samchain/econo-pairs-v1 huggingface dataset:
At the same time, there is a need for increasing the awareness of the basic principles underlying the surveillance and enforcement process. Ultimately, this requires striking a delicate balance between the sovereignty of national governments, the responsibility of the ECOFIN Council for enforcing the Pact and the independence of the Commission, the latter being essential for an effective assessment of national budgetary positions. The ECB has always considered the fiscal rules enshrined in the Treaty and the Stability and Growth Pact as an essential element of Monetary Union. These rules already contain significant scope for flexibility. While the implementation of the preventive arm of the Pact could no doubt be strengthened, in particular to enhance incentives for compliance in good times, we reject proposals that would undermine the Pact’s corrective arm and the excessive deficit procedure contained in the Treaty. If all policy areas concerned respect the aforementioned allocation of objectives and responsibilities and act accordingly, they will already be making the best possible contribution to the Community objectives. 3. A sound institutional arrangement  A clear allocation of responsibilities is essential for well-designed policy-making, especially in a complex institutional set-up as the one governing monetary union in Europe. At the same time, a continuous dialogue between different policy actors on the basis of the allocation of tasks is also important for effective governance.

Of course, safeguarding the soundness and discipline of fiscal policies that largely remain the competence of national governments presents a particular challenge. Ultimately, it must be ensured that twelve national budgets taken together are consistent with sustained stability for the euro area as a whole. In this regard the Stability and Growth Pact provides for a clear allocation of responsibilities between the Commission and the ECOFIN Council. The Commission is responsible for compiling the necessary information and analysis for effective multilateral surveillance, for formulating recommendations for decisions by the Council, and for overseeing the correct application of the Pact. The Council is responsible for taking the final decisions and it thus has the ultimate responsibility for enforcing the Pact. These two principles of surveillance and enforcement form the basic idea of the Stability and Growth Pact and must not be put into question. Having said that and in the light of the ongoing discussions on the future of the EU fiscal framework, let me re-affirm the ECB’s view that the Stability and Growth Pact is appropriate in its present form, but that there is scope for improving its implementation. Specifically, given that the experience with the Pact since 1999 has been mixed at best, there is a need to provide enhanced incentives to comply  BIS Review 71/2004  1  with the commitments under the Pact and to increase peer pressure towards enforcing the rules.
That shared vision has been the platform that has helped the two institutions to achieve “goal congruence” in the recent past, and there is also no doubt that the resulting harmonization has been the powerful driving force behind our steady progress. 12  BIS central bankers’ speeches  In the meantime, we must also appreciate that a large segment of our economic activities are carried out by the private sector, to which many of you belong. Your contribution then, has also been a vital factor in maintaining the momentum and thrust of our economy. Therefore, let me acknowledge today that, no amount of harmonization of Monetary and Fiscal policies could ever be a substitute for the commitment and dedication of a vast number of entrepreneurs who take risks, as well as burn the mid-night oil, to deliver value in our economy. A future role for the accountancy profession Where do we go from here? In my view, Sri Lanka has only just begun an exciting and adventurous journey, and we are steadily moving towards a $ 100 billion economy that would be more diversified and more stable. Needless to say, the success of our journey would depend to a great extent on harmonized policies, clarity of communication, quick implementation, and the maintenance of a vibrant momentum on a continuous basis. In that context, I see the accounting profession playing an increasingly significant role.

Then, he said “Ah, so it’s like running between the wickets!”  14  BIS central bankers’ speeches  Mr. Chairman, I sincerely hope my address to you today, helped you and everyone here present, to also understand this complex and delicate relationship, in the same manner my friend did! Thank you. BIS central bankers’ speeches  15
At the same time, however, the international financial supervisory community recognized that it would be useful to establish a public-sector group, called the Joint Year 2000 Council, that would work with the private sector and also maintain a high level of attention on the Y2K problem among financial market supervisors and regulators worldwide. 2  A videotape containing highlights of the Global Year 2000 Round Table is available free of charge from the Bank for International Settlements. Please contact the Joint Year 2000 Council Secretariat at the Bank for International Settlements, Centralbahnplatz 2, CH-4002 Basle, Switzerland. (telephone: 41 61 2808432, fax: 41 61 280 9100, email: jy2kcouncil.bis.org) The Federal Financial Institutions Examinations Council ("FFIEC") has also placed the entirety of this videotape on its web site, where it is available for downloading in whole or in part. Please see http://www.bog.frb.fed.us/y2k/video_index.htm#19980408 BIS Review 56/1998  -4-  Joint Year 2000 Council The formation of the Joint Year 2000 Council was announced at the end of the Global Year 2000 Round Table on April 8, 1998. The Joint Year 2000 Council consists of senior members of the four Sponsoring Organizations. Every continent is represented by at least one member on the Council. The Secretariat of the Council is provided by the Bank for International Settlements. I am honored to serve as the Chairman of the Joint Year 2000 Council.

In some regions, the supply of available information technology professionals may be hard-pressed to meet the challenges posed by Y2K. For each organization facing resource constraints, this situation clearly indicates the need to develop action plans for Y2K that set clear priorities among systems and projects. More broadly, we must also recognize that the lack of available programming resources will be a significant overall constraint on the scale of Y2K remediation efforts globally. As a result, the cost of hiring computer professionals capable of addressing the problem will continue to rise. Wealthy countries are undoubtedly in a better position to bear these increasing costs than are poor countries. BIS Review 56/1998  -8-  A number of participants from our External Consultative Committee cited the recent grant of £ million sterling by the British Government to the World Bank as a positive development. Among other projects, the World Bank intends to use this grant to fund a variety of educational and awareness-raising events related to Y2K over the next several months. Given the potential consequences of a failure to prepare for Y2K, the World Bank indicated to the Joint Year 2000 Council that it intends to take on an aggressive role in promoting and assisting Y2K efforts in countries around the world. The Joint Year 2000 Council intends to work closely with the World Bank to enhance our mutual efforts on the Y2K problem. The subject of appropriate Y2K disclosure was also discussed by members of the External Consultative Committee.
The Federal Reserve’s Pandemic Response - FEDERAL RESERVE BANK of NEW YORK  SPEECH  The Federal Reserve’s Pandemic Response June 25, 2020 Michael Held, Executive Vice President and General Counsel Remarks at Union of Arab Banks Webinar: Global Banking in Light of COVID-19 and Geopolitical Development (delivered via videoconference) As prepared for delivery  Thank you. It's an honor to join you. And, as a central banker, it is a special privilege to speak alongside the Governors of the Central Bank of Egypt and the Central Bank of Tunisia. My topics today are the Federal Reserve's response to the COVID-19 pandemic and the challenges that lie ahead. As always, the views I express are my own, not necessarily those of the Federal Reserve Bank of New York or the Federal Reserve System.1 Pandemic Work of the Federal Reserve The challenges of the COVID-19 pandemic are daunting. On a personal level, we fear for the health and livelihoods of ourselves and our loved ones. On a professional level, our organizations face existential challenges largely beyond our creation or control. On a societal level, we see how injustice and inequality have reduced confidence in public institutions and increased polarization— right when we most need to come together. To do its part, the Federal Reserve has committed to "us[e] its full range of tools to support households, businesses, and the U.S. economy overall in this challenging time.

We also need to consider the cumulative impact of lost jobs, lost customers, and lost tax revenue on households,28 businesses,29 and governments.30 Will they run out of money? If so, when? And what happens then? What will be the scale of defaults and bankruptcies? A group of academics recently alerted Congress to capacity limitations in our bankruptcy courts.31 Delays created by capacity limitations could lead to more liquidations of companies that might otherwise restructure and survive. It is important that all potential participants in bankruptcy proceedings anticipate challenges of overextended courts. Longer term—say, in the next two to five years—one of my concerns is the role of non-bank financial institutions in the economy. In April, the International Monetary Fund warned about the exposure of non-bank financial institutions to credit risk as a result of the pandemic.32 I worry about how that exposure will affect regulated banks and the real economy—and whether we have sufficient information to assess that impact. Going forward, we may want to consider whether the regulatory perimeter should be expanded to provide greater transparency into non-bank financial companies. In addition, I wonder how changes to the workplace and the workforce will affect culture within financial services firms. John Williams, the New York Fed's President and CEO, has observed that it is easy to talk about values and integrity when revenues are flush. Living up to those standards becomes more difficult—and more important—when making a profit is harder.33 Remote workspaces add to this challenge.
The intention was to gradually withdraw from the multiple policy rate setup in order to improve the effectiveness of monetary policy and enhance policy predictability. We were able to stick to our plan until the end of the year, even after the currency pressures increased after the US elections. In fact, our interest rate hike in November was the first conventional interest rate response since 2008. However, the situation in early January necessitated an alternative approach. We have witnessed price movements in the FX market which could not be justified by economic fundamentals. The volatility increased sharply, which could be detrimental for both price and financial stability. The response to this unprecedented episode had to be swift, strong, and targeted. Given the significant downside risks to the economic activity and the credit supply, we decided to implement a monetary tightening which would strongly address the direct cause of the problem, with less significant implications on the real side of the economy. To this end, we have tightened the liquidity supply and induced a sharp increase in the short term interest rates at the interbank market. Moreover, to further strengthen our control on the short-end of the yield curve, we have devised a new tool which is practically equivalent to a currency swap. This facility not only sets a benchmark for the price formation in the FX market but also supplies temporary FX liquidity to the market when needed.

Exports to EU and EU’s Final Domestic Demand 15  160 EU's Final Domestic Demand (billion €  14  140  Exports to EU (2010=100, right axis)  13  120  12 100 11 80 10 60  9  2017*  2015  2016*  2014  2013  2012  2011  2010  2009  2008  2007  2006  2005  20 2004  7 2003  40  2002  8  * Forecast. Source: Eurostat, IHS CBRT. 4  Another factor that will lead to an improvement in exports and current account balance is the depreciation of the Turkish lira. As of January, the real effective exchange rate index has fallen to 88.2, which is the historically lowest level in the past 15 years (Figure 7). The most recent data show that export growth has been outpacing import growth and we expect this picture to become more evident during the first half of 2017. Figure 7. Real Effective Exchange Rate (CPI Based, 2003=100) 140  130  120  110  100  90  01.17  01.16  01.15  01.14  01.13  01.12  01.11  01.10  01.09  01.08  01.07  01.06  01.05  01.04  01.03  80  Source: CBRT. Regarding external finance, current account deficit is financed predominantly by FDI flows and long term borrowing (Figure 8).
But this is not the case at present, as banking activity levels are still low, and precisely this is the second source of pressure on the income statement. The third one is the significant volume of non-productive assets (NPLs and foreclosures) remaining on banks’ balance sheets although, as I mentioned earlier, the data shows a positive trend with a significant decline over the last two years. In a period of far-reaching changes in the banking sector, it is important for banks to improve their efficiency, so as to remain viable competitors. Banks could do this through various means, for example redesigning their networks, redefining their capacity and efficiency, enhancing their geographical diversification, and increasing specialization in certain market segments. From this perspective, a number of analysts and market participants expect a greater degree of consolidation in the Spanish banking sector. The start-up of the Single Supervisory Mechanism and the gradual disappearance of barriers against banking integration at the European level facilitate a new operational framework for banks, when defining their strategies through the Eurozone and the area covered by the Single Supervisory Mechanism. 4  BIS central bankers’ speeches  Conclusions: growth perspectives Now, to conclude: According to most analysts, public and private alike, the Spanish economy is expected to continue growing at sustained rates in the medium term. In particular, GDP might increase at a rate around 2.8% in 2016 according to the consensus. This figure is well above the estimated rate for the euro area average.

Should that aim have been accomplished, the upward trend in public debt commencing 2008 would have been finally controlled after an increase of 60 points of GDP. The basis of the recovery: the structural reforms Now, I will briefly elaborate on the main reforms which have been the basis of our recovery. These reforms have been oriented towards increasing the flexibility and competitiveness of the economy and addressing previous imbalances. For the sake of brevity, I will concentrate on the labor market reform, the reforms to ensure budgetary discipline and sustainability, and the reforms on the public pension system. Labor market reform The labour market reform has been key in the process of correcting the imbalances of the Spanish economy, where we can mention, first of all, the losses of competitiveness accumulated between 2002 and 2008 and very high unemployment. The reform approved in 2012 made important changes in the institutional framework, including a reduction in the degree of centralisation of the collective bargaining system, an alleviation of dismissal costs and of the complexity of procedures, and a widening of hiring possibilities. 2  BIS central bankers’ speeches  In a nutshell, the reform attempts to avoid repeating the previous pattern under which firms adjusted to an economic slowdown either by dismissing workers or by closing down, providing firms with increased flexibility to link wage negotiations to their particular economic conditions, and the possibility of opting-out from sectoral agreements, giving greater priority to firm-level ones.
Finally, +One, Synergistic Growth. Allianz seeks to inculcate systematic cooperation between business lines and markets across the Group to deliver profitable growth. Likewise, Singapore’s insurance market must continue to be underpinned by the strong partnership between industry, academia, and government. Research, talent development and market infrastructure are areas where active collaboration is a critical success factor. Conclusion The commitment of key industry players such as Allianz has been instrumental in establishing Singapore as a leading insurance market. On this happy occasion, we are also pleased to announce that Singapore has been chosen to host the Geneva Association General Assembly in 2015. The General Assembly will bring together global CEOs and other stakeholders in the insurance industry over a two-day conference to discuss industry trends. This is only the second time it will be hosted in Asia, after Japan in 2009. In closing, I thank Allianz for growing with Singapore. I am confident your strong presence in Singapore will serve you well as you continue to extend your Asian footprint. Once again, congratulations, and a very good evening to all of you. Thank you. 2  BIS central bankers’ speeches

Supervisory practices must be revamped so that supervision is also horizontal – looking broadly across banks, nonbanks, markets and geographies. This also means that regulatory standards need to be harmonized  BIS Review 14/2010  2  across different regions. Without harmonization, there will inevitably be a “race to the bottom” and regulatory arbitrage will be encouraged, rather than inhibited. Many steps are needed to make financial institutions and infrastructure more robust. For example, we need to strengthen bank capital requirements, improve liquidity buffers and make financial market infrastructures more resilient to shocks when individual firms get into trouble. In terms of capital requirements, many changes are needed, including global capital standards that put more emphasis on common equity, establish an overall leverage limit and better capture all of the sources of risk in the capital assessment process. Improved risk capture, for example, includes the trading accounts of banks. Some institutions had clearly not set aside adequate levels of capital given the risks that were embedded in their trading positions. It would also be very desirable to develop a mechanism to bolster the amount of common equity available to absorb losses in adverse economic environments. This might be done most efficiently by allowing the issuance of debt instruments that would automatically convert to common equity in stress environments, under certain pre-specified conditions. Such “contingent capital” instruments might have proven very helpful had they been in place before and during this crisis.
While employment growth moderated in the second half of last year, in 2018 it was significantly higher than would be expected based on the static long-term relationship between employment and GDP growth.7 As a result, real disposable income has remained resilient and households’ assessment of their own financial situation, which is a good leading indicator of consumption, remains positive. The resilience of the employment-consumption relationship helps explain why, even as the manufacturing outlook has worsened, services have remained relatively robust. Services is the most labour-intensive sector and is associated closely with consumers’ expenditure.8 There are however lags between changes in GDP and in employment, and surveys on employment, while remaining in expansionary territory, have decelerated since the middle of last year. So should the growth slowdown turn into a more persistent phenomenon, employment and consumption are likely to be affected. All in all, the current data suggest that external demand has not yet spilled over significantly into domestic demand, but the risks have risen in the last months and uncertainty remains high. This is why our medium-term outlook remains that growth will gradually return to potential, but the risks remain tilted to the downside. That outlook is also being buttressed by the pre-emptive reaction of stabilisation policies.

But the commitment to our objective also implies alertness to future risks and a readiness to respond to them should the medium-term outlook continue to deteriorate significantly. In this case as well, the ECB will adopt all the monetary policy actions that are necessary and proportionate to achieve its objective. We are not short of instruments to deliver on our mandate. 1 See Draghi, M. (2018), “The outlook for the euro area economy”, speech at the Frankfurt European Banking  Congress, Frankfurt am Main, 16 November. 2 Three-month-on-three-month percentage changes; CPB Netherlands Bureau for Economic Policy Analysis. 3 See De Bondt, G. and Hahn, E. (2014), “Introducing the Euro Area-wide Leading Indicator (ALI): Real-Time  Signals of Turning Points in the Growth Cycle from 2007 to 2011”, Journal of Forecasting, 33:47–68. 4 See Anderson G. and Y. Liu (2012), “On the Road to Recovery, Soft Patches Turn Up Often”, The Regional  Economist, Federal Reserve Bank of St. Louis, pp. 12–13. 5 Leverage is calculated by dividing total liabilities net of shares and other equity by total assets. 6 Consolidated gross debt is defined as the sum of total loans granted to NFCs net of intra-sectoral lending, debt  securities issued and pension liabilities. 7 See Botelho, V. and Dias da Silva, A. (2019), “Employment growth and GDP in the euro area”, Box 3 in Economic  Bulletin, Issue 2, ECB.