samchain/econo-pairs-v1 huggingface dataset:
We are pleased to see more banks in Singapore opening up their APIs, with tangible benefits to consumers. 2/9  BIS central bankers' speeches  OCBC Bank has 43 open APIs on its platform that are actively been tapped on by FinTech players, and even government authorities such as the Inland Revenue Authority of Singapore. DBS Bank has launched the world’s largest banking API developer platform with more than 170 APIs and over 50 successful collaborations. Customers looking for properties on the PropertyGuru platform can instantly find out if they are eligible for a property loan and even apply for the loan online. UOB has also recently put in place its regional open banking API platform. Customers can submit and read restaurant reviews, place reservations, and pay for their food, all within UOB’s mobile app. To-date, over 270 open APIs have been made available by the Singapore financial industry. Network of International Links By the end of this week, MAS will have signed 16 FinTech cooperation agreements with governments and authorities around the world1 These agreements facilitate information sharing on FinTech trends and regulatory issues. They also have a referral mechanism that support Singapore FinTech start-ups in overseas markets, and facilitate overseas start-ups to set up in Singapore as a gateway to Asia. Some of our co-operation agreements also include joint innovation projects. Let me give a tangible example. Singapore and Thailand have each developed their own systems for making payments from one bank account to another – in real-time, 24/7.

Trust is the foundation for a market economy. In financial services and in the digital economy, it is absolutely critical. Customers must have the confidence that systems are reliable, transactions are safe, their data are secure, and service offerings are in their best interest. 8/9  BIS central bankers' speeches  Finally, everything we do in FinTech must have a larger purpose. Ultimately, it must solve realworld problems, so that people’s lives are better off … so that deserving small and medium enterprises can get financing to grow their businesses; so that migrant workers can send money back to their families cheaply, quickly, and securely; so that people can plan their finances holistically to meet their needs. This room is filled with innovators, investors, business leaders, and policymakers from around the world. Together we can re-create finance with technology and innovation. As Tennyson puts it, “Come my friends, ‘tis not too late to seek a newer world”. Thank you. 1 1 Abu Dhabi, Australia, Denmark, France, Hong Kong, India, Japan, Malaysia, Philippines, Poland, South Korea,  Switzerland, Thailand and the United Kingdom, as well as the Association of Supervisors of Banks of the Americas. 9/9  BIS central bankers' speeches
That is not so obvious in the figures for quarterly GDP growth (see left-hand panel of Chart 1), which have been buffeted by a variety of special factors, such as: the bad weather late last year; the impact of the Tōhoku disaster on global supply chains; and the extra bank holiday for the royal wedding. These last two, in particular, provided a temporary boost to the third-quarter growth rate of 0.5 per cent released on Tuesday. But business surveys and other indicators suggest that the underlying rate of expansion has probably eased (see right-hand panel of Chart 1). Those same surveys point to only very moderate growth at best in the final quarter of this year. This slowing in growth is not confined to the United Kingdom. Growth has eased in the euro area and the business surveys are consistent with contraction in the second half of this year (see Chart 2). Though output growth has picked up in the United States according to the latest official data, the business surveys suggest this may prove ephemeral (also see Chart 2). And there are signs that China and some other emerging economies have slowed too, though in their case the slowing was partly policy-induced in order to alleviate inflationary pressures. I would highlight two primary drivers of this slowing. The first is the heightened tension in financial and bank funding markets associated with the twin euro-area banking and sovereign debt crises.

So the contribution of energy and other commodity prices to inflation should fall back sharply as we go through the year. Of course, we cannot assume that the evolution of domestically-generated inflation is independent of these factors. Indeed, some countervailing pickup in the contribution of domestically-generated inflation is quite possible if businesses look to provide their employees with some recompense for the past squeeze in living standards. Moreover, one cannot rule out further adverse external price shocks. But a sharp fall in inflation is the most likely outcome and that in turn should mean that the squeeze on real household incomes will ease, providing some support for consumer spending. Even so, real income growth will still only be moderate and high levels of indebtedness may weigh on the spending of some households. Moreover, the uncertainties associated with the euro area are likely to persist, retarding growth there. Not only will that weigh on our exports, but funding conditions may also remain difficult, while British businesses are likely to remain cautious about investing and hiring. At its October meeting, the Monetary Policy Committee agreed that the outlook for UK output growth was markedly weaker than it had believed earlier in the year. Without action, and despite the present excessive level of inflation, the extra margin of slack meant that inflation would consequently be more likely to undershoot, rather than overshoot, the 2% target in the medium term. So it was against that background that we decided to re-start our asset purchases, buying another £ billion of gilts.
This includes to avoid creating new vulnerabilities, especially from foreign currency debt and financial imbalances, as well as hedging their risks appropriately. Businesses and investors that benefit from a ringgit depreciation should also take advantage of the weaker ringgit. For example, for those in tourism and exports to increase production and capitalise on this opportunity, and for those with a global presence, to reinvest back home. 21. On a broader note, as an open economy, the policy priority for Malaysia is to sustain economic growth within an environment of price stability and to further strengthen economic fundamentals through the necessary reforms. This will provide more enduring support for the ringgit rather than resorting to capital controls or re-pegging as some have suggested, which would create more harm to the economy. Reforms to secure our future Ladies and gentlemen,  22. This brings me to the second half of my speech today, where I will touch on how Malaysia can secure a more sustainable and prosperous future in the face of future challenges and uncertainties. Malaysia has gone through challenging periods in the past and history has shown that we can rise to the occasion when we need to. Let us rewind back some history. 23. Less than 50 years ago, Malaysia was primarily an agriculture- and commodities-based economy – think of tin and rubber. When commodity prices for tin and rubber slumped in the early 1970s, our economy was badly affected. Unemployment skyrocketed to close to double digits.

This is because our local currencies are generally correlated with each other. Also, there will be less reliance on currencies of advanced countries which last year account for over 85 percent of Thailand’s trade with Indonesia and Malaysia. 2  You may recall that earlier this year, Bank Negara Malaysia and the Bank of Thailand implemented a ringgitbaht arrangement in March as a pilot project. Since then, we have seen a noticeably narrower spread between the ringgit and the baht. Moreover, we have noted an increasing number of businesses applying this local currency scheme in their day-to-day business conduct. Today, I am very delighted that Bank Indonesia is carrying on this initiative by signing the MoUs with both Bank Negara Malaysia and the Bank of Thailand. I really hope that this scheme will continue to expand to other countries in the region. Ultimately, this would be one important step closer to having greater regional financial integration in ASEAN. On this note, may I invite Governor Agus to say a few words, and followed by Governor Muhammad Ibrahim. Thank you. 3
Output, Employment and  Productivity in the Business sector Faster-Growing Advanced Economies, Percent -2  -1  0  1  2  3  4  5  6  Finland  Australia  United States  Spain  Netherlands  Capital deepening Total factor productivity growth Employment growth  Canada  Norway  Sweden  Sources: OECD Analytical Data Bank and IMF staff estimates  Meanwhile, there have been passable attempts from various quarters to bridge over the gap in the statistics. The OECD has made a comparison of IT investments over one year between countries, which clearly places Sweden at the top of the list, together with the USA (slide 7). In addition, there are approximate calculations on expenditure on software which actually show a higher percentage in relation to GDP in Sweden than in the USA. 7. Expenditure on Information and Communication Technology Advanced Economies 1997, Percent of GDP 0  2  4  6  8  10  12  14  16  Sweden Australia United States United Kingdom Canada Japan Netherlands Denmark France Korea Belgium Finland Norway Ireland Germany Austria Portugal Italy  Sources: OECD Analytical Data Bank and OECD Information Technology Outlook 2000  Spain  However, in the work on the Riksbank’s Inflation Reports, there are factors that are easier to pick up. One is of course the fall in computer prices. Prices have fallen by almost 35% a year since 1996.

Speech  22 September 2022, 5.30 pm  Sixth Karl Brunner Distinguished Lecture Introduction of Benjamin M. Friedman, ETH Zurich  Thomas J. Jordan Chairman of the Governing Board Swiss National Bank Zurich, 22 September 2022 © Swiss National Bank  Page 1/4  Ladies and Gentlemen I am very pleased to welcome you all to the sixth Karl Brunner Distinguished Lecture. The Swiss National Bank established this annual lecture series in honour of the Swiss economist Karl Brunner, one of the leading monetary economists of the last century. Our aim with these lectures is to reach a broad audience, and to contribute to the public debate on issues related to central banking and economics more broadly. This year’s Karl Brunner Distinguished Lecture is special for several reasons. After a threeyear break caused by the pandemic, the lecture finally returns to ETH Zurich. I am delighted to see so many of you here. I also want to thank Joël Mesot, President of ETH Zurich, for making these fantastic premises available to us yet again. Above all, this year’s event is special because of the person giving the lecture. Benjamin Friedman is the William Joseph Maier Professor of Political Economy at Harvard University. He is one of the world’s foremost thinkers on monetary policy and an outstanding public intellectual. In addition, he is among the few still active economists who knew Karl Brunner well. Even though they did not always agree on economic matters, the two maintained a close personal relationship characterised by mutual respect.
BIS Review 44/2003  5  While the Swiss economy therefore remains weak, it is set to strengthen somewhat into the fourth quarter of 2003 and the first quarter of 2004. Improved corporate expectations, a pick up in residential construction and strengthened financial conditions suggest that the trough of this cycle was reached during the second quarter of 2003. Provided the growth momentum in the U.S. sustains itself, exports should rise gradually, followed by an increase in equipment investment. Given considerable margin of slack in resource utilization, an improvement in the labour market can only be expected in the course of 2004. As we have indicated in our quarterly monetary policy assessment on September 18, the Swiss National Bank will continue to support the economy by conducting an accommodating monetary policy. Low interest rates – we continue to target our 3-month libor rate at 0.25% - are designed to keep Swiss franc investments unattractive. Despite a rapid expansion in our monetary aggregates which we monitor closely, price stability is currently not threatened. A rapid expansion of monetary aggregates does not automatically lead to higher inflation. In Switzerland, commentators often compare the current environment to the one in 1988, when money supply expansion rates were similar to what we observe today and inflation eventually rose to 6% by 1991. While understandable, the comparison is flawed. For one thing, current interest rates are significantly lower than they were at the time, thus reducing the opportunity cost of holding money to virtually zero.

And I would also like to urge you to take a little time off to visit some places of interest, while you are in this beautiful country, Sri Lanka. Thank you. BIS Review 50/2004  1
It is primarily among youth that unemployment is high, as shown in Diagram 2. Sweden seems to have landed in much the same situation as many other countries in Europe. High unemployment is associated with grave social problems and large economic costs. Unemployment’s long-run economic costs in terms of GDP can be said to be of  BIS Review 38/1997  -3-  D iagra m 1  U n em p lo ym en t 1 9 6 5 -9 6 p er cen t 14  14  12  12  10  10  T ota l  8  8  6  6  4  4  R e g is te re d  2  0  2  0 65  70  75  80  85  90  95  S o u rce s : S ta tis tics S w e d e n a n d N a tio n a l L a b o u r M a rke t B o a rd  D ia g ra m 2  A g e -re la te d u n e m p lo y m e n t ra te s P er cen t 20  20  18  18  1 6 -2 4 y rs . 16  16  14  14  12  2 5 -3 4 y rs .

This makes it indispensable for the international community to strengthen the financial capacity of its central monetary institution to assist countries in a crisis situation. This is also why the Fund has established an emergency financing mechanism to allow financial assistance to be provided more speedily, when countries facing external crises are willing to take strong corrective action. This mechanism was used effectively to expedite the recent programs for the Philippines, Thailand, and Indonesia. Even if it would be naive to believe that such programs could produce an immediate return to the status quo ante, we are confident that once these programs have produced their full effects in the next months, these economies will be in a much better position to start growing again at a strong, but more sustainable, rate. In conclusion, these are trying times in Southeast Asia. But the mechanisms are in place at the national and multilateral levels—and soon, I hope, at the regional level -- to enable your countries not just to pull through this crisis, but to emerge stronger than before. The only other pre-requisite for your success is the resolve to put current problems behind you. I see no reason why we will not see the same determination in Southeast Asia in the future as we have seen in the past. BIS Review 111/1997
** * The Commission Bancaire therefore intends to continue its action to enhance management and control of these risks, not only within France but at the international level as well, naturally, within a European banking supervision structure that emphasises real convergence in supervisory practices. The practical implementation of supervisory colleges needs to be stepped up in order to achieve this objective. Supervisory colleges are the keystone for the supervision of large cross-border groups in Europe. The resolutely European thrust of our action, which is naturally in line with the international development of banking activities and of the sources of vulnerability for financial  4  BIS Review 82/2008  stability, will lead to the incorporation of a European convergence objective into the mandates of domestic supervisors. From my point of view, this objective will be a major motivation for the supervisory community as a whole. BIS Review 82/2008  5

Due to the expected significant number of applications for exemption from the contingency mechanism, a simplified procedure for consulting EBA is envisaged until the end of 2019. The Bulgarian National Bank has established a procedure for prompt handling and examination of applications for exemption. This will enable the account servicing payment service providers, which comply with the requirements of the Regulation, to be exempted from obligation prior to the 1/3  BIS central bankers' speeches  entry into force of the requirement for providing a fallback mechanism on 14 September, 2019. Strong Customer Authentication According to the provisions of Commission Delegation Regulation (EU) 2018/389 – by 14 September, 2019 the payment service providers in the country must fully implement the requirements for strong customer authentication in respect of all electronic payment transactions. The focus is on the use of at least two independent authentication elements from different categories. The two elements should refer to one of the categories of knowledge (e.g. static password), possession (SMS OTP or generated by token device) or inherence (e.g. fingerprint scanning). Commission Delegated Regulation (EU) 2018/389 exhaustedly stipulates the cases for which payment service providers are allowed not to supply strong customer authentication. Where a payment service provider wishes to benefit from any of the exemptions, it will have to notify BNB in advance, indicating the particular payment service to be exempted.
Meanwhile, our decisions have to rely on as much as possible sound basis. Drafting the confidence indices, as indicators of economic expectations, does not substitute the lack of statistical information on the current situation of an economy. These indices enable monetary markets and authorities to rearrange in time the strategies that preserve balances of related goals. Confidence indices enable a central bank adjustment of monetary policy stance in the right time in order to preserve price stability, while the economy grows at a potential pace. The developed countries are in frontward regarding the preparation of confidence indices as indicators of expected performance of the economy. Integration of the markets and the globalizing process increase the necessity of preparing these indices in our region, because the objective of monetary policy, the price stability, reflects stability and economic openness towards regional countries and further. It has already been 4 years that Bank of Albania has started the evaluation of business and consumer confidence indices. These surveys are being run on a quarterly basis, with the help of INSTAT, and involve over 600 businesses of production, construction and services sectors and about 1500 consumers. The information collected covers the performance of prices, consumption, income, production, employment, investments and some other indicators, which support the decision-making on the monetary policy stance. In this important process, the Bank has from the beginning been assisted by the experts of Ifo Institute for Economic Research, witch is internationally renown in the field of business confidence indices.

Lower demand in turn curbs the rise in prices and wages. Higher interest rates make it more attractive to invest in NOK and borrow in foreign currency. Therefore, higher interest rates normally lead to an appreciation of the krone. This makes imported goods cheaper. In addition, a strong krone reduces activity, profitability and the ability to pay in the internationally exposed sector. Expectations in the US as to how far the interest rate will fall have been adjusted downwards considerably since summer 2002. Last summer, market participants expected the key rate in the US to be increased to about 5 per cent towards the end of 2004. Now interest rates are believed to have reached their lowest level and are expected to remain at 1 per cent until the end of 2003, with a gradual rise to about 2.5 per cent in 2005. Clearer signs of the expected upswing have emerged recently, however. GDP grew by 3.1 per cent (seasonally adjusted, annual rate) in the second quarter. Optimism among participants in the financial markets is increasing; both equity prices and long-term interest rates have risen. Despite improvement in the US economy, some aspects still give rise to uncertainty as to whether the expected upswing will be sustained. Capacity utilisation in manufacturing is still low. The household saving ratio is low and household debt is high. The current account is showing a large deficit.
Another account, the Medisave Account, can be used for hospital and other medical expenses, or to participate in the MediShield insurance programme. Under this scheme the patient pays a deductible amount and is required to make a co-payment. The system encourages efficiency, because medical practitioners and hospitals must compete for patients. Other areas susceptible to reform As these examples show, it only takes some imagination and a clear sense of purpose to devise mechanisms that promote a more efficient use of resources. But it is not just in the areas of welfare, higher education and health that a policy review is needed. Take transportation, for example. Restrictive practices at the harbour raise costs by pushing up the price of imports and lower our competitiveness by increasing the cost of exports. It is rather ironic that decades after the abolition of hereditary titles, and at a time when the merits of free markets and competition are widely acknowledged, Malta sanctions the inheritance of licences and protects monopolies not only in the harbour, but throughout the public transport system. More generally, if investment is to be channelled to productive activities that generate the highest return, profit signals should not be distorted by monopolistic market structures, subsidies or protection. The need for a consensual approach to reforms Mr President, I am aware that the thrust of my remarks challenges the continued existence of what have come to be perceived as acquired rights. They might have been acquired, but they are often  3  Sapir, A.

One danger of such developments is that, in the face of a prolonged period of low interest rates, asset managers might be tempted to chase “tail-risks”. This calls both for more market discipline in the form of better monitoring and disclosure of the risks borne by financial institutions and possibly by investors, and for a close supervision of these institutions. Demographic shifts are a key factor in the equation of the future world economy. They are key for economic activity, the fiscal stance, and, maybe less obviously, for the monetary policy stance, given their impact on output gap and financial stability. That is why I found the topic of this session particularly appropriate and timely, and I am sure that your discussions will bring very interesting insights. 2  BIS central bankers’ speeches