samchain/econo-pairs-v1 huggingface dataset:
But this task can only be performed in cooperation with the Government and other constitutional institutions. Today we can acknowledge that regardless of the fact that both the central bank and other state institutions employ Estonians who are known as great individualists, our cooperation in the field of economic policy has been smooth and yielded results. •  Five years ago I also spoke about the essential developments and necessary reforms facing Estonia. Today, many structural reforms under discussion at the time have been successfully launched, including the pension system reform, which has given a completely new dimension to the saving patterns of the Estonians. As regards the changes that the financial system was facing, my anniversary speech mentioned the plans to set up a universal financial supervisory body, which has also successfully materialised. Today we have a banking sector that is very up-to-date and successful on the international banking scene as well. •  According to the World Economic Forum, Estonia is the most competitive country today among the new European Union member states with its competitiveness index of 4.64 points. With this score Estonia is also ahead of four ‘old’ member states (Spain - 4.47, Italy - 4.38, Portugal - 4.25, and Greece - 4.00), while narrowly falling behind Ireland (4.69). Our open market economy, development of the information society and the financial sector  BIS Review 26/2004  1  as well as the quality of our business environment have been considered Estonia's strongest areas.

But in order to actually use such budgetary policy tools flexibly, the budget has to be balanced not in the course of just one year but across the whole economic cycle - posting a surplus in the periods of fast economic growth while showing not a very large deficit, a maximum of 3% of the GDP, in the period of downturn. There has been a notion spreading among Estonians that we are extremely good... Hence the biggest threat facing us is complacency. •  Besides its significant role in the world trade, the European Union has long been a net investor in the rest of the world. But the level of investments within the European Union, at least in the old member states, remains lower than it could and should be. A well-considered investment policy is one of the key issues from the point of view of European economic development prospects. Creating an attractive investment environment and utilising the know-how accompanying the investments is an area where Estonia has (at least in the case of the financial sector) successful experience to offer to Europe. At the same time, Estonia as an EU member state should learn from the experiences of other states. •  In 2004-2006 an average of 2.7 billion kroons per year is flowing into Estonia from the European Union. According to the present financial estimates, the inflowing amount will be around 40 billion kroons in 2007-2013, an average of 5.6 billion kroons a year.
When faced with big decisions, there is a temptation for caution to prevail: do interest rates really need to be moved by that much? Why not wait and see before resorting to the use of unconventional instruments? And indeed the MPC has tended to move rates in relatively small, sequential steps in the past. But I would argue that this is because for much of the period since the MPC was established the outlook for inflation evolved relatively gradually. That all changed following the collapse of Lehman Brothers. Since the autumn of last year, we have experienced an unprecedented sequence of events that has caused a substantial re-assessment of the economic outlook and of the stance of policy necessary to keep inflation on track to meet the target. As the economy slowed sharply and inflation threatened to fall substantially below the  BIS Review 86/2009  1  target, the Committee responded with unprecedented actions that were previously confined largely to the realms of theory. I believe that the operation of monetary policy during this period demonstrates the strength of the inflation targeting framework in action. The clear numerical target, combined with a framework of transparency and accountability, impose discipline on the MPC. They ensure that we take the decisions necessary to bring inflation back to target, however “courageous” those decisions might seem.

Indeed, the very knowledge that the Bank stands ready to purchase assets may be as beneficial as the actual purchases. And over a period of time, as market functioning improves, the quantity of private sector assets held by the Asset Purchase Facility may well decline as assets mature and are rolled over into the private market. This should be seen as a sign of success not of dwindling support. The Bank continues to review actively the case for extending its operations into other corporate credit markets, and recently announced its intention to extend its purchases to include commercial paper secured on loans for working capital. But given the relatively modest size of corporate credit markets in the UK, to increase significantly the scale of our corporate debt purchases would involve changing the nature of our operations. Rather than improve their functioning, large scale asset purchases would risk crowding out private debt markets: substituting for markets rather than supporting them. That is not consistent with the aims of the Asset Purchase Facility and could detract from the long-term efficiency of the economy. A second criticism that is sometimes made against the asset purchase programme is that some of the gilts we have purchased have been from foreign investors and this may limit the effectiveness of the purchases. This argument is based on the supposition that overseas investors may be more likely to reallocate their portfolios into foreign currency assets, rather than into alternative sterling assets, such as corporate bonds or UK equities.
While some of you might indeed prefer a robo-regulator delivering this speech, this is not something that Regtech is intended or able to deliver at this point, unfortunately. Frankly, I hope that you would still prefer listening to my sharing, rather than from a tall and handsome roboregulator, even if such a robot were a reality today. Joking aside, Regtech does offer a tremendous potential to complete the Smart Banking ecosystem. 11.Before I discuss our plan for Regtech, I would like to reiterate what Regtech means. As I have mentioned, from the perspective of banks, there are two interfaces that they have to address: one between banks and customers, and the other between banks and the HKMA. The general priority of banks under the Smart Banking initiatives so far has been to concentrate on the interface between banks and customers to offer better digital financial services to users. However, some meaningful progress has been made to streamline the interface between banks and their regulators, such as the work under the Banking Made Easy initiative and the Balanced and Responsive Supervision Programme that I explained at this Conference last year. We do see a need to further facilitate banks’ use of technologies for compliance with regulatory requirements of the HKMA and other regulators and for risk management purposes. Regtech, which essentially means the use of innovative technologies by banks to achieve regulatory compliance or better risk management in a more effective and automated manner, is well positioned to further enhance the interface between banks and regulators.

Conceivably, too, such a failure could have such serious consequences for the liquidity of - or price level in some particular sector of the financial markets, that concerns would arise for the liquidity, or solvency, of other bank or non-bank institutions that were known, or believed, to be heavily exposed to that market. In this sense size does matter - and, whether or not one chooses to describe the risk of this happening as systemic, there is no doubt that a sufficiently large disturbance originating in the non-banking activity of one financial institution could put others in difficulty. This possibility must be of concern to financial regulators, including central banks, concerned with the stability of the financial system as a whole. It certainly in my view provides macro-prudential justification for regulatory oversight of the activity of (large) non-bank financial institutions, and of the non-banking activities of banks - quite apart from micro-prudential regulation in the interests of consumer protection. It provides justification, too, for some form of consolidated prudential oversight of multifunctional financial groups and for monitoring large exposures, both intra-group and to outside counterparties. Where a problem of this sort does arise, it may well justify technical central bank intervention to help contain it - for example by facilitating payments and settlements to minimise market disturbance.
I am pleased to announce today three initiatives aimed at further improving efficiency and liquidity in the Singapore dollar corporate debt market. 40. First, MAS will provide swap liquidity to primary dealer banks handling Singapore dollar debt issuance for foreign corporates. These offshore entities usually have no need for the Singapore dollar funds raised and mostly swap them into a foreign currency, usually US dollars. Although the pricing mechanism in the foreign exchange and cross currency swap market is efficient, swap markets have a tendency towards one-way flow because of Singapore’s excess savings over investments. This can lead to uncertainty in the pricing process of the bond issuance. We will therefore support swap transactions at marketdetermined prices, which will ultimately enable swap market liquidity to build in the longer tenors. 41. Second, MAS will partner the industry to create a Singapore dollar corporate debt securities lending platform, from which key players will be able to borrow securities for market making. By providing greater assurance that banks will be able to deliver any given security, this platform will reduce the risk of market makers being squeezed in the event they are unable to short-cover the bonds they have sold. Improved market liquidity will mean that asset managers can be more certain of their ability to enter and exit their positions with minimal price slippage. 42. Third, MAS has initiated a price discovery platform where market participants will contribute end-of-day prices for a universe of Singapore dollar corporate bonds.

Zeti Akhtar Aziz: Developing effective leaders in Asia Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Launch of the Iclif’s Asian Leadership Index, Kuala Lumpur, 1 April 2014. *  *  *  It is my pleasure to welcome you here this morning for the launch of Iclif’s Asian Leadership Index. The Asian Leadership Index, is part of an important stream of global research on the expectations on leaders in today’s world. The world is rapidly changing, and is becoming more challenging. Effective leaders must act in full recognition of the fact that their best followers will demand more of them. This is because in many cases their expectations of leaders have shifted in an age where information flows have intensified and where travel has removed all our known boundaries. The Asian Leadership Index is a substantive, broad-based research on Asia. The focus on Asia is because the region is becoming increasingly more significant in the global landscape. And yet, there exists little, if any, systematic study of leaders doing business in Asia.
Financial independence is so important that it is explicitly listed in Article 282(3) of the Treaty, which provides that the ECB is independent with regard to the management of its finances, meaning budgetary autonomy and ensuring that the ECB has sufficient capital, staff and income to perform independently the tasks conferred on it by the Treaty and the Statute of the ESCB. [14]  http://www.ecb.europa.eu/press/key/date/2017/html/sp170330.en.html[03.04.2017 15:53:14]  Central bank independence revisited  In addition, Article 14.4 of the Statute of the ESCB provides the Governing Council with a veto power to object to national functions/actions of NCBs that interfere with the objectives and tasks of the ESCB, thus further safeguarding, among other things, central bank financial independence. The NCBs cannot assume tasks that would endanger their ability, from a financial perspective, to carry out ESCB-related tasks. Regarding the nature and the scope of the independence granted to the ECB, it is worth emphasising the CJEU’s understanding that the broad concept of independence that the ECB enjoys, and which Article 130 of the Treaty is intended to protect its monetary function. Some scholars and one national court[15] have been even stricter in their interpretation, arguing that the independence of central banks is an exception to the principle of democratic legitimacy.

This downward shift in inflation expectations has a secondround effect on real interest rates, the economy, and inflation. When policy is constrained by the effective lower bound, the downward shift in inflation expectations raises the real interest rate, further diminishing the degree of monetary stimulus, making the downturn worse and reducing inflation even more. Even in times when policy is not constrained, the expectation of belowtarget inflation in the future affects current decisions, putting additional downward pressure on inflation. In other words, monetary policy is always swimming upstream, fighting a current of toolow inflation expectations that interferes with achieving the target inflation rate. A number of alternative monetary policy frameworks have been proposed that aim to tackle the problems associated with the lower bound on interest rates. Although they differ in many ways, it is useful to divide these proposals into three broad categories. The first option is to maintain the basic framework of inflation targeting and to rely on a combination of aggressive conventional and unconventional policy actions when facing economic downturns to limit the deleterious effects of the lower bound. This carries with it the risk that inflation expectations become anchored at too low a level. The second option is “average-inflation targeting,” whereby the central bank purposefully aims to achieve an above-target inflation rate in “good” times when the lower bound is not a constraint.
Muhammad bin Ibrahim: Major milestone for financial integration in ASEAN Remarks by Mr Muhammad bin Ibrahim, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Luncheon, hosted by Bank Mandiri, Kuala Lumpur, 6 July 2017. * * * I am pleased to be here today to deliver the remarks for the lunch gathering hosted by Bank Mandiri. I am confident that Bank Mandiri will be the first Qualified ASEAN Bank in Malaysia, a major milestone for financial integration in ASEAN. Indonesia and Malaysia – neighbours and friends Let me start with the close relationship between both of our countries. Our relationship extends beyond our geographical proximity but is bound by our similarities in language, culture and of course – food. These natural forces have allowed us to forge and strengthen a strong history of cross-border trade and investments. Businesses from both countries have also strongly committed to invest and contribute to each other’s socio-economic development. Malaysian companies have made significant investments in Indonesia, amounting to USD12.1 billion at end 1Q-2017. These investments span the financial services, telecommunication and agriculture sectors. In fact, the collaboration between Malaysian and Indonesian corporates gave birth to Malindo Airways Sdn Bhd in 2012. It speaks volume of the partnership and close cooperation between our two countries. Indeed this venture will further open up ASEAN skies and expanded the close ties between the people of Indonesia and Malaysia. Over the last few years, Indonesian firms have also started to increase their presence in Malaysia.

Such collaboration can also be extended to facilitate retail payment card transactions via the domestic debit card schemes of both countries. Eventually, I envision ATMs in Malaysia and Indonesia will be linked seamlessly. This will reduce cost, enhance safety and expand outreach. Conclusion Let me conclude with a quote by Malaysia’s second Prime Minister, Tun Abdul Razak Hussein, who said in 1967 that, “We cannot survive for long as independent but isolated peoples unless we also think and act together and unless we prove by deeds that we belong to a family of SouthEast Asian nations bound together by ties of friendship and goodwill” We have indeed come a long way in our cooperation and journey between Indonesia and Malaysia. The potential of Bank Mandiri as a Qualified ASEAN Bank in Malaysia will be a significant milestone for both our countries and the ASEAN region. It represents the realisation of a vision that was formed more than six years ago with the ASEAN Banking Integration Framework, with roots that go even further back. We should expect greater achievements by both our countries. 2/3  BIS central bankers' speeches  Thank you. 3/3  BIS central bankers' speeches
ASEAN regulators have taken on a number of initiatives to reduce costs of businesses through the support of greater connectivity, mutual recognition agreements and greater cohesiveness of rules and regulations. Additionally, usage of local currencies as a means of payment and settlement will facilitate our intra-region trade and investment. Common infrastructures for cross border payment and settlement such as through the Asian Payment Network are important to increasing efficiency of doing businesses and reducing costs of remittances and transfers. If we all work together in our various capacities we can together strengthen our region and improve ASEAN people’s standards of living. Ladies and Gentlemen, To sum up, I strongly believe that bankers play a critical role in the future of ASEAN economies and people’s lives. ASEAN banks, given their large scale and power of intellectual and capital resources, must be the force that drives our region forward and improve people’s quality of lives. During this period of VUCA world and changes in economic environment with technology disrupting business landscapes, we must focus on longer term goals. Working together, ASEAN banks must commit to strengthening our regional growth and to ensuring 5  sustainable development. Instilling proper behaviours and cultures into the organization and practicing sustainable banking will strengthen us from within. Looking at today’s agenda, I am delighted that ASEAN bankers will engage and work together to find ways to meaningfully impact our region on issues ranging from digital and fintech to sustainable finance.

Finally, allow me to express once again my gratitude to the co-organizers of this event for making the conference possible, and to wish all the participants a very fruitful meeting and a pleasant stay in Madrid. And without further due, let me now introduce our first speaker, Governor Philip Lane. It is a special honor for us to have him here today. He is especially suited to be our first Keynote Speaker in this event because he has a profound knowledge of economy and finance, as a result of his long and prestigious career as an academic, as well as a brilliant policy-maker. His keynote speech today will verse about “Trends and Cycles in Financial Intermediation”. Philip, you have the floor...  10  For more information on the impact of FinTech on the finance industry see Philippon, T., “The FinTech opportunity”, NBER Working Paper, No 22476, 2016; and Huang, Y., Shen, Y. Wang, J. and Guo, F. , “Can the internet revolutionise finance in China?”, in Song, L., Garnaut, R., Fang, C. and Johnston, L. (eds. ), China’s new sources of economic growth: reform, resources, and climate change, Australian National University Press, 2016, pp. 115-138. 6/6
Also, the OTC derivatives business in foreign exchange, interest rate swaps and credit default swaps had exploded from its start in the early 1980s. The total notional value of the OTC derivatives outstanding for the five largest banks and securities firms currently totals about $ trillion. During this period, there was inadequate attention to the risks that were building up in the system. The regulatory and supervisory framework did not keep up with the changes in size, complexity, interconnectedness and globalization that created growing systemic risk externalities and widened the wedge between private and social costs in the event of failure. Let me mention just a few of the issues: •  Capital regulation was lax both in terms of the amount of capital required and the quality of that capital. As a result, many banks did not have the capacity to absorb large shocks and retain access to wholesale funding. •  The oversight of the largest securities firms was particularly deficient in terms of ensuring that these firms had sufficient private resources to deal with shocks. The industry was also particularly exposed because in the United States, there was (and remains) no lender of last resort backstop for the securities industry except in extremis.3  •  Although global integration brought with it a number of benefits, regulatory coordination did not keep pace with the globalization of financial firms and markets. This allowed the potential magnitude of the negative externalities associated with the failure of globally active firms to expand considerably.

Mr Tarullo added that “I would not apply the presumption in the case of certain de minimis acquisitions or in cases where asset dispositions were judged to offset any increase in systemic risk from the proposed new acquisiton”. 6  Earlier this year, the Board of Governors issued an order approving Capital One Financial Corporation’s acquisition of a federal savings bank, ING Bank. In that order, the Board set forth two principles that are relevant to this particular issue. First, the Board stated that it would generally find a significant adverse effect if the failure of the firm resulting from a merger or acquisition “would likely impair financial intermediation or financial market functioning so as to inflict material damage on the broader economy”. Second, the Board observed that there are some small acquisitions or mergers that would not raise a financial stability concern, such as “a proposal that involves an acquisition of less than $ billion in assets, [or] results in a firm with less than $ billion in total assets……”  6  BIS central bankers’ speeches  banks submitted their “living wills” to the Federal Reserve and the FDIC this summer. We have reviewed the first iterations of their plans and are currently drafting feedback for the firms to incorporate in their next submissions. Through such “living wills”, regulators are gaining a better understanding of the impediments to an orderly bankruptcy. This is the necessary first phase in the process of determining how to ameliorate these impediments over time and then doing so.