samchain/econo-pairs-v1 huggingface dataset:
The “philosophy of resolution” is rooted in those rough times; we do not want to live again under the threat of “too big to fail”, and without living wills. EU lawmakers and regulators quickly learned the lessons. Beyond the crisis management regulation (BRRD and CRR), the Banking Union launched in 2014 is in its own way an illustration of Clausewitz’s military theory. It has strategic objectives (or Ziele in German) – establishing a stable, safe, and reliable banking sector, but also offering the right conditions for the emergence of panEuropean groups. It also set political goals (Zwecke) through its three pillars. And lately, it has directed its efforts (Schwerpunkt) mainly – and maybe excessively – towards the third pillar EDIS (European Deposit Insurance Scheme). Today we should turn our main efforts to enhancing implementation of resolution, in order to make it even more efficient. Although it is less frequently  Page 2 sur 5 commented on, let me stress that resolution is just as important as supervision. It echoes that famous Latin phrase: si vis pacem, para bellum (if you want peace, prepare for war). That goes without saying, but for the sake of clarity, do not take this military metaphor literally: we are not warmongers of any kind. However, decision-makers in charge of resolution, like generals, need to act within a very short timeframe –typically a weekend – in order to find the right solutions to complex emergency situations. Resolution authorities need to be on a war footing at all times.

14  Øksendal, Lars Fredrik (2008), “Monetary policy under the gold standard – examining the case of Norway, 1893-1914”, Working Paper 2008/14, Norges Bank. 15  See Bjerkholt, Olav and Jan F. Qvigstad (2007): “Introduction to Ragnar Frisch’s 1933 pamphlet Saving and Circulation Regulation”, in Revisita di Storia Economica, Banca d’Italia. 16  See Eitrheim Øyvind., Jan T. Klovland and Jan F. Qvigstad (Eds.) (2004), page 293: “Historical Monetary Statistics for Norway 1819-2003”, Occasional Papers No. 35, Norges Bank, Oslo. 17  However, they were more flexible in September 1931. It only took seven days for Norway to follow the UK’s lead in abandoning the gold standard. 18  There was a consensus on parity policy in the 1920s. See for example Hodne, Fritz and Ola Honningdal Grytten (2002), pages 111-112: Norsk økonomi i det 19. århundre (The Norwegian economy in the 19th century), Fagbokforlaget and Skånland, Hermod (1967) “Det norske kredittmarked siden 1900 (The Norwegian credit market since 1900) Samfunnsøkonomiske studier No. 19, Statistics Norway, Oslo. See also Mykland, Knut (ed.) Cappelens Norgeshistorie, Vol. 13 page 86. 19  For further discussion of parity policy and Norges Bank’s role, see Ecklund, Gunhild J. (2008), pages 46-51 and 67-71: “Creating a new role for an old Central Bank: The Bank of Norway 1945-1954”, Series of Dissertations 2/2008, BI Norwegian School of Management, Oslo. 20  This link to gold was not as strong as when the obligation to redeem in gold applied.
The US Federal Reserve Board has undertaken a review of the  supervision and regulation of Silicon Valley Bank, in light of its failure.4 In the same vein, the Basel Committee on Banking Supervision agreed in March to take stock of the regulatory and supervisory implications stemming from recent events, with a view to learning lessons.5 Beyond the banking sector Turning to vulnerabilities faced by the non-financial sectors, we have yet to see the full impact of rising borrowing costs and high inflation. In the case of households, while labour markets remain strong, budgets are stretched given the decline observed in real disposable income and the erosion in household net worth due to the fall in the real value of savings, which reduces their capacity to continue servicing debt. In particular, households with variable rate mortgages and those most adversely affected by energy shortages are most vulnerable. For firms, higher borrowing and input costs as well as wage pressures may reduce profitability, stifle investment and reduce employment. And firms with larger shares of floating interest rate debt are directly exposed to higher interest rates. Also, firms operating in energy-intensive sectors, in real estate and construction are particularly vulnerable. There are also clear signs that European commercial real estate (CRE) markets are turning.

Exchange rates SEK per EUR and per USD respectively 12  12  SEK/ EUR SEK/ USD  11  11  10  10  9  9  8  8  7  7  6  6  5  5 04  05  06  07  08  09  Source: Reuters EcoWin  16  BIS Review 98/2009  19. Unit labour costs Annual percentage change 7  7  6  6  5  5  4  4  3  3  2  2  1  1  0  0 -1  -1 Unit labour costs Labour costs per hour Productivity  -2  -2 -3  -3 94  96  98  00  02  04  06  08  10  Sources: Statistics Sweden and the Riksbank  Note. Broken lines and columns represent the Riksbank’ s forecasts. 20. Inflation expectations Annual percentage change 4.0  4.0 5 years 2 years  3.5  3.5  3.0  3.0  2.5  2.5  2.0  2.0  1.5  1.5  1.0  1.0  0.5  0.5  0.0  0.0 96  98  00  02  04  06  08  10  Sources: The NIER and Prospera Research AB  BIS Review 98/2009  17  21.
4  For instance, a cyclical divergence between the United Kingdom and the euro area would affect the relative price of goods in the two jurisdictions, but would not affect the price of goods relative to that of services within the United Kingdom. Similarly, a period of unusually rapid productivity growth in manufacturing compared to that of services would affect the affect the price of goods relative to that of services within the United Kingdom, but not goods prices in the United Kingdom relative to those in the euro area. 5  See pp.34–35 of our February 2011 Inflation Report for details on how to do this. 6  See e.g. : J. Campa and L. Goldberg (2002), “Exchange rate pass-through into import prices: a macro or micro phenomenon?”, National Bureau of Economic Research Working Paper no. 8934; IMF (2006), “How has globalisation affected inflation?”, World Economic Outlook, Chapter 3; H. Mumtaz, O. Oomen, and J. Wang (2006), “Exchange rate pass-through into UK import prices”, Bank of England Working Paper no. 312; J. E. Gagnon and J. Ihrig (2004), “Monetary policy and exchange rate pass-through”, International Finance Discussion Papers no. 704, Board of Governors of the Federal Reserve System. BIS central bankers’ speeches  5  What are the implications of all this for monetary policy?

Before the crisis, Southeast Asian markets had more than twice the weight of Northeast Asian markets 1  Robert Templer of Strategic Intelligence, interviewed on Asia Business Report, BBC TV, 22 November 2000. BIS Review 111/2000  2  (excluding Japan) in Morgan Stanley’s MSCI Asia Free index. Now the position has been totally reversed. Lessons from the crisis ASEAN countries must not allow this situation to continue. They should strengthen themselves individually, and also work together to sustain their long-term prosperity. Then they can dispel the perception of a region in distress, restore confidence and get on the move again. Sound fundamentals What lessons should ASEAN countries draw from the crisis? First, that despite the upheaval, the transformation of East Asia over the last two decades was no mirage. The Asian miracle was real - the halving of poverty rates, the dramatic improvement in living standards, literacy and health standards, and the modernisation of the economies. Asia’s prolonged boom had been underpinned by sound economic fundamentals. These remain a vital positive factor, which can help ASEAN to prosper again. However, many economies had significant structural weaknesses. Financial regulation and supervision were weak, transparency was lacking, and there were serious shortcomings in governance and public administration. “KKN” - the Indonesian acronym for corruption, collusion, and nepotism - was often a problem. These weaknesses may or may not have caused the crisis, but they certainly contributed to its severity.
And, at the retail level, too, we will all eventually need to learn to live with totally new, and more efficient, ways of doing things - though that will no doubt come harder to people of my generation! I don’t think anyone at this stage can see at all clearly the end-point of all this or even necessarily the appropriate next steps. And that is why we are seeing a continuous, and often bewildering, stream of new individual and collective initiatives, many of them involving the same participants, both in this country and abroad. Some of these initiatives will inevitably fall by the wayside - that’s part of the process by which the market as a whole discovers the way ahead. But those that do succeed will succeed because they add value by meeting more effectively the needs of the consumers of the products and services they provide. As an intensely interested - but non-commercial - observer of it  3  BIS Review 134/1999  all, I find the whole process hugely stimulating and encouraging. I recognise that I might feel differently if I were a commercial rather than a central banker, but I’m impressed by the fact that most of the commercial bankers I talk to see it in terms of opportunities rather than threats.

Market contacts suggest this reflects a combination of the lower cost of issuance and a surge of pent-up supply being brought to market, and we have heard several specific examples of issuance plans being increased in size, targeted at longer maturities, or switched to sterling directly in response to the announcement. This bears similarities 9  Gilts with greater than three years to maturity are eligible for purchase in the programme. The 3.75% September 2019 gilt was due to fall below this limit shortly after the announcement, so the impact on its yield was lower than for other bonds. 6  All speeches are available online at www.bankofengland.co.uk/speeches  6  with the experience for the ECB where a comparable increase in Euro issuance was observed following the announcement of its CPSS scheme in early 2016. Stepping back, the big picture is of a discernible impact on the cost of funding for firms and a strong second half of the year for issuance, despite a big uncertainty challenge. The introduction of the CBPS has helped ensure that downside risks following the referendum did not materialise and that the market remained robust in the face of wider market volatility. In addition to those early successes, one area where the scheme has certainly been effective is the pace of purchases. Last week, and just four months since we started purchases, we passed the half-way mark for these purchases.
Output growth became more job intensive towards the end of the 1990s and the estimates of the natural rate of unemployment (NAIRU) in the euro zone tend to show a decline in structural unemployment from the mid-1990s. However, the high level of average unemployment and the relatively low average employment rate in the euro area, which in 2002 was still around 62%, compared for example to the United States with almost 75%, indicate that much more needs to be done. More specifically, policies should aim at: •  Increasing incentives towards employment. Policies should aim towards reducing labour taxes and non-wage labour costs and increasing the incentive compatibility of benefit systems. •  Allowing for a sufficient degree of wage differentiation to ensure that wages reflect divergent productivity growth and regional/sectoral developments. •  Increasing the efficiency of matching potential workers with job vacancies. This requires continuous investment in education, training and life long learning as well as improved efficiency of public and private employment services. •  Increasing other aspects of labour market flexibility such as labour mobility (across occupations, sectors and regions) and encouraging the increased use of more atypical forms  2  BIS Review 6/2004  of employment such as flexitime, part-time and self-employment in particular, which should play a much more important role in job creation in continental Europe. The need for further labour market reforms should also be seen against the background of population ageing.

For the solvent banks, the challenge is to maintain their lending capacity. This is particularly important given that other credit markets are not functioning normally, so that it is difficult, or impossible, for businesses to acquire funding directly from bond markets. But without more capital, the banks are not willing to accept new loans on their balance sheets. The main challenge facing the authorities today therefore is to ensure that solvent banks increase their financial strength and thereby their lending capacity. At the same time, it is important to have an exit strategy so that capital injections today do not translate into an increase in state ownership when the crisis is over. Second, cross-border banking has been increasing. Twenty years ago, all the main Nordic banks were national banks. Today, for example, four of the five largest banks in Norway are foreign-owned (three branches and one subsidiary). A national authority cannot be expected to bolster the financial strength of branches of foreign banks: indeed, it could be complicated  BIS Review 12/2009  1  to do this even for foreign-owned subsidiaries. While we were able to choose national solutions to the banking crisis 20 years ago, any effective solution to today’s situation will require an internationally harmonised approach. As today’s financial crisis progressively gets resolved, it will be necessary to start the process of preventing future crises. This will require substantial reform of the regulatory framework. Banks will have to strengthen their capital and their liquidity buffers.
It observed that the appropriate path of interest rate increases to eliminate slack and keep inflation close to the target was 5  For more information, see the box on page 12 of the February 2014 Inflation Report. This is the policy rate that, if allowed to prevail for several years, would keep economic activity at potential and inflation at target. Secular drivers that had pushed down the equilibrium rate prior to the crisis – including slower potential growth, demographic forces, changes in income distribution and excess saving in emerging markets – were likely to persist. Colleagues at the Bank of England estimate that these factors can explain around 400 of the 450 basis points fall in global long-term equilibrium rates since the 1980s (see Rachel, L and Smith, T (2015), “Secular drivers of the global real interest rate”, Bank of England Working Paper No. 571). In addition, more cyclical factors, such as the protracted process of balance sheet repair in both public and private sectors, had weighed further on the equilibrium real rate, causing it to turn sharply negative during the downturn. The MPC expected these forces to fade only gradually as the economy recovered. See Carney, M (2013), “The spirit of the season” at The Economic Club of New York; and the box on page 42 of the August 2014 Inflation Report.

Denny H Kalyalya: Sustainable finance - savings are globally diverse, we are united in responsibility Speech by Dr Denny H Kalyalya, Governor of the Bank of Zambia, at the World Savings Day and Financial Literacy Awards, 4 November 2022. *** SALUTATIONS Mr. Phillip Chitalu, Secretary and Chief Executive Officer, Securities and Exchange Commission Mrs. Namakau Ntini, Acting Registrar, Pensions and Insurance Authority Mr. Markus Wittkamp All Senior Government officials Mrs Mizinga Melu – Chairperson Financial Literacy Working Group and BAZ All Chief Executive Officers of Financial Services Providers All Cooperating partners Nominated Participants for the Financial Literacy Awards Invited Guests Ladies and Gentlemen Good afternoon, It is an honor for me as Champion of financial education, to engage with you during the public awareness campaign for the 2022 World Savings Day and the Financial Literacy Awards ceremony. This year's theme focuses on preparing for the future, continuing with the 2021 theme "Sustainable Finance: Savings are globally diverse, we are united in responsibility." Sustainable finance involves taking due account of environmental, social and governance considerations when making investment decisions. This is pertinent considering the threat environmental risks are increasingly presenting to the economy. It is therefore expected that efforts to promote sustainable finance will contribute to the attainment of a climate resilient economy. The recently launched 8th National Development Plan also supports a low carbon and climate- resilient development pathway towards attainment of Vision 2030 and the Sustainable Development Goals.
Piketty, T & Zucman, G (2014) “Capital is Back: Wealth-Income Ratios in Rich Countries 1700–2010”, Quarterly Journal of Economics, 129(3),1255–1310. Rogoff, K (2015). “Debt supercycle, not secular stagnation”, VOX, CEPR’s Policy Portal. Summers, L. “Reflections on the new ‘Secular stagnation hypothesis’”, VOX, CEPR’s Policy Portal, 30 October 2014. Waldenström, D (2015) “Wealth-income ratios in a small, late-industrializing, welfare-state economy: Sweden, 1810–2014” Department of Economics, Uppsala University, Working Paper 2015:4, October. BIS central bankers’ speeches  7  8  BIS central bankers’ speeches  BIS central bankers’ speeches  9

It is important for the banking community to work together to collectively tackle the issue and limit the harm inflicted by the “bad apples” on the system. 23. Earlier last year, the HKMA consulted the industry on a proposed mechanism for doing “conduct-related reference checking” between banks. We have received many useful comments during the consultation exercise, including those from ASIFMA, and we have issued the consultation conclusions in May this year to set out the operational framework for what we call “Mandatory Reference Check” – in short the “MRC”, Scheme. 24. The MRC Scheme will adopt a proportionate approach, where conduct-related reference checks would be required for certain categories of bank staff whose conduct and integrity are especially important. 25. Misconduct behaviours to be captured for reference will include breaches of legal and regulatory requirements; misconduct incidents and incidents relating to honesty, integrity or matters of similar nature; as well as internal or external disciplinary actions relating to conduct matters. 26. Our plan is to implement the MRC Scheme as an industry-led initiative with endorsement from the HKMA, instead of imposing it as a supervisory requirement. We trust that banks will be committed to effectively implementing the Scheme, given the benefits that it will bring to the industry as a whole. 27. The Scheme will be implemented in two phases. Phase 1 will cover directors and senior management positions. And Phase 2 will be extended to roles carrying out regulated activities.
(I have to concede that, important though they are, not everyone in the country is glued to his or her TV screen watching parliamentary hearings on the most recent monetary policy decisions.) It matters too because the effectiveness of our policies themselves may actually depend on that understanding. I can give you an example from the area of the Bank’s work that I’m most closely involved with, namely monetary policy. The Monetary Policy Committee’s primary objective, set by parliament and the government, is to keep price inflation low and stable. Subject to that target, we are also required to support growth and employment (over the longer run, monetary policy will have little impact on these things; over the shorter run it can have important effects). However, the scope for us to do that – for monetary policy to help even out the ups and downs of the economy – is greater if the inflation target is itself understood and credible. And that in turn is more achievable when people understand how we’re trying to meet it. One could make similar points about the Bank’s newer responsibilities for financial stability. So it’s very important that we explain our role, and our policy decisions, as clearly – and to as wide an audience – as we can. And it was partly these considerations that prompted our new programme of public and educational outreach, launched last year. However, they weren’t the only considerations. In a moment I’ll outline what this outreach effort involves.

These examples include the impact of interest rate rises on different agents (such as a bank manager, car manufacturer and consumer) and analysing the cost of a basket of goods to explain how inflation is measured. As part of the resource, EconoME features interactive videos, in which Bank of England staff explain how they deal with these issues in the course of our everyday work. It is designed to help young people understand the economy better and provide them with the analytical skills to make informed decisions. Take up amongst schools has been both rapid and encouraging with 36% of UK secondary schools having registered for the resources since launch in April 2018. We’re currently designing something similar, and age-appropriate, for primary school children to launch later this year. We will then focus on developing resources to support the GCSE and A level economics syllabus. Now, the name “EconoME” may or may not grab the attention of your pupils. But I think the content is excellent. And one thing the name should tell you is that these resources are designed for more than learning some economics. They’re also intended to help people with their personal financial decisions. These personal financial decisions matter. I should emphasise that, from the bird’s eye perspective we take as guardians of overall financial stability, I don’t think overall levels of household debt are a great worry at the moment. Relative to income, household debt is comfortably lower than its levels in the middle of the last decade.