samchain/econo-pairs-v1 huggingface dataset:
As I said, the last inflation figure was 2.9% in twelve months, practically right on the monetary policy target. Financial risks are well contained and the Chilean economy has successfully weathered a period of significant slowdown without much trouble. As an institution, the Bank inspires credibility and trust. Over the past several years, inflation expectations two years out have remained stable at the policy target. Also, the voice of the Bank has been heard when it has identified risks emerging in the financial sector, and its model of organization and autonomy has inspired every agent searching for institutional schemes granting a transparent and equitable operation in key functions. It is important to recognize the contribution of the Central Bank of Chile’s staff, Board members and Governors that came before me to achieving those high standards. Getting to this point wasn’t easy, in either substantive or institutional terms. During the past few years, the evolution of the economy has been determined largely by the swings in the 7 / 19  BIS central bankers' speeches  world economy. The end of the so-called commodity boom, the persistence of very expansionary monetary policies—both conventional and unconventional—, deflation replacing inflation as a macroeconomic risk and the profound transformations that the Chinese economy has experienced, among others, are some of the large-scale phenomena that have generated major, even atypical, changes in the external scenario facing the emerging economies. These changes have been perceived especially clearly in Chile.

Ambassador Iimura has agreed – and I thank him profusely for this – to make the introductory speech to remind us of the importance of this anniversary and the celebrations that will take place throughout the year. In order to celebrate this historic anniversary, we decided to organise this symposium in a place that itself has a very rich history: the Golden Gallery of the Hôtel de Toulouse. I will mention in passing that 200 years ago this year the Banque de France chose the Hôtel de Toulouse for its head office. I will not, this morning, go into great depth about the history of this place. Nevertheless, on a day like this, given over to History, I will just say that this gallery was designed in the early 17th century by François Mansart for M. de La Vrillière, a minister of Louis XIII, and was then renovated in the style of the day at the beginning of the following century by Robert de Cotte, the First Architect of Louis XIV, for the Count of Toulouse (the legitimated son of the Sun King), its new owner. Although this symposium is being held in Paris in the most prestigious part of the Banque de France, it is, nonetheless, a joint symposium of the Banque de France and the Bank of Japan. Indeed, without the remarkable efforts of the Representative Office of the Bank of Japan in Paris, which has played a leading role in its organisation, this symposium would never have seen the day.
the seventeen countries sharing the single currency. The status and role of the United Kingdom, the dynamics of the British domestic debate on Europe, and the cooperation with the Continent in addressing the crisis are not the focus of my remarks. I have three main propositions. First, membership of EMU entails much deeper policy changes than were originally realised. In 1991, Hans Tietmeyer, the former President of the Bundesbank, remarked that “monetary union is not just a technical matter. It is in itself, to some extent, a political union”. What has become clear is that countries that adopt the euro as their currency are required to adjust fundamentally the way in which they conduct their economic and financial policies. At the same time, ensuring overall stability requires far-reaching coordination in economic and financial governance. It would be difficult to understand that in the world’s second largest monetary area governance is outsourced solely to the markets and ratings agencies. Effective governance of an economic area of such importance requires much closer economic and financial union. Second, in response to the crisis, a much more radical change in euro area governance has taken place than many observers seem to acknowledge. Europe tends to reform incrementally, at times creating frustration at the pace of change. But those increments now add up to a fundamental overhaul of its economic management.

Caleb M Fundanga: Brief background to the FinScope Zambia 2005 Survey Speech by Dr Caleb M Fundanga, Governor of the Bank of Zambia, as background to the FinScope Zambia 2005 Survey, Lusaka, 8 November 2006. *  *  *  Hon. Ministers and Deputy Ministers; Secretary to the Treasury Hon. Members of Parliament; Your Excellencies and Members of the Diplomatic Corps; Representatives of Development Agencies; Chief Executives of Banks, Regulatory Authorities and Financial Institutions; Distinguished Invited Guests; and Ladies and Gentlemen. On behalf of the Financial Sector Development Plan (FSDP) Secretariat, it is my pleasure to present a brief background to the FinScope Zambia 2005 Survey. Ladies and Gentlemen - In recognition of the strategic importance of the financial sector to the country’s development and poverty reduction efforts, in 2003 Government launched a project to formulate the first Financial Sector Development Plan (FSDP) which was approved by Cabinet in 2004. This followed the joint World Bank and International Monetary Fund (IMF) Financial Sector Assessment Programme (FSAP) report of 2002, which identified various weaknesses in the Zambian financial system including the following: •  Unstable macro-environment  •  Low financial intermediation  •  No formal structures for a financial safety net  •  Poor credit culture  •  Weaknesses in the regulation and supervision of non-bank financial institutions. Since the approval of the FSDP in 2004, a number of weaknesses have been addressed.
Inflation remains very high relative both to our 2% target and by the historical standards of the past 40 years. Even if the energy price guarantee has reduced inflation relative to what would have otherwise have seen this autumn, most people's 'lived experience' is a rise in October's headline inflation rate as utility prices increase. While we have good estimates of how the EPG will affect the household utility bills that enter the consumer price index directly, the impact of government relief for the corporate sector on consumer prices is more difficult to assess, as firms seek to re-establish margins and the incidence of the energy price support feeds through the price pipeline. In this context, medium-term measures of inflation compensation from financial markets have moved around since August, and current market volatility makes them difficult to interpret over recent weeks. But the sustained (and reassuring) downward trend that in market inflation expectations that emerged from early April appears to have come to an end, at least for now. Household and corporate surveys of inflation expectations at various horizons – although subject to methodological shortcomings and offering sometimes inconsistent messages – have, on balance, moved in an unfavourable direction, especially if one points weight on the distribution of views not just the median. And third, the labour market. Yesterday's labour market data showed the unemployment rate falling to 3.5%, the lowest level observed since 1974.

The implementation of structural reforms in euro area countries needs to be substantially stepped up to increase resilience, reduce structural unemployment and boost euro area productivity and growth potential. Regarding fiscal policies, the broad-based expansion calls for rebuilding fiscal buffers. This is particularly important in countries where government debt is high and for which full adherence to the Stability and Growth Pact is critical for safeguarding sound fiscal positions. Likewise, the transparent and consistent implementation of the EU’s fiscal and economic governance framework over time and across countries remains essential to bolster the resilience of the euro area economy. Improving the functioning of Economic and Monetary Union remains a priority. The Governing Council urges specific and decisive steps to complete the banking union and the capital markets union. We are now at your disposal for questions. 2/2  BIS central bankers' speeches
Prudential limits on banks’ FX balance sheets, in the form of specific LCR and NSFR in FX, have been imposed. In practice, this will greatly limit the size of their FX balance sheets and the associated maturity mismatch that was the proximate cause of the demise of the old banks that failed during the crisis. Finally, a tax or other equivalent measure of the type I just mentioned is being contemplated. 3 Taken together, this will amount to a very different paradigm for economic management than the one prevailing before the crisis. History will tell whether it is sufficient to preserve monetary and financial stability in the rougher seas of freer capital movements that we intend to embark upon. In any case, we need to strike a balance between dynamism and freedoms, on the one hand, and stability, on the other. Thank you very much. 3  4  Further details on these proposals can be found in Central Bank of Iceland Special Publication no. 5: Monetary policy in Iceland after capital controls, December 2010, and no. 6: Prudential rules following capital controls, report of the Central Bank of Iceland to the Minister of Economic Affairs, August 2012. www.cb.is. BIS central bankers’ speeches

With a temperatures ranging between 15 and 27 degrees for most parts of the year, the solar energy potential is high. The oil refineries in the country also emit gasses that can be tapped and turned into gas for domestic cookers. 3.4  Mining  Zambia’s mineral wealth remains substantial. Quite apart from the traditional mining activities in copper and cobalt the list of investment opportunities in this sector include: •  Precious metal-gold; silver; selenium;  •  The platinoid group – iron, tin, nickel and manganese;  •  Agro-minerals-rock phosphate and igneous phosphate suitable for conversion to fertilizer, peat, limestone;  •  Reclaiming of copper from slug tailing dumps;  •  Gemstones-emerald, amethyst, aquamarine, tourmaline;  •  Nickel;  BIS Review 76/2008  5  •  Uranium; and  •  Other deposits-talc, fluorspar, graphite, barites and clays, etc. The 1995 Mines and Minerals Act provide exemption from import duty and VAT on all machinery and equipment, including specialised motor vehicles required for prospecting or mining activities. In its 2008 Budget, the Government introduced the new fiscal and regulatory framework for the mining sector. Under this framework, the mining sector will begin to adequately contribute to the advancement of and the social economic welfare of the people of Zambia. 3.5  Tourism  Untapped tourism opportunities exist in all the 19 National Parks and 34 game management areas as well as the 23 million hectares devoted to the conservation of an amazing variety of animals.
In 2011 the consolidation efforts should be stepped up. To correct the envisaged large fiscal imbalances of euro area countries, structural consolidation efforts will need to exceed significantly the benchmark of 0.5% of GDP per annum set in the Stability and Growth Pact. In countries with high deficits and/or debt ratios the annual structural adjustment should reach at least 1% of GDP. Turning to structural policies, there is a need to intensify efforts to support potential growth in the euro area. Given the negative impact of the financial crisis on employment, investment and the capital stock, it is crucial to accelerate the implementation of necessary structural reforms. In particular, product market reforms are required to foster competition and speed up restructuring and productivity growth. Furthermore, labour market reforms need to facilitate appropriate wage-setting and labour mobility across sectors and regions. At the same time, many of the policy measures taken in recent months with a view to supporting specific segments of the economy should be phased out in a timely manner. It is crucial that the focus is now on strengthening the adjustment capacity and flexibility of the euro area economy in line with the principle of an open market economy and free competition. We are now at your disposal for questions. BIS Review 83/2009  3

Second, the Federal Reserve and African central banks maintain direct operational ties through the U.S. dollar correspondent and custody accounts that many central banks in this room hold at the New York Fed. African countries represent approximately one-quarter of the total number of the Federal Reserve’s foreign official accountholders, the second largest regional representation, with some very long-standing account relationships. Let me speak for a moment about the role of our services to the global central banking community. The Federal Reserve’s provision of U.S. dollar account services to the global official community stems from our recognition that central banks around the world have a mutual need for correspondent banking and custody services to execute on core central banking functions in which the safety, confidentiality, and reliability of service provision is essential. Given the global 1/2  BIS central bankers' speeches  role of the U.S. dollar as a reserve currency, we recognize the special role that our account infrastructure plays in supporting policy implementation by central banks around the world. As such, we devote significant attention and resources to maintaining a robust operational and risk management culture. This allows us to continue to provide these services for the benefit of the global central banking community. This brings me to the third reason why enhancing relationships with African central banks is a high priority for us, and that is the need for stronger dialogue on the evolving risk environment in cross-border payments.
For us, the Taylor rule derives its appeal from three features. The first is its simplicity in describing the behaviour of different central banks by estimating the policy reaction to deviations from the inflation target and to the output gap. The second is its quality as a benchmark in assessing the current stance of monetary policy with respect to the historical average for a similar macroeconomic situation. And, thirdly, the Taylor rule is appealing because it sets the standard by which monetary policy is introduced in macroeconomic models for forecasting and simulation purposes. The SNB’s monetary policy focus is on maintaining price stability, and we do not follow any explicit rule for setting the short-term interest rate. However, the Taylor rule serves as an important indicator in our decision-making process that helps us to conduct a systematic policy. Having talked about John the researcher, I would like to turn now to John Taylor the policy advisor. Time and again, John has merged research with policy making. On this account, his record is long and outstanding as well. He served as a member of the President’s Council of Economic Advisors from 1989 to 1991. He was on the Panel of Economic Advisers of the Congressional Budget Office from 1995 to 2001. And from 2001 to 2005, he served as Under Secretary of Treasury for International Affairs. His responsibilities included setting up a new currency in Iraq and getting terrorist financing under control.

John taught Tiger about opportunity costs. Immediately afterwards, Tiger left college and joined the pro tour. Clearly, a decision that paid off. But back to John Taylor again. Today, he will talk about ‘Ideas and Institutions in Monetary Policy Making’. Before giving him the floor, I will briefly introduce him. Born in Yonkers, New York, John Taylor earned his A.B. from Princeton University and his Ph.D. from Stanford. He taught at Columbia University from 1973–1980 and at Princeton University from 1980–1984. And since 1984, he has been teaching and researching at Stanford. John is the perfect economist. He is outstanding as a researcher, policy advisor and teacher. In acknowledgment of his exceptional services, he has received a number of prestigious awards for excellence in all these three fields. Let me say a few words about each of these areas, beginning with John Taylor the researcher. His research topics range from work on rational expectations to wage and price dynamics, macroeconomics, econometrics, fiscal policy, and, of course, monetary policy. He has written an impressive number of influential articles in leading journals and important books. It is impossible to summarise his research in a few sentences. Therefore, I will limit myself to two topics. The first topic dates back to the second half of the 1970s, when John initiated a research strategy that would have a profound and lasting impact on our profession. It was a time when the new-classical macroeconomists were claiming that monetary policy was powerless when it came to steering the economy.
Malaysia, for one, has announced its co-operation with Bahrain and Dubai, to jointly cooperate and develop Islamic banking and finance in the region. At the market level, we have also seen a continuing trend of regional expansion by Islamic financial institutions beyond the traditional markets toward newly emerging centres in Asia. Such changes are happening, despite the challenging environment that firms are currently operating in. One of the most daunting of the changes required for policymakers and regulators is the change in regulations and taxation rules to provide an equitable environment for the operation of Islamic finance within the overall financial market framework. Within Hong Kong, with the wealth of expertise drawn from members of the TMA, recommendations were put up and analysed by the Government as a priority in its comprehensive tax review. The Government has concluded that the legal system in Hong Kong is flexible enough to meet the demands of Islamic finance transactions. This is because, with our robust rule of law and our simple tax structure free of capital or interest gains tax, there have only been a minimal number of taxation issues that have to be dealt with. The legislation on tax also gives power to the Government to grant tax exemptions where necessary to those who apply for it. The legal architecture in Hong Kong therefore lends itself well to Islamic finance.

Eddie Yue: Hong Kong: the natural gateway to Islamic finance in Asia – current developments Keynote address by Mr Eddie Yue, Deputy Chief Executive of the Hong Kong Monetary Authority, at the 2009 Asia Sukuk Summit, Hong Kong, 18 February 2009. *  *  *  Ladies and gentlemen, It is a great honour to be invited to speak at today's inaugural Asia Sukuk Summit in Hong Kong, and a pleasure to welcome you all, especially those of you who are visiting Hong Kong. This is the first Sukuk Summit to be held in Asia and it takes place at the beginning of the Year of the Ox in the Chinese calendar. The ox symbolises strength, resilience, and – of course – bullishness. For, while it may be true that we are still in the middle of unprecedented financial turbulence, every crisis brings with it new opportunities for renewal and change. The remarkable turnout today clearly reflects a desire to explore new ways of restoring financial market stability and, most important of all, promoting growth. This Summit has assembled an impressive gathering of colleagues from both the public and private sectors from many parts of Asia, Europe and the Middle East. The theme of the Summit – "Towards A New Silk Route for Islamic Finance" – is an apt one: it is a call for partnership in creating new regional bonds and links of the kind that once allowed this ancient trade route to flourish in a diverse yet co-operative world.
And in spite of the uncertainty surrounding the outcomes, the decision cannot be put off, since a wait-and-see approach is likely more costly, and certainly riskier. What is the price of not tackling inflation decisively? That we know. The high tax on the disadvantaged, on those on fixed incomes, incentivising rent seekers, the waste of dog chase tail wage-price spirals. At the same time we hear that a recession is not just around the corner but on our door step. We hear that certain indicators are also giving out the message that certain prices have peaked and some are even falling. So why all this unrelenting rush to kill off inflation when the recession has started to do the work itself. Let us be careful. My understanding is that the financial markets and economic forecasters do not believe that the recession as seen today will be so deep that it will do all our work. For inflationary expectations not to be anchored at levels where we do not want them, we need a more resolutive anti-inflationary policy measures. 1/4  BIS - Central bankers' speeches  The reason for taking this stance issupported by the currentsituation that fiscal policy this time around will not be in synch with the restrictive policy taken by Central banks. Driven by social pressures to cushion families hit by fuel and food shortages accompanied by astronomical price increases, governments are responding with subsidies of all sorts but mostly aimed towards fuel and food prices.

It is in this context that the West was hit by oil shocks in 1973 and 1979 unleashing upward pressure on inflation and slowing real economic growth across major economies. Fast forward to 2020s, the pandemic and the war in Ukraine acted like two large supply shocks that put out of balance the global economy. Prices have gone up, and economic activity is slowing. Just like in the 1970s, the risk is that supply shocks spill over to the demand side, initiating a process that could push the world economy into a high inflation regime. Contrary to the 1970s, however, many central banks are more resolute than ever to pursue their mandate of price stability. Looking at the demand side, indicators of wage responsiveness are on the rise, but not to the extent that would fuel a wage/price cycle like in the 1970s. Indeed, despite a tight labour market, organised labour does not exert the influence it had fifty years ago: the  2/4  BIS - Central bankers' speeches  labour share of income has declined by around 15 percentage points from the mid1970s to 55%. A caveat on the labour supply. Today we still have to understand fully the make-up of our laboursupply post-COVID. Active ageing has still to come back to the 2019 levels, many young people are changing jobs more often, with some professions being shunned, people are taking time to decide what job they want to go for.