samchain/econo-pairs-v1 huggingface dataset:
The industry needs to reduce the level of foreign employment which remains relatively high at present at more than 10% of the industry total workforce. We will therefore be engaging with companies to reduce the level of foreign employment to no more than 5% by the end of this year and to less than 3% by the end of 2016. Accreditation for compliance officers In the area of talent development, the industry should take the next step of introducing professional certification and accreditation programmes for relevant key personnel. This initiative will signal the strong commitment by the industry players to uphold their professional standards consistent with the Code of Conduct, and sends a clear message that this industry takes, professionalism seriously. The global scrutiny on measures aimed at countering money laundering and terrorism financing risks has heightened. The importance of having in place strong AML/CFT (antimoney laundering and counter terrorism financing), to safeguards against such risks is given. Immediate attention to developing and providing an accreditation programme for the compliance officers becomes critical. I am optimistic that an accreditation programme for compliance officers can be introduced by the industry by the end of the year. An accreditation program will also tie in well with plans being considered by the Bank to introduce an approval framework for compliance officers for the industry. This program should enable companies to appoint compliance officers who have the necessary skills and knowledge of regulatory requirements to perform their role effectively.

And customers are now more appreciative of the improved quality of product and services offered by the industry players. Customers can now conduct their transactions with proper documentation and in more secure premises. The public image of the industry has certainly improved. What we have achieved so far proved that with collaborative effort, we can achieve significant milestones. Our transformation journey is not over. It is long. It is fraught with challenges and we will encounter much passive resistance along the way. But it is a journey that is abound with opportunities. BIS central bankers’ speeches  1  Expectations and scrutiny of the industry will continue to increase, particularly with the growing concerns over risks posed by money laundering and terrorism financing activities. But we shall practise proportionate regulation. The Bank will assess risks and compliance based on the individual company’s business profile. We are confident that all licensees will be able to comply with the minimum standards set by the Bank. Where necessary, additional investment in resources should be made including, recruiting suitable talent and acquisition of new systems. Immediate priorities for the industry Vision for the Future The world we are living today has changed significantly. The old rules do not work anymore. New rules are continuously being formed and constantly evolving. The advent of information technology has changed the way we live and the way we do business. We are more integrated with the outside world. The world is increasingly more interdependent.
Another crisis is inevitable – it is just a matter of time – and the Fund must stand ready to support its members when that happen. In this regard, the review of access limits and the development of crisis prevention instrument, such as the Rapid Access Line (RAL) and the Financial Stability Line (FSL), are critical and should be given priority. •  The third is in facilitating a global dialogue such as the IMFC meetings. It is probably wishful thinking to expect a large diverse group such as this to agree on policy coordination strategies. Nevertheless, even the more modest goal of learning from one another has great value by serving to deepen our understanding of the issues, which should not be underestimated. The Fund’s governance reform 9. In an increasingly integrated global economy, the distribution power within the Fund must adapt to reflect the growing weight of developing and emerging market economies in order to make the Fund more effective as an institution. Giving voice and ownership to member countries will increase the legitimacy and efficacy of the IMF. In this regard, we have indeed come a long way from where we started two years ago. We thus would like to thank the IMF Executive Board, management, and the staff for their dedication and hard work in delivering the current quota and voice reform package before us. 10. We welcome the flexibility and compromise shown by the members of the Executive Board in agreeing to the package we have at these Spring Meetings.

We see the Managing Director’s statement as a good basis for the Fund to move forward and appreciate the urgency with which he has sought to implement the strategy. In particular, we welcome the budgetary savings projected under the medium-term budget and the envisaged implementation of reforms in the other organizational aspects. We would only urge more careful consideration to be given before agreeing to the proposal to charge for technical assistance. Technical assistance is a key public good of the Fund and is critical to improving surveillance and the capacity to design and implement macroeconomic policy in many developing and low-income countries. As such, we should ensure that countries who need technical assistance will continue to receive it, regardless of their ability to pay. 16. We also welcome the Fund’s proposed program of work on sovereign wealth funds (SWFs). These funds play a positive role in the global financial market by adding both depth and breadth to them, allowing for the efficient distribution of funds, and lowering the cost of capital in recipient countries. The established SWFs are professionally-run, long-term investors, with little leverage. Their ability to accommodate short-term volatility has contributed to liquidity and stability during periods of market stress, as illustrated in the recent crisis. For countries that operate SWFs, they are a useful tool in managing intergenerational savings in a manner that preserves macroeconomic and external stability. They help build a buffer against future liabilities arising from population aging or other concerns.
By delegating the lender of last resort function to the central bank, and making it clear that the central bank will not support insolvent banks, the politicians can avoid the temptation to use central bank funds to bail out banks in financial difficulty. Another reason for giving the central bank formal operational independence is that only then can the Executive Board of the central bank be made fully accountable for the bank's operations, and as I have said already, accountability is a crucial means of attaining efficiency. Transparency Accountability is intertwined with the issue of transparency, not only through clearly defined objectives, but also through actions. A central bank should be clear about which actions are being taken and for what reasons. Most people agree that central banks should do their best to minimise uncertainty over policy actions, as this will make policy more efficient. As my colleague Mervyn King said, if monetary policy becomes so undramatic and predictable that it is boring, then we will really have achieved a low level of policy uncertainty! The issue that remains open to debate is which information should be published and when. At the Riksbank, we have chosen to publish our inflation forecasts four times per year and to publish edited minutes of the Executive Board meetings, where interest rate decisions are taken with a lag of about two weeks. While we strive to be as open as possible, there are of course limits.

Also, it has been difficult to draw a clear line between what the actual responsibilities of a central bank are, and what represents business that the bank has carried on for historical reasons. Today, we have managed to change the market structure in a direction that we believe will benefit society through lower total costs for handling cash. However, we have not yet found a good solution for the cash handling firm we created. Measuring central bank efficiency As I mentioned earlier, central bank efficiency involves many different aspects, none of which have been the subject of much research. Unfortunately, there have not been very many attempts to actually measure the efficiency of central banks. Some recent studies have focused on monetary policy  BIS Review 24/2003  3  efficiency, and these have provided some valuable insights. However, the achievements of the central bank are typically not related to its costs. On the other hand, a number of attempts have been made to measure the cost efficiency of central banks; these have typically focused on activities for which output is measurable, such as the production of notes and coins. Measuring the costs of central banks is relatively easy. For example, one can look at the size of the bank's staff. The problem, however, is quantifying output. 50  Diagram 1.
Sources: The National Institute of Economic Research and the Riksbank. 7  See Rawdanowicz, Bouis and Watanabe (2013). 8  This reasoning is based on Farhi and Tirole (2012). 6  BIS central bankers’ speeches  A more tangible source of concern is households’ expectations of future interest rates. Surveys show that households (and market agents, for that matter) are expecting much lower interest rates in the longer run than we at the Riksbank are expecting (see Figures 5 and 6).9 Figure 6 Expectations of the repo rate Per cent 5  5  4  4  3  3  2  2  Survey, Prospera average, 28 August 2013  1  Forward rate, 10 September 2013  1  The Riksbank's repo-rate path  0  0 13  14  15  16  17  18  Note. Repo-rate forecast from the September MPU. Repo-rate expectations among money market participants 1, 2 and 5 years ahead. The broken lines show an interval for the long-term level of the repo rate of 3.5 to 4.5 per cent. Sources: The National Institute of Economic Research, TNS SIFO Prospera and the Riksbank  One possible interpretation of these expectations is that households place too much emphasis on the low interest rates in recent years when they are looking ahead. In this case, further repo-rate cuts risk reinforcing the difference between households’ expectations and the Riksbank’s expectations of future interest rates.

Ardian Fullani: Recent economic and monetary developments in Albania Speech by Mr Ardian Fullani, Governor of the Bank of Albania, at the press conference on the Monetary Policy Decision of the Bank of Albania Supervisory Council, Tirana, 25 April 2012. *  *  *  In its meeting of 25 April 2012, the Supervisory Council of the Bank of Albania reviewed and approved the quarterly Monetary Policy Report. Based on the analysis of Albania’s latest economic and monetary developments and following discussions on their performance outlook, the Supervisory Council of the Bank of Albania decided to keep the key interest rate unchanged at 4.25%. This decision reflects the balance of inflationary pressures and the need to maintain the macroeconomic stimulus to the economy, under the conditions of a more prudent fiscal policy during the in the course of the year. (Let me now proceed with an overview of economic developments and main issues discussed at today’s meeting.) During the first quarter of 2012, the Albanian economy continued to maintain the parameters of macroeconomic stability even in the context of the ongoing global crisis. International financial markets are characterised by high risk premiums and, despite measures taken to solve the public debt crisis in the euro area, signals for a normal progress of in the short run are absent. These developments, as expected, have provided a reining impact on our economy, which is mainly expressed in the continuation of below-potential economic growth. Annual inflation slowed down significantly in the first quarter of the year.
For example how should internal TLAC be subordinated, should it always be issued directly to the resolution entity, what maturity should instruments have and how should they adjust as the risk profile of the material sub-group changes? And perhaps most importantly how should the joint contractual trigger that allows internal TLAC to be written down outside of resolution work in practice? The FSB is working on these issues and a consultation paper will be issued later in the year. Implementation of internal TLAC may also prompt the questions as to how internal TLAC relates to existing capital requirements – is there trapped capital, located in a subsidiary or holding company but which cannot be moved to the subsidiary that needs it? If so, in a world of internal TLAC, can it be released? Where should buffers be located in groups? Host regulators will still want subsidiaries to hold adequate capital and potentially additional buffers if these entities are systemically important to the domestic economy. But they may for example become more comfortable about a higher share of capital being held at group level. CMGs and supervisory colleges will provide the setting to think these issues through. Finally, now we have TLAC, we need to complete the work on how we will use it. That is, how in practice we will execute a bail-in. Part of this is ensuring that the right mechanics are in place.

If we can succeed in implementing the reforms that are still outstanding, there is a chance that economic growth can be propelled to a level beyond the current economic upswing. BIS Review 100/2006  1
The firming of the recovery is attributable in no small measure to markedly expansionary macroeconomic policies which, in many countries, have resulted in significant increases in public and private debt levels. Against a background of very generous monetary policies and ample global liquidity, the financial markets saw asset price rises and very low interest rates, which also helped anchor the pick-up in demand. Risk premia diminished on both private-sector bonds and on the sovereign debt of emerging markets, which received greater capital flows. As a result, the economic recovery and the soundness of financial markets fuelled one another, in a virtuous circle that has broadly been maintained in the opening months of 2004, although recently a rise has been seen in long-term interest rates and in emerging markets’ sovereign risk premia. Latin America was the emerging region which encountered most difficulty in joining the upturn in the world economy in 2003. Crises in certain countries and bouts of financial instability in others have prompted heavy exchange rate depreciations and upward price pressures in recent years. Against this, the authorities reacted with more restrictive demand-side policies that set back any take-off in their economies. As these policies have eased, and as external financing conditions have improved and the increase in commodity prices firmed, the Latin American economies have attained progressively higher growth rates, particularly as from the closing months of 2003. However, certain factors of vulnerability remain in the area.

Our third strategy is to create a high-performing and functional data infrastructure so that banks can benefit from data instead of being weighed down by it. We often hear comments that the lack of data has been a major impediment to banks’ competition with the big techs. But the reality is that a lot of data is scattered across different sectors, entities, and platforms. It is just that there is no efficient way for traditional financial institutions to tap into these treasure troves, with the consent of data subjects where necessary. 28. In order to leverage data to launch innovative financial solutions, and to unleash our city’s potential for the next generation of banking, we need to enhance Hong Kong’s financial data infrastructure. For example, as a start, we are building the Commercial Data Interchange (CDI). After joining CDI, you will be able to safely and quickly access corporates’ data, which, although always there, was previously almost inaccessible. What’s more, once CDI has been built, and related mechanisms established, your bank can connect with new data providers with minimal efforts. The need for customising connectivity for each partner will 3/5  BIS central bankers' speeches  become a thing of the past. 29. In many ways, CDI is unlike our existing financial infrastructures, such as the RTGS and FPS. For one thing, the architecture of CDI is more complex. Multiple parties are involved— banks, data providers, commercial entities, government departments, you name it.
Benoît Cœuré: Interview in The Yomiuri Shimbun Interview with Mr Benoît Cœuré, Member of the Executive Board of the European Central Bank, in The Yomiuri Shimbun, conducted by Mr Tadashi Isozumi in Japan and published on 20 May 2016. *  *  *  You are attending the G7 finance ministers’ meeting in Sendai. What do you think the most important topic for discussion will be? The Group of Seven (G7) countries are faced with a common challenge: how can they escape from this low growth, low inflation environment? What is important is that they cooperate and act together. To address future challenges, there needs to be a combination of multiple policies. In order to prevent euro area inflation from being too low for too long, the ECB has brought short-term interest rates to levels close to zero or negative, and is providing forward guidance on the future monetary policy stance. We are also implementing quantitative monetary easing of € billion [about 10 trillion yen] per month at least until March 2017, primarily by purchasing government bonds but also, starting next month, by purchasing bonds issued by non-financial companies. These actions are mutually reinforcing and in particular negative rates are reinforcing the impact of QE. Negative rates are also hurting the financial industry… Negative interest rates impose direct costs on some industries: the banking industry, the pension funds industry and the insurance industry. But so far the overall impact on bank revenue has been positive, thanks to higher loan volumes and lower risk provisions.

You cannot just rely on other countries. The message that we would like to hear is that “growth starts at home”. 2  BIS central bankers’ speeches
The social partners can apply a low and stable rate of inflation when they negotiate the share of economic growth to be taken out as real wages and set their ambitions with regard to employment. The guidelines and the financial crisis The financial crisis in 2008 put the economic policy guidelines to a severe test. The interest rate cuts that followed from the inflation target led to a reduction in households’ annual interest expenses of around NOK 40 billion. The krone acted as a buffer. The burden on leveraged companies was eased and many investment projects became profitable in an environment of lower interest rates. Monetary policy made a substantial overall contribution to Norway’s resilience to the crisis. 3  Speech delivered at the Petroleum Seminar at the Norwegian Association of Economists on 2 November 1988. 4  BIS central bankers’ speeches  Chart 6: Real interest rate. Per cent. August 1987 – February 1990 and June 2008 – December 2010 Chart 7: Registered unemployment. Per cent. August 1987 – February 1990 and June 2008 – December 2010 Well anchored inflation expectations made monetary policy effective – the reduction in Norges Bank’s key policy rate was perceived as a decline in the real interest rate. Other central banks experienced that there was little scope for reducing the real interest rate to a sufficiently low level. This downturn contrasts sharply with the downturn in the 1980s when the interest rate had to be maintained at a high level to defend the krone exchange rate.

As a percentage of world GDP. 2000 – 2010 The crisis was preceded by a build-up of global imbalances. Large and growing deficits in the US were driven by high consumption and a large appetite for debt among US households. In the US, domestic spending had outpaced domestic production for a long period. Private debt  BIS central bankers’ speeches  1  increased in the US, but also in Europe, matched by high saving in Asia – primarily in China. Asia’s willingness to purchase US bonds allowed the imbalances to grow. Global trade imbalances have been reduced somewhat over the past two years, but there is a considerable risk that they will persist. They must be corrected through structural changes in the real economy. This may weaken growth in the world economy in the coming decade. Asian economies, however, have fared well through the crisis. Emerging economies are now sufficiently large so that growth in their economies provides impetus to production in other regions. Chart 2: GDP. Constant prices. Index, 2000=100 The financial crisis hastened the pace of change in the world’s economic geography. If GDP is set at 100 in the year 2000, it would have grown to 112 for the euro area and 118 for the US up to last year. The figure for Brazil is 143 and 271 for China. If the trend continues China could outgrow the US to become the largest economy in the world in the course of the next 10–20 years.
Anne Le Lorier: Regulating non-banks – ways forward and challenges ahead Speech by Ms Anne Le Lorier, First Deputy Governor of the Bank of France, at the ACPRBank of France Conference “Financial regulation-stability versus uniformity, a focus on nonbanks actors”, Paris, 28 September 2015. *  *  *  Dear Ladies and Gentlemen, Dear Colleagues and Friends, On behalf of the Banque de France and of the ACPR, I would first like to thank very much the speakers and the participants in today’s conference for the quality of their presentations. Indeed, they helped us to have insightful debates on the ongoing efforts made to prevent systemic crisis as much as possible, strengthen the global financial system and its resilience i.e. its capacity to withstand systemic shocks. As illustrated today, this is not an easy task and the global regulators are facing many challenges in shooting at a moving target: the financial system not only adapts, but also transforms itself and anticipates regulatory changes, sometimes constructively, sometimes less, thereby continuously modifying the sources, the channels and the shape of systemic risks. Regulation itself can be ill-designed, too narrowly focused or can generate unintended consequences.

This is especially the case in the financial system, where identical behaviors at the same critical moments, possibly due to identical regulations, may generate endogenous risk and amplification as in Professor Shin’s Millennium Bridge analogy. This reasoning applies not only to financial intermediaries but also to financial market infrastructures, where networks effects through interlinked Central Counterparties might actually amplify shocks. Keeping a systemic eye of financial intermediaries means that one should not look at them in isolation but rather consider both how their behaviors can propagate systemic risk in the financial system and how their failure can disrupt the provision of critical financial services to the real economy. 3. Increasing global robustness  This latter point brings me to the issue of recovery and resolution of both financial intermediaries and market infrastructures. This is probably the key novelty in the regulatory framework that is emerging from the crisis. It serves both the objectives of preventing disorderly resolutions and of being a tool for effective and efficient crisis management. It encompasses both quantitative requirements, at this stage in the form of additional capital requirements for systemic banks and more qualitative and strategic plans, designed at the level of systemic institutions. Discussions are well advanced for banks, still in their beginning for infrastructures, mostly to come for the others, as long as they will be considered as systemic players.