samchain/econo-pairs-v1 huggingface dataset:
A second important invariable in our more recent monetary history is the fact that, in this country, this fundamental trust and the culture of stability are deeply rooted. Making money even better? Alternatives to the present monetary order Can we make our sound money even better? In order to answer this question, let us begin by recalling the basic framework of the current monetary order. As an independent central bank, the SNB is required to pursue a monetary policy in the interests of the country as a whole. It has a mandate to ensure price stability while taking due account of the development of the economy. This mandate is the compass that guides all our actions. By guaranteeing price stability in word and deed over the years, the SNB, as an independent institution, has been able to build up its credibility. Credibility is the anchor needed so that the public at large has confidence in our paper currency. This confidence, in its turn, makes it possible for the SNB to react flexibly in the short-term to economic disruptions, because the public does not question its policies aimed at long-term stability. In view of the major economic and social importance of the monetary order, as outlined previously, it is legitimate and necessary that this order be subjected to repeated review. In this sense, we welcome the general growth in interest in the monetary system, following the turmoil of the financial crisis, and the fact that discussion on reform ideas is more lively than in the past.

This became a major problem when there was a run on the dollar-denominated bank liabilities of non-US international banks post-Lehman.3 Second, the Icelandic banking system expanded very rapidly prior to the crisis, growing in just five years from a combined balance sheet of less than 2 times GDP (at the end of 2003) to almost 10 times GDP (in mid-2008). Most of this expansion was cross-border, and a significant part of it was really off-border, having very little to do with Iceland, as both financing and investment took place abroad. This was facilitated by two factors: first, Iceland’s membership in the European Economic Area (EU + Iceland, Lichtenstein, and Norway), which gave banks headquartered anywhere in the region the right to operate throughout the region, and second, the prevailing global conditions of abundant, cheap credit. Just before their failure, the Icelandic banks had foreign currency balance sheets amounting to almost 7.5 times Iceland’s GDP, with a significant maturity mismatch between assets and liabilities. In comparison, the Central Bank of Iceland’s foreign reserves amounted to 21% of GDP.4 These and other examples I could mention were accidents waiting to happen. And happen they did in the autumn of 2008, when, during the panic that gripped markets after the collapse of Lehman Brothers, there was a full-scale run on cross-border banks’ foreign currency liabilities.
So how can the experience of this region contribute to a better understanding of the interplay between finance and growth and the various policy choices? The countries of emerging Europe gained experience from their own deep crises over a decade ago. In most of them, output collapsed at the start of transition. Then almost everywhere there was a banking crisis, leading to heavy private and public losses. But  BIS central bankers’ speeches  1  valuable lessons were learned during the economic transformation. Some of the pressing issues were bank insolvencies, debt restructuring and privatisation. The key lesson was that everyone, including not only the general public but also the elected politicians themselves, pays a higher price when reforms are delayed. This is true even if such reforms seem painful and unpopular in the short run. Ten of the former transition economies are today members of the European Union (three of them – Slovenia, Slovakia and Estonia – already joined the euro area). But EU accession was not granted automatically. Membership was not a gift. Many criteria had to be complied with, including the assessment of whether the country had a “functioning market economy” and its “capacity to cope with competitive pressure and market forces within the Union”. That necessitated radical legal and institutional reforms in the candidate countries. Transition Europe had no choice but to learn by experience, well before the recent global crisis, what policies were ultimately beneficial for sustainable economic growth and for the stability of the banking system.

As Robert Swan, the English polar explorer and environmental leader once said, "The greatest threat to our planet is the belief that someone else will save it." Let us play our part in taking proactive steps to manage climate risk before there is nothing left to manage. I wish you all a fruitful outcome and a successful journey towards building your business resilience against the impacts of climate change. Thank you and Assalamu'alaikum. About GVC Programme: The GVC programme is an initiative by Bank Negara Malaysia together with the GVC strategic partners, which was announced at the COP-27 conference in Egypt in conjunction with Finance Day on 9 November 2022. The programme is envisaged to help SMEs begin their journey in sustainability reporting, to tackle climate change and reduce the nation's carbon footprint. This programme incentivises and assists Malaysian SMEs in implementing impactful, long-term change to green their operations and benefit from the technical advisories and software tools from services provider partners and climate transition financing from the Low Carbon Transition Facility (LCTF)  2/3  BIS - Central bankers' speeches  by Bank Negara Malaysia. Climate change is one of the biggest challenges facing our planet, and GVC strategic partners remain committed to doing its part in addressing this global crisis. 1 Source: United Nation Climate Action 2 Source: Global Turning Point Report 2022, Deloitte Center for Sustainable Progress 3 MSME comprise 37.4% share of 2021 GDP, source: Department of Statistic Malaysia.
The bond proceeds are channelled to support healthcare and pharmaceutical development, for the benefit of lower income households and small businesses. The World Bank’s pandemic bond facility has been triggered, and will provide $ million in emergency financing to 64 of the world’s poorest countries to support their recovery.3 5. Today, I will focus on opportunities in green and sustainable finance, and impact investing. Pushing forward with green finance for a sustainable world 6. The pandemic provides a prime opportunity for countries to “build back better”. It is important now, more than ever, that countries not only rebuild their economies and preserve jobs, but also in the process, intentionally build a more sustainable new economy. There have been growing calls for governments to prioritise or accelerate green infrastructure development as part of recovery plans. Infrastructure development is critical to driving economic growth and improving social outcomes, while climate change remains a significant threat to mankind. It is important that a right balance between growth and sustainability be achieved. Public-private partnerships will be key to achieving this. Last week, Infrastructure Asia in Singapore partnered the World Bank Group and Singapore Management University to build capabilities of regional government officials, and raise awarenss of solutions to support sustainable and resilient infrastructure development, such as clean energy projects.4 1/4  BIS central bankers' speeches  7. Singapore is committed to support the pivot towards a clean and sustainable future.

1 International Monetary Fund (IMF), 6 April 2020, World Economic Outlook, April 2020: The Great Lockdown 2 Euromoney, 7 April 2020, Coronavirus crisis offers green and social bonds chance to prove their worth 3 World Bank Press Release No: 2020/180/HNP, 27 April 2020 4 Infrastructure Asia and World Bank Press Releases, 1 June 2020 5 Global Sustainable Investment Alliance, April 2019, 2018 Global Sustainable Investment Review 6 Morningstar, 3 April 2020, Sustainable funds weather the first quarter better than conventional funds;  Morningstar, 28 May 2020, What the pandemic means for sustainable investing 7 BlackRock compilation at 18 May 2020, Sustainable investing: resilience amid uncertainty  4/4  BIS central bankers' speeches
Jürgen Stark: Closing address at the Fifth ECB Central Banking Conference Speech by Mr Jürgen Stark, Member of the Executive Board of the European Central Bank, at the Fifth ECB Central Banking Conference “The Euro at Ten: Lessons and Challenges”, Frankfurt am Main, 14 November 2008. *  *  *  Ladies and gentlemen I wish to thank all of you for joining this 5th ECB Central Banking Conference here in Frankfurt. It has been a privilege for us – and here I am speaking also on behalf of my colleagues on the Executive Board of the ECB – to host this event, with such distinguished panellists and participants during this busy and extremely difficult time. In my view, the past one and a half days have been a great success. Your expertise, experience and thought-provoking ideas, as well as your contributions to the discussions have enriched the intellectual and political debate on monetary union in Europe – its achievements, its challenges and its future. It has not been the aim of this conference to celebrate the ECB and its achievements. However, it is worth recalling that, contrary to what was expected by a number of critical observers in the run-up to Economic and Monetary Union (EMU), the euro has been a remarkable achievement. Let me also remind you in this context that the ECB is obliged to maintain price stability.

With inflation averaging only slightly above 2% in the euro area in the face of several significant adverse supply shocks, we have witnessed a decade of relatively stable prices. Likewise, longer-term inflation expectations have remained broadly anchored at levels in line with price stability during this time. Such anchoring reflects favourably on the high degree of credibility enjoyed by the ECB’s monetary policy. This success is also a tangible proof of the institutional robustness, coherence and unity of the Eurosystem – of its capacity to act in a truly European spirit on the basis of shared values, high standards and common principles. This has in turn led to striking progress in economic and financial integration in the euro area. Ten years on, even those early critics admit that the euro has performed better than expected. And meanwhile, today’s critics are saying that the ECB’s monetary policy over this period has not really been tested, that it’s just been lucky. Not true. The past ten years have not been plain sailing. Far from it. From the outset, the ECB has been confronted with a high degree of uncertainty and a series of severe shocks: the aftermath of the Asian crisis in the late 1990s; the bursting of the dot.com bubble; 9/11; and sharp rises in oil and food prices worldwide. Over this same period, the euro area has also had internal imbalances to contend with. An issue that was intesively discussed yesterday. These imbalances remain a challenge.
I was able to point to the preceding four years - during which inflation had averaged just under 3¼%, compared with almost 10% over the previous 20 years. I was able, too, to point to sixteen consecutive quarters of positive economic growth. And I was able to point to a continuing, relatively steady fall in unemployment from its peak - in terms of the claimant count measure - of almost 10% in 1993. Then I held out to you the prospect of continuing stability - with low inflation and sustained economic growth - as far ahead as I could see. You didn't believe a word of it! You listened - very courteously, as I would expect from the members of your very professional association - but you listened with a good deal of scepticism, which, I confess, I could perfectly well understand. As I left that evening, one of your members said to me "I do hope you're right, Eddie, but we've heard it all before. We'll believe it when we see it!" I suspect he spoke for most of the rest of you. Well, tonight I can tell you that inflation - on the Government's target measure - has averaged just 2.5% over the past 10 years. We have now had 42 consecutive quarters of positive economic growth which is much the longest period of continuous growth since quarterly data became available in 1955.

Essentially we took the view that unbalanced growth was better than no growth at all - which was the only other option we had. This "two speed" economy has, I know, been reflected in the pattern of your own activity as FLA members, with consumer finance volumes growing strongly in recent years where business volumes have been relatively flat. In the past year alone new business written to consumers was nearly three times that written to business customers. Now clearly the imbalances can't go on increasingly indefinitely. The build-up of household debt and the related strong rise in house prices we saw last year in particular must begin to moderate at some point. So much of the recent debate has been about whether the eventual adjustment will occur gradually, within the context of continuing overall expansion, or more abruptly in which case the overall expansion could prove more difficult to sustain. On the macro-economic data it seems clear that the global economy in fact bottomed out around a year or so ago, and that we have since seen the beginnings of a recovery, notably in the US, on which so much of the rest of the world currently depends. And it is also clear that monetary policy generally and in some countries also fiscal policy - remains supportive.
The report examines the conceptual elements inherent in Islamic finance and their effects on financial stability and considers eight further areas of development in the Islamic financial architecture to enhance its ability to deal with a more challenging future operating environment. This Report completed in April this year aims to support the international efforts towards providing a strong foundation for financial stability in the global financial system. The eight areas for strengthening the financial infrastructure of Islamic finance address the institutional capacity both at the national and international level with the aim of contributing to global financial stability. These building blocks which address the core foundations for the development of Islamic finance include, first, ensuring the effective implementation of the prudential standards; second, the development of systemic liquidity management infrastructure; third, the establishment of strong financial safety nets; fourth, putting in place an effective crisis management and resolution frameworks; fifth, strengthen further the accounting, auditing and disclosure standards; sixth, having an effective macro prudential surveillance in place; seventh, having credible credit rating institutions and processes; and finally eighth, enhancing close international cooperation and coordination among countries including in capacity building and talent development to support efforts at the national level to ensure financial stability. Islamic finance does not exist in isolation and as it becomes an increasingly important component of the global financial system, it will inevitably be impacted by the changing global landscape of financial regulation.

Turning to fiscal policy, the baseline scenario assumes that the trajectory of public spending is consistent with the fiscal rule and with the Administration’s announcements that it will  BIS central bankers’ speeches  3  follow a path of fiscal consolidation, which has resulted in an adjustment of expenditures planned for 2016. This is consistent with a lower trend price for copper than was assumed in the formulation of this year’s budget. Risk balance One of the main external risks comes from the international financial markets. New volatility episodes may be repeated like the ones we saw in the early months of this year, because many of the underlying elements are still present. In particular, doubts around the situation in China, and doubts concerning the Fed’s decision on the policy rate. This, because of both its difference with what can be inferred from market prices and the divergences with other developed countries’ monetary policies. Nor can we rule out that the increased appetite for riskier assets observed in the past few weeks could persist. Any outcome will have effects, among others, on external financial conditions and emerging economies’ currencies and, it will thereby have an impact on local output and inflation. Another risk scenario has to do with the outlook for world activity. On the downside, there are doubts about the growth capacity of China, which couples with doubts surrounding the solidity of the US recovery.
The analysis of external risks contained in this Report reminds us of the importance of the exchange rate being the first buffer of external shocks, causing the economy to respond through changes in relative prices rather than the levels of demand and activity. Additional evidence presented in this Report shows that countries with a floating exchange rate also reduce the volatility of long-term interest rates, which are a determinant of investment. Moreover, developing market instruments to manage foreign exchange risk generates a stronger basis for the development and diversification of exports than an uncertain state insurance through regular intervention or the fixing of the exchange rate. It is important to recall that the attempts to sustain the exchange rate led the country to a recession in 1999, whereas the float significantly reduced the impact of the crises that originated in Argentina and Brazil in 20012003, the financial crisis of 2008-2009 and the end of the commodity boom in 2014. In each of these last three episodes, the exchange rate float has provided enough room for monetary policy to reduce cyclical fluctuations. Monetary policy and its perspectives are also built using as a working assumption a defined trajectory for fiscal policy. The working assumption in this Report is that in 2018 the economy will receive a fiscal impulse in line with the budget announced by the authority. From then on, it is assumed that fiscal spending will follow the path of fiscal consolidation contained in the Medium-Term Financial Projection of the last Public Finance Report.

Importantly, behind the growth of sectors other than natural resources—Other GDP—was the fact that improvements in human capital, the incorporation of women into the labor force, and immigration, would help to offset the negative effects of the aging of the Chilean population and the tendency to reduce the actual number of hours worked that comes with development. This projection assumed a relatively neutral role for capital, in the sense that it expanded at the same rate as Other GDP. This assumption is consistent with the capital/product ratio remaining near its historical average, a stylized fact observed in other countries as well. For this to occur, however, it is necessary for investment to grow in consistency with potential GDP growth again. Our projection also assumed that total factor productivity of the sectors unrelated to natural resources would go back to grow at rates around its average of the last twenty years, a major challenge, but clearly possible. The recovery of the growth trend of productivity of these sectors will be especially important, given the declining trend of natural resources, mainly associated with mining ore downgrade. Finally, we show that the Chilean evidence suggests that there are significant inefficiencies in the allocation of resources among firms and that there would be first-order gains from measures to improve them, which, unlike the case of human capital, could generate  5  profits sooner. Although these policies fall outside the scope of the Central Bank, we believe it is important to reiterate their relevance to this Committee.
They are: •  Clause 1: Freedom for the Church. •  Clause 13: Protection for the “ancient liberties” of the City of London. •  Clause 39: No wrongful imprisonment. Perhaps the most famous clause. “No free man shall be seized or imprisoned, or stripped of his rights or possessions, or outlawed or exiled, or deprived of his standing in any way, nor will we proceed with force against him, or send others to do so, except by the lawful judgment of his equals or by the law of the land.”  •  Clause 40: Justice is not for sale. Added to that, the spirit of Clause 12 of the 1215 Magna Carta (dropped from all later reissues), that “no “scutage” or “aid” may be levied in our kingdom without its general consent…”, is clearly what would later become “no taxation without representation”: to establish a council (the embryonic embodiment of what would later become Parliament) to agree whatever new taxes the King might demand. Whatever their purpose at the time, the more universal clauses that remain on the statute book certainly resonate today. They in effect encompass the idea of the rule of law and of due process as a means to ensure justice.

Mark Carney: From Lincoln to Lothbury – Magna Carta and the Bank of England Lecture by Mr Mark Carney, Governor of the Bank of England and Chairman of the Financial Stability Board, as part of the Lincoln Lectures 2015, Lincoln, 16 July 2015. *  *  *  I am particularly grateful to Professor Nicholas Vincent for commenting on an earlier draft of this speech, and to James Bell, Ben Nelson and Iain de Weymarn for assistance in its preparation. A burst of inflation. A crisis in the public finances. Public sector bailouts. Infighting in Europe. Not eight years ago, but eight hundred. That was the economic context for the striking of Magna Carta. To many today, Magna Carta is a document of profound, almost mythical, significance. It is seen as the cornerstone of the United Kingdom’s constitutional arrangements and as a blueprint for the constitutions of many other nations, including the United States. It is credited with establishing the foundations of parliamentary democracy, creating a framework for the rule of law, protecting individual liberty, defending the rights of the innocent, and limiting the role of the State. It is undoubtedly true that Magna Carta – or more correctly the idea of Magna Carta – has played a central role in British political development over the centuries, not least as a banner under which those seeking liberty from oppression have rallied. But many modern scholars argue that its significance, in and of itself, has been overstated.