samchain/econo-pairs-v1 huggingface dataset:
Several taskforces have been established, involving users and service providers to promote the sharing of information and cooperation amongst the players, to develop industry-wide best practices and security standards, and to collaborate with relevant agencies to promptly deal with security infringement issues. Bank Negara Malaysia is also currently undertaking a series of measures to increase the efficiency and reduce risks in the payment systems, and facilitate a progressive transformation and migration of the payment systems infrastructure. In this regard, a cross-border link between the Ringgit and the USD settlement systems in Hong Kong, that is the RENTAS and USD CHATS in Hong Kong, will be established to reduce foreign exchange settlement risk via a simultaneous payment versus payment mechanism between Ringgit and USD in the same time zone. A cheque truncation system is also being developed to improve operational efficiencies through the elimination of the physical movement of cheques with the use of electronic images and data. Bank Negara Malaysia also aims to provide a conducive regulatory framework that is supportive of market-based innovation and ensuring transparency for the benefit of consumers. In this regard, I certainly hope that the results of your deliberations in this Payment Systems Forum and Exhibition 2005 will provide valuable input for the formulation of strategies and modalities for both the industry and authorities to accelerate the migration to e-payments in Malaysia. It is also hoped that the exhibition will heighten public awareness of the various payments products and services available in Malaysia, as well as globally.

I remember that moment vividly, as it happened during my mandate as Prime Minister of Romania. As a veteran, in office since 1990, I am fully aware to what extent Romania has benefited from the significant support provided by the European Investment Bank. The projects financed by EIB proved to be a catalyst for development, with a multiplier effect in all the economic sectors. Nevertheless, Romania continues to need (i) to develop solid growth strategies based on investments and (ii) to accomplish the development priorities in infrastructure, healthcare and small and medium enterprises (SMEs), as well as (iii) to enhance cohesion with the other EU member states. The future will certainly bring challenges as well as opportunities. One opportunity, as per the latest European Investment Bank’s flagship report on investment, is the present context of low interest rates, which could provide support for speeding up lending and investments. There is adequate room for upscaling public investment in areas such as: smart infrastructure, digital technology and education. Fairly new topics like the digital economy and FinTech, as well as climate change risks and Green Finance are gaining ground and importance on everyone’s agenda, having the potential to shift capital allocation and contribute to new investments. Ladies and gentlemen, please allow me to stress the importance of the EU structural and cohesion funds for Romania and to point out the need for further foreign direct investments.
The labour market is on the way to adjusting to low inflation. And the risks of deflation should diminish when monetary policy targets inflation symmetrically. 2. What is the appropriate measure of inflation? The Riksbank has chosen the consumer price index (CPI) as monetary policy’s target variable. But all indicators of inflation, including the CPI, have drawbacks. These have to be weighed against the advantages. The CPI has the advantage of being an established indicator of inflation among economic agents and familiar to people in general. It is also a comparatively broad price index. Being familiar and intelligible made the CPI particularly suitable for the process of establishing the new inflation targeting policy and stabilising inflation expectations. Partly in view of the krona’s depreciation and the risk of inflationary impulses from import prices, the Riksbank decided in 1993 that the target would not apply until 1995. This avoided a situation in which meeting the new target might have required a sharp monetary tightening that could have led to an unnecessarily large drop in output and higher unemployment. That shows that right from the start the Riksbank realised there could be reasons for temporary deviations from the target. A drawback with the CPI is that besides containing information about underlying or trend inflation, it catches transitory price movements that are sometimes difficult or almost impossible to influence. During the years with the inflation target, various transitory factors have affected the CPI.

Matters would be different if the effects in question were temporary, so that they only affect the price level for a year or so. In that case there might be grounds for disregarding them. But deregulations and increased international competition are presumably as much a part of the inflation process today as were the opposite effects that increased employer contributions and other taxes exerted in the 1970s and 1980s. 3. Why have a rule of action? The Riksbank formulates monetary policy primarily on the basis of a forecast of inflation one to two years ahead. If inflation, measured as the annual change in the CPI, is expected to be above 2% during this time horizon, the interest rate is normally increased and vice versa. This rule of action is intended to: •  make policy more intelligible;  •  act as a support for internal decision-making;  •  enhance external credibility. The rule of action has been an important support for the Riksbank in recent years. Besides helping to make monetary policy more intelligible, it has contributed to a tighter analysis and a more structured internal discussion. But a simple rule such as this clearly cannot be applied mechanically. A noteworthy aspect is the time horizon to which the rule refers. The Riksbank is required to maximise goal fulfilment, that is, to keep inflation in line with the target, for ever.
Senior Supervisors Group (2010), “Observations on Developments in Risk Appetite Frameworks and IT Infrastructure”, December. Senior Supervisors Group (2009), “Risk Management Lessons from the Global Banking Crisis of 2008”, October. SIL International (2009), http://www.ethnologue.com. “Ethnologue:  Languages  of  the  World”,  available  at  Tett, G (2012), “Guiding light needed to cut through data fog”, Financial Times, 8 March 2012. Vise, D A and Malseed, M (2005), “The Google Story”, Pan Books. World Trade Organisation www.wto.org/statistics. BIS central bankers’ speeches  (2011),  “International  Trade  Statistics”,  available  at  17

Those with long memories know we have achieved low inflation and steady growth before - though never for so long - only to see them slip away. They ask: what’s to prevent that happening again? A lot has changed in the past fifteen years. We now have an approach to setting interest rates which provides much better incentives for policy makers to take the right decisions. This - and the strong track record built up over the past decade - has stabilised expectations, with the result that it takes more to throw inflation off course. This is crucial insurance against the risks of a more turbulent decade ahead. A trickier issue - and one on which I want to spend some time tonight - is the vexed question of information. Statisticians get an even worse press than economists. But they are indispensable. Just as well run businesses need good management information, so successful monetary policy depends on having good information about the economy. The statistical fog surrounding the true state of the economy has proved a particularly potent breeding ground for policy errors in the past. Are we yet in sight of a clearer view? The policy framework But let me start first with the policy framework: what grounds are there for being confident that it provides the right incentives for policy makers to take good decisions?
We are committed to transforming our data collection from the financial sector, to make it more effective and more efficient, and to ensure that it delivers us the data we need to fulfil our mission, at the lowest possible cost to industry. We see the development of common data standards as key to that transformation. These standards may not lead to the construction of anything quite as spectacular as those gothic cathedrals of the past. But standards can have benefits way beyond simply our data collections: improving data management and use in the financial system, to the benefit of customers and to financial stability. I hope many of you listening or reading will help us to get there. 8  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  8

2  BIS central bankers’ speeches  For 2015, the RENTAS daily average transactions totalled about 17,900 with a value of RM217.8 billion. This amounted to 4.4 million transactions valued at RM53.6 trillion throughout 2015. As part of the ongoing transformation of RENTAS, there is currently an exercise to transform RENTAS into a multi-currency system that adopts the SWIFT messaging standard. The adoption of SWIFT as an alternative access channel, which caters for multiple messaging standards including the ISO 20022, will facilitate the integration of RENTAS with other regional large value payment systems to facilitate seamless, safe and efficient cross-border financial transactions. The interconnectivity with other economies within the region will further enhance the integration of our trade and financial transactions. Development and modernization of the payment system in any country will not be possible without the banking system. Therefore, banks should lead the way in facilitating straight through processing (STP) to enhance operational efficiency by promoting standardisation and interoperability. This can be achieved through the adoption of common standards such as the ISO 20022, for corporate and cross-border payments. In this regard, banks should leverage on the momentum created by the ongoing transformation of RENTAS to reach out to their customers by offering holistic, end-to-end, STP solutions. This would contribute towards enhanced safety and efficiency and facilitate economic growth through greater connection with global supply chains, as well as, enhance greater integration with regional markets. Importance of keeping pace with innovation Let me now turn to the importance of keeping pace with innovation.
The average pace of  Not only are the effects sizeable, but, on past experience, they are potentially protracted. The impact of sterling’s 25% depreciation following the onset of the financial crisis on import prices was one factor that contributed to high inflation throughout 2008–12. The potential for these effects to be persistent highlights their relevance at the policy horizon. 29  To paraphrase one of my predecessors at the Bank of Canada, Gerry Bouey, we didn’t abandon the lower bound; the lower bound abandoned us. 30  See Office for Budget Responsibility (2015), Economic and Fiscal Outlook, July; and IMF (2015), World Economic Outlook. 31  Based on data on short term money market rates, starting 1718. See Hills, S, Thomas, R and Dimsdale, N (2015) “Three Centuries of Data - Version 2.2”, Bank of England. 10  BIS central bankers’ speeches  tightening since the adoption of inflation targeting in 1992 was around 50 basis points per quarter. It would not seem unreasonable to me to expect that once normalisation begins, interest rate increases would proceed slowly and rise to a level in the medium term that is perhaps about half as high as historical averages. In my view, the decision as to when to start such a process of adjustment will likely come into sharper relief around the turn of this year. That said, the path is much more important than the precise timing of the first rate increase.

26 At a minimum, when taken together with survey indicators that continue to point to solid pay growth for new recruits, recent data give welcome reassurance that the risks associated with a deflationary mindset in the labour market have likely fallen significantly. Further positive wage developments should be supported by a continued tightening in the labour market. Job-to-job flows remain around post-crisis highs and the ratio of vacancies to unemployment is now back to its pre-crisis average. However, what matters for inflation is not wage growth in isolation but wage growth relative to productivity. Put simply, firms are less likely to raise their prices if higher wages reflect more output per hour worked. Along with faster wage growth, there have been signs of faster productivity growth since the turn of the year. This may well mean firms’ unit labour costs have not picked up quite to the degree we had expected in our May Inflation Report. It’s too early to be definitive. Weighing past disappointments and recent indications of a pick-up, it is prudent to recognise that two-sided risks to productivity growth remain. What is clear is that to return inflation to target, growth in labour costs must pick up further from their current rate of less than one per cent. The extent needed depends on what is happening to other costs.
Our contribution as the Central Bank is to keep inflation low and stable. Also to help, within the scope of our powers, to identify and deal with any risks that may jeopardize the normal functioning of our financial system. Thank you. BIS central bankers’ speeches  7  Figure 1 Inflation indicators (annual change, percentage) 10  10  8  8  6  6  4  4  2  2  0  0  -2  -2  -4  -4  -6  -6  -8  -8 06  07  08  CPI  CPIEFE  09  10  CPIEFE goods  11  12  CPIEFE services  Sources: Central Bank of Chile and National Statistics Institute (INE). Figure 2 Gross Domestic Product (annual change, percentage) 5.5  5.5  5.0  5.0  4.5  4.5  4.0  4.0  3.5  3.5 Dec. 11  Mar. 12  EES GDP 2012  Jun. 12 Range MP Report  Sep. 12  Dec. 12  Dec. MP Report forecast  Source: Central Bank of Chile.

Although economists were aware of the significance of the above listed for social welfare, financial stability had been in the back burner before the global financial crisis of 2008–2009. With the onset of the crisis, the importance of financial sector came to the forefront and it was understood that the costs will be immense if the instability in the financial sector spreads to the real sector. Therefore, in the period ahead, maintaining macroeconomic stability and financial stability concurrently remains a major challenge for policymakers. New policy tools and new policies might be needed to achieve both stability targets. In this context, I believe that the conference on “Financial and Macroeconomic Stability” will provide a significant contribution to policymakers. Distinguished Guests, Excessive volatility in macroeconomic aggregates, namely production, employment, budget, foreign trade and inflation, might impair the distribution of income and assets, and reduce the welfare of that society. It is therefore of utmost importance to achieve macroeconomic stability and to sustain the welfare of the society. Financial stability is crucial in providing an effective mechanism for the transfer of the economy’s resources from savers to producers. An effectively-functioning financial system will ensure balanced distribution of risks and decrease the susceptibility of the economy to shocks. Otherwise, financial crises will disrupt real sector production and the economy will suffer sizeable loss of welfare. Thus, instability in the financial sector will jeopardize macroeconomic stability.
What does a good culture look like? How can leaders in the industry establish a positive culture 1/4  BIS central bankers' speeches  within their firms? And perhaps hardest of all, how do you ensure that a firm’s culture adapts to the changing world, but still stays true to its values and purpose? An Ethical Dilemma Consider this:2 A junior banker on a successful real estate investment team is asked to run projections for future rental income for a mall in Hong Kong. As part of her research she notices a number in a spreadsheet that inflates future cash flows by 4 percent. She asks a senior analyst if the number should be flagged as an optimistic assumption, so it’s clear it’s not based on evidence. The senior analyst responds by saying the number is a more conservative estimate than many. He says it’s a “judgment call” and that they can discuss it once the project has concluded. But the project comes and goes, everyone is busy, and the senior analyst doesn’t bring it up again. This scenario raises numerous questions: Should the junior team member raise the issue again or should she let it go? What was driving the behavior of the senior analyst? And why did no one else on the team view the situation as an ethical dilemma? These are the kinds of issues that people often face in a work environment. And this example demonstrates many of the ways culture influences behavior.

John C Williams: Getting to the core of culture Remarks by Mr John C Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, at “Working Together; An Interdisciplinary Approach to Organisational Culture”, London School of Economics and Political Science, London, 14 January 2020. * * * As prepared for delivery Thank you for the warm introduction. It’s an absolute pleasure to be back at the London School of Economics, where I completed my Master’s degree in the late 1980s. Studying at the LSE, with remarkable professors like Richard Layard, Chris Pissarides, George Evans, and the late Tony Atkinson, inspired me to pursue a career in economics and public policy. I owe a great debt of gratitude to this institution and am in awe of how it has evolved and grown in the past 30 years. I will say that there are a few things I have not missed since my days in London: the food (yes, that has changed! ), the high cost of living (some things never change), and the endless studying for and worrying about final exams. But I have missed the dear friends I made, the book shops, and the library. It’s ironic that I find myself back at the London School of Economics andNOT talking about economics. The views I bring to today’s discussion come from professional and personal, rather than academic experience. I’ve now led two major organizations, and culture is both the hardest and the most important thing to get right.
Demand from the U.S. used to be the key driver for global oil prices. This is no longer the case. Research has shown that the Asia-Oceania region is now the world’s leading consumer of petroleum and other liquid fuels11. Recognising this, CSRC Vice Chairman Fang Xinghai accurately reflected in May 2016 that China is now “facing a chance of a lifetime to become a global pricing centre for commodities”12. 9 The emerging trend highlights that Shanghai and Singapore are facing an important crossroad ahead. As international financial centres in Asia, we can strategically position ourselves to play key roles in shaping the new Asian financial landscape. Both cities are the gateways to two of the most important economic regions in Asia – China and ASEAN:  The China story is a familiar and also fascinating one. By 2050, China could account for one-third of the world’s economy. China’s banking system could grow to become the largest in the world within 4 years by 20205. Today, global financial institutions are paying close attention to China’s increasing importance in global markets. As China’s financial markets progressively liberalise, their global influence will likely extend further. For a start, China’s 10 trillion stock market and 9 trillion interbank bond market, and this is in USD, will likely be included into global stock and bond indices over the next two years. Re-balancing of portfolios by global investors will lead to an upsurge of financial flows into China, enhancing the internationalisation of China’s financial markets.

Another important consideration that needs to be taken into account is the ability of households to service their debt. With rising income levels, the household sector in Malaysia has continued to accumulate net financial savings as reflected in higher accumulation of deposits against accumulation in debts. Household deposits, as a percentage of GDP, remains high at 67%. Strong household debt servicing capacity is also reflected in the continued improvement in non-performing loans ratio of the household sector, which declined from a peak of 12.2% at end-1998 to 8.1% at end-November 2003. Amidst low and stable inflation, the cost of financing has been kept low to promote sustained consumption and, of greater importance, to stimulate stronger investment activities. The positive effects of increasing bank lending, especially to small businesses, have been an important factor in supporting the domestic economy. As at end-November 2003, bank lending to small and medium scale enterprises expanded by 9% year-on-year, accounting for one-third of the share of business loans. The growth of the small and medium scale enterprises is important in supporting a more balanced economic structure that will enhance Malaysia's potential for economic expansion and employment. The Merdeka Savings Bond will provide Malaysians with an additional avenue and incentive for savings. For retirees who spend out of their pensions and accumulated savings, returns on their  BIS Review 2/2004  1  savings is an important source of income to support their consumption.