samchain/econo-pairs-v1 huggingface dataset:
First, in our country the women employment rate declined by 1.2 percentage points, while the men employment rate fell less than 1 percentage point, thus further widening the already wide gender gap of 18 percentage points, much higher than in the European Union. That data show that only 38% of the women work, which is significantly lower than the employment rate of men (56%). When we look at the unemployment rate, we see similar developments. Initially unemployment rate increased more for women than for men. Then, as a result of policy support measures, the unemployment rate gradually went back to the pre-crisis level in 2019. However, the adjustment in the unemployment rate is largely related to the increased exit of females from the labor force, illustrated with the fall of their labor force 1/3  BIS central bankers' speeches  participation rate. Of course, this is not the case just in our country. It is a global phenomenon. It is a case in the whole Western Balkan region. For example, participation rate in the region on average declined by 1.5 percentage points to 51%, which is the lowest level since 2016, with a higher drop again for women than for men. Thus the female participation in the Western Balkan region fell to 41%, which means that only 41% of the working age women are part of the labor force in comparison to the 63% of men, although with large variations, from 52% of women participating in Albania, to 22% of women participating in Kosovo.

In addition, according to some studies, the Makenzie study for instance, point out that pandemics have intensified the challenges that women already face at the workplace – doing double work shifts, being at work, being at home with family responsibilities, and find that 1 in 4 women consider downshifting their careers because of family responsibilities and new COVID environment (interruption in schooling and childcare). These developments, such as lower employment and lower income, can negatively affect access to finance, to the financial system, especially banking system, as employment and income are one of the main criteria assessing the credit worthiness of the borrowers and can further amplify the risks or the challenges for women. Let me mention couple of numbers. For the Western Balkan region, about 60% of all borrowers from commercial banks are men and only 40% are women. And even more, 64% of all outstanding loans are extended to men. I think this number gives a flavor of the kind of challenges women face across the region. The access to finance is an important determinant, not only for the basic needs, but also for female entrepreneurship that lacks in the region in comparison to more advance economies. Overall, all the numbers that were discussed, clearly point that unlike other previous crisis episodes, this one has definitely disproportionately affected women in many respects, additionally accentuating the challenges that women have faced even before the crises.
Given the large number of applicants for licences, we have been prioritising those who demonstrate strong risk management capabilities and the ability to contribute to the growth of Singapore’s FinTech and digital asset ecosystem. SINGAPORE’S REGULATORY APPROACH TO MANAGE DIGITAL ASSET RISKS  Like all innovations, digital asset activities pose risks as well as benefits. When digital asset activities took off more than five years ago, regulators around the world, including MAS, assessed money laundering and terrorist financing risks as the key areas of concern. With the rapid growth in scale and complexity of digital asset activities, other risks have surfaced. Regulators around the world including MAS are therefore stepping up their responses to these new risks. There are five areas of risk in digital assets that MAS’ regulatory approach is focused on. first, combat money laundering and terrorist financing risks; second, manage technology and cyber related risks; third, safeguard against harm to retail investors; fourth, uphold the promise of stability in stablecoins; and fifth, mitigate potential financial stability risks  COMBAT MONEY LAUNDERING AND TERRORIST FINANCING RISKS The key risk that MAS regulation currently addresses is money laundering and terrorist financing. As users of cryptocurrencies operate through wallet addresses and pseudonyms, cryptocurrencies have made it easier to conduct illicit transactions. The online nature of transactions adds to the risk. In 2020, MAS imposed on providers of digital asset services the same anti-money laundering requirements that apply to other financial institutions. Earlier this year, these rules were expanded to Singapore-incorporated entities providing digital asset services overseas.

Yet others see MAS as having struck the right balance, that “the crypto winter is proving MAS’ policies to be right”. What does MAS really want? Well, we know what we want but I think we need to do a better job of explaining it. Before I get to that, it is important to be clear what we are talking about. Public and media attention has tended to focus on cryptocurrencies. But cryptocurrencies are just one part of the entire digital asset ecosystem. To understand the issues more sharply and what the benefits and risks are, we need to be clear what the different components of this ecosystem are. I can understand why there is confusion about cryptocurrencies, blockchains, and digital assets. The inherent complexity of this ecosystem has made it difficult even for MAS to get its messages across. So, today, we will try to do a better job of explaining the ecosystem and its different components – and what MAS is actively promoting; what MAS is discouraging; and what are the risks MAS is seeking to manage. My apologies if the next couple of minutes sound like a tutorial but it is important that we are clear about the concepts we are dealing with. A good place to start is with digital assets. A digital asset is anything of value whose ownership is represented in a digital or computerised form.
3  http://www.bankofengland.co.uk/publications/Pages/fsr/2015/jul.aspx. 4  http://www.bankofengland.co.uk/financialstability/fsc/Pages/cbest.aspx. 2  BIS central bankers’ speeches  2. Recovery capabilities  3. Effective governance  1. Defensive capabilities  Yesterday’s Financial Stability Report (FSR) describes defensive capabilities as capabilities that “enable firms to identify and withstand attack.” This is important from a financial stability point of view not only for those firms that, as part of the cyber programme, we have identified as ‘core’ to the sector, but also relevant to their suppliers and other firms they trade with. It implies a level of resilience that goes beyond basic cyber hygiene but aims instead to ensure that firms are in a position to manage Advanced Persistent Threats (APT). While not wanting to go into too much detail on the cyber work programme 5, three key themes are relevant here. •  The first is that cyber is not just about technology. People matter. More often than not attackers may seek to exploit potential weaknesses in personnel, to establish a bridgehead for attacks. It is therefore essential that firms have the right arrangements in place so that all staff understand cyber risk and their responsibilities for information assurance. •  The second is that cyber requires investment. In people and in systems. Underinvestment in cyber defences may mean that firms are behind the game in terms of their ability to respond to crystallised threats. For example, they could risk misdiagnosing a cyber attack as an internal IT failure rather than a deliberate attack.

cyber matters because the operational resilience of the sector matters to financial stability. On the ground however, we still have a lot of work to do, hence the importance of a new FPC recommendation and ensuring that cyber has a permanent footing in management of the sector’s operational resilience. 4  BIS central bankers’ speeches
The financial crisis highlighted the need to strengthen the current framework. Regulation of the financial sector must secure financial stability, but at the same time protect the public against losses. This is now on the agenda in Norway and in other countries. I would like to highlight three main aspects of the new regulations that are now underway: First, the financial crisis revealed that banks held insufficient capital, excessive short-term market funding and inadequate liquidity buffers. The new Basel III framework sets out stricter requirements. Second, the new framework includes macroprudential tools that can be applied when necessary. Banks may be subject to additional capital requirements if credit growth in the wider economy is excessive. Third, the authorities must acquire tools that enable banks to be wound up in an orderly manner. Owners and creditors – not taxpayers – must bear the losses. The interest rate on banks’ funding will then reflect the risk they take rather than an implicit government subsidy. The outlook Despite some concerns regarding financial stability, the Norwegian economy must be characterised as strong. Productivity fell somewhat through the downturn, but has picked up again. Compared to our neighbouring countries, unemployment in Norway is low, around 3 per cent of the labour force. In 2010 the return on our oil fund was close to 10 per cent, and the capital has passed 150 per cent of mainland GDP. 8  BIS central bankers’ speeches  In the twelve months since January 2010, oil prices have risen to over USD 100.

Our cooperative journey to the SDDS Plus began in 2013, when, after the achieved national consensus on the usefulness of the accession to this standard, we officially informed the IMF of the efforts that we will make in the medium-term period to meet the membership criteria. Then, in the next years, we worked on the production, promotion and publication of the required data.
This rule is closely related to our sovereign wealth fund, the Government Pension Fund. Many explanations are offered for the fall of the Roman Empire. Likewise, there are numerous causes behind the financial crisis. Greed, especially in the financial sector, stupidity, low lending standards and low interest rates have all been highlighted, and these arguments are not without merit. Still, two very important and striking features preceding the crisis were the growing imbalances in world trade and capital adequacy ratios in the banking system. The crisis was preceded by a build-up of global imbalances. Large and growing deficits in the US were driven by high consumption and a large appetite for debt among US households. In the US, domestic spending had outpaced domestic production for a long period. Private debt increased in the US, but also in Europe, matched by high saving in Asia – primarily in China. Federal Reserve Governor Ben Bernanke called the imbalances a global savings glut. This glut pushed down real interest rates and hence the return on investments. Low interest rates and compensation to take on risk led to a search for yield, increasing the inherent risk in the system. Global trade imbalances have been reduced somewhat over the past two years, but there is a considerable risk that they will persist. They must be corrected through structural changes in the real economy. This may weaken growth in the world economy in the coming decade. Asian economies, however, have fared well through the crisis.

The preservation of financial stability remains crucial for the long-term economic development and under constant consideration in the Bank of Albania decision-making process. In this context, confidence in the banking system and in its balance sheets would be the most rational behaviour of any individual, business or other agent in the Albanian economy. Global experience shows that the mutual interaction between the real economy and the banking system in terms of savings, use of payment infrastructure and expertise in the area of financial counselling and support with funds is a key feature of economies that have managed to progress and leave behind the transition countries’ level. BIS Review 29/2009  3  In conclusion, I would like to assure the public that the Bank of Albania remains committed to creating the proper premises which boost economic activity at home, without infringing the objective of price stability. In addition it will keep working on firming up financial stability in the country. The Bank of Albania decisions will be a direct contribution to smoothing out the negative effects deriving from the international crisis and they will help to ensure the further maintenance of economic and financial balances at home. 4  BIS Review 29/2009
Assets held by fund managers, insurance and pension companies have grown rapidly over the past ten years SEK billions 16 000 14 000 12 000 10 000 8 000 6 000 4 000 2 000 0  96  01 Insurance and pension companies  06  11  Investment funds  16 General pension funds  Note. This information refers to financial assets in total from Statistics Sweden’s financial accounts. Insurance and pension companies, investment funds and general pension funds refer to the sectors insurance companies, other financial institutions and social insurance as defined by Statistics Sweden. Cross claims within the three sectors are not included. Source: Statistics Sweden  Figure 6. The banks’ market financing over time Per cent of GDP 100 80 60 40 20 0  02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 SEK  Other currencies  USD  Note. Securities issued by 3 major banks broken down by currency. Sources: Handelsbanken, SEB, Swedbank and Statistics Sweden  31 [35]  Figure 7. Global real interest rates have fallen since the mid-1990s Per cent 6 4 2 0 -2 -4  96  00  04  08  16  12  20  Sweden  United States  Euro area  United Kingdom  Note. 10-year real government bond yields. Monthly data. For the euro area a real interest rate is used, representative of the euro area, compiled by the ECB.

Alessandro Manzoni, one of the greatest Milanesi, wrote in 1815 : « Liberi non sarem se non siam uni v [Liberi non saremo se non siamo uniti]». Today, we Europeans will not be masters of our own destinies if we are not united. Let us now overcome the current “malinconia” and face our challenges not with fear or distrust, but with pride. Pride in what we have already achieved and pride in the future we want to shape. Thank you for your attention. Televised address by Federal President Frank-Walter Steinmeier on the coronavirus pandemic at Schloss Bellevue, on 11 April 2020. ii « Education in the digital world », Speech by Ignazio Visco, Governor of the Bank of Italy, Centesimus Annus Pro Pontifice Foundation – Seventh Consultation Meeting “Ethos, Education and Training: Avenues toward equality and ethical behaviours in the digital era”, Catholic University of the Sacred Heart, Milan, 31st January 2020 iii Arnoud Boot, Elena Carletti, Hans‐Helmut Kotz, Jan Pieter Krahnen, Loriana Pelizzon, Marti Subrahmanyam, “Corona and Financial Stability 4.0: Implementing a European Pandemic Equity Fund” 25 April 2020, Vox, CEPR Policy Portal. iv European Fiscal Board (2019), “Assessment of EU fiscal rules with a focus on the six and two-pack legislation”, août, Bruxelles. https://ec.europa.eu/info/sites/info/files/2019-09-10-assessment-of-eu-fiscal-rules_en.pdf v Alessandro Manzoni, in Proclama di Rimini, 1815. i
Within the euro area, there are other examples that are less well-known than the Nordics or Germany: in Austria, productivity has risen faster since 2015 than the euro area average, and the equilibrium unemployment rate is 5.1%, even though the ratio of social protection to GDP is higher than the euro area average. And this is not to mention, outside the euro area but in the middle of Europe, Switzerland. This doesn’t mean that we should rest on our laurels. There is a need for public sector reforms in some countries, especially in order to control the budgetary costs of this model. I will focus on the French case, and if you will allow me, I will switch to French, as I am in the “Collège d’Europe”. Nous avons bien sûr besoin de réformes structurelles mais nous avons surtout un rapport à l’austérité étrange : nous sommes le pays qui en parle le plus mais un de ceux qui la pratiquent le moins. Cette peur infondée nous détourne de notre vrai problème : la faiblesse de notre croissance – j’y reviendrai – et le niveau excessif de nos coûts publics alors que nous avons le même modèle social que nos voisins. Je crois profondément à ce modèle social. Mais notre défi, c’est l’écart de dépenses publiques de 10 points de PIB avec le reste de la zone euro.

We are also encouraged by the leadership shown by the Lord Mayor Alderman Alan Yarrow who is also President of TheCityUK’s Advisory Committee during his visit to Malaysia in May 2015 to discuss ways to further strengthen the collaboration between our countries with Islamic finance as the intermediary, in particular in the areas of trade and investment. Malaysia-UK relationship The UK-Malaysia’s relationship stretched back many centuries. Our strong and close linkages in social, economic and finance span over a period of 200 years that have delivered great economic benefits and opportunities to both countries. In Islamic finance, our collaborative partnership formally began with the MoU between Bank Negara Malaysia and the UK Trade and Investment (UKTI) in 2009. The collaboration paves the way for both countries to strengthen international linkages in talent and expertise, cross border business and infrastructure support. Islamic finance: prospects & opportunities Islamic finance has increased its significant in the international financial landscape. As at third quarter of 2014, global banking asset has reached almost USD2 trillion whilst Islamic fund assets and takaful contributions amounted to USD76 billion and USD21 billion, respectively 1. As at end June 2015, total sukuk or Islamic bond outstanding stood at USD313 billion with Malaysia making up 55% or USD172 billion of total market share 2. 1  Source: IFSB 3Q2014. 2  Source: Bloomberg, Zawya. BIS central bankers’ speeches  1  The increased participation of non-Muslim jurisdictions also reflects the positive acceptance of Islamic finance among the global community.
In fact, the loans that have already been received have guaranteed foreign exchange reserves sufficient to enable the Treasury to service its debt for the next two years without major foreign currency purchases. However, foreign reserves would fall to a level that is not acceptable. The cost would be a lower exchange rate than otherwise, and it would be inadvisable to relax the capital controls at the same time. Fourth, it is important to take the first steps towards removing the capital controls as soon as possible after the objectives described above have been achieved. The objective is to make the disappearance of the last vestige of controls an event that will hardly be noticed. We learned from the financial collapse that fair weather can turn foul at short notice. Once the storm has passed, however, the skies can also clear more quickly than most people expect. BIS Review 64/2010  3

The Islamic banking industry now accounts for 16.7% of total assets in the industry. Similar trends can be observed in the growth of deposits that have reached RM180.4 billion, an increase of 27.7% during this period while, total financing has also increased by 24.5% to RM143.4 billion. This growth has also accompanied by an increase in the number of full-fledged Islamic banking branches. From January to September this year, 93 new branches were opened thereby enhancing the outreach of Islamic financial products and services. BIS Review 146/2008  1  Another area that has seen significant growth is in the Sukuk market. The Malaysian sukuk market has expanded significantly with an average annual growth rate of 22 per cent since 2001. Despite the current market conditions that have affected the volume of new bonds and Sukuk issuance, the Islamic capital market has continued to structure innovative Islamic financial instruments. By the first half of 2008, the composition of the more innovative Sukuk Musharakah had increased to 84% as compared to 58% of the total sukuk issuance in 2007. In addition, several new Islamic financial products have been introduced including residential mortgage backed securities, Commodity Murabahah deposit products, commodity based financing, credit card based on ujrah , as well as, structured products based on Musharakah, Mudarabah and Ijarah. Malaysia has acquired a unique market space for driving Shariah-based innovation by combining the depth of knowledge with the drive for innovation.
While it is clear we have come a long way since 2008, we can’t just settle for making a promise that no bank will be ‘too big to fail’: as Resolution Authority the Bank must be able to deliver on that commitment. Fundamental to that delivery, the UK now has the requisite statutory tools, and powers to underpin a credible bank resolution framework. These are set out transparently in the Banking Act 2009 and there are  6  Also known as the Purple Book, and subsequently updated in 2017. As set out in the December 2019 Financial Stability Report. 8 The December 2020 Financial Stability Report sets out the FPC’s latest assessment. 7  4  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  4  safeguards in place so that these powers can only be used in the right circumstances. These features allow market participants to have confidence in the integrity and predictability of our decision-making, which is supported by the UK’s strong and effective institutions. These powers also form an important complement to supervisory and prudential tools; that these are embedded within the UK legal framework ensures they function as a credible and independent backstop for banks at risk of failure. Flexibility and proportionality in implementation  While a credible and transparent policy regime is necessary it requires flexibility and proportionality in development and implementation to ensure overall effectiveness of the regime.

Despite the consensus among policy-makers on the importance of financial stability, the economic literature lacks adequate theoretical and empirical studies on the details of the transmission mechanism from financial stability to macroeconomic stability. At this point, academia is expected to do their share in this respect. The two-day conference will stage parallel sessions, panel discussions and presentations on these issues. Banking sector dynamics, macroprudential measures and their impact on macroeconomic stability, systemic risk issue and sovereign debt dynamics are among the topics that will be addressed at the conference. Two of our distinguished guests, Mr. Ricardo Caballero and Mr. Franklin Allen, will be delivering speeches. Mr. Caballero will be presenting a speech on the first day of the conference and Mr. Allen’s presentation is scheduled for the second day. On the second day of the conference, the panel discussion titled “How did the crisis challenge the Central Banking as we knew it? What should (not) change?” will be held, at which senior central bankers will be sharing their country experiences. I think this panel discussion will be very interesting and beneficial for all the participants. The studies that will be presented throughout the conference will contribute to better understanding of the factors threatening financial and macroeconomic stability and developing policies to achieve these two objectives simultaneously. I believe that the conference will also serve as a forum for the participants for exchanging views.