samchain/econo-pairs-v1 huggingface dataset:
For some countries, not least Ireland, the debt mountain has grown to unmanageable heights and the financial crisis has changed form to become a sovereign debt crisis. Sweden has also been affected by the financial crisis. But, unlike many other countries, we have emerged from the crisis in fairly good shape. Growth in the Swedish economy is back to pre-crisis levels and other indicators, such as the level of investment and household consumption, are also positive. I would say that this is mainly due to two factors. First, the Swedish banks, with the crisis of the 1990s fresh in their minds, have been less risk-inclined than many international banks, although of course with the exception of their operations in the Baltic countries. Second, the unusually sound condition of the Swedish economy has made it possible for Swedish authorities to take extraordinary measures without putting our public finances at risk. However, even if Sweden has coped relatively well with the crisis this time, we should remember that as a small, open economy Sweden is highly dependent on what happens in the rest of the world. This also applies to the Swedish banks as a considerable part of their funding comes from international financial markets. The international operations of the Swedish banks have also increased significantly over the last ten years. This means that events abroad have an increasing impact here in Sweden. This is also the case for most other countries.

Almost all components of demand continue to grow, albeit at a more moderate pace. Private consumption will benefit from the healthy improvement in disposable income. Equipment investment is being stimulated by the high rate of utilisation of production capacity and the favourable business outlook in many industries. Residential construction is likely to see a measure of calm. Yet increased investment in commercial and industrial building may offset this development to some extent. The somewhat weaker global economic development – though still favourable overall - will probably continue to have a positive impact on exports. For 2007, we expect overall GDP growth of about 2%. Monetary developments Allow me to explain developments in the financial markets and the monetary aggregates. Two topics merit particular attention: the development of credit and money supply and the exchange rate. In addition to long-term interest rates and exchange rates, loans – among other things – play an important role when changes in key interest rates are transmitted to the economy. What information can we derive from the development of lending activity? Loans are registering constant growth. Mortgage loans, which account for the great majority of all bank loans, have grown at a rate of more than 5% since 2003. This is a reflection of the clearly expansionary monetary policy at that time. The growth rate of mortgage loans has gradually slowed, however, and is now slightly below 5%. This is nevertheless still a high growth rate. Other loans, however, are witnessing stronger growth and are currently expanding by 6%.
Sud Ouest: France has taken over the presidency of the G-20 group of leading nations. And, on this occasion, Nicolas Sarkozy would like to pave the way towards a reform of the international monetary system that would reduce the dollar's role. Do you see this as a possibility? BIS central bankers’ speeches  1  Christian Noyer: The aim is not to reduce the role of the dollar. Even though it has already partially lost its sole reserve currency status, the dollar will continue to play a major role in trade. France is approaching this presidency with an open mind, but there is no doubt that the international monetary system is no longer suited to today's world. Designed in the 1940s and reformed in the 1970s, this system bears the hallmark of an era when international trade played a much smaller role, and when emerging countries such as China, India and Brazil were much less significant players in the global economy. This new configuration must be taken into account. Today, we must hold discussions and debates, measure the magnitude of capital flows that could have very destabilising effects on some countries and strive in a united manner to correct the major imbalances that are dampening world growth. 2  BIS central bankers’ speeches

Just like the T2S project will materialise over the next two years as the remaining 17 markets migrate to the platform. The migration of the four securities depositories from Greece, Malta, Romania and Switzerland to the T2S platform on 22 June was just the beginning. The Italian market will join on 31 August, followed by three more waves of CSDs in March and September 2016 and February 2017. At that time 21 national markets will unite in a single market for securities settlement, with enhanced liquidity and collateral management. To ensure the rollout of T2S progresses smoothly we continue to support the preparations of all the securities depositories yet to migrate, as well as the efforts of the national markets to comply with the harmonisation standards. Once full migration is complete, T2S has the potential to become the single gateway between the European financial market and the rest of the world. It will offer great opportunities for both European and international investors and issuers. National issuance will become European issuance, as shown nicely by the jaunty securities characters in the video we saw earlier. T2S will lower settlement costs and expand horizons for all entities in the post-trade market, regardless of their size or country of origin. Thanks to T2S, all markets and entities, both small and large, will have equal access to an innovative technical platform as well as an integrated European market. For many people, Europe means the euro. But T2S will not only settle in euro. T2S was designed as a multi-currency system.
We welcome the policy aimed at ensuring the sustainability of public finance, especially bearing in mind long-term risks which may be caused, firstly, by the demographic situation, secondly, by the escalation of pension system problems, and thirdly, by a possible fall in oil and gas revenues. These long-term risks are already in place, and, therefore, in our opinion, it is very important to maintain a conservative approach to budgeting process over a longer-term horizon. Besides, it is necessary to continue improving the efficiency of budget spending, particularly in terms of investment projects, in order to increase the share of expenditures that have a multiplication effect on the economic growth within the budget structure. It will also indirectly affect the monetary policy and the possibility of its easing. In our opinion, the Bank of Russia contributes to creating conditions for structural changes in the economy by decreasing inflation and keeping it at a consistently low level. Firstly, we need to bring the inflation to a low level, and secondly, we need to keep it there. In 2014, the Bank of Russia is completing the longstanding transition to the inflation targeting regime, and from 2015 it plans to conduct monetary policy within the framework of this regime. Why does the Bank of Russia pursue its previously set goals, in spite of the current difficult situation, high uncertainty of its future development and volatility of financial and foreign exchange markets?

Our assessment however raised some important questions around how the system operates – particularly whether calling cash variation margin intraday can be made to work more effectively. The frequency and timing of these intraday calls, particularly when issued ad hoc, was not always sufficiently clear to all participants, further complicating liquidity management issues for some. In some instances, unexpected or late-in-the-day margin calls posed operational challenges to making timely payment for some participants. These challenges around the predictably of variation margin calls reflect a wider issue of transparency in the margining process. Most CCPs provide tools that allow clearing members and clients to calculate margin requirements for existing portfolios as well as changes to portfolios that participants expect to make. Some CCPs also provide additional functionality allowing participants to calculate margin requirements under “what if” scenarios. On the other hand, many banking and non-banking participants reported to us that margin calls were insufficiently predictable, with considerable uncertainty over the scale and the speed of increases they were likely to face over a given time period, or for a given level of volatility. Participants reported that the availability of more information on how the models are calibrated and the wider provision by CCPs of high quality margin calculators and other tools, would enable them to generate forward-looking predictions of margin requirements at portfolio level. The surveys also revealed a picture on whether market participants were prepared adequately for margin calls in a severe stress.
However, we have observed a more diversified and well-balanced non-resident investor base in recent months and our surveillance indicates that composition of medium to long-term investors is now much higher. The participation of a diverse spectrum of non-residents, including central banks and sovereign funds, is pivotal in providing a more stable and balanced two-way flows. Malaysia is constantly in top 20 global competitiveness index. Malaysia is the world’s 34th largest economy. We are also consistently ranked among the world’s most competitive economies. These are externally driven indexes and are independently researched. In the World Bank Doing Business report, Malaysia scored better than the average OECD high income nations in terms of legal rights and credit information. Our protection of businesses are also stronger with faster and higher recovery rate in cases of insolvency. In terms of talent development, attraction and retention, Malaysia has consistently ranked in the top 20 of the IMD World Talent report. Within the region, Malaysian talents stand out due to our diversity. A key attraction for investors in Malaysia remains the English proficiency of our workforce. We have maintained a top 15 ranking in the EF English proficiency index for the last 6 years. Many multinational companies based in Malaysia have taken note of this cultural diversity. The familiarity of our people with the numerous languages spoken within Asia, including Mandarin, Arabic, Tamil, Urdu and Malay allows for Malaysia to be a natural choice for regional business operations. The flourishing of our Global Business Services industry illustrates this point.

Since joining the IMF, Romania has been part of the Dutch Constituency. In 2012, Belgium and Luxembourg joined, establishing the Dutch-Belgian Constituency, one of the largest and most diverse constituencies at the IMF. I have to mention that the National Bank of Romania has extensively benefited during the whole transition process from technical assistance from members of this Constituency in two essential banking areas, such as bank supervision form the Nederlandsche Bank (DNB) and market operations from the National Bank of Belgium. Actually, the first Law on the Statute of the National Bank of Romania was drafted following the model of the National Bank of Belgium, while the Dutch influence goes even further back in time. If history simply wanted to repeat itself: one knows that the name of our national currency draws its name from the löwenthaler (leul taler), a silver Dutch coin that circulated approximately four hundred years ago. Allow me to introduce, even though many of you already know him, Paul Hilbers, the IMF Executive Director of the Dutch – Belgian Constituency, a very dear and old friend of Romania. I would like to thank him for his current work representing our country within the IMF Executive Board, and for all his support throughout his career.
While the challenge is great, I am reminded by the Conference today that our prospects are bright as the industry continues to show strong leadership in rising up to the challenge. 4/5  BIS - Central bankers' speeches  Thank you. 1 Focus Malaysia [link]  5/5  BIS - Central bankers' speeches

Two areas I wish to highlight in which the Bank sees room for the industry to demonstrate immediacy and act together. First, mainstreaming Value-based Intermediation (VBI). The Islamic finance industry has demonstrated commendable progress through the VBI Community of Practitioners (COP) in developing frameworks and guidance that support the implementation of VBI. This momentum should continue into other implementation areas such as 'collaborative pilot' solutions, and impact monitoring and reporting with even greater rigour. As envisioned in the Blueprint, collaboration should also be extended beyond Islamic finance as VBI principles are universally applicable to the whole financial sector. For stakeholders of financial institutions, these initiatives should only be measured as "accomplished" once the benefits of value-based finance are genuinely experienced and felt, especially by financial consumers. To achieve this, business strategies, operations and manpower must be aligned to impact-driven corporate value intent. Finance solutions goes beyond providing economic benefits, it extends into delivering tangible social and environmental benefits. Another area is Open Data. A multi-stakeholder collaboration involving the financial industry, government agencies and even the third sector such as NGOs is crucial in advancing open data arrangements. This year, open data initiatives will focus on identification of high priority use cases by the industry, which can then be immediately worked on together. Through initiatives such as VBI and open data, financial institutions can augment its contribution to wider stakeholders in promoting economic and social developments. The third imperative, (and this is a viewpoint close to heart), is that value-based leadership requires empathy.
While this presence may have diminished over the last two years, Hong Kong remains an important market for the Japanese banks and I am sure that you will continue to demonstrate your commitment in the years to come. BIS Review 65/2000  4

For microprudential supervision, the proposal is based on the so-called Twin Peaks model which separates prudential supervision (one peak, to be in the PRA) from conduct of business and consumer and investor protection (the other peak, to be in the Consumer and Markets Authority). One of the very important features of this approach is that it doesn’t mean one peak is less important than the other, that is not a consequence of financial stability being a necessary condition for good conduct of business. Rather, it should enable each regulatory body to be focussed on its own objective, because it requires different skills and experience to undertake the two peaks. Of course, great attention needs to be given to ensuring the boundary between the two peaks is robustly defined, and there is effective and efficient cooperation between the two authorities. But, my view is that done properly it will improve the system of regulation. As far as microprudential supervision is concerned, we are clear that it should not be a regime in which firms cannot fail. A successful industry of any sort needs to have means by which unsuccessful firms can fail without an unacceptable cost to the public, and where appropriate means by which firms can recover from serious problems without having recourse to a formal resolution process. Banking still suffers from the too big, too complicated, too interconnected to fail problems. This has meant that public money has had to be used to prevent disorderly failures.
12  Figure 1 Inflation indicators (*) (annual change, percent)  7  7  6  6  Services  5  5  4  4  3  3  2  2  1  CPI  CPIEFE  0  1 0  -1  Goods  -2  -3  -1 -2  -3 13  14  15  16  17  (*) As from January 2014 the new indexes with annual base 2013=100 are used, so they are not strictly comparable with previous figures. Sources: Central Bank of Chile and National Statistics Institute. Figure 2 CPI inflation (*)  CPIEFE inflation (*)  (annual change, percent)  (annual change, percent)  6  6  6  6  5  5  5  5  4  4  4  4  3  3  3  3  2  2  2  2  1  1  1  1  0  0  0  11 12 13 14 15 16 17 18 19  0 11 12 13 14 15 16 17 18 19  Dec.17 Report  Sep.17 Report  (*) Gray area shows forecast as from the fourth quarter of 2017. Sources: Central Bank of Chile and National Statistics Institute (INE).

However, these efforts depend on the approval of the bill. Institutional advances A year ago, when I presented these same reports before this Committee, I emphasized how important it is for a central bank to have the capacity to face new challenges. On that occasion, I stressed that the accumulated achievements of the Central Bank of Chile over the years did not suffice to take charge of the transformations that occur in the economy, markets, technology and society. Every central bank has the obligation and responsibility to anticipate these changes and respond to them in an organized, efficient and timely manner. Accordingly, since 2004, and every time a new Governor assumes, the Bank prepares a strategic plan that accompanies it throughout his term and culminates in the first year in office of his successor. Early this year we began preparing the strategic plan for the next five years. This time, we have sought to give our strategic plan a consultative, participatory and inclusive character. The aim is to reflect that the Bank is not an isolated entity, but works for the entire country and depends on the cohesive team of people that make it up. All this has translated into this new Strategic Plan being devised after completing more than 100 interviews with people from different areas that are external references for the Bank. Surveys were applied to regional and international reference groups and other central banks.
When you know it’s there, it’s obvious. But when, as instructed , people are engrossed in the highs and lows of the basketball game, many fail to notice the bear. The risk of adjustment in the stretched prices (and compressed yields) in corporate debt markets are my moonwalking bear, hidden in plain sight. The icebergs can lurk beneath the surface of the system. They make navigation of markets uncertain and hazardous. Assessment of them requires diving into the cold, murky depths of the financial system. Excessive leverage and liquidity mismatches were the bergs of the financial crisis. They forced investors into firesales of assets, magnifying market adjustments, and sometimes even disrupting market functioning. In other words, they compromised market resilience. Those risks have been addressed. But we must stay alert to any possible new bergs of the future. To spot them emerging we need to dive into the detail of the system, to look at the incentives and constraints facing the participants. 2  All speeches are available online at www.bankofengland.co.uk/speeches  2  We’ll don our diving equipment later. Before we do, it’s worth asking who should care about hidden risk? Any manager focussed on risk and return will be interested in these bears and bergs. Failure to acknowledge them can damage performance. But while the risks mean some investors can have a bad day and others a good one, the ups and downs of asset markets don’t necessarily concern policymakers.

So that market finance can continue to deliver for the economy in bad times, as well as a good. Thank you. 13  All speeches are available online at www.bankofengland.co.uk/speeches  13
By being open and clear towards the outside world, we force ourselves to become better at analysing. When it is easier to evaluate how well monetary policy functions, there is greater pressure on us to do a good job. Our decision to publish an interest rate forecast has made it possible to compare different forecasters’ assessments. It has further stimulated the debate on monetary policy and the economy. And this is excellent. More voices and clear opinions increase the possibilities for making well-founded assessments. The fears expressed by a number of academics and practicians that financial market participants will now stop making their own forecasts of the interest rate have not been realised. Even after the interest rate path is published, there will still be a broad spectrum of opinions on how the economy and the interest rate will develop in the future. There is nothing unusual in this. Those who operate in the financial markets know that we live in an uncertain world and for this reason they will continue to make independent assessments of interest rate developments. Changes in communication The Riksbank recently decided to take a further step towards greater clarity in its communication. Firstly, we will in future hold press conferences after each monetary policy meeting, regardless of what decision has been taken. Previously, press conferences have only been held if the repo rate has been changed or when a Monetary Policy Report has been published.

The impetus for these reforms was either European, for example in network industries, or national, for example in retail trade or in regulated professions with the 2015 Macron law. It led in both cases to a significant decrease in prices, purchasing power gains for households and a cut in intermediate consumption costs for firms. One spectacular example is the arrival of a new competitor in the mobile services market, leading to an 11.4% telecommunication price reduction in 2012. A significant reform is underway with the ongoing railway reform preparing for increased opening to competition. [slide 14]. This is not yet done and you see again images of French strikes. But they shouldn’t have significant economic effects, and strikes are sometimes, at least in France, the road to reform. Finally, the European environment can support the French momentum. A strengthened Economic Union in the Eurozone can indeed be an accelerator for national reforms. There should be, according to me, four dimensions to this accelerator role: macroeconomic, microeconomic, fiscal and institutional. The macro accelerator is a collective economic strategy in the euro area. It is premised on one simple fact: economic growth and employment will be stronger in the euro area as we will combine more reforms in countries where they are needed, like France, with more stimulus in countries with leeway for it, like Germany or the Netherlands. The micro accelerator would rely on a Financing Union for Investment and Innovation.