samchain/econo-pairs-v1 huggingface dataset:
The project of the City Council of Rzeszow, under which 60% of the city’s area will have a free access to the Internet, may serve as an example here. A parallel creation of a radio telephone network, allowing free calls between public institutions and the city inhabitants, make a step forward in the right direction. On the other hand, the EU Commissioner for Regional Policy Ms. Danuta Hübner has emphasised how structural funds support development and innovation 31 : “Let me present an example of a project whose implementation was made possible thanks to the Structural Funds. Here in Poland, the administration uses the European Regional Development Fund in order to create a research lab for the aviation industry in the vicinity of Rzeszow. The goal of the project is to create a modern centre equipped with the state-of-the-art research infrastructure and  28  A. Blinder, “Fear of Offshoring”, CEPS Working Paper No. 119, December 2005. 29  B. van Ark, “Europe’s Productivity Gap: Catching Up or Getting Stuck?”, an article prepared for the International Symposium on Productivity, Competitiveness and Globalisation, Banque de France, Paris, 4 November 2005. 30  R. H. McGuckin, III, M. Spiegelman, B. van Ark, “The Retail Revolution - Can Europe Match U.S. Productivity Performance?”, The Conference Board, March 2005. 31  Speeches by the Regional Policy Commissioner Ms. Danuta Hübner at the conference RESEARCH AND INNOVATIONS – AN OPPORTUNITY FOR CONVERGENCE REGIONS, Warsaw, 13 February, 2006. BIS Review 19/2006  7  specialised equipment for testing of materials.

With this regard, the Data Management Group would act as the owner of the project. In addition, as the project itself is very crucial, which could create some wide impacts throughout the organization, the Bank of Thailand realizes its significance and hence assigning a group of high-ranking officials in forms of the Steering Committee to closely monitor the progress along the way. The committee panel is led by the Assistant Governor, Information System while I also serve as the project sponsor to ensure that the data management system project could well progress in accordance with the pre-scheduled plan. As for the roles of financial institutions which are major providers for a good deal of financial data in the system, most institutions have to bear high burden, both human labor resources as well as other expenses for data submission under the current system. With the implementation of the new system, most institutions unanimously provide great cooperation - to create comprehensive data transmission network that could accommodate all data transfer demands in time. Today’s opening ceremony presents the first phase of the financial institution electronic data submission project. From today onwards, financial institutions’ submission of over 200 hard copy and CRF reports would be substituted by merely 41 data sets. Consequently, this would more or less lessen the burden and make it more convenient for financial institutions to report data to the Bank of Thailand.
On the very contrary, ERM II offers a meaningful, partly flexible, credible framework for increasing convergence with the euro area on the road towards the adoption of the euro. -  Thirdly, a sound and efficient banking and financial system is essential. Significant progress has been made over the past few years in rehabilitating the banking sector and encouraging foreign ownership, which has also contributed to greater integration into the EU financial system. The intermediation role of the banking sector remains fundamental for the efficient use of capital and sustained growth. Progress in corporate governance,  enhancement of the legal and supervisory frameworks that support the banking sector, and the fight against money laundering, are also crucial. *  *  *  In conclusion, let me make three remarks: §  First, you might remember that two months ago there still were a lot of opinions and articles forecasting enormous difficulties associated with the Euro changeover. These catastrophic predictions proved wrong again. The Euro notes and coins changeover has not only been a great technical success, but it has also been accompanied and illuminated by genuine popular enthusiasm. In my view this is a very important and positive phenomenon which has to be reflected upon thoroughly all over Europe, including in the UK. §  Second, the assessment produced by some economists on the international economy is today as bleak as it was buoyant yesterday, both postures being equally excessive.

[16] And (4) for an energy importer like the UK, the rise in European wholesale natural gas prices represented a substantial deterioration in the terms of trade, with adverse implications for national income. In other words, the price of what the UK was buying from the rest of the world rose significantly relative to the price of what the UK was selling to the rest of the world, making the average UK resident worse off. Although the shock was large, the MPC did not interpret it as a signal that a new persistent upward trend was emerging in wholesale natural gas prices. Rather the substantial increase seen in mid-2022 was viewed as a one-off driven by specific circumstances, which was likely to at least partially unwind in the not too distant future. [17] Taken together, these characteristics implied that the direct and indirect impacts of the rise in wholesale natural gas prices represented a transitory shock to CPI inflation, since once the level of gas prices stabilised or reverted to historical averages, the impact on headline inflation would diminish or reverse. This is the basis for the argument that monetary policy makers can – and should – ‘look through’ the direct and indirect effects on inflation of one-off external shocks to energy prices, about which  Page 7  they can do little.
It was therefore understandable that the so-called inflation targeting policy introduced by many countries in the 1990s had a focus on price stability and that risks in the financial system disappeared into the background. This also applied to Sweden, despite the fact that we had had a serious financial crisis in the early 1990s. Another reason why the risks in the financial system were overlooked may have been that the deregulation of the financial markets was new and that the risks of financial imbalances building up were underestimated. 13 See Board of Governors of the Federal Reserve (2023) and FDIC System (2023). 12 [30]  The global financial crisis highlighted the importance of financial stability. Inflation targeting policy seemed to be working well for a long time. Inflation was low and stable while growth was good. US economists James Stock and Mark Watson even coined the expression ‘the great moderation' in the early 2000s, suggesting that the economy had entered a calm and stable era.14 This era came to an abrupt end with the global financial crisis. Much of the deregulation and innovation that had laid the foundations for the favourable economic development had at the same time contributed to the build-up of new risks and imbalances in the financial system.15 An important lesson from the financial crisis was that financial imbalances could be built up even in an environment with low and stable prices. However, this knowledge was not entirely new.

Expectations refer to the CPI. Source: Kantar Prospera. 28 [30]  Figure 3. Private indebtedness as a proportion of GDP Per cent  Note. Debt as a percentage of GDP. Source: Statistics Sweden  Figure 4. National debt in Sweden and the G7 countries Per cent  Note. National debt as a percentage of GDP. Source: IMF Global debt Database. 29 [30]  Figure 5. The Riksbank’s balance sheet total Per cent  Note. Balance sheet total as percentage of GDP. Source: The Riksbank. Figure 6. The Riksbank's asset holdings and forecast Nominal amounts, SEK billion  Note. The striped bars represent a forecast based on maturities and decisions that no asset purchases will be made after 2022 and that government bonds will be sold for a nominal value of SEK 3.5 billion per month. Source: The Riksbank. 30 [30]
I am not going to go into details tonight about the precise economic mechanisms which make overnight market rates converge on Bank Rate, but there is plenty of technical material available on that if you wish to know precisely how that works.7 In my first week as Markets Director of the Bank of England, in March 2009, we set Bank Rate at 0.5% where it has remained ever since; a record low for the policy rate in the Bank’s history of over 300 years. Since that left little scope to adjust the price of money downwards directly, we switched at that point to directly affecting the supply of narrow money. The Asset Purchase Programme – more popularly called “Quantitative Easing” or just “QE” – has since reached of total of £ the vast majority of which has been by purchasing gilts, financed by increasing the supply of reserve balances (net of other flows across the Bank’s balance sheet – see Charts 1 and 2). The economics of QE is actually more simple than is often portrayed: by buying a large amount of assets from the market, in exchange for cash, we can greatly increase the amount of sterling in the economy. We inject the most liquid asset of all – short-term sterling reserve balances – and take out of circulation a long-maturity, less liquid asset, gilts. That switch in maturity and liquidity leads to a range of effects, as the economy has to rebalance its holdings of financial assets.

I will say more on the causes of deflationary forces a bit later, but this analysis partly explains why the Bank of England has also been engaged on special operations to support the liquidity, funding and capital positions of the banks through,  8  See for example, FR Glahe, (1977) “Macroeconomics Theory and Policy”, 2nd edition, publ: Harcourt Brace Jovanovich. 9  The definition of M4 can be found here: http://www.bankofengland.co.uk/statistics/Pages/iadb/notesiadb/ m4.aspx  4  BIS central bankers’ speeches  respectively, the Special Liquidity Scheme, the Funding for Lending Scheme and the capital recommendations by the FPC. What of our ability to influence credit markets directly? I want to argue that it largely reflects how we go about changing the supply of money. On the one hand, to increase the quantity of money in scale, quickly and safely, it is quite clear that gilts are the best instrument to buy: there is a large market and there is no resultant private sector credit risk taken by the public sector. Many financial instruments tend to be priced by reference to the interest rates on sovereign debt and so changing gilt yields will have effects across sterling markets. In addition to buying gilts to inject money, we can consider two other ways to affect credit markets. First we can buy financial instruments outright. If particular markets have become dysfunctional so that general monetary expansion doesn’t help, relatively small amounts of direct purchases may unblock the relevant markets.
However, the digitalisation path should be pursued after a cost-benefit analysis, having regard to the risks and additional costs that are taken on. It should, moreover, be accompanied by processes that allow for the identification, monitoring and mitigation of such risks, in such a way that ensures they are included in price-setting models. In sum, any effort geared to obtaining comprehensive knowledge of the profitability of the activity being pursued and to refining price-setting processes with a long-term vision will be time well spent. That said, while the foregoing condition is necessary for ensuring sustained, profitable activity over time, it is not however a sufficient one. The analysis must, moreover, be strategically oriented to anticipating future changes. Reflection is needed on the capacity of banks to manage and strategically focus the business. A strategic reflection Reflection on the business model should allow medium and long-term objectives to be set and a path plotted towards attaining these objectives. Appropriate business models are those that generate recurring and sustained profitability over time, this being the fundamental pillar for the organic generation of capital. This is the virtuous circle that must be drawn and, to do this, banks’ management bodies will have to take the necessary measures enabling them to face a changing and demanding future. This task will involve taking into account all factors that may affect how the bank pursues its business, and everything that defines its environment which, by definition, is a changing one.

People experiencing such issues can go to the local branch network of Banque de France all over the country. Along with other stakeholders, we help them finding solutions to their financial difficulties. In 2018, more than 180.000 such situations were examined. Also, through our financial institutions supervisory arm, the ACPR, and in relation with the financial markets authority AMF, we make sure that banks and insurers have effective procedures in place to detect fragile clients and provide adequate solutions to them. This means for them proposing the specific banking offer I mentioned earlier to all those who might need it. But also ensuring that financial products are not sold to people who do not understand or cannot afford them – it can be a new consumer loan that would lead to overindebtedness, or an insurance policy that clearly does not fit the clients’ needs. In an ageing world, we need to make sure that older customers are not taken advantage of by abusive or deceptive practices. This part of our market conduct role is increasingly important for us and other authorities internationally – the 2019 Japan G20 Presidency has put it forward. Finally, to help improving financial literacy, Banque de France is the national coordinator of the involved stakeholders in that area. This is of course especially important for those at risk of financial exclusion. In that role, we notably provide specific tools, resources and training for social workers who are in touch with these people.
The balance between innovation and resilience that has characterized the U.S. financial system in recent years has played an important role in the improved performance of the U.S. economy. We all have a strong interest in preserving this balance. Thank you. BIS Review 28/2006  3

Nominal rates have fallen even further during this period, for three reasons. First of all, inflation and inflation expectations were brought to target levels in major industrialised countries in the last two decades of the 20th century; therefore, it was not necessary to keep nominal and real rates as high as before. It could be said that the same development has taken place here in Iceland in the recent term. Second, global deflationary tendencies have been strong in recent years, following the inclusion of China and Russia in the global trading system and due to technological advances and developments in international production and value chains. Third, a pronounced economic slack in major industrialised countries after the financial crisis has led to much more accommodative monetary policy than would otherwise have prevailed in those countries. All of these factors combined have contributed to the current situation, where nominal central bank rates in leading industrialised economies are extremely low in historical terms. Actually, many observers consider them dangerously low as regards their potential impact on financial stability and the efficacy of the financial system. 4  What about Iceland in this context? The Central Bank’s key rate is the interest rate that determines short-term market rates at any given time. In the recent past, this has been the rate on seven-day term deposits, which is now 5.25%, as Chart 2 indicates.
James D Rogers: Accountability, transparency and governance in Sierra Leone Keynote address and statement by Dr James D Rogers, Governor of the Bank of Sierra Leone, at the Second Audit Risk and Governance Africa Conference, Zanzibar, Tanzania, 17-20 July 2007. *  *  *  Mr Chairman, Conference Organisers, Distinguished Ladies and Gentlemen, I wish firstly to thank the conference organisers for their kind invitation to deliver the keynote address at this conference on this very topical and important subject. My remarks will be in six parts. After an Introduction, the First Part will consider the Meaning and Scope of Accountability, Transparency and Governance. The Second Part will examine the relationship between Governance and Development. Part Three will present Aspects of Governance in Sierra Leone. This will be followed by General Remarks in Part Four. Part Five concludes. Introduction Accountability and transparency have occupied a very high lead in discussions of state management. Hardly would a speech be delivered, at domestic or international gatherings, articles written, in the popular press or in professional and academic journals, on issues of state management, without at least an allusion to, if not an extensive treatment of, these concepts. Indeed, serious examination of these concepts takes us into the complexities of governance, aid conditionalities and effectiveness, international economic cooperation, sovereignty of developing countries, economic development, achievement of the millennium development goals, and associated issues. It is within the context of these considerations that a fuller analysis and understanding of these concepts can be obtained.

We saw a much calmer development in Sweden in the 1950s and 1960s when electrification became widespread. This contributed to a rapid technical transformation, which largely followed a calm course, although it involved a very extensive migration and in its later stages involved entire industries being wiped out. However, this was a period that was in many respects quite different from our current day and different from the period at the turn of the previous century. Sweden had the advantage of having remained neutral in the Second World War and we were able to benefit from a relatively stable demand from the countries building up their economies from the ruins. We had capital market regulations and the international scene was dominated by the Cold War, which led to a clear bipolar world. The USA dominated our part of the world and provided support for clear international financial structures, partly based on the need for solidarity. What has happened so far in Sweden? To return to today’s situation, we can conclude that the Swedish economy is doing better than it has for a long time. Price stability has been established. Production and employment have increased at a rapid rate and would appear to continue to do so. Looking at the past six years, the economy has grown by an average of 3% per year and at the moment we appear to be in an annual rate of between 3 and 4%.
Writing to Morcom’s mother, he declared, “I know I must put as much energy if not as much interest into my work as if he were alive, because that is what he would like me to do.”  3  All speeches are available online at www.bankofengland.co.uk/news/speeches  3  To many, Turing is renowned for his “indispensable”3 codebreaking contributions at Bletchley Park during the Second World War.4 The advances Turing made in cryptanalysis then – including co-inventing the Bombe computer for solving ciphers and applying statistical techniques to speed up rates of decryption – were pivotal in cracking the hitherto unbreakable German Enigma code. Turing’s work gave the Allies a crucial advantage in the battle for the Atlantic and is widely credited with hastening the end of the war by at least two years, potentially saving millions of lives in the process. That alone would be more than enough for one lifetime, but Turing’s contributions range far more broadly than those that have been rightly celebrated in print and on screen. One of Turing’s lesser-known interests was biology. In later life, Turing pioneered morphogenesis by applying his knowledge of mathematics and computer science to understand how plants and microorganisms develop their shapes and patterns. Turing used computers to simulate the results of hypothetical chemical reactions to develop truly original insights in this field.

A further important similarity between the emerging market experience and that of the peripheral euro area countries is that the external debt is denominated in a currency which the national authorities do not completely control. In emerging markets, so-called “original sin” – that is, a lack of credibility created by poor macroeconomic discipline in the past – implied that external debt was overwhelmingly denominated in US dollars. 8 In the euro area, debt is denominated in euros. Although this is obviously the currency of euro area countries, the single monetary policy aims at price stability across the euro area and thus cannot take account of national priorities deriving from fiscal or financial weaknesses in peripheral countries. By implication, neither in the emerging markets nor in the euro area periphery can the real value of the external debt burden be eroded by inflation or devaluation. Any attempt to devalue would simply raise the domestic burden of the external debt. Of course, this was precisely the point: by issuing debt in a currency which they could not control, the national authorities in the euro area “tied their own hands”. Before the crisis, they obtained a credibility gain that would lower overall funding costs and thus reduced the probability of a crisis. But when a crisis occurs, the external value of the debt burden cannot be reduced by devaluation. Differences between euro area and EME experiences While many of the experiences of the euro area periphery and the EMEs are similar, there are also important differences.