samchain/econo-pairs-v1 huggingface dataset:
That’s why the FSB is now developing new policies to address liquidity, leverage and securities financing risks in asset management activities. These measures will help ensure asset managers can provide sustainable and reliable financing to EMDEs. That’s why the FSB is working to ensure the central counterparties that support the plumbing of the new system are resilient and can be resolved without disruption to the flow of financing to the real economy. And that’s why FSB members are working to develop more effective macro prudential policies. These will dampen the impact of capital flows on domestic vulnerabilities and allow countries to be more open and connected to global trade and investment. The FSB’s work plan is highly complementary to other G20 priorities in infrastructure, inclusiveness and climate change. A FAIR system is essential if we are to move to a 2 degree world. A FAIR system is critical to achieving the economic and moral imperatives of the SDGs. I look forward to our discussion of how to build such a system to the benefit of all. 15  BIS International Debt Statistics, (all sectors, nationality basis). 16  IMF World Economic Outlook data show that average annual portfolio flows to EMDEs have more than tripled from their average in the decade prior to the crisis to an average of $ billion annually between 2009 and 2015. BIS central bankers’ speeches  5

Long-term relationships with customers are being replaced by more transient transactions with counterparties. •  Raghuram Rajan observes how increasing product complexity and reliance on technology has created a detachment from the customer. •  It ultimately leads to a reductionist view of finance where “money is the measure of all worth”, a state that is hardly conducive for ethical conduct. 3  Second, compensation structures tend to over-emphasise profits as performance measures. Excessive focus on sales targets and commissions has incentivised a “trading mentality” which is often associated with too much risk taking or scant regard for client interests or the sustainability of relationships. Third, and more fundamentally, departures from ethical conduct are too easily tolerated as the norm. 2  Mark Carney, “The Future of Financial Regulation”, MAS Lecture, Singapore, 2014. 3  Raghuram Rajan, “Where Money is the Measure of All Worth” in Fault Lines: How Hidden Fractures Still Threaten the World Economy, 2010. 2  BIS central bankers’ speeches  •  In a global survey of financial sector executives by the Economist Intelligence Unit, more than half the respondents felt that their career progression would be difficult without being “flexible on ethical standards”. •  If you look at the email and chat room messages between traders involved in the rigging of financial benchmarks, they betray a lack of any sense of guilt or wrongdoing. •  In fact, traders were congratulating and complimenting each other on their manipulation.
Ten years of experience with inflation targeting has shown that the fight against inflation requires collaboration from all relevant parties. We believe that government income and wage policies as well as structural issues related to food prices are important components in this endeavor. Moreover, macroprudential policies towards prudential borrowing also facilitate the fight against inflation by supporting a balanced growth. Thus, bringing inflation permanently down to the 5-percent target requires all institutions to continue resolutely with the efforts made in recent years. According to the GDP data of the third quarter of 2015, economic activity proved more robust compared to the outlook presented in the October Inflation Report, and the GDP grew steadily by 1.3 and 4 percent on quarterly and annual bases, respectively (Chart 15). On the spending front, final domestic demand increased modestly in the third quarter, while external demand contributed positively to the GDP after three quarters (Chart 16). 6  BIS central bankers’ speeches  Chart 15. GDP and Final Domestic Demand  Chart 16. (Real, Seasonally Adjusted, Billion TL)  Contribution of Demand Components to Year-on-Year GDP Growth (Percentage Points)  Source: TURKSTAT. Source: TURKSTAT. The demand outlook for 2016 leads to expectations of stronger economic activity compared to 2015. Amid waning domestic uncertainties, rising consumer and investor confidence may boost domestic demand.

Erdem Başçi: Recent economic and financial developments in Turkey Speech by Mr Erdem Başçi, Governor of the Central Bank of the Republic of Turkey, at the press conference for the presentation of the January 2016 Inflation Report, Ankara, 26 January 2016. *  *  *  Distinguished Guests, Welcome to the briefing held to convey the main messages of the Inflation Report of January 2016. The report typically summarizes the economic outlook underlying monetary policy decisions, shares our evaluations on macroeconomic developments and presents our medium-term inflation forecasts, which were revised in view of the developments in the last quarter, along with our monetary policy stance. In addition to the main text, the report includes seven boxes entailing up-to-date and interesting analyses on various topics. The boxes in this Report look into the sources of the changes in end-2015 inflation forecasts, offer projections about the repercussions of base effects on inflation in 2016, and analyze the dynamics of inflation in Turkey. Moreover, there are boxes that elaborate on Turkey’s changing export market share, study the relationship between consumer confidence indices and financial volatilities, analyze the effects of minimum wage hikes on overall wages, and scrutinize the relationship between loans and growth by sectors. The titles of the boxes are shown on the slide. All of these analyses shed light on noteworthy issues in the Turkish economy. I strongly recommend that you read these boxes, which will soon be published on our website.
3 In Greece, tax windfalls allowed successive governments to obscure a fundamental weakness in the fiscal system, which was only later revealed when the public accounts statistics were improved. In Ireland, the windfalls supported the implementation of a pro-cyclical fiscal policy, as governments used revenue strength to justify tax reductions and higher public spending. Massive implicit liabilities towards the financial sector were accumulated as banking sectors grew rapidly. 1  2  See: Altunbas, Y., L. Gambacorta and D. Marques-Ibanez (2009). “Securitisation and the bank lending channel”, European Economic Review 53(8), pp. 996–1009. See: Cecchini, P. et al (1988). The European challenge 1992, Aldershot: Gower Publishing; and Emerson, M. et al (1992). One market, one money: An evaluation of the potential benefits and costs of forming an economic and monetary union, Oxford University Press. 3  See: Morris, R. and L. Schuknecht (2007). “Structural balances and revenue windfalls: The role of asset prices revisited,” ECB Working Paper No. 737; and Kanda, D. (2010). “Asset booms and structural fiscal positions: The case of Ireland,” IMF Working Paper No. 10/57. 2  BIS central bankers’ speeches  Ultimately, the real and financial imbalances created by these dynamics proved to be unsustainable. The global financial crisis in 2007–08 was the crucial triggering event (Chart 10). First, the onset of global recession led to a deterioration in growth performance, rendering the fiscal and financial burdens imposed by past behaviour unsupportable.

This culminated in the development of a blockchain-based prototype for digital multi-currency settlement in Phase 5. Through this project, the benefit to the industry had become clear, along with private incentives for commercialisation. With Project Ubin having paved the way, industry players are now better placed to pursue commercialisation opportunities. DBS Bank, JP Morgan and Temasek are leading the development of a digital multi-currency payments network aimed at enhancing commercial cross-border clearing and settlements globally. Looking back, this has been a great collaboration journey. MAS and the industry learnt from each other, created new knowledge, and strengthened relationships, and we created a strong ecosystem that is willing to collaborate to build better together. We will utilise the same model to explore the opportunities offered by other promising emerging technologies in future. Addressing Two Key Challenges 9. Looking ahead, central banks can play an active role in two key challenges: supporting sustainable growth through green finance, and enhancing cross-border payments to facilitate trade and investment. Let me start with sustainable growth. Harnessing innovation to support sustainable growth 10. Green finance today is hampered by challenges that reduce the incentive for investors to invest in green projects. Technology can be an enabler to overcome two of these challenges. First, to accurately verify and monitor the carbon footprint and resource consumption across an entire supply chain. This is necessary to address greenwashing and to build trust.
The annual growth rate of M1 increased to 2.0% in September, from 1.7% in August. On the counterpart side, the annual growth rate of loans to non-financial corporations and to households in September, adjusted for loan sales and securitisation, remained broadly unchanged compared with August, at 2.2% and 2.6% respectively. These figures do not signal that the heightened financial market tensions have affected the supply of credit up to September. However, as such effects can manifest themselves with lags, close scrutiny of credit developments is warranted in the period ahead. Taking the appropriate medium-term perspective and looking through short-term volatility, underlying broad money and loan growth have stabilised over recent months. Overall, the underlying pace of monetary expansion thus remains moderate. The overall size of monetary financial institutions’ balance sheets remained broadly unchanged over the past few months. The soundness of bank balance sheets will be a key factor in reducing potential negative feedback loop effects related to tensions in financial markets, thereby facilitating an appropriate provision of credit to the economy over time. We therefore welcome the agreement of the European Council to proceed with the increase in the capital position of banks to 9% of core Tier 1 by the end of June 2012. We also fully support the call to national supervisors to ensure that banks’ recapitalisation plans do not lead to excessive deleveraging. To sum up, based on its regular economic and monetary analyses, the Governing Council decided to reduce the key ECB interest rates by 25 basis points.

The weakening of the US currency resulted in a further decrease in the dollar’s share of foreign currency reserves. Recently, in an effort to prevent the dollar’s share from dropping too low and with a view to rebalancing, we bought dollars again on a number of occasions. Furthermore, as part of the 2004 strategy, the proportion of government bonds was also reduced in favour of other borrowers’ bonds. The required minimum rating for bond investments was lowered from A2 to BBB, thus covering the entire “investment grade” range. Corporate bonds have now also been added to the National Bank’s investment universe, albeit only those of foreign companies. Currently, roughly 4% of both foreign currency reserves and free assets are invested in corporate bonds. The credit quality of all our investments is still very high. Borrowers with the top rating AAA account for over 70% of the investments. Close to 20% bear the AA rating. The remaining investments have an A or a BBB. The average residual maturity (duration) of all bonds held by the National Bank was kept at 4-5 years. The first investments in equities issued exclusively by foreign companies will be made at the beginning of 2005. The addition of equities and corporate bonds is likely to improve the degree of diversification of the investments and will contribute to the achievement of slightly higher returns in the medium term. The main difference between the investment structures of foreign currency reserves and free assets is their currency profile.
Surely our experience with some of these “traps” should make us better experienced to explain the issues. This is what we expect of UNZA. Vice Chancellor, on our part, we will continue to assist UNZA as guided by the MOU. We are very confident that the support that UNZA is receiving from partners such as BOZ will go a long way in furthering academic excellence and uplifting the levels of morale among faculty members. I thank you! 2  BIS Review 140/2007

In March of this year, Bank Negara Malaysia established a Reuters page for the RMB/MYR exchange rate for trade-related settlements, with 11 banking institutions offering the facility to Malaysian companies. A cost-effective arrangement is now being finalised to provide the option for exporters and importers to settle bilateral trade obligations in local currency by the middle of this year. This will complement the existing facilities that are already being provided by commercial banks in the settlement of trade in RMB. Bank Negara Malaysia has also signed a memorandum of understanding with the China Banking Regulatory Commission in 2009 to further strengthen the framework for cooperation and collaboration between both authorities, and to promote regional financial integration. This MOU provides the platform for both regulatory agencies to share information, to ensure the enforcement of prudential rules and regulations and to undertake pre-emptive actions  BIS Review 58/2010  1  towards ensuring the sound development of financial institutions operating in both the respective jurisdictions. This MOU also provides an established mechanism to enhance cooperation in areas that will be mutually beneficial for the development of the financial sector in both countries. With respect to the performance of the Malaysian financial sector, it has demonstrated its resilience throughout the recent global financial crisis. Financial intermediation has remained intact with the banking institutions in a strong position to support the economy. This has been reinforced by fiscal and monetary measures to ensure adequate access to financing by all segments of the private sector.
Such targeting requires co-ordination between donors and must be in response to the real needs of a country. To this end we see it as imperative that there is effective follow up to the IMF’s FSAP missions to channel technical assistance to where it is most needed. It is also important for individual regulators in developed markets to contribute to capacity development elsewhere. The growing interconnectedness of the financial system means it is in our interests to do so. Sometimes bilateral links can be valuable, especially where the legal and regulatory systems are similar, in former colonies or territories perhaps. At the FSA we have a practice of receiving secondments from other regulators, which is valuable for us, and we hope for them. Perhaps more relevant for Singapore is ensuring that Emerging Markets’ concerns and experiences are heard. A thousand different voices can be lost in the clamour so it is important that objections are  6  BIS Review 25/2003  raised in an organised way, for example through regional organisations. Then the international committees themselves must ensure their consultation processes are meaningful and wide-ranging. Though this combination of adjusting committee structures, and membership, enhancing technical assistance and encouraging effective consultation we can ensure that regulatory standards are truly global and fit for purpose in countries at all stages of financial market development. Conclusion So to return, finally, to my introductory question – is the global regulatory system fit for purpose in the 21st century?

Developing as an invoicing currency, for instance in energy markets or in the context of free trade agreements, would be important steps to gain a global role.viii Indeed, it would create the need to store euros for future trades, and consequently lead to the development of a full range of euro-based financial tools. 3. Safeguarding cross-border payments by technological advances in international financial infrastructures The euro area should remain on the frontier for cross-border payments, including the G20 agenda adopted in October 2021. The G20 roadmap for 2027 has indeed committed to bring profound improvements in this area including in setting ambitious targets on costs, speed, and accessibility of cross-border payments. But the challenge for all the stakeholders, central banks, regulators as well as the private sector, is to deliver and ultimately meet the expectations  Page 7 sur 7 of end-users. This remains a strategic priority for the Banque de France, which in parallel has paved the way for a more prospective solution: namely a wholesale CBDC that could be issued by the Eurosystem, deploying experiments such as the Jura project of cross border wholesale payments in coordination with the BIS and the Swiss National Bank. ** In the 1960s, US Secretary of Treasury Henry Fowler warned that "Providing reserves and exchanges for the whole world is too much for one country and one currency to bear." ix To Fowler, we answer: “We in the euro area are happy to help.” I thank you for your attention and I wish you a good forum.
Even though domestic financial institutions might seem to profit, for the short term, by a depreciation in the króna and a rise in inflation, a trend in this direction would quickly take its toll on indebted households and businesses and would eventually result in loan losses. From the standpoint of financial stability, it is critical that inflation be reined in. It is also appropriate to emphasise the obvious fact that Icelandic banks’ access to foreign credit will not change if the Central Bank lowers the policy rate. It has been maintained that, because central banks in other countries have lowered their interest rates, the wider interest rate differential with abroad that resulted should have given the Central Bank of Iceland the margin to reduce its policy rate this February. This is not entirely correct. As is well known, the US Federal Reserve Bank reduced its interest rates in several stages, for a total reduction of 2.25%, over the course of the fall and winter. The Bank of England has lowered its base lending rate twice this winter, for a total reduction of 0.5%. Other central banks in our neighbouring countries have not lowered their rates. The European Central Bank has kept its interest rates unchanged for several months, and the central banks in Norway and Sweden raised their rates earlier this year. The Reserve Bank of Australia also raised its rates recently. Australia belongs to the group generally referred to as high-yield countries.

The banking sector in the Balkans is dominated by foreign-owned banks. In Albania, subsidiaries of foreign banks account for around 78% of banking sector assets, while those from European countries account for 48%. The Bank of Albania is the Resolution Authority for seven subsidiaries of EU based banking groups, of which four are classified as systemically important under the mandate of the Single Resolution Board (SRB). Due to this, the signing of cooperation agreements between the resolution authorities of the banking group and the local authorities where the subsidiary operates is very important for coordinating actions, exchanging data for planning and implementing the resolution, and coordinating crisis management. I have the pleasure to share with you the news that the Bank of Albania has signed an important cooperation agreement with the Single Resolution Board, i.e., the Resolution Authority of the Banking Union, on 3 October 2018. Dear ladies and gentlemen, This Conference is the culmination of our work over the past 18 months for developing a complete framework for bank recovery and resolution. For this reason, the presence of colleagues from supervisory and resolution authorities from various entities assumes special importance. We have representatives from the European Union at the central level, from individual countries of the European Union and representatives from countries of the region, national and foreign bankers as well as the representatives of the media. This presence means sharing experiences and opportunity to evaluate what has been done.
Purchase surprise in the 28 Sep-14 Oct 2022 financial stability (FS) intervention is assumed to be £ the mean of a uniform distribution of purchase expectations based on the announced £ ceiling. In liquid markets the MD line looks to be less steep. As I said earlier, the fact that central banks now pay interest on reserves will surely have tilted it in that direction. At least in normal times there’s arguably less difference, as far as the private sector’s concerned, between a deposit in the central bank and (say) a short-term public debt instrument such as a Treasury bill. If repo markets are working smoothly financial institutions can use even longer-term government debt to raise cash. This increases the degree of substitutability between the two sides of the QE transaction and has the effect of flattening the MD curve. Conversely, bouts of illiquidity are characterised by a lower degree of substitutability – relative to government debt, the distinctive liquidity value of central bank reserves becomes more pronounced – and, as well as moving to the right, the MD line steepens (Chart 11). Page 20  Chart 11: Money demand schedule is steeper when markets are less liquid  The MPC has often pointed out that QE seems to have had differing effects, according to economic and financial circumstances (they’re “state-contingent”[12]).

François Villeroy de Galhau: The digital payment revolution Speech by Mr François Villeroy de Galhau, Governor of the Bank of France, at the Fintech Forum, Paris, 7 October 2020. * * * Mr Minister, Ladies and Gentlemen, I am very happy to welcome you here to the Banque de France’s premises this morning. I would also like to welcome those joining us remotely. We are all aware of just how important new technologies are in ensuring continuity and stability in this crisis. My dear Cédric, you’d clearly be the first to say so. I would also like to welcome Alain Clot, President of France Fintech, and of course Robert Ophèle, Chairman of the AMF, with which we have organised this Forum. Your presence among us, Mr Minister, is proof of public authorities’ commitment to Fintechs. And that is my first message this morning: the Banque de France and the ACPR are also fully committed to supporting Fintechs. I shall then go on to tell you how we intend to act in the digital payment revolution. **  I. The Banque de France and ACPR’s support for Fintechs Let’s start with a question I consider particularly important, and on which there should be no shred of ambiguity between us: why do the Banque de France and ACPR regard Fintechs as important? Because they are an essential element for the financial sector: they deliver creativity and they understand new needs rapidly.