samchain/econo-pairs-v1 huggingface dataset:
But what is at stake for the EU is nothing less than preserving the integrity of our single market and its competitiveness. In this regard, EU countries should maintain consistency in regulatory practices vis-à-vis all third countries – including the U.K. Even if there is a trade deal, which I do still wish and hope, Britain will have left the single market and hence things will change anyway significantly for financial services. It means that firms operating under the European passport must quickly finalise their relocation to the EU if they want to operate here as of next year. As of September, the ACPR authorised 43 entities to ensure continuity of activities in France, including 4 credit institutions, 21 investment firms and 7 third country branches. If we include asset relocations of French groups from their branches in the UK, approximately 150 billion euros in assets will have been relocated to France by the end of this year. In addition, 31 entities, mainly investment firms, have applied for a license in France and their projects are currently being assessed by the ACPR. All these are good news, but let me bring two matters to your attention. A handful of small firms, notably in payments electronic money and investment, must urgently accelerate the process or risk being caught out in January. Concerning European major institutions, the EU will not permit empty shells with only partial relocation of staff or booking arrangements.

BIS Review 2/2002  1  The market for apartment blocks, on the other hand, is more complex, as it is affected by a number of different regulations and restrictions. This has led, for instance, to the relationship between rents and prices in this market not being stable. Normally, there should be a connection between the development of prices and rents for apartment blocks, as the future cash flows that constitute the basis for the valuation of the property are primarily governed by rent income. However, the statistics regarding prices and rents for apartment blocks show that the rise in prices of apartment blocks has been clearly higher than the rises in rents since 1995. A similar development took place between 1987 and 1990, although the price rise was much more rapid then. The price increase at the end of the 1980s was driven by expectations of future price rises. Regulations in the form of the utility value system and central rent negotiations provide modest changes in rent every year. The changes in rents do not vary substantially in connection with economic activity and demand. These regulations may have a stabilising effect on the property sector in that they stabilise income flows, given that the vacancy rate for housing is low and does not vary. Stable income flows are a good thing from the lender’s perspective. Do these regulations cause any problems? I can see two main problems, which I shall discuss.
Vahur Kraft: The euro in Estonia - the agenda and practical aspects Speech by Mr Vahur Kraft, Governor of the Bank of Estonia (Eesti Pank), at the international conference “Euro currency - French-German experience and Estonia future”, Tallinn, 30 September 2003. * I. *  *  Introduction  Based on the requests addressed to Eesti Pank information service we can say that there is a most encouraging - if somewhat surprising interest in Estonian national euro-coins among the general public - although these coins do not exist as yet. Some people are convinced that we have the euro coins already; the others would like to register in order to be the first to receive the new coins. But every coin has two sides - and in this case it means that a very significant percentage of the Estonian population are not at all eager to take leave of the Estonian kroon and replace it with the euro. They would like the central bank to proceed slowly. That puts the central bank into the unusual position of arguing for speed and decisive action instead of a conservative approach while the public is still somewhat confused by the recent results of the Swedish euro referendum. The Swedes would have liked, perhaps, to be a bit more papal than the pope - and they certainly have achievements to be proud of. But for Estonia - and with a long-term view in mind - proceeding rapidly and adopting the euro as soon as feasible would be the best.

While there are signs of a certain reversal in this process, a failure in this respect would be particularly harmful for the European project, since integration is at the core of the European Union itself. The policy actions of the ECB and other European authorities, including the decisive drive towards a Banking Union, have been able to overcome or dissipate the worst fears, but the road ahead is still long and difficult. Finally, the role of central bankers should be highlighted in this new context. We are big players in the financial arena, both from the regulatory and monetary policy standpoint; and the framework for our actions – and reactions – must necessarily change and adapt to the new environment. The renewal of the set of instruments to address the price stability  BIS central bankers’ speeches  1  mandate, be it in a situation of low growth, as happens to advanced economies, or in a situation of large capital inflows, as happens to emerging market economies, is one aspect of that change. The need to take on board financial stability considerations is another aspect widely discussed. You will devote the final part of the day to this quest. And I do not want to take more time out of the tight agenda you will follow now. Thank you very much for your attendance to this Conference. I wish all of you and excellent day and a good discussion. 2  BIS central bankers’ speeches
Other institutions, such as the International Monetary Fund (July 2018) and the Bank for International Settlements (Carstens, 2018), highlight the significance of indirect impacts, too. Page 4/9  Protectionism as a source of uncertainty for monetary policy The SNB’s monetary policy would also be affected by such a development – and this brings me to the main part of my speech. Over the short term, tariffs and other trade barriers have an inflationary impact and curb growth. We economists talk of a negative supply shock, or in other words an abrupt increase in production costs. The oil price shock of 1973 is a textbook example of this. Back then, a supply embargo imposed by the Arab members of the Organization of the Petroleum Exporting Countries (OPEC) saw the price of oil treble within a very short period of time. Given that oil was at that time an even more important raw material in the production of goods than it is today, this resulted in a sharp rise in consumer price inflation and a slump in GDP growth. Chart 4 illustrates this using the example of the US. A global rise in tariffs would have a similar effect. What the optimal monetary policy response for a central bank is in the case of a negative supply shock is not immediately obvious. This also applies to an abrupt and hefty rise in tariffs. Should a central bank raise interest rates in such a situation to combat inflation, or should it lower rates to stimulate economic activity?

While there have been other un-guaranteed MBS transactions in Hong Kong, today's issue sponsored by the HKMC is the largest un-guaranteed Hong Kong dollar MBS in Hong Kong. Moreover, it is the first-ever un-guaranteed Hong Kong dollar MBS that carries a triple-A rating. I believe that the HKMC's introduction of triple-A-rated MBS through credit tranching will become a benchmark for other MBS issuers in Hong Kong. With today's MBS issue, the HKMC now accounts for about a quarter of the total securitisation transactions in Hong Kong in the past ten years and is the largest issuer of asset-backed securities in Hong Kong. For the future, the Corporation has plans to expand the scope of its business to cover non-mortgage assets and selected overseas markets – as always, in a prudent commercial manner. These new business initiatives will help to further broaden the local debt market, and strengthen Hong Kong's role as an international financial centre and funding hub in the region. We are grateful for the enthusiastic response of the banks joining the management group for this issue and find it very encouraging. We are also very pleased to learn that a diverse group of investors including retirement funds, insurance companies, banks and other institutional investors have shown a keen interest in the issue. BIS Review 116/2006  1  Let me conclude by thanking HSBC, the sole arranger and lead manager, for their highly professional work to make this issue a great success.
In fact, what did I do last weekend? Well, I was in Basel, Switzerland, at the BIS. This is where central bankers get together from across the world, exchange information with one another. So, the first thing is to explain ourselves to people in the community. Because the Federal Reserve is pretty mysterious in terms of – when I went to grad school even, I wasn’t really sure again what the Federal Reserve was. Had to be explained to me. The second thing we do in the community, and this is the more important piece, is to really learn what’s going on, on the ground, in the community. What’s happening in terms of businesses – are they successful? If they’re having trouble, what are the reasons for the trouble? Do they have access to the credit? Can they find people with the job skills they need to support their businesses? What are the challenges in the community, in terms of education, in terms of transportation? Queens, one of the issues is that if you’re not located near a subway line, it’s pretty hard to get around in Queens, and that has pretty significant implications for people’s ability to get to and from work, which is important in terms of economic development. Another issue is the affordability of housing. Queens is actually doing quite well. If you look at the employment growth in Queens over the last few years, it’s been very strong. Just like New York City as a whole.

President Dudley: Well, if I said it was politically-driven, that would be an unbelievable news story. Because we try to stay as apolitical as possible and set monetary policy, not based on the political winds and fortunes of the different political parties, but what we think is appropriate to keep the economy on an even-keel and to achieve our goals of maximum sustainable employment in the context of price stability. So, we’re basically trying to set the level of interest rates in a way that will keep the economy close to our objective of full employment, with relatively stable price. It’s 2% inflation. That’s sort of where we are right now. So, why are we raising interest rates a little bit? First of all, I would point out that the interest rate rise that we’ve had in place has been extraordinarily gradual. The short-term interest rates that the Federal Reserve sets, the federal funds rate, that range is three-quarters of a percent to 1%. If you lived like I did through the 1970s and ‘80s, you realize that that’s an extraordinarily low level of interest rates. Monetary policy over the last few years has been what we think is accommodative. In other words, it’s been supporting economic activity. As we get closer to full employment, we want to make monetary policy a little bit less accommodative because if monetary policy were too accommodative, we would actually get an inflation problem over time.
We have now lived with inflation targeting for almost twenty years. I am convinced that most people today would say that it has worked well on the whole – that it has fulfilled its purpose, and perhaps even exceeded expectations. But when one has got used to a particular system over a long period of time, it is fairly natural to start looking for faults and begin to question whether it might not be possible to make some modifications and improvements. And I do have the impression that inflation targeting in Sweden has recently been criticised somewhat harder and somewhat more often than usual. 1  For an interesting account of the situation at the Riksbank at this time, see Andersson, Krister (2003), “Utformningen av inflationsmålet och den penningpolitiska analysramen” (the shaping of the inflation target and the framework for monetary policy analysis), in Lars Jonung (ed), På jakt efter ett nytt ankare (looking for a new anchor), SNS Förlag. BIS central bankers’ speeches  1  Today I intend to discuss and respond to three types of criticism that have been put forward. The first is the claim that the Riksbank has an inbuilt tendency to set the interest rate too high and has thus caused unemployment to be unnecessarily high. The second criticism suggests that the target for monetary policy should be revised, by raising the inflation target and giving the Riksbank a numerical target not just for inflation, but also for employment or unemployment.

Philipp M Hildebrand: Monetary policy situation and economic prospects Summary of a speech by Dr Philipp M Hildebrand, Member of the Governing Board of the Swiss National Bank, at the Centre for Banking Studies, Lugano, 28 September 2004. The complete speech can be found in French on the Swiss National Bank’s website (www.snb.ch). *  *  *  In formulating its medium-term monetary policy, the Swiss National Bank (SNB) must take the uncertainty surrounding the development of the economic environment into consideration. The SNB believes that the economy is well on the road to recovery, both in Switzerland and abroad. For our country, it anticipates real GDP growth of close to 2% in 2004. Sustained growth is also expected for the coming years. Consequently, the utilisation of the economy’s production capacity will steadily improve, while unemployment will gradually decline. The improved utilisation rate will be accompanied by a rise in inflationary pressure in the medium term. This scenario could be revised, however, if new information were to come to light. The SNB will thus continue to monitor economic developments closely and will subsequently draw the necessary monetary policy conclusions. BIS Review 54/2004  1
But in Sweden, the political majority chose in 2013 to give responsibility for macroprudential policy to Finansinspektionen, which meant that the Riksbank’s mandate remained unchanged. After the financial crisis a discussion arose regarding central bank independence and what tasks they are best suited for. 22 Had the central banks been overloaded with new tasks in some cases, causing a threat to their independence? 23 Immediately prior to the appointment of the inquiry into the Sveriges Riksbank Act in 2016, I gave a presentation which discussed these issues, among others. 24 The discussion started from Figure 6, which shows how the mandate of the central bank is related to the degree of independence. As I mentioned earlier, one motive for making central banks independent was the desire to attain low and stable inflation. In this way, independence was linked to a clear and limited mandate. The broader the mandate a central bank has, the greater the number of general policy issues that tend to crop up on the agenda, which could be a reason to limit central bank independence. Although my focus today is on monetary policy, I would like to take up an interesting question that Andy Haldane at the Bank of England has brought up. 25 The Bank of England has been given a very broad mandate through its responsibility for both microprudential supervision and macroprudential policy.

Our instrument independence – that we ourselves have been able to choose among our tools to attain our objectives and to use them quickly – has been essential in alleviating the effects of the crisis and contributing to good economic developments. I personally think that perhaps the most obvious monetary policy conclusion from the coronavirus crisis is that the repo rate is far from adequate in maintaining our price stability objective. Although I am discussing monetary policy today, I would also like to emphasise that the fiscal policy measures in Sweden and abroad have been a decisive factor in the special type of crisis in which we have found ourselves – some sectors have needed extensive support. 28 For a description of how the Riksbank’s measures have worked during the crisis, see for instance Sveriges Riksbank (2020b). 10 [20]  Proposal for new Sveriges Riksbank Act too limiting with regard to monetary policy toolbox We at the Riksbank consider the proposal for the new Sveriges Riksbank Act presented in December 2019 to be good in several aspects. But when it comes to the monetary policy toolbox, we think the proposal is far too restrictive. I do not believe that it sufficiently reflects the lessons I have just described. 29 There is thus a risk that it will become more difficult, not just for us, but also for future Executive Boards to make a good contribution to socio-economic developments.
It would fester and be harder to uproot as a result. Such a suggestion is preposterous, and we can simply forget it. The exchange rate of the króna is high in an historical context, to be sure, and a depreciation is factored into the Central Bank’s forecasts. The Bank has emphasised strongly how important it is that the economy begin to cool off before the exchange rate drops too much, so that the depreciation will have less of an effect on inflation. Some think that, instead of using the chief weapon in its arsenal, the Bank should use other means, primarily the reserve requirements. But changing reserve requirements is an obsolete measure that would have a limited and unpredictable effect apart from raising interest rates. After Iceland’s banks were privatised and their international operations began to grow, it was inevitable that reserve requirements here should be similar to those in other countries; otherwise, the competitive position of Iceland’s financial institutions would be quite different – and poorer – than that of their competitors. In developed countries, central banks no longer use the reserve requirement as a tool to combat inflation. It has been said that the Central Bank’s problem is that it is looking in the rear-view mirror when it makes its decisions, whatever that might mean. It is true, of course, that the Central Bank looks both at the present and the past when it examines indicators of likely future developments.

This formula, which was conceived for the first Eurosystem cooperation programme with the Bank of Russia on banking supervision, was successfully implemented between 2003 and 2005. Over the coming 33 months, the ECB and the national central banks that I mentioned earlier will be working closely with the Bank of Russia on the programme. The project will be coordinated by a team consisting of Ms Gulsana Barpiyeva, from the Deutsche Bundesbank, who will be the Eurosystem project coordinator in Moscow, Mr Christian Fehlker, the Eurosystem team leader for banking supervision, and Mr Lukasz Kubicki, the Eurosystem team leader for internal audit. The project will be managed by an ECB team in Frankfurt. The expertise on the implementation of the Basel II framework and the risk-based internal audit practices will be provided by the national central banks and the ECB’s Internal Audit Department. In the context of this programme, Bank of Russia experts will have the opportunity to visit their colleagues in EU countries. Russia and the European Union are important partners. One key aspect of the partnership is the overall objective of the European Union and the Russian Federation to enhance the regulation, supervision and governance of financial markets in Russia. This should contribute to improving the investment climate and supporting closer economic relations between the EU and Russia. We very much appreciate the assistance of the European Commission in giving substance to this aim, as this cooperation programme is supported by the Delegation of the European Commission to Russia with a budget of € million.
Third, the impact of global regulatory reform in response to the global financial crisis is another important force that would continue to drive change in the financial landscape. The Asian financial sector was resilient throughout the crisis. But Asia is not immune to the volatility and uncertainty that is constantly changing our financial and economic landscape. Some areas of the regulatory reforms, notably capital and liquidity requirements, have now progressed into the implementation phase. Integrating the new regulatory enhancements will have a fundamental impact on how banks in Asia manage risks in their businesses, particularly in the context of optimising capital to support growth in the region. Banks that are able to develop a strong governance framework to link business and regulatory change effectively, will be a step ahead when it comes to managing growth in the new regulatory environment. This requires a fundamental change in mindset – from treating risk management for regulatory compliance – to being, a fundamental part of strategic executive decision-making. The regulatory change comes with the expectation for banks’ enhanced capabilities around stress testing, capital and liquidity planning, risk governance and regulatory reporting. I believe financial institutions with foresight will take the opportunity to turn these regulatory enhancements into sources of competitive advantage, by developing a comprehensive and deeper level of awareness of their business and risks from the data aggregation, analysis and reporting work, to evolve new, more risk-focused business strategies. This brings me to the next point on the competitive breakthrough that Asian banks can achieve through technological innovations.

Muhammad bin Ibrahim: Forces of change profoundly influencing the Asia-Pacific region Speech by Mr Muhammad bin Ibrahim, Deputy Governor of the Central Bank of Malaysia, at the Asian-Pacific Association of Banking Institutes Conference 2013, hosted by the Institute of Bankers Malaysia, Kuala Lumpur, 7 October 2013. *  *  *  It is with great pleasure that I welcome you to the 2013 Asian-Pacific Association of Banking Institutes conference hosted by Institute of Bankers Malaysia. I would also like extend a special welcome to all overseas delegates, Selamat Datang, as we say in our national language. Given the greater economic and financial integration that is taking place today, it is indeed timely for institutions of learning that focus on the financial sector to come together to deliberate on contemporary issues and trends affecting the region, and its implication on talent needs and development going forward. My remarks today will focus on the forces of change that are profoundly influencing the economies of the Asia Pacific region, and by extension, our financial systems, as well as some thoughts on the implications of these changes to the banking industry, with a particular focus on human capital development. I want to touch on three forces that are reshaping the banking industry across Asia and the Pacific. The first is on emerging markets’ and in particular Asia’s emergence as a dynamic centre for the global economy.