samchain/econo-pairs-v1 huggingface dataset:
They are entirely institutionally, operationally and financially independent. 2  BIS Review 4/2006  1.2. Transparency and accountability are also essential for gaining credibility Naturally, the independence of these institutions requires transparency in their decision-making processes and accountability vis-à-vis the general public and their representatives. As regards new institutions such as the ECB, transparency is even more important for gaining credibility and building up economic agents’ confidence in the new currency. In order to establish this credibility and gain the confidence of agents, it is imperative to be understood, which in turn calls for transparency. For the sake of transparency, the Governing Council has specified and quantified its definition of price stability (inflation below but close to 2% over the medium-term). Second, the ECB has gone beyond the accountability requirements laid down by the Treaty by instituting regular testimonies by the President of the ECB before the European Parliament and regular informal meetings with the Eurogroup of Finance ministers. Another channel for transparency is constituted by the regular publication of reports on economic developments and Central Bank analysis, of the Eurosystem’s and ECB’s staff projections exercises, most prominently in the ECB’s Monthly Bulletin. Finally and most importantly, following monetary policy decisions, the President and Vice-President of the ECB hold a press conference followed by an open discussion with journalists, the transcript of which is published on the ECB’s website.

Solberg Johansen, Kristin (2008): “Publishing interest rate forecasts – how does the market react?”, mimeo Stockholm School of Economics. Woodford, Michael (2005): “Central-Bank Communication and Policy Effectiveness”, NBER Working Paper Series 11898. BIS Review 110/2009  3  4  BIS Review 110/2009  BIS Review 110/2009  5  6  BIS Review 110/2009  BIS Review 110/2009  7
Government finances have also improved markedly since the effects of the acute crisis in the early 1990s were overcome. After rapid budget consolidation, a surplus of 1.6 per cent is forecast for 1998. Government debt has been reduced since 1995. Still, the restoration of confidence did take a long time. There were strong and persistent doubts about both the determination and the ability of the Government and the Riksdag (Sweden’s parliament) to carry out the proposed measures. Finally it is worth noting that the steps for reorienting economic policy on stability were taken with a consensus that was considerably broader than is sometimes suggested by the political debate. A good foundation for the years ahead has now been laid, although high unemployment is still a serious problem for Sweden’s economy. The positive picture is underpinned by institutional reforms to the budget process and the status of the Riksbank. 2. Three fields of importance for monetary policy Now I should like to turn to some issues or policy fields that are of major practical importance for monetary policy. They are: fiscal policy, the labour market, wage formation and competitive conditions in the Swedish economy. It is generally the case that the more price stability is supported by other policy fields, the greater the contribution monetary policy can make to other economic policy goals. Good fiscal foundation but storing up for lean years is advisable Fiscal policy is relevant for monetary policy in a number of ways.

A consistent implementation of this policy, with an inflation target, clarifies the rules of the game for wage formation. High wage increases are liable to boost inflation, which necessitates higher interest rates. The inflationary consequences of the wage increases can be modified if productivity growth is good, as has been the case in recent years. But at least a part of this productivity growth is achieved at the expense of jobs; this is one aspect of the process whereby higher labour costs generate stronger rationalisation and maybe also an increased capital input. In this way, too, and not just because the higher interest rates directly affect demand and employment, a rapid wage rise is liable to endanger jobs. Against this background, the outcome of the latest wage negotiations is better than in earlier years. Agreements for the next three years have been concluded at levels around 3 per cent a year. It has been said that this takes wage drift into account but that is probably not entirely the case. Instead one should no doubt count on wage drift averaging around 1 per cent. The average annual wage outcome in the period 1998–2000 would then be 3.5 to 4 per cent. This does still represent some downward shift in the rate of wage increases, which in turn assists the Riksbank’s task of ensuring low inflation. All else equal, we can allow ourselves a somewhat lower level of interest rates and a somewhat stronger growth of demand.
Importantly, growth was driven by a pick up in labour productivity and by faster employment growth. Closer economic integration with the EU led to increased business cycle synchronization, which meant that Malta was better placed to benefit from the common monetary policy of the ECB. Between 2005 and 2008, economic activity displayed an average bilateral correlation of over 82% with the euro area, up from 45% in the previous four years. 2 While EU funds also played an important role, economic expansion since 2005 has been largely driven by foreign direct investment (FDI), as the economy shifted towards higher value-added activities and exploited new niche markets opened up by EU membership. As a proportion of gross fixed capital formation, FDI inflows increased from an average of 56% in the period 2001-2004 to 93% during 2005-2007. Meanwhile, the stock of FDI stood at around 100% of GDP, an increase of more than half since 2003. 2  Business cycle synchronization is measured by the contemporaneous correlation of de-trended GDP levels in Malta and the euro area. The data were obtained from Eurostat and de-trended using the Hodrick-Prescott filter on quarterly statistics that were seasonally adjusted and adjusted by working days. 2  BIS Review 60/2009  At the same time, industry became increasingly oriented towards more capital intensive activities, such as generic pharmaceuticals, while the share of labour intensive operations such as textiles continued to decrease.

As Vice Premier Liu He said earlier, we must focus on increasing the proportion of SME loans, to promote economic transformation and upgrading. Two, we could work together to apply innovative FinTech solutions to promote green finance. The Sustainable Digital Finance Alliance (SDFA) founded by China’s Alibaba Ant Financial and UNEP is a good example. The SDFA has engaged the FinTech community on applying digital technology to promote green finance – such as the digitisation of green bonds. MAS’ annual Global FinTech Hackcelerator is another platform through which financial institutions and FinTech firms in Shanghai and Singapore can collaborate on innovative green finance solutions. The Hackcelerator is a global competition that invites market-ready solutions for real problems faced by the financial industry. This year, green finance is a key theme for the programme, and because of the Covid19 situation, we are conducting the entire Hackcelerator – from sourcing proposed solutions to curating prototypes – on a cloud-based platform called the API Exchange (APIX). Through APIX, financial institutions and FinTech firms in Shanghai can engage other players across Asia in collaborative experiments to create digital solutions to support green finance. I would also like to take this opportunity to invite Shanghai FinTech firms and financial institutions to participate in the Singapore FinTech Festival this November. Conclusion There is much that our two financial centres can do together.
A second generation of crypto tokens is emerging, to address some of the current challenges related to network congestion, transaction time, energy costs, money laundering risks, and importantly, price stability. Some of the best minds in the field are applying their creative energies to make crypto tokens mainstream. Not all developers and programmers in the crypto world are anti-establishment anarchists. Many may have been 10 years ago, but a growing number are married and have kids now! They know the value of stability. The litmus test will be public trust and acceptance. Basically, the history of privately issued money has not been an inspiring one. Will people put their faith in Money that is not backed by a trusted public institution like a central bank dedicated to protecting its value? Perhaps – if an algorithm can mimic the reaction function of a central bank and preserve the value of the crypto token better than central banks can do with respect to fiat currencies. We have to wait and see. The good, bad, and ugly of crypto tokens Whether crypto tokens become Money or not, they are here and they pose a variety of issues – the good, the bad, and the ugly. Let me start with the good. As many have pointed out, far more significant than the crypto token is the underlying blockchain technology that these tokens help to power. The blockchain has two distinct characteristics that hold promise. First, it is a distributed ledger.

This means that unless exempted:  4/6  BIS central bankers' speeches  issuers must comply with prospectus requirements prior to the offer of such tokens; intermediaries dealing in such tokens must meet licensing requirements; and platforms facilitating secondary trading of tokens must be approved or recognised by MAS. With respect to the investors, MAS’ priority has been to make them aware of the risks of putting their money in crypto tokens. We have advised the public to act with extreme caution should they wish to invest in crypto tokens. They could lose their shirts if prices plunge. And they have no regulatory protection if there is fraud. Market functioning There is also the issue of market integrity and functioning. Several cryptocurrency exchanges abroad have suffered cyber attacks and theft of their crypto tokens. There are also rumours and reports of rampant market manipulation and other fraudulent activities on crypto-exchanges. We are watching with interest developments in the US, where futures contracts based on crypto tokens have been introduced on regulated exchanges. There may be some advantages here from a market integrity perspective. These exchanges have clear rules governing trade and post-trade activities. Such products could also potentially have a stabilising influence on crypto token prices as they provide two-way hedging opportunities for investors. But regulation cannot address all the concerns around crypto tokens. The industry too has a part to play in strengthening the ecosystem, for instance, by adopting best practices around transparency, cybersecurity, and record-keeping.
BIS central bankers’ speeches  3  As you will recall, in January this year a recommendation on dividend distribution policy was adopted in which banks were urged to keep conservative dividend distribution arrangements so as to preserve their solvency. This recommendation will be shortly reassessed. In turn, common criteria have been laid down for recurring decisions such as authorisations for the acquisition of qualifying holdings in credit institutions, assessment of fitness and properness of board members, or the requirements to be made in capital reductions and issuances. Finally, I must highlight the relevant role played by the SSM in the management of the Greek crisis. The SSM not only monitored the situation of the banks continuously, but, once agreement was reached between the European and Greek authorities last summer, it was entrusted with determining the recapitalisation requirements of Greece’s four significant institutions on the basis of a specific comprehensive assessment exercise, whose results were recently published. In the coming months, the SSM must ensure that the recapitalisation of these banks goes ahead as stipulated. 3. Some challenges  That said, and as I stated at the outset, the SSM has numerous challenges to face in the near future. I would like to mention four in particular. Firstly, the microprudential policy stance sought must be clearly defined. The SSM, despite its exemplary start-up, is still under construction and its criteria, practices and specific objectives have not yet reached the degree of stability desirable.

More generally, the start-up of the SSM has necessitated major changes in the internal structure of both the ECB and the national authorities. In the case of the ECB, four new directorates general for microprudential supervision have been created, and the staff has been increased to assign to this new function more than 1,000 employees. At the same time, the national authorities have made a great effort to adapt to this new framework. In our case at the Banco de España, the Directorate General Banking Supervision was restructured and its departments reorganised to create a structure mirroring that adopted by the ECB, so as to provide for smoother interaction between both institutions. However, the most significant change has been the creation of the joint supervisory teams, made up of employees from the ECB and from the national authorities. These teams are the basis for the day-to-day supervision of each significant bank. They are coordinated by an ECB member of staff, who is assisted by one or several sub-coordinators from the national authorities, on whom the coordinator draws support for the organisation of the work and the management of the local teams. This admittedly novel design is in response to the need to combine a centralised management framework while harnessing the knowledge and proximity to banks that national supervisors provide. It should be stressed here that more than two-thirds of the members of these teams are from the national supervisors. The staff from these authorities are also generally entrusted with leading on-site inspections within their jurisdiction.
It was  These various steps - which need a great deal of elaboration and refinement - in themselves represent a huge agenda for the future. But however much we try to prevent accidents we need nevertheless to be prepared for them to happen. The third condition for living with greater freedom of capital movements, therefore, is a more consistent view of how, when a crisis does break, the burden might be expected to be shared in the future between official and private sector financing. In this context, one thing seems clear: given the evidence of public resistance, we cannot assume that massive official financing packages will in fact be deliverable in the future to bail out private creditors. Various ideas have been put forward for involving the private lenders in maturity extension - within a formal legal framework or through official persuasion - and they, too, need to be elaborated and refined. But it might help to avoid inflows becoming excessive if private lenders clearly understood from the outset that they would be expected to carry a substantial part of the load. Mr. Chairman, the debate on all of these issues is still at a relatively early stage. But it is an important part of the present international monetary agenda and you can expect that, as the debate crystallises, aspects of it will be gradually added to the policy consensus. Our snail must keep moving forwards. In the meantime, Mr. Chairman, the world too goes on.

Now - although there are some encouaging signs - frankly no-one can know the answer to that question with any great confidence - we are not blessed with perfect foresight! As the IMF says in one of its documents prepared for the recent meetings: “Striking the right balance for monetary policy in this environment is a difficult challenge.” Well you can say that again! It is hardly surprising against this background that there should be disagreement within the Monetary Policy Committee as to whether or not a marginal further tightening of monetary policy is necessary-in fact I would normally expect there to be disagreement when we are close to where we need to be. But we are all unambiguously clear about where we need to get to in terms of inflation, and it is unrealistic in the circumstances - indeed in any circumstances - to expect us to say what will happen to interest rates in the future. Mr. Chairman, the overall prospect for the world economy - and indeed our own domestic economy - is for continuing growth with low inflation, and we do I think have a clear vision of where we want to go and the policies to take us there. But there are certainly a number of immediately painful blackspots - internationally and here at home - and there are some formidable rocks and potential whitewater further ahead. Navigating through them will not be easy. I only hope that our snail is able to swim. BIS Review 36/1998
We need a third pillar of partnership, where authorities and financial institutions each take on specific responsibilities to develop a shared ownership of supervisory outcomes. Indeed, the design of regulation and the supervisory approach taken should allow for financial institutions to take on responsibility in contributing towards desired supervisory outcomes where appropriate. Let me highlight two of these areas, namely the industry’s role in improving corporate governance and in capability building. Corporate governance 20. One lesson from the recent crisis is that good corporate governance matters. The failure by Boards to exercise effective risk management oversight had damaging consequences for many institutions. Boards play a vital role in safeguarding the safety and soundness of their institutions by setting the risk appetite, remuneration policies and strategic direction, amongst others. For directors to discharge their responsibilities, they have to have the requisite knowledge, skills and experience. 21. MAS will place increasing emphasis on the quality of the board of directors of financial institutions. Among the proposals to enhance our Corporate Governance Framework for locally incorporated banks and significant life insurers is the requirement for financial institutions to assess the current skills of their Boards on an ongoing basis, and to establish a continuing development programme for all their directors. Given the important role that the banking industry plays in our economy, MAS is also considering developing a mandatory training programme for bank directors. 22. But let me add that rules, and mechanical compliance with rules, can only go so far in encouraging good corporate governance in organisations.

MAS will continue with our three pillar approach of sensible rule-making, effective supervision and partnership to achieve the desired outcome. 29. We should take advantage of the global reform agenda to strengthen our regulatory and supervisory regimes, consistent with international standards and best practices, but at the same time, doing it in a manner that is sensitive to our regional environment and needs. I am confident that with financial supervisors and the industry working together in partnership, we can further enhance the resilience of our financial system to better serve the economic aspirations of Asians going forward. I wish you a fruitful conference. Thank you. 4  BIS Review 51/2010
This is reflected in the increased cross-border production networks in Asia, where substantial gains have been experienced from the region being involved in the entire supply chain for a wide range of products and services. Increased intra-regional trade and investment over the recent decade has also resulted in a more diversified export structure – in terms of markets and products. Going forward, this diversity will continue to present significant opportunities in the form of large and growing markets across a wide spectrum of goods and services. Accounting for 60 percent of the world’s population, Asia is by far the most populous region of the world. This demographic advantage is a key economic asset for the region. In this current decade, a young middle class population has emerged, and it is growing both in number and in affluence. Asia’s current middle class of 500 million people is projected to increase by more than six-fold, to exceed 3 billion people, by 2030. This tremendous increase in scale will significantly raise Asia’s potential to be important consumers in the global economy. In parallel, urbanisation and infrastructure development will reinforce this trend. This increase in consumption and the greater need for investment will anchor the growing importance of domestic demand in Asia. These fundamentals have been reinforced by the implementation of distinct strategies that have been undertaken in this recent decade following the Asian financial crisis, to strengthen the region’s ability to manage external shocks. The effectiveness of these reforms was put to test during the recent global crisis.

In fact, the World Bank has always emphasized the importance of knowledge, the necessity of continuous training – a key part of the educated workforce for creating jobs and economic growth. An additional argument are the targeted investments aimed at improving the quality of the educational process in the Republic of Macedonia and taking actions to facilitate the access of Macedonian citizens to the best global expertise. The importance of investment in human  BIS Review 175/2010  1  capital, as economists say, or in the so-called social capital, according to sociologists, is unquestionable. Within that platform, within the slogan – learn continuously to progress continuously, the cooperation between the National Bank and the World Bank has produced a nice event, a good product: logistical support for the process of increasing the knowledge. This logistical support is called: Joint Public Information Center of the NBRM and the World Bank. Today, we are practically announcing its official opening. Its primary function is to promote awareness of the Macedonian public about the work of the World Bank, through the dissemination of information and documentation of the Bank, and to provide access for the Macedonian citizens to extensive collection of contemporary professional literature. In fact, this center is another public information service of the World Bank in Macedonia, along the Depository Library, which operates within the Faculty of Economics, “Ss. Cyril and Methodius” University in Skopje.