samchain/econo-pairs-v1 huggingface dataset:
Decision-making power for monetary policy must be vested in an agency that is both independent but accountable; other macroeconomic policies must be harmonised; and structural policies must support the flexible adjustment needed to accommodate shocks. Looking at this region, I believe that the economic advantages of some form of ‘Asian Currency Unit’ are clear. But I have no illusions about the practical and political difficulties involved in creating such a structure. Moves in this direction will undoubtedly be part of a long, drawn-out process. In Europe, the process took many decades. In our own politically and economically diverse region, we have even more hurdles to overcome, so it is unrealistic to expect rapid progress. But discussion of these issues, even if only at the theoretical level, will help focus our thinking and perhaps lead to small, practical steps that can improve our individual exchange rate systems along the way. A unilateral — but asymmetric — approach to monetary union can, of course, be achieved by simply adopting the currency of another country. This has been a topical issue of late, with the dollarisation option that is being widely discussed for Argentina. Some have suggested that this might also be an option for Hong Kong. Compared with our currency board system, it would represent an even more irrevocable link to an anchor currency — one that might well be expected to eliminate currency risk premia and speculative attacks.

Mr. Carse reports on the initiatives taken concerning financial industries in Fujian, Hong Kong and Taiwan Speech by the Deputy Chief Executive of the Hong Kong Monetary Authority, Mr. David Carse, at the Symposium on the Financial Exchange and Cooperation of Fujian, Hong Kong and Taiwan, held on 8/8/98. I am pleased to be here this morning to welcome you to this Symposium. The Chinese Banks’ Association is to be congratulated for organizing this important initiative with the co-sponsorship of the Fujian Provincial Government and Chinatrust Commercial Bank. The idea of the Symposium, as I understand it, is to facilitate the exchange of ideas concerning the financial industries in the three regions and the exploration of cooperative opportunities between them. 2. Such an initiative could not have come at a better time. The current financial crisis is creating havoc among the Asia economies. Initially, the damage was felt in the financial sector. But the full impact is now being seen in the real economy as output and trade are crippled by higher interest rates, the burden of foreign currency borrowing and the credit crunch. The Mainland of China, Hong Kong and Taiwan have survived the crisis in better shape than most other economies in the region. But they have not been unaffected as events of this week have demonstrated in Hong Kong where we have witnessed further speculative pressure on the Hong Kong dollar. 3.
Bank by engaging in risk mapping of all  In line with this endeavour, the Central  departments in order to develop a risk  Bank of Sri Lanka intends to continue to  profile for the Central Bank of Sri Lanka. apply the “Three Lines of Defense” risk  Central Bank of Sri Lanka – ROAD MAP 2017  25  5. Policies to Strengthen the Broader Economy Currency Management: We want to  Management of the Employees’  make sure that the Sri Lankan Rupee  Provident Fund: Employees’ Provident  notes and coins are available to the  Fund (EPF) is the largest superannuation  public in required denominations upon  fund of the country having total assets  demand without any shortage. We plan  of Rs. 1.8 trillion. During the last year, we  to develop a new mechanism for  have introduced several initiatives to  islandwide coin distribution and arrange  enhance the overall risk management  programmes with banks to collect the  framework and greater oversight over  coin tills issued to the public. the organisational performance of the  In 2017, the Central Bank plans to issue a new coin series to reduce the cost of minting. In addition, measures are also being taken to improve the quality standards of currency notes issued by the Central Bank. Fund. In addition, the completion of Phase I of the Image Scanning Project and the automation of certain functions will improve the operational efficiency of the Fund.

Accordingly, we have already revisited the existing regulatory framework of primary dealers and based on those findings, we will introduce an appropriate regulatory framework for primary dealers in line with the latest developments in the  data by customising the existing FInNet Data Reporting System of the Central Bank; (2) expanding the statistical analysis to identify system-wide vulnerabilities and threats to the financial stability from the build-up of risks and interconnectedness of financial institutions; and (3) improving the early warning framework with a focus on stress tests and financial system stability indicators, to identify and assess systemic risks and vulnerabilities in order to ensure formulation and implementation of proactive macroprudential policies to maintain financial stability. market by benchmarking the global  The Central Bank has continued to take  standards. We also expect to establish  measures to strengthen the payment  and implement a restructuring  and settlement infrastructure of the  mechanism for distressed primary  country and to develop an efficient and  dealers. stable payment and settlement system,  The Macroprudential Surveillance Department (MSD) of the Central Bank  capable of catering to the growing payment needs. is being strengthened to keep a close  Continuing to discharge this important  tab on the developments in the financial  function, we expect to improve the  system as a whole. In this regard, we  national payment system to promote  expect to strengthen the institutional  electronic payments to establish a less-  framework for macroprudential  cash dependent society.
One of the SSM’s four directors general and two of its seven deputy directors general are from the Banco de España, while by the end of this year almost 100 Spanish experts will have joined the SSM as junior analysts or managers, almost all of them from the Banco de España. Of the 102 management posts corresponding to the SSM’s top six management levels (which include directors general, deputy directors general, directors, heads of division, deputy heads of division and head of section), 19 are from the Banco de España, making it the national supervisory authority that has supplied the most managers. Naturally, as a result, we have had to fill the gaps left by the staff who have moved to the ECB. On our estimates, the target staffing level in the Directorate General Banking Supervision in order to meet the needs of the new supervisory model is approximately 440, which is virtually the same as before the launch of the SSM. The Banco de España has already set in motion the selection and hiring processes to fill these vacancies. To conclude, I would like to sum up my address in three points. First, the creation of the Banking Union is, without doubt, the most ambitious European project undertaken since the launch of Economic and Monetary Union. It is the first step in a new phase of economic integration, establishing a more robust institutional and regulatory framework that will help restore confidence in banks, safeguard financial stability and lay the foundations for more stable economic growth.

Zeti Akhtar Aziz: Internationalisation of Islamic finance – bridging economies Welcoming address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the Global Islamic Finance Forum 2012, Kuala Lumpur, 19 September 2012. *  *  *  This is a decade of profound change in the global financial landscape. The world is also being confronted by the repercussions of the ongoing global financial crisis. Despite this more challenging global financial and economic environment, Islamic finance has continued to remain on its growth trajectory. For Islamic finance, it has been a defining period. Its rapid growth and the intensification of its internationalisation in this decade is now enhancing its role in strengthening international economic linkages between different parts of the world. It is my great pleasure and honour to welcome you this morning to this third Global Islamic Finance Forum (GIFF) 2012. First of all, let me express our gratitude to the Honourable Deputy Prime Minister of the Republic of Turkey, His Excellency Mr. Ali Babacan for accepting our invitation to deliver the Public Lecture at our gathering here today. We are most honoured by your presence and we immensely look forward to your address. Islamic finance: fostering global linkages In this new era, in which the international dimension of Islamic finance has gained significance, Islamic finance has continued to demonstrate its viability and competitiveness in this more liberalised and globalised financial environment. The total Islamic financial assets size now has surpassed $ trillion – following unabated growth from the mid-1990s.
Distinguished Ladies and Gentlemen, the role of financial services in economic development cannot be over-emphasized. It is generally accepted that financial services play an important role in improving income-generating opportunities and overall living conditions among households. Furthermore, better access to finance not only increases economic growth, but also helps to fight poverty and reduces income inequality between the rich and the poor in society. It is for this reason that the role that financial services play in an economy is sometimes compared to the significant role that blood plays in the human body. It should be stressed that no economy can function efficiently, if at all, without financial products and services. The opening of this branch by NATSAVE is therefore expected to spur economic growth and contribute to the ease of access to financial services which has for long time been a hinderence to economic development in this district. We therefore, expect that the opening of this branch will unlock the vast economic potential of this district. Honourable Ministers, the Bank of Zambia attaches great importance to initiatives that seek to enhance the provision of financial services to the underserved sectors of the economy. To  BIS central bankers’ speeches  1  this effect, the Bank has continued to implement the Financial Sector Development Plan. The Financial Sector Development Plan seeks to address various weaknesses in the Zambian financial system, among them being the low financial intermediation and limited access to finance.

Michael Gondwe: Enhancing access to financial services in Zambia Speech by Dr Michael Gondwe, Governor of the Bank of Zambia, at the launch of the Mpongwe branch of the National Savings and Credit Bank Zambia Limited (NATSAVE), Mpongwe, 28 June 2013. *  *  *  The Copperbelt Province Minister, Hon Mwenya Musenge, MP The Mpongwe Area Member of Parliament and Deputy Minister of Foreign Affairs, Hon Gabriel Namulambe, MP; The Copperbelt Province Permanent Secretary, Mr Stanford Msichili; The Permanent Secretary, Ministry of Agriculture, Dr Shamulenge; The Permanent Secretary Ministry of Agriculture, Mr Siazongo Siakalenge; Your Royal Highnesses the Chiefs Present; The Mpongwe District Commissioner; The NATSAVE Chairman of the Board, Dr Chiselebwe Ngandwe; The NATSAVE Managing Director, Mr Cephas Chabu; Distinguished NATSAVE Customers; Management and Staff of NATSAVE; Colleagues from Bank of Zambia; Members of the Press; Distinguished Guests; Ladies and Gentlemen. It is my honour and privilege to officiate at this very important launch of the National Savings and Credit Bank (NATSAVE), Mpongwe Branch. Let me begin by thanking the Board of Directors and Management of NATSAVE for inviting me to this momentous occasion, which marks the official opening of the Mpongwe Branch which is the first ever bank branch in this economically vibrant district. I commend the Board and Management of NATSAVE for the effort in opening this branch which will go a long way in supporting the Bank of Zambia’s strategic objective of increasing financial inclusion.
The state, as the ultimate backstop, was then forced to step in to bail out a number of banks, not just to ensure the means of providing credit in the economy but also, crucially, to back up the claims that these banks had issued as money to a large part of the population. Banks responsible for close to half of the UK’s personal current accounts6, holding some £ were rescued by the state.7  There has as a result been a major programme to tighten the prudential controls on deposit taking banks and to increase the size of the deposit guarantee that is paid for by the industry, which has reinforced further the reliability of commercial bank money and shifted the burden of backstopping that reliability from the state towards the private sector. Looking to the future  The shift towards transacting in private commercial bank money has accelerated greatly in recent years, driven by technology and by changes in the way we live. It is not possible to transact in central bank money over the internet or by using one’s smartphone. As a result, cash use is declining fast in the UK. In 2008,  4  The 1844 Bank Charter Act gave the Bank of England a monopoly on the issuance of Bank notes in England and Wales. It followed a number of failures of ‘country banks’, who had issued their own notes.

Our job is to ensure it works safely and reliably, through ups and downs, so that everyone in society can depend upon it. That means ensuring its value can be depended upon – monetary stability. It means ensuring that the banking system, which creates and issues most of the money we actually use, as well as the payment systems through which that money moves, are safe and can be relied upon – financial stability. It means ensuring that the physical money the Bank of England actually produces – the cash we use – cannot be forged and can be used with confidence. Money, of course, can be a slippery concept. It is, I think, best described as a social convention, the way we calibrate, exchange, store and settle claims we hold on each other in the economy. That convention has been expressed in very different ways at different times and in different societies. It can be expressed in different ways at the same time. At the moment in the United Kingdom, all money is denominated in one unit of account, the pound sterling 1, but it takes different forms. It can be expressed physically as actual claims on the state, in the form of the Bank of England: the banknotes we issue with the famous promise to ‘pay the bearer’. A very small proportion takes the form of physical tokens issued by the state that do not contain any claim – the coins issued by the crown.
According to the draft agreement, the legal spending commitments attached to the projects included in Next Generation EU shall be made, at the latest, by 31 December 2023, and the related payments will have to be made effective, at the latest, by end-2026. More specifically, 70% of the transfers should be committed during the 2021-2022 two-year period, with a country-based distribution factor that depends on the unemployment rate in 2015-2019, population and the country’s per capita income. The remaining 30% must be committed before end-2023, and the distribution factor will be adapted to incorporate more directly the heterogeneous impact of the health crisis. Thus, the unemployment rate will be replaced by a variable that will weight, in equal portions, the decline in GDP in 2020 and the cumulative decline in GDP in 2020-2021. In sum, the fund will enable, at least in part, a balance to be struck between the potential and real financial divergences among the European partners. This is because it will benefit from the positive externalities arising from joint action and it will serve to engineer a coordinated exit from the crisis, based on common budgetary instruments. The financing of the fund through Community debt will benefit from the favourable low-interest-rate environment and will prevent this new debt being assumed by Member States individually, under conditions which, in some cases, would be foreseeably more unfavourable than those 4  which are expected to be applied to this pooled instrument.

We faced the challenge to prepare and submit nine new or appropriately adjusted categories of data, out of which seven are within the competence of the NBRM, and two within the competence of the Ministry of Finance:  1/2  BIS central bankers' speeches  -real sector data - statistics of sectoral financial accounts which is actually an overview of the structure of financial assets and liabilities of individual sectors, their mutual exposure, financial flows and, accordingly, possible accumulation of risks;  - financial sector data – statistics of non-bank financial institutions (more detailed data not only for the banking system, but also for the pension funds, insurance companies, investment funds, financial companies, leasing companies), statistics of debt securities and seven financial stability indicators that enable better identification of the risks in the financial system;  - external sector data – data on the currency structure of the foreign reserves, the coordinate direct investment questionnaire and the coordinate portfolio investment questionnaire which provide more detailed findings for cross-border links and the possibility of transfer of the effects from the external shocks to the domestic economy, and  - fiscal sector data – general government statistics and data on gross debt of the general government. Aware of the challenges that the countries faced with and the need for making extremely great efforts to produce them, the IMF allowed, at the time of application for this standard, fulfillment of the dissemination requirements of at least five from the nine mandatory indicators.
The banking system can only work effectively if there is an effective means of restructuring corporate debt. It is not however our practice to use our powers under the Banking Ordinance to force banks to take decision on workouts which are against their commercial judgment. Instead, we try to achieve our objectives through moral suasion. Looking ahead, it is essential that the process of corporate debt restructuring in Hong Kong should operate as effectively and smoothly as possible. This is particularly the case as we contemplate the task of restructuring the Mainland-related companies such as Guangdong Enterprises which are currently in financial difficulties. The scale of these problems and the unfamiliarity with the workout concept on the Mainland will pose particular challenges. The lending banks will need to exercise patience while the borrowers and their shareholders must face up to the need for transparency and openness with their creditors. This is going to be a long and arduous process which has only just begun, but the GITIC liquidation provides a clear example that the alternative is even more unpalatable. I will close with some thoughts on how we might take forward the task of improving the workout process in Hong Kong to deal with the challenges ahead. One thing that will help is the proposal to introduce provisional supervision in Hong Kong. The aim of the proposal is to facilitate a company in working out a voluntary arrangement with creditors.

Our experience, as well as that of other countries, shows that a temporary slowdown is often an unavoidable consequence of strict economic management, aimed at controlling over-expansion and holding inflation in check. This is one reason why it is so important to prevent such waves from becoming too high. It is, however, an oversimplification to claim that monetary policy alone makes the decisive difference. Interest rates primarily affect demand in the economy. There are, on the other hand, many other factors which affect both demand and supply in the economy. These include, for instance, fishing quotas, public finances and public investment, foreign investment, e.g. in heavy industry, and the wage policy of the social partners. People who make these decisions control important economic instruments which are beyond the reach of the Central Bank. There are thus many parties involved in managing economic affairs and the Central Bank is far from the only party responsible here. Actions to boost economic growth and reduce unemployment Recently a number of actions have been announced to relax restraint in the economy. The full effect of major interest rate cuts in recent months has yet to be felt. The Central Bank has also announced imminent relaxation of reserve requirements, which will release funds in the banking system and should lead to interest rate decreases there. Each day the Central Bank has puchased foreign currency, in so doing placing some ISK 11 billion in circulation since September, which has certainly slowed the exchange rate rise.
Over time, the size of the internationally exposed sector will be affected by the portion of petroleum revenues that is absorbed by the Norwegian economy but will be unaffected by monetary policy. Any  2  BIS Review 8/2002  appreciation of the krone may, nevertheless, affect the speed at which changes occur in the business sector. To maintain a balance in the Norwegian economy, the phasing in of petroleum revenues must be countered by a monetary policy stance that is tighter than it would otherwise have been. This may be accomplished through a higher interest rate, an appreciation of the krone, or both. On balance, we expect moderate growth in the mainland economy in the next two years. The projections for GDP growth that were presented in the October 2001 Inflation Report were approximately on a par with the growth potential of the economy. Household consumption and public spending are the main forces underpinning growth. Fixed investment and exports are restraining growth. Brisk growth in consumption is resulting in high demand for labour in public and private services. Low international growth and lower petroleum investment are curbing employment growth. A tight labour market is generating continued high growth in labour costs. An expansionary fiscal policy, growth in private consumption and a continued high rise in labour costs contribute to a high rise in prices for domestically produced goods and services. At the same time, we expect a temporary decline in prices for imported consumer goods.

This level will still provide solid profitability for many investment projects in the petroleum sector and continued large surpluses on the current account and in government finances. The krone exchange rate, measured against our most important trading partners, has appreciated by about 7 per cent since the spring of 2000. However, the krone exchange rate is about 2.5 per cent weaker than in 1990 and at the same level as in the mid-1990s. Traditional merchandise exports remained high in the first half of 2001 but exhibited a weaker trend in the second half of the year. Foreign trade figures for the fourth quarter of 2001 indicate that the decline in export volumes may have come to a halt, although export prices are still falling. Consumption indicators suggest strong growth in private consumption. Credit growth has slowed somewhat due to reduced borrowing by enterprises. Household borrowing, on the other hand, has increased further. Developments in debt may also influence financial stability. Although borrowing by enterprises appears to be declining, their debt burden remains high. This reduces enterprises’ ability to cope with downturns. The household debt burden is increasing, but the level is low. These developments are due in particular to the housing market, with high turnover and high price rises. Experience shows that private sector debt tends to increase at a particularly fast pace during upturns. Higher asset prices may be a driving force.