samchain/econo-pairs-v1 huggingface dataset:
First, I will review the conduct and performance of inflation targeting during my time as Governor. This period, which roughly coincides with the post-crisis recovery and which has seen more than its share of shocks and structural developments, provides some insights to the ability of inflation targeting to deliver price stability and support macroeconomic outcomes. I will suggest that, so far at least, inflation targeting has proven to be a framework for all seasons, an essential part of a robust foundation for economic prosperity. It is important not to lose sight of the fundamental success in achieving price stability that has resulted from delegation of inflation targeting to an independent central bank. In the two decades prior to independence, inflation averaged over 6%. Since independence, it has been close to 2% and one-fifth as volatile (Table 1). Inflation expectations have remained well anchored throughout some of the largest economic shocks in postwar history.

That, in my view, does not reduce the special public BIS Review 13/1997  -9-  interest in banking activity; although it may well affect the appropriate substance of banking supervision; and it certainly extends to banks’ other, different, functional public interests, including different regulatory interests. On the other hand I am not persuaded that the special public interest in banking activity extends to non-banking financial institutions, though different functional public interests in many cases clearly do. What is absolutely clear, in a world of increasing financial integration, is that neither the financial regulators nor the central bankers among you can expect an easy life! BIS Review 13/1997
The compliance officer appointed to take overall charge of the institution’s anti-money laundering efforts should play an active role in the monitoring process and should not simply be the passive recipient of ad hoc reports from front-line staff. It also follows that AIs must not only know their customer but also know their customer’s business and the source of funds flowing into the account in sufficient detail to establish a benchmark against which to judge unusual transactions. This information will need to be updated, where appropriate, over the life of the account. High risk customers There is a certain basic amount of checking that must be done for all customers. But some may pose a higher than average risk of money laundering to the institution and thus require enhanced due diligence. AIs should therefore adopt a risk-based approach, with policies and procedures for identifying higher risk customers. We shall try to offer AIs guidance on the type of risk factors that they should be looking out for. But basically these factors can be summed up in terms of: who the customer is; what he does; where he comes from and where he does business; and how the account is operated. Judged against these benchmarks, possible examples of high-risk customers that AIs should be on the look-out for, include the following: •  politically exposed persons - these are individuals holding important public positions and those related to them.

Many economists have long attempted to estimate this gain by looking at the extent to which fixed and relatively floating exchange rates affect trade and they have found a very small difference. However, a single currency is not the same as a fixed exchange rate. The practical and psychological differences are probably considerable. Professor Andrew K. Rose at Berkeley in the USA has, together with other economists, instead compared trade within monetary unions with the trade between countries without a monetary union, where he has made adjustments for such facts as monetary unions often share the same language, culture and regulatory framework. When Rose recently presented such a study for Sweden, his opinion was that the EMU could over the course of a few decades increase trade and integration by as much as 30-50 per cent. Rose himself admits that the figures are uncertain and other economists believe in much smaller trade gains. However, even the more cautious calculations indicate that the monetary union could provide considerable gains. For instance, Professor Torsten Persson estimates, using an alternative calculation of Rose's material, that the gains of a monetary union are only about one-fifth of what Rose claims. This would still involve a clear trade gain if the reasoning is applied to Sweden. Hopefully, the new debate stimulated by Rose's articles will lead to new insights in this very important field. What about the disadvantages? After all, giving up one's own currency also involves giving up a certain amount of one’s autonomy.
The loans are usually not valued according to their realistic, low, values. In my view, this is not helpful even if it seems to improve the financial statements of the banks. Nobody is fooled about the actual situation because these bad loans are well known in the market. The loans should preferably be transferred out of the books to some asset management company - priced at a realistic market value, of course. Under all circumstances, supervisors should require that banks have consistent and true systems for the valuation of loans, performing and non-performing, with or without collateral. These systems should also take into account the setting aside of adequate provisions for weak loans. These provisions should reflect the expected losses to the bank. In calculating these losses, collateral may be taken into account, but as earlier mentioned, it is important that the collateral is conservatively valued because its value tends to decline sharply in a default situation. For any country aiming for a credible financial system, auditing standards must be high and approaching the best international practices. Furthermore, the supervisors should maintain close and regular contacts with the major accounting and auditing firms in their country. This serves to provide and receive information on individual banks, but also to explain and to get feedback on the development of new rules and regulations and how they are implemented in the market.

Thank you very much. BIS Review 38/2005  5
The enhanced disclosure rules in turn aim to encourage the effective exercise of market discipline through increased provision of information. Our approach to third country branches will aim to ensure that they are operating to standards that give branch policyholders an equivalent level of protection to policyholders of an EEA-headquartered undertaking. The three pillars of Solvency II not only provide a robust foundation to support the safety, soundness and resilience of individual insurers, but also in turn support stability in the system. The financial services sector is more interconnected than ever before. Risks to the financial system can affect all firms; we therefore need to ensure that our analysis is rigorous not just within sectors but at a cross-sectoral level. With a number of mixed financial groups undertaking insurance, banking, asset management and any number of other activities in BIS central bankers’ speeches  1  multiple locations across continents, it is vital for firms and regulators alike to understand the interconnections and dependencies not only between different firms but within them as well. This is just one reason why it is so crucial to get the new regime right. The introduction of consolidated group supervision under Solvency II will ensure supervisors and firms have greater clarity in their overall view of group business, and are able to recognise and therefore manage risks that would not otherwise be visible.

Notwithstanding our sometimes old-fashioned image, we have been at the forefront of financial innovation for decades. Our achievements however often remain unknown to the public: our state-of-the art settlement systems are aimed at banks, not end-users. How can we find our rightful place in this emerging DLT world? Benign neglect, or on the contrary prohibition, are no longer options. While keeping our eyes and minds open, we have to at once regulate and innovate. First, regulate and supervise all players that issue, value, deal, settle, offer custody and related services regarding these new assets. The initial bitcoin ideology of a full disintermediation – or even disembodiment – turned out unsuited to real life: most users do not directly intervene on the blockchain, they use platforms and new intermediaries. “Decentralised finance” could be a misnomer while leading to concentration of some private players that are not regulated for the time being. The sound supervisory principle “same activity, same risks, same rules” should apply and be expressed as a “square of guarantees”: (1) equal security; (2) equal compliance; (3) equal responsibility; and (4) equal accessibility. Regulation has to be built consistently across jurisdictions, and is especially important as links between the real world and the crypto world are growing stronger. Against this backdrop, and in accordance with the G20 agenda that was initiated two years ago, most jurisdictions are considering legislative changes to deal with crypto-assets. For instance, the European Union must adopt shortly a regulation called Markets in Crypto-Assets  Page 3 sur 3 (MiCA).
Tarisa Watanagase: Current topics of the economy and monetary policy of the Kingdom Dinner talk by Dr Tarisa Watanagase, Governor of the Bank of Thailand, to the Japanese Chamber of Commerce, Bangkok, 24 March 2010. *  *  *  Good Evening, Ladies and Gentlemen, First of all, I would like to thank the Japanese Chamber of Commerce for the invitation to speak again at this annual event. It is indeed a great pleasure to be back here for the institution that has, for a long time, been playing a key role in promoting a closer cooperation and better understanding between the Thai authorities and the Japanese business community in Thailand. Tonight, I would like to focus my remarks on three issues. The first is Thailand’s current economic conditions and outlook. The second is the key challenges for policymakers going forward. And the third is the Kingdom’s policies to ensure a sustained growth recovery along with price and financial stability. Many of you may recall that my speech here last year took place during the most testing time for both the global economy and policymakers. In the western economies at the core of the crisis, the financial and real sectors have been severely impacted. And for Thailand, it was the first time in ten years that the Thai economy registered negative growth, as the collapse in global demand led to a sharp contraction in the Thai exports. Fortunately, the global economy has now turned the corner and recovery has continued to gain stronger momentum.

Interest rate expectations 19 and 20 June Per cent  5,0  5,0  4,5  4,5  4,0  4,0  3,5  3,5  3,0  3,0  2,5  2,5 Repo rate Based on bank securities/ FRA 20 June 2007 Based on bank securities/ FRA 19 June 2007 M PR 2007:2  2,0 1,5  2,0 1,5  06  07  08  09  10  Source: The Riksbank  10  BIS Review 111/2007
When choosing between the two paths, the benefits must be weighed against the costs. In principle, a robust monetary policy should take account of uncertainty regarding the functioning of the economy. The policy rate in Norway has come down to a low level, approaching a lower bound. This has increased the uncertainty about the effect of monetary policy. Norges Bank has taken this uncertainty into account over the past year and reacted somewhat less to new information, whether the information has pulled in the direction of a lower or a higher policy rate. It has been appropriate to respond with caution. LOW INTEREST RATES COULD BE A PRECURSOR TO FINANCIAL INSTABILITY A period of low interest rates can engender financial imbalances. There is a risk that growth in property prices and debt will become unsustainably high over time. With high debt ratios, households are more vulnerable to cyclical downturns. In the event of a reduction in household income, debt burdens may become heavy to bear, forcing households to reduce spending on consumption, with a deeper downturn as a result. For Norges Bank, the consideration of restraining the build-up of financial imbalances has long been an element of a robust monetary policy. The aim is to mitigate the risk of particularly adverse economic outcomes further ahead. Chart: Estimated path for consumption during recessions A recently published study by Norges Bank examines developments in private consumption during recessions. The analysis is based on data from 61 international recessions in the past four decades (Hansen et al (2015)).

References  4/5  BIS central bankers' speeches  Brainard, W. (1967): “Uncertainty about the effectiveness of policy”, American Economic Review 57, 411–425 Constâncio, V. (2016): “The challenge of low real interest rates for monetary policy”, speech delivered on 15 June 2016 Hamilton, J. D., J. Hatzius, E. S. Harris and K. D. West (2015): “The equilibrium real funds rate: Past, present, and future”, Hutchins center on fiscal & monetary policy at Brookings, Working Paper 16 Hansen, F. and K. Torstensen (2016): “Does high debt growth in upturns lead to a more pronounced fall in consumption in downturns?”, Economic commentaries 8/16, Norges Bank Laubach, T. and J. C. Williams (2015): “Measuring the natural rate of interest redux”, Hutchins center on fiscal & monetary policy at Brookings, Working Paper 15 Lund, K., K., K. Tafjord and M. Øwre-Johnsen (2016): “What drives the risk premium in Nibor?”, Economic commentaries 10/2016, Norges Bank Rachel, L. and T. D. Smith (2015): “Secular drivers of the global real interest rate”, Staff Working Paper 571, Bank of England Zhu, F. (2016): “Understanding the changing equilibrium real interest rates in AsiaPacific”, BIS Working Papers 567 1 The spread between the money market rate and the expected key policy rate (the interest rate premium) can vary  somewhat over time (see Lund et al (2016) for a discussion of the premium in the Norwegian three-month money market rate). 5/5  BIS central bankers' speeches
Part II of the Foreword explicitly recognises that ‘the steps that different Market Participants take to align their activities with the principles of the Global Code will necessarily reflect the size and complexity of the Market Participant’s FX Market activities, and the nature of the Market Participant’s engagement in the FX Market.’ The Code is also a living document, which allows it to be strengthened or clarified where necessary, including in areas of particular interest to the buy-side, such as last look and disclosures. In December 2017, Principle 17 of the Code was updated to make it clear that market participants should not undertake trading activity that utilises information from a client's trade request during the last look window. Though I know this remains a topic that can arouse real passions in a room full of asset managers, it does show the commitment of the Global FX Committee to ensure that the Code responds to buy-side concerns. And it’s working: a recent report from Nex suggested that hold times and reject rates have fallen materially since the change.7 Similarly, on sell-side disclosures regarding service levels and protections – another contentious and uneven area of the market in the past – the Global FX Committee is preparing to publish new guidance aimed at improving transparency.8 I hope this will have a similarly positive effect on market norms, and the Global FX Committee will be critically monitoring its impact in due course.

Given that the current turmoil will bring about changes in the financial landscape, both the policymakers and private sector have to adapt themselves in an effective manner. To increase financial system resiliency, including by improving the credit information system,  4  BIS Review 135/2008  regulatory reform could possibly mean more stringent prudential guidelines during the upturn to help financial institutions achieve bigger cushions during the downturn period. In this challenging time, the private sector has to be alert, yet prudent with the new opportunities available. The board of directors and senior management has to oversee the operations and risk profile of their organization closely and regularly. Ladies and gentlemen, Just before ending note, allow me to touch on the situation in Thailand and the impact of the global crisis. The latest assessment of Monetary Policy Committee projected that growth is expected to moderate, to a range of 4.3 to 5 percent this year, and 3.8 to 5 percent next year. Inflation should subside next year, with headline CPI at around 3 to 4 percent. External position will remain strong with current account surplus for this year and next year, international reserves currently at around 104 billion US dollars, while external debt is 65 billion US dollars as of August, of which just over one-third is short-term. Overall, the economy does not have imbalances that could pose as vulnerability.
I am confident that the international Islamic banking segment of Islamic finance in both countries will continue to make significant strides, in particular to bring to the next level the development of an international money market platform that allows for greater participation from a wider international financial community offering product suites that are denominated in other currencies and structured in a manner that would meet a wider range of applications and purposes. On this note, I wish to congratulate PT. Bank Muamalat Indonesia on the official launch of PT. Bank Muamalat Indonesia of the Malaysian branch to conduct foreign currency business as an International Islamic Bank under the MIFC initiative. I also wish to congratulate the newly established First Islamic Investment Bank Ltd., licensed under the Labuan Offshore Financial Services Authority. BIS Review 26/2009  3

Niklaus Blattner: Financial market infrastructures facing technological, economic and regulatory challenges Summary of a speech by Mr Niklaus Blattner, Deputy Chairman of the Governing Board of the Swiss National Bank, at the XI AWK Group Financial Services Lunch, Zurich, 20 September 2006. The complete speech can be found in German on the Swiss National Bank’s website (www.snb.ch). *  *  *  Smoothly and efficiently functioning financial market infrastructures form the backbone of the International Financial Centre of Switzerland. The future of these infrastructures will largely hinge on trends in Europe, which point to stronger consolidation. However, healthy competition is the prerequisite for investment and innovation incentives in a consolidated stock market and settlement environment. This would also contribute to reducing the existing inefficiencies, in particular with regard to the processing of cross-border transactions. Yet a competitive environment will develop only if market participants can choose freely among the different providers and if the infrastructures are interoperable, i.e. if the providers grant each other and their participants mutual non-discriminatory access. At present, competitive obstacles exist at the technological, economic and regulatory levels. For instance, costs for changing providers are high. Moreover, financial market infrastructures are often operated in “silo” mode – either explicitly or implicitly – with clearing and settlement being handled by only one provider. But silos impede competition. A suitable regulatory framework must therefore be created to strengthen competition.
So we do know, I promise you, about the job losses and plant closures particularly in manufacturing. Those on the receiving end won't thank me for saying this but some of those problems at the micro-economic level are an inevitable characteristic of every economy. Needs, tastes, technologies and productive techniques are constantly changing even in the most benign macro-economic environment, and the rise and fall of individual businesses or business sectors, as comparative advantage shifts - nationally and internationally - is a painful but necessary facet of economic  BIS Review 85/2001  1  progress. Obstructing such change cannot help in anything but the short term. The more constructive approach is to encourage the redeployment of resources to alternative activities where there is a prospect of comparative advantage. Happily that is the path - the path to greater supply-side flexibility - that is increasingly being followed by UK regional and national authorities. And it's the path being followed here in Wales by the National Assembly under First Minister Rhodri Morgan. It is the path that is being followed by the WDA and its subsidiary Finance Wales, as well as ELWa. If we know at the Bank about plant closures and job losses, we know, too, about NEDS (the Welsh National Economic Development Strategy) and we know about the new activity, creating new jobs, including, for example, Technium. I said a moment ago that some of the current micro-economic problems are inevitable - a normal and necessary facet of economic progress.

Low inflation is not simply an end in itself - it is a necessary means to the end of sustainable growth, to sustained high levels of employment, and to rising living standards which are, of course, the really good things of economic life. And what gives me personally - and my colleagues - real satisfaction is the fact that stable, low inflation has over this period been accompanied by steadily increasing overall output and employment, and by a progressive fall in unemployment. GDP growth since the Spring of 1992 until this summer has averaged just about 3% a year - which is well above most estimates of our trend rate of 2¼%-2½% - and the longest period of sustained quarter-by-quarter growth we have enjoyed since quarterly records began in the UK in 1955. Employment increased steadily from a low point of 25 ½ mn people in the Spring of 1992 to a peak of over 28mn in the summer of this year. And the rate of unemployment has fallen from a peak of over 10½% on the LFS measure to around 5%; while on the Claimant Count measure it has fallen from some 10% to just over 3%, which means that the number of people claiming unemployment benefit, at under 950,000, is the lowest for 26 years. And what has been a good period for the UK economy as a whole, has also been good - in an absolute sense - for Wales.
With these thoughts, I wish the best of luck to all the editors of Ziarul Financiar as well as professionalism in dealing with the difficult economic issues to all the economic media. 4  BIS Review 161/2008

Liquidity, profitability and capitalisation indicators are at good levels, while the ratio of non-performing loans has trended down. The Bank of Albania has continued to work for the regulation and prudent supervision of the banking system, pursuant to the legal obligations, as well as to sustain its steady development. Also, we have cooperated with: (i)  other public agencies, to improve the legal framework, align regulatory practices, and identify measures for withstanding systemic shocks;  (ii)  international financial institutions, to develop loan restructuring programmes; and,  BIS central bankers’ speeches  1  (iii)  foreign regulatory institutions and parent banking groups operating in Albania, to exchange information. I would like to reiterate that the banking system is solid, liquid and well capitalised for conducting its intermediary function. However, credit growth continues to appear sluggish, due to tight bank lending policies. Maintaining and strengthening banking system soundness is to everyone’s benefit, as this is the only system that, with its funds, may sustain long-term economic growth. Lending is expected to improve slightly during 2015. The Bank of Albania, however, expects an increasingly active role of the banking system in lending and will also take all the needed measures to encourage it. At the conclusion of discussions, the Bank of Albania shares the view that economic policies are performing overall in the right direction.