samchain/econo-pairs-v1 huggingface dataset:
And the best prepared people are those who know what they want to achieve, in other words people who have a vision of a certain state in future they are pursuing. Lack of vision poses a risk of discrepancies in understanding the goal, pursuit of inconsistent goals and in consequence leads to wavering and wasting time and money. Lack of vision almost certainly leads to failure, as today everything happens very fast. And sharing one vision does make a difference. First of all, we are all moving in the same direction. And we are likely to accelerate the pace. A clearly defined vision allows – after reviewing what we have now – choose suitable methods and means to achieve a desired state, that is to set indirect goals. The vision of John Global may seem a distant future, but in fact it can come true faster than it is currently believed. The majority of examples from John Global’s life in 2026 are already a reality, not a figment of my imagination. That is how life is in Asia now, and with increasing frequency in Europe too. I do not know your morning routine, but in my case it is not significantly different from John Global’s. True, while driving to work I still scan papers (I completed a course in speed-reading). When I am at work, though, I start my day with reading an e-newspaper I designed myself by using the features offered by Web 2.0.

Please, take a look around you… I can assure you that there is more than one John Global in this room… I suggest that after leaving the room each one of us should take a moment to think what you yourself, as an individual, can do to start preparing today for a meeting with John Global in 20 years. And what can each of us individually do to make us share a vision so that we can become citizens of the world and master the fine art of capturing the benefits brought by the homo sapiens globalus society. Thank you very much for your kind attention and I announce the topic open for discussion. 2  Methods employed in European Commission’s survey to assess the services provided involve defining a five-stage framework to determine the level of services provided. STAGE 0 – Total absence of any publicly accessible website or lack of possibility to qualify the existing website to any of levels 1 to 4 (0% – 24% in the figure). STAGE 1 – INFORMATION – The information necessary to start the procedure to obtain this public service is available on-line (25% – 49% in the figure). STAGE 2 – ONE-WAY INTERACTION – The publicly accessible website offers the possibility to obtain in a non-electronic way (by downloading forms) the paper form to start the procedure to obtain this service (50% – 74% in the figure).
Zeti Akhtar Aziz: Global Findex Database 2014 – measuring financial inclusion around the world Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the World Bank’s Asian Region Launch of the “Global Findex Database 2014: Measuring Financial Inclusion around the World”, Kuala Lumpur, 20 August 2015. *  *  *  It is my great pleasure to be at this World Bank Asian Region launch of the “Global Findex Database 2014”. The Global Findex is one of the most comprehensive and authoritative source of financial inclusion data, that offers valuable insights into the state of financial inclusion in the world today. We are most honoured that the World Bank Group has selected our cosmopolitan city of Kuala Lumpur to host the Asian regional launch of the Global Findex. Financial inclusion, the provision of cost effective and quality financial services to all segments of society, has been acknowledged as an important structural enabler for economic development and progress. There is also a greater appreciation that development which empowers every individual to achieve their full potential raises the aggregate productivity and income, which in turn, supports a more dynamic and durable economic growth. Therefore, financial inclusion needs to be pursued more extensively beyond the underserved to achieve a more effective participation in the financial system and thus unlocking the further potential to contribute towards the overall growth and development of economies.

Therefore both the private and public sectors, need to intensify efforts to accelerate meaningful and effective efforts in the drive for greater financial inclusion. In Malaysia, our priorities are to enhance greater access to digital financial services, as well as to enable the underserved to benefit from increased convenience, greater efficiency and lower cost. Another important priority would be financial education for the newly banked, to ensure that new entrants into the financial system behave responsibly and do not suffer the unintended consequences of being over-indebted. For ASEAN, financial inclusion is an increasing priority because it is estimated that 260 million adults in the region still do not have access to the formal financial system, while 45 million small businesses have difficulties in accessing financing. To overcome this challenge, ASEAN Finance Ministers and Central Bank Governors in March 2015 decided to elevate financial inclusion to be a policy priority. It is our shared vision that every person and every small business in the region can participate and benefit from the opportunities that will be brought forth by greater regional integration under the ASEAN Economic Community. Conclusion Our collective efforts in advancing financial inclusion have yielded many significant achievements. The Global Findex Database 2014 will be an important contribution to more  2  BIS central bankers’ speeches  optimal and impactful financial inclusion policy making and implementation. Bank Negara Malaysia would like to congratulate the World Bank Group on this accomplishment.
It is interesting to note that before the 1990s the predominant view was that a floating exchange rate regime was not suitable for a small open economy. Today, I believe that experience has been exceptionally good among those countries that are targeting inflation. In fact, even some emerging market countries are now building the same kind of regime. In recent years countries such as South Africa, Brazil, the Czech Republic, Poland and Thailand have been inspired to introduce a similar strategy. Consequently inflation targets are now introduced in quite a number of countries. Let me take this opportunity to commend the Governor of the Bank of Thailand and the bank’s staff for the first excellent Inflation Report that was presented in July. The report is very impressive and it has given me quite a few new ideas. The challenge during the 1990s for the inflation targeting countries has been to build a rigorous framework around the new regime. Questions like the choice of rate and index to be targeted, the usefulness of bands around the target and the degree of transparency all needed to be answered. It has also been important to formulate a monetary policy reaction function, that is, to define the balance between inflation variability and output variability. The reason why central banks do not aim for maximum short-term stability in either inflation or output is that attaining only one of the targets would be costly for the economy.

In part this has been spurred by competitive forces. That such forces will diminish as financial restructuring accelerates seems unlikely. Information asymmetries lie at the heart of market failure, and the market's way of resolving them can give rise to unpredictable outcomes. Ensuring that markets have adequate information about national economies, the strength of financial systems, aggregate positions and the financial standing of counterparties is important. Equally important, if not more so, is to ensure that market participants' approach to risk management reflects the full balance of costs and rewards implied in their decisions. Given the costs and the difficulties of managing the successive crises over the past decade, we must continue to devote considerable efforts to avoiding future crises and try hard to understand the kinds of vulnerability that lie behind them. The work now being carried out in various international fora is thorough and can be summarised under three headings: crisis prevention, crisis containment and crisis resolution. Much of this work involves international institutions like, for instance, the International Monetary Fund, the World Bank, the Bank for International Settlements, the Basel Committee on Banking Supervision, and the OECD, as well as the Financial Stability Forum. However, it is with national authorities that the often hard work of implementing policies and codes lies. The measures will contribute to better financial stability only if countries actually adopt and implement them. A crucial ingredient in achieving this is of course to involve countries, formally or informally, in the development of the policies, codes and standards.
Conclusion Innovations in digital assets have the potential to impact financial markets in many fundamental ways; it is essential to understand these developments and the impact they may have on the mission of the Federal Reserve. Through ongoing investment in research, experimentation, and collaboration, leveraging the full potential of digital assets is possible. I look forward to building on the successes of Project Cedar and similar efforts. 1 The White House, Fact Sheet: White House Releases First-Ever Comprehensive  Framework for Responsible Development of Digital Assets, September 16, 2022 2 CNBC, "Terra backers vote to revive luna - but not UST - after $ billion crypto  collapse," May 25, 2022 3 Vice Chair Lael Brainard, "Crypto-Assets and Decentralized Finance through a  Financial Stability Lens," remarks at the Bank of England Conference, July 8, 2022 4 Board of Governors of the Federal Reserve System, "Money and Payments: The U.S.  Dollar in the Age of Digital Transformation," January 2022  4/5  BIS - Central bankers' speeches  5 Chicago Fed Letter, "Understanding the Demand for Currency at Home and Abroad,"  No.

Indeed, we are now in a world that is fundamentally different, a world that calls for a greater appreciation of the changes that need to be made to the systems and structures, to the institutional arrangements and mechanisms, and to the manner in which we operate in this new environment. The international dimension of these changes calls for an outcome in which the international financial system is less prone to disruptions and failures and in which economic progress is a shared prosperity among nations. Globalisation has had a deep impact on the way modern economies function. The benefits of globalisation have accrued to diverse communities and regions but it has also brought with it significant risks. While the Asian Crisis showed the effects of globalisation, it also showed that Asia was able to rapidly rebound and continue to benefit from increased international trade and financial flows. The rapid restoration of stability and resumption of growth had confined the crisis to Asia. As the current financial crisis is translated into an economic crisis, its repercussions are now being felt on a global scale. While the turmoil had its origins in the developed economies, its continued escalation has extended the effects of the crisis to the rest of the world. Economic and financial globalisation thus not only calls for policy responses at the national level but also at the international level.
In my view, this is not an area for regulatory prescription - there is not a unique organizational model that would be most effective for every bank. Rather, we look to see whether a compliance function achieves certain goals in addressing a firm’s specific compliance risk challenges. •  First, is it structured so that compliance staff can carry out their responsibilities with appropriate independence? Compliance staff may be embedded within business lines or have reporting lines to branch management or to country heads. But whatever the reporting line, they must have the capacity and incentives - monetary and otherwise - to critically evaluate operations, and they must have resources and support when problem areas are identified. •  A second, and related, question is: do local compliance staff have strong linkages to, and the backing of, head office compliance…and through head office compliance to global senior management and the board of directors? •  Third, does the structure support the development and implementation of sound monitoring and testing programs? Testing of course is a “point-in-time” event, but monitoring is very much an ongoing process. We have generally found that monitoring and testing tends to be one of the weaker components of many firms’ compliance risk management programs. •  A fourth question is whether the volume and quality of compliance resources is appropriate. This is obviously more than just a body count, but an assessment as well of whether the firm has staff with the appropriate technical skills to carry out the necessary sophisticated analysis.

And second, policymakers and regulators are clearly focusing more strongly on compliance risk management, because of recent developments in the corporate and political arenas. So, we have a situation where banks have growing exposure to compliance risk, at the very time that scrutiny of compliance management is intensifying. Inherent compliance exposure With respect to the former, inherent compliance exposure is clearly being affected by factors such as financial innovation, globalization and the impact of deregulation within individual countries. I will say a few words about each. New products (including structured products) are constantly being introduced, and are being used by an expanding set of market participants, as technology has improved and various market forces have incented behavioral changes. This has led to a number of compliance challenges: •  Questions for example can arise on how new instruments fit within existing legal and regulatory regimes,  •  Suitability issues can come up, given that new players entering the market may be less sophisticated than the historical set of market participants, and  •  Accounting and disclosure practices are likely to be lagging behind the rapid product innovation. Globalization and cross-border expansion present additional challenges, as firms become subject to a broader array of regulatory regimes. An immediate challenge is for the firm to assess whether conducting certain types or levels of business activity in a new country would cause it to become subject to various laws of that jurisdiction.
Moreover, while the FOMC’s goals for monetary policy are maximum employment and price stability, the economic decisions of households and firms generally don’t depend directly on the federal funds rate, since they don’t participate in that market.8 Instead, their decisions depend on broader financial conditions, including the interest rates on home mortgages and corporate bonds, the performance of the stock market, and the foreign exchange value of the dollar. 9 As a result, for monetary policy to achieve its objectives, markets must function well enough to transmit the stance of policy, both from the markets in which the Federal Reserve directly transacts to its policy target, and then onward from that target to other money markets, and eventually to those asset prices which directly affect real activity. It’s helpful to think through how shocks to the structure of money markets could impair monetary control and transmission. I think about this in three steps: control of conditions within the markets in which we operate, control over the FOMC’s target—the federal funds rate, and transmission into broader financial conditions. Some structural changes could reduce the ability of our operations to affect rates on other 2 / 13  BIS central bankers' speeches  transactions within those same markets.

Money market fund reform is now in place, and while the leverage ratio and many other Basel III rules are not fully in force, in practice most banks are complying with them. As a result, what we have observed in money markets might simply have reflected a oneoff realignment of asset prices to the new enhanced regulatory structure. 9 / 13  BIS central bankers' speeches  Conclusion To conclude: I continue to be greatly encouraged by the performance of our framework for policy implementation, which has provided the FOMC with excellent control over the federal funds rate and predictable pass-through of the monetary policy stance into broader money market conditions. Transaction-level dispersion measures demonstrate markets that are competitive, and suggest that the effects of policy tightening are realized as expected and intended. These markets, and our framework, have proved resilient to major shocks to the structure of money markets, including the reshaping of the money market fund industry. I remain highly confident that our framework will continue to perform very well. Nevertheless, we should continue to monitor the possibility of a growth in dispersion in broader money market rates. Gathering more and better data about money markets is a useful step in this direction, and one at which my colleagues and I are actively engaged. Learning more about policy transmission through theoretical and empirical modeling is another useful endeavor.
In particular, job growth has picked up in Buffalo, and the Capital Region continues to see sturdy growth coupled with significant manufacturing job gains. However, not all parts of upstate New York are seeing the same degree of economic progress. There has been little to no growth in the center of the state, and Utica and Binghamton continue to see employment declines. Binghamton stands out as being particularly challenged, as its economy has yet to see any meaningful recovery from the Great Recession. Steep manufacturing job losses have weighed heavily on the area, though these losses appear to be nearing an end. I had the opportunity to visit Binghamton earlier this summer, and I was encouraged by what I saw. The region is making serious efforts to boost economic growth, with Binghamton University playing a key role in fostering local business activity. And, like many places dealing with steep manufacturing job losses, there is a large swath of displaced workers that need assistance returning to the labor market. This has proved challenging and remains a priority. Update on Puerto Rico On balance, I think it’s fair to say that the economic news from much of the Second District has been quite positive. An important exception, though, has been the fiscal crisis faced by the Commonwealth of Puerto Rico, home to 3.5 million U.S. citizens. Unfortunately, Puerto Rico continues to struggle under the weight of economic stagnation, employment declines and outmigration.

In May this year parliament passed a new Central Bank Act with the approval of all 56 members who were present for voting on the bill. A detailed account of the main changes from earlier legislation has been given in the Central Bank’s publications. See i.a. the Central Bank of Iceland’s Monetary Bulletin 2001/3 I shall only mention here that a single target was set for the Central Bank, i.e. to promote price stability. With the Prime Minister’s approval, the Bank was also authorised to specify a numerical inflationary target. The Bank was granted full independence to apply its instruments in order to achieve its main objective. Its financial independence was increased by precluding in law treasury access to short-term funding with the Central Bank, which had previously been precluded with an agreement between the Minister of Finance and the Bank. Provisions on transparency and accountability towards the Government and general public were made more focused. As I mentioned before, one of the Central Bank’s main objectives is to contribute towards an active and secure financial system, or financial stability as it is often known. In recent years central banks in many countries have been increasingly devoting themselves to monitoring financial stability. This development is partly the product of financial market liberalisation and the deregulation of capital movements, and partly a response to shocks which have struck many countries, both currency shocks and banking system setbacks.
10  BIS Review 44/2010  Nevertheless international policy cooperation has moved out of statutory bodies and into groups of a select few, bypassing established channels and fora. Other countries are called upon to contribute to efforts agreed by the G20. Policy action and global imbalances The large global imbalances that contributed to the current crisis are likely to widen anew, if they are not addressed effectively. This would again put at risk the stability of the global economy. Global and prompt policy action is therefore warranted yet again. To this end, the G20 has embarked upon an unprecedented exercise in policy collaboration with the IMF. Still, the G20 lacks the legitimacy that historically has been associated with a truly multilateral framework. Its ambitious economic cooperation should be anchored in a multilateral institution. The IMF is the logical choice. With G20 merging its activities with those of the IMF, both will attain wider acceptance and legitimacy. Success in the ambitious tasks of the G20 can only be welcomed by the rest of us. However, it is a weakness that the members of the G20 represent only themselves. Virtually entire groups of countries and regions are left out. They have no voice and no representation in the work of the G20 or in the institutions which it chooses to set up to further its agenda. This is at variance with the principles of multilateralism and international cooperation that have prevailed since the end of the Second World War.

The rapid rebound in oil prices and a weaker krone provided a boost to the economy. The interest rate was lowered sharply to a historically low level and public spending increased markedly. The downturn was milder than we had expected when the interest rate was reduced – partly because oil prices proved to be higher than expected and partly because the policy measures were more effective than we had dared to assume. Therefore, we now expect to raise the policy rate at a gradual pace back to more normal levels. The emerging economies were hardest hit by the global crisis in the late 1990s. This time OECD countries were the most severely affected. But Norway largely escaped both crises. Overall, output fell less in Norway than in other countries and is recovering more quickly. Unemployment has remained low. 1  4  IMF Country Report No. 10/24. Norway: Staff Report for the 2009 Article IV Consultation. BIS Review 44/2010  Norway is not unique We cannot expect underlying forces to be as beneficial in the future. Real interest rates cannot be expected to fall. Another sharp boost to export prices is not likely. In addition, there are vulnerabilities in the Norwegian economy. Labour has never been as costly, and businesses may be at a disadvantage in tenders and competitions given the current high level of spare capacity in other countries. Moreover, it has never been more profitable to relocate activities abroad.