samchain/econo-pairs-v1 huggingface dataset:
We therefore take our AML/CFT efforts very seriously, that include the surveillance and investigation work of our Financial Intelligence Unit in the Commercial Affairs Department. 5 In the last two years, more than 15 government agencies had come together to perform a comprehensive assessment of our ML/TF environment and the adequacy of measures. This culminated in a National Risk Assessment (NRA) report published in January. It is the first time that we have taken a consolidated and comprehensive look at the overall ML/TF risks to Singapore. What did we find? For one, the results largely validated the prevailing instinctive sense that high-risk sectors are primarily the cash intensive and internationally oriented ones, such as casinos and remittance agents. The NRA also revealed emerging risk areas  BIS central bankers’ speeches  1  like virtual currencies and large-value precious stones and metals dealings, and we are looking into addressing the potential risks associated with these sectors. 6 Put simply, the NRA has been a useful “health-check” of the ML/TF risks facing Singapore, by highlighting areas that warrant more resources and attention. As with the importance of having regular medical “health-checks”, we intend to update the risk review regularly, every two to three years, to ensure that our understanding of Singapore’s ML/TF risks is current and accurate. 7 A better understanding of risks should also translate into more targeted mitigation measures.

To enter the Eurozone is a very important, very grave and irrevocable act. Neither the accession country concerned nor the Eurozone could afford the risks associated with a mistaken decision. •  Thirdly, accession countries must strengthen their fiscal and external positions. Given the aim of attaining real convergence over time, accession countries will have to devote significant public resources to funding investment. However, candidate countries’ weighted average public deficit amount to 3.6% of GDP in 2001. The fiscal consolidation currently planned by some accession countries is welcome and likely to require sizeable expenditure cuts or tax increases. Looking ahead, accession countries will have to implement fiscal consolidation very credibly with a view to avoiding the risks associated with the existence of high “twin deficits”, i.e. fiscal and external. •  Fourthly, a sound and efficient banking and financial system is key. Significant progress has been made over the past few years in rehabilitating the banking sector and encouraging foreign ownership. The latter has also contributed to greater integration into the EU financial system. Nevertheless, adapting the legal and regulatory framework is a process entirely in the hands of the accessing countries. The intermediation role of the banking sector remains fundamental for the efficient use of capital and sustained growth. Progress in corporate governance, the enhancement of the legal and supervisory frameworks that support the banking sector, and an efficient fight against money laundering, are also crucial. These improvements are conducive to achieving the macroeconomic objectives of the accession countries.
*** To conclude, let me quote one of the most famous Dutch painters, Van Gogh, writing to his brother Theo from the south of France in 1879: “art is man added to nature – nature, reality, truth, but with a significance, a conception, a character, which the artist brings out in it”. Just like in Van Gogh’s art, it is becoming urgent that we find a way of life (in France we say “art of life” [art de vivre]) that allows men to live harmoniously within nature. We have to ‘re-embed’ our economies into nature, also in the name of our long-term economic interest. It will take time and hard work, as I stressed: this is one more reason to start soon. Thank you for your attention. Page 13 sur 13  References i Rachel Carson (1962), ‘A Silent Spring’. ii IPBES (2020), Workshop Report on Biodiversity and Pandemics. iii Dasgupta, P. (2021), The Economics of Biodiversity: The Dasgupta Review. (London: HM Treasury). iv Herweijer, C., Evison, W., Mariam, S., Khatri, A., Albani, M., et al. (2020), Nature Risk Rising: Why the Crisis Engulfing Nature Matters for Business and the Economy, World Economic Forum. v Costanza, R., De Groot, R., Sutton, P., Van der Ploeg, S., Anderson, S. J., Kubiszewski, I., ... & Turner, R. K. (2014), Changes in the global value of ecosystem services. Global environmental change, 26, 152-158. vi NGFS and INSPIRE (2021), Central banking and supervision in the biosphere: An agenda for action on biodiversity loss, financial risk and system stability.

As an illustration, recent research showed that exposure to degraded land could  Page 3 sur 13 impact the value of listed companies in the food supply chain in Brazil: the market value of farmers operating on degrading land declined by 13 per cent following extreme weather, while those on healthy soils increased by 6 per cent.vii  3. Climate change, biodiversity loss and other nature-related risks are intricately linked First, biodiversity-related risks and climate-related risks are deeply intertwined, and subject to feedback phenomena – what we call the “climate-biodiversity nexus”. Climate change is indeed already the third driver of biodiversity loss behind land use change and overexploitation of living organisms; in turn, the loss of biodiversity undermines the capacity to adapt to and mitigate climate change. The canonical example of Amazonian deforestation is prime evidence of the synergies between these drivers: the Amazon rainforest is both a carbon reserve and a unique ecosystem hosting many endangered species. In fact, nature-based solutions represent several of the most valuable options to progress toward net zero according to the IPCC.viii  Page 4 sur 13  These interdependences also extend to several other aspects of nature-related risks: for example, both climate and land-use change drive imbalances in freshwater availability, notably caused by droughts – which we have been acutely aware of lately. Let’s acknowledge that so far, the contours of naturerelated risks are more vague, as they relate to risks posed by any phenomena relating to nature. We still have here a definition challenge.
With trust, we can have complex and farflung relationships and conduct such transactions in full confidence that these would be honoured and all liabilities or debts will be met. Without such trust, we need legal contracts and enforcement. We need money that provides finality to a transaction so parties can walk away afterwards. Unsurprisingly, money and even barter are mechanisms that allow us to do away with the need to trust. Though this can be expedient, it is not without a loss. What could have been an ongoing mutually beneficial business relationship is instead a series of individual and potentially costly transactions. Which is better? In a world without trust, we need the mechanisms to cope. In Islamic finance, with ethics as its core, such trust can be nurtured and sustained. We can thus rely less on the coping mechanisms which would merely serve as safeguards while focusing more on the business and activities that generate productive and impactful outcomes. Acting ethically should also involve embracing professionalism. Having qualified Islamic finance professionals will be a key differentiator. Professional credentials can be instrumental in strengthening the trust between financiers and customers. These qualities will anchor businesses and financial institutions towards sound and fair practices even in an environment that is rapidly changing and uncertain. In addition, continuing professional development, or CPD, will be crucial to ensure talents keep their knowledge and skills fresh, enabling them to respond to changing circumstances with agility and precision.

2 We know that financial intermediation as a whole accounted for about 8.5% of UK Gross Value Added in 2005. And a recent estimate 3 of the professional services supporting financial services accounted for a further 3.6% of economic activity in 2005, giving a total of some 12%. That compares with around 14% of GDP for the UK manufacturing sector and the jobs in financial and business services taken together have increasingly outnumbered those in manufacturing. 1  “Sustaining New York’s and the US’ Global Financial Services Leadership”. Report by McKinsey & Company to Mayor Michael Bloomberg of New York and Senator Charles Schumer (pages 14 and 54). 2  Indeed the ONS has announced that it will be revising its estimates of the level and composition of GDP to incorporate changes to the measurement and treatment of value added for banks and to take better account of in-house software development. 3  International Financial Services, London. “International Financial Services in the UK”, November 2006. BIS Review 29/2007  1  And since 1999 financial services and insurance taken together have accounted for over 20% of the UK’s exports of services. So it is clear that the financial sector is an important industry for the UK. But financial intermediation covers a great deal more than the City. Retail banking and insurance, like other retail services from restaurants to hairdressing, is widely dispersed across the country. In general one would expect this part of the industry to reflect the size of the population and their wealth.
Increases in productivity especially in the agricultural sector are of vital importance and thus call for prompt action for the developing countries that are witnessing a shift in employment from agriculture to nonagriculture sectors. In a similar sense, measures for achieving more effective use of energy by companies and households, and for increasing the use alternative energy sources, especially renewable energy, should be the another issue among the priorities on the part of both advanced and developing countries, dependent on imported energy inputs. Esteemed Participants, A comprehensive literature has been guiding central bankers as to the type of monetary policy responses to be given to commodity price changes. The central banks following to the widely accepted advice put forth by this literature endeavor to contain the second-round effects of the commodity price increases, rather than the first-round effects. It is inevitable for commodity price increases to be reflected directly on prices, because of the high weight of goods linked to energy and other commodities in consumer price indices. That is why the first-round effects cause fluctuations in inflation. Nevertheless, temporary movements in commodity prices, unless they affect the general pricing behavior, do not affect the mediumterm outlook, but just remain as relative price changes. That is why those central banks pursuing monetary policy with a medium-term perspective prefer to refrain from sharp policy responses to the abovementioned first-round effects. Understanding the sources of the price fluctuations prior to making decisions is a prerequisite for policy makers.

On the fiscal front, cuts in wage and corporate income taxes differentiated across regions have been put in place last week to support the economy that is already growing at a moderate pace. 1  On March 15, 2009 Special Consumption Tax (SCT) rates were decreased on vehicles to %18 from %37, and on durable goods and other electrical household appliances to %0 from %6.7. These rates were increased on vehicles to %28, on durable goods to %2 and on other electrical household appliances to %6.7 on 16 June, 2009. By October 1, 2009, SCT rates were brought back to the levels before March 2009. Similarly, Value Added Tax (VAT) rates on furniture and IT products were slashed to %8 on March 30, 2009, before being raised back to the initial rate of %18 on October 1, 2009. BIS central bankers’ speeches  3  Dear Participants, So far I have touched on the impacts of movements in commodity prices on inflation and economic growth. Now I will talk about the impact of fluctuations in commodity prices on foreign trade balances. The dependency of the Turkish economy on energy imports makes the current accounts balance more sensitive to changes in commodity prices. Uncertainties regarding the global economy in recent years and the exceptionally loose monetary policies adopted by advanced economies, such as the United States, Japan and the Euro Area, foreshadow the high probability of continued excess volatility in commodity prices.
But at the macro-economic level what we have to remember is that every dollar earned is a dollar available to be spent or reinvested back into the economy, whoever earns it. So, at the macroeconomic level, competition – the driver of economic progress – is a positive sum game; it increases the potentially sustainable growth rate nationally, regionally, and internationally. How far each country individually is able to take advantage of this increased potential depends upon how flexibly it can adapt to changes in comparative productive advantage – which in turn depends upon the supply–side characteristics of our separate economies. But there is no doubt that we all stand to benefit. That is why I have always believed fundamentally in the principle of free trade and open capital markets which enhance  1  BIS Review 54/1999  competition. It is why I have always welcomed the rapid growth we have seen in the emerging market economies – and why incidentally I look forward to China’s accession to the WTO. We cannot then sensibly aim to obstruct structural changes. But nor can we realistically hope to avoid all shorter-term fluctuations, associated with the business cycle for example or as a result simply of random shocks. What we are looking for is a stable macro-economic framework for the economy as a whole, which will help to moderate rather than aggravate shorter-term fluctuations, and one within which change can occur in response to longer-term real economic factors, undistorted by unnecessary, erratic, movements particularly in nominal values.

It would definitely be an important reference for the SMEs. 2  BIS central bankers’ speeches
Ladies and Gentlemen, Looking forward, Thailand has no other choices but to embrace the force of globalization. This means that we have to continue to integrate our economy to the global economy and world financial markets. And a closer cooperation with economies in the region would then be a vital factor that will help strengthen the overall recovery and enhance the potential of Thailand in the global stage. This is why we continue to engage in free trade agreements both on a bilateral and multilateral basis, for example, the ASEAN Free Trade Agreement (or AFTA) that should facilitate intra-regional trade and technological development. And at the same time, we also need to prepare ourselves for the coming volatilities in the flow of capital. As of noon today, our Chiang Mai Initiative Multilaterization (CMIM) will be in effect to provide the swap lines  4  BIS Review 41/2010  of foreign exchange liquidity for the ASEAN+3 countries during periods of liquidity or balance of payments distress. I am certain that these closer integration and cooperation will be critical for our success together as a region in new global economy after the crisis and Thailand is looking forward to working with the Asian communities and especially with Japan, one of Thailand’s closest friends and economic partners, in achieving our potential. Thank you for your attention. BIS Review 41/2010  5

A Platform for Innovation Speech given by Mark Carney, Governor Bank of England  Remarks at Innovate Finance Global Summit, London Monday 29 April 2019  I am grateful to Eleanor Connolly and Jen Nemeth for their assistance in preparing these and to John Jackson, Richard Lewis, Tom Mutton and Oliver Thew for background research and analysis. 1  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  Introduction A century ago, John Maynard Keynes resigned as a delegate to the Paris Peace Conference over his concerns about the scale of reparations in what would become the Treaty of Versailles. He returned home to write The Economic Consequences of the Peace. In that seminal work, Keynes marvelled that before the war: “The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth… [or] adventure his wealth in the natural resources and new enterprises of any quarter of the world that fancy or information might recommend.” Such global trade and portfolio management were made possible by new technologies ranging from the telegraph to the first transatlantic cable. Replace “telephone” with “tablet” and “tea” with “turmeric latte” and you have not the start of the Twentieth Century but of the Twenty First. The second great wave of globalisation is cresting. The Fourth Industrial Revolution is just beginning. And a new economy is emerging driven by immense changes in technology, the reordering of global economic power, and the growing pressures of climate change.
Average percentage growth 6  6 Trading partners Mainland Norway  5  5  4  4  3  3  2  2  1  1 0  0 1950−59 1960−69 1970−79 1980−89 1990−99 2000−09 2010−17 Sources: The Conference Board Total Economy Database™ (Original version) November 2017, Norwegian Technical Calculation Committee for Wage Settlements, Statistics Norway and Norges Bank  Productivity growth may be lagging because the diffusion of new technology into goods and services production takes time. Productivity growth will only increase once the use of information technology and digital solutions reduces the use of labour. Behind the average figures we also find an interesting pattern. In many sectors, the gap between the most productive firms and the rest has increased (Chart 5).5 The chart shows the gap within the service sector, but the same picture applies to other sectors. 5 Andrews, D., C. Criscuolo and P. N. Gal (2015): “Frontier firms, technology diffusion and public policy: micro evidence from OECD”, OECD Productivity Working Paper No. 2. 5  While productivity growth for frontier firms has remained robust, it has been substantially weaker in the rest of the economy. This may indicate that it is not the rate of innovation that has slowed, but rather the diffusion of new technology from frontier firms to laggard firms. Chart 5 Productivity for frontier firms and other firms. Services.1) OECD countries. Index.

This reflected a steadily falling male employment rate, the lowest female employment rate in the EU, a declining rate among older workers and the lowest average exit age in the EU of workers from the labour market. Apart from such supply-side considerations, there are other factors which may hinder the ability of the economy to generate sustainable growth. For instance, despite the widespread recognition that exports should be the engine of growth in a small open economy like Malta’s, insufficient attention has been devoted to the fact that between 2005 and 2008 GDP growth was largely driven by domestic demand. The average level of combined private and public consumption was around 85% of GDP during this period, against 78% in the EU. Consumption at this level cannot be sustained unless substantially more resources are allocated to investment and to other growth-enhancing activities. At this point it is necessary to extend the analysis to two important dimensions of membership of a monetary union, namely the role of price and cost competitiveness and fiscal policy. Persistently faster increases in prices and costs in Malta relative to the euro area average lead inevitably to a loss of competitiveness. Since the interest rate and exchange rate policy tools are not available to euro area members, the necessary adjustments have to take place through domestic price and wage levels or in real variables such as output and employment. It is, therefore, important to avoid any such divergencies.
In the UK civil service, there is the Northcote-Trevelyan principle which ensures that recruits are selected on merit and not through political patronage and the well-established practice that “civil servants advise and Ministers decide.” At both the World Bank and the IMF, the job of the “expert” staff was to provide the best technical advice and if there were political trade-offs to be made, they were done at the level of the Board, which represented the 189 member country governments. If experts cross that line, they undermine the credibility of their expertise and  36  Evaluating Information: the Cornerstone of Civic Online Reasoning, Stanford History Education Group, pp 4-5. Haidt, J (2013) The Righteous Mind: Why Good People are Divided by Politics and Religion, London: Penguin Books A good example is the recent debate on whether or not migration was the cause of the fall of the Roman Empire between Mary Beard, a well-known historian, and Aaron Banks, a UKIP supporter (see here for more details). 37 38  11  All speeches are available online at www.bankofengland.co.uk/speeches  11  their accountability to their professional standards. And if politicians cross that line, they risk misleading the public who elected them to look out for their interests. Independent institutions such as the civil service, central banks, and universities have a special role in mediating expertise in the public interests, but technocracy can only ever derive its authority from democracy.

Mervyn King: Monetary policy developments Speech by Mr Mervyn King, Governor of the Bank of England, at a dinner hosted by the IoD South West and the CBI, Bristol, 22 January 2008. *  *  *  It is four months since Northern Rock came to the Bank of England for support. And the headlines continue to be dominated by its fate. Northern Rock, however, is not the epicentre of the present global banking crisis. That lies in the very substantial losses made by many banks in the main financial centres as a result of the collapse of the US sub-prime mortgage market. Those losses, and the fear of future losses on a wider range of loans, pose a threat to the ability of the banking system to finance continued economic growth – the so-called credit crunch. Concerns about the implications of a credit crunch, not only for the health of the US but for the world economy, lie behind the sharp falls in global equity markets over the past week. So the next year will pose economic challenges for all of us – more so than at any time since the Bank of England was given its independence in 1997. Both industrialised and emerging market economies have been affected by the fall in asset prices but conditions vary across countries. It is striking that the banking crisis originated at the heart of the world’s major financial centres.