samchain/econo-pairs-v1 huggingface dataset:
It is evident that businesses must transition to be sustainable to keep pace with the global race towards net zero. As an exporting nation, Malaysia must also prepare for tightening of climate-related regulations that may be imposed by our trading partners. Small and medium enterprises (SMEs) that form 37.4% of Malaysia's economy3 are the most susceptible. According to report findings by the Sustainable Finance Institute Asia 2022, SMEs stand to lose RM292 billion in revenue due to non-ESG compliance4. The silver lining behind these adversities is the immense growth opportunities. Studies have shown that sustainability investments reward businesses through higher premiums 5 , better brand value, and lower operating expenses6. Without the necessary support, the ambition to achieve net zero would be a tall order for SMEs, which lack funding and knowledge for meaningful transition. In this regard, the Bank launched the RM2 billion Low-Carbon Transition Facility (LCTF) in February 2022 to fund SMEs' working capital or capital expenditures related to low-carbon practices at an affordable rate. Beyond that, other facilities such as the High Tech and Green Facility and SME Automation and Digitalisation Facility are also available for  1/3  BIS - Central bankers' speeches  SMEs. In this respect, it is important to note that financing by the financial sector has returned to the pre-pandemic level with funds by BNM only constituting less than 10% of the total financing. We acknowledge that technical know-how is equally crucial for successful transformation.

We already did the same successfully under the SMP, which has now come to an end. Barely a year after the announcement of OMTs, the positive effects are obvious, and this development has certainly also been enabled by the reform efforts as a whole. First, banks and firms regained access to the capital market. Second, the spread between the yields on Spanish and German ten-year government bonds fell from more than 6 percentage points in July 2012 to just under 3 percentage points in May 2013. At the same time, the premium on Italian bond yields was halved, down from more than 5 percentage points. One further sign of the normalisation of developments – one that is important for German savers – is the fact that yields on German government bonds increased by around one-quarter of a percentage point over the same period. Third, TARGET balances – which are an important indicator of fragmentation within the euro area – have declined noticeably. They are down by € billion – around 25% – compared with their peak in 2012, so they are now back at the level observed at the end of 2011. In conclusion, we can see that the announcement of OMTs significantly contributed to the stabilisation of the situation. Firms, banks and households throughout the euro area benefited from this measure. Destructive extreme scenarios were ruled out and the damaged transmission mechanism was, to a certain extent, repaired.
Coming to a concrete and operational perspective, I will first give a few personal suggestions on how the resolution framework could evolve over the coming years (I), and then highlight why and how supervision and resolution authorities should work more closely with one another (II). I. How resolution could evolve over the coming years Resolution currently stands as the only harmonised crisis management framework at EU level, and is therefore a public good to be preserved and enhanced. After seven years of determined preventive action and two successful resolution decisions, the SRM is entering a more mature phase where it can start contemplating how resolution may evolve, taking advantage of the upcoming revision of the crisis management framework. Primarily, we should broaden the scope of banks that could be subject to resolution measures, by considering the regional impacts of a failure in public interest assessments (PIAs). The SRB and some national resolution authorities have already taken a first step in this direction. I very much welcome this evolution, which in my view could go one step further to enable medium-sized banks to be subject to resolution measures if their PIA concludes that there is a public interest in doing so. We would naturally have to determine the criteria for identifying medium-sized banks, and for excluding small banks whose limited footprint would never justify resolution. Furthermore, instead of focusing exclusively on bail-in, resolution planning should ensure that the whole range of currently available tools are considered.

This is where we should bring our Ziel, our strategic objective, into our field of vision. And even more so since MREL requirements in the European Union are, on the whole, far more stringent than the TLAC international standards and their translation into other jurisdictions’ regulations. * ** Let me conclude by saying that, in 2022, after the first seven years of existence of the single resolution mechanism, it may be time to recall what Clausewitz rightly identified as the greatest difficulty: “to adhere steadfastly in execution to the principles which we have adopted.” That does not mean showing rigidity in technical implementation, on the contrary. It means taking a risk-based approach and conducting a balanced analysis of the best way forward in order to serve these principles in a relevant way. I will end my speech with another phrase of Roman wisdom: in medio stat virtus, virtue lies in the middle. I thank you for your attention.
Norhana Endut: Keynote address at the Malaysian Financial Planning Council Keynote address by Ms Norhana Endut, Assistant Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Malaysian Financial Planning Council, Kuala Lumpur, 5 November 2022. *** It is my great pleasure to be here today at the 9th MFPC Graduation Ceremony. First of all, I wish to congratulate all successful graduates from the Class of 2019 to 2022. I am sure many of you have been waiting for this ceremony as it was postponed due to the pandemic since 2020. The critical role of financial planning is often overlooked. But one lesson that we can take from the recent pandemic and economic crisis is that a sound financial management and planning is critical in weathering the storm. It is your role now as Registered Financial Planners and Shariah Registered Financial Planners to take the stage in helping Malaysians manage and rebuild their financial standing post-pandemic and be prepared for the future. The Malaysian economy has recorded a strong growth momentum following the reopening of all the sectors in the economy this year. Key to this is the improvements in labour market, in particular, income growth. While there are reasons to be optimistic about the growth momentum, next year presents a more challenging outlook to the global economy with rising global inflationary pressures, signs of moderation in growth in several major economies, ongoing geopolitical conflicts and highly volatile financial markets. Malaysia is certainly not insulated from some of these headwinds.

In this regard, it is commendable that MFPC provides an evolving set of Best Practice Standards and Code of Ethics that must be adhered to by Registered Financial Planner (RFP) and Shariah RFP designees to ensure that the public will be served with the highest quality of financial planning services. Let me also take the opportunity to applaud MFPC for their commitment in providing the platform for aspiring practitioners to integrate the twin pillars of professionalism in financial planning: "professional education" and "practice excellence". Bank Negara Malaysia acknowledges the value of the professional qualifications conferred and is excited to share that we are actively considering the involvement of MFPC's modules in our requirements to enhance the professionalism of agents. Now, let us all put our hands together to commend all graduates for their utmost commitment to continuous learning and professional development. May your spirit in valuing education and growth never die. As Steve Jobs once said, "Learn continually. There's always 'one more thing' to learn!" With that said, my heartiest congratulations to all new graduates! I wish you all the very best in your current and future endeavours. May your journey be a meaningful and fulfilling one. 4/4  BIS - Central bankers' speeches
The baseline scenario uses as a working assumption that the monetary policy rate will continue to rise in the coming months to approach its neutral level of 4% to 4.5% in the first half of 2020. The Board has stated that it expects to adjust the MPR in a gradual and prudent manner. In particular, the implementation of monetary policy will be conditional on the effects of incoming information on the  4  projected inflation dynamics, making the necessary adjustments to policy measures if faced with significant deviations in either direction. Risk scenarios As usual, there are internal and external elements that may alter the projections I just presented you. Like in the past several quarters, the risk balance of the external scenario relevant to Chile remains biased downward. The main risk continues to be a drastic deterioration of financial conditions facing emerging economies, which could result from some of many elements. On one hand, whatever happens in the US is important to us, because of its effects on inflation as well as its monetary policy and economic outlook. On the other hand, major geopolitical risks persist. The trade conflict has tended to refocus on the US versus China, in a context where the Chinese economies have activated several stimulus measures, but financial risks remain while the economy rebalances. In any case, the meetings held by the two nations during the G-20 convention seems to indicate that this conflict will not escalate any further, at least for some time.

The group will act with complete independence to gather information and interview local and foreign experts. The topics that the panel will be evaluating include the analytical framework and the powers available to the BCCh, its policy formulation process, communication and results, with special emphasis on the entity’s most recent years of operation. The final evaluation report will be presented in the institutional account the BCCh is due to submit to the Senate plenary in September 2019, which acquires a special connotation as the year marks the 30th anniversary of its granted autonomy. We hope that the panel will not only contribute a technical, 9  independent and well informed opinion of the Bank’s performance in the areas entrusted it by law, but also generate concrete proposals for improvement that we can include in our institution’s agenda. With this, I believe that we demonstrate our commitment to fulfill our responsibilities before the country on three levels. First, conducting an analysis as objective as possible of the prospects of the economy and their implications for monetary policy. Second, applying our resources to deepen the analysis in an area of crucial importance for the economy, while at the same time producing information that may be of deeper interest to public opinion, the academic world and public policies. Third, by generating mechanisms to strengthen our accountability before the citizens, through this Senate, and identify new possibilities for improvement in our work. Thank you.
Mervyn King: Monetary policy developments Speech by Mr Mervyn King, Governor of the Bank of England, at a dinner hosted by Scottish Financial Enterprise (SFE) and Edinburgh Chamber of Commerce (ECC), Edinburgh, 12 June 2006. *  *  *  It is 230 years since David Hume died and Adam Smith published An Inquiry into the Nature and Causes of the Wealth of Nations. Economists will be forever indebted to two of the greatest minds of the Scottish Enlightenment. Both Smith and Hume were members of the Poker Club in Edinburgh, formed, as the name might suggest, to stir up opinion and make the sparks fly. Alexander Carlyle described the Club as so “frugal and moderate” that “a very constant attendant told me that he never observed even an approach of inebriation on any of the members”. Perhaps that’s why it faded away in the 1780s. In any event, I’m glad we are not at the Poker Club tonight, but enjoying your splendid hospitality here. Given Edinburgh’s importance to the Scottish Enlightenment, it is appropriate that I start by discussing an intellectual puzzle. The puzzle is the following. After 1945 governments felt they had the secret to managing the economy. They thought that by boosting the level of demand through higher government spending and lower interest rates, they could secure permanently higher levels of output and employment. If we were prepared to accept a somewhat higher rate of inflation, then we could achieve a somewhat higher rate of economic growth.

Jean-Pierre Roth: Switzerland – a platform for global business Summary of a speech by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank and Chairman of the Board of Directors of the Bank for International Settlements, at the Forum de l'Economie vaudoise, Lausanne, 14 September 2007. The complete speech can be found in French on the Swiss National Bank’s website (www.snb.ch). *  *  *  Within the past ten years, Switzerland has become a genuine platform for global economic operations. From here, the international markets are being worked systematically, and an ever-growing part of our economic performance is now attributable to investment activity abroad. This is a welcome development since it allows us to keep high value-added jobs in Switzerland. However, it also involves some risk because the international mobility of production has increased. Consequently, the general conditions which help to keep Switzerland attractive as a business location must be maintained. This platform for global economic operations has given us a role outside the European Union and the euro area. Thus we have chosen to face the challenge of globalisation instead of the challenge of European integration. Our path may be demanding, but it is also promising! BIS Review 101/2007  1
All that happens in a central bank’s balance sheet is the creation of a liability item in the form of “currency liability” and an asset item representing the asset the bank has acquired. This would make both assets and liabilities to rise simultaneously. This extraordinary power is being enjoyed by a central bank due its functioning as the monetary authority of a country. However, the community has given such a power to a central bank with a non-violable obligation attached to that power: the responsible use of the discretionary power vested with it. There are two reasons why a central bank should use its discretionary power of issuing currency responsibly. 1  This is valid even when the financial system stability has been made either a core objective or an ancillary objective of a central bank. BIS Review 58/2009  1  First, the issue of currency over and above the needs of the society will expand the nominal aggregate demand creating an excess demand for goods and services. Since the aggregate supply is inflexible to meet this demand in the short run, the excess demand will put pressure for prices to rise. If this continues year after year, it generates inflation, reducing the wealth of people in real terms and creating a series of adverse consequences that hinder the long term growth. Second, in an open economy which most countries have today, the rise in the aggregate demand could partly be met out of imports.

It has built a macro-econometric model with all these channels that transmit monetary policy in the Albanian economy. The main purpose of the model is to analyze the reaction of prices, private consumption and business investment and so on, in reaction to changes that may take place. We call these changes in analytical terms “shocks” to the economy. Our macro-econometric model is promising. Very promising. But for building econometric models we need statistics. Albania has statistics, but we need better statistics. For the year to come, the Bank of Albania wants to improve the statistical framework. The Bank of Albania needs better statistics, I said. With “better” statistics I mean here “more” statistics, “reliable” statistics and “user-friendly” statistics. We need to measure all macro-economic developments in the economy better. And we need to keep track of these developments. Our Albanian history is still short. We only have time series for about 15 years. In time we will logically have longer time series. Our time series need to become timely available and they should be fully understandable. Inside the Bank of Albania we can work more on statistics. In the year 2007 the Bank of Albania will improve its own database on monetary and financial statistics, and on the balance of payment  BIS Review 121/2006  1  statistics. But, for other statistics we depend upon our national statistical office, INSTAT. We also depend on other institutions for providing us with relevant information.
Where the operations of a bank / financial holding company also include non-finance companies (industrial, construction, commercial), such holding would need to set up (or designate) a management company, which will consolidate the statements of the holding’s financial institutions and to which the powers to manage such companies would be assigned. A similar management company for bank and financial assets would need to be created by owners of parallel financial institutions, as well as by holdings and associations where the parent organisation is located overseas. It is important to us that this management company should be in the Russian jurisdiction. We envisage no need for any separate licensing of its activity, as long as it would be covered by the requirements for reporting consolidation, requirements for consolidation-based calculation of required ratios and their observance, as well as those for risk management systems, internal controls and the composition of management as are currently applicable for regulated financial institutions. The Bank of Russia should be authorised to take regulatory action against such parent organisation. We will detail our plans for regulation of banking and financial holding companies in a separate consultation report to be released shortly for public discussion. We will be ready to discuss the report in detail with all market participants. On a final note on the banking sector, I would like to announce another initiative, which is perhaps of a minor scale than those announced today, but still very topical.

The slow and uneven vaccine rollout, even in some advanced economies, and its very limited availability in the LICs are matters of serious concern. Enabling global access to effective and affordable vaccines is a global responsibility, and an ethical and moral issue. We support the Managing Director’s Global Policy Agenda (GPA) and its wellplaced focus on creating conditions for a safe exit from the crisis followed by a sustained, strong and inclusive global economic recovery. We welcome the GPA’s recognition of difficult challenges facing many developing countries in pursuing their development and social objectives, while facing severe financing constraint and high debt. We further welcome the increasing IMF emphasis on middleincome countries as many face stalled growth and large financing needs in tighter market conditions. Our constituency is a heterogeneous group of countries and a mix of fragile and conflict-affected states, middle-income and frontier economies, and oil exporting countries. The crisis has severely impacted all countries of our constituency. Our authorities reacted swiftly to the crisis and implemented measures to alleviate its impact on lives and livelihoods, with some of our members benefitting from Fund emergency and/or Upper Credit Tranche (UCT) facilities. The economic recovery is gradually taking shape in our constituency, but at varying pace and degrees. The rebound of international oil prices provided welcome relief to oil exporters in our constituency, but financing pressures continue to persist, and economic diversification challenges remain.
The current Direction de la surveillance des paiements et des infrastructures de marché (DSPM – Payments and Market Infrastructures Oversight Directorate) will become the Direction des infrastructures, de l’innovation et des paiements (DIIP – Infrastructure, Innovation and Payments Directorate), and its scope will be extended to cover all payment innovations, infrastructures and central bank digital currency. Additional skills will be recruited to strengthen its expertise, and, with the help of our Lab, the DIIP will work with industry innovators from the private sector: we want to start 2/4  BIS central bankers' speeches  running experiments rapidly and will launch a call for projects before the end of the first quarter of 2020. We are particularly keen to take part in experiments to integrate a “wholesale” CBDC into innovative procedures for exchanging and settling tokenised financial assets. Nathalie Aufauvre, Director General of Financial Stability and Operations, will coordinate the Banque de France’s acceleration process. Our actions will naturally contribute to the work of the Eurosystem, which should make looking into the possibility of an “e-euro” one of its next focuses: Christine Lagarde referred to it on Monday in front of the European Parliament. Beyond this, we intend to take part in the work of the “innovation hub” recently created by the BIS. On a substantive level, I would like to share with you some first thoughts – which are still open to discussion, of course – on three aspects: the objectives, externalities and possible modalities of a central bank digital currency.

The first wave of speculative crypto-assets such as bitcoin – which are very volatile, with no real underlying economic basis and perhaps no real future – has been succeeded by a second generation of assets – stablecoins – based on the same promising blockchain technology, but now backed by mechanisms designed to stabilise their value. Thanks to network effects, these stablecoins could offer a concrete solution for cross-border payments which are still – undeniably – far too costly and slow. But – and this is the downside – these crypto-asset projects, which are global in reach, also generate considerable compliance, financial and political risks. I’m thinking notably of money-laundering and terrorism, for which they could provide new channels of financing, and of the more systemic risks to financial stability. II/ Our response: Step up the pace on payment solutions and consider the possibility of a 1/4  BIS central bankers' speeches  CBDC Of course, as central bankers and supervisors, there is no question of us standing by and letting this change happen unchecked. We have to remain fully committed to our dual objective – safeguarding confidence/supporting innovation – which is written into the very DNA of our institution. We are determined, first and foremost, to safeguard confidence – at the global level – through strong and coordinated action. Under France’s presidency, the G7 reacted swiftly and strongly last June: alongside Bruno Le Maire, we entrusted Benoît Cœuré with a mandate immediately after the announcement of the Libra project.