samchain/econo-pairs-v1 huggingface dataset:
It will contribute to strengthening of the role of the National Bank in ensuring price stability and the stability and efficiency of the financial system in the country, as well as strengthening the capacity of the National Bank in meeting the challenges that lie ahead on the road to the accession of the Republic of Macedonia into the EU. Let me discuss briefly the results and significance of the project in relation to the further operation of the National Bank. The first and most important benefit of the project is the set of relevant findings of the experts on the existing gaps, and the recommendations for their overcoming within time frame and resources needed. In this regard, the Needs Analysis Report will be the basis for strategic planning of the National Bank and for setting the future strategy for joining the European System of Central Banks and the Eurosystem. With great pleasure I would point out that in the Report, the NBRM is regarded as a professional, independent, technically efficient and strategically oriented institution, and in some areas of central banking it is noted that it already operates in accordance with EU and ESCB standards. Also I am pleased to say that some recommendations that were given  BIS central bankers’ speeches  1  during the project have already been implemented, which encourages me to confirm our strong commitment for implementing and applying the recommendations given in the Report.

As regulator, our mandate is to ensure the financial stability of the economy. In this regard, our competencies as micro- and macroprudential supervisor require us to be able to assess and quantify the risks entailed by the transition to a more sustainable economy, both for each individual bank and for the financial sector as a whole. Indeed, the transformative measures to change our productive model will affect bank borrowers. In some cases, they will give rise to opportunities, but there is no way of hiding that these transformations will adversely impact the business model of certain sectors. Therefore, it should come as no surprise that as supervisors we require that banks measure the risks derived from the transition process and incorporate them into their management. It is well known that the ecological transition process entails two types of risk: (i) physical risks, caused by the direct effects of climate change, storms, floods and natural disasters, and (ii) transition risks, which refer to the potential effect on specific borrowers of technological changes, changes in customer behaviour and preferences and the regulatory measures taken precisely to prevent physical risks from materialising. The measurement of these risks poses significant challenges. For example, the long time horizon over which the effects of physical risk are observed far exceeds that used to measure conventional banking risks.
Spanish resolution regulations are already based on this bail-in model. That said, the scope of the bail-in under Law 9/2012 is somewhat more limited than in the Directive, which requires that resolution costs be borne not only by shareholders and the holders of hybrid and subordinated instruments (as envisaged under Law 9/2012), but also by the institution’s creditors (with some exceptions, e.g. secured creditors or depositors for the amount guaranteed by the Deposit Guarantee Fund). That will necessitate the updating of Spanish resolution rules to broaden the set of creditors who must bear the cost of resolution. BIS central bankers’ speeches  3  Closely connected with the idea of the bail-in is a new term called GLAC (gone concern loss absorption capacity), which consists of establishing a loss-absorption requirement once resolution has been reached. Current debate on GLAC turns on what attributes financial instruments must have so they may be considered as possessing such loss absorption capacity. It is also being discussed what the appropriate amount for GLAC should be for banks to be able to continue performing their critical functions. Final considerations: simplification for the sake of effective regulation To conclude, this entire programme of reforms will be of little use if the various agents involved cannot implement it effectively. Implementation should involve two stages. Firstly, authorities should ensure that international agreements are properly transposed to their respective national frameworks. Secondly, for effective regulatory implementation to take place, there must be a pass-through from the theoretical and legal plane to everyday reality.

You may recall, for instance, that the Basel Committee on Banking Supervision was created in 1974, in the wake of the mistrust triggered by the bankruptcy of the German bank Hersttat; that the Financial Stability Forum was set up in 1999, following the bankruptcy some months earlier of the hedge fund “Long Term Capital Management”; and that the successor to this forum, the Financial Stability Board (FSB), came into being in 2009, after the Lehman Brothers debacle some months earlier. It is this latter institution, the FSB, which is pushing through a thoroughgoing amendment of the international regulatory framework, seeking to reduce the likelihood of further crises in the future. In this connection, the FSB has benefited from decisive contributions by, among others, the Basel Committee on Banking Supervision. Identification of initiatives on the international regulatory agenda Initially, the FSB identified a series of issues with a view to organising a coordinated agenda of regulatory initiatives at the international level. Some aspects of the initial analysis, such as the design of structural measures in the banking sector (which were, in principle, highly oriented towards setting limits on the size of banks), were initially rejected by the FSB. However, as we now know, there have been several initiatives along these lines. Cases in point are the Volcker Rule in the United States, or the measures in the Vickers Report in the case of the United Kingdom.
Since the beginning of the millennium, the process of modernizing society was hastened with major reforms aimed at entrenching the principle of gender equality and equity. In 2004, the Civil Status Act (Moudawana) was amended and the status of women in the family further strengthened. In 2011, the country approved a new constitution that enshrines human rights and gender equality. Several laws have been adopted to ensure the harmonization of national legislation with international instruments that Morocco ratified and whose primacy are now recognized over its domestic laws. In the same vein, and to coordinate the various initiatives aimed at promoting gender equality and including women’s rights in public policies and development programs, a governmental plan for equality entitled “ICRAM” was developed for the period 2012-2016 and was later on expanded and extended until 2021. At the same time, a specific strategy for institutionalizing the principle of gender equality in the civil service was adopted in 2016. 2  EXPO 2020 DUBAI WOMEN ON BOARDS KEY ISSUES AND CHALLENGES IN THE MENA REGION  SPEECH OF MR. ABDELLATIF JOUAHRI GOVERNOR OF BANK AL-MAGHRIB (MOROCCAN CENTRAL BANK)  Today, the real challenge remains to succeed in the effective implementation of these laws and programs and to ensure a regular and close monitoring, which is hardly an easy task. Ladies and Gentlemen, Speeding up efforts to strengthen the economic role of women and reduce gender inequalities requires the mobilization of all stakeholders, government authorities, civil society, public and private institutions and national and international organizations.

EXPO 2020 DUBAI WOMEN ON BOARDS KEY ISSUES AND CHALLENGES IN THE MENA REGION  SPEECH OF MR. ABDELLATIF JOUAHRI GOVERNOR OF BANK AL-MAGHRIB (MOROCCAN CENTRAL BANK) NOVEMBER 14, 2021  EXPO 2020 DUBAI WOMEN ON BOARDS KEY ISSUES AND CHALLENGES IN THE MENA REGION  SPEECH OF MR. ABDELLATIF JOUAHRI GOVERNOR OF BANK AL-MAGHRIB (MOROCCAN CENTRAL BANK)  YOUR EXCELLENCY, MRS. SHAMSA SALEH, CEO OF DUBAI WOMEN ESTABLISHMENT (DWE) AND SECRETARY-GENERAL OF THE UAE GENDER BALANCE COUNCIL; MRS. NADIA FETTAH, MINISTER OF ECONOMY AND FINANCE AND COMMISSIONER GENERAL OF MOROCCO PAVILION AT “EXPO 2020 DUBAI”; Honorable audience, It is a great pleasure for me to take part with you today in this important meeting at “Expo 2020 Dubai”. I really wished to be there with you in this country where I always feel at home. Unfortunately, multiple constraints have made it impossible for me. However, I would like to compliment the Emirati authorities for the exceptional organization of this event. The everyday echoes of the Expo tell a story of a tremendous success. I am also delighted as the topic chosen for this meeting is particularly close to my heart and I congratulate the organizers for such relevant choice. I would like to particularly thank Mrs. AMINA FIGUIGUI and Mrs. NADIA FETTAH, respectively President and Vice President of The Club of Women Business Administrators (CFA Morocco), for inviting me to this meeting.
This could be achieved by having the private operators of this infrastructure issue a ‘settlement token’ on the DLT system, with the securities then being settled against these tokens. An initiative launched by a consortium with Swiss participation is working on such an approach under the project name ‘Utility Settlement Coin’. This example shows how a market solution could ensure cash-side settlement of securities on the distributed Page 5/8  ledger. This scenario is outlined on the slide 7. Such a privately issued settlement token would be equivalent to commercial bank money, and fully secured by central bank money. However, it would also be possible in principle for central bank money to be tokenised for the settlement of interbank transactions. Central banks in some countries – Singapore among them – are conducting experiments to gain a better understanding of the associated risks. As you can see on the slide 8, this is similar in concept to the previous option. However, there are a number of questions still to be answered in this respect as well. As you can see, there would be various forms that this coexistence could take. What is crucial is that the safety and reliability of the FMI be maintained. The central bank has an important part to play in the reliable foundation, that is to say with regard to payments in the RTGS system. Around this solid foundation, however, it is the market that has the main role.

And finally, I will take a brief look at digital central bank money for the general public, a subject currently generating a lot of debate, and will outline why there is no need for it if the system for cashless retail payments is efficient and innovative. The potential of DLT for the FMI So let me begin with the potential that DLT has to offer for the FMI. The FMI is the bedrock of our financial system, facilitating the reliable transfer of securities and money between buyers and sellers. The slide 2 shows a simplified FMI process chain for the settlement of a securities transaction. Transactions are first made via a trading platform, for instance a security is bought on the Swiss Exchange. This purchase is then cleared and settled. Security and money are simultaneously transferred between buyer and seller. In Switzerland, this takes place via the securities settlement system SECOM and the payment system Swiss Interbank Clearing, or SIC for short. It is entirely possible that distributed ledger technology could take hold in various fields. I would like to look here at two possible areas of application: securities settlement and crossborder payments. Page 3/8  One of DLT’s key characteristics is that it makes verified information available to a large number of parties simultaneously. It is therefore particularly appealing in the case of complex processes where coordination is required across a whole range of participants.
Ladies and gentlemen, As the Thai economy gradually recovers and inflationary pressure remains subdued, monetary policy will ensure that monetary conditions are adequately supportive to growth. At the same time, we must not forget to chart a course towards the country’s long-term economic development. As the Thai economy is in need to upgrade growth potentials and increase competitiveness, the Bank of Thailand will contribute to this process of economic transformation by taking a proactive role in the financial sector development policy. Ongoing in this sphere, there are at least three development plans under implementation, namely, the Financial Sector Master Plan, the Payment Systems Roadmap, and the Capital Account Liberalization Master Plan. Although the three plans have different objectives, they complement each other and together form a strong foundation for the country’s financial sector development. I will highlight a few key elements we hope to get out of these plans. The first one is the Financial Sector Master Plan (FSMP) Phase III. Approved by the Cabinet in March this year to set out strategic directions for the next five years (2016 – 2020), FSMP III is aimed to promote a competitive Thai financial sector, to support more diverse needs at fair and undistorted prices, as well as promote regional trades and investments, with proper supervision to ensure macroeconomic and financial stability. In short, this plan’s motto is to promote a “competitive, inclusive, connected, and sustainable” financial system.

The period where inflation has been below the target has gradually become longer and longer. Even the more stable underlying inflation measure, where both interest-rate effects and volatile energy prices are excluded, has been below 2 per cent since January 2010 (see Figure 2). According to the Riksbank’s forecast, it is expected to reach this level again in autumn 2016, provided that monetary policy is very expansionary. This means nearly seven years below the target, at least five of which have been clearly below it. 9  Se for example Williams (2009), Blanchard et al. (2010), Calmfors (2013), Ball (2014), Krugman (2014), and Rosengren (2015). 10  See Côté (2014) and Kryvtsov and Mendes (2015). BIS central bankers’ speeches  5  Figure 2 Inflation has been low for a long time Annual percentage change  Note: CPIF is CPI with fixed mortgage rate. Sources: SCB and the Riksbank. Once inflation had undershot the target for a while, inflation expectations began to fall. Economic agents did not expect inflation to meet the target even five years ahead. In other words, a risk began to build up that the role of the inflation target as a benchmark for pricesetting and wage formation would begin to weaken – that the nominal anchor that has been an important part of the favourable developments in Sweden since the 1990s crisis would no longer hold.
He seemed to suggest that, were the role of money to be neglected and monetary policy become focused on shorter-term stabilisation of real economic variables, then the longer-term stability of inflation could be put at risks. With inflation already at undesirably elevated levels, the stakes are high. There is still much to do in thinking about whether and, if so, how monetary variables can help pin down the wider nominal dynamics of the economy and keep inflation at target sustainably and credibly over the medium term. So, to conclude, I return to the question asked at the outset: ‘What did the monetarists ever do for us?’ I doubt that monetarism will be (re) embraced by either the academic or central bank communities in the coming years. But – just like the Romans in the famous Monty Python sketch – maybe our understanding of how the monetary policy transmission mechanism has, does and will work owes more to them than we typically care to admit. The views expressed in this speech are not necessarily those of the Bank of England or the Monetary Policy Committee. I would particularly like to thank Ryland Thomas for his considerable help with the analytical work presented in the Annex and Saba Alam, Rich Harrison, Jack Meaning, Martin Seneca, Rashmi Harimohan, Bob Hills and  Page 16  Gavin Wallis for helpful discussions in the preparation of this speech.

The impact of asset purchases and sales on the economy is state contingent, with the smooth functioning of financial markets being a key determinant of the likely impact. Back in its August 2021 Monetary Policy Report, the MPC judged ‘that the impact on monetary conditions of a reduction in the stock of purchased assets, when conducted in a gradual and predictable manner and when markets are functioning normally, is likely to be smaller than that of asset purchases on average over the past’. [17] The analytical results discussed today support these conclusions, and thereby the approach to unwinding the QE asset portfolio based upon them. That is not to deny that asset sales have the potential to tighten monetary and financial conditions – indeed, the monetarist framework would suggest that some tightening is likely. I would certainly expect them to do so. But as long as we undertake any gilt sales programme in a gradual, predictable and well-communicated manner in a reasonably benign market environment, we can still use Bank Rate as the marginal instrument to achieve the inflation target over the medium term, conditional on how QT has influenced asset prices and the wider economic situation. Concluding remarks The analysis I have presented explores whether monetary quantities play an additional role in the transmission of monetary policy to aggregate spending (and thus pricing) decisions, beyond that already captured by the impact of changes in the official policy interest rate.
That actual interest rate developments will deviate somewhat from the Bank's forecast will probably be the rule rather than the exception. In Monetary Policy Report 2/07, it was pointed out that high capacity utilisation and higher cost inflation may on the one hand lead to higher-than-projected inflation. Sustained high productivity growth, a more pronounced shift towards imports from low-cost countries and a stronger krone exchange rate may on the other hand result in lower-than-expected inflation. When Norges Bank’s Executive Board decided on 26 September to raise its key policy rate by 0.25 percentage points to 5.0 per cent, it was stated in the press release that growth in the economy has been stronger than expected, cost inflation is on the rise and that there are prospects of a further pick-up in price inflation. It was also pointed out that financial markets have been turbulent since the beginning of August, the global economic outlook is uncertain and the krone is strong. The Executive Board therefore considered the alternative of leaving the key policy rate unchanged at this meeting. In addition, it was stated that if the turmoil in financial markets persists and the krone remains strong, and this has considerable consequences for the outlook for inflation, output and employment, Norges Bank’s key policy rate may be raised to a lesser extent than envisaged in Monetary Policy Report 2/07. Thank you for your attention.

Dimitar Bogov: World Savings Day - the importance of savings in Macedonia Speech by Mr Dimitar Bogov, Governor of the National Bank of the Republic of Macedonia, in front of the Banking Association of the Economic Chamber of Macedonia, marking 31 October the World Savings Day, Skopje, 31 October 2017. * * * Ladies and gentlemen, dear bankers and guests, It is a great pleasure to address you on the occasion of marking the World Savings Day. This is the day when we emphasize the important role of savings, not only in terms of its role as a source of funding for the banks, but also its immediate importance for the economy as a whole and for maintaining financial stability. All of us, you as bankers and we in the National Bank, as regulators, have many times been convinced in the truth of the saying that maintaining bank stability reflects the depositors’ confidence. This year, the banks enjoyed the trust of the population, regardless of the unfavorable influence of the domestic political developments on the ordinary citizen and the depositor. This is also confirmed by the latest available data on the movement of household deposits. As of September, household deposits show a very solid growth rate of 5.8%, which is an important indicator for stabilizing depositors’ expectations and perceptions amid unstable environment and restraint of economic agents from investment in the first half of this year.
But as we have said time and again in the past, we are not and cannot be immune to what happens outside our borders. We can mitigate its effects, but we cannot avoid them altogether. Therefore, the external situation is likely to have repercussions on our economy and, consequently, on our monetary policy conduct. As I just mentioned, at the August meeting the Board withdrew the tightening bias on the MPR it had communicated in previous minutes, which has reflected in the behavior of market interest rates. The baseline scenario I will be presenting in a moment assumes that the world economy will grow less than we anticipated just three months ago. First-half output figures were pretty  BIS central bankers’ speeches  1  weak in the developed world. Recent financial turmoil could aggravate in the second half of the year. Developed economies’ households continue to tighten their belts in order to reduce their massive debts, but, in turn, this deleveraging process is restraining growth in domestic demand and employment, prolonging balance sheet vulnerability. In addition, the fiscal position of these economies has deteriorated after several years of fiscal deficit. Remedying this situation will call for substantial adjustments in their public finances. Some of them could be done in the medium term, for instance in the United States, while others need immediate action, as is the case in some emerging European economies. In moments of weak private demand, these adjustments could postpone the much expected recovery even further.

Although such a euro area stance is prevailing, the contribution of individual Member States to the aggregate outcome is suboptimal. Some of them need to take additional measures to ensure compliance with the fiscal rules, while others have scope to use available fiscal space. In addition, all euro area countries should strive for a more growth-friendly composition of fiscal policies by prioritising public investment and reducing the tax burden on labour. The current political and economic momentum in Europe also provides an opportunity to strengthen our Economic and Monetary Union (EMU). Further integration needs to be achieved 2/3  BIS central bankers' speeches  above all by implementing what has been agreed and by completing the common projects we have started. This includes completing the banking union and building a capital markets union. A more complete EMU, with further steps towards a deeper financial, fiscal and economic union, will be the foundation for a stable, flourishing and resilient euro area economy. That is the best contribution which Europe can make to global economic growth and financial stability. By delivering on its mandate, the ECB will continue to play its part in this endeavour. 3/3  BIS central bankers' speeches