samchain/econo-pairs-v1 huggingface dataset:
This was all done in collaboration with the European Commission, the ECB, the IMF and the European Banking Authority, in the presence of independent consultants and auditors, and with the participation of the Banco de España supervisory and regulatory teams, which was technically very important for the performance of the exercise. The recapitalisation of our banks has been carried out through private access to markets; the injection of capital financed via the financial assistance programme agreed with the European authorities; the conversion of hybrid instruments into capital instruments; and the provision of funds by the FROB (Fund for the Orderly Restructuring of the Banking Sector) and the Deposit Guarantee Fund. From May 2009 to last September, the public assistance afforded to financial institutions to reconstitute their capital amounted to a somewhat over € billion (6% of our 2012 GDP), close to € billion of which were under the Financial Assistance Programme approved with the European authorities in July 2012. The essential aim of these recapitalisation operations using public funds has been none other than to preserve the deposits in the institutions in question (as is widely known, these are the only bank liabilities not to have undergone any loss throughout the process), providing for business continuity by these institutions’ own means or by their absorption by others. This is a crucial point I wish to highlight, as it is not always well-understood.

Jean-Pierre Roth: Ten years’ experience in steering interest rates – taking stock of the Swiss National Bank’s monetary policy strategy Summary of a speech by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank, at the University of Fribourg, Fribourg, 20 November 2009. The complete speech can be found in French on the Swiss National Bank’s website (www.snb.ch). *  *  *  The Swiss National Bank’s monetary policy strategy has proved successful over the ten years since its introduction. Throughout this period, the SNB fulfilled its mandate of ensuring price stability while taking into account economic developments. The inflation forecasts, produced quarterly on the basis of various indicators, have proved especially useful. It has always been possible to successfully manage the Libor – the operational objective of the SNB’s monetary policy – despite an international environment which, at times, has been extremely turbulent. The Libor was maintained within a range intended to provide the bestpossible conditions for a favourable development of the Swiss economy.
This is why there is an urgent need to agree on concrete short-term commitments for structural reforms in the Member States, on a consequent application of the Stability and Growth Pact, on the aggregate fiscal stance for the euro area, on a strategy for investment, and to launch work on a long-term vision to further share sovereignty ensuring the sustainable and smooth functioning of EMU. On that note, I am looking forward to our discussion. 4  BIS central bankers’ speeches

Hence, we believe that domestic demand will remain on a modest upward track in the final quarter. External demand, on the other hand, remains weak due to Europe’s slowing economy and  BIS central bankers’ speeches  3  geopolitical tensions in neighboring countries. The weak external demand puts pressure on export growth, but the fact that export growth exceeds import growth supports the rebalancing of the economy (Chart 15). Moreover, falling oil prices contribute positively to the current account balance by reducing import expenditures (Chart 16). We expect domestic demand to recover moderately and external demand to remain weak in 2015. Depending on weather and precipitation conditions, the projected correction in the agricultural value-added will be a factor to support growth. However, there are external demand-driven downside risks to growth. Thus, in 2015, demand conditions will contribute to the disinflation process. Although we expect the growth composition to change in favor of domestic final demand, we believe that the current account deficit will continue to improve on the back of the macroprudential measures and the improved terms of trade. As you all know, food, energy and import prices also play a great role in inflation forecasts. Therefore, before moving on to forecasts, I will briefly talk about our assumptions regarding these variables. In the fourth quarter of 2014, oil and import prices remained well below the projections of the October Inflation Report (Chart 17). Accordingly, we revised our medium-term assumptions of oil and import prices significantly downwards.
Caleb M Fundanga: Bank of Zambia retirees Talking notes by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the luncheon in honour of Bank of Zambia retirees, Bank of Zambia, Lusaka, 12 December 2006. *  *  *  • Deputy Governor – Administration • Directors • Ladies and Gentlemen • Retirees and Potential Retirees in our midst Some people say “retirement is wonderful; it is described by many as doing nothing without worrying about getting caught at it”. That is to say, you now become accountable to yourself for your actions! Retirement marks an important milestone in one’s life, it is so important that in many cases you have to consult, and reflect extensively before you take that very important decision. It is a day one should not only anticipate during ones working life, but also plan for. Retirement can occur voluntarily as the case is with VESS, by attaining the age of 55 as provided by statute or prematurely due to a misfortune such as failing health. In all circumstances one must plan for the event. Ladies and Gentlemen, it is for this reason that the Bank has found it befitting to host a luncheon in your honor, by recognizing all the hard work that you have put in the Bank in the many years of service. Admittedly, relationships between the Bank and ex-members of staff have in certain cases not been so good.

Stories of destitution among retirees is one but many of the sad stories, I would like you to avoid. Guard the assets that you have acquired in your working life jealously, because retirement does not give you multiple chances to make amends when you make unsound business decisions. It is for this reason that the Bank, through Human Resources Department, has engaged Future Search a Consultancy firm to give you tips on how to live in retirement, I urge you to attend the upcoming workshop. I therefore wish you God’s blessings as your pursue the challenges of life in retirement. Thank you. BIS Review 1/2007  1
governance and risk management  The Central Bank is ready to receive duly  framework that balances return  completed applications from eligible  objectives with prudent risk  companies, which would be submitted  management and controls, Strategic  to the Monetary Board. Continuous  Asset Allocation (SAA) for the  surveillance and on-site examinations of  international reserves, managed by  Licensed Microfinance Companies  Central Bank, has been developed and a  (LMFCs) will be conducted by the  new Investment Policy Statement has  Central Bank. We expect to maintain a  been drafted in line with it. The  constant dialogue with the LMFCs and  Investment Guidelines have been  increase awareness on regulations. reviewed to reflect the revised  While we are proposing policies and  investment criteria. plans for the financial sector, as the apex  Going forward, we expect to ensure a  financial institution in the economy, we  proper Enterprise Risk Management  also need to ensure the stability,  (ERM) Framework for the Central Bank,  continuity and safety of our own house. which involves setting up a new Risk  In particular, it is important to foster a  Governance Structure and developing  risk culture within the Central Bank as  systems and procedures to monitor  central banks are considered as the  financial and non-financial risks of the  trustee of public assets.

In this context, the Road Map 2017 reviews developments in the economy and the policy actions that have been pursued during the past year. More  external, monetary and financial sectors during 2016  Section 3: An analysis of the Central Bank’s monetary policy strategy and policies for 2017 and beyond  Section 4: A discussion on the Central Bank’s policies related to the financial sector performance and stability in 2017 and beyond  Section 5: Key policies related to  importantly, it seeks to enunciate  strengthening the broader economy  policies and programmes for the  through the Central Bank’s agency  forthcoming period. and ancillary functions  Accordingly, the outline of the Road   Section 6: Concluding remarks  Map 2017 is as follows:  Central Bank of Sri Lanka – ROAD MAP 2017  7  2. Developments in the Economy in 2016 The Sri Lankan economy achieved a  Inflation continued to remain at low  moderate growth rate of 4 per cent  levels although there were some upward  during the first nine months of 2016.  pressures during 2016. Supply side  Among major sectors, Agricultural  pressures due to adverse weather  activities remained subdued, driven  conditions and revisions to the  mainly by the contraction in the value  government tax policy partly  addition of rice, tea and rubber. Adverse  contributed to the increase in inflation  weather conditions during the second  during the year.
Timothy F Geithner: US monetary policy in the global financial environment Remarks by Mr Timothy F Geithner, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the Japan Society Corporate Luncheon, New York City, 9 March 2006. I would like to thank Margaret McConnell of the Bank’s Research and Statistics Group for valuable contributions to this speech. *  *  *  We are in the midst of another wave of global economic and financial integration. This movement toward greater openness and the associated rise in capital mobility offers the prospect of substantial economic gains for the U.S. and the global economy. Stronger real and financial linkages across nations have the potential to significantly raise the prospects for long-run world growth. The ensuing development of the market sector in emerging market and developing economies offers probably the most powerful means available for raising income growth and living standards in a very large share of the world’s population. These changes, and the complementary advances in technology, offer the prospect of more productive and stable real economies. The increase in the ties between national financial systems, the greater sophistication of financial markets and financial market instruments and the increase in capital flows across borders, allow risks to be shared more broadly and capital to flow to where the returns are highest, also contributing to stronger and more stable future economic growth. This process of integration has, of course, a range of implications for policymakers.

And it seems somewhat inconsistent with the rise in equity and other asset prices, the fall in credit risk premia, and the relatively low levels of uncertainty about the future reflected in measures of expected future volatility in many different types of financial instruments. One feature of present conditions that is not captured by these explanations and that is likely to be playing a significant role in contributing to the combination of these large imbalances and relatively low forward interest rates is the pattern of exchange rate and monetary policy arrangements in the global economy today. Even with the broad shift globally to more flexible exchange rates, a substantial part of the world economy now run monetary policy regimes targeted at limiting the variability in their exchange rate against the dollar, or a basket in which the dollar plays a substantial role. Sustaining that objective in the past several years has required a large accumulation of dollar assets. The scale of this activity has been particularly dramatic in parts of Asia. The significant rise in the earnings of the energy exporters, many of whom also run exchange rate regimes that seek to shadow the dollar, has also generated a substantial rise in investments in U.S. assets. A large share of the capital flows to the United States that have financed our current account imbalance come from these official sources. These flows add to other sources of private demand for U.S. assets.
Ladies and Gentlemen, The global financial crisis that erupted in 2008, or 2007 if you count the U.S. sub-prime crisis as its first incidence, has brought fundamental changes to how central banks approach economic and financial stability. In particular, the crisis has led to a general reorientation of central bank policies in three major directions. The first is the reorientation of monetary policy to take into account financial stability concerns. The second is the shift from “deregulation” to “re-regulation”. And the third is the supplementation of traditional microprudential regulation with macroprudential one. In the realm of monetary policy, the pre-crisis consensus was that the attainment of price stability, or low and stable inflation, was enough to ensure a smooth progress of the economy. While central banks were well aware that financial disruptions could have a serious negative impact on the economy, they were of a view that financial stability was the job of prudential regulation and that monetary policy should focus on inflation and output stabilization. The dichotomy between monetary policy and financial stability policy was well observed across the central banking community. Central banks like the Bank of Thailand, which also looks at financial imbalances when making monetary policy decisions, represented only a small minority before the crisis. The global financial crisis has prompted a fundamental rethinking of central banks’ monetary policy conduct. Now it is recognized that price stability alone does not guarantee economic and financial stability and that there exists an intricate relationship between monetary policy stance and financial stability.

As another example, many of you have probably heard of the recently passed Volcker Rule, named after another former Fed Chairman Paul Volcker. The Volcker rule can be seen as a watered down version of the Glass-Steagall Act. Recognizing that it is difficult to separate investment banks and commercial banks entirely, the Volcker Rule prohibits commercial banks from short-term proprietary trading of securities, derivatives, futures, and options on these instruments. The goal is that eliminating these risky practices will make banks safer and at the same time force them to refocus on core banking businesses which in turn should benefit consumers. Basel III and the Volcker Rule are just two examples of re-regulation. There are several others, notably the U.S. Dodd-Frank Act, the OTC derivatives markets reform, and the proposed oversight and regulation of shadow banking. Taken all together, these make a comprehensive set of regulatory reforms that will busy both regulators and financial institutions over the next several years. I would like to stress however that, for financial institutions, the compliance with the new regulations is not a one-way process, but a two-way one that you can help shape through industry consultation and collaboration with regulators. The challenges for country regulators are whether and when to adopt certain parts of international standards that may be irrelevant, too stringent, or lead to new risks for the domestic industry.
But, the relative contribution of these factors is uncertain. Despite the uncertainty that exists about the sources and durability of this apparent moderation in some types of risks, financial market prices now reflect a very benign view of economic and credit fundamentals. Credit spreads generally and risk premia in many asset classes are at levels that are very low even in relation to previous periods of relative optimism. The U.S. financial system, when judged by many conventional measures, looks reasonably healthy as well. Bank profitability is at the highest levels we have seen, depending on which measure you choose, in two to three decades. Capital positions for U.S. banks, which have been around 13 percent of assets over the past two years, are very strong, significantly above the regulatory standards required to be considered well capitalized. Asset quality also remains robust. Nonperforming loan ratios are now only 1.2 percent across the commercial banking industry. The financial markets are pricing financial institution risk at very favorable levels, with bank equity prices, subordinated debt spreads, and credit default swap spreads suggesting a high degree of investor and counterparty confidence in the financial health of the major banks and other financial institutions. As these numbers suggest, the U.S. financial system came through the recent recession, the spate of corporate bankruptcies, the sharp adjustment in some asset prices, and the difficulties in some  BIS Review 18/2004  1  emerging market economies in reasonably strong financial shape.

In the United States growth was so rapid that at least two authors wrote books entitled “The Roaring Nineties” and another chose the title “The Fabulous Decade”. In contrast, continental Europe experienced slow growth and heart-searching over structural reforms. As with much else, our economic performance lay somewhere between the excited exuberance of the United States and the relative disappointment of continental Europe. So the UK experienced a non-inflationary consistently expansionary - or “nice” - decade; a decade in which growth was a little above trend, unemployment fell steadily, and, supported by the improved terms of  BIS Review 45/2003  1  trade, real take-home pay rose without adding to employers’ costs, thus allowing consumption to grow at above trend rates without putting upward pressure on inflation. Will the next ten years be as nice? That is unlikely. The terms of trade will probably not rise as much in future as they have in recent years - about 10% since 1996 when sterling started to appreciate - not least because sterling’s effective exchange rate has fallen by around 7% since the turn of the year. Moreover, there is no longer the margin of spare capacity that has provided a buffer for policy over much of the past decade. So when shocks, as they will, hit our economy it is almost inevitable that there will be somewhat greater volatility of both output and inflation than the remarkable stability to which we have become used in recent years.
Productivity gaps between regions and between large and small firms point to regulatory fragmentation which still needs to be addressed. To enhance productivity, measures to increase the scale of small firms in the SME sector, which tend to be smaller than in peer countries, need to be pursued. More attention needs to be placed on the education system and professional training to enhance human capital and reduce skills mismatches. Finally, greater investment in R&D and innovation by Spanish firms would enhance their competitiveness and contribute to generate more growth through higher value added. Only by raising productivity and correcting macroeconomic imbalances can the long-term growth potential of the Spanish economy rise. This is a condition to place Spain on a solid growth path, increase employment and raise wages to finally leave behind the financial crisis that erupted ten years ago. Let me conclude. The importance of increasing long-term growth potential is true for Spain as it is for the whole euro area. 3/4  BIS central bankers' speeches  At the same time, I cannot emphasise enough that a robust euro area economy has to rely on sound economic governance. Solidifying the institutional architecture of EMU is essential at this juncture in order to foster cohesive economic performance without fragmentation or excessive imbalances. Reforms at the national and EU level are needed to uphold a stable financial system and a resilient monetary union.

The stable path of inflation conceals a decline in the contribution of the energy component, as the impact of the past oil price hike fades, offset by a gradual increase in underlying inflation. Although measures of underlying inflation remain generally muted, they have been increasing from earlier lows. Tighter labour markets and the emergence of wage pressures are expected to continue to bolster underlying inflation. Given the underlying strength of the economy, we are confident that the sustained convergence of inflation to our aim will proceed even after a gradual winding-down of our 1/4  BIS central bankers' speeches  net asset purchases. At the same time, an ample degree of monetary accommodation will still be necessary to ensure a durable convergence of inflation over the medium term. Against this background, we have reduced our net asset purchases to € billion as of this month, and we continue to anticipate that net purchases will terminate by the end of the year.
With backing from the U.S. Treasury, the Federal Reserve established the commercial paper funding facility as a funding vehicle that can purchase new issuance of commercial paper from highly rated businesses and municipalities, and certain issuers that were downgraded after the virus shock. By providing assurances to issuers and investors that retiring commercial paper can be replaced with new issuance, the facility will promote confidence in the market and support the flow of credit to businesses and municipalities. Corporate Credit Facilities (CCFs) At the same time that short-term commercial paper markets were nearly frozen, so too were markets for longer-term corporate borrowing – at precisely the moment when companies most needed a financing buffer. Borrowing rates for investment-grade corporate issuers relative to Treasury securities increased by about 2.5 percentage points in the first half of March, while issuance for companies rated below investment grade came to a halt. In this context, the primary market corporate credit facility (PMCCF) was designed to provide funding for highly rated companies that need access to financing in order to maintain business operations during this period of dislocation. Again with backing from the U.S. Treasury, the Federal Reserve will create a funding vehicle to backstop eligible corporate borrowers for up to four years, at an interest rate that is better aligned with corporates’ underlying credit risk than was available through market-based financing during March.

These include: The Paycheck Protection Program Liquidity Facility will bolster the effectiveness of the Small Business Administration’s Paycheck Protection Program by supplying liquidity to participating financial institutions through two-year loans backed by PPP loans as collateral. The Main Street Lending Program will enhance support for small and mid-sized businesses that were in good financial standing before the crisis by purchasing up to $ billion in fouryear loans to small and mid-size businesses. The Term Asset-Backed Securities Loan Facility (TALF) will support issuance of securities backed by student loans, auto loans, credit card loans, small business loans, and other debt. Moving with Maximum Care Considering the speed and scale of damage caused by the virus outbreak, we are making all efforts to implement these facilities at maximum speed. At the same time, though, we are moving with maximum care, drawing upon all of the lessons learned since 2008. First and foremost, we know that transparency will be key to sustaining public confidence in our efforts. What does this mean in practice? It means that when we work with outside vendors, we explain why we’re doing so, who we’re working with, and how much we’re paying for their services. It requires if we accelerate the vendor selection process to minimize time to market, we operate under a short-term contract and then open up the process to a competitive range of bidders, looking beyond the largest and most established players and providing broad access to a diverse range of smaller players.