samchain/econo-pairs-v1 huggingface dataset:
Some representatives have questioned why they need to pass these new exams when all they sell are simple products. MAS takes the view that a good financial adviser should be able to explain the advantages and disadvantages and the risks of competing products – both simple and complex. The reality is that consumers today are faced with a wide range of choices. For example, a consumer wishing to invest and buy insurance protection has a few options. He may consider a participating policy or a regular premium investment-linked policy or simply purchase an insurance term policy and invest separately. He could build a portfolio of just plain vanilla stocks and bonds or include ETFs and futures or simply buy unit trusts. Each option has its own set of risk-return and cost considerations. The increasingly educated consumer will expect his representative to help him make sense of the complexity of the products and their suitability, even if he eventually settles on simple life insurance and investment products. Some other FA representatives feel that their academic qualifications are sufficient and should allow them an exemption from the exams. But consumers should have some assurance that the qualifications of the FA representatives meet a common standard. The examinations are industry-certified, and set a common standard and benchmark for FA representatives. It is important that all representatives, even those who have been in the industry for many years, stay abreast of latest market developments and products.

The results of the testing over the first year suggest that the operations have been successful working with IOER to establish a floor for the level of money market rates. Our analysis has found that, offered at a spread of 20 basis points to the IOER rate, ON RRPs have kept overnight repo rates above where they would otherwise have been, in part by influencing the bargaining power of our counterparties. All of the Desk’s eligible RRP counterparty types participate in the operations, with money funds accounting for the largest share of take-up. Take-up generally increases when the spread between market rates and the ON RRP offered rate narrows. Take-up also rises substantially around quarter- and year-end financial reporting dates, when some money market participants’ access to other overnight investments is more limited. To further examine how ON RRPs might best be structured to supplement IOER in controlling the fed funds rate while limiting the potential for unintended effects in financial markets, the FOMC recently directed the Desk to make several changes to the design of its ON RRP operations.
It is equally important to avoid an inflation rate that is too low, as it is to avoid an inflation rate that is too high. The situation in the labour market The supply of labour is limited in the Norwegian economy at present. We have a tight labour market. The labour force participation rate is high. Extensive use of disability and sickness benefits is limiting the supply of labour. Reforms such as contractual pension schemes, which were expanded through the 1990s, cash allowances for families with small children and an increased number of vacation days this year and next also contribute to reducing the labour supply. Recently, unemployment has declined again. Adjusted for normal seasonal variations, the number of registered unemployed now stands at 59000, or 2.5 per cent of the labour force. Of these, about ¾ percentage point, or about 16 000, have been unemployed for more than 6 months. The tight labour market is the result of a high activity level in the Norwegian economy. Growth in household and enterprise debt is strong. The phasing in of petroleum revenues in the years ahead will keep demand for labour at a high level. The centralised income settlements in Norway have been an arena of coordination, where considerable emphasis has been placed at times on overall employment. This has contributed to low unemployment levels in our country. But we have also experienced that the income settlements may be a source of economic disturbances.

Since joining the EU and until 2018, Romania had accessed more than 21 billion EUR as EU funds that contributed to development and bridged the gap of convergence with developed economies in the EU. 1/2  BIS central bankers' speeches  NBR’s recent research on the impact of EU funds on Romanian economy shows that an increase by 1 percentage point of GDP in structural and cohesion funds has a short term eﬀect of up to 0.7 percentage points on economic growth and a medium-term effect of up to 3 percentage points1. Thus, significant efforts should be made to guarantee that Romania improves the efficiency of EU funds absorption. In order to achieve that, Romania needs sound policies oriented towards macroeconomic balance and safeguarding financial stability. Foreign direct investments are also essential for economic growth. The picture here is mixed. During the second half of the year 2018 and in 2019, persistent pressures on global economic growth and subsequent downward revisions of expected growth rate impacted the investments and the reallocation of capital. Constant trade tensions, terrorism and geopolitical uncertainties are causing a slowdown in economies across the world. At the same time, new technologies have disrupted global value chains and the classic employment model, while new climate change related risks have emerged in the financial sector. On the other part, investing in companies with strong environmental, social and governance (ESG) policies, in green bonds and in new technologies supporting the digital economy, will contribute to achieving the Paris Agreement objectives and a sustainable development.
The success of the reforms will indeed hinge on perseverance – as no reform has a one-year pay-back – and on their overall consistency, as all reforms are in a close interaction. Let me start first with the interaction between the public debt, efficient public spending and the tax system. Although some progress has already been achieved, structural public finance reforms are still needed. Thanks to the strong economic growth in 2017, the headline deficit fell below the 3% threshold, reaching 2.6% of GDP, and finally complies with the Stability and Growth Pact deficit rule. A tax reform was voted last Fall, lowering the tax burden on companies and on capital: the corporate tax rate will gradually fall from 33% to 25% in 2022 and personal capital income will be taxed by a flat rate from 2018. And last week, the French government published its revised medium-term targets: the public deficit is projected to turn into a slight surplus by 2022, while the public debt-to-GDP ratio – which reached 97.0% of GDP in 2017 – would decline by almost 8 percentage points at the same 5-year horizon. This ambition is very welcome but the better-thanexpected results of 2017 should not make us complacent about the remaining challenges. Even with favourable cyclical conditions and persistently above-trend GDP growth forecasts, the success of the consolidation strategy will depend on capping public spending growth.

Yet, France also enjoys major assets. First, a high investment rate, which has returned to its 2008 peak for private non-residential investment – close to the US level, indeed – and remains above the euro area average for public investment. It also has a wealth of fast-growing innovative firms according to Deloitte. [slide 3] Second, a high level of hourly productivity, on a par with Germany and the United States, but with a more dynamic working-age population than in the rest of Europe, which will support potential growth in the medium term. [slide 4] That’s where we are starting from. I would like to underline that we are enjoying a favourable momentum, which offers a window of opportunity for reform. This opportunity is indeed being seized to implement ambitious and consistent reforms, so yes, France is heading in the right direction and at a fast pace. [slide 5] 1. A favourable momentum: a robust upturn creates an appropriate timing for reforms Business climate and consumer confidence increased sharply in 2017. Surveys in all sectors reached levels that had not been observed for several years. After the uncertainties surrounding the presidential campaign, the French institutional framework now seems solid to international observers. Allow me a one-second excursion from economic to political science. In the troubled democratic times we live through, France has the strong advantage of a clear two-round majority voting system, and 5-year terms for the President as well as for Parliament.
The new funding ecosystem will thus need to provide comprehensive and flexible financial solutions to Malaysian consumers and businesses. Recognising the importance of having a payment system that is comprehensive and efficient to support the needs of the consumers and businesses in a high-income economy, the payment system infrastructure would be enhanced and more inclusive, capitalising on the advancements in technology as well as the high number of banking accounts and mobile phone penetration in the country. The focus will be on infrastructure developments necessary to provide the speed and efficiency while offering convenience to consumers and businesses. Electronic payments should be the preferred medium for all economic transactions. This includes having the infrastructure necessary for industry-wide mobile banking and payment ecosystem, including an extensive outreach of the point-of-sale terminal facilities. The pricing structure and a comprehensive awareness programme to steer desirable payment behaviour are also key areas that will be addressed in our next phase of the development of our financial system. The blueprint will also seek to extend the reach to the potential untapped market represented by the latent demand for financial services among the non-urban population and urban residents in the lower income group. The blueprint will endeavour to develop a conducive environment for the design of financial products and services and the utilisation of delivery channels will effectively overcome the barriers to financial access, particularly cost restrictions and physical accessibility.

Zeti Akhtar Aziz: Forces of change Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the Financial Industry Conference 2010, Kuala Lumpur, 3 November 2010. *  *  *  It is with great pleasure that I welcome you to this year’s Financial Industry Conference. One year hence from our Conference in 2009, the world is still confronted with the same challenge – achieving a self-sustaining economic recovery. The encouraging signs of recovery that emerged a year ago have now given way to increasing uncertainties on the sustainability of this global recovery. Considerable uncertainty also remains on how the announced regulatory reforms will be implemented and on its consequential impact on growth and on the financial intermediation process. In addition, market conduct challenges, the uncertain outcomes of the unconventional and exceptional measures as well as the considerable pressure on the public finances have added to the rising uncertainties on the sustainability of global growth. I. Economic outlook  As the effects of the massive policy support begins to wear off, growth in the advanced economies is slowing, weighed down both by crisis originated factors and structural issues. Unlike in the early part of the financial crisis, policymakers in the advanced economies now have limited policy flexibility to undertake further measures to support growth.
The Riksbank will continue issuing banknotes and coins as long as there is demand for them in society. It is our statutory duty and we will of course live up to it. Let me also, for the sake of clarity, repeat that the Riksbank has not decided to issue e-krona yet, but to investigate the possibilities. The low use of cash in Sweden means that this is more of a burning issues for us than for most other central banks. Although it may appear simple at first glance to issue e-krona, this is something entirely new for a central bank and there is no precedent to follow. 9 There is a long list of fundamental questions that need to be answered. Let me give you a few examples. E-krona in an account? The first question is whether e-krona should be booked in accounts or whether the ekrona should be some form of digitally transferable unit that does not need an underlying account structure, roughly like cash. If we want an account structure, would the account be with the Riksbank? If not, where would it be? 7 The World Economic Forum has an index, the Network Readiness Index (NRI), which ranks countries’ conditions  for making use of modern communication and network technologies. Sweden has been among the top three countries in the world for the past ten years. 8 The banks have done so with Swish. There is a competing service in SEQR.

If the Riksbank launches an e-krona with a positive interest rate, it can in some situations be very attractive for both the general public and companies to convert their account balances in the banks to e-krona with the Riksbank. The banking system could then be drained of the funding for its lending, and become unstable, which could damage the supply of credit in the economy. In addition to the questions I have just mentioned, there are a number of other questions, such as technological solutions, consumer integrity and how a solution can be adapted to suite different groups in society. As you hear, I have only been able to take up a lot of questions here. I don't have all the answers. And I don’t think anyone else has at present. The only thing we can be fairly certain of is that whatever direction the Riksbank chooses to take - whether or not to issue e-krona - it can have a major impact on the payment market, the banks’ business models, the way interest rate setting functions, financial stability, and so on. The Riksbank will investigate e-krona Now I have given my view on the situation for Sweden as one of the countries where the use of cash is declining the most and the fastest and where the general public are finding it increasingly difficult to get access to central bank money.
This rapid expansion of the middle class in ASEAN will spur demand for a wide range of goods and services. •  Services such as telecommunications, education, healthcare, and banking and finance, have a high income elasticity of demand. •  This means that as incomes rise and wealth accumulates, the demand for financial services – be it consumer credit, wealth management, or insurance – will rise more than proportionately. This phenomenon is being demonstrated right now, as it has been over the last few years, and will continue to play out in the next few decades as ASEAN continues to grow. Economic and financial integration to sustain growth Besides domestic structural reforms, a key factor to sustain ASEAN’s rate of growth closer to 6% than 4% is economic integration. •  A key vehicle to achieve this is the ASEAN Economic Community (AEC). •  The AEC, as you know, was adopted in 2007 by ASEAN Leaders as a blueprint to achieve a free flow of goods, services, investments, and skilled people within the region by 2015. We have achieved substantial progress in implementing the AEC Blueprint. •  More than 90% of the key deliverables targeted for completion by 2015 have been implemented. •  Virtually all goods traded within ASEAN are at zero tariff. •  There are agreements in place to enhance protection for investors, liberalise sectors for investment, and provide greater transparency on investment rules.

We supplement this survey evidence with assessments from internal models. These models are data-driven and estimate percentiles of the distribution of possible forecast outcomes for growth and inflation. Our estimated models have indicated a greater degree of uncertainty than reflected in the U.S. SPF, and suggest downside risk to both the growth and inflation forecast. BIS central bankers’ speeches  3  But, I would caution that these models are still relatively new in terms of their development and their results need to be supplemented by judgment. Now, putting these inputs and my judgment together, I see the uncertainties around my forecast to be greater than the typical levels of the past. This assessment reflects the divergent economic signals I highlighted earlier, and is consistent with the turbulence we have seen in global financial markets. At this moment, I judge that the balance of risks to my growth and inflation outlooks may be starting to tilt slightly to the downside. The recent tightening of financial market conditions could have a greater negative impact on the U.S. economy should this tightening prove persistent and the continuing decline in energy and commodity prices may signal greater and more persistent disinflationary pressures in the global economy than I currently anticipate. I am closely monitoring global economic and financial market developments to assess their implications for my outlook and the balance of risks. U.S. Monetary Policy in a Global Environment Thus far, my remarks have focused on the U.S. outlook and the risks relative to this outlook.
The actual return on the Fund in 2001 will not be included in the calculations until the budget for 2003. Moreover, attempts shall be made to curb the impetus from particularly large fluctuations in the phasing-in rate implied by the main rule: “In the event of extraordinary, substantial changes in the Fund’s capital or in the structural, non-oil deficit from one year to the next, the change in the use of petroleum revenues must be distributed over several years based on an estimate of the size of the real return on the Fund a few years ahead” (Report no. 29 to the Storting 2000-2001, p. 7). This means that fiscal policy can still be used to stabilise economic developments. This is a sound Norwegian tradition, but may be demanding. At last year’s seminar, the Central Bank Governor stated: “In Norway it is important that the annual budgets are anchored in a long-term strategy which takes into account that oil revenues may fluctuate from one year to the next”. The guidelines satisfy the requirements of this long-term strategy. Consensus concerning the guidelines and adherence to them will create confidence in the long-term formulation of fiscal policy. This also provides a stable framework for monetary policy. Under such conditions, the effect of monetary policy instruments will be more predictable. The uncertainty facing economic agents is reduced through the establishment of credible fiscal policy guidelines. A stable operating environment is an important precondition when decisions that have long-term consequences shall be taken.

Jarle Bergo: Inflation targeting and the phasing in of petroleum revenues - a dilemma for monetary policy? Address by Mr Jarle Bergo, Deputy Governor of Norges Bank, at the seminar on foreign exchange policy issues arranged by the Association of Economists, Gausdal, 25 January 2002. *  *  *  Introduction Since last year’s seminar, new guidelines for economic policy have been introduced. As the title of my speech suggests, these guidelines will serve as the starting point for my talk. In his presentation last year, Norges Bank’s Governor said “Monetary policy cannot function effectively without a good interplay with fiscal policy”. I will start by taking a closer look at the implementation of monetary policy before I discuss the guidelines for phasing in the petroleum revenues and the interplay between fiscal and monetary policy. Finally, I will take a look at the implications that the phasing in of petroleum revenues will have for our industry structure. These implications may pose a challenge to many, but not necessarily to monetary policy. On 29 March 2001, the Stoltenberg Government issued new guidelines for monetary policy and presented guidelines for fiscal policy. Monetary policy was to be oriented towards low and stable inflation. The inflation target was set at 2½ per cent. The guidelines for fiscal policy imply that over time, the central government budget deficit shall be equivalent to the expected real return on the Government Petroleum Fund. The change in the guidelines for economic policy met widespread support in the Storting.
This positive trajectory reflects a number of key fundamental strengths in the Thai economy. First, our human capital remains intact and strong. Thailand’s flexible and skilled workforce will continue to provide a solid foundation for businesses to flourish and expand. Second, the corporate sector boasts healthy balance sheets from accumulated savings and profits, enabling them to rebuild and invest. Third, the banking sector is strong and well-placed to provide the financing necessary to sustain the investment cycle. Finally, Thailand is well positioned geographically to serve as a supply-chain hub for many industries and to reap the benefits of an expanding as well as more integrated Asian economic block. As alluded to earlier, the process of regional integration will provide Thailand with enormous opportunities to expand our role in the region through increased trade in goods and services. Realizing these opportunities will not be easy, nor will they be automatic. The key impetus falls on structural reforms that lift Thailand’s international competitiveness. Considerable adjustment and transformation of our economy will be required. Factors of production will have to be reallocated to activities that offer the most promising way forward. Government policies and laws will have to be updated and changed to best facilitate such structural adjustments, all the while making sure that the burden of adjustment on those who stand to lose is bearable. The pursuit of economic growth should not be absolute, but inclusive. As should be apparent, such challenges cannot possibly be completely met in the short-term, let alone in 2012.

Inflation expectations themselves have been remarkably stable, including during the recent period when oil prices jumped to levels no one could have expected only a year ago. This, by itself, illustrates the credibility achieved by the Eurosystem of Central Banks, after eight years of existence. Second, European households and companies are reaping the benefits of that credibility. Long term interest rates stand at a low level, 40 to 50 basis points below the level in the United States. So, even after the recent increases in short term rates, monetary and financial conditions remain extremely favourable for investment and growth. And indeed, we might be witnessing in Europe a period of sustained and stable growth, at least if current projections and surveys are proven to be right in the coming months. A third benefit of the Euro is the boost it gives to financial integration in Europe. In many segments, European financial markets have reached the depth and liquidity which, up to now, were the preserve of dollar markets. This stimulates productive investment, helps in restructuring (as witnessed by the current wave of M&As) and, more generally, allows a better allocation of savings and sharing of risks. As a consequence, the euro is becoming extremely attractive, as a vehicle, a transaction, an investment and a reserve currency. As you may know, as central bankers, we remain neutral as far as the internationalisation of the euro is concerned. We are neither encouraging, nor discouraging the process.