samchain/econo-pairs-v1 huggingface dataset:
We now expect rates to remain at their present levels of –0.5%, or lower, until the inflation outlook robustly converges to a level sufficiently close to, but below, 2%, and this convergence has been consistently reflected in underlying inflation dynamics. Besides, this strengthening of our forward guidance implies the consequent prolongation of the reinvestment period for the very important stock of QE assets – 2600 billion euros. The tiering system will help us mitigate the possible side effects that negative rates might have on banks’ profitability, which is crucial to protect the transmission of our monetary policy through the bank-lending channel. The Governing Council’s discussion at the start of September is now behind us; everyone has expressed themselves legitimately – I have explained my own reservations on one part of the package –; but the decisions were taken equally legitimately, and they provide clarity well into the future. Have no doubt: we are committed, and the whole package will be implemented. We must now look resolutely forward, with three strong elements of consensus around Mario Draghi today and Christine Lagarde tomorrow: we have to maintain an accommodative monetary policy in the face of the economic slowdown and low inflation. Second, a review of our monetary policy framework in this environment will be very welcome. And third, it is very desirable that fiscal policy now prolongs this monetary support, wherever that is possible in Europe. It is time to turn the page, and turn to the future. III.

This corporate claims philosophy should be documented and communicated to all staff for adoption as a common corporate value that is perceptible to the public. Secondly, the challenge of detecting and preventing insurance fraud, which is a crime against all segments of society and not a victimless crime as perceived by many. Due to the long supply chain and participation of numerous stakeholders, especially in the general sector, insurance fraud is easily committed and is a major source of leakage for the industry, thereby hiking up claims costs. Insurance fraudsters are also adept at hiding behind the protective shield of jurisdictional boundaries. In this regard, the insurance industry can leverage on the work of the US based International Association of Insurance Fraud Agencies Inc., which plays an important role in tracking down the insurance fraudsters. In order to mitigate insurance fraud in the industry, an effective claims information system is critical to enable early detection of fraud. The infrastructure of such a system must support the free exchange of information in a timely manner with access provided on an enterprisewide scale for business intelligence function to facilitate the management and analysis of raw data and the reporting of trends according to specific parameters. The reports would assist insurers and loss adjusters in detecting and preventing insurance fraud and effectively minimize leakages. Thirdly, the challenge is in ensuring the health of the entire claims management value chain.
It is therefore also difficult to judge how productivity will develop in the period ahead. Our assessment has been that the robust productivity partly reflects longer-term changes but that it is also due to the economic situation, and is thereby partly of a more transitory nature. We examine this assessment regularly, of course. In order to judge how demand in the economy will affect future inflation it is important to have a good picture of resource utilisation. There is no exact measure of this, however. In the latest Inflation Report, the assessment was that total resource utilisation in the economy was still relatively low but that it would rise gradually and in 2006 reach levels at which it no longer would restrain price and wage increases. New data from the National Institute of Economic Research, for example, suggest that resource utilisation is still relatively low, even though all indicators are not completely in accord. The indicators based on labour market conditions point consistently to low resource utilisation. The somewhat stronger GDP growth that there is now reason to expect suggests, however, that the idle resources will be employed at a somewhat faster rate than forecast both in May and August. House prices and debt levels One issue that is of importance to the Riksbank for several reasons is household indebtedness and developments in residential property prices. The Riksbank is required to maintain price stability. In addition the Bank is required to promote an efficient, stable payment system.

During its lengthy preparation we held numerous consultations with the Czech Banking Association, individual Czech banks, the FAU, further financial regulators and other parties concerned, so as to transpose the international standards into the Czech practice in an optimal way. The CNB regulation covers all the standard elements of the AML measures I have already mentioned. One of its last paragraphs - but definitely not least - concerns the training of bank staff in AML issues. Given the emphasis on training, let me express the delight that your training course is taking place here in Prague. Given what I have said about the necessity to co-ordinate AML activities internationally, I am also glad to see that those attending the course come from numerous different countries. I hope that you will learn as much as possible here and that you will then have an opportunity to use your new knowledge actively in anti-fraud and AML activities in your home countries. Thank you for your attention. BIS Review 40/2003  3
Executive Board members cannot inter alia be married to a member of parliament and external members cannot receive remuneration from or sit on the board or supervisory council of financial institutions, securities firms or collective investment undertakings. Nor are they permitted to buy or sell fixed income or foreign exchange products when they are in possession of information concerning conditions that may influence prices, unless the information is available to the public. In addition, the general impartiality provisions under Section 6 of the Public Administration Act apply. 29  For a discussion of the relationship between conclusion-based and premise-based decisions, see Carl Andreas Claussen og Øistein Røisland (2010): “A quantitative discursive dilemma”, Social Choice and Welfare, vol. 35, no. 1. BIS Review 147/2010  7  be adjusted upwards. The third member believes that developments have been as expected and concludes that the key rate should remain unchanged. In a conclusion-based decision, the majority would vote to increase the key rate. Two out of three members came to this conclusion. But a premise-based conclusion would in this case have produced a different outcome. Two out of the three members believed that inflation and economic pressures were as expected. A premise-based decision would thus leave the key rate unchanged. Many will favour the premise-based approach because it gives weight to the underlying basis for the decisions we make. 30 Research has also shown that it is better to discuss and vote on the grounds for any disagreements than to go directly to the conclusion.

And we all presumably want these decisions to be good ones. But how can we ensure that a decision is good? This is a weighty and far-reaching question. If I am to make meaningful contribution, I will need to limit my focus. Norges Bank makes many decisions. The monetary policy decisions every six weeks are awaited with particular interest. Based on my experience from interest rate decision-making, I will focus on how the quality of a decision can be assessed. Even though I am speaking from my own perspective, I hope I am able to touch on more general issues that are of wider relevance. 2. Independence provides a sound framework for interest rate decisions  Most countries have now delegated the task of ensuring price stability to the central bank. This is also the case in Norway. The government has set an inflation target for monetary policy and delegated the operational conduct of monetary policy to Norges Bank. 3 This framework can be regarded as an institutional solution to the problem of avoiding major mistakes. An independent central bank is better able to give priority to long-term interests over short-term gains. 1  The lecture “On keeping promises”, commentaries by Endre Stavang and Henrik Syse and Francis Sejersted’s summary of the debate are published in Norges Bank Occasional Paper No.39 (2009). 2  Kim Gunnar Helsvig (2007): Elitisme på norsk. Det Norske Videnskaps-Akademi 1945–2007 [Elitism in Norway. The Norwegian Academy of Science and Letters 1945–2007], Novus forlag, Oslo, pp. 18–19.
Jörg Asmussen: Introductory statement by the ECB in the proceedings before the Federal Constitutional Court Introductory statement by Mr Jörg Asmussen, Member of the Executive Board of the European Central Bank, in the proceedings before the Federal Constitutional Court, Karlsruhe, 11 June 2013. *  *  *  Mr President, Members of the Federal Constitutional Court, Introduction The Federal Constitutional Court has invited the European Central Bank to comment on its monetary policy mandate, and particularly the decision taken by the Governing Council of the ECB in respect of the bond-buying programme, Outright Monetary Transactions (OMTs). My aim is to demonstrate that our measures were necessary, that they are effective, and that they fall within the mandate of the ECB. I will confine myself to the most important aspects of our written statement, looking in particular at two aspects – the “scope of monetary policy” and the “possible consequences of the ECB’s measures for national budgets” – as specifically requested by the rapporteur for today’s oral proceedings. The necessity and effectiveness of the ECB’s actions Let me first briefly explain why the European Central Bank opted for the OMT programme. The need for monetary policy operations In order to understand the need for our monetary policy measures, it is important to be aware of the economic environment that we faced last summer. Fears of an involuntary break-up of the single currency led to severe tensions in the capital markets.

Scope of monetary policy and acting within the ECB’s mandate I will now come to the first of two points to which the rapporteur has requested we pay particular attention: the “scope of monetary policy”. This includes the question of whether we are acting within our mandate. Our mandate is clearly formulated in Article 127 of the Treaty on the Functioning of the European Union: to maintain price stability. According to primary EU law, the ECB and the national central banks of the Eurosystem are already permitted to purchase government bonds in the financial markets in the context of their monetary policy tasks (Article 18.1 of the Statute of the European System of Central Banks and of the European Central Bank). While the Treaty clearly states the objective the ECB has to pursue, it describes just as clearly what the ECB is not allowed to do. Article 123 of the Treaty prohibits monetary financing. In particular, we are not allowed to buy any government bonds directly, i.e. on the primary market. Government bonds can only be purchased if they are already on the market and traded freely. The market mechanism – the basic principle Member States have to follow to finance themselves independently – should apply. We therefore also interpret the prohibition of monetary financing as being comprehensive insofar as ways to circumvent it are addressed. It is not possible to purchase newly issued government bonds at certain times.
APRA started signalling its concerns to bank executives during 2002 and in 2004 went on to increase the capital requirements on uninsured “Low Doc” loans. More generally, APRA seems to have been quite strict in ensuring that loan origination standards were maintained and banks made prudent provisions for losses. This robust regulatory response was complemented by a slightly tighter monetary stance and numerous “open-mouth operations” by the RBA highlighting the growing risks in the housing and credit markets. The effect of these actions was to take some of the steam out of the housing market and ensure that banks were in a better position to withstand the global financial crisis when it finally broke. (For a fuller discussion of the Australian experience, see Paul Bloxham, Christopher Kent and Michael Robson, 2011.) Other examples of macroprudential regulation in action include: successive increases in risk weights on commercial and residential property loans by the Reserve Bank of India during 2005–8; dynamic provisioning after 2000 in Spain; and quantitative constraints on mortgage lending in Hong Kong in 1994. There are several other instances. Like Molière’s M. Jourdain, some have been speaking prose all along; the rest of us just need to catch up. The evidence suggests the effectiveness of these tools is, though, variable and we should therefore not expect too much from them (see Committee on the Global Financial System, 2010).

These collections that have been built since the earliest days of our Bank over a period of more than five decades aim to foster greater understanding on the history of our currencies and of our economy and financial system, and also represents our support to contemporary art in Malaysia and thus contribute towards preserving the heritage of our country. Allow me now to invite Yang Amat Berhormat, Dato’ Sri Mohd. Najib bin Tun Haji Abdul Razak to deliver his address and to officially launch Sasana Kijang. 2  BIS central bankers’ speeches
According to preliminary statistics for 2013, the total inflow of direct investment from Germany equals Euro 27 million, with the amount of the direct investment from Germany reaching Euro 111 million, or about 3 % of the overall stock of FDI (about Euro 4,000 million). However, this share is lower when compared with foreign capital originating from Austria (12%, or Euro 478 million as of 2013). Third, the significance of the German economy for us is perceived also through the prism of foreign exchange inflows based on the Macedonian emigrants in Germany or the Macedonian citizens who are temporarily working in Germany. Thus, the growth of the German economy is closely correlated with the growth of this, to us, important income flow. BIS central bankers’ speeches  1  Generally, the German economy, the companies with German and Austrian capital that operate in the Republic of Macedonia, are extremely important for the local economy. The results of the survey, i.e. the responses of the companies on the assessment of current business conditions and perspectives, at the level of both sector and company, regarding: trade, exports, employees – give an impression that a large percentage of respondents (over 80 %) have stable or positive expectations, i.e. claim that the environment is good or that it will improve. This is in line with our projections for 2014, according to which we expect economic growth of 3.7%, mainly determined by the growth of exports and fiscal stimulus in the construction sector.

The Republic of Macedonia is on the map of foreign investors due to several factors, which were emphasized also by the surveyed companies. Low labor costs, i.e. low wages, low taxes, good qualification structure of the labor force, as well as the macroeconomic stability, mirrored in low and stable inflation, exchange rate stability, low levels of budget deficit and public debt. These were the core pillars the business decisions were laid on. Therefore, we – the macroeconomic policymakers, have an obligation to keep the solid fundaments of the Macedonian economy in the next period. 2  BIS central bankers’ speeches
Indeed the financial sector, with the help of financial innovation and loose regulation fostered unsustainable growth and asset price bubbles, and if trade linkages have contributed to spread the crisis across countries, financial integration has fostered the contagion. So, yes finance matters and is the heart of the real economy. “Rebalancing the world economy”, next. In the years leading to the crisis, the global economy was growing at unprecedented speed: above 5% per annum in 2006 and 2007, far above the average recorded in the decade from 1992 to 2001, at 3.1%. Yet, this growth was unbalanced, both internally and across countries, such that it was, as it turned out, unsustainable. In fact, the global policy agenda in the mid- to late 2000s was dominated by the issue of global imbalances: current account positions widened to unprecedented amounts (at least by modern standards), reflecting strong saving-investment gaps: to many observers, household saving was strikingly low in the United States, while emerging Asia was characterized by a “global saving glut”, in the words of Chairman Bernanke. These global imbalances have adjusted markedly in the wake of the financial crisis, but this rebalancing has been mostly cyclical and the issue remains. Let me now turn to the third important keyword of this session, the G20 Road map. With the intensification of the crisis, it has become obvious that the G20 was the right, – because the most legitimate – forum to prepare the policy response.

This is why the current focus on enhancing banking regulation is right and progress on key reforms to strengthen bank capital and liquidity standards remains a top priority. The recent reform package of the Basel Committee will lead to a much more robust and resilient banking system in the future, with both a stronger capital and liquidity base than before the crisis. The challenge, now, is to calibrate and phase in the new framework in a way that does not impede the recovery and does not contradict our macroeconomic objectives. The macroeconomic assessment of the reforms underway will help us strike the optimal balance. We must also reduce procyclicality. Some of the procyclicality can be trimmed through prudential regulation but I strongly believe that our first line of defense against procyclicality should be the accounting framework. I therefore support the current focus on reducing the scope of the mark-to-market approach and moving from an incurred loss model to a forward-looking model for provisioning. Conclusions To conclude, the main challenge ahead of us is to find the right balance between all these measures and the short-run effects of the rebalancing. If the rebalancing process happens too fast, it might weaken the recovery; but if reforms are delayed too much, the longer-run growth prospects will be affected negatively. One very important issue to focus on while analyzing this trade-off is that policy decisions need to be perfectly coordinated across countries. The crisis has demonstrated that it was necessary, and that it was possible.
The scope of the directive may also include hitherto unregulated technical service providers supporting payment services. Next, the future architecture of payment services in the European Union will be built on immediate payments. In this regard, the Commission plans to assess the need for a statutory obligation to participate in the SEPA scheme of the European Payments Committee for immediate credit transfer in euros (SCT Inst.). To encourage the use of immediate payments, consideration is being given to requiring that immediate payment fees be no higher than ordinary credit transfer fees. In Bulgaria, Borika AD, in close cooperation with the BNB as an operator of the real-time gross settlement payment system (RINGS), is in an advanced stage of development of a project for immediate payments in BGN, based on the requirements of the SEPA scheme for immediate credit translations (SCT Inst.). The ambition of the company is in 2021 for the payment service 1/2  BIS central bankers' speeches  providers in the country to be able to provide their customers with immediate credit transfers in BGN. Interconnection and interoperability between the various payment systems providing clearing and settlement is required to ensure cross-border reachability in the execution of immediate credit transfers in euro. In July 2020, the ECB announced its decision to introduce measures to ensure a trans-European scope of immediate payments in euro by the end of 2021. As a result, all payment service providers that have joined the SCT Inst scheme will be required.

The focus of the activity of both the BNB as a regulator and the payment service providers in 2020 was aimed at increasing the security of electronic payments with an emphasis on card payment transactions on the Internet and the opening of access to payment accounts (the so-called “Open banking”). Both processes are expected to be completed by the end of 2020 within the deadlines for the European Union. The package of digital finance documents published in September 2020 by the European Commission gives us a look at the future of payment services in the medium term. One of the important aspects in it should be the forthcoming revision of the Payment Services Directive (PSD 2) in 2021. A comprehensive assessment of the impact of the in-depth identification of the customer on the level of payment fraud is to be made. New requirements will be considered to reduce “social engineering” or “phishing” fraud, including a match requirement between the payee’s name specified in the payment order and that of the account holder. Special emphasis will be placed on the prevention of fraud in immediate payments. The possibilities for using the electronic identification and the solutions based on the certification services for fulfillment of the requirements for in-depth establishment of the client’s identity upon entering the account and initiating payment transactions are to be studied. The observed strong convergence in the activities of payment institutions and electronic money companies justifies their inclusion in a single legal framework and the repeal of the Electronic Money Directive.