samchain/econo-pairs-v1 huggingface dataset:
We have to take all the necessary measures to ensure that our economic fabric is not destroyed, to ensure that businesses that are solvent can survive and that once this urgent health crisis is over, they can return to normal. You have talked about a temporary crisis, a sort of pause. The Spanish government has talked about the same thing. But do you think this is how things will turn out or do you think the economic consequences for Europe could be more severe for longer? This will depend on how long the health crisis lasts and, to be honest, I wouldn’t dare to guess how long it might last. What happened in China is a leading indicator. What’s happening to us now happened two months ago in China and now they are starting to get back to normal. Obviously this is something that gives us hope: we can get through this. From an economic perspective, we have to look for instruments to get us through this period at the lowest economic cost and, of course, with no financial cost from a debt market perspective. 1/1  BIS central bankers' speeches

Peter Pang: Launch of the new cross-border collateral management service Remarks by Mr Peter Pang, Deputy Chief Executive of the Hong Kong Monetary, at the cross-border collateral management service signing ceremony and press conference, Hong Kong, 20 June 2012. *  *  *  Mr. Grimonpont, Mr. Bhatia, ladies and gentlemen, Good afternoon. It is my pleasure to welcome you to this signing ceremony. The bilateral agreements that I shall sign on behalf of the Hong Kong Monetary Authority with the Euroclear Bank and J.P.Morgan today will pave the way for the launch of the new cross-border collateral management service, a critical building block of the cross-border bond investment and settlement platform launched in March 2012. The new service, which will commence on 25 June, will bring significant benefits to the contracting partners and the money market as a whole. For Hong Kong, it will advance the development of our repo market, enhance the stability of our financial system and strengthen further Hong Kong’s role as the global hub for offshore renminbi business. The repo market is a key component of major international financial centres. It serves as the link between the money and capital markets, and is vital to the well functioning of the financing channels. By providing credit enhancement through the use of securities as collateral, the repo market also serves as the lubricant that keeps the financial engine running particularly during times of risk aversion.
Moreover, as people become global citizens, we cannot always rely on rules and regulations, or market rules of the game to bring about their right behavior. In this regard, the educational curriculum needs to embrace elements on transparency, accountability, governance, and ethics. This will help lessen the corruption problem which ranks high in the list of factors that can undermine competitive strength of any economy. While the role of public investment in education is vital, I see increasing financial constraints in this area, as well as in public health and social safety nets, because of short-term fiscal limits and lack of long-term fiscal planning in a number of countries. For education, in particular, while in the short term private sector initiatives for in-house training or vocational educational support may help bridge skill mismatch, this is unlikely to be a sustainable solution. Faced with fiscal limitations, the public sector will need to explore creative publicprivate partnerships to avoid undermining necessary developments in this important area. Ladies and Gentlemen, I would like to conclude by emphasizing that in the era of global citizenship, we should capitalize on the major driving force in advancing toward full global citizenship. For Thailand and ASEAN countries, we have the AEC as a natural stepping stone to embrace regional citizenship. Looking ahead, much work remains to be done for a number of countries to improve the readiness of human capital to evolve toward global citizenship.

13 Rudebusch, G. and J. Williams (2016), “A wedge in the dual mandate: Monetary policy and long-term  unemployment”, Journal of Macroeconomics, Volume 47, Part A, March 2016, Pages 5–18. 14 Bentolila, S., J. Ignacio García-Pérez and M. Jansen (2017), “Are the Spanish Long-Term Unemployed  Unemployable?”, CESIFO Working paper No. 6338. 15 For example, streamlined insolvency frameworks, better judicial efficiency and supervisory action against non-  performing loans. 9/9  BIS central bankers' speeches
2  Our best response is to continue strengthening regulation and supervision regimes aimed at avoiding future crises. And central banks have a crucial role to play because there are clear complementarities between financial and monetary stability, which, as is the case of Chile, are often formally recognized in central banks’ official mandates. Before referring to what we have done on this matter in Chile, let me briefly describe our experience with the Global Financial Crisis and our macroeconomic policy response to it. While we were still enjoying the commodity boom of the 2000s, we were hit by the spillover effects of the crisis and its aftermath, namely the tightening of domestic lending conditions, capital outflows, a reduction of the external demand for our exports and a decrease in the price of copper, which is still the main source of external income for the Chilean economy, and in particular an important source of revenues for the Treasury. The price of this critical commodity fell more than 60 percent in just five months. Exports fell almost 20 percent in two years, a strong shock for an economy where exports accounted for more than 40 percent of GDP. A similar drop experienced public revenues, with those coming from copper production falling 23 percent in 2008 and 50 percent the following year. Despite the severity of the shocks, economic performance and the resilience of the financial system have been better than in comparable situations in the past.

Rosanna Costa: Opening address - IV meeting of heads of financial risk management in central banks Opening address by Ms Rosanna Costa, Governor of the Central Bank of Chile, at the IV meeting of heads of financial risk management in central banks, Santiago de Chile, 26 April 2023. *** Good morning, I would like to extend a warm welcome to all participants at this Fourth Meeting of Heads of Financial Risk Management in Central Banks organized jointly by the Center for Latin American Monetary Studies, CEMLA and the Banco Central de Costa Rica, Banco de España, Banco de México and Banco Central de Chile. This initiative, whose first version was launched in 2020, has been consolidated as a forum for analysis and reflection to analyze current and emerging challenges of financial-risk management at central banks. Throughout these meetings, topics related to the governance of risk management and financial risks have been addressed from different perspectives, in a context strongly dominated by the challenges that the Covid19 pandemic has posed. Every organization is subject to numerous contingencies that may hinder or prevent the normal fulfillment of its functions. In particular, institutions such as central banks, whose mandate has important effects on the economy and social welfare, must also consider not only their own risks when making decisions, but also broader risks in the financial sector and the macroeconomy in general.
My deliberations at the September meeting Let me now discuss in slightly more detail the deliberations that lie behind my personal stance with regard to monetary policy this summer and autumn. Part of the recent debate has concerned whether the repo rate path advocated by the Riksbank is too high. This debate has arisen partly because the market appears to believe that the Riksbank will not raise the repo rate as quickly and as much as we ourselves are forecasting, and partly because the Executive Board members have recently had differing opinions on what level is appropriate for the repo rate now and in the coming period. I have noted that the fact that I have advocated increasing the repo rate has meant that anyone who now reads some reports in the media about the activities of the Executive Board may gain the impression that I am an inveterate “hawk”, perhaps even some form of iron lady who is ready to quash any tendency towards an economic upturn. To modulate this picture, I  2  BIS Review 134/2010  would like to point out that immediately prior to the crisis, in summer and autumn 2008, I actually entered reservations against what I considered to be the excessively tight policy advocated by the majority of my colleagues. So the idea of putting Executive Board members into compartments, or perhaps rather cages, and expecting us to stay there, is not usually wise, at least not with regard to me.

At the end of the new forecasting horizon in the third quarter of 2007, inflation would stand at 2.6%. The lower long-term inflation forecast suggests that there is currently more room for manoeuvre in maintaining an expansionary monetary policy course. 4. Exchange rate  The dollar has plummeted since October. It has lost 7.9% vis-à-vis the Swiss franc. Notwithstanding the sharp fluctuations of the dollar, the franc has remained virtually unchanged against the euro. The depreciation of the dollar has a direct impact on the Swiss economy in that it undermines the price competitiveness of the export industries. Moreover, a weak dollar also exerts an indirect influence by clouding growth prospects in Europe, our largest sales market. The appreciation of the franc has tightened monetary conditions. At the same time, the weaker dollar has a dampening effect on import prices and, consequently, on inflation prospects. 5. Continuation of expansionary monetary policy  I will now come to my concluding remarks. The inflation forecast shows that the process of normalisation of monetary policy has not yet ended. In light of my comments it should nevertheless not be difficult to understand our decision to leave the three-month Libor rate at 0.75%. Since inflationary pressure is expected to ease in the long term, there is no need to take a further step toward a normalisation of interest rates at this point in time. In addition, the stronger franc has already resulted in more restrictive monetary conditions.
Published Date: 29 August 2022  "Yes to Digital Asset Innovation, No to Cryptocurrency Speculation" - Opening Address by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at Green Shoots Seminar on 29 August 2022 Good morning. Thank you for joining us today. Let me start with the elephant in the room. MAS seems to be sending mixed signals when it comes to crypto and digital assets. On the one hand, MAS is promoting Singapore as a FinTech hub, partnering industry to explore distributed ledger technology (DLT), and supporting innovation in digital asset use cases. MAS has said it wants to attract leading crypto players to Singapore. On the other hand, MAS has a stringent and lengthy licensing process for those who want to carry out crypto-related services. MAS has also been issuing strong warnings against retail investments in cryptocurrencies and has been taking increasingly stronger measures to restrict retail access to cryptocurrencies. There have been expressions of confusion and concern by some observers. They point to apparent contradictions in MAS’ stance – that although MAS has said that it is “excited about the potential to build a crypto or tokenised economy”, it “imposes a stringent regime”. Some others have lamented that MAS has made a “u-turn” in its digital asset policies. They say that MAS was once “making pro-crypto decisions” but was now being “overly cautious and losing its appeal as a global crypto hub”.

Offerings include round-the-clock real-time fund transfers with shorter settlement times and no intermediaries. Contour, a global trade finance network of banks, corporates and trade partners, has established its Future of Finance Lab in Singapore. It will conduct research to develop novel, digitally native trade finance solutions. Nansen is a Singapore-based company that analyses more than 100 million blockchain wallet addresses across the world. It provides insights on blockchain network activities and visibility on transacting parties, thereby helping to improve transparency in the digital asset ecosystem globally. Digital asset activities involving payment services must be licensed under the Payment Services Act. We recognise there is some frustration about MAS’ licensing process. Some industry players have described it as “a slow and tedious ordeal”; others as a “bugbear for the fast-moving space”. Given how new the digital asset industry is, it has not been easy for industry players or for MAS. On MAS’ side, we closely scrutinise licence applicants’ business models and technologies, so that we can better understand the risks. On the part of applicants, many are not familiar with managing the risks of facilitating illicit finance. MAS engages the applicants closely to assess their understanding of our rules and their ability to meet our standards. This takes a considerable amount of time – but it is necessary. MAS cannot compromise its due diligence process just to make it easy for digital asset players to get a licence.
The forward guidance on the monetary policy stance has guaranteed the private sector that the monetary stimulus will remain present in the quarters ahead, promoting their orientation toward consumption and investments. Third, mitigation of appreciation pressures of the exchange rate, contributing to the improvement of the balance of trade exchanges and further growth of economic activity. Fourth, strengthening of financial stability. The financial environment with low interest has improved the financial balances of borrowers, through bolstering the aggregate demand, easing the cost of debt servicing, as well as encouraging the restructuring of businesses and of existing loans. Our assessments on the monetary policy impact show that its contribution to economic growth for 2015, 2016 and 2017 is around 0.2, 0.4 and 0.7 percentage point, respectively. In addition to the impact on growth rates, the positive contribution of the monetary policy has a cumulative impact on the level of economic activity. For 2017, the effect of the accommodative monetary policy on the level of economic activity in Albania is estimated at around 1.3 percentage points. Growth in aggregate demand has led to higher employment and improved capacity utilization rates, boosting medium-term inflationary pressures; however, inflation remains below our target. The persistence of low inflation has been at the focus of our analyses. The consensus of these analyses is that the monetary policy has been and remains effective for boosting aggregate demand and guaranteeing price stability in the medium and long term.

The Bank of Albania judges that the ability of the banking sector to withstand risks is high. The activity of the banking sector in 2018 was stable with good performance and resilience indicators. The financial result was positive: Return on Assets (RoA) stood at 1.3% and the Return on Equity (RoE) reached 13%. Capitalisation and liquidity levels were above the respective regulatory requirements. Credit risk continues to represent the main risk to the activity of the banking sector, but the credit quality has improved from the previous year. At the end of 2018, the non-performing loans ratio was 11.1% from 13.2% a year earlier, whereas the outstanding non-performing loans reduced by 20%. The Bank of Albania remains committed to fulfilling all its obligations in the framework of the 4/8  BIS central bankers' speeches  national plan for the reduction of non-performing loans. In view of this goal, it has: (i) prepared a draft-regulation on the out-of-court addressing of borrowers; (ii) expanded the requirements for using official financial statements in the assessment of credit risk for all categories of borrowers; (iii) initiated measures for improving the Credit Registry, and has started work for harmonising credit reporting in accordance with international standards. With respect to safeguarding financial stability, the Bank of Albania has continued to work for establishing and developing macro-prudential policy instruments and for establishing early warning systems for systemic risks. In this context, I would like to point out to two key developments.
However, we must not believe that problems in the financial sector can simply be regulated away, and we must not have exaggerated faith in our ability to fine-tune the economy. But an important contribution will be to ensure that those who take financial risks on behalf of others hold more capital. Monetary policy has faced considerable challenges in recent years. We think it is important to learn from history and from the experience of other countries and to apply those lessons in the further development of monetary policy. This is why we are launching a research project, “Flexible inflation targeting: challenges and possibilities”. An important part of the background for this project is the fact that international monetary policy research has often focused on closed economies, with more relevance for large countries such as the US. Our small, open economy presents particular challenges. How does this restrict the room for manoeuvre in monetary policy? And how should monetary policy respond to changes in the terms of trade? The project will include analysis of some of the issues I have mentioned today. There is a need for more research on how financial stability should be taken into account in monetary policy. The project will also draw on the experience we have gained over the past 10–15 years as the Norwegian economy was exposed to a financial crisis and a number of supply-side shocks. Monetary policy communication is also developing. 11  See Bank of England: Monetary policy trade-offs and forward guidance, August 2013.

While financial liberalisation and international financial integration bring unquestionable benefits, they can also be subject to episodes of excessive risk-taking. In recent years, there does seem to have been imprudent lending, and not just to emerging market economies but also to borrowers within the industrial world. In part this has been spurred by competitive forces. That such forces will diminish as financial restructuring accelerates seems unlikely. However, the potential of public safety nets to distort incentives and breed complacency can also be discerned and these structures should be re-evaluated. It is important that all investors are held accountable for their decisions. The international community should also ensure that all investors and lenders play their part in the resolution of any future financial crisis and, to this end, should implement, inter alia, changes to international bond covenants that would facilitate debt restructuring should this become necessary. The events of the past decade have made it clear that greater efforts are needed to strengthen the functioning of markets. Information asymmetries lie at the heart of market failure, and the market’s way of resolving them can give rise to unpredictable outcomes. Ensuring that markets have adequate information about national economies, the strength of financial systems, aggregate positions and the financial standing of counterparties is important. Equally, if not more, important is to ensure that market participants’ approach to risk management reflects the full balance of costs and rewards implied in their decisions.
All this has aggravated fears of a sharper slowdown in trade, a deterioration in the confidence of companies and households globally and a loss of dynamism in global activity. And there is also a resurgence of the possibility of a no-deal Brexit. Scenarios where these risks intensify could lead to an abrupt deterioration of financial conditions. In view of this, the main central banks are likely to make their monetary policies more expansionary; however, this could be insufficient to contain the loss of appetite for risk and the decreases in the prices of assets and commodities. The high level that the prices of some riskier assets have reached—in some cases matched by increased borrowing—shapes a much more complex scenario. In addition, the materialization of any of these scenarios could have a negative impact on local investment decisions and expectations. At home, it is estimated that the balance of risks for activity is biased downward. The baseline scenario projects that, beyond the result of the first quarter, investment will see a significant recovery in the next two years, which includes both large-scale mining projects and investment from other sectors. However, there are risks derived, for example, from the greater uncertainty of the external scenario and the various costs associated with investment projects’ red tape. Also, worth mentioning are the risks coming from the mining sector. Although its poor performance of recent quarters has responded in part to specific factors, there are more permanent elements, such as the lower grade of mineral ore, that could prolong this weakness.

Although our decision considered the option of waiting, signaling the possibility of this change before doing it, we believe that in the current situation taking immediate action had greater value. Not because the economy was deteriorating dramatically, but because we were convinced of the consistency of this analysis with the persistence of low inflation. In such circumstances, delaying a decision would only be a waste of time, at a cost to the economy, at a time when more, not less, certainties are required. Page 8 of 18  The adoption of the agreement at the Friday meeting had a communicational implication that surely did not escape the attention of the members of this Commission. Faced with an important decision and unforeseen by the market, it was very complex to postpone the dissemination of the background information that supported it for more than two days, until the release of the Monetary Policy Report. That led us to issue a statement that advanced some important data of the Report. I would like to be clear that this does not set a precedent for future opportunities in which the monetary policy meeting and the Monetary Policy Report will coincide. Any more permanent change to the strategy of monetary policy communication will be assessed in depth and we will discuss it beforehand with this Commission.