samchain/econo-pairs-v1 huggingface dataset:
To licence, supervise and regulate the activities of banks and financial institutions so as to promote the safe, sound and efficient operations and development of the financial system;  2. To promote efficient payment mechanisms;  3. To issue notes and coins to be legal tender in the Republic and regulate all matters relating to the currency of the Republic;  4. To act as banker and fiscal agent to the Republic;  5. To support the efficient operation of the exchange system; and  6. To act as adviser to the Government on matters relating to economic and monetary management. As Deputy Governor Administration, my work includes overseeing the Human Resources, Finance, ICT, Audit, Bank Secretariat (Legal, Board Secretarial and Public Relations), Procurement and Maintenance Services, and Security functions of the Bank. Prior to my appointment as Deputy Governor Administration, I was the Bank Secretary. This position entailed being the Chief Legal Advisor to the Bank, Secretary to the Board of Directors and in charge of the Bank’s Public Relations function. My first career was that of an Academic. I lectured Law at the University of Zambia. I then briefly joined the Securities and Exchange Commission as the Director of Licensing and Enforcement before moving to the Bank of Zambia.

Going back to what I said earlier about maintaining high morals, keep away from abusing alcohol, drugs and sex as these are the ingredients that are likely to lead you into high risk behavior  2  BIS central bankers’ speeches  such as unprotected sex and cause you to contract the HIV/AIDS. Abstinence is the only 100% effective way to avoid getting infected. WHAT EMPLOYERS WANT Employers want to see in you potential to be a high flyer and willingness to learn new things. Employers want a demonstration of productivity. Employers want to receive a good reference, a transcript that reflects goods results and a qualification from an institution of repute, a qualification that is relevant to their needs. You therefore need to be forward looking even as you select your subject. PLAN YOUR LIVES. Do not have the attitude of FIKAISOLVA. Have a recipe for a successful life. It is never too early. I had decided when I began to study law that I wanted to specialize in commercial law. That path has brought me to where I am today. I must make mention that you are fortunate in that the environment of the college is ideal for learning. I had the opportunity to be taken around the college and I observed that you have modern facilities and equipment that support your learning. Your classrooms have the necessary furniture, the computer laboratory has access to internet and the physical building conditions are solid.
Today, our financial markets are better able to intermediate volatile financial flows and our financial institutions are supported by stronger financial buffers to withstand adverse developments and shocks. Significant strides also continue to be made in strengthening consumer protection frameworks, promoting financial inclusion, and enhancing market discipline. These developments continue to support the region through the recent episodes of turbulence in the global financial markets. The region has also made important strides in enhancing monetary and financial cooperation arrangements to address regional financial stability issues and global policy spillovers. Much has been accomplished in the areas of surveillance arrangements, financial safety nets and crisis prevention, management and resolution. We have already experienced the important benefits of having these arrangements in place as the region came together to respond where needed to events that were unfolding during the global financial crisis. The authorities in the region remain committed to build on these foundations to bring regional cooperation to higher levels not only to reap its benefits but to also preserve financial stability in the region. In this effort, the current priorities for cooperation include improving information flows on risk assessments; advancing regional financial infrastructure and capacity building; and providing a regional voice on key international developments that may affect the region. As financial integration gains pace, the demand will increase for greater convergence in regulatory and supervisory approaches and standards, including their implementation across borders.

As the Swiss economy is on the upswing, income is rising, as are the prices of assets. Demographic changes could also add to the pressure. For instance, immigration of well-qualified persons with high purchasing power has increased quite steeply since the agreement on the free movement of persons entered into force almost five years ago. These factors all tend to drive up demand for residential space. So far, supply has been able to keep pace with the increasing demand. Nevertheless, with supply adjusting only slowly, a higher level of demand could well accelerate price increases in the real estate market. It would then be the SNB’s responsibility to ensure – under these more difficult circumstances – that price movements in the real estate market did not threaten price stability as a whole. BIS Review 11/2007  1
Fiscal consolidation Significant steps were taken last year to reduce the budget deficit and strengthen the budgetary discipline and management framework. In the first of these areas, and although both expenditure- and revenue-side measures were applied, it should be stressed that the bulk of the effort consisted of spending cuts, allowing  BIS central bankers’ speeches  1  net overall general government borrowing to be reduced to 7% of GDP, or 10.6% when the assistance (a non-recurring expense) to financial institutions is included. Last month the European Commission announced a new fiscal consolidation path, setting new deficit targets of 6.5% and 5.8% for the current year, 2013, and 2014, and of around 4% for 2015, and requiring that the 3% threshold laid down by the Stability and Growth Pact be met in 2016. The additional margin provided will help soften the short-term contractionary impact of the fiscal adjustment on activity. As to public spending discipline and management, I should first mention the April 2012 Organic Law on Budgetary Stability. This legislation implements the principles of limiting the structural deficit and volume of debt that were enshrined in our Constitution in 2011. The Law makes key improvements in terms of the transparency of public finances. Many of these improvements were set in train in 2012 and early 2013. In terms of the availability of data on general government financial and budgetary conduct, Spain now probably stands at the head of the European Union countries.

Emerging countries continue to record high growth rates, but this momentum is weakening and in 2014 this weakness may become more pronounced. In the euro area in a scenario of weak economic growth and despite the improvement since summer 2012, monetary and financial markets remain fragmented and the uncertainty about monetary union and governance of the European Union has not been completely dispelled. In Spain, we have made significant progress in correcting the imbalances affecting our capacity to grow and I think we are on the right path to achieving a recovery of activity and the creation of employment on a sound basis. However, it will be essential not to abandon the policy of reforms aimed at increasing the flexibility of our economy and at boosting competitiveness. The fundamental task outstanding for the Banco de España is, with the help and close cooperation of the Government and the resolute support of the banking sector, to complete the balance sheet clean-up of our banking system, affording it the utmost solvency, efficiency and transparency. This target, to bring about a system that fulfils its key function to intermediate between savers and investors and which enjoys the full trust of customers and depositors, will, with hard work and rigour, be within our reach. But we will need something more: to restore economic growth, revive investment, create jobs and overcome the banking and financial crisis, we require legal security. I take this opportunity to request that you work resolutely to safeguard and strengthen it. Thank you for your attention.
Given those changes, I want to explain the rationale for large scale asset purchases in the current economic climate. In doing so, I will address two key questions. First, how will asset purchases help us meet the inflation target? And second, how will we monitor the progress of the policy and assess its effectiveness? How will asset purchases help us to meet the inflation target? The objective of the asset purchase programme is to boost nominal spending in order to hit the inflation target. The tightening in the availability of credit and the collapse in confidence has led to a sharp slowing in the growth of nominal demand. The four-quarter growth rate of nominal GDP sank to a record low in the final quarter of last year. The weakness in nominal spending has been accompanied by a sharp slowdown in the growth of bank lending to firms and households and in the growth of money holdings of the non-financial sector. At our policy meeting earlier this month, the Committee judged that without the additional stimulus provided by the asset purchase programme, the growth of nominal spending would be insufficient to meet the inflation objective. The MPC instructed the Bank to use the additional reserves to purchase two types of assets: gilts and high-quality corporate debt. This twin-track approach allows for asset purchases to stimulate nominal spending in a variety of different ways. Such a pragmatic strategy seems entirely sensible given that this in the first time these unconventional tools have been used in the UK.

Similarly, the technology used to control and manage inventories has changed substantially over the past twenty or thirty years. This may have enabled companies to run down their stocks earlier in this recession than in previous downturns. And indeed there is evidence that firms have already cut back aggressively on their stock levels. A corollary of this sharp correction is that the stock cycle may be shorter lived than in previous recessions. The behaviour of the labour market may also have changed. I have been struck by the number of business people who tell me about the array of measures they have already taken since their orders starting falling sharply last autumn. Wages have been frozen or even cut,  BIS Review 46/2009  3  hours have been reduced, working practices have been adjusted. To the extent that wages and hours are now more flexible, the adjustment in employment may be less. But if it is easier for companies to vary their labour force than in the past, much of this adjustment may come through more quickly than in previous downturns. It is hard to know at this stage how significant these structural changes will be in determining the depth of the recession and the speed of the recovery. But the possibility that there has been a material structural change in our economy highlights a further danger of viewing the current recession through the prism of previous ones.
Constant net-asset value MMMFs have perhaps been, globally, the most important non-bank banks lying outside the scope of what I like to call the banking Social Contract: no prudential supervision, no “deposit” insurance, no access to the discount window, and yet nevertheless allowed to conduct maturity transformation and offer payments services. Although smaller in Europe than in the US, this industry does exist over here; the ECB even include money funds in their definition of monetary institutions and so in measures of broad money. But there is the added twist that during the boom a large part of their assets comprised bank CDs and conduit ABCP. In other words, they have essentially been an intermediary between the banks and corporate treasurers, insurance companies etc, who fund banks at one remove. As Paul Volker’s G30 report concludes, we need to review whether or not to continue to allow Constant NAV MMMFs; the alternative would be that they convert either into variable NAV funds (ie like any other mutual fund) or into regulated deposit-takers. A third faultline may have been the extension of mark-to-market accounting to (more or less) everyone or everything without attention to how the dynamics of the system as a whole would be affected. If liquidity premia can fluctuate materially, the effects on portfolio values can be material, increasing or reducing leverage and affecting risk-seeking or shedding behaviour. Accounting measures then become actors rather than purely passive measures. This is a world away from only a small handful of dealers marking to market.

I therefore welcome further views and ideas from the audience during this conference on your aspirations to achieve financial well-being of our future Malaysia. 2/4  BIS central bankers' speeches  Financial well-being is not about being rich. Rather, it is about the ability to live within means and making responsible financial decisions. The state of financial well-being of an individual is a reflection of two factors — firstly, his or her level of financial literacy, and secondly, a person’s economic background. Unfavourable personal and economic circumstances, for instance, like most of us – coming from low and middle income families living in a city, may be more dependent on external factors and are not easily changed. Financial literacy, on the other hand, resides within an individual where we have control. Given the right intervention, motivation and discipline, an individual’s level of financial literacy can be improved from within. More importantly, such interventions can also become an important element to uplift a person’s personal and economic circumstances. The reverse is also true – absence of financial literacy may reverse financial well-being. We have seen many situations where individuals with favourable circumstances, such as high income professionals, nevertheless, fall into financial problems due to poor personal financial management. On the other hand, we often hear of people with less favourable personal and economic circumstances living comfortably within their means by practicing a “prudent and modest lifestyle”.
What about a reversal of labour market reforms (minimum wage, collective bargaining)? Do the institutions have to consent? And do you think the markets will react, interpreting it as a sign of backtracking? Again, I don’t want to discuss specific measures. When do you think capital controls should be fully removed? The pace and composition of capital controls are in the hands of the Greek authorities. Many of the restrictions imposed in mid-2015 have already been lifted; the government published a roadmap for relaxing capital controls in May 2017, which it is closely following. This steady and responsible approach has been successful so far. Only once capital controls have been completely removed will the Greek economy and Greek banks be able to function normally inside the euro area. To achieve this, it is crucial to build an environment which strengthens depositors’ confidence and makes the Greek financial system resilient to outside stress. 4/4  BIS central bankers' speeches

[1] Giving legal tender status to the digital euro would make this possible, and it will be decided by you, the co-legislators. It would also help to achieve the network effects that are key to the success of payment solutions. [2] We will also strive for the highest standards of privacy[3] and aim to contribute to financial inclusion and foster digital innovation, including as regards the programmability of payments. [4] As for implementation, we are working to minimise the time to market, costs, risks and ecological footprint associated with the digital euro. In particular, we will make sure that the digital euro builds on the experience of financial intermediaries in consumer-facing services, does not crowd out private means of payment, and preserves financial stability. And this is the aspect that I will focus on today: the potential impact of a digital euro on the financial system. The digital euro and the evolution of the financial system As we explore the design of the digital euro, we are not only looking at the payments landscape of today – we are in fact also considering how it might evolve in the future. Imagine a world in which the central bank continues to offer only cash, but people increasingly prefer to pay digitally and the only digital forms of money available to them are private ones. [5] In such a world, central bank money would lose its key role in payments, and it would not be possible to ensure the complementarity and convertibility of public and private money.
There are three elements to this, as is described in this slide: contractual foreign debt payments in the next few years, well in excess of reasonable expectations of the size of the current account surplus; offshore krónur, a legacy of the carry trade, which still amount to 20% of GDP; and potential króna payments, from the old banks to foreign residents, amounting to another 25% of GDP. We can see from the Icelandic case, and indeed many others, that although financial integration can offer many benefits to small, open economies, it also potentially entails significant risks that can turn into a nightmare if left unchecked. In Iceland’s case, it was a pretty dramatic. What are the lessons, then? In the interest of time, I will briefly mention a select few. The first issue that I would like to mention is the need to monitor closely both net capital flows that immediately affect the economy – especially credit growth, asset prices, and domestic demand – and the developments of gross external assets and liabilities that might not affect the economy until risks materialise and banks are undergoing the transformation from being international in life to being national in death. During the financial crisis, there have been numerous cases of vulnerabilities in gross positions coming home to roost, such as the dollar-denominated parts of European banks’ balance sheets.

So let me make it more real for you by giving some concrete examples of issues we have been working on in this broad area. As we mark today the 150th birthday of the BSA, an obvious place to start is the UK housing market. For deposit-takers including banks and building societies, this is the biggest single loan exposure, and it is also the biggest liability of UK households. And in insurance, firms are taking on more exposures to housing in response to the developing financial needs of consumers. So this will always be an important asset class for the PRA. But there are a number of areas to which we are paying particularly close attention currently. First, as all borrowers and lenders are well aware, we have seen something of a price war in the mortgage market over the last couple of years. This may be good news if you are, for instance, a young supervisor in the PRA looking to buy your first property. But it is less good news if you are a lender concentrated in mortgages, given the impact on net interest margins. The response of such lenders has been entirely unsurprising: a material move up the risk curve. You can see this absolutely clearly in several ways: a dramatic fall in spreads demanded over the risk-free-rate; a marked shift in the high-LTV share of new lending by building societies; and a significant increase in firms’ appetite for higher LTV and higher LTI lending (see Charts 1 to 4).
Shocks may, for example, occur that make it difficult to quickly bring inflation to the target without creating major fluctuations in the real economy. One may then choose to let the outcome for inflation deviate from the target. This deviation is then deliberate and represents part of a compromise between stabilising inflation and stabilising resource utilisation. So, how should one assess monetary policy? Two approaches can be used. The first is to assess monetary policy a couple of years after the monetary decisions concerned, so that inflation and the real economy have had time to react to the monetary policy measures, and to use all the information available at the time of the assessment, that is including the information that has become available after the decision was made. This is, in other words, an assessment after the fact, or what can be called an assessment ex post. Although it may be very interesting to analyse the shocks that occurred after the monetary policy decisions were made, it is practically self-evident that monetary policy could have been better if the shocks that occurred later had been known at the time the decisions were made. An assessment after the fact is not therefore necessarily the most relevant form of assessment. A more relevant approach is to put ourselves in the position of the decision makers at the time the decision was made and to try to assess the decision given the information that was then available. In other words.

We have shared common destiny for centuries and now we should be ready for dialogue, cooperation and coordination. Above all, when we want to push through common interest in the future, we should work together in order to get a joint view of the events past and present. Thank you for your attention. 4  BIS Review 101/2010