samchain/econo-pairs-v1 huggingface dataset:
Let me stress in this regard that for instance the European Payment Initiative (EPI), which we strongly support, successfully tested and integrated the digital euro during the prototyping exercise organised by the Eurosystem over the past few months. This success should urge European banks to join both initiatives and related working groups. In the same spirit, we – Banque de France and ECB – are actively working with financial institutions on wholesale CBDC. Our shared purpose is twofold: fostering tokenised finance and tokenised securities; facilitating cross-border interoperability. We will publish an update of our wholesale experiments by early July. * ** The two topics I have touched upon today may seem hardly connected to one another, but they actually have something very strong in common: ensuring the European banking and payment sector is fit for purpose in a rapidly changing technological landscape. Looking ahead, as Abraham Lincoln once put it, ‘the best way to predict the future is to create it’. Let us do it together, as talented and committed Europeans. I thank you for your attention.

The high penetration rate affirms mobile phone networks as an increasingly popular channel for Malaysians to perform a plethora of activities beyond voice communication, encompassing all forms of digital communication, commerce, banking and payments. Indeed, payments via text messaging has the potential to grow in importance. With 25 million mobile phone subscribers in Malaysia, there are immense opportunities to leverage on mobile phones to accelerate the migration to electronic payments, to widen the reach and appeal of electronic payment services, to deliver innovative mobile payment products that offer speed, simplicity and convenience at minimal cost for the public, as well as to provide an efficient and cost-effective method of delivering financial services even in the remote areas. Also of significance is the high level of financial inclusion in Malaysia. With a population of 27 million, the banking system in Malaysia has 55 million deposit accounts indicating that a high percentage of the population have deposit accounts with the banking system. This is confirmed by a survey of a sample of 5,000 in 2003 that indicated 97% of those surveyed have a bank account. The financialisation of savings is also confirmed by the high percentage of deposits to GDP at 152%. The high percentage of mobile phone subscriber and the high rate of participation of the population in the banking system are important pre-conditions for the significant use of the mobile phone as an ideal platform for personal payments.
They have also managed to achieve a very well controlled process of deleveraging by reducing their exposure to non-core businesses, in general at good prices. So their overall balance sheet situation has been substantially improved and they are now in the process of meeting in full the requirements of Basel III with core tier one ratios of 9% before the end of 2013. This is several years ahead of the schedule that was originally stipulated. By the way, I always felt that the time frame determined by the supervisors in Basel for compliance by the beginning of 2019 was always a little bit theoretical, because markets were likely to ask for more rapid implementation, which is what the French banks have done. So when I compare the French banking system with other major banking systems, be it in North America or in Europe, I have the clear conviction that the French banks are on track and are among the best performers in terms of their capital ratios. EUROWEEK: Has this deleveraging process been at all damaging to the economy, as some people say it has been in the UK and in southern Europe, by reducing their lending to the corporate sector? Or is the universal banking system such that this is much less of a threat in France than elsewhere? BIS central bankers’ speeches  3  Noyer: The deleveraging of the French banks has been partly done through the reduction of their exposure to sovereign debt markets globally.

We may not have the entire panoply of banking strengths, but we have a number of very strong niches which will continue to make Paris a strong hub, which can and should continue to play an important role in the European financial services sector. EUROWEEK: At the same time, would you like to see the big French banks continue to be active on the global stage, where their experience has been mixed? They didn’t do very well in southern Europe, did they? Noyer: There was a time when there was a feeling in the market that we were going to move towards a return to more national banking system, which meant that international diversification was basically a weakness. Things have changed quite a lot and I don’t think anyone would argue that the move by BNP Paribas to acquire Fortis during the crisis was not a clever one. The French banks weren’t alone in believing that because we were supposed to have a single market in Europe, it was natural for banks to expand to neighbouring countries – just as it is natural for banks originally set up in Scotland to expand to England. So it was natural for French banks to see the eurozone and future euro area members in central and eastern Europe as their backyard. Yes, we had the Greek problem, which was painful and costly for Crédit Agricole. But this was really an extreme case and hopefully we’ll never see similar accidents again in our banking industry.
Table 5 Total, goods and services inflation UK  US  Euro area  Japan  CPI inflation (year to Aug 2002)  1.9  1.7  2.2  –0.9  CPI goods  –1.1  –0.1  1.4  –1.6  CPI services  4.6  3.1  3.3  0.0  Services - goods infl. 5.7  3.2  1.9  1.6  Services - goods infl. (1990-97)  1.6  1.6  1.6  1.3  Services - goods infl. (1990-2002)  2.3  1.8  1.3  1.3  Note: Inflation rates are calculated as the total increase in the price index over the indicated period, based on monthly data, expressed as a 12-month growth rate. Source: ONS (for UK data) and Thomson Financial Datastream (for data on the Euro Area, US and Japan). Deflation - in the sense of a sustained fall in the aggregate price level - can be found among the G7 economies only in Japan, where the consumer price level has been falling almost continuously for four years and by a cumulative total of 4%. Elsewhere, deflation is remote. All of this serves to remind us that, with a single instrument, monetary policy cannot ensure that inflation is at target and output on trend all of the time. To suppose otherwise is to believe in the “myth of the straight line”, as Nigel Lawson described it. Monetary policy can reduce, but not eliminate, fluctuations in output.

Apart from upgrading professional competency, consideration will also be given to the technical competency of company directors and other staff involved in the insurance business. We will work with industry to formulate an insurance manpower development strategy. We envisage industry players, training providers and tertiary institutions co-operating to develop programmes that will enhance professionalism in the insurance industry. Conclusion MAS will continue to work together with the insurance industry to achieve international best practices and standards. Over the past two years, MAS has worked hard to build a closer partnership with the financial sector. We will continue to promote an open environment and consult actively with the private sector for its views. The relationship between the regulator and the regulated should be arms length but not adversarial. The regulator has to be firm, but also friendly. Market practitioners can help regulators generate ideas, keep abreast of market developments, anticipate global trends and review  4  BIS Review 44/2002  our financial sector strategies. Candid, thoughtful feedback, including dissenting views, go a long way to ensure that policies are pragmatic and remain relevant. We hope that such a regulatory environment will help to develop well-managed insurers in Singapore, who will take up new challenges, and play a more active and productive role in upgrading our insurance industry, and thus our financial sector as a whole. I wish you fruitful deliberations. BIS Review 44/2002  5
Prices of unprocessed foods continued to contribute to downward annual inflation, while the contribution of other categories was relatively stable. Inflationary pressures from the demand side remain low and are conditioned by the continued negative output gap and lack of cost-related pressures on the economy. Moreover, low increase of consumer prices has reflected economic agents’ expectations on inflation. According to INSTAT data, Albania’s economy growth rates improved over the third quarter of 2011, posting an annual growth of 2.6% over this quarter. On the production side, growth was supported by branches of the industry sector and services. On the demand side, economic growth continues to be driven by foreign demand, while domestic demand remains sluggish. A similar growth model is assessed to have taken place in the fourth quarter of 2011. Based on the analysis of aggregate demand components, the Bank of Albania judges that foreign demand was the main driver of demand increase during 2011. Although not at the levels of previous year, exports continue to grow. Latest foreign trade data point to our exports annual growth by 20.7% in December. On the other hand, imports accelerated their growth rates in this month, posting an annual growth of 14.5%. This performance is reflected in the widening of the trade deficit by 12.0%, year on year. To a large degree, the trade deficit reflects price developments in international markets. In real terms, the trade deficit is assessed to have narrowed during 2011. Indirect data show that consumption was poor over the second half of 2011.

With the perspective that the passage of time accords, history will acknowledge JeanClaude’s leadership and his ability to maintain the appropriate degree of flexibility needed to respond to the crisis. These qualities were key to ensuring that the ECB and the Eurosystem were up to the task, contributing decisively, through the discharge of the responsibilities legally entrusted to each, to maintaining financial stability across the euro area. Thank you very much. BIS central bankers’ speeches  3
For another, backstop support from the CCFs has been restricted to investment-grade issuers and fallen angels, thus limiting the incentive to overleverage.17 Connecting the Dots To conclude, I’d like to turn from the execution details of these programs to the bigger picture of outcomes in the economy. As I noted at the outset of my remarks, the linkages between capital markets and employment are critical to understanding the purpose of the CCFs. Large companies rely on capital markets to secure ongoing financing to maintain their businesses and meet payrolls. By supporting companies’ access to funding, firms employing millions of Americans are in a better position to keep workers on payrolls and to hire them back as the economy continues to recover. https://www.newyorkfed.org/newsevents/speeches/2020/sin201020  3/5  20/10/2020  The Federal Reserve’s Corporate Credit Facilities: Why, How, and For Whom - FEDERAL RESERVE BANK of NEW YORK  Let me make three observations in this regard. First, companies that issue public bonds tend to be large employers. U.S. companies with bonds that were due to mature this year and next employ more than 21 million people. Those that have accessed corporate bond markets since March employ more than 16 million people. Without seeking to minimize the stress on those households that have experienced unemployment, I want to highlight that the vast majority of jobs at large corporations have been maintained. Second, companies that issue public bonds tend to generate large investments.

At the outset of these purchases, we communicated that ETFs would only be used if their purchase is reasonably expected to achieve the objectives of the SMCCF more effectively than the purchase of underlying bonds.11 One month after starting ETF purchases, the Federal Reserve announced a framework to use corporate bonds as the SMCCF’s primary vehicle for providing support. In preparation, we had created a “Broad Market Index” of eligible corporate bonds, weighted proportionately by amount of debt outstanding from individual companies.12 We then began purchasing bonds across the index in a rules-based manner, taking care that our purchases are neutral toward eligible sectors and companies. I should note https://www.newyorkfed.org/newsevents/speeches/2020/sin201020  2/5  20/10/2020  The Federal Reserve’s Corporate Credit Facilities: Why, How, and For Whom - FEDERAL RESERVE BANK of NEW YORK  that in making an assessment of credit eligibility, we broadened our use of ratings to include perspectives from all Nationally Recognized Statistical Rating Organizations. Providing broad access also applies to the service providers that support the facilities. In early September, we announced the expansion of counterparties to the SMCCF, including several smaller and minority-owned broker-dealers.13 In early October, we announced the launch of our process to re-bid our engagement with the facility’s investment manager. This process has begun with the CCF cash management role, and in the coming weeks and months we will re-bid the remainder of the role.
The change in the macroeconomic scenario has also reflected in exchange rate movements, in both nominal and real terms. The CLP posted a 5.8 percent depreciation between the close of this Report and last, mostly during the past few weeks. Although part of this depreciation responded to the global strengthening of the dollar, the rise in the CLP/USD parity exceeded that of other emerging market currencies. This obeyed to less favorable cyclical conditions and a more expansionary monetary policy in the country. It must be noted that Chile’s macroeconomic policy framework includes, among other features, a monetary policy based on inflation targeting and exchange rate flexibility. Thus, during slowdown periods, when the pressure on prices diminishes, policy becomes more expansionary in order to achieve the inflation target, that is, for the inflation rate not to fall below the target range. This boost to monetary policy results in a higher exchange rate, which permits the economy to have a faster, optimal adjustment via the expansion of tradable sectors. In other words, the exchange rate increases are a natural, desired response to the business cycle, lending a helping hand in the economic adjustment. We have been faithful to this predicament, as reflected in the significant depreciation of our currency in recent times. We do not view this as a problem, because despite some unwanted effects in the short term – including higher inflation – it is part of the solution to have the economy reactivate more rapidly and efficiently.

In the United States, the tapering of unconventional monetary stimulus has proceeded as expected, but the financial markets could suffer significant stress episodes if events occur that might anticipate the timing of the announced increases in the Fed funds rate. In particular, in the present context of low long-term interest rates and limited sovereign premiums, there could be a drastic reversal causing important tension. This could have 6  BIS central bankers’ speeches  effects on external funding costs and currency parities, with a heavy impact on emerging economies. Overall, the most likely scenario continues to assume that the US economy will bring a new boost from abroad and a more favorable scenario in the medium term. At home, one risk is domestic output and demand growing less than expected. As noted, the two have weakened beyond projections, coinciding with a widespread worsening of expectations. The baseline scenario estimates that this worsening will reverse gradually, which partly explains the growth forecast for consumption and investment in 2015. However, if such reversal does not occur, there may be a sharper and stronger adjustment in the labor market, which would negatively affect consumption and output. Furthermore, a worsening of business expectations could intensify the investment adjustment. Such a setting could also trigger a more intense rebalancing towards the tradable sector, thus moderating the domestic slowdown.
Before I discuss what’s left to do, let me recap what has been done over the past year. The key initiatives completed by the Committee in the past year include: •  reaching agreement on a package of revisions to finalise Basel III’s Liquidity Coverage Ratio (LCR);  •  revising the Core Principles for Effective Banking Supervision;  •  developing a policy framework for dealing with domestic systemically important banks;  •  establishing disclosure requirements for the new Basel III definition of capital; and  •  updating the supervisory guidance for assessing the effectiveness of a bank’s internal audit function. In addition, the Committee established a sound operating framework within which to assess its members’ implementation of Basel III. As a result, the Committee produced: •  two regular semiannual reports on Basel III implementation in all member countries (along with two special reports to the G20 on implementation);  •  assessments of Basel III implementation in the European Union, Japan and the United States; and  •  a report analysing the variability of risk-weighted asset calculations for market risk in individual banks. Further down the agenda, my colleagues from the Basel Committee Secretariat will provide additional insights on our implementation work. I would like to make the point now, however, that these efforts are critical to delivering on the benefits that Basel III offers. Rules written have no effect if not implemented: we cannot fail on this front, and I will say more about our efforts shortly.

The priority for the Committee now is to build on these achievements in monitoring regulatory compliance with Basel standards and to continue to enhance the rigour of all aspects of the implementation monitoring and assessment process. There is a very full agenda planned for 2013 and beyond which will deliver quite a number of new monitoring requirements (such as rules relating to liquidity, the leverage ratio and G-SIBs), as well as country and thematic assessment reports. It is a credit to member jurisdictions, and evidence of their commitment to the process, that this work can be undertaken: first, it requires the willingness of each member to be subject to review by their peers, and then a continuing strong commitment, including substantial resourcing of expert staff, from all involved. Nevertheless, the effort will be well worth it if we achieve our objective of consistent implementation of the Basel standards. 4  BIS central bankers’ speeches  Assessing the impact of, and industry response to, the implementation of the regulatory reforms The major reforms that have been developed by the Committee, coupled with those being introduced at the domestic level, are designed to fundamentally reshape banking. The reforms are intended to generate a more resilient financial system, in which higher levels of capital and liquidity are held, and in which risk is appropriately managed and priced. This will obviously have consequences for the costs of financial intermediation, although studies undertaken suggest that this cost is both relatively small, and considerably outweighed by the benefits of increased financial stability.
Note that the capital of banks acts as a buffer that allows potential losses to be absorbed in adverse scenarios, so that these intermediaries can continue to offer financial services to households and firms, thus contributing to smoothing – rather than amplifying – negative shocks to the economy. Also, a high level of capital entails a stronger link between the personal wealth of the owners and the economic performance of the banks, thus contributing to mitigate the risk profile 6/13  that the latter are prepared to assume and, therefore, the likelihood that they will overreach themselves and will subsequently require traumatic correction measures. All of this explains the concern of banking regulators that banks should hold sufficient capital. The last financial crisis showed that banks’ capital levels were clearly insufficient to address the economic and financial shocks that arose. In response to the crisis, international financial regulators tightened capital requirements, setting higher minimum levels and requiring capital of higher quality, as well as introducing requirements for minimum liquidity levels. As a result, the main international banking systems have gradually raised their solvency ratios in recent years. The Spanish banking system has gradually adapted to the new regulations and its capital ratios are currently in excess of regulatory requirements. However, in the case of ratios calculated in terms of risk-weighted assets, such as the CET1 ratio, average levels are comparatively low and have risen by less than in the main European banking systems.

And in some countries, the process of catching-up in real incomes has been slower than expected at the start of transition. For acceding countries as a whole, per capita income today is less than half of the average of the EU. Given the low starting point for most countries, increasing prosperity and living standards will be a major policy objective for quite some time. In view of that strategic objective, one has to underline that prudent macroeconomic policies are key to support and facilitate progress towards higher GDP-per-capita levels. Accession to the EU is expected to have positive effects on the countries' prospects for convergence. The full integration into the internal market will increase growth prospects and thus foster the catching-up process, mainly through trade and investment (FDI), together with lower interest rates. New Member States will have to implement and enforce the “acquis communautaire” of the European Union, which they have adopted in the course of recent years (excluding, for the time being, those areas where transitional arrangements apply). The EU has also been preparing intensively to make enlargement work. Within the realm of central banking, the Eurosystem has been engaged since 1999 in a constructive and ever more intensive dialogue with the central banks of the new Member States. Already since the signing of the EU Accession Treaty in 2003, the Governors of the national central banks of acceding countries have been taking part as observers in the General Council of the ECB.