samchain/econo-pairs-v1 huggingface dataset:
In the other direction, with China being a dynamic and sizable economy, the world’s investors would be increasingly keen about participating in China’s capital markets, thereby gaining exposure to new investment opportunities. The experience of many other economies also suggests that capital-account liberalisation brings along with it a deepening of financial markets, making them even more attractive to investors. 10. In all of this, the role of the RMB will be crucial. Notwithstanding the current, only partial convertibility of the RMB, it is already the ninth most actively traded currency according to the latest Bank for International Settlements Triennial Survey. And the RMB has advanced to rank eleven as world payments currency according to SWIFT, a financial messaging service provider. Meanwhile the RMB is being added to the foreign exchange reserves of an increasing number of economies. 11. In terms of international transactions where RMB can already play a role, such as in trade settlement and foreign direct investment, transactions in RMB have climbed steadily. Today, some 13 percent of all of China’s trade transactions are settled in RMB and about 15 to 20 percent of foreign direct investment into China is conducted in the currency. Bearing in mind that the RMB trade-settlement pilot scheme was only introduced in 2009, this is an impressive achievement in such a short space of time. And there is plenty of room for further expansion of these numbers. 12.

Page 15  Chart 10: MPC asset purchase targets  Balance sheet policies So far, I have focused on the outlook for Bank Rate, consistent with the MPC’s view that this is now the ‘active tool’ for the conduct of monetary policy. But the transition in monetary policy that is underway has broader implications. In particular, it creates scope to start running down the asset portfolios accumulated as a result of quantitative and credit easing policies implemented by the Bank in the past. The impact of these policies over the past decade or so remains controversial. A recent publication by Bank staff surveys the large body of research and analysis conducted on central bank asset purchases. [16] It concludes that, although QE did help the Bank pursue its monetary policy mandate, both the magnitude of its effect and the channels through which it was transmitted are difficult to estimate precisely, and are anyway likely to have varied in both absolute and relative magnitude over time, as the economic context in which they were implemented changed. However one views that evidence, with inflation having risen and Bank Rate moving away from its effective lower bound, the case for employing those monetary policy tools has disappeared, at least for now. The MPC set out its plan for running down the asset portfolios accumulated through QE in its August 2021 Monetary Policy Report. [17] Consistent with that plan, once Bank Rate reached 0.5% in February of this year, reinvestment of maturing gilts in the QE portfolio ceased.
Today, Europe consists of 27 countries representing a market of around 500 million consumers: the largest domestic market in the world in terms of purchasing power. The acceleration of the integration of European financial markets has radically transformed the international financial environment. All activities are concerned. Regarding bond markets, European debt instruments issued in euro on international markets are now quite comparable to those denominated in dollars. If we take into consideration bonds issued on external markets by “non euro area resident” companies, foreign governments and multilateral institutions, we can observe that in 2006, total issues of international bonds and notes in euro represented an outstanding of an equivalent of 1,200 billion (USD) against 1,000 billion (USD) in dollars. BIS Review 51/2007  1  This fact shows that the euro market has grown considerably since the beginning of the 2000s and today constitutes for corporates and governments a vast, safe and liquid source of funds, wider than that of the US dollar. While the US dollar remains dominant as an international reserve currency (65% of international official reserves against 24% for the euro), bond markets have become bipolar with the euro playing a leading role. European equity markets have constantly developed since the 80s although they remain smaller than those of the United States. In terms of ratios of market capitalisation to the GDP of the countries, euro area equity markets represented 55 % in 2005, while those of the United States amounted to 105 % and Japan to 85 %.

If the process of authenticating yourself is easy and secure, you are more likely to begin using and continue using additive financial services. Payments is the most basic financial service. People are more likely to continue using digital payments if they can do so without regard for the recipient’s mobile provider or bank. In Singapore, in the case of both identity authentication and payments, we have striven to make the user experience seamless and delightful. MyInfo is Singapore’s shared consumer e-KYC engine. • There are more than 50 government and 200 private sector digital services that a user can access via MyInfo. •  Our personal data is spread across different government agencies. • They are not brought together because any one government agency should not know all the personal details about a citizen; agencies should only collect and access data relevant to their work. • MyInfo empowers the consumer to give consent to his service provider to access his personal data residing in different government agencies, be it for opening a bank account or applying for a credit card. PayNow is our system for cheaper, faster and secure interoperable peer-to-peer payments. It has reached $ billion in transactions per month. Other countries, notably India, Estonia, and the Nordics, have also created advanced industrywide digital infrastructures. • A next step would be to learn from one another’s experience in developing public digital infrastructures – to meet our own country needs as well as to ensure seamless interoperability of these infrastructures across borders.
It reserves the right to reject or limit the use of an asset on the basis of any information on its credit quality that it may consider relevant. The Eurosystem has applied such discretion to temporarily suspend the application of the minimum rating requirement to debt instruments issued or guaranteed by some euro area governments following EU/IMF adjustment programmes. Thank you for your attention. 4  BIS central bankers’ speeches

Long-term fixed-rate financing is far less common in Norway than in Denmark, for instance for financing dwellings. As a result, interest rate changes have a greater impact in the relatively short term. However, the strong impact of the interest rate also places constraints on its use to underpin the exchange rate. The situation in Denmark, with its well-developed bond market, is somewhat different, since here the short-term interest rate has rather less pronounced effects on the real economy and prices, and can therefore be used to a greater extent to underpin the exchange rate. Consequently, a monetary policy strategy in which interventions are used to influence the exchange rate will have greater credibility, and the risk of ending up in game situations with the market is smaller than in Norway. Norges Bank does not intend to act in a way that will prompt game situations. The bank may nevertheless use interventions to a limited degree if the exchange rate moves significantly out of line with what we consider to be reasonable on the basis of fundamentals or in the event of exceptional short-term volatility in thin markets. In such circumstances, there is less risk of ending up in a game situation against exchange market operators. We have also experienced game situations in which one or more major operators were behind the krone exchange rate fluctuations at the same time as they took speculative positions in the bond market in the expectation that Norges Bank would raise its key interest rate to defend the krone.
For example, central bank reporting now typically includes the publication of detailed data on monetary policy and liquidity operations. Most academics make a good case that more transparency is always better than less. Yet there are a few critics. Fed Governor Frederic Mishkin, for instance, argues that central bank transparency has gone too far. Mishkin's verdict is related to transparency about the monetary policy strategy of a central bank. As he puts it: "Transparency is a virtue, but like all virtues it can go too far". 16 In light of recent experiences, I wonder whether we have gone too far in improving transparency with respect to central banks' actions as liquidity providers. More specifically, the events of the last few months arguably raise the question of whether we should distinguish between transparency in normal times and in times of crisis. Let me illustrate this point by a recapitulation of the developments surrounding the Bank of England’s liquidity support to Northern Rock. Northern Rock had apparently been facing some institutional deposit outflows for a few days in September 2007. But the run on the bank only started when the emergency liquidity assistance of the Bank of England became public, incidentally by way of a news report from the BBC. 17 The outflows stopped immediately after the U.K. Treasury issued a blanket deposit guarantee. The Northern Rock case is a reminder of the importance that psychology plays in times of crises.

Nonetheless, it is evident that most central banks devote far greater resources to financial stability related issues than they did twenty years ago. One indicator of this heightened interest in financial stability is the number of Financial Stability Reports that are now routinely published. Currently, more than 40 central banks publish a Financial Stability Report on a regular basis. Interestingly, most central banks have intensified their work on financial stability issues during a period in which the global financial system can be said to have been robust. During the past few years, the overall conditions in the global financial system have been described by many observers as "as good as it gets". The financial system was apparently very resilient and able to absorb a series of significant shocks. Meanwhile, recent research suggests that in the past two decades systemic risk in banking has increased in both the US and the euro area. 1 Indeed, systemic risk seems to have re-emerged quite suddenly when, after August 9, many of the world’s money markets dried up and a wide range of risk indicators leaped to higher levels. It should be noted here that many central banks, market participants and other market observers saw the re-pricing of risk as an inevitable and necessary adjustment after a prolonged period of excessive risk taking. As it turns out, the re-pricing of risk did not occur in a benign manner. For almost four months now, important segments of the global credit market have been subject to severe stress.
When I went to the UK for my post-graduate studies in mid 1970s, it was only in the case of subjects he had covered that I did not have the so called knowledge gap. Professor Tilakaratna was not only an academic, but also a policy advisor, manager and administrator. In early 1970s, he functioned as an advisor to the Ministry of Plantations Industry and was appointed as Chairman of the newly established Coconut Marketing Board. Unlike other academics who thought that they knew all, he had the modesty and humility to learn from industry. A big magnate in coconut industry recently related to me how he once visited a coconut factory and insisted on learning a to z of everything there. My frequent visits to him either at the Coconut Marketing Board or at his residence were intellectual and academic journeys through all aspects of and issues relating to the coconut industry. We always returned home being much wiser than before. The university authorities too recognized his academic excellence and erudition fairly early. He was elevated, by double promotion, to the post of Professor of Economics and Head of Department at such a young age as 34. Immediately after that, he re-organized the Department of Economics, introduced a Post Graduate Diploma in Applied Social Statistics and strengthened the Department with new staff. I was one of the students who completed this Diploma in its first batch.

W A Wijewardena: Services sector growth – an unstable growth component or a sustainable wealth creator? The case of Sri Lanka Text of the Professor Sirisena Tilakaratna Memorial Lecture - 2006 by Mr W A Wijewardena, Deputy Governor of the Central Bank of Sri Lanka, at the Center for Banking Studies, Rajagiriya, 15 December 2006. The views expressed in this paper are those of the author and should in no way be construed as those of the Central Bank of Sri Lanka. *  *  *  I consider it a unique honour to be invited to deliver the Professor Sirisena Tilakaratna Memorial Lecture 2006. Four eminent authorities did the honour of delivering the same during the last four years. All of them were either his colleagues or his seniors. Against this background, a student of Professor Sirisena Tilakaratna being invited to do the honours this year is a departure from the past tradition. It is in this context that I consider it a unique honour bestowed on me. Professor Sirisena Tilakaratna comes from the same place as I do. He was schooled in one of the leading schools of the day, namely, Taxila Central College at Horana. He belongs to the rare category of students who did their studies in English medium, but equally fluent in Sinhala as well. Because of my relationship with him, I used to visit his house very often as a kid.
Dear ladies and gentlemen, I hope that this project will deliver long-term results, and will strengthen the regulatory and operational frameworks at the Bank of Albania, an institution that makes substantial contribution to the sustainable economic development of Albania. On behalf of the Bank of Albania, let me iterate our readiness and commitment for the successful implementation of the Twinning Project, as we strive with professionalism and responsibility to achieve its objectives. Concluding, I would like to thank the European Commission, for its support in securing funding for this project. I am certain that the Commission will continue to support future initiatives of the Bank of Albania, as we deal with approximation challenges and endeavour to progress toward the European family. I would also like to thank the EU Delegation to Albania for their support and valuable suggestions during the design and consultation phases of the project, as well as the General Directorate for Financing and Contracting, for their insistence throughout the design and selection process for compliance with all EU procedures related to fund management. Special thanks go to Banca d’Italia, an institution that has constantly supported us with their invaluable experience. I believe that the experience and dedication of Mr Gola is an added guarantee in this regard.

The introduction of macroprudential instruments to complement the stabilising capacity of monetary and fiscal policies is probably one of the most significant advances in the wake of the international financial crisis. For the countries belonging to a monetary union, the introduction of these tools is particularly important. This is because it is one of the few instruments available nationally to ensure the stability of the domestic financial system. In my opinion, macroprudential policy has a dual role to play in the current setting. First, continuing low or even negative interest rates over an extended period may have adverse effects on financial stability. Macroprudential policy should be primarily entrusted with reacting if some of these risks emerge, actively combating potential excessive debt growth and protecting financial institutions against the hypothetical materialisation of these  12  See Chapter 4, “Fiscal policy in the euro area”, in the Annual Report 2016, Banco de España. 13  See Arce et al. (2016), “Policy spillovers and synergies in a monetary union”, International Journal of Central Banking, 12(3), September, pp. 219-277. 14  See Chapter 4, “Fiscal policy in the euro area”, in the Annual Report 2016, Banco de España. 12/16  risks. This policy action should affect both the banking sector and the non-bank financial sector, depending on where the signs of exuberance are perceived. Second, some macroprudential instruments, such as the countercyclical capital buffer (CCyB), can be used to build up capital buffers at financial institutions in times of plenty that can be deployed when conditions worsen.
The Schuman Declaration paved the way for a new era of peaceful cooperation between the two nations, as well as with other countries. A new type of Europe began to emerge from the wasteland of World War II. What was about to take shape was indeed “revolutionary” – because the fathers of a united Europe moved beyond the concept of the nation-state with a jealously guarded sovereignty. They placed coal and steel production – the two industries which were crucial to the war effort – under a new supranational authority. Six European countries – France, West Germany, Italy, the Netherlands, Belgium and Luxembourg – took this first and important step towards closer  BIS central bankers’ speeches  1  cooperation in 1951. A process towards creating durable conditions for peace in Europe had been set in motion. The six founding countries came to realise that there were substantial benefits in closer cooperation and agreed to deepen it further. In 1957, they signed the Treaty of Rome, which created a customs union and established the European Economic Community. Its overall aim was to promote harmonious economic development, raise living standards and develop a common market. However, the founding fathers of Europe saw European integration as more than just an exercise in economic cooperation. They shared a larger vision for the future of Europe. Thus, in the Treaty’s preamble, the signatories committed to lay the foundations for an “ever closer union” among the peoples of Europe. This commitment has become the leitmotif of the continent’s integration.

The challenge facing the UK economy in the years ahead is to ensure that the private sector can once again become an engine of job creation and growth as the public sector rebalances, repeating the positive experience of the 1990s recovery. 6  Public sector net borrowing was 7.7% of GDP in 1993/4, moving towards a surplus of 0.5% in 1998/9, a swing of 8.2% in the public sector financial balance as a share of GDP. The Budget plans show a 9 percentage point swing – from borrowing of 10.1% in the current financial year to 1.1% in 2015/6. 7  From Q3 1991 to Q4 1998, public sector employment fell by 827,000 – a fall of around 14% of the total. The Office for Budget Responsibility projects a fall in 600,000 over the present consolidation, a fall of around 10%. BIS Review 134/2010  7  There is, however, one important difference between the situation now and the mid-1990s in that the flow of finance to support the growth of private sector businesses has been affected by the impact of the financial crisis on the banking sector. For many businesses and individuals, the terms on which they can access lending are much less favourable than before the crisis. In one sense, this is very appropriate in that credit was too freely available in some parts of the financial system in the mid-2000s and this created the conditions for the global credit boom which preceded the financial crisis.
The availability of goods and services around the clock on-line raises the question of why it should take longer to make a payment than it does to send a text message or private message via Facebook. All of this leads to demand for real-time payments. Instant payments, meaning the possibility of paying person to person in real time around the clock, have been made possible by digitalisation and new technology. In other words, this is a matter of small payments between private persons and is thus something other than what the Riksbank’s system has traditionally handled. Previously, verification, clearing and settlement has taken time to implement, but, at present, using new technology, it takes a few seconds instead of a few days. In Sweden, the number of users of the mobile application Swish has increased to over 6 million since its launch in 2012. 20 Swish is a system that makes it possible to execute instant payments between private persons. This means that I can enter a payment into my mobile phone and, a few seconds later, show you that it has been executed without having to wait a few banking days for account transfers. In addition, we can make payments with the system around the clock. In this way, it is reminiscent of cash. When banknotes change hands, the payment is completed, at the same time as the possibility of paying does not depend on the opening hours of the system or the banks.

SPEECH DATE:  4 June 2018  SPEAKER:  Stefan Ingves  VENUE:  Stockholm School of Economics  SVERIGES RIKSBANK SE-103 37 Stockholm (Brunkebergstorg 11) Tel +46 8 787 00 00 Fax +46 8 21 05 31 registratorn@riksbank.se www.riksbank.se  Money and payments – where are we heading? Today, I am going to talk about money. This is a subject that concerns us all – most of us use money practically every day. But we probably don’t give much thought to how important it is that our daily purchases can be carried out smoothly. It's more or less the same as not giving so much thought to your health as long as you’re healthy. But once you get sick, it becomes almost the only thing you can think about. Our system for payments is similar; as long as it works securely and efficiently, we don’t think about it. And, to continue the analogy: It is the Riksbank's task to ensure that the payment system remains healthy and contributes to a well-functioning society. Right now, we, at the Riksbank, are devoting a lot of time to issues regarding payments and the payment system. The background to this is formed by the rapid changes on the payment market and the rapid decrease in cash usage in Sweden – a development that we are practically alone in, worldwide. Only a few other countries are undergoing a similar, albeit less dramatic, development.