samchain/econo-pairs-v1 huggingface dataset:
Some see this as a response to US rules that require large foreign banking organisations to establish an ‘intermediate holding company’ to hold the ownership interest of all their US subsidiaries. We are not persuaded that these developments are a good idea. Unlike retail banking, wholesale banking is international by nature. We risk kidding ourselves if we think it can be neatly chopped up into geographic units in which international banks can be supervised and resolved separately. If the real objective of the reform is to bring large investment firms within the scope of SSM oversight, that could be much more efficiently achieved by designating such firms, as we have done in the UK. Those eight firms which – by reference to published thresholds – have the potential to present systemic risk to the stability of the UK 10  financial system are supervised by the PRA as well as the FCA . The expectations on designated investment firms are in effect the same as on other subsidiaries of international banks. This system helps facilitate what is proving to be a highly effective and co-ordinated supervisory relationship with the US. It is best to deepen co-operation so that between us we can properly supervise wholesale banking through branches as well as subsidiaries. This will be challenging, but progress since the crisis shows it can be done. Governments and regulators came together through the Financial Stability Board in a spirit of co-operative resolve and enlightened self-interest to build a framework of global standards.

* At the end of the summer 2020, when we began ‐ at our modest deputy level – to launch this conference, we were convinced that the message of the Green Swan was worth spreading, but we were far from sure that it would attract such a prestigious set of speakers. This was before the new momentum we are experiencing thanks to the political shift in the United States, following the ambitious Italian G20 and UK G7 presidencies. Now, only a few months later, the context is quite different. Governments are more aware than ever before, that they need to act, to anticipate; there is more appetite for multilateral cooperation. The private sector is making many commitments to net‐zero emissions. However, a number of questions arise that we cannot answer easily. Three of them seem particularly important: 3  International Energy Agency – IEA (2021). Net Zero by 2050. A Roadmap for the Global Energy Sector. Accessible at: https://www.iea.org/reports/net‐zero‐by‐2050  2  Should we focus on climate change or broaden the scope? How can we make sure that public policies are consistent? How to thrive within limits? Allow me to develop these points. * I. BEYOND CLIMATE? The Charter of the NGFS,4 adopted in December 2017, states that the network aims, in particular, to “contribute to the development of environment and climate risk management”. It is key to consider how ecological crises are in fact multiple and interconnected.
Looking ahead to next year, the Governing Council will hold fortnightly meetings and I intend to hold a press conference, normally, once a month. For the first quarter of 1999, I envisage holding a press conference immediately after the first meeting of each month. Further details of the meetings schedule are provided in the separate press release that will be issued to you this evening. Let me, however, return to the present. The Governing Council and the General Council devoted part of their September meetings to an extended exchange of views on recent economic, monetary and financial developments. In particular, much attention was paid to the global economic and financial environment of the future euro area, which has clearly worsened. Two major factors are currently affecting capital markets. First, the “flight into quality”. Second and related - the tendency to switch from equities to bonds. As evidenced once again over the past few days by large swings in investor sentiment, the monetary policy environment has become more uncertain. One focal aspect of the discussion has been a close monitoring of the financial crisis in Russia. As we all know, the Russian crisis has added to concerns regarding the state of the world economy at a time when the crisis in Asia is still ongoing and growth in Japan is negative. These concerns have been fuelled by renewed strains in international financial markets as well as sharp fluctuations and downward corrections in major stock markets.

The Governing Council also agreed upon a guideline for the management of the foreign exchange assets by the national central banks and for the Member States’ transactions with their foreign exchange working balances. These are now being formalised in official legal documentation. (c) Statistics The Governing Council endorsed the statistical framework on the basis of a number of reports that had been prepared by the EMI - many of which had been published in the past - thereby confirming the ECB’s statistical requirements for Stage Three. I should perhaps point out that the reporting framework for the money and banking statistics of the ECB will appear in the “General Documentation” that will be released next Wednesday. (d) Euro banknotes With regard to the euro banknotes, the Governing Council confirmed (in line with previous recommendations by the EMI) that seven banknote denominations would be issued: 5, 10, 20, 50, 100, 200 and 500. Furthermore, it decided that there would not be any national features on the euro banknotes. As you know, the euro banknotes will be put into circulation on 1 January 2002. Thus there are fewer than 800 working days to go before their launch. The Governing Council took note that the technical preparations for the euro banknotes are proceeding according to schedule. The origination phase (i.e. the process of converting the designs into proof-prints) has now been successfully concluded and a zero-production run will be conducted in the autumn before mass production starts in early 1999.
The effects of exchange rate fluctuations on activity are an important factor in our evaluation of the inflation outlook and in our monetary policy decisions. At the present time, interest rate differentials with developed economies are well below historic averages and the interest rate is still below normal levels. The fourth principle I want to discuss is that stronger countries generally have stronger currencies. In other words, the purchasing power of their wage packets is comparatively greater as these economies outpace the rest of the world. We could discuss many more factors, such as ways to mitigate appreciation, what circumstantial factors spur it, etc. At the end of the day, what we need is to transform the cyclical strength of our economy into greater productivity which will increase our potential for growth. But it is important to note that this principle does not work the other way around. In the past we have been obnubilated equating a strong currency with a strong economy, but we soon had to realize that the strength of the currency was not due to a fundamentally sound economy but rather the outcome of policies inducing currency misalignment. I would like to draw your attention to the fact that I have not included a flexible exchange rate as one of the principles, in order to avoid dogmatism. But in our country, experience overwhelmingly shows that exchange rate flexibility, managed pragmatically, is the most adequate system for us.

Based on the information currently available, the level of the liquidity in the market in 2007 (i)  The increase in base money,  (ii)  Coupon and principal redemption by the Treasury to the Central Bank,  (iii)  Treasury’s foreign exchange debt payments financed by its domestic currency borrowing  will have a lowering effect, while (i)  The Central Bank’s net foreign exchange purchases,  (ii)  Interest payments to be made by the Central Bank for reserve requirements and for excess liquidity absorbing transactions,  (iii)  The decline in Treasury cash accounts with the Central Bank will have an increasing effect on liquidity. Based on the assumption that the foreign exchange payments of the Treasury would exceed the foreign exchange inflow, and by taking the Central Bank FX buying auction program into consideration, the excess liquidity in the market is expected to continue within reasonable limits in 2007, even though temporary liquidity shortages may occur. However, as in previous years, it is not possible to make a precise forecast regarding the net foreign exchange payments of the Treasury, the amount of the Central Bank’s foreign currency purchases and the balance of Treasury cash accounts with the Central Bank. Depending on the variations of these variables, the market liquidity may change significantly.
Asset purchases refer to total amount of bonds purchased by the central banks. Annual asset purchases are obtained by summing net monthly purchases over corresponding 12 months. Monthly flows are converted into US dollars by using an average monthly exchange rate. Sources: ECB, Bank of England, Federal Reserve, Bank of Japan, SIFMA, Thomson Reuters Datastream and Bank calculations. The Fed’s widely trailed intention to reduce gradually its holdings of US Treasuries could ultimately have significant effects on financial conditions globally. Although the precise degree and timing of this effect are subject to considerable uncertainty, the direction is clear: reducing the stock of purchased assets should increase the term premium for US treasuries (due to both portfolio balance and signalling effects). Fed staff recently estimated that balance sheet normalisation could ultimately lead to a 75 basis point rise in the 1038  year term premium. According to the July Primary Dealer Survey, the median expected rise in the 10-year  US Treasury yield over the next two years due to a reduction in the balance sheet is around 30 bps (with an interquartile range of 20-50bps). Whatever happens, Bank analysis suggests that around two-thirds of 39  changes in US term premia will spill over into the UK over time. IV. Should the Monetary Policy Framework be adjusted? In summary, global demand has become more important for pressures on domestic capacity (i.e.

23  All speeches are available online at www.bankofengland.co.uk/speeches  23  Conclusion Before the great wave of globalisation, a series of major institutional reforms increased the transparency and accountability of central banks. The enhanced monetary policy credibility that this brought resulted in a marked drop in inflation and sizable reduction in the sensitivity of inflation to changes in slack. By driving greater competition, increased globalisation has reinforced the effectiveness of these reforms. 57  Monetary policy makers, including the MPC, drew on this credibility during the financial crisis, keeping inflation expectations anchored in the face of deflationary pressures from both home and abroad. Regardless of how external influences on inflation evolve in future, the institutional framework of the Bank of th  England, which is currently celebrating its 20 anniversary of independent monetary policy, leaves the MPC well equipped to deliver price stability. The biggest determinants of the UK’s medium-term prosperity will be the country’s new relationship with the EU and the reforms that it catalyses. Many of the adjustments needed to move to that new equilibrium are real in nature, and are not in the gift of monetary policymakers. But monetary policy can help build the foundations for lasting prosperity by achieving the inflation target in a way that helps smooth real adjustment in the economy and supports jobs in the wake of very large external forces. This is the best contribution the MPC can make to the good of the people of the United Kingdom.
But, if the subsidy is financed by incurring a loss elsewhere, it does not help to fight inflation. That is because at the place where the loss is incurred, there exists a deficit supply creating pressures for prices to rise. Similarly, price controls may keep the cost of living index under control. But, as long as there is excess demand in the macro economy, it does not help to contain inflation. Then, what about negative supply shocks such as a temporary fall in the output of agricultural products or increases in the prices of imported goods? They would reduce the real aggregate supply creating an excess demand in the macro economy. It would lead to the increase in the prices of certain consumer goods raising the cost of living of those who consume them. But, that is not inflation. For these one-off events to become inflation, the nominal aggregate demand should also rise continuously over the real aggregate supply. In other words, the macro economy should be characterized by the presence of an excess demand for goods and services. The elimination of this excess demand is the path for curing the malady of inflation. When there is no excess demand or excess supply, then, the macro economy is said to be in balance. Such a balance eliminates the pressure on prices to change. The public having observed the general stability in the overall price level would form low expectations on future changes in the prices. This would lead to future price stability as well.

Many critiques had pointed out, and the technical staff in the Bank had experienced, that the Bank could not succeed in its main task of taming inflation and bringing about price stability, if it was saddled with other tasks that would go against its main objective. Hence, there emerged a general consensus that the central bank should do only what it can do effectively and not otherwise. That consensus required the Central Bank to pursue a single objective, viz., the attainment of price stability. Following this consensus that emerged through the consultative process involved in the modernization, the technical staff of the Bank proposed an amendment to the Monetary Law by mandating the Bank with the task of attaining two core objectives. They were the attainment of both “price stability” and “financial system stability”. When the draft law was submitted to the then Governor, Mr. A. S Jayawardena, for clearance, he had changed the “price stability” to “economic and price stability”. The puzzled and bewildered technical staff flocked into his room seeking a clarification, since it was not in line with the accepted international trend. The writer recalls that even the Resident Representative of the IMF too was puzzled by this seemingly inappropriate mandate being added to the Bank’s objectives. But, Mr. Jayawardena, assuming his usual erudite and serious posture, offered a different explanation which had never occur red to the technical staff.
8 The resulting loss of the public’s faith and trust in this critical market comes with a cost: Let’s recall that it is ultimately the public that stands to lose from an FX market unable to play its vital role in the global economy. The FX market is considered by many to be relatively lightly regulated, particularly in the FX spot market. Regulatory treatment across jurisdictions varies. 9 Regardless of who regulates in a given region, in the absence of a single centralized and comprehensive global regulator of this highly global market, collaborative efforts between the private and official sectors play an important role. These efforts help us to better understand the roots of the misconduct and the misalignment of incentives that contributed to weaknesses in trading structures and encouraged unethical and illegal activities. And they can also play an important role in elevating best practices in order to promote a sound, effective FX market going forward. In the remainder of my remarks, I’ll discuss three examples of such work. First, the recommendations of the Financial Stability Board’s Foreign Exchange Benchmarks Group. Second, the work of the various foreign exchange committees, including the New York Fedsponsored Foreign Exchange Committee (FXC), to provide more detailed, globally harmonized guidance through an expanded Global Preamble to the existing regional codes of conduct.

The transactions that take place there are the lifeblood of a global economy that comprises many different national currencies. By enabling the transfer of funds and purchasing power from one currency to another, the foreign exchange market offers an important means for price discovery that facilitates international trade and investment activity. The relative value of a currency, expressed in exchange rates, both drives and is driven by the costs of goods, services, and investment opportunities in each economy. Understanding relative prices helps businesses make decisions about the competitiveness of their goods and services, which is important for consumption and production choices. For example, the current and future value of an exchange rate can be an important factor for a corporation when deciding where to locate a new factory or where to source parts, or even where they want to sell their finished products. These decisions ground the composition of activity within  BIS central bankers’ speeches  1  an economy, and have a bearing on the distribution of jobs, investment, and growth across the global economy. This is a particularly important function given trade’s increasing contribution to global growth. Indeed, between 2003 and 2013, the share of trade in global GDP increased by about 11 percentage points, to just over 59 percent. 1 The FX market is a large and growing market.
Despite all these achievements, we must admit that there is no room for complacency. We must continue to establish new grounds and set new thresholds for our organisations towards greater success. In this context, I am pleased to inform that the Bank will be forming a Steering Committee made up of representatives from both industry and academia to undertake an indepth review of the strategic positioning of these important organisations. It is as part of our efforts to re-energise and reinvent the Islamic finance talent development landscape. 4  BIS central bankers’ speeches  Conclusion The collective efforts of everyone here today will determine the path of Islamic finance moving forward. A simple yet meaningful event to witness the launching of the Educator’s Manual today will be an important learning tool for many of our future students. I wish to record again our sincere thanks for the contribution and commitment of many people, particularly from the panel of authors and members of academia and wish everyone continuous success for the upcoming series of the future manuals. Dengan lafaz Bismillahirrahmanirrahim, saya melancarkan Educator's Manual on Shariah Standard Murabahah. Thank you. BIS central bankers’ speeches  5

People who lack good health or healthcare often struggle to participate fully in the economy. On top of that, social determinants of health—economic stability, housing, and education—can be barriers to employment and affect the kinds of jobs people get. Of course, we at the Federal Reserve are neither healthcare workers nor healthcare policymakers. But a major part of our core mission is to foster a strong economy and promote maximum employment. And to put it simply, we need healthy people to have a healthy economy and workforce. That’s why understanding the nexus of race, health, and the economy is central to achieving our goals. We are deeply committed to doing so, both in this series and beyond. The pandemic demonstrated just how acute many of the connections are between physical and economic health for individuals and communities. And it exposed just how dramatic racial disparities can be, especially in accessing healthcare and other critical resources. The convergence of a health crisis, business closures, and job losses created tremendous hardships for many Americans, and was especially devastating for communities of color. We know that people of color, and Black people in particular, experienced higher rates of illness and death.1 Significant representation in essential services work—jobs that required close contact with others—contributed in part to these tragic outcomes.2 Over the past 18 months, we learned how these issues played out for families through regular conversations with community leaders in our district and beyond. Separately, our research shone a spotlight on many of these painful realities.
First, banks play a crucial part in the transmission of monetary policy. There are various channels through which monetary policy is transmitted to the economy, but the primary channel is via changes to the short-term nominal interest rate, in other words, via the cost of borrowing and the return on savings. Monetary policy thereby affects investment and consumption decisions throughout the entire economy, thus influencing business level activity and price dynamics. In its implementation of monetary policy, the SNB provides short-term liquidity to the banking system, and not directly to firms and households. Banks, as financial intermediaries, in turn transmit these monetary policy decisions to the real economy. The extent, however, to which the banks respond to these decisions – by changing their interest rates on deposits, loans and their credit supply – depends on a number of factors, such as the degree of competition, but also the banks’ balance sheets. The effects of monetary policy can thus be impaired if banks have poor balance sheets. Thus, the banks’ function as financial intermediaries is a welcome and influential channel through which the SNB’s monetary policy decisions affect the economy. There is, however, a downside to this role. The banking sector can also propagate large financial shocks to the rest of the economy. In other words: the financial industry itself can have a large impact on the economy. In Switzerland, the propagation of financial shocks to the real economy is potentially large in magnitude.

But a more contentious debate has emerged over the potential use of our asset purchases to pursue climate-related goals. Our corporate sector purchase programme in particular has come in for criticism as it includes emission-intensive sectors, such as manufacturing and utilities.30 In this debate, it is important to recall that the ECB decides on and calibrates its monetary policy measures with a view to achieving its price stability objective under the Treaty. As a consequence, more than 80% of the € trillion of securities purchased under our Asset Purchase Programme were issued by governments or their agencies. The remaining share consists of purchases of covered bonds, corporate bonds and assetbacked securities. For these assets, the Governing Council concluded that the best way to achieve its monetary policy objective was to follow the principle of market neutrality.31 This principle does not preclude supporting environmental objectives, however. 32 The ECB has purchased “green bonds” both under its public sector and corporate sector purchase programmes. Under the former, we currently hold around 24% of the eligible “green” universe, estimated to amount to some € billion. Under the latter, we hold close to 20% of the eligible “green” corporate bond universe, which currently has an outstanding volume of € billion euros. Under both programmes, the share we hold in “green” eligible bonds mirrors, by and large, the share of our holdings of the entire eligible universe.