samchain/econo-pairs-v1 huggingface dataset:
We, as the Central Bank, will continue to contribute with our assigned duty, that is, to safeguard the stability of our currency and the normal functioning of the internal and external payment system, to Chile’s development and welfare. Many thanks,  BIS central bankers’ speeches  7  Figure 1 GDP growth (annual change, percent) 12  12  8  8  4  4  0  0  -4  -4  -8  -8  -12  -12 07  08  09  10  Natural resources  11  12  13  All other sectors  Source: Central Bank of Chile. Figure 2 Private consumption and investment (annual change, percent) 25  25  20  20  15  15  10  10  5  5  0  0  -5  -5  -10  -10  -15  -15  -20  -20 07  08  09  10  Private consumption  11  12  13  Investment  Source: Central Bank of Chile.

Figure 4  CPI inflation (*) (annual change, percent)  10  CPIEFE inflation (*) (annual change, percent)  10 10  10  8  8  8  8  6  6  6  6  4  4  4  4  2  2  2  2  0  0  0  0  -2  -2 -2  -2  -4  -4 -4  -4  07  09  11  13  15  07  Dec.2013 Report  09  11  13  15  Sep.2013 Report  (*) Gray area, as from the fourth quarter of 2013, shows forecast. Sources: Central Bank of Chile and National Statistics Institute (INE). 10  BIS central bankers’ speeches  Figure 5 MPR and expectations (percent) 9 8 7 6 5 4 3 2 1 0  9 8 7 6 5 4 3 2 1 0 07  08  09  10  11  12  13  14  15  MPR  FBS second half Nov. 2013  EES November 2013  Forward rate, Dec.2013 Report  Source: Central Bank of Chile. BIS central bankers’ speeches  11
Jean-Claude Trichet: Interview with the Financial Times Interview with Mr Jean-Claude Trichet, President of the European Central Bank, in the Financial Times, conducted by Messrs Lionel Barber and Ralph Atkins on 8 September 2010 and published on 10 September 2010. *  *  *  Financial Times: After the events of the past few years, are you confident that the euro can survive, and if so, why? Jean-Claude Trichet: Yes, I am confident, of course! You know how much scepticism there was in the run-up to the setting-up of the euro. The best way to measure how much has been done is to conduct a thought experiment and place ourselves at the beginning of 1998 or, perhaps even more boldly, in 1994, and imagine hearing somebody say the euro would be launched on time in January 1999, that it would start with 11 countries, that very rapidly there would be 16 countries. And that after 11 ½ years, for these 16 countries and more than 330m people, not only would the stability of the euro be in line with our definition of price stability – below but close to 2 per cent – but that the level of price stability would be better than that obtained in the previous 50 years by major currencies before the euro. Over the 11 ½ years, euro area inflation has averaged 1.97 per cent. That would certainly have been considered much too bold, much too optimistic, perhaps totally unrealistic – but that is what we’ve been doing.

Such a competitive and pro-enterprise environment will bring out the areas in which we have a competitive advantage. We cannot predict in advance which activities will take off. But when some activities succeed we can promote and encourage their development, always pushing in the direction of market forces, and not against them. Conclusion MAS has built a reputation for credibility, prudence and competence over the last 30 years. But major challenges lie ahead. We have to manage exchange rate policy in an increasingly volatile market, build a sound and responsive regulatory environment that allows the financial industry to thrive, and promote Singapore as a financial centre even in the midst of adverse external conditions. It is always easy to shelter from change, to reject anything new and to adopt a risk adverse approach. But if the sole objective of a captain is to protect his ship, then his vessel would never leave port. Over the last few years, we have altered our course – opening up to, rather than sheltering from, the winds of change. 6  BIS Review 67/2001  To navigate in this dynamic environment, MAS will have to continue to strengthen its own capabilities. The pace of change is intense, and the demands on MAS’ resources, expertise and judgement will only grow. We must broaden our contacts and consultation with market participants and fellow central bankers and regulators. This is the way to keep abreast of the latest developments in the financial industry, and evolving best practices in central banking and financial supervision.
These are great examples of the success under the Blue Ocean theory. However, not all of us can become Bill Gates and Steve Jobs. And there is a limit on how often companies can innovate new products or lines of business. So the Blue Ocean theory is good but has its own limitations. Most people and companies would find it hard to create blue oceans in the day-to-day life. So what is the alternative route to survival and success? In this connection, let me share with you another story. It’s the story about a noodle shop in Wanchai. 7. In the 1970s, a young couple decided that they should start their own business. They borrowed money from their parents and relatives to set up a small noodle shop in Wanchai. They worked very hard and the noodle shop’s business was doing well after several years. In the 1980s the couple used the money they had saved up to buy the shop space of their noodle shop. However, the business of the noodle shop began to decline in the 1990s. A friend of the couple offered help by giving the following advice: “The noodle shop is too old-fashioned. People’s eating habit has changed and they prefer a wider variety of food in the form of a local cafe (茶餐廳)." This sounded sensible and the couple took the advice and converted the noodle shop into a local cafe. The business improved initially but worsened again several months later.

While happily walking and talking, they bumped into a giant black bear which was apparently in a bad mood and in need of some nutritious food. Even though this was their very first encounter of a big bear in the wilderness, the ferocity displayed by the bear cast no doubt in their minds that their lives were at stake. So the two of them ran as fast as they could downhill and soon they reached the flat land at the bottom of the hill. Unfortunately the bear appeared to be quite determined to get the catch of the day and was chasing them from 50 yards behind. Suddenly one man stopped running and took out his running shoes from his knapsack to put them on. The other guy was very puzzled and asked: “What are you doing, you stupid? I don’t think you can run faster than the bear even with your running shoes on!” The other guy replied: “Yes, I know this. But it would be good enough if I can run faster than you!” 5. What is the moral of this story? One, the world can be very dangerous and unpredictable risk may crop up from nowhere. So be prepared. Two, the world is a very competitive place. It is not about how fast you can run, but whether you can outrun your competitors. The marketplace is a wild jungle in which only the very fit or the fittest can hope to survive or succeed. 6.
But I am thoroughly convinced that in practice, in the financial sector and in society in general, we must respect the rules and behave ethically – even when we are respecting the rules. A number of cases that have recently made the headlines have also shown that citizens and customers alike are becoming increasingly demanding in this regard. Adopting the same reasoning, Paul Dembinski likes to quote Ricoeur's broader definition of ethics as "a wish for a fulfilled life – with and for others – in just institutions". 1. From this perspective, what is at stake is more than a simple contrast, but the sound balance and dynamic tension between compulsory rules and enduring, freely adopted ethics. There can be no doubt that the financial sector needs rules. This is not just a question of an activity that involves intermediation between different parties – each of which must be convinced that the rules are being properly applied – but it is also a question of managing risks, while protecting the interests of customers and policyholders. Financial instability also has substantial externalities on the economy, and on social cohesion through unemployment. The recent financial crises have brought the failings of the financial system into focus, not forgetting the impact of new technologies, such as high frequency trading, FinTechs, or crypto-assets. But rules have their limitations.

As ORSE's report on corporate ethics, responsibility and strategy1 quite rightly reminds us, "Corporate ethics is not built on obedience, but on engagement and discernment". Employees must be able to identify ethical "grey areas" even when their manager or clear rules are not available. If ethics are to permeate corporate practices, they must form an integral part of HR policies and structures. For example, during selection procedures for external recruitment or internal promotion, particularly for management positions, the integrity of candidates during their career should be seriously assessed and taken into account. Ethics in themselves have value. Good performances can neither excuse nor compensate for questionable ethical behaviour. Results obtained at the expense of ethical standards should not be rewarded. On the contrary, they should be penalised in order to send the right message with regards to expected behaviour, including from the managers of the employees concerned. Diversity within teams, and particularly management teams, should be encouraged. Experience shows that diversity – in terms of gender, social background, education, thinking – is a factor in risk prevention. An overly homogeneous group does not debate, loses critical thinking and as a result takes more risky decisions. At a time when technical processes and compliance procedures are becoming 2/3  BIS central bankers' speeches  increasingly complex and favour dialogue between human and machine, direct human contact should once more be given the importance it deserves.
It is clear that monetary union does entail a higher degree of joint decision-making. But economic integration and political integration can develop in parallel. Where necessary, sovereignty in selected economic policy fields can and should be pooled and democratic legitimation deepened. How far should this go? We do not need a centralisation of all economic policies. Instead, we can answer this question pragmatically: by calmly asking ourselves which are the minimum requirements to complete economic and monetary union. And in doing so, we will find that all the necessary measures are firmly within our reach. For fiscal policies, we need true oversight over national budgets. The consequences of misguided fiscal policies in a monetary union are too severe to remain self-policed. For  BIS central bankers’ speeches  1  broader economic policies, we need to guarantee competitiveness. Countries must be able to generate sustainable growth and high employment without excessive imbalances. The euro area is not a nation-state where persistent cross-regional subsidies have sufficient popular support. Therefore, we cannot afford a situation where some regions run permanently large deficits vis-à-vis others. For financial policies, there need to be powers at the centre to limit excessive risk-taking by banks and regulatory capture by supervisors. This is the best way to protect euro area taxpayers. There also needs to be a framework for bank resolution that safeguards public finances, as we see in other federations.

Dimitar Radev: The Bulgarian banking sector in 2020 – how have we coped and what is forthcoming Publication by Mr Dimitar Radev, Governor of the Bulgarian National Bank, in the Bulletin of the Association of Banks in Bulgaria, issue 64, December 2020. * * * Dear Colleagues, We are approaching the Banker’s Day in a year of unprecedented challenges: first, in relation to the consequences of the COVID-19 pandemic; andsecond, with the completion of the strategic project of the entry of the Bulgarian Lev into the European Exchange Rate Mechanism (ERM II), simultaneously with the accession of our country to the European Banking Union, including to the Single Supervisory Mechanism and the Single Resolution Mechanism. From the banking sector’s perspective, there are two key questions: how we have coped to date, and what is forthcoming? Our goal, defined as early as the start of the crisis, was for the banking sector to generate solutions, rather than problems. As a result of our effort in the recent years, we were well positioned for the attainment of this goal. The banking sector ‘entered’ into the crisis with a Common Equity Tier 1 capital adequacy of over 19%, and with a liquidity coverage ratio of over 260%, i.e. times above the regulatory requirements. Regardless of the good starting position, we were aware that, because of the abrupt deterioration of the environment in which banks operated, there should be new measures for further strengthening of their capital and liquidity positions.
Similarly, long-term rates on bank mortgage loans to households have increased in Greece, Ireland and Spain since the eruption of the sovereign debt crisis in May 2010, while they continued to fall in France and Germany until the end of 2010. Considering the scale of the underlying problems and thus the time it will take to resolve them, the potential for cross-country variation in monetary policy transmission will persist. So the single monetary policy may have different effects in different parts of the euro area, leading to persistent differences in economic performance, even with the single policy stance established by the ECB’s Governing Council. We are already seeing greater variation from country to country than in the pre-crisis period. While the German economy appears to have recovered quickly from the recession – growing 1.5% in the first quarter of this year – in those countries most affected by the sovereign debt crisis growth remains sluggish. As a result, current cross-country growth differentials are significant compared with the pre-crisis period. To some extent, these differences are a mirror image of those before the crisis. Those countries which had more buoyant growth during the pre-crisis period are also those that have accumulated large financial imbalances. In the middle of the past decade, the strong growth in household loans fuelled housing and construction booms in countries such as Spain and Ireland. Loan growth rates there peaked at annual rates of around 25%, compared with an area-wide peak of 10%.

Thank you for your attention. 6  BIS central bankers’ speeches
Even if the gradual recovery in economic activity is expected to continue in the period ahead, resource utilization is anticipated to remain below the long-term average for some time. In this context, our medium-term forecasts suggest that the output gap – albeit closing faster than envisaged in the October Report – will remain disinflationary until the beginning of 2012. Distinguished Members of the Press, Although the course of economic activity has been broadly in line with the outlook presented in the October Inflation Report, there have been some developments that necessitated an upward revision in short-term inflation forecasts. As I believe that interpreting these developments accurately is very important, I would like to further elaborate on these developments. The tax measures implemented in January on fuel, alcohol, and tobacco products, to increase budget revenues, will add around 1.5 percentage points to 2010 consumer inflation. Forecasts presented in the October Inflation Report assumed that prices of these products would increase in line with target inflation in 2010, and thus the total contribution of these items was envisaged to be 0.5 percentage points. Accordingly, tax measures in January have shifted the inflation forecast path by around 1 percentage point through 2010. I would like to underline that this impact will be seen immediately in January 2010 and disappear following January 2011. The rise in oil prices was another factor that necessitated an upward revision in our shortterm inflation forecasts.

I also encourage the private sector to learn more about the complexity and risks of various financial products to be able to use them effectively for their businesses. This will help businesses to reduce cost and increase competitiveness, as well as allow the financial sector to play a bigger supporting role for the real sector. For the financial sector, strengthening internal organization and promoting financial system efficiency will be the main factors that allow financial institutions to become more competitive. This will also increase the efficiency of business transactions as well as confidence in the financial system. Policy address Like all policymakers, the BOT faces not only the challenge of policy making but also that of communicating the policy choice to the general public. It is often the case that there is a gap between public expectation of near-term results and what the BOT aims to deliver: a firm foundation for the long-term, the results of which may not be seen for years to come. Upon assessing the changing global environment, risks and social dynamics together, the BOT  2  BIS central bankers’ speeches  remains resolute in our commitment to preserve Thailand’s economic resiliency and sustainable growth path. This can only be possible through a common vision among all stakeholders, for that would allow for policy integration and the creation of financial environment that would foster equitable progress and welfare.
Mr. Camdessus considers the lessons from Southeast Asia Remarks by the Managing Director of the International Monetary Fund, M. Michel Camdessus, at a press briefing in Singapore, on 13/11/97. How could events in Southeast Asia unfold as they did, after so many years of outstanding performance? We have a fairly clear analysis of what happened in Thailand. The more difficult question is how the crisis spread so quickly to other economies in the region. I’m not sure we have the full picture yet, but let me give you my perspective on the causes of the crisis and where we go from here. I. How could it happen? Certainly, the Thai crisis did not strike out of the clear blue sky. On the contrary, there were numerous signs of a gathering storm. Macroeconomic indicators pointed to substantial imbalances: substantial real exchange rate appreciation; a marked slowdown in export growth; a persistently large current account deficit financed increasingly by portfolio inflows, including a substantial amount of short-term capital; and rising external debt. These problems, in turn, exposed other weaknesses in the Thai economy, including substantial, unhedged foreign currency-denominated borrowing by the private sector, an inflated domestic property market, and a weak and over-exposed banking system. Markets issued their own warnings in the form of declining equity prices and mounting exchange rate pressure, as doubts about the sustainability of policies grew. And as you know, the Fund also stressed these problems and pressed for urgent measures in a continuous dialogue with the Thai authorities.

As I said in that meeting, there are challenges ahead that, together, we must address in a cooperative manner, namely creating sustainable financial inclusion and ensuring the linkage between greater financial access and improvement in wellbeing. Please allow me to offer my initial thoughts on the subject. With wellbeing as the ultimate goal of policy makers, many policy building blocks need to be woven together. Examples include policies on career development, education, macroeconomic stability and so on. While these policies do not necessarily fall under the mandates of financial regulators, efforts should be made to ensure that policy directions of all relevant institutions, government and private, are aligned. Closer to our hearts though, are policies that aim to improve the poor’s capacity to be financially included. In this regard, I believe that there must be at least three key policy ingredients, namely financial access, financial literacy and consumer protection. First, for access, there is a need to ensure that the range of basic financial services provided can address financial needs of the poor in all important aspects of their lives. For instance, we need to consider an “inclusive package” of credits, savings, transfers, and insurance that fit their livelihood. Secondly, to ensure quality of usage, we need to enhance financial literacy. With higher financial literacy, the poor could utilize the services more efficiently and productively, for example, having the ability to turn received credits into income and savings and so on.
I understand LumenLab already has an existing relationship with NUS, and aims to seek more partnerships across industry sectors such as data analytics, market research, pharmaceutical, and technology, to explore new business opportunities. LumenLab is a prime example of how a large enterprise can create an environment like this within its  4  The LTA and A*STAR has been working on the Singapore Autonomous Vehicle Initiative (SAVI) since August 2014, and has successfully rolled out Autonomous Vehicle (AV) trials in One-North in March 2015. 5  Telemedicine is the use of telecommunications and IT to provide remote clinical healthcare. 6  Oscar Health is a New York-based start-up that provides policy holders with telemedicine tools, enables drug and doctor searches, price comparison for healthcare services, and rewards policy holders for hitting activity goals. Obamacare start-up Oscar Health hits a $ billion valuation, Forbes (2015). 2  BIS central bankers’ speeches  structure, to foster a culture of innovation and entrepreneurship, and partner with organisations across industry sectors and academia in Singapore to identify opportunities for innovation and growth. Singapore as a smart financial centre Singapore, too, needs to position ourselves for this new future.

Jacqueline Loh: Technology and innovation as the next phase of growth Keynote address by Ms Jacqueline Loh, Deputy Managing Director of the Monetary Authority of Singapore, at the Opening of Metlife LumenLab, Singapore, 16 July 2015. *  *  *  Mr Blair Hall, Deputy Chief of Mission of US Embassy of Singapore Her Excellency, Ms Heather Grant, High Commissioner at the High Commission of Canada Mr Chris Townsend Mr Zia Zaman Distinguished guests, ladies and gentlemen, I am very pleased to join you this afternoon at this wonderful location for the official opening of MetLife’s LumenLab. MetLife and LumenLab Lumenlab represents a significant milestone for MetLife and Singapore. As MetLife’s first and only global innovation centre established in Singapore, LumenLab will shine the light forward on innovative and impactful solutions in health, wealth and longevity that are developed in Asia, for Asia, and for the rest of the world. Technology and innovation trends in the global insurance industry Technology and innovation is fundamentally changing the game for many industry verticals. The insurance sector is no exception. Specifically, new innovation and disruptive technologies are expected to transform the insurance industry in three areas: Distribution, Data Analytics, and Dynamic Products. Firstly, distribution. Today, the agent-broker paradigm is being challenged by the digital consumer, who is empowered by technology to conduct research and purchase directly from the product provider online. Here in Singapore, MAS started this journey ourselves with CompareFirst, which allows consumers to compare and purchase simple life insurance products over the internet.