marked by robust and more balanced growth in global economic activity across virtually all regions. Thanks to this favourable international environment, the French economy saw a return to dynamic growth conducive to employment and the reduction of government deficits. This cyclical upturn should not, however, mask the structural difficulties facing the French economy, which is performing less well in all these areas than its main trading partners and which, moreover, is witnessing a further widening of its external deficit. Against this backdrop, I should like to outline a number of analyses of the growth environment, monetary policy, the state of the French economy and the main challenges that it needs to rise to in order to take advantage of globalisation and make structural improvements to growth and employment. In 2006, the European economy entered a period of sustained and balanced growth Growth in the euro area is sustained: after 2.9% in 2006, it could stand at 2.6% in 2007.

Our quest to create a dynamic Islamic financial system is to achieve the ultimate objective for Islamic finance that will contribute significantly toward the overall development of our economies, through the intermediation process to facilitate trade and investment. Moving forward, it is the ability of Islamic financial industry to build key strengths and enhance institutional capacity, intensify the collaborative efforts to strengthen the effectiveness of the Islamic financial infrastructure and the acceleration of its global integration that will provide the synergies and opportunities for the Islamic financial industry in the face of this more challenging environment. In doing so, Islamic finance can evolve into an important component of the international financial system that can contribute to enhance prospects for balanced global growth and shared prosperity. BIS Review 43/2003  3