samchain/econo-pairs-v1 huggingface dataset:
First, in reporting my views to the committee, I noted my concern for the fragility of the U.S. economy and weak job creation. It might be noted by the press here today that although I am constantly preoccupied with price stability – in the aviary of central bankers, I am known as a “hawk” on inflation – I did not voice concern for the prospect of inflationary pressures in the foreseeable future. Indeed, the Dallas Fed’s trimmed mean analysis of the inflationary  BIS central bankers’ speeches  5  developments in June indicated that the trimmed mean PCE turned in its softest reading of the year. The trimmed mean analysis we do at the Dallas Fed focuses on the price movements of personal consumption expenditures. It is an analysis that tracks the price movements of 178 items that people actually buy, such as beer, haircuts, shoe repair, food and energy prices. In June, the trimmed mean came in at an annualized rate of 1.3 percent, versus 2.1 percent for the first five months of the year. The 12-month rate was 1.5 percent. My concern is not with immediate inflationary pressures. Core producer prices are still increasing at a higher than desirable rate.

This was due in part to excessively lax supervisory standards, which led to insufficient monitoring of institutions under inspection and to the underutilisation of the information available to supervisors, and which allowed the excessive growth of the “shadow banking system”. Work is now in progress to define and standardise ways in which material information on transnational institutions can be exchanged through so-called colleges of supervisors, which group together the supervisors of the countries where these institutions have a significant volume of activity. Substantial headway has been made in a short time and improved supervisory cooperation at international level and at European level (with the creation of new European supervisory authorities) will unquestionably enable more effective action. BIS Review 51/2010  3  I would like to emphasise here another dimension which the Banco de España considers crucial, namely the improvement of national supervision. The first step in achieving effective international supervision is to ensure high quality national supervision, not only of large institutions, but of the whole system, since systemic risk may flare up due to a mere contagion effect. The second step is to foster the convergence of a majority of countries towards uniform and higher-quality supervisory standards. In this respect, work is commencing on a review of the various national supervisory models with a view to developing principles based on sound supervisory practices.
Part of the reasons for success in these countries can be attributed to their modern financial systems and clear policies that support the growth of the sector. However, the fact still remains that for most African countries, a sustainable way of financing SMEs has yet to be found. As I mentioned earlier, the programme for this meeting is broad and extensive. But I would wish to draw your attention to a number of broad areas of reflection which I believe can help in delivering greater finance to the sector. The first area is that there is a need to accept that not all banks can or should even be expected to provide SME financing products. The cost structure and skills orientation simply make some financing institutions completely unsuitable to deliver SME products cost effectively. The implication of this is that greater effort must be placed on developing financial institutions that see SME financing as the core business and therefore set out to develop the expertise required to finance the SMEs successfully. Fairly often the discussion on SME financing is reduced to two diametrically opposed positions. On one hand, SMEs are considered by banks as representing a high risk and therefore, should be avoided or only dealt with cautiously and at a premium price. On the other hand, banks are accused of being inflexible and risk averse and consequently irrelevant to the sector. It is important to understand where the truth lies in these two statements in order to advance the cause of SME financing.

In a globalised world, Switzerland's attractiveness as a business location in an internationally competitive environment should continue to improve. Third, the economically active population could be strengthened by increasing the number of qualified immigrants. There is a substantial pool of labour from which to recruit not only within the European Union (EU), but also in other regions. At the same time, Switzerland's employment quota could be lifted if more women now living in Switzerland entered the workforce. The key to achieving this goal is striving for a greater work life balance, i.e. combining a career and family life for both parents. For example, more women should have the option to work fulltime on a permanent basis. BIS Review 13/2007  1
Second, they assume that the productivity and the quality of volunteer’s work is the same as comparable paid workers. And third, they assume that wages are a reasonable guide to output. Taken together, these assumptions may if anything bias downwards estimates of the value of volunteering. So it is instructive to tweak them to gauge possible biases (Figure 10). •  The first rows in the table show what might happen if you included all forms of volunteering. Infrequent volunteering does not add that much – the Household Satellite Account suggests around a further £ each year. But informal volunteering is much more substantial. The ONS recently released an estimate of informal volunteering in 2012 which puts the figure at almost £ billion – not far off the contribution from formal volunteering. 11 This should reasonably be added to overall estimates of the economic value of volunteering. •  For most private sector firms actual output is a mark-up over labour costs, reflecting productivity gains and returns to capital. It is hard to know for sure whether the volunteering sector follows the same pattern. But in those industries involving “labour-intensive services”, like volunteering, the labour share of output is about 80%. 12 In other words, the economic output of those services is about a quarter more than the labour costs. As the third row in Figure 10 suggests, if volunteering activities are similar in nature, there is a case for scaling-up our estimates of output by a similar amount.

and House of Lords, Central bank digital currencies: a solution in search of a problem? iv Lagarde, C. and Panetta, F. (2022), Key objectives of the digital euro i  ii
I can assure you, Ambassador Franco, that we look forward to continuing the successful cooperation with you and your staff that we had during the previous project. I would also like to thank you and your collaborators for having supported the preparations and for your help in handling a number of technical, administrative and legal issues. Sound practices in the fields of banking supervision and internal audit are important not only for the effective performance of the tasks of a central bank, but also because they contribute to the efficient and stable functioning of the financial system that benefits the economy as a whole. We have noted with great interest the reform efforts of Chairman Ignatiev and his team in the Bank of Russia over the past years. With this programme, the Eurosystem hopes to contribute to further strengthening the Bank of Russia’s banking supervision and internal audit functions. Allow me to conclude by expressing my confidence that the implementation of this programme will be characterised by the close and constructive cooperation between the Eurosystem and the Bank of Russia, as well as with the Delegation of the European Commission to Moscow. Za nashe sotrudnichestvo! Thank you very much for your attention. 2  BIS Review 32/2008

There may be costs arising from investments in innovation that fail to bear fruit or from investments with payback cycles that end up being much longer than expected, as apparently may be the case, in principle, of some of the initiatives being developed in relation to Distributed Ledger Technology. And risks relating, inter alia, to personal information privacy, fraud or cyber-attacks. In addition, the proliferation of new technologies may also lead to the financial exclusion of those users at a distance from them, who could be adversely affected if the continuity of service provision through traditional systems is not guaranteed. In short, we are facing great technological change in the banking industry, the effects of which are still not clear. The development of new services is a great opportunity for renewal for the more dynamic banks, as it may provide them with efficiency improvements and mean that they can offer greater services to their customers. And, improving customer service is precisely one of the main challenges facing the banking industry, which brings me to the final point of my address: the importance of maintaining the confidence of bank customers. 5/7  3 Confidence Confidence is the most important and the most fragile of a bank’s assets and determines the nature of its relationship with its customers, beyond the ambit of mere commercial transactions. Bank customers deposit their savings with credit institutions, trusting that they will return those savings to them, when they need them, on the terms agreed.
The information of the last few months, with activity in line with forecasts, lower-than expected inflation and nominal wages decelerating during 2018, suggests that so far, the dominant channel has been the expansionary effect on the supply of labor. Thus, it is possible to identify some recent economic phenomena that allow to analytically understand the fundamentals behind the lower inflation. Some of these phenomena (e.g. immigration and differences in exchange rate pass through) had been mentioned by the Central Bank in previous Reports, its effective translation into lower inflation only manifested with the calculation of the new CPI. III. Recent evolution of activity  Recent months’ data confirmed that the economy recovered its dynamism after the break of the third quarter of last year. As we reported in December, in said quarter activity slowed down more than expected because of, among other factors, a significantly higher calendar effect because of September’s many holidays. Fourth-quarter data that this effect was temporary, so total GDP closed the year with a growth of 4%, where 3.9% was non-mining. On the demand side, the greater dynamism of investment continues to stand out— especially in machinery and equipment—, which intensified over the year. Habitual consumption (i.e. non-  3  durable goods and services) continued to expand in tandem with GDP, while durable consumption decelerated significantly mainly due to the normalization of volume car sales (figure 5). About this year 2019, partial activity data for the first quarter show annual variations smaller than those at the end of last year.

8  Figure 1 Accumulated inflation, February - December 2018  Evolution of CPI and CPIEFE inflation (1) (2)  (percent)  (annual change, percent)  CPI  2.5  CPIEFE  2.5  2.0  2.0  1.5  1.5  4.5  4.0  4.0  3.5  1.0  1.0  4.5  3.0  3.0  2.5  2.5  2.0  2.0  1.5 0.5  0.5 0.0  Basket Basket 2013 2018  Basket 2013  Basket 2018  1.5  CPIEFE  1.0  0.0  3.5  CPI  1.0  0.5  0.5  0.0  0.0 18  Abr. Jul. Oct.  19  (1) As from January 2019 the lines use the new indexes with annual base 2018=100, so they are not strictly comparable with earler figures. (2) Blue (red) diamonds show the annual CPI (CPIEFE) variation using the 2013=100 basket. As from February 2018, they show the annual change that is obtained by splicing the 2013=100 basket series with the monthly variations in the 2018=100 basket. Sources: Central Bank of Chile and National Statistics Institute (INE). Source: National Statistics Institute (INE). Figure 2 Exchange rate and goods EFE (annual change, percent)  6  30  5  25  4  20 TCN (right axis)  3  goods EFE (*)  2  15 10  1  5  0  0  -1  -5  -2  -10  -3  -15 16  16 Jul.
This will remove a reliance on Libor benchmarks, which have long-standing weaknesses, and replace them with a robust alternative. In readiness for that, from July, the Solvency II risk-free discount rates for Sterling will switch from Libor to SONIA. We know this interacts with potential changes coming from the Solvency II review in the areas that I have been talking about today. So we are going to use the QIS as an opportunity to get granular data to allow us to understand the likely impact for different firms and sectors, and the interaction with the Solvency II review. Stress Testing The Solvency II review is a chance to build a regime that is strong, robust and meets the needs of policyholders, the UK market and the broader economy. As prudent regulators we want to ensure that whatever is built will be able to withstand the high winds and earthquakes which it may be hit by over the years. One of the ways we look to do that is through stress testing. Helping supervisors and firms 5/6  BIS central bankers' speeches  understand the effect on their balance sheets of real-world events. We have run a stress test every other year since 2015, and we plan to do so again next year. Over the slightly longer term, we have aspirations to use stress testing increasingly centrally in our supervisory approach. We do not intend some radical departure from the current ways of setting capital requirements.

2 Based on reporting to the Prudential Regulation Authority. 3 For example the UK has the fourth highest ratio of insurance premiums to GDP amongst the OECD (see OECD  Data: insurance spendingOpens in a new window) 4 See speech by Charlotte Gerken ‘Developments in the PRA’s supervision of annuity providers’ (April 2021). 5 See speech by Charlotte Gerken ‘The fox and the hedgehog: preparing in a world of high risk and high  uncertainty' (December 2020). 6/6  BIS central bankers' speeches
Caleb M Fundanga: Media relations and the Bank of Zambia – a healthy interaction Speech by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the official opening of the Bank of Zambia 12th Media Seminar, Ndola, 5 October 2007. *  *  *  • The Chairperson • Distinguished Journalists • Invited Participants • Ladies and Gentlemen On behalf of Bank of Zambia and indeed my own behalf, I am pleased to welcome you all, to this Bank of Zambia sponsored annual seminar, which is the 13th in the series. Further, it is also my great pleasure to welcome you to the City of Ndola. Ladies and gentlemen, as it is normally the case, some of you are participating for the first time. For those of you that are participating for the first time, let me inform you that this is your seminar and I urge you to participate freely and effectively. I know that your friends who have participated in the seminars before, will agree with me that, every year that we meet at such a forum, we meet as “partners” and it is certainly in the interest, of not only us gathered here but the nation at large that this spirit is exhibited through out this seminar, and beyond. In fact, let me thank the media for having embraced this partnership and worked towards maintaining it. The Bank of Zambia-Media relations have been quite healthy, partly due to annual interaction through Media Seminars.

The performance of the non-bank financial institutions has todate been fair as the Bank of Zambia continues to implement measures aimed at maintaining and enhancing the soundness of the financial system. Chairperson; when we met last year at Fringilla in Chisamba, I informed the participants to the 12th Media Seminar that further expansion in the banking sector was eminent, as some commercial banks had plans to re-open or indeed open more branches across the country, this has come to reality as most of you have seen the establishment of new branches by  2  BIS Review 113/2007  several banks. These developments are undoubtably a manifestation of the improving investment environment arising from consistent macroeconomic reforms reflected in enhanced macroeconomic stability. We have also continued to received inquiries from foreign banks that want to establish operations in our country. Under the Financial Sector Development Plan, implementation of activities has continued key among them being: a)  Sovereign rating for Zambia  The process of obtaining a sovereign rating for Zambia, being spearheaded by Government has made appreciable progress, with the completion of the Terms of Reference for the provision of advisory services and subsequent submission of Cabinet Memorandum for approval. The Sovereign rating is expected to compliment other government initiatives to promote foreign investment in the Zambian private sector and stimulate the development of domestic capital markets and investment by Zambians.
The bank’s critical functions were kept running. Shareholders and unsecured creditors were not bailed out. Over time, the creditors who were not covered by the deposit guarantee were paid back around 85 percent of the value of their original claims. The value of the bank’s assets was preserved to a larger extent than if the bank had been wound up. Danish banks’ funding costs rose following the resolution of Amagerbanken. However, it did not trigger a systemic crisis in the Danish banking sector, despite its occurrence in the middle of the European debt crisis. What the Danes got was a pricing of the true risk in their banks. Over time, this provides a basis for a less risky financial system. Bail-in may nevertheless be difficult to implement. Bail-in of a large bank, that is a bank with substantial liabilities, will inflict losses on a large number of creditors. That is the intention. But if these liabilities are owned by institutions that are critical to the functioning of the financial system, the problems in one bank can spread quickly. If the losses are substantial, the authorities run the risk of triggering a systemic crisis. Moreover, bail-in of creditors may make funding more expensive for other banks, particularly in turbulent times. For large, systemically important banks, the time-inconsistency problem remains. This weakens the credibility of the bail-in regime. Therefore, the Bank Recovery and Resolution Directive also provides for measures intended to bolster credibility. An important measure is that national authorities are to prepare resolution plans for individual banks.

Norges Bank’s Executive Board decided at its meeting on 16 March to raise the sight deposit rate by 0.25 percentage point to 2.50 per cent. The current assessment indicates an interest rate path where the interest rate is raised by about 1 percentage point this year, in line with expectations in the market. The sight deposit rate should be in the interval 2¼ – 3¼ per cent in the period to the publication of the next Inflation Report on 29 June 2006, conditional on economic developments that are broadly in line with the projections. Uncertainty surrounding the interest rate reflects the monetary policy response to unexpected disturbances to inflation, output and the exchange rate. We have illustrated the uncertainty surrounding forecasts for the interest rate, inflation and the output gap with fan charts. The width of the fan charts is based on historical disturbances. However, there is no certainty that future disturbances will be of the same nature and scale. The wider the fan charts are, the more uncertain the projections. Conclusion Increased globalization and the ensuing terms of trade improvements have exposed the Norwegian economy to a significant upward income shock. This has magnified the domestic upswing. So far, however, strong growth impulses have not led to major imbalances or strong upward price pressures. This may be seen as an indication that the macroeconomic framework, most notably the fiscal and monetary policy regimes, has been quite successful so far in shielding the Norwegian economy from excessive fluctuations.
The euro area is widely perceived as lacking a coherent strategy to calm markets and stabilise economic activity. It is also seen as the prime source of shocks affecting the global economy. Indeed, I sometimes have the impression that global volatility is solely attributed to the shortcomings of Europe, and that challenges to the sustainability of growth in other large economic regions are conveniently downplayed. At present, three critical views are particularly prevalent. •  The first is that Europe does not have the right tools to fix the crisis. •  The second is that Europe focuses only on fiscal consolidation and not on growth. •  The third is that the euro cannot overcome its design flaws. While I acknowledge the reasoning behind these views, you will not be surprised to learn that I fundamentally disagree with them. In all three areas the reality is more complex. Looking only at the outcomes of the European Council and Euro Summit on 28–29 June, these critiques do not hold up. Europe is making more progress than many external observers acknowledge. 1. Instruments of crisis management  Let me begin with the first criticism: that Europe lacks appropriate instruments to deal with the crisis. To start with, one needs an appropriate sense of perspective. It is unrealistic to expect the euro area to have the reaction-function of a nation-state like the U.S. The U.S. has spent more than 200 years establishing institutions to run a vast and diverse economic area and to manage crises.

The number of guarantees approved during the period amounted to 1,668 with a total value of Rls 644 million against loans to the tune of Rls1.6 billion granted by banks under the umbrella of the program, which benefited about 1,113 small and medium enterprises. This is in addition to loans provided by the Saudi Credit and Savings Bank, for financing young people and small enterprises, as well as the Centennial Fund, and Abdul Latif Jameel’s “Finance Program” that provides material support for youth’s projects and training courses. Dear audience, In conclusion, I wish to emphasize that the status of small and medium enterprises in the Kingdom still needs a lot of care and an appropriate environment to perform their required roles in the economy, especially in the field of Saudization of jobs. This important symposium may, hopefully, discuss this topic from its different aspects and provide the necessary recommendations to assist competent authorities in making appropriate decisions for this important sector. Thank you all for listening and wish you success. BIS Review 171/2010  3