samchain/econo-pairs-v1 huggingface dataset:
We will honor the laws of the nation and our international agreements. There will be no imprudent adventures. The social and political choices will be carried out within the federal budget, with a review in priorities and a quest for excellence in management of the resources. I am positive of this evaluation. As the head of a financial institution for 28 years, of which 12 were served as President in Brazil, I have carefully followed the President's and his party's trajectory since 1989, when I first met with the President and his team. I had many chances to interact with the Party, including in successful partnerships in the social area. This allowed for increasing comfort with the personal relationship. In summary, President Lula and I started from different points of view but Brazil brought us close together. On the other hand, within my duties in the administration of a Global Corporation I was the person with ultimate responsibility for the Bank's investments and those of its clients in all countries in which we operated. Under these responsibilities, it was required that we track the evolution of the governments and economic policies of some 30 countries around the world. I saw amazing examples of success and of failure. I can assure you that my experience allows me to be confident in what I see from President Lula's government. Brazil is on the right track.

Denis Beau: For a contribution from our FinTech ecosystem to a more efficient and stable financial system Speech by Mr Denis Beau, First Deputy Governor of the Bank of France, at the FINTECH R:EVOLUTION 2020, Paris, 15 October 2020. * * * I would particularly like to thank Olivier Fliche for his contribution in preparing this speech. Ladies and Gentlemen, I am delighted to take part in this 5th edition of Fintech R:evolution and I would like to warmly thank the France Fintech association and its chairman Alain Clot for their invitation to speak today. This event, organised against the backdrop of the ongoing health crisis, is proof of the drive, determination and adaptability not only of the organising association, France FinTech, but also of the entire innovative French ecosystem of the financial sector, which is now represented here as widely as possible. The French FinTech ecosystem, like any ecosystem made up of start-ups, is fragile but it is promising and, I believe, vital to the financial sector. The economic crisis associated with the health crisis highlights these contrasting characteristics: on the one hand, start-ups may be weakened or innovative projects delayed by the economic situation; and on the other hand, the health crisis has accelerated the adoption of new digital habits by the entire population. More generally, 2020 has only served to underscore the challenges facing the financial ecosystem as a whole as a result of the digitisation of our economy.
They don’t eliminate the risks that borrowers and lenders take on when entering into a loan. All debt carries risk. Our role is not to protect individuals from their own actions, whether they are borrowers or shareholders in lenders like car companies or banks. Our defence lines safeguard everyone else - the wider economy - from collateral damage. They mean there’s every prospect that we can make the economy a safer place than it has been in the past and that we can stop watching endless repeats of Debt Strikes Back. I look forward to collaborating with my fellow worriers here at the Institute in future. And the Bank of England looks forward to hearing from the people of Liverpool at our Future Forum in November. We’ll be engaging with local schools and the public to talk about – and crucially, listen to – how the financial world affects your life. For now, settle back with your popcorn and watch the – oddly, not yet highly grossing – new blockbuster: the Return of the Regulator. 16  All speeches are available online at www.bankofengland.co.uk/speeches  16  Annex Chart 1. Annual growth in UK real economy credit and UK nominal GDP  Chart 2.

A borrower with a short mortgage term or with lots of other spending commitments will effectively face a lower loan to income limit. And borrowers using lenders with a high Standard Variable Rates will also face a lower LTI limit. These borrowers run the risk that, if they can’t refinance their mortgage deal, they will be flipped into paying these higher rates. These measures complement stress tests. They’re needed because, were we to rely on stress tests alone, we might end up with a resilient banking system, but wouldn’t necessarily end up with a resilient economy. There would be no guarantee that we’d stop excessive mortgage lending. So these direct measures contribute to the safety of lenders in a way that also addresses the direct risks that high levels of mortgage debt pose to the wider economy. These defence lines may be starting to kick in. Loan to income ratios on new mortgage lending are bunching up a little against our 4.5 limit. The supply of consumer debt may be tightening up. Lenders are now reporting that credit scoring criteria are toughening up and interest free balance transfer periods are expected to be shortened (Chart 21). The growth of car finance is slowing and new car registrations have fallen. Will this hold the economy back? 13  This borrower-specific Loan to income limit is the effective outcome of affordability tests for new borrowers.
I believe there is some truth in this criticism. We could probably have been clearer at an earlier stage than we were regarding the reasons for taking house prices into account in our interest rate decisions. Then we would perhaps also have been able to avoid some of the misunderstandings that have evidently arisen. Now I believe that the criticism made in the evaluation concerns not only to what extent we have been unclear about whether we regard house prices as an independent target – which we accordingly do not. It also appears to stem from the authors having a somewhat different view than the Riksbank regarding how house prices should be considered in monetary policy. The authors argue that monetary policy should react to a rapid price increase in the housing market only if such a price increase is expected to lead via normal channels to problems such as overheating and excessively high inflation. This method of reasoning is not without problems. A rapid increase in house prices and lending to households may entail risks in the long term, which are difficult to quantify and capture in conventional forecasts for the economy a couple of years ahead. If prices and the increase in borrowing were to some extent based on unrealistic expectations of how house prices and interest rates will develop in future, there is a risk of a fairly substantial correction in expectations and prices further ahead.

Jean-Pierre Roth: Switzerland as an industrial location and National Bank policy Summary of a speech by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank, at the Europa Forum Lucerne, Lucerne, 27 October 2003. The complete speech can be found in German on the Swiss National Bank’s website (www.snb.ch). *  *  *  In a high-wage country such as Switzerland enterprises can only maintain their position in the face of international competition by a process of ongoing innovation. The resulting structural change in the direction of highly technological and increasingly productive economic sectors is also a prerequisite for strong economic growth. In an international comparison, however, Switzerland’s growth is poor. This weak perfomance in terms of growth highlights the need for action in economic policy. Monetary policy cannot, however, fulfil this role. The primary task of monetary policy is to ensure price stability. Price stability is an important locational advantage that Switzerland has to offer. Moreover, monetary policy can also contribute to stabilising the economy and warding off undesirable exchange rate shocks. It is, however, not in a position to bring about a sustained improvement in economic growth. The result of such an attempt would merely be economic overheating with the threat of a subsequent slide of the economy into recession. Lasting effects on economic growth may, by contrast, emanate from education policy, research policy, policy on foreigners and fiscal policy.
True, the Committee has debated endlessly how far a strong housing market can explain the resilience of household spending, and the risk that a sharp correction in house prices will dent consumer confidence, and administer a nasty deflationary shock. Inevitably such questions do not have clear cut answers - for example, the relationship between house prices and consumer spending, never well defined, has shown tantalising signs of weakening over the past few years. But the message we have tried to get across is that house prices and borrowing are part of the wide range of evidence we review monthly in assessing the outlook for inflation. They have also been important in shaping our view of the balance of risks. They do not have a special role, as targets, in driving interest rate decisions. (iii)  Detecting future trends  Let me come to my final set of challenges: understanding the new forces that are shaping the future, or, if you prefer, detecting the bends in the trends. This is what successful businesses have to do, and we need to share their insights. There is an important role here for the Bank’s regional Agents. Their most valuable input to the MPC can be the stories that illuminate their regular surveys of their 8000 contacts around the country and bring to mind Nobel prize-winner George Stigler’s quip that ‘The plural of anecdote is data’. Let me give you an example.

The key to realising the higher return is to adhere to the strategy also in times of heightened uncertainty, as we did through the financial crisis in 2008 and 2009. An official framework for rebalancing back to a set allocation to equities has now been established. This will help ensure that this strategy is carried out during the next period of high volatility in financial markets. Chart: Lower costs Management costs for equities are higher than for fixed-income securities. The cost of managing many small shareholdings is higher than managing a few large ones, as is the cost of managing investments in emerging markets in relation to developed markets. Overall management costs as a percentage of the GPFG have nonetheless fallen over time. We have exploited its size to realise economies of scale. In the past few years, costs have been reduced also in krone terms. This is partly due to reduced use of external managers. Costs for external services, such as IT, custodian and settlement services, have also been lowered. Relative to the size of the GPFG, management costs are modest. Norges Bank continuously seeks to achieve efficiency gains without impairing the quality of investment management. In 2012, management costs came to 0.05 percent of the GPFG. Chart: Transparent and professional management Norges Bank meets international and national transparency standards relating to investment management. We have high ambitions with regard to transparency. Yet, we must weigh different considerations.
In the Malaysian sukuk market, Islamic private debt securities now account for 50 per cent of the total private debt securities market. Another challenge to the growth of the market concerns pricing issues. For the Islamic security to be efficiently priced and credible, further initiatives need to be undertaken to develop its own indicator. For example, if a sukuk is issued based on the Ijarah principle, and uses the property as its underlying asset, the actual rate of rental may be explored to be used to determine the rate of return on the instrument. It would then fluctuate depending on the demand and supply for that property. It will then give a true reflection of the price of the underlying asset. Shariah experts, who have a full understanding of the mechanics of sukuk, are key to ensuring its proper governance. And shariah decisions, when made, should be transparent and disclosed. This will allow others to appreciate the juristic reasoning, which in turn should lead to wider acceptance of shariah decisions, particularly if they have implications on cross-border transactions. In relation to this, a guide for issuers and investors to refer with regards to shariah decisions would facilitate the development of the market. Of further importance is the attainment of the convergence of Shariah principles and interpretation to ensure market confidence among investors from different parts of the world. To achieve this, there needs to be continuous investments in intellectual capital and greater engagement among Shariah scholars.

Malaysia is positioning itself as an Islamic investment gateway to Asia , with a niche in Islamic fund and wealth management. Malaysia has developed a comprehensive Islamic financial system that operates in parallel with the conventional financial system. Of significance, is the inter-connectivity within the system that includes the banking and takaful industries, and the Islamic money and capital markets – a matrix which mutually reinforces the integrity and stability of the Islamic financial system. This is supported by the financial infrastructure, the legal and regulatory framework and the expertise to contribute to the growth of Islamic finance. Malaysia’s achievements in developing the sukuk market Allow me to share the Malaysian experience in developing the sukuk market. The Malaysian Islamic bond market has made significant progress since the first sukuk issue in 1990 by a multinational corporation operating in Malaysia . The development of the market involved initiatives to facilitate an efficient issuance process, the price discovery process, the broadening of the investor base, the establishment of a benchmark yield, the liquidity in the secondary market and the strengthening of the regulatory framework. These initiatives have been reinforced by the legal and Shariah framework and the supporting financial infrastructure including the settlement and bond information system. 2  BIS Review 74/2007  Following the development of a robust and vibrant domestic market, initiatives have now been taken to raise the significance of the international dimension of our Islamic financial system.
3 / This Report includes a box reviewing the possible impacts of the US fiscal measures. The conclusion is that, in the context of an economy with scarce capacity gaps and highly indebted, a bigger fiscal impulse will result in higher inflation and macroeconomic imbalances that will call for adjustments in the medium term. This makes the monetary-fiscal policy interaction in the US economy particularly delicate. A scenario where the Fed postpones the normalization process could create bubbles in asset prices, while if the Fed responds categorically to neutralize the fiscal stimulus, it might trigger an excessive adjustment in asset prices and an increase in volatility. Thus, the lack of coordination between fiscal and monetary policy in the United States is one of the main risks identified in this Report. 3  resolved, including a high level of domestic indebtedness. Any pitfalls in this process could have significant effects on the prices of global financial assets and commodities. Another important risk, which has gained importance in recent days, relates to the announced protectionist policies that may affect global trade. Beyond the short-term effects, such measures would negatively affect the world economy's and Chile's trend growth. Domestically, the Board estimates that the risks to activity are upwards biased. The outlook for 2018 shows investment growing in line with GDP. However, it may prove more dynamic, considering the favorable external scenario, the expansionary nature of monetary policy, improved confidence indicators and the data of recent months.

This working assumption is based on the information made public by the tax authority. Possible adjustments to amounts and characteristics shall be incorporated as defined by the authority. This includes the formal definition 4  of fiscal policy that the Administration must make through a decree within the first 90 days of its mandate. Finally, the public discussion on changes in fiscal figures reinforces the need to improve the institutional framework around the issue. Any policy based on rules is effective only if it is predictable, which relies on the stability and clarity of its methodology, the commitment to comply with it and the transparency of its effective compliance. In any case, for the projections in this Report to come true, especially in terms of growth, an attentive and constructive attitude from all sectors is required. The Chilean economy may continue to grow in the short term because it has no major limitations on the macroeconomic side. The activity gap with respect to its potential is still significant, the current account deficit is moderate, financial conditions are favorable and inflation is low. If the plans of gradual normalization of monetary policy in the developed countries remain in place, the external conditions will continue to be good. Finally, the Central Bank will maintain the monetary impulse until it sees clear signs of inflation converging to the target and will then withdraw it gradually. However, this recovery of growth will occur most certainly, if investment recovers accordingly.
Lucas Papademos: Presentation of the ECB’s Annual Report 2008 to the European Parliament Introductory statement by Mr Lucas Papademos, Vice-President of the European Central Bank, to the European Parliament's Committee on Economic and Monetary Affairs Strasbourg, 21 April 2009. *  *  *  Madam Chair, Honourable members of the Committee on Economic and Monetary Affairs, It is a privilege for me to present to you the Annual Report of the European Central Bank (ECB) for 2008. This presentation is an essential element of the ECB’s democratic accountability and is therefore of the greatest value for us. In my introductory remarks, I will first briefly review the economic and monetary developments over the past year, present our current assessment of the macroeconomic outlook and explain our monetary policy decisions. I will then focus on a number of topical policy issues, in particular those pertaining to financial stability and supervision. But before doing so, I would like to highlight some important events that have taken place over the previous 12 months. Last year the ECB, and at the beginning of this year the euro, celebrated their tenth anniversaries. We can look back at the past ten years with pride, and we can justifiably say that the euro has been a success. We have delivered a stable and credible currency that enjoys the confidence of now 329 million fellow citizens in 16 EU countries.

Moreover, it is difficult at this stage to disentangle the positive impact of the bank support measures from the effects of other developments, notably those related to the deteriorating economic environment. The causes and contributing factors of the financial turbulence are manifold. The crisis revealed several weaknesses in the financial system, but it has also highlighted inadequacies in the current system of prudential supervision and oversight that prevented the nature and magnitude of the accumulating risks from being identified in good time and appropriate remedial action from being taken. At the initiative of the European Commission, the group chaired by Jacques de Larosière undertook a comprehensive review of the EU framework for financial supervision and proposed, among other innovations, the creation of a European Systemic Risk Council with responsibility for macro-prudential supervision. The ECB welcomes the group’s report and broadly supports its recommendations for macroprudential supervision, as well as the related communication issued by the European Commission. The proposed establishment of the Systemic Risk Council under the auspices of the ECB and the Council’s composition are a recognition of the extensive analytical capabilities developed by central banks in the fields of monetary and financial-stability analysis, their relevant expertise, and their closeness to the financial markets. The work of the Council will also benefit from the use of the technical infrastructure already in place.
In addition, the crypto ecosystem inherits and may amplify the vulnerabilities of the mainstream financial system, as it grows and tries to replicate the functions of that system, and it introduces new points of vulnerability like bridges between blockchains or so called oracles that feed data to blockchains. Third, the investigations undertaken by many central banks, for the issuance of a retail and/or a wholesale CBDC, should be seen in my view as part of a broader response by central banks, in line with their monetary and financial stability mandate, to help bring the financial landscape, which will result from those transformations, within a confidence prone regulatory and operational framework, to help reap their benefits and master their risks. At the Banque de France, our response is based on three convictions: First, the traditional pillars to ensure confidence cannot be replaced by any "algorithmic" confidence, namely by rules of the game that would be coded once and for all and for which respect would be entrusted to algorithms. Second, confidence requires a regulatory framework that is clear, fair ("same business, same risk, same rule"), balanced and consistent at international level, if we want to simultaneously encourage innovation, protect adequately customers and investors, and maintain the stability of our financial system. Europe has led the way in this field, with the adoption of MiCA.

The combination of those 3 trends is translating into activities and services that first swept into the payment sector and are now spreading more broadly. Among them, socalled decentralized finance, DEFI, is emerging as a crypto-based alternative to traditional finance, where the provision of services is claimed to be disintermediated and their governance decentralized, and is enabled notably by permissionless blockchains, smart contracts and decentralized apps. Digital innovation therefore acts as centrifugal forces: they aim to create a movement of decentralisation that runs counter to the traditional architecture of the monetary and financial edifice, centralised around trusted institutions –the central bank, credit institutions and market infrastructures-. Second, these decentralisation forces might have a two-sided impact on the functioning of our financial system, both in terms of efficiency and stability. 1/3  BIS - Central bankers' speeches  From an efficiency perspective, they can bring in particular more transparency, costefficiency and availability around the clock. But they bring also a risk of fragmentation of processes, if the blockchains are not interoperable and cannot also smoothly interact with legacy, centralised, clearing, settlement and payment systems. From a stability perspective, it is clear that currently the crypto ecosystem is not large enough and interconnected enough to threaten the stability of the whole financial system, as shown by the modest impact on mainstream finance of last year's turbulences, in the wake of the Terra-Luna and FTX conglomerate collapses. But these collapses did have significant negative spillover effects within the crypto ecosystem.