samchain/econo-pairs-v1 huggingface dataset:
The favourable position of our economy by international standards shows that a strong currency can have a positive overall impact in the long term. Companies are under constant pressure to cut costs and innovate and this strengthens the economy’s adaptability, flexibility and productivity. Quality improvements and specialisation ensure that foreign customers have few comparable alternatives to many Swiss export products. Companies therefore have a certain pricing power. At the same time, the strong Swiss franc helps to further integrate the Swiss economy into the global value chain. Here, too, the negative impact for Swiss suppliers contrasts with positive long-term effects. A SECO study shows that greater integration in the global value chain – thanks to the associated natural hedging – helps to alleviate the negative  BIS central bankers’ speeches  1  effect of an appreciation on profit margins.1 Many companies are therefore able to absorb the effects not only by adopting internal cost-cutting measures, but also via lower import prices. Overall, then, we may assert that specialising in high-quality products and services which exhibit high value added and cannot be easily substituted, on the one hand, and natural hedging on the other hand, make the Swiss economy more resilient to appreciation shocks. My comments so far may appear overly positive. This is why it is important to me to make three reservations. First, using the trade-weighted real exchange rate, chart 1 shows that the Swiss economy has already had to live with exchange rate fluctuations in the past.

The subject of central bank digital currencies (CBDCs), be it wholesale or general purpose, has been high on the agenda of the central banking community. Apart from being a new and trusted digital means of payment, CBDCs could potentially also foster competition and innovation in the payment sector. 7. Here at the HKMA, we have been exploring technologies for both wholesale and general 1/3  BIS central bankers' speeches  purpose CBDCs. At the wholesale level, we see great opportunities for CBDCs to enhance the efficiency of cross-border payments. Two years ago, we conducted a proof of concept with the Bank of Thailand to develop a DLT-based cross-border corridor network. Building on this fruitful collaboration and the experience gained, we are taking a further step to create more synergies with other central banks. 8. Under the auspices of the BISIH Hong Kong Centre, the HKMA, together with the Bank of Thailand, the Central Bank of United Arab Emirates, as well as the Digital Currency Institute of the People’s Bank of China, are embarking on a wholesale CBDC project called Multiple CBDC Bridge (m-CBDC Bridge). We aim to, through this m-CBDC Bridge, foster a collaborative environment for central banks and the private sector to further explore the potentials of DLT to improve the settlement and liquidity management efficiencies in crossborder payments. We are grateful for the participation from the private sector including two securities exchanges, banks, and multi-national corporates in the project.
Extraordinary growth in practices such as securitisation and in the use of sophisticated derivative products allowed banks to transfer credit risk in ways that the 1988 Accord does not capture. In addition, some banks began to manage their exposures to operational risk separately and as a comprehensive practice comparable to the management of credit or market risk. By the late 1990s, it became increasingly clear to leading banks and their supervisors that the original Accord no longer provided meaningful measures of risk for the most sophisticated banking organisations. As a result, the Basel Committee and others began to discuss ways to revise the existing capital rules to account for these advances. Supervisors sought more than a simple revision of the existing framework. We wanted to align our capital requirements more closely with the best measures of economic risks that banks actually face. We sought furthermore to fortify the stability of the banking sector so that banks could continue to serve as a source of credit through good years and bad. In our view, promoting financial stability will benefit not just banks, but also other businesses and consumers as well. To incorporate the latest advances in risk management, and to develop a more forward-looking approach to supervision, the Committee embraced a “three-pillar” approach to capital requirements. Rather than simply setting out a static minimum requirement for capital levels, the new capital framework will rely on three mutually reinforcing policy approaches.

The financial sectors of the new Accession Countries have undergone huge and substantial reforms over last 13 years. When communism collapsed, there were no traces of a market economy, no free and legal entrepreneurial economic activity, and no institutions necessary for the functioning of a market economy. If we look at the transition economies - which represent 8 out of 10 acceding countries - today, we see a completely different picture. The basic institutions are in place and running (though sometimes slowly and not always predictably). The private part of the economy flourishes and is the symbol of a new and well functioning economy. How did this happen? And what happened to the financial sector? And what will be the impact of the accession to the EU on the financial sector, which in the accession countries is synonymous with the banking sector. In 1990, the average starting point for reforms in the former socialist countries, the situation in the financial sector was bleak. There were no services aside from basic banking and insurance functions. The banking sector was comprised of few specialized institutions, each of them a monopoly in its own area [one institution had monopoly on collecting deposits from the public, another institution provided all the foreign trade financing, and yet another institution was allowed to open accounts for individuals with foreign exchange incomes].
Meanwhile, our own South East Asian region and that of North Asia and the Middle East countries continue to have high surplus savings seeking opportunities for investment and new asset-classes for greater risk diversification and improved returns on their investments. Hundreds of years ago, the ports of Nusantara were destinations for the spice trade to Europe via India and the Middle East . In this context, Islamic finance can serve as a bridge that links the Nusantara region to the capital surplus economies. Already, our financial institutions are venturing to have a presence in the Middle East and we welcome their presence in our financial system. This has now in fact resulted in the cross-pollination of talents and resources, giving rise to innovative products and services, creating depth and breadth to the respective financial markets. Just as the Straits of Malacca served as an important maritime conduit for the Nusantara region, Malaysia and Indonesia has the potential to serve as an important intermediary for mobilising capital to meet the requirements of the Nusantara region, and to be a distribution centre for shariah compliant  2  BIS Review 73/2007  securities and to extend the regional Islamic capital markets to other parts of the world. Of importance will be our joint efforts to promote the standardisation of the Islamic regulatory and compliance matters. In relation to this, Malaysia and Indonesia is already working jointly to promote research capabilities and the pool of talent and technical expertise in Islamic finance.

However, the financial reforms and development of the financial systems in Asia during this decade since the Asian crisis have, to a significant extent, insulated our financial systems from these developments. However, the openness of the Asian economies have resulted in a significantly slower growth with economic contraction occurring in several countries. In the immediate future, several favourable factors will support growth in Asia. Strong fundamentals, pro-growth policies and structural factors will support an early recovery. This is also being reinforced by greater regional integration. Going forward into the future, the global shifts taking place calls for a new economic model, one that would leverage on regional strengths, address the current and future risks and recognise the new global opportunities. In the context of these developments, this conference will be discussing these issues and the new directions that are likely to emerge for Asia. Also important are the lessons that we can draw from the European experience. The agenda is for us to discuss the alternative economic models for the future, including the financial aspects and the role of policies and the international institutions. It is hoped that this will contribute to an increased appreciation and understanding of Asia and its changing role in the global economy. In closing, I would like to once again thank you for your participation in this conference. The bringing together of speakers from Europe and Asia to discuss these important issues is likely to result in stimulating discussions. I wish you a successful and productive conference.
7 See Basel Committee on Banking Supervision, Guidelines on the identification and management of step-in risk,  October 2017 and Financial Stability Board, Assessment of shadow banking activities: risks and the adequacy of post-crisis policy tools to address financial stability concerns, July 2017. 8 Ibid. 9 See ECB Financial Stability Review Special Feature C, Counterparty and liquidity risks in exchange-traded  funds, forthcoming November 2018. 10 See European Systemic Risk Board, “Macroprudential policy beyond banking: an ESRB strategy paper”, July  2016. 11 See Recommendation of the European Systemic Risk Board of 7 December 2017 on liquidity and leverage  risks in investment funds (ESRB/2017/6) published 14. February 2018. 12 See ECB Macroprudential Bulletin, “Macroprudential liquidity tools for investment funds – A preliminary  discussion”. The article states that redemption duration restrictions could be differentiated based on the fund type, or a limited number of fund “profiles” that represent a combination of key fund characteristics, including the asset and liability side of the fund. 13 6/7  BIS central bankers' speeches  13 See also ECB contribution to the European Commission’s consultation on Capital Markets Union mid-term  review 2017. 7/7  BIS central bankers' speeches

Furthermore, after rising in the second half of 2018, credit default swap premia are now back at roughly the same level as in mid-2018. In the area of resolution, the Swiss big banks have improved their gone-concern lossabsorbing capacity since last year’s Financial Stability Report. Credit Suisse and UBS already meet all look-through requirements on a consolidated basis. Page 1/3  Berne, 13 June 2019 Fritz Zurbrügg  News conference  In addition to those at group level, the Federal Council has drawn up requirements on big banks’ loss-absorbing capacity at the level of individual group entities, and in early April initiated a consultation on a corresponding amendment to the Capital Adequacy Ordinance. These requirements are intended to ensure that not only the group as a whole, but also material group entities have sufficient loss-absorbing capital in the event of a crisis. The SNB supports the proposed amendments to the Capital Adequacy Ordinance. Work is also underway with regard to liquidity in a crisis, known as ‘funding in resolution’. It is aimed at ensuring that the big banks have sufficient liquidity during preparations for and in the phase immediately after resolution. For this purpose, FINMA is drawing up resolution funding plans in line with international standards. In cooperation with the SNB and the two banks concerned, it is currently assessing the big banks’ liquidity needs under possible crisis scenarios.
Let me just say that, while adjusting our institutions and tools to changes in financial systems, we should be pragmatic and completely in tune with reality rather than based on a theoretical scheme or vision. Let me conclude by stressing one point. We are going through very challenging times, in some respect even unprecedented times. Economic and financial forces are at play and recent events are the consequences of such forces. That said, we should not completely disregard the importance of what Robert Shiller terms “attention cascade”. For him, a cascade is the situation in which economic events and problems become the subject of more and more talks and stories, until they become the dominant public thinking. We, as policy makers, have a very critical role to play to try and ensure that such qualitative “attention cascades” remain aligned with facts and reality. Today, policy making is also about confidence building and financial education. Thank you very much Ladies and Gentlemen. 4  BIS Review 143/2008

Therefore, the IOB has worked on developing two programs, namely, •  Personal Financial Planning Program. •  Wealth Management Program. These two programs have been designed according to the latest international scientific standards. They have been designed after the model of capabilities required in a successful and professional financial planner and wealth manager. A number of members of the training staff in the Institute of Banking have participated in this process, and experts have also been hired from prestigious universities and educational institutions outside the Kingdom. As a result of this model, more than ten programs in financial planning and four programs in wealth management have been carried out. The programs have been commended by Saudi banks. Dear Attendance, Management of investment operations requires specialists enjoying necessary knowledge, required skills, and professional conduct. The role of a financial advisor has gained more importance, and it should be practiced by qualified professionals who care, in the first place, for the interests of their customers who have put their confidence in them, and they should comply with the application of the policies of the supervisory authorities and financial institutions to which they belong. The importance of transparency and responsibility increases with the increase in investment awareness and competition among financial institutions. Here arises the evident need to develop standards and ethics of the profession and to implement such standards in a very professional and scientific integrity. Dear Graduates, The responsibility entrusted to you must be borne with professional enthusiasm and competence.
Elvira Nabiullina: Review of recent inflation developments in Russia and economic outlook Statement by Ms Elvira Nabiullina, Governor of the Bank of Russia, in the follow-up to the Board of Directors meeting, Moscow, 18 September 2020. * * * Today, the Bank of Russia has decided to maintain the key rate at 4.25% per annum. Why have we made this decision, although we do see room to further ease monetary policy under the baseline scenario? Firstly, in recent months inflation has been slightly higher than expected. This trend has been driven by both a rapid revival of consumer demand after the lockdown period and the weakening of the ruble in July — August. We estimate that short-term proinflationary risks have slightly risen again, while disinflationary risks somewhat decreased. However, disinflationary risks still prevail in the medium run. Secondly, the external environment has become more volatile. There are rising concerns about the pace and sustainability of the recovery in the global economy, especially considering that in recent weeks the pandemic situation has worsened to a certain extent in a number of countries. Geopolitical risks have intensified. Moreover, we also considered the following factors when making our decisions. Inflation expectations remain elevated, affected by price and exchange rate movements and the persistent uncertainty over further developments. The companies we survey are reporting rises in costs due to higher input prices. Moreover, they incur extra costs since they need to comply with the sanitary and epidemiological requirements. Concurrently, businesses assess demand for their products as weak.

The main path of the monetary policy easing has already been passed — since June 2019, the key rate has decreased by 350 basis points, including by 200 basis points this year, to reach its record low. We still see some room for reducing the key rate, but we will consider the necessity to use this room and the time when this should be done. As shown in the Monetary Policy Guidelines, both under the baseline and alternative scenarios, the Bank of Russia will be capable to tackle the task of maintaining price stability, that is, keeping inflation at our target close to 4%. 3/3  BIS central bankers' speeches
Over the past year, there has been  4  BIS Review 14/2003  extensive restructuring and downscaling, especially in the ICT sector and the airline industry. With the prospect of continued weak developments in the global economy and an uncertain stock market, reductions in capacity may still be necessary. The fall in share prices reflects weaker expectations concerning future earnings. This may prompt enterprises to postpone or cancel investment plans. When share prices are low, companies may also find that raising capital by means of new issues is not an attractive alternative. Strong growth in private consumption has contributed to sustaining activity in the Norwegian economy. Sharp wage growth, combined with reductions in direct and indirect taxes, resulted in close to 5% growth in household real disposable income last year. Real income growth will be considerably lower in 2003 and probably lower than projected earlier. Imbalances in the Norwegian electricity market have resulted in a sharp increase in electricity prices. This implies a considerable reduction in household real income growth. The interest rate reductions this winter will have the opposite effect. In addition, developments in employment are expected to be weaker and wage growth somewhat lower this year than previously projected. During the last six months, households have become less optimistic about the economic outlook. Increased uncertainty in the labour market and lower confidence point to heightened caution and increased saving in the household sector. Lower interest rates have the opposite effect. Household saving behaviour may also be affected by high electricity prices.

However, towards the end of the upturn the economy was facing labour shortages, higher wage growth and a sharp increase in household consumption and debt. Interest rates had to be kept at a high level in Norway. The turnaround abroad took place two years ago, but the Norwegian economy continued to show a high level of activity. This led to a widening of the interest rate differential against other countries. The main explanation for the wide interest rate differential is not that interest rates are high in Norway, but that interest rates are at a historic low abroad. Interest rates in the US have not been at such a low level since the 1960s. A further jump in wages in 2002 amplified the imbalances in the economy and fuelled the rise in prices for goods and services produced in Norway. This is why monetary policy has been tight. The real interest rate, i.e. the interest rate adjusted for inflation, rose in 2000 and was thereafter somewhat higher than the average for the past 30 years. With the reductions in the key rate this winter, the real interest rate is no longer particularly high. The tight monetary stance is reflected in the strong krone. 2  BIS Review 14/2003  Over the autumn and winter, it has become clear that global growth is weaker than we and other observers had expected. Several central banks have responded by reducing interest rates further. Interest rates in the US and Europe are unusually low.
John Gieve: Rebuilding confidence in the financial system Speech by Sir John Gieve, Deputy Governor of the Bank of England, at the BBA’s 12th Annual Supervision Conference, London, 28 October 2008. *  *  *  We are publishing today our bi-annual Financial Stability Report, and so I want to start my presentation by looking at the wider context of the debate on supervision, on which this conference is focusing. The word unprecedented is used too frequently. But the instability in financial markets over the last year – culminating in the seizure of money markets in recent weeks (Chart 1) – has been the most severe in living memory. It did not come out of the blue. The price of risk especially in credit markets had fallen to unsustainable levels by summer 2007 and many banks and other institutions had become reliant on sustained liquidity in new markets which had never had been tested by a downturn. In the July 2006 FSR, for example the Bank warned of “UK banks’ increasing dependence on wholesale funding” and, in April 2007, we noted that: “if UK banks were unable to securitise existing assets, new lending would need to be financed through other wholesale sources, which may be difficult or costly to access during times of stress.” So it proved. But the Bank was not alone in pointing to the vulnerabilities in the financial system in 2006 and 2007. Other commentators and authorities gave similar warnings.

The greater use of RMB in international transactions will be closely related to China’s financial reforms and liberalisation, with new fund flow channels being opened up in RMB. For example, the RMB QFII scheme allows offshore institutions to use RMB funds to invest in Chinese capital markets, and it is a new channel in addition to the US dollar-based QFII scheme. And further to a recent relaxation, outflows under the QDII scheme can also be made in RMB. Such developments, in turn, will bolster the use of the RMB in trade, foreign direct investment and international transactions, thereby supporting the further development of the offshore RMB market. 13. While recent developments in RMB have been exciting, given the possible scope of future expansion, we are probably still only at the early stage of what could be more significant changes in the years to come. After all, RMB deposits and bonds outstanding in the offshore market only account for about one percent of onshore deposits and outstanding debt respectively. The possibility for expansion remains substantial. 14. One of the aims of the Hong Kong-London Forum is to assess what all this means to the financial institutions and to corporates — many of whose representatives are gathered here today. 15. For corporates, especially those already having business links with China, it is important to get prepared for the increasing use of RMB as a currency for transaction, financing and investments.