samchain/econo-pairs-v1 huggingface dataset:
In order to meet these challenges, it is imperative that this ecosystem transforms to accommodate changes in demand for financial products and services, the increased competition that is driving down profitability and the fast-growing need for operational resilience. In this context, a thriving, creative and efficient FinTech ecosystem may be a key element in the transformation of the financial system towards greater efficiency and resilience to shocks. This is why, as central banker and supervisor in charge of ensuring monetary and financial stability, I feel it is important to support this FinTech ecosystem and facilitate its smooth integration into the broader financial ecosystem. Naturally, I would like to make it clear that this integration does not,in my opinion, mean a convergence of players, a “harmonious” cooperation or a coordinated approach: the various players have different, sometimes even opposing goals, and that is how competition works. However, we should not systematically pit FinTechs against established players: there is a great variety of relationships between these two worlds, as we see every day. The potential for enriching the financial ecosystem and making it more efficient and resilient lies in strengthening the relationships between players and their diversity. What do we want to do and what are we doing at the Banque de France and the ACPR to support this development of the FinTech ecosystem?

Luis M Linde: Spain and the issues facing Europe Speech by Mr Luis M Linde, Governor of the Bank of Spain, at the dinner of the Sixth High-Level Seminar of governors of the Eurosystem and Latin American central banks, Santiago de Chile, 8 December 2012. *  *  *  Dear President Vergara, Dear Vice-President Constancio, Dear Colleagues, Ladies and Gentlemen, It is for me a real pleasure to participate in the 6th edition of this Seminar of Governors of the Eurosystem and Latin American Central Banks and to be given the opportunity to address this speech to you. The Banco de España has been co-organizing this High-Level Seminar with the ECB since its first edition, in 2002. Also, when the Seminar has crossed the Atlantic – to Brazil, in 2004, to Mexico, in 2009, and now to Chile – we have had the pleasure of collaborating with our Latin American colleagues; on this occasion with the Central Bank of Chile. So, as a co-organizer, I would like to welcome you all, too. [Sean bienvenidos. Sejam Bemvindos.] A dinner speech is expected to be both light or, at least, let’s say, not very heavy and, in any case, brief. This should be the case, especially because this has been a long day for many of us, just arrived from far away to this marvellous country. To be light is not going to be easy.
We are already seeing some progress. Singapore’s Networked Trade Platform, which is a trade and logistics ecosystem, and China’s National Single Window, are now linked. This has enabled direct exchanges of digital customs documents between Singapore and China. Customs declarations can now be paperless and easier. But there is more to do by way of digitalisation to make trade flows and its financing smoother, cheaper and faster. Here are some suggestions. Chongqing and Singapore can jointly explore digitising Bills of Lading for trade along the ILSTC. Bills of Lading are one of the key documents that underpin international trade. But despite its cost and inefficiency, paper Bills of Lading remain the default. There are already electronic equivalents. Singapore’s Infocomm Media Development Authority (IMDA) is piloting TradeTrust, which allows firms to generate and transmit verifiable electronic Bills of Lading. We can also explore connecting our trade platforms digitally to seamlessly exchange trade documents. We can create a sandbox to conduct trade along the ILSTC using electronic Bills of Lading and other negotiable trade instruments. FinTechs from China and ASEAN can develop innovative solutions for an end-to-end digitalised trade platform. Let us make trade between China and ASEAN safer, faster, and more efficient. In March this year, 25 tonnes of citrus from Zhongxian County were shipped from Chongqing to Singapore in 13 days via the ILSTC, this is half the usual time taken. Perhaps the next import of citrus to Singapore can be even faster through an end-to-end digitalised trade process along the ILSTC.

Harnessing Green Finance for Sustainable Development 2/4  BIS central bankers' speeches  The second area where Chongqing and Singapore can work closer together is green finance. COVID-19 has made us all more aware of the value of protecting the environment. China has committed to ambitious green policy goals including carbon neutrality by 2060. Chongqing has the important task of leading sustainable development in the Western Region and along the Yangtze River Economic Belt. Green finance will be a powerful tool to help achieve this. Green finance is also a key area of focus in Singapore. MAS has worked with the financial industry to launch a Green Finance Action Plan. It has four key strategies: strengthen the financial sector’s resilience to environmental risks; develop green financing solutions and markets for a sustainable economy; harness technology to enable trusted and efficient sustainable finance flows; and build knowledge and capabilities in sustainable finance. ASEAN too has prioritised green finance. Green finance volumes in ASEAN doubled last year and remained robust in 1H 2020, despite COVID-19. As Asia continues to urbanise, its demand for affordable and sustainable energy will only grow. There is great opportunity for the Western Region and ASEAN to collaborate on initiatives to support the large scale of green financing that is needed. Last year, Chinese and Singapore banks jointly issued over USD 2 billion in green bonds and loans in Singapore to finance Belt and Road projects.
To work well, our Union needs both: risk reduction mechanisms and risk sharing. As I just said, for crisis prevention to be credible, we should implement fiscal discipline – including the present rules of the Stability and Growth Pact – but we should also have the instruments needed to cushion the effects of asymmetric shocks that may arise suddenly, regardless of all the efforts a Member State can make. It is time to forget about ideological trench warfare. Let me share with you four areas where practical progress is needed: First, bolstering private risk sharing. The simple and obvious way to achieve this is to build the Capital Markets Union within the Financing Union that I mentioned earlier. We are still lagging far behind the United States where capital markets are capable of absorbing around 40% of a state-specific shock. What is more, a genuine Financing Union would further 2/3  BIS central bankers' speeches  increase the efficiency of monetary policy by ensuring better circulation of liquidity in the euro area. Second, EDIS. We have made significant strides with the first two pillars of the Banking Union, the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM). We still need – and it should be our priority – to strengthen the SRM with a sovereign backstop to the Single Resolution Fund and a simplified decision-making process tailored for emergency cases of resolution. Now, there needs to be some form of compromise to move forward on the third pillar, EDIS, as well.

The conditionality imposed on IMF financial support was associated with the application of “shock therapy” to Asian countries’ financial sectors: losses had to be written down immediately, banks were closed or sharply restructured and many institutions were sold to foreigners, arguably at “fire sale” prices. Within the euro area, various buffers – not least, the Eurosystem’s provision of liquidity support – have tempered the stresses in the financial system. This reflects the recognition that, within such a deeply economically and financially integrated region, “shock therapy” adjustments may, through spillovers, weaken the financial system in other parts of the euro area. However, we must also ensure that such liquidity support to the banking sector does not delay or hinder the fundamental reforms required to address the underlying weaknesses the financial crisis has revealed. In the end, the crisis-hit countries have no alternative: they have to make fundamental reforms to their banking systems, involving substantial restructuring and, in some cases, very significant downsizing. Liquidity support can help to reduce adjustment costs by smoothing the transition. But those costs should not be used as a pretext for delay. 5. Concluding remarks  Financial markets are testing the strength and resilience of the euro area and the willingness and ability of the euro area authorities to preserve the integrity and stability of the euro as a currency. The institutional response to their challenge has been swift, strong and resolute.
This is a joint initiative by the Association of Banks in Malaysia and supported by the Royal Malaysian Police and Bank Negara Malaysia. To coordinate and expedite actions against the operators of financial scams, a taskforce led by the Attorney-General’s Chambers has also been established under the National Coordination Committee to Counter Money Laundering. Our regulatory approach will continue to strike a right balance between innovation and the stability of the system. We are ready to adapt regulations to support emerging technologies and changing business and operational models when they bring clear benefits to our financial system and economy, and when the risks are well-understood and managed. New requirements for eKYC solutions that were recently released for industry feedback are an example of this. We will also be releasing guidelines for digital currencies by the end of this year to address risks associated with money laundering and terrorism financing. Last but not least, let me state that Bank Negara Malaysia values our cross-border partnerships with financial intelligence and law enforcement agencies. We will continue to cooperate constructively with our counterparts, including through our membership in the Financial Action Task Force (FATF), to safeguard the integrity of the global financial system. This partnership at the international level is increasingly critical as money laundering and terrorism financing transcend borders. More importantly, our efforts are to secure the future of our economy and the trust of our people by effectively preventing abuses of the financial system for criminal purposes.

I also pay tribute to my predecessors in office in the independent Macedonia, governors Borko Stanoevski, Ljube Trpeski and Petar Goshev and to all management structures of the Bank, both current and former, largely present here tonight. I extend special thanks and recognition to all generations of employees of the National Bank, that dedicated their work life to the institution, and have contributed with maximum commitment and professionalism to the continuous growth and development of the National Bank. This order is your merit, but also a responsibility to continue delivering great results. To continue investing in constant upgrade and to protect the reputation of the institution, thus helping it to come closer to the family of the central banks of the Member States of the European Union. I am convinced that in the next period the National Bank will continue to build and develop itself, and will successfully accomplish its mandate! May we celebrate this great event for many years! 2/2  BIS central bankers' speeches
To make the choice of path regarding digitalisation of the payment market easier, we need a clear Swedish stance that is based on political priorities and decisions. This includes a review of the Sveriges Riksbank Act that clarifies the Riksbank's mandate. It is also important to cooperate with other public authorities. The e-krona would have points of contact with many other authorities, for instance the tax account, to which all those who are to pay tax receive access, functions as a form of state money. It is possible that the best solution would be to build an e-krona system together with other authorities. It would also be good if the legislation in this field in Sweden was updated to take into account the fact that payments will in future be made digitally. If the means 8 See, for instance, Project Jasper https://www.payments.ca/sites/default/files/29-Sep-17/jasper_re-  port_eng.pdf, Project Ubin http://www.mas.gov.sg/Singapore-Financial-Centre/Smart-Financial-Centre/ProjectUbin.aspx and Project Stella https://www.ecb.europa.eu/pub/pdf/other/stella_project_leaflet_march_2018.pdf. 4 [9]  of payment issued by the Riksbank is not generally accepted, it will be difficult for the Riksbank to perform its task of promoting a safe and efficient payment system. According to the Sveriges Riksbank Act, the Swedish krona, in the form of cash, is legal tender. But at the same time, it is possible to waive the obligation to accept cash by, for instance, putting up a sign that cash is not accepted. As the use of cash is declining rapidly, it is urgent that the legislator takes a stance on what status in the law legal tender shall have.

Consequently, Switzerland must do everything it can to secure its competitive position in this changing world – now and in the future. Third, convincing answers will be needed to counter the international pressure on Switzerland, which has increased considerably of late, particularly in connection with the question of the tax compliance of foreign assets in Switzerland. These are formidable challenges. However, Switzerland is well equipped to meet them with confidence. What is essential is that we are able to benefit from the strengths that characterise the country now as in the past. These success factors include (a) a social and political culture that builds on inclusiveness and the ability to reach a consensus, (b) innovative ability and flexibility, and (c) political and economic stability. BIS central bankers’ speeches  1
The consequence is that it imposes an additional burden on the helper. As a result, neither the helper nor the helped would be able to get out of the vicious circle in which the both parties would get trapped. The moral hazard behavior by people who get free goods is not a new phenomenon. It had been known for many centuries. The Buddha has preached in one of the discourses titled Chakka Vatti Seehanaada Sutta how the king of a country was duped by the people who were given free capital to commence self-employment projects. According to this Sutta, the people of a certain country had resorted, in large numbers, to theft and robbery. The king had consulted his wise advisors to find how to eliminate it. The advice given was that people had resorted to theft and robbery, because they had  BIS Review 48/2007  1  no a way of earning a livelihood. Hence, to enable them to start self-employment projects, the king opened his treasury and allowed them to take whatever the money they needed for use as capital. After some time, the people realized that if they resorted to more theft and robbery, they could get more money from the king. As a result, instead of such felonies declining, they indeed started to rise in the kingdom. A similar example has been attributed to the Chinese philosopher, Confucius, who lived in the 5th century BC.

Microfinance institutions should, therefore, strive to keep the transaction costs at a minimum and eliminate the possibility of incurring deadweight losses. The on-time delivery of microfinance loans is also a very important requirement. Most of the microfinance projects are agriculture based businesses. Hence, there is a necessity for meeting crucial expenses on-time. For instance, if a farmer has to apply fertilizer to his field, he has to do it on the due date. For him to buy fertilizer, he needs money also on the due date. This requires the microfinance institutions to release their loans on the due dates. Any undue delay would be immensely costly. A final word should also be said about the subsidization of the interest rates under microfinance credit schemes. Such subsidized credit is demanded, not by the microfinance borrowers, but by urban based social workers and politicians. The problem with subsidized credit is that it flows not into the microfinance projects but elsewhere. What microfinance borrowers need is not cheap credit. They need credit on simple terms in time at zero transaction costs. When the credit is subsidized, it not only leads to wastage, but also goes into the hands of undeserving individuals. Most probably, middle class and lower middle class people would flock to appropriate such credit which they plan to use for other types of non-productive purposes. In this context, informal money lenders would definitely provide a role model for microfinance institutions.
1 The differences between various forecasters’ views of future GDP growth are now unusually wide. This can be illustrated by the range of their GDP forecasts (Figure 6). Asia, however, is a part of the world experiencing strong growth. China and India have also been impacted by the financial crisis, but to nowhere near the same extent as the more developed countries. GDP growth declined somewhat in Asia in 2009, but was still high by western standards (Figure 7). It is first and foremost China’s increasing domestic demand and imports that are stimulating growth in the region. The OECD’s indicators also show that GDP in Brazil and Russia has bottomed out and is now on the way up. Low resource utilisation is restraining international price and wage development Even if the international recession’s lowest point has now been passed and the world economy is improving, price and wage developments are being restrained by low resource utilisation. Inflation is unusually low in both the United States and the euro area. In the United  1  See Carmen M. Reinhart & Kenneth S. Rogoff, 2009. “The Aftermath of Financial Crises”, American Economic Review, American Economic Association, vol. 99(2), pages 466–72, May. 2  BIS Review 11/2010  States, inflation measured as annual percentage change has been negative since last spring (Figure 8). In the euro area, inflation was negative during the summer and autumn of last year, but rose to 0.6 per cent in November (Figure 9).

As in the rest of the world, the upturn in Sweden in the period ahead will partly be driven by temporary factors such as highly expansionary fiscal and monetary policies and an inventory cycle. The forecast assumes that the world market will grow strongly, that private consumption will increase at a good rate despite the fact that the development of household incomes will be weak, that public consumption will increase and that investments will increase despite a low level of capacity utilisation and weak profitability. Naturally, there also exists the possibility that GDP growth will be stronger than we have estimated. However, even with a higher rate of GDP growth, resource utilisation will be low – and it is resource utilisation that is significant for inflation, not GDP growth. Resource utilisation can be measured in different ways, but I will not address this issue today. I will restrict myself to stating that resource utilisation can be measured by the GDP gap – that is to say, the difference between the GDP level and what can be considered a normal level. Even with a higher rate of GDP growth, the GDP gap will be negative and resource utilisation low for an extended period (Figure 17). The low resource utilisation does not only signify that inflationary pressures are low, but is also a reason in itself to conduct a looser monetary policy.
Ardian Fullani: Inflation targeting in practice Greeting address by Mr Ardian Fullani, Governor of the Bank of Albania, at the regional seminar on Inflation targeting in practice, Tirana, 10 October 2005. *  *  *  Dear participants, It is a great honour for me to address the opening speech of the regional seminar “Inflation targeting in practice” organized by the Centre of Central Banking Studies in association with the Bank of Albania. I am delighted to see that the audience has an international composition. At the same time, I would like to take the opportunity to give my cordial thanks to Mrs. Gill Hammond, CCBS Deputy Director and all speakers accompanying her during the proceedings of this seminar. I would also like to thank the Bank of England and in particular the Director of the Centre of Central Banking Studies, Mr Mario Blejer, an old friend of mine, who continues to give his contribution to the improvement of the Albanian image in the world, just like many years ago. This seminar is being organized in a very opportune time for the Bank of Albania. In less than two months, I shall be once more in front of a very distinguished international audience, to address the opening speech of the Open Forum on “Pre-conditions for launching inflation targeting in Albania".

The object of this forum is to discuss the prime pre-conditions to be met by the Bank of Albania before launching the implementation of a new monetary policy strategy, with a particular emphasis on Albania’s membership to the European Union in the long-term run. The fact that we have been successful in controlling inflation during the last years holds true. We have managed to attain a general stability and I believe the policy adopted by us has been one of the key factors. Another fact which holds true is that, for some time, we have been considering to take another step, attempting a more sophisticated, effective and certainly a more responsible and transparent monetary policy approach. To this aim, we have come to the conclusion that the actual framework of the monetary policy requires the necessity of being further completed and perfected with standard elements, adopted by other countries in the world and where the targeting inflation regime has proven to be successful. We are aware that this is not an effortless initiative to be seized. Therefore, I consider that this is a great fortune for the Bank of Albania to have the possibility, on the verge of discussing the preconditions of adopting this regime, to closely discuss and consult the distinguished guests present in this seminar. I trust straight opinions and recommendations shall be brought forth, be they challenging to be accomplished. According to theory, inflation targeting is a direct regime.