samchain/econo-pairs-v1 huggingface dataset:
We are also particularly pleased to have with us, His Lordship the Chief Justice who has graced this occasion and by doing so has unambiguously displayed the commitment of Sri Lanka’s judiciary to this massive effort. Our effort against money laundering and terrorist financing cannot be made by one or two persons only, or by one or two agencies only. It has to be a co-ordinated and concentrated effort that needs the support of a wide range of people, both nationally and internationally. In that context, Sri Lanka’s commitment is clear to everyone, and we are particularly pleased to have you with us, the Honourable Chief Justice. My dear friends, the fight against terrorism cannot only be on the military field or battle ground. In my view, the fight has to be on four different fronts simultaneously. Although it is vitally important, one cannot defeat terrorism by a military effort only. To successfully deal with terrorism, we need a diplomatic offensive also. Diplomatically, we need to ensure that cohesive steps are taken so that, together, countries can meet this challenge. At the same time, the fight has to be on the international media front as well. Therefore, a media campaign in all parts of the world against terrorism is also very important. That is something that the world has clearly recognized today, and internationally, we see a greater coordination in the media in dealing with terrorism. The other important front in this war against terror is the stopping of financing for terrorism.

One visitor actually asked me point-blank when I received him in my office at IFC Two: “Give me the name of the architect of your building, and I am confident that we can build a taller and bigger building in order to turn my city into an IFC.” Of course, we all know that most international financial centres have very imposing, often elegant high-rise office towers. But building an international financial centre is not about having skyscrapers taller than anyone else’s. Nor is it about having super computers or optical fibres that can transmit data and information faster than your competitors’. Then what is it all about? In the World Economic Forum’s Global Competitiveness Index, there are 12 categories of benchmarks against which major financial centres are assessed to determine their overall rankings or competitiveness. There are items relating to the physical infrastructure, such as airports, railroads and optic-fibre cables, which I would label as “hardware”. But they are not the deciding factor in differentiating the average financial centre from the top IFCs. Of course, an IFC needs to have first-class hardware. After all, IFCs intermediate financial flows and in order to do that well they have to provide a high degree of connectivity linking up a  BIS central bankers’ speeches  1  large pool of clients and moneys from all over the world. However, it is relatively easy to build or copy hardware. There are many architectural firms that have a proven track record in designing and developing world-class airports and buildings.
Our output and demand outlook is fairly unchanged. There are still risks in our external scenario, even if its recent evolution surprised us for the better. Allow me some final reflections. Final reflections I will end with some thoughts on the capacity of monetary and fiscal policy to address the economic cycle. I think we must because, after years of slow growth and within a context of increasing social demands, pressures on both have become stronger and the way we decide to confront them will be crucial in the future of our economy and our country. I see three main challenges: First, it is obvious that neither monetary nor fiscal policy can flatten out the business cycle, much less affect the economy’s trend growth. But they certainly can smooth the cycle and help the economy make sound adjustments when suffering a domestic or external shock. Anyway, the capacity to smooth the cycle is proportional to the medium-term sustainability of these policies. Why? It is very simple: economic decisions —think of investment, for example— depend not only on such policies’ immediate effects, but also on how the various economic agents expect them to continue to affect the economy in the future. Thus, even if we believe that the effects of some policy action can be very powerful, if the agents consider that implementing that policy will be inconsistent with the macroeconomic equilibria, its effects will be diminished and may even be counterproductive.

Connecting Global Markets Supporting Asias Growth  Page 1 of 7  "Connecting Global Markets, Supporting Asia’s Growth" - Presentation by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at Nomura Investment Forum Asia on 5 June 2018  Ladies and gentlemen, good morning. Thank you for inviting me to speak at this important investment forum. Asia’s dynamism and growth will be the defining investment theme of the next decade. •  Asian assets have become an essential component of a balanced and diversified portfolio. • The expansion of Nomura’s forum from an Asian equity event previously to one that showcases the full suite of investment products in the region reflects the growth in investment opportunities in Asia. •  Like Nomura which serves investors looking to invest in Asia, Singapore aims to connect investors to opportunities in the region. Asia will remain the fastest growing region in the world over the next five years. •  The IMF puts Asia at the top of the global growth league, with a projected annual growth rate of 6.4%. • India at 7-8% p.a., China at 6% p.a., and the ASEAN-5 economies – Indonesia, Thailand, Malaysia, Philippines and Singapore – at around 5% p.a. The size of the Asian middle class is set to double by 2025, from 2015 levels.
And I want to greet Sebastián Claro, the new Board member of the Bank, who I am sure will quickly be immersed in the spirit prevailing in this institution. I believe that everyone here today share a legitimate pride because of the place this Bank has achieved both in the Chilean society and at the world level. Let me tell you what happened to me four years and seven months ago, when President Lagos asked me if it would be a problem to me to be appointed Board member and Governor of the Central Bank for such limited period, which was the remaining of the term of my predecessor, Mr. Carlos Massad. I replied that it was not a problem, because it gave me time enough to propose and develop an agenda. It is no secret that I came to an institution that was living a crisis. My predecessor, in an act of great integrity, had chosen to resign in order to avoid the criticism that was building up against the Bank from affecting its institutional capital irreparably. I was aware then that, by accepting the post, I was assuming an enormous responsibility, which consisted essentially in protecting and strengthening its institutional capital. It was, therefore, a major task, that started precisely by introducing policies of riskmanagement, transparency and efficiency that would protect the Bank’s institutionality and autonomy. In global terms, it was tantamount to placing the Central Bank at the same level in management as it was in monetary and financial policy matters.

I can say with satisfaction that it has been materialized during my period and it is also largely stated in our strategic plan for the period 2006-2008. We then proposed to implement a risk-management culture, strengthening the work of our Comptroller department to operate by international standards in matters of internal control, risk management and corporate governance. We gave it tools that grant increased autonomy and efficiency. Today the Board receives also specialized advisory on the matter, through an independent audit and compliance committee, made up by highly qualified members. All of this has helped to improve our accountability and safeguard our autonomy. BIS Review 149/2007  1  In addition, to strengthen the Bank’s autonomy, this process had to come hand in hand with necessary advancements in access to information, in matter of transparency and in communications, both internal and external. I can say today, on the day that I leave, that I feel satisfied with our advances in internal management, of administrative, human resources and risk-management aspects, all under the framework granted us by our Constitutional Organic Law that sets clearly defined objectives and corporate governance. I sincerely thank the Bank’s staff that took in these changes with responsibility and understanding and made them their own. The Central Bank of Chile supports its stronghold in the institution’s credibility and reputation. This can only be built with the rigorous and careful work of all the people that work in it.
This would imply that the taking into account of CSR in management models would result in a certain form of self-regulation, for example with recognised codes of conduct. Different incentives are contributing to this, such as pressure from direct stakeholders and NGOs and regulatory incentives, in particular in terms of reporting. Lastly, I would like to say a few words about the Banque de France. I wish to stress that, as a company, CSR is of great importance. Its current sustainable development strategy combines a two-pronged approach: an Environmental Footprint Reduction Programme and a review of its tasks in the light of sustainable development. In this respect, the Banque de France will, for example, seek to develop the financial culture of the public, spread best practice in the fight against money laundering, encourage economic and financial research in new fields, such as the development of “carbon finance”. I attach great importance to these subjects, and my wish is to see the Banque de France adopt its own sustainable development charter, which formalises its commitments. This should be achieved by the end of this year and will no doubt further enhance the actions of the Banque de France. In the light of this collective awareness of the environmental (finitude and fragility of natural resources), economic and societal implications, central banks perform their task of preserving financial stability while taking into account and anticipating events. This approach, as recent developments have shown, has to be increasingly systemic and co-operative, involving companies, banks, governments and central banks.

Christian Noyer: The history and future of corporate social responsibility Welcome speech by Mr Christian Noyer, Governor of the Bank of France, at the Symposium ICCA – EABH, Paris, 27 October 2008. *  *  *  Minister, Chairman, Ladies and gentlemen, It is a great pleasure to welcome you to the Banque de France today together with the founder of the Institute for Corporate Culture Affairs, Manfred Pohl, who has organised this event. I would also like to thank Ms Kosciusko-Morizet for doing us the honour of joining us in this debate, in her capacity as Secretary of State for the Environment. Welcome to all! I wish to thank those who have come from neighbouring countries, and especially those who have travelled from further a field to take part in this symposium. This symposium is being held in this prestigious setting that is rich in history: the Golden Gallery of the Hôtel de Toulouse. It is in this Hôtel that the Banque de France set up its headquarters two hundred years ago to this year. Much time would be required to recount the history of this building. I should at least mention that this Gallery was designed at the start of the 17th century by François Mansart for Mr de la Vrillière, a minister of Louis XIII.
In the Bluebook document that the Federal Reserve Board staff prepared for the September 2008 FOMC meeting, the 1999 Taylor Rule called for a federal funds rate setting of 3.5 percent for the fourth quarter of 2008, well above the 2 percent setting at the time of the meeting. The standard 1993 Taylor Rule—which puts a greater weight on inflation—called for an even higher federal funds rate target of 4.1 percent. Given the rapid deterioration in financial conditions, instead of following the prescription from these rules, the FOMC cut the federal funds rate rapidly over the next three months, pushing the federal funds rate down to a range of 0 to a quarter of 1 percent by year-end. Consistent with this episode, such rules often perform poorly at times when the economic environment and outlook are rapidly changing. This is one important reason why I do not support proposals that would require the Federal Reserve to explain to Congress whenever its federal funds rate target deviates from a particular prescriptive monetary policy rule.

Changes in the real exchange rate mainly affect the economy via net exports, in which a weakening of the real exchange rate tends to increase net exports. Slightly simplified, it could be said that higher net exports lead to increased resource utilisation, higher wage growth and thus to higher inflationary pressures. The exchange rate effects arising in inflation via net exports can thus be seen as being significantly less direct than those arising via import prices, which I discussed earlier. Changes in the real exchange rate may entail adjustments to the economy that monetary policy may need to consider. For example, during a real appreciation of the krona, exporting and import-competing firms may have to review their costs so as to restore competitiveness. Among other strategies, the firms can achieve this by implementing operational changes to increase productivity.10 Such adjustments can contribute towards lower inflationary pressures, as increased productivity lowers unit costs. Another possibility for some firms is to move operations overseas. For major firms with broad international operations, it may be relatively easy, in some cases, to reorganise operations so that costs arise in another currency than Swedish kronor. However, for smaller firms with all of their production in Sweden, relocating operations overseas is generally associated with high costs. Monetary policy decision-making in consideration of the exchange rate I would now like to say a few words about how everything I have said so far about the exchange rate affects my view of monetary policy analyses and decisions.
Ladies and gentlemen, In Romania, the initial economic impact of the pandemic was strong, compounding the existing imbalances and the depreciation pressures on the domestic currency and entailing higher liquidity needs. Consequently, the immediate objective of our central bank was to maintain banking system stability and liquidity, for the proper functioning of public finances and the real 2/3  BIS central bankers' speeches  economy; at the same time, the dosage of measures sought to avoid an excessive and unnecessary depreciation of the leu. Over a broader horizon, our aim was to preserve confidence that economic and financial equilibria are kept under control. In this vein and in full compliance with its mandate and statutory independence, the NBR promptly adopted a package of proportionate and effective measures to support the Romanian economy. Given the exceptional nature of the pandemic, the NBR cooperated more closely with the Government of Romania, particularly with the Ministry of Finance, to avoid any conflict between monetary, macroprudential and fiscal measures.

Jean-Pierre Roth: Real estate crisis in the United States – similar risks in Switzerland? Summary of a speech by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank and Chairman of the Board of Directors of the Bank for International Settlements, at the Banque Cantonale Vaudoise, Lausanne, 9 June 2008. The complete speech can be found in French on the Swiss National Bank’s website (www.snb.ch). *  *  *  In the past few months, developments in the mortgage and real estate markets have attracted increasing attention. Europe, and Switzerland in particular, have been indirectly affected as a result of commercial bank activities in US mortgage markets. Over the past few quarters, the European real estate market has also been affected, with a number of countries experiencing a downturn in prices similar to that in the United States. By contrast, other countries, such as Switzerland, have seen real estate prices rising at a steady pace. In some respects, what the United States went through is a classical property crisis of the type that Switzerland experienced in the early 1990s. However, the US real estate crisis spilled over to encompass the international financial markets, endangering their stability and prompting the intervention of several central banks. These events confirm the importance of sound real estate market developments for the economy. It is important to recognise that the Swiss mortgage and real estate markets are very different from their US counterparts.
I will not have time today to dwell on the details of the plan, let me just say that the plan is now complete and is currently being considered by the finance ministry, and is scheduled to come into effect this year. It is our hope that this continuing momentum of reform will help expand the competitiveness and the growth of the Thai financial sector and the economy in the years to come. I probably have used up my allotted time. Again, I want to thank Euromoney for the invitation. It has been a pleasure and thank you for your attention. BIS Review 76/2009  3

We could, in principle, go further than we have, and deliberately aim off in our monetary policy, in order to try to relieve the immediate pressure on the euro-exposed sectors. But that would necessarily involve taking more risk with our inflation target and with continuing stability in the economy as a whole. That is not consistent with our mandate. And it is not something that most business people I speak to - even from the suffering sectors - would want us to do. 3  BIS Review 98/2000
A good, albeit somewhat extreme, example of the scope of the new resolution powers took place very recently when a very small cooperative bank reached the point of non-viability. That bank proved unable to find by itself a suitable solution. As a consequence, the Banco de España put the institution into resolution and appointed the resolution fund (FROB) as an administrator. The FROB then took full control of the institution and sold it – through an express auction – to another cooperative bank. The whole process was conducted in roughly 24 hours and entailed no cost for depositors, creditors or even holders of capital instruments. All resolution actions have been taken with sufficient care, particularly with respect to the fulfillment of the no-creditor-worse-off principle. Indeed, so far we have faced very limited litigation, and no decision has been successfully challenged to date in the courts of justice. I believe that the recent Spanish experience may offer some insight into issues aired in the ongoing debates in the European Union and the rest of the world. First, as I said, the Spanish bank restructuring process was conducted without a clear European resolution framework. Yet, as in all cases in which Member States offer support to weak institutions, resolution and restructuring plans had to be submitted to the Directorate General for Competition of the European Commission to clear compliance with EU State Aid  BIS central bankers’ speeches  3  Rules.

The idea was that, as there was no ex-ante commitment to possible public bail-outs, the risk of moral hazard in relation to risk management policies and investors’ decisions could be sufficiently contained. The recent crisis has however illustrated very clearly the limitations of this “constructive ambiguity” approach. Thus, during the crisis, and in particular after the collapse of Lehman Brothers, the authorities have openly recognised that bank failures – even if they are not particularly large or complex – can seriously impair financial stability, making bail-out a natural policy response. As a consequence, there were widespread bail-outs of creditors of banks under stress. These rescues have obviously confirmed the existence of an implicit guarantee for banks’ liabilities which constitutes a serious challenge for fiscal balances and a substantial distortion of the system of incentives for bank managers and fund providers. There is now broad agreement that in order to restore the socially desirable incentives and minimise the use of public resources, it is not enough to work on preventing bank failures by adopting appropriate regulatory and supervisory policies, but rather it is also necessary to be able to deal with non-viable banks in an orderly fashion and obviate the perverse dilemma between two important public policy objectives: preserving financial stability and protecting taxpayers’ money. To that end, the constructive ambiguity approach must be replaced by clear resolution rules which can be credibly specified ex-ante and swiftly implemented ex-post.
Adequate and consistent information on capital flows will also greatly improve Balance of Payments Statistics for Zambia and serve as an early warning system for Government on potential financial crises and other external shocks. Mr. Chairman, Zambia has adequate technical capacity to collect, analyse and disseminate data and information on foreign private investment. It has, however, lagged behind in terms of the frequency of these surveys compared with some other countries in the region. For instance, while we are now at the third phase of the Survey, Uganda, Tanzania and Malawi are in their eighth, fifth and fourth phases, respectively. This only emphasises the critical need to conduct this enterprise survey more regularly. To this end, I wish to reiterate the Bank of Zambia’s, continued support and commitment in working in close collaboration with Government and other Balance of Payments Statistical Committee member institutions in ensuring that the collection of this vital information is done on an annual basis. Accordingly, it is my hope that participants at this workshop will appreciate the importance of this survey and find the results useful. Distinguished Guests, I am particularly happy to learn that compared to other countries in the region, the Zambian team has conducted this enterprise survey in record time. It shows true commitment and dedication of the team to this project. Please keep up the good work. Be reminded, however, that you have established a benchmark, which can only be improved on.

Caleb M Fundanga: Foreign private investment in Zambia Opening remarks by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the Closing and Dissemination Workshop on Foreign Private Investment and Investor Perceptions Survey, Lusaka, 20 January 2011. *  *  *  The Deputy Secretary to the Cabinet, Mr Evans Chibiliti; The Deputy permanent Secretary at the Ministry of Works and Supply, Mrs Bweupe Kaonga; The MEFMI Executive Director, Dr Elias Ngalande; The IMF Country Representative, Mr Perry Perone; Heads of Government Departments present; Chief Executive Officers of various Companies and Associations present Colleagues from Bank of Zambia; Distinguished Participants; Members of the Press; Ladies and Gentlemen. It is my honour and privilege to officiate at this very important Closing and Dissemination workshop of Phase III of the Survey on Foreign Private Investment and Investor Perceptions. As I welcome you all, I wish to convey my appreciation for your contributions to the success of this project. May I, in this regard, express our special appreciation to the private sector colleagues for their cooperation during the survey. Let me also take this opportunity to extend my sincere gratitude to the Private Sector Development (PSD) Programme, for providing financial support for this very important project. Further, our thanks go to the Macroeconomic and Financial Management Institute (MEFMI), and Development Finance International (DFI) for providing technical support to this survey.