samchain/econo-pairs-v1 huggingface dataset:
Clearly, Brexit is, and will remain, bad news mainly for the United Kingdom, but also for Europe. Yet Brexit also represents an opportunity to restructure the European financial system. The euro area starts with strong assets: an effective monetary Eurosystem, the legal framework for a single financial market and essential components of a Banking Union. However we do not yet have a “financial Eurosystem” with strong pan-European financial institutions and market infrastructure. There is at last a move in favour of banks consolidation in the euro area, which I always supported. The ECB fostered it with its welcome proposal on the recognition of badwills. But beyond domestic consolidations in some jurisdictions where it is not yet entirely done, we need more cross-borders ones; it should be part of a real Banking Union. On markets, let’s be clear: there will not be a single City for the continent, but rather an integrated polycentric network of financial centres, with specialisations based on areas of expertise. A polycentric system of this nature can clearly function, as illustrated by the United States: New York’s financial centre is favoured by corporate and investment banks, Chicago’s financial centre handles futures, while Boston specialises in asset management. Likewise, Paris is well qualified to become the “market hub” of this new European constellation. France will be the biggest capital market in the EU on the other side of Brexit.

We will now in parallel (i) engage actively in a public consultation from next Monday, (ii) study within the HLTF all the regulatory, technical, financial stability issues, (iii) start experimentations within NCBs, of which the Banque de France intends to be an active contributor including in Retail CBDC. Following this “three-tracks approach”, towards mid-2021 the Eurosystem will decide whether to launch a digital euro project, which would start with an investigation phase. Whatever the decision, it would complement cash, not replace it. The Eurosystem, the Banque de France, will never abandon cash, as it is part citizen’s freedom in choosing their means of payments, and hence their trust in the currency. 3/ A European mobilisation on private payments infrastructure, thanks to the engagement of major European banks – including French ones – in the so-called “European payments initiative” (EPI). We definitely need to go beyond existing national schemes, and offer crossborder solutions and a pan European brand. EPI needs to be detailed, opened up to other banks and jurisdictions, and accelerated. But it definitely warrants the full support of the Eurosystem. We should additionally ensure that efficient public infrastructure such as TIPS is compatible. Let me stress that there is no contradiction between considering a euro-CBDC and supporting EPI. We may probably need both, and we should in any case build them to be complementary. My preference would be to seek a renewed public/private partnership for the dissemination of central bank money in a retail form.
This is almost 11 million homeowners.1 One of the factors behind the development of the US housing market was irresponsible lending to households with weak debt-servicing ability. We have also seen examples of this in Europe. Problems in the housing sector could have severe consequences for households We don’t want to have to go through a similar development in Sweden. Our experiences of the crisis of the 1990s are more than enough. And we didn’t emerge unscathed from the crisis of 2008 either. Nobody wants a new financial crisis. At the moment, the greatest risks to financial stability in Sweden are the financial unease in the euro area and the resulting unease on the financial markets. However, our assessment is that the Swedish banks are also well-prepared for weaker development than in our main scenario. I would also like to touch on a domestic risk that is frequently mentioned – Swedish households’ high levels of indebtedness and the risk of a fall in housing prices. Firstly, I would like to say that we don’t see any acute threat in this regard. We are not facing any dramatic falling housing prices. In addition, our assessment is that the Swedish banks can also cope with fairly large falls in the market value of housing. Nonetheless, we at the Riksbank have long warned that the high level of indebtedness may make the Swedish economy vulnerable. If the economy should develop adversely, households may be forced to cut back on their consumption.

On the cusp of the pandemic, inflation expectations had just started to go down as we saw them approaching 4%. The pandemic derailed that trend. Inflation expectations this year have grown drastically to a five-year high. What does that mean in practice? It means that people rush to buy everything before prices grow, and are taking out a lot of loans. And that further fuels demand and inflation. Whereas some central banks can afford to take a wait-and-see stance to adjust to demand — thanks to the consumer behaviour shaped by the expectations that price growth will stop, we cannot afford that policy. Conversely, if we miss the right moment to make a prompt monetary policy response, we will then have to raise the key rate even more. Our own experience and some countries’ history prove that. We are in a situation similar to that in the US and Germany in the 1970s and 1980s. The Bundesbank moved to raise its interest rate right away, but the Federal Reserve maintained its accommodative policy for a long time on expectations that the crisis would pass. As a result, while Germany saw a quick drop in inflation and an economic rebound, the US went into stagflation, and the Fed was forced to conduct an extremely tight policy, the consequences of which were felt for many years. Food prices are soaring on the back of a disappointing harvest, a rise in global food prices and in labour costs in agriculture.
The sake of efficiency, however, should not be a reason to allow large enterprises to take over businesses that produce products or provide services for domestic and local consumers, if it has a detrimental effect of destroying jobs and livelihoods of these people or the local customs and ways of life. The traditional mom-and-pop stores have no impact on our competitiveness at the international level; they do not need to rely on “know how” of the western model of trade to improve their efficiency, which is usually at the expense of tradition. We can now only hope that authorities will not allow the impact of globalization, brought about through hasty FTAs, to destroy the livelihoods of local people in small businesses, such as barbers, restaurants, truck drivers, and farming. The process of globalization, which began with the industrialized nations of the West, has had important influence on our values, as I have mentioned earlier. If our government is in favor of this creed of globalization without reservation, there will be no one to stop globalization from eventually overtaking our local businesses. More importantly, social values which give us a sense of satisfaction and happiness will be gradually eroded. It is up to the government, who is tasked with the management of the country, to selectively choose which technology to be brought in to improve efficiency, and only where necessary and appropriate. They should take heed not to allow new developments to overwhelm local traditions and livelihoods.

Only then will globalization not change the existing traditional social values. Ladies and Gentleman The last item I would like to touch upon today is another related issue befitting today’s theme of Changing Value of Thai Society, and that is the measure of economic development and prosperity. Today’s measure focuses almost exclusively on GDP growth figures. Actually, there are MANY measurement of economic development, such as employment, per capita income, and income distribution, but it appears that the government focuses almost exclusively on GDP growth figures. Quantitative-oriented national leaders focus on this measure - so much so that any activities that will help boost GDP growth are given priority over all other concerns. Importance and priority are also  BIS Review 43/2006  3  being placed on large economic and investment projects, overlooking social development and preservation. Their scope becomes myopic, focusing on short-term investments with immediate results and effect on GDP growth figures in the next quarter, rather than on longer-term projects which foster education and preservation of cultural heritage. It is an undisputable fact that in the case of Thailand, we have focused our energy in promoting growth in industrial production to achieve economic growth and development. One effect has been a rapid depletion of our natural resources. Deforestation resulting from logging and other industries for shortterm economic gain is a stark example (on this may I add that we are lucky that some visionaries in previous governments realized these dangers and declared a forest closed-door policy which helped stop deforestation).
In the area of recovery and resolution, I’d again offer that some good progress has been made by many of the banking organizations, although the remaining challenges are quite daunting. And, for the most part, this area is a new one for the other parts of the financial system, such as financial market utilities (FMUs), so the thinking is still evolving. Firms have made good progress in better understanding the complexity of their own operations, including strengthening the overall management of organizational/legal structures, identifying all legal entities (and this was huge for some firms), and beginning the difficult task of identifying additional impediments to resolving a large internationally active firm. In some cases, firms have already begun the daunting task of simplifying their organizational and legal entity structures – with an eye to being less complicated and easier to understand – and resolve – should the need arise. BIS central bankers’ speeches  5  Although there has been progress, there is still quite a bit of work to do.

Sarah Dahlgren: More resilient, better managed, less complex – strengthening FMUs and linkages in the system Remarks by Ms Sarah Dahlgren, Executive Vice President of the Financial Institution Supervision Group of the Federal Reserve Bank of New York, at the Securities Industry and Financial Markets Association Conference, Boca Raton, Florida, 29 April 2014. *  *  *  Good morning and thank you for inviting me to your Annual Operations Conference. This event brings together an important cross-section of market participants – and looking at the attendance, I think there is good representation of nearly every important part of the financial system in the audience. Today, I am going to talk about the progress that the industry has made to address weaknesses identified through the financial crisis and to build resilience to future shocks. I will also offer some observations on areas of remaining challenges, particularly as we focus on the interconnections between and among various market participants. As always, my remarks today reflect my own views and not necessarily those of the Federal Reserve System. It’s hard to believe that it’s been over five years since the onset of the worst part of the financial crisis – and I’m not sure whether it feels longer or shorter than that! But one thing I’m certain of is that a lot has changed in those five years, including fundamental changes in rules and regulations, as well as substantive changes in how firms and the system are structured and operate.
Stefan Ingves: The international regulatory agenda – necessary but not enough Speech by Mr Stefan Ingves, Governor of the Sveriges Riksbank and Chairman of the Basel Committee on Banking Supervision, at the Affärs Världen Bank and Finans Outlook, Berns, Stockholm,19 March 2014. *  *  *  Regulations and regulatory frameworks for banks have been the subject of much discussion in recent years. As several of the regulatory frameworks drawn up after the crisis are now being introduced at the national level these discussions have also perhaps waxed rather than waned recently. New and amended frameworks are also the theme here today. The Basel Committee on Banking Supervision is, as many of you know, an international committee that produces global standards and regulations for banks. This summer, I will have been chairman of the Committee for three years. Perhaps the most important task facing the Committee when I took up the post of chairman was to finalise the Basel III regulatory framework, that is that part of the international reform agenda that followed in the wake of the financial crisis and that most closely relates to banks. Today, I would like to tell you about the work of the Basel Committee. Nowadays, most regulatory frameworks are designed and drawn up internationally and my idea is to try to give you an insight into the international regulatory work. I would also like to present my view of what the international regulations entail for the Swedish financial system.

BIS central bankers’ speeches  5  But the structure of the Swedish banking system calls for greater safety margins Although the new regulatory framework will strengthen resilience in several ways there are structural vulnerabilities in the Swedish banking system that mean that the safety margins provided by the Basel III framework are not enough in all respects. As every country’s financial system and banking system are unique and have their own special characteristics and vulnerabilities, the basis of the Basel frameworks is that the regulations are minimum requirements. Countries that believe it is necessary to set stricter requirements can and should do so. In my opinion, the size and high degree of concentration of the Swedish banking sector, as well as the banks’ extensive dependence on both foreign and domestic market funding, create vulnerabilities that justify complementing the internationally-agreed frameworks. The high and growing indebtedness of the Swedish households poses further risks to the financial system. All-in-all, this justifies Sweden taking action sooner and having stricter regulations in certain respects. On the basis of several of these factors, the Riksbank has recommended, together with Finansinspektionen and the Ministry of Finance, that from 1 January next year the major Swedish banks should have CET 1 capital ratios of at least 12 per cent. This is significantly higher than the requirement in the Basel III framework. Several other countries with large banking systems have for similar reasons introduced or are discussing higher capital requirements for their banks. Two closely-related examples are Switzerland and the United Kingdom.
Our economic prospects are tied to our ability to contain the spread of the virus, care for those who fall ill, and develop effective treatments. In addition, fiscal policy has played a critically important role in providing financial support to families, small businesses, and those who are out of work during the crisis. This timely support contributed greatly to the rebound in consumer spending and jobs that we have seen over the past two months. The Federal Reserve has taken rapid and significant actions to stabilize critical parts of our financial system and to support the flow of credit, thereby helping position the economy for a strong and sustained return to maximum employment and price stability. In March, the Federal Open Market Committee (FOMC) brought the target range for the federal funds rate to near zero.6 The FOMC has indicated that it expects to keep interest rates at this level until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.7 2/4  BIS central bankers' speeches  Bringing interest rates down to near zero makes it easier for households and businesses to meet their borrowing needs and fosters favorable financial conditions that will help promote a rebound in spending and investment.

9 See Board of Governors of the Federal Reserve System, Federal Reserve Issues FOMC Statement, June 10, 3/4  BIS central bankers' speeches  2020. 10 For announcements of the various programs, see Board of Governors of the Federal Reserve System, Federal  Reserve Board Announces Establishment of a Commercial Paper Funding Facility (CPFF) to Support the Flow of Credit to Households and Businesses, March 17, 2020; Board of Governors of the Federal Reserve System, Federal Reserve Board Announces Establishment of a Primary Dealer Credit Facility (PDCF) to Support the Credit Needs of Households and Businesses, March 17, 2020; Board of Governors of the Federal Reserve System, Federal Reserve Board Broadens Program of Support for the Flow of Credit to Households and Businesses by Establishing a Money Market Mutual Fund Liquidity Facility (MMLF), March 18, 2020; Board of Governors of the Federal Reserve System, Federal Reserve Announces Extensive New Measures to Support the Economy, March 23, 2020; Board of Governors of the Federal Reserve System, Federal Reserve Will Establish a Facility to Facilitate Lending to Small Businesses via the Small Business Administration’s Paycheck Protection Program (PPP) By Providing Term Financing Backed by PPP Loans, April 6, 2020; and Board of Governors of the Federal Reserve System, Federal Reserve Takes Additional Actions to Provide Up to $ Trillion in Loans to Support the Economy, April 9, 2020. 4/4  BIS central bankers' speeches
With effect from 1 July 2022, we are also adjusting the threshold factor used to calculate the level of banks’ sight deposits at the SNB exempt from negative interest. The factor will be lowered from 30 to 28. This will ensure that the secured short-term Swiss franc money market rates are close to the SNB policy rate. Page 1/5  Berne, 16 June 2022 Thomas Jordan  News conference  Inflation forecast Inflation reached 2.9% in May and is likely to remain at an elevated level for the time being. The main reason for the higher inflation is the increase in the prices of oil products, food and goods affected by the global supply bottlenecks. However, there has also been a rise in inflation for some other goods and services. The SNB’s new conditional inflation forecast is based on the assumption that the SNB policy rate is −0.25% over the entire forecast horizon. The new forecast for the next three years is above that of March (cf. chart 1), and stands at 2.8% for 2022, 1.9% for 2023, and 1.6% for 2024 (cf. table 1). Without today’s SNB policy rate increase, the inflation forecast would be significantly higher. Global economic outlook Let me turn to the economic outlook worldwide. Global economic growth has slowed markedly recently. This slowdown is on the one hand attributable to the high level of inflation, which is weighing on purchasing power and thus reducing demand.

The higher SNB policy rate should via its impact on borrowing costs and the exchange rate contribute to curbing the development of inflation in Switzerland. From today’s perspective, and assuming that the SNB policy rate remains constant at −0.25%, our new inflation forecast shows the rate of inflation temporarily declining to around 1.5% before rising back to 2% over time. Without  Page 3/5  Berne, 16 June 2022 Thomas Jordan  News conference  today’s SNB policy rate increase, inflation would be clearly above the range consistent with price stability at the end of the forecast horizon. The new inflation forecast shows that further increases in the SNB policy rate may be necessary in the foreseeable future to stabilise inflation in the range consistent with price stability over the medium term. The current environment is subject to great uncertainty, also with regard to exchange rate developments. If there were to be an excessive appreciation of the Swiss franc, we would be prepared to purchase foreign currency. If the Swiss franc were to weaken, however, we would also consider selling foreign currency. We will be observing the developments closely and are prepared to take the necessary measures in every situation to ensure price stability in Switzerland over the medium term. Ladies and gentlemen, thank you for your attention. It is now my pleasure to give the floor to Fritz Zurbrügg. Page 4/5  Berne, 16 June 2022 Thomas Jordan  News conference  Page 5/5
The need to focus on good practices of Corporate Governance mainly arose as a response to the separation of ownership and control following the formation of joint stock companies. The owners or shareholders of these joint stock companies, who were not involved in day to day operational issues, required assurances that those in control of the company, the directors and managers, were safeguarding their investments and accurately reporting the financial outcome of their business activities. Thus, directors were the original targets of Corporate Governance, and practices and principles were designed to protect the interests of the shareholders from misdemeanours of directors. However, current thinking recognizes a company’s obligations to society more generally in the form of all stakeholders, and it has been this new thinking that has driven the study and practice of good Corporate Governance to the levels it has reached today. Perhaps it is also such thinking that accounts for the hectic pace at which developments have taken place and are taking place in the practice as well. Since the latter part of 2001, the very lively and often controversial debate on Corporate Governance became an even more turbulent debate as a result of the massive corporate scandals and failures that rocked the business world, namely Enron and WorldCom. Almost as a knee-jerk reaction, new laws, e.g.

All in all, as of today, Codes of Best Practice on Corporate Governance set out principles within which values and governance rules should be set by the management of the institution, and in the final analysis, good Corporate Governance is looked to as being a key tool to be used in the overall risk management of institutions, irrespective of the nature of the business carried out by the institution. Why is good governance in the banking and financial system more important than any other sector? The Banking and financial sector is easily distinguishable from the others. A few distinguishing features stand out: •  Unlike normal business entities which are funded mainly through shareholders’ funds, banks’ business involves funds raised mainly through deposits. The business of raising public deposits places greater fiduciary responsibilities on the institution and its managers, since depositors’ funds need to be safeguarded in a special way. 2  BIS Review 24/2007  •  Banks perform as financial intermediaries by lending and investing the funds mobilized and funding economic activities of others. •  Banks are the agents of the payments system where they facilitate payments domestically and internationally, through various instruments such as bank accounts, fund transfers, credit cards, etc. •  Banks are able to undertake all such business operations as a result of public trust and faith in the stability and soundness of the banks in particular and the system in general.