samchain/econo-pairs-v1 huggingface dataset:
And developments in this field will undoubtedly have implications for the financial system that, in turn, will impact a number of central bank tasks. The SNB therefore monitors developments closely and analyses them from various angles. Naturally, we pay particularly close attention to the likely impact of such changes on the structure and stability of the financial system and any consequences for monetary policy and payment transactions. Concluding remarks Finally, one might ask why the private sector itself has not found ways of enabling households and companies to hold bank deposits that are fully secured by central bank money. Such an approach would offer the public deposits that are virtually identical to digital central bank money or sovereign money accounts. Why does nothing like this exist? The answer may be that bank customers are broadly satisfied with what is available today. Banks offer customers holding sight deposits with them a range of services, mostly relating to account management and payment transactions. In addition, they generally pay interest. From the point of view of customers, the services offered by commercial banks and the fact that they are paid interest on deposits probably offsets any disadvantages stemming from the fact that sight deposits with commercial banks are not central bank money. All in all, I believe that today’s banking system in Switzerland works well and has proved its worth.

All this was made possible on account of efforts in recent decades to develop and strengthen the financial system. In the same way, the financial sector will continue to have a central role in providing solutions to the challenges ahead – be it in bringing about an orderly transition to a greener economy, or helping households and businesses become more resilient to financial shocks in an increasingly dynamic and fast changing economic environment. And so, while we have been busy directing our minds and energies dealing with the here and now of the pandemic, we have not stopped thinking about the future. 1/3  BIS central bankers' speeches  Today, we will be launching the Financial Sector Blueprint 2022–2026. It sets out Bank Negara Malaysia’s vision for financial sector development over the next five years, and our broad strategies for getting there. This includes the vision for the financial sector to be agile and resilient to support the transition of our nation to its next stage of development. We have identified five priorities that will anchor our efforts – working together with the government, industry, business and social enterprises and other stakeholders – to promote a financial system that will secure long term growth, planetary health and shared prosperity. The five priorities are: 1. First, funding Malaysia’s economic transformation; 2. Second, elevating the financial well-being of households and businesses; 3. Third, advancing digitalisation of the financial sector; 4. Fourth, positioning the financial system to facilitate and orderly transition to a greener economy; 5.
The internal combustion engine enabled transportation independently of the rail network in the form of motor vehicles and aircraft, and electricity has given us light, warmth and the power of movement. Now, at the start of the 21st century, we have to deal with all the opportunities, but also challenges, brought by the Internet, digitalisation, robotics, biotechnology and artificial intelligence. Experts often disagree over how revolutionary these technologies will turn out to be for the economy in the long run, but we can see how they affect us in our daily lives. * I would like to thank Åsa Olli Segendorf, Anders Vredin, Marianne Sterner, Charlotta Edler och Ann-Leena Mikiver for useful suggestions for this speech  1 [5]  Take, for example, digitalisation, which is impacting sector after sector. How many record shops are there these days? Where’s the nearest video rental store? How often do you find yourself keeping an eye on the time so as not to miss a certain TV or radio programme? Increasing numbers of us subscribe to streaming music and film services, read the news on the Internet instead of in paper newspapers, listen to podcasts and use catch-up TV services and YouTube channels. It’s quite fun being a consumer these days. Also on the other side of the economy, the producing side, can we see markets being reshaped and both the number and nature of jobs being changed. My sector, the financial system, and my workplace, the Riksbank, are also being affected by these changes.

Therefore monetary policy cannot be governed by how one or another interest rate level might feel. To finish where I began: In an experimental world, with many uncertainties, clear game rules are needed so that all parties in the economy can take well-founded decisions on economic transactions. Reliable price stability, in terms of purchasing power, is one such game rule. The alternative, which would lead to inflation developing more unsteadily, would be a poor contribution from monetary policy to Sweden's changeable society. 5 [5]
There are also rapid developments in these in the form of volume growth but also in new or improved activities and instruments. BIS Review 111/2006  5  The insurance sector which was as restricted in its activities as the banks during the regulation years has grown strongly in Sweden after deregulation, both for non-life and life insurance products. The demography of Sweden is such that we have an ageing population. Thus savings for retirement, for instance in the form of pension schemes, have become increasingly important. Some of the insurance companies are owned by banks, forming financial conglomerates, but others are independent. Mortgage banks have always played a strong role in Sweden. Most of them are owned by the major banks, but a few remain independent. The banks themselves are also allowed to extend mortgage credits so there is open competition. The market for mortgage loans is highly competitive because the product is simple and comparable so it is difficult to argue for a higher interest rate. Credit market companies, leasing companies, factoring companies, and card companies provide specialised financial services. Some of them are linked to the bank groups while others are independent. Many of them are quite small. Equity and bond markets and exchanges for specialised products such as derivatives have grown tremendously both in volume terms and in terms of offering a wide variety of instruments ever since the first Treasury bills were issued in Sweden in the early 1980s.

Jean-Claude Trichet: A few remarks on communication by central banks Keynote address by Mr Jean-Claude Trichet, President of the European Central Bank, at the 25th HORIZONT Award Ceremony, Frankfurt am Main, 16 January 2008. *  *  *  Ladies and gentlemen, It is with great pleasure that I have accepted the invitation from HORIZONT on the occasion of the 25th anniversary award ceremony. I am honoured to see so many distinguished guests from the German media and communications industry in the audience. The longstanding tradition that this event enjoys demonstrates that media and communications play an important role in all aspects of modern societies, including, though perhaps more recently, that of monetary policy. In today’s address, I should like to talk about the challenges facing central bank communication, from a central banker’s perspective. International, and, in particular, European media and many other intermediaries play a decisive role in the process of disseminating information about the ECB’s monetary policy. Media coverage of monetary policy actions is an important channel of the ECB’s communication strategy, and thus an important factor for our policy’s success. In the euro area, currently comprising 15 member countries (with the accession of Cyprus and Malta on 1 January 2008) and beyond, national media have retained their important role in making the central bank’s actions and its objectives understood by national audiences. In my address, I will first elaborate on how central banks in general communicate, and then explain how the ECB addresses its audience.
This means large welfare losses for both the individual and Swedish society, and that a well-needed injection of resources to the Swedish labour market risks being lost. Integration work is therefore important to turn this trend around. Integration work should emphasise the importance of education as there has been a large immigration of groups lacking basic education. The possibilities to find work are affected to a great extent by the level of education the job seeker has. Upper-secondary school education is usually a basic requirement when recruiting staff and, according to the Swedish Employment Service, most jobs that do not require an upper-secondary school education have disappeared forever from the Swedish labour market. A worrying development is that the percentage of unemployed with only secondary school education has increased substantially in the age groups below 35 years. This is because a large percentage does not obtain complete grades at upper-secondary school. So it is not surprising that the Swedish Public Employment Service points to the fact that there has been a rapid inflow to the labour force in recent years of people in groups that have difficulty finding jobs quickly. This increase is partially linked to people being transferred from the Social Insurance Office to the Swedish Public Employment Service. At the same time, the Swedish Public Employment Service has been given the main responsibility for people who have immigrated to Sweden.

The introduction of euro notes and coins will have additional positive effects on the economic development in Europe, as it will be easier to compare prices and confidence in the new currency will be strengthened. Moreover, the euro is to be regarded positively not only with regard to the Swiss economy but also Swiss monetary policy. The Swiss export sector will profit from lower transaction costs, and currency devaluations - as previously implemented by some European countries in order to improve their competitiveness - will be a thing of the past. Swiss monetary policy will benefit from the fact that a large economic bloc now exists in Europe which pursues similar goals in terms of monetary policy. All in all, exchange rate fluctuations between Switzerland and the EMU countries should thus remain below the levels seen before the launch of the euro. Furthermore, the markets will realise in due course that there is no reason why the Swiss franc, with regard to the role as a safe haven currency, should be assessed differently than the euro. This realisation should reduce the risk of sharp appreciations. As a result of the introduction of euro notes and coins, the euro will increasingly be used as a means of payment in the tourism sector and the hotel and restaurant industry as well as in foreign trade, to some degree simply as a substitute for the D-mark.
Inflation is low, but the indices are also influenced by temporary and erratic disturbances. Mainland fixed investment has also shown a gradual increase. In its monetary policy assessments in the previous Inflation Report, the Executive Board indicated that growth in the Norwegian economy has become more self-driven. Capacity utilisation is close to normal and rising. Moreover, the Executive Board has also highlighted several sources of uncertainty such as the considerable trade and balance-of payments imbalances in the world economy. BIS Review 38/2005  5

Now, inflation seems set to rise sharply in the near term. And our latest central projection is for output to grow at below trend rates over the next two years – even on the conventional assumption that Bank rate follows the market yield curve and falls to 4.5% during the course of this year. There is still relatively little in the headline macro data to support such a marked change in view. CPI inflation, at 2.2%, remains close to target. And, on the output side, growth weakened a touch in the fourth quarter last year, but was still around the post war average. Indicators for the first quarter are mixed, but do not suggest that growth has stalled. In other words, the change in our Inflation Report projections is a forecast. It is the judgments underlying that forecast – and the attendant risks and uncertainties – which will be the main focus of my remarks today. So why have we changed our view? Our latest forecasts reflect judgements about the possible future impact on the UK of two key developments. First, the continuing financial crisis in advanced financial markets which has been triggered by the slump in the US housing market; and second, the renewed build up in global inflationary pressures, associated with soaring energy and food prices.
6  BIS Review 6/2006  unexpected disturbances, often originating in the global economy. As a result, market participants have constantly had to change their assessments of future interest rate developments. There is no reason to believe that Norges Bank will not also have to reassess its interest rate forecasts as new information emerges about economic developments. While Norges Bank now publishes forecasts for inflation, output and the interest rate, we also try to provide information about the uncertainty in these variables. The charts show the forecasts in the most recent Inflation Report. Uncertainty is illustrated by fan charts. The broader the fans are, the more uncertain are the forecasts. For example, our calculations indicate that there is a 90 per cent probability that the interest rate towards the end of 2008 will lie in the interval 2 - 7¾ per cent. Uncertainty with regard to the interest rate reflects uncertainty in inflation, output and the exchange rate when the central bank’s response pattern is taken into account. In other words, uncertainty with regard to the interest rate reflects the monetary policy response to unexpected disturbances in inflation, output and the exchange rate. There is considerable uncertainty associated with constructing these fan charts. Not only are the forecasts themselves uncertain, but the forecasts’ uncertainty is also uncertain. The core model, described above, serves as a useful tool in constructing fan charts. The fan charts are of course only indicative and depend on a number of model-based technical assumptions.

Forecasts for inflation, output, the interest rate and other variables are based on an assessment of the current situation and a perception of how the economy functions. Disturbances to the economy may result in changes in the forecasts. Our ambition must be to reduce uncertainty with regard to our own response pattern. That actual interest rate developments will deviate somewhat from Norges Bank's forecast must be expected to be the rule rather than the exception. There is, in other words, substantial uncertainty associated with future interest rates. I would draw your attention to the fact that the Executive Board, when providing a more precise indication of where the interest rate level should lie over the coming four month period, operates with an interval of around one percentage point. Uncertainty does not of course diminish as we look further ahead. This is a familiar situation for financial market participants, who are constantly changing their expectations concerning future interest rates as the economy is exposed to disturbances. Market participants’ interest rate expectations can be calculated on the basis of observed money market rates. The deviation between market expectations and the actual interest rate has been substantial in periods. One important reason for this is that the Norwegian economy has been exposed to  7  For more about these criteria, see Qvigstad, J.F.Q. (2005): “When does an interest rate path “look good”? Criteria for an appropriate future interest rate path - A practician’s approach”, Staff Memo 2005/6, Norges Bank, se www.norges-bank.no.
While the efficiency of electronic means of doing banking, such as electronic kiosks and internet banking is valued, the need for personal attention cannot be ignored. While being engrossed in the technology race this is a factor that should not be neglected. Banking business after all is about cultivating relationships, which will become more challenging as customers become more well informed and knowledgeable as they move up the income curve. Ladies and Gentlemen, In this period of rapid change, where change is the only constant, the successful organisations will be those that are able to recognise and identify the forces of change and how it affects them and make the required internal adjustments in response. This is by no means an easy task. Change mandates a need to create a new organisational mindset, capable of identifying opportunities and responding to them. Such organisations will be those comprising individuals with a clear sense of mission and empowerment and in which every level of the institution is motivated and focussed on achieving a consistent set of corporate objectives. In a service organisation, it will always be the type of talent that is hired and retained that will make the difference. This is perhaps the greatest challenge facing banks. The level of knowledge and expertise is vital to achieving excellence in providing the required services. Currently, the skills and expertise are insufficient compared to the global providers. In assessing how well a customer is served, quality is a key factor especially when dealing with service operations.

The role of quality, and its inter-relationships with operational aspects of a service organisation has been expressed in what has been described as the “service-profit chain” as follows: (i) profit and growth are stimulated primarily by customer loyalty; (ii) loyalty is a direct result of customer satisfaction; (iii) satisfaction is largely influenced by the value of services provided to customers; (iv) value is created by satisfied, loyal and productive employees; (v) employee satisfaction results primarily from high-quality support services and policies that enable employees to deliver results to customers. Superior insights on customer needs will be an important advantage. This will involve recognising the diverse needs of the different customer segments. There is now already a discernable change in the pattern of customer behaviour. There is now an increasing shift towards a customer base that has less need for the standard distribution systems for most banking services. “If you build it, they will come” used to be the by-word for domestic banking institutions. A new branch would naturally attract new customers. Now, while customer relationship is of vital importance, these needs to be addressed in the context of the needs of the younger customers for retail services who do not want the “inconvenience” of a branch. The preference is for services as much as possible over the telephone, ATM or Internet. Writing cheques has become an inconvenience. This new generation of customers have their own ideas of what a bank should be and successful banks need to respond to this change.
When the agreement was officially signed at the Hofburg Palace here in Vienna this summer, with the Austrian president in attendance, I was reminded that it would perhaps have been impossible to achieve such an outcome on such a delicate and sensitive issue without this foremost mental closeness and some similarity of thought. However over the top it might seem to some, we are indeed very close mentally as well as geographically – perhaps more so than we would care to admit and more than we would like to admit, I should add. So, if you want to know a bit about the future of our economic, civic and other relationships and want to know how the other country is going to respond/react, all you need to do is look in the mirror. As really, you look at your neighbour in the Czech Republic or Austria, you will see something of yourself. Our relationships are sometimes like those within a broad family. Needless to say, we don’t always get along swimmingly. Besides many positive emotions, there is sometimes envy, spite, bickering, lack of understanding. Again, how typical are all these emotions for broader families. As a result, issues can arise between us. But that feeling of closeness in my eyes remains and should remain. It is a feeling I firmly believe we might share.

Meanwhile, the head of the Czech National Bank goes by the name of Singer, his deputy is a certain Mr Hampl, and our executive directors include a Mr Schmidt and a Mr Bauer. In other words, there is some truth in the idea that we are close. I believe this is something we can build upon. I am very much looking forward to discussing with you. Vielen Dank für Ihre Aufmerksamkeit. 2  BIS central bankers’ speeches
Stefan Ingves: The housing market and household indebtedness from a central bank perspective Speech by Mr Stefan Ingves, Governor of the Sveriges Riksbank and Chairman of the Basel Committee on Banking Supervision, at SNS (Centre for Business and Policy Studies), Stockholm, 19 November 2015. *  *  *  Why are the housing market and household indebtedness important to the Riksbank? As you have no doubt noticed, the Swedish housing market and Swedish household indebtedness are being widely discussed. In my speech today, I intend to discuss this matter from a central bank perspective. Why is it so important for us at the Riksbank? In this context, it is important to remind ourselves of our role in the Swedish economy. Under the law, the Riksbank has two main tasks: price stability and financial stability. 1 My opinion is that the housing market and household indebtedness may have great significance for our chances of performing both of these tasks. And consequently, as I see it, it is self-evident that the Riksbank should be interested in these issues. In my speech today, I would particularly like to point out two important conditions for Sweden regarding monetary policy, price stability and financial stability. As regards monetary policy, we need to take account of monetary policy abroad. If monetary policy abroad becomes more expansionary and Swedish monetary policy is passive, the exchange rate will strengthen and inflation in Sweden will fall.

BIS central bankers’ speeches  7  At irregular intervals during the past 200 years, Norges Bank has faced defining moments – crossroads – that have defined the bank as an institution. At such defining moments, the central bank becomes what it is, both in its own awareness and in that of the general public. These are situations where it sometimes became bigger than itself or took on too much responsibility, or inversely became smaller than itself and did not fulfil its role. As is so often the case, it is only in retrospect that we can fully identify the defining moments and assess the wisdom of the choices made. Norges Bank faced its first defining moment early on. When it was first established, the Bank was unknown to the public at large. The new paper money, speciedaler notes, was linked by law to a specific amount of silver.29 Despite the fact that the silver tax had secured Norges Bank a considerable silver reserve, the authorities were afraid to permit free silver redemption. The fear was that the silver fund would be emptied quickly. The notes in circulation with the promise of silver redemption far exceeded the silver value of the silver forks and silver plates that had been collected. Confidence in the new notes waned, and in 1822 the Storting adopted a long-term strategy whereby the redemption rate in silver for the speciedaler would gradually be increased. The aim – the right to full silver redemption, i.e.