samchain/econo-pairs-v1 huggingface dataset:
The proposed amendments drew reference from the revised FATF Recommendations and international best practices, so as to take into account latest global developments and incorporate emerging best practices. Some of these amendments relate to enhanced transparency on beneficial ownership information. MAS is currently reviewing the feedback from the private sector and will also be looking at updating the MAS Notice on AML/CFT for licensed trust companies. Continual review of our policies and guidelines, in consultation with industry stakeholders such as yourselves, remain the bedrock of our regulatory approach. It makes sure that Singapore’s regulatory regime is in line with international standards, while at the same time taking into account industry feedback to facilitate practical implementation. Increased momentum towards tax transparency 18. Turning now to tax transparency. 19. To combat cross border tax evasion, the G20 endorsed Article 26 of the OECD Model Tax Convention on Income and Capital to be the global standard for Exchange of Information (“EOI”) for tax transparency, in 2009. This provided for bilateral EOI-on-request, where a jurisdiction may request from another jurisdiction information on its tax payer that is foreseeably relevant to its determination of whether the tax payer has evaded taxes. 20. Following that, there has been strong progress towards enhanced tax transparency – most recently, the G20 and OECD advocated the adoption of AEOI as the new global standard for tax transparency (the “AEOI Standard”), and urged all jurisdictions, including all financial centres, to implement the AEOI Standard swiftly.

Compared to the Asian financial crisis twelve years ago, the dynamic of macroeconomic adjustment in this crisis also looks similar, although the trigger point this time is more bankled than currency-led. The real surprise, however, was in the timing, the scale, and the intensity of how the problem quickly deteriorated into a major global turbulence. According to the IMF, compared with the previous crises, the cost of the current crisis in terms of financial losses could be as high as 10 percent of US GDP. This implies a very substantial welfare loss. Is this the time of upheaval? My answer is both yes and no. The “No” part refers to the fact that, despite the magnitude of the current crisis, aggressive policy response and the willingness to do more by Governments have successfully contained the fallout to the extent that collapse of the global financial system has been avoided. Financial markets, to an appreciable extent, are stabilizing, risk appetite is returning, and signs of improvement in the real economy are beginning to emerge on a world-wide basis. Although it is still early days, they do point to the beginning of stabilization which is an important first step for economic recovery to take hold. The “Yes” part of my answer comes from what I see as a major challenge in the ideas and policies on how best to manage the global economy going forward in this era of globalized finance.
This requires many steps, including systemic risk oversight and solving the so-called too-big-to-fail problem. In this respect, we need to think hard about what we can do to prevent the type of speculative bubbles that occurred from causing so much damage in the future. In particular, are there macro prudential tools that the Federal Reserve and other regulators can use to limit leverage and speculation and thus prevent the type of asset price booms and busts that have proved so troublesome? Second, we need viable exit strategies from this recent period of monetary and fiscal policy stimulus. On the monetary policy side, we have been working hard to ensure that we have the tools in place so that we can be effective in tightening monetary policy when the time is right, even with an enlarged balance sheet. Third, we need a rebalancing of global economic growth. That means a smaller share of consumption relative to GDP in the United States and offsetting shifts in Asia. Circumstances have improved considerably from what they were a year ago. But job creation is still much too slow and we have much to do on the regulatory side to make our financial system more resilient and robust. Thank you very much for your kind attention. I would be happy to take a few questions. 5  Financial Market Turmoil: The Federal Reserve and the Challenges Ahead, William C. Dudley. Federal Reserve Bank of New York, March 6, 2010.

This means that periods in which ex ante saving exceeds desired investment might lead to periods of persistent unemployment. In this respect, the financial system plays an important role. Financial intermediaries match borrowers and savers. If the financial system is under stress and lending standards are being tightened, ex ante investment is likely to decline relative to saving, all else being equal. The financial intermediation process and the creation of credit is the primary channel through which monetary policy affects the economy. By influencing the volume of credit creation, monetary policy strives to keep ex ante saving and investment – alternatively, aggregate demand and aggregate supply – in rough balance. Too rapid a pace of credit creation would overstimulate investment relative to saving, potentially increasing the rate of inflation and this, in turn, could damage the economy’s long-run performance. Too slow of a pace of credit creation would likely lead to an ex ante shortfall of investment relative to saving, causing unemployment to increase. This analytical framework also applies to the global economy, but with an added level of complexity. At the global level, income equals output and saving equals investment on an ex post basis. However, for an individual country, saving can exceed investment or, alternatively, production can exceed domestic demand to the extent that a country’s exports exceed its imports. This requires that, for some other economy or group of economies, investment must exceed saving, or alternatively, domestic demand must exceed production and imports must exceed exports.
News conference  Berne, 15 December 2016 Thomas Jordan  Introductory remarks by Thomas Jordan  Ladies and gentlemen It is a pleasure for me to welcome you to the Swiss National Bank’s news conference. I will begin by explaining our monetary policy decision and our assessment of the economic situation. I will then hand over to Fritz Zurbrügg, who will speak about current developments in the area of financial stability and announce the dates for the release of the new 20-franc banknote. After that, Andréa Maechler will review the situation on the financial markets and discuss the impact of negative interest on the money and capital markets. Finally, we will – as ever – be pleased to take your questions. Monetary policy decision  Let me begin with our monetary policy decision and the inflation forecast. Our monetary policy remains expansionary and continues to be based on two elements: the negative interest rate and our willingness to intervene in the foreign exchange market. We are leaving interest on sight deposits at the SNB at –0.75% and the target range for the threemonth Libor will remain unchanged at between –1.25% and –0.25%. At the same time, we will remain active in the foreign exchange market as necessary, while taking the overall currency situation into consideration. The SNB’s expansionary monetary policy is aimed at stabilising price developments and supporting economic activity.

***  To conclude, I would like to mention this year’s economic Nobel prize awarded to B. S. Bernanke, D. W. Diamond and P. H. Dybvig “for research on banks and financial crises”. The Diamond Dybvig model especially reminds us that what makes banks useful is also precisely what makes them vulnerable. The sustainability of this precarious equilibrium relies on one key condition: trust. And here, let me modestly draw a parallel with the words of another Nobel prize, one of the most famous Irish dramatists, Samuel Beckett, who also lived in Paris: “the creation of the world did not take place once and for all time, but takes place every day”.vii I think that this also applies to trust, and financial stability. We, supervisors, will play our part in safeguarding a safe and efficient financial system. We can benefit from macroprudential work done in fellow member states. In this regard, both Ireland and France provide instructive examples. Thank you for your attention. i  ESRB Warning on vulnerabilities in the EU financial system, 22 September 2022 Financial Stability Board iii Lang, J.H., Behn, M., Jarmulska, B., Lo Duca, M., Real estate markets, financial stability and macroprudential policy, ECB Macroprudential Bulletin, October 2022 iv Central Bank of Ireland, Financial Stability Review, 2022 v Assessment of the French financial system, Banque de France, 30 June 2022 vi Macroprudential measures for the property fund sector, Central Bank of Ireland, November 2021 vii S. Beckett, Proust, 1930 ii
The future of the Spanish economy hinges greatly on these policies, not only in the long run but also in the more immediate term. The priority of these reforms should be to generate a rapid and deep-seated change in the prevailing labour market trends. That requires altering a good number of the institutions that currently regulate this market. In particular, innovative hiring arrangements are needed to facilitate job creation and to overcome the marked segmentation currently in place which has adverse consequences for employee training, job stability and for efficiency and equality in the economy. In turn, collective bargaining should be reformed so that internal organisation and labour costs are better tailored to the specific situation of each company and to cyclical developments, but also so as to equip firms with the flexibility they need to increase productivity. But there are other measures we should not rule out, even though their effects may take longer to materialise. This is the case, firstly, with education. Undoubtedly, improving education is the most important issue pending for economic growth in Spain. True, we have made progress in some areas; but it is no less true that there are incipient signs that the increase in the level of educational attainment of the workforce observed in the second half of the 20th century is slowing. The reform of the education system, moreover, would complement that of the labour market.

While the Spanish financial system has shown notable resilience to the direct and indirect effects of the international financial crisis, the intensity of the adjustment the Spanish economy is undergoing against a background of protracted financial tension adds further factors of pressure in terms of asset impairment, an increase in bad debts and a narrowing of bank margins. Faced with these risk factors, not all banks are equally prepared, whereby the availability of appropriate mechanisms, such as those offered by the FROB (the Fund for the Orderly Restructuring of Banks), will help banks face the restructuring necessary with the best results for the functioning of the economy and the least cost to taxpayers. However, I must say that, if reforms are not adopted promptly, high unemployment might be prolonged, which would contribute to increasing financial institutions' difficulties and would prevent the soundness of the financial system from acting, as it has to date, as an essential pillar of economic growth in Spain. Allow me to conclude by stressing that the Spanish economy is at a decisive crossroads. If far-reaching reforms are not promptly adopted, we face the prospect of slow recovery with high levels of unemployment and public spending. Conversely, if the right – although not easy – decisions are promptly taken, we will be able to resume a path of high growth based on a more productive and sustainable pattern. To achieve this it is vital to apply medium-term stability strategies and ambitious structural reforms, which should be well co-ordinated and credible.
The situation of a supply that is not adjusted to demand is reminiscent, in its way, of the situation with the gold standard that I mentioned earlier. However, there is nothing to prevent the supply of other crypto-currencies, which are close substitutes to Bitcoin, from increasing. At present, there are over 1500 different kinds of virtual currency and, if prices rise, there will probably be more. We have also seen how the value of Bitcoin, for example, varies heavily due to fluctuations in demand. This alone makes it difficult to use them as a means of payment. Even if Bitcoin is used for payments between certain private persons over the Internet and in a few on-line shops, it is likely that most owners of Bitcoins do not use them as a means of payment, but rather as an asset that is expected to increase in value. The situation remains that few shops accept them – for example, only three of the world’s largest on-line shops. 27 Even though they are called currencies, the crypto-currencies do not fulfil the criteria for what we usually call money that I mentioned earlier; at present they do  27 For more information on crypto-currencies, see Söderberg, G. (2018) “Are Bitcoin and other crypto-assets money?”. Economic Commentary No. 5, 2018. Sveriges Riksbank. 10 [15]  not work well as units of value, stores of value or means of payment as few shops accept them and their value fluctuates heavily over time.

We have approached the market for consultation about this. As regards the instant settlement of payments in central bank money, this is a service which is now being demanded and the technology for which is available. For reasons of efficiency, the Riksbank should thus ensure that it is delivered. At the same time, settlement should be made in central bank money for security reasons. I am therefore of the opinion that we should decide, as soon as possible, to offer instant settlement of payments in central bank money. As I mentioned previously, we, at the Riksbank, are currently analysing whether the infrastructure for this needs to be located within Sweden’s borders. Economies of scale speak in favour of placing it with the ECB’s system TIPS. 32 Preliminary calculations indicate that this alternative would also be competitive from a cost perspective. It would also probably be advantageous to join the ECB's system from a security perspective as this has a high level of security. At the same time, emergency preparedness reasons suggest our own Swedish system or at least that a domestic backup alternative should be available. The drawback is that a completely domestic solution risks becoming very expensive. 33  Concluding comments Let me sum up and round off. Money has arisen in different ways in various cultures to make people's day-to-day lives easier.
The process allows new products to be developed with a careful risk management which will improve customer satisfaction and reduce regulatory burden. At the moment, many new technology projects have been tested in the regulatory sandbox including blockchain, biometric and QR Code payment. - Enacting Payment Systems Act for governing payment businesses: The law is initiated by BOT and Ministry of Finance with the objective to effectively oversee the fastchanging payment systems in this advanced digital technology period. The BOT oversight function will be more flexible and modern, support innovations, in line with international standard as well as promote security and customer protection. The law has been recently approved by the National Legislative Assembly, and is in a process to enforce. The above projects will support financial inclusion of all sectors and enhance Thailand’s financial infrastructure to be more efficient and safe, reduce costs of stakeholders, and support further innovations. Today, I would like to talk about the development and implementation of the QR Code standard, which is an important collaboration between Thai and foreign service providers that can assist the previous developments. The QR Code standard has four major principles and benefits. The first one is being consistent with international standards. This is the first time that five global payment card network providers and Thai payment service providers have worked together to use standardized QR Code.

Let me close by going back to financial stability and say that the ABF initiative, whether it gets to ABF3 or ABF4 or ABFN, is not the full answer to financial stability in the region. Asia is particularly vulnerable to financial instability because of, principally, the size of the individual, fragmented markets, relative to international capital, and the openness of those markets, assuming that prudent macroeconomic policies are a pre-requisite that is always observed. To reduce vulnerability from those sources, without stepping back from maintaining open markets, we need greater financial integration or co-operation, and perhaps one day monetary integration. But these subjects should best be left for another day. 4  BIS Review 79/2005
Pablo Hernández de Cos: The value of the European project in today’s global landscape Speech by Mr Pablo Hernández de Cos, Governor of the Bank of Spain and Chair of the Basel Committee on Banking Supervision, at the Graduation ceremony, Barcelona Graduate School of Economics, 9 July 2021. * * * Dear all, I am sitting today in front of a young and multicultural audience, coming from all over the world. All studying in Europe. As such, I want to devote my remarks on this graduation ceremony of the Barcelona Graduate School of Economics to talk about how the European project fits into today’s global landscape. The European Union is one of the most ambitious and successful economic and social integration projects in history. The best illustration of this success and ambition being the fact that European citizens are able to express themselves, without losing their identities, under the common values of the Treaty: human dignity, freedom, democracy, equality, the rule of law and respect for human rights. Young people, in particular, are among the more confident groups in the positive effect of the European Union. According to the Eurobarometer, young people perceive the euro as something good for their country. In fact, the figure is 15 percentage points higher for the young than for the rest of the population. The same is true for the perception of the euro as something good for the Union as a whole. And young people’s greater trust in the EU is a consistent feature across countries.

GDP growth and GDP components contributions (p.p.)
This reversal in the growth of M3 was to a very great extent the result of a large-scale reallocation of investment flows stemming from the fall in short-term interest rates since autumn 1995, which has been of unprecedented magnitude and rapidity. The M3-M2 aggregate, which includes assets paying money market rates of interest, posted a twelve-month fall of 10.1 % at the end of October 1996. In response to the fall in short-term interest rates and also a heavier tax burden on money market mutual funds, economic agents reallocated their portfolios towards assets covered by the investment aggregates, and particularly the Pl aggregate covering contractual savings products, including housing saving plans. Year-on-year growth in P1 accelerated from 12.3% in December l995 to 18.5% in October 1996. The rate of interest paid on housing savings plans has remained unchanged at 5.25% since February 1994, whereas comparable market rates have fallen sharply. This gave a strong boost to the reallocation of investment flows. Year-on-year growth in housing savings plans accelerated significantly, rising from 14.1% at the end of 1995 to almost 26% in October 1996. In addition, twelve-month growth in the P2 aggregate covering investment in bonds and life insurance products remained buoyant. It stood at 12.3% in June 1996, with new investment accounting for 9%. At the same time, formation of liquidity was dynamic. The narrow money aggregates M1 and M2, which cover transaction balances and liquid savings, showed annual growth trends in October 1996 of around 5.8% and 7.5%, respectively.

From a cyclical perspective, a proposal to ensure that banks implement countercyclical capital buffers was part of the recent consultations and is also pending approval by the Federal Council. The proposal foresees that the ultimate decision to activate or modify the capital buffer requirement will lie with the Federal Council. This decision will be made on the basis of the SNB’s proposal and the FINMA’s response to it. Finally, in order to enhance the SNB’s capacity to assess the stability of the financial system and to take appropriate measures, the Bank has also called for improved access to information on financial institutions. VI. Conclusion  The preceding discussion has, I hope, clarified some of the complex interactions between price and financial stability. Within the Swiss legal framework, I am convinced that the central bank has been given an appropriate mandate. In order of priority, the SNB must ensure price stability, while taking due account of the developments of the economy. It must also contribute to the stability of the financial system. One important lesson to emerge from the analysis of the recent crisis is that an interest rate policy cannot be the sole, or even the main instrument, used to promote financial stability. It is imperative that central banks be endowed  20  6  Borio (2011). BIS central bankers’ speeches  with alternative “macro-prudential” instruments. This assessment is not only the product of careful application of the “Tinbergen principle”, according to which one needs as many instruments as one has objectives.