samchain/econo-pairs-v1 huggingface dataset:
John C Williams: Restoring balance Remarks (via videoconference) by Mr John C Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, at New Jersey City University, 18 February 2022. * * * As prepared for delivery Good morning, everyone. I want to thank Sue Henderson for that kind introduction, and New Jersey City University for hosting today’s discussion. I always enjoy speaking with students, and I look forward to the time—hopefully soon—when we can have these types of events in person. Today, our virtual setting is Jersey City, one of the most diverse cities in the world—and one known for terrific pizza. Now, it’s not my place to get into the debate over who has the best pizza, and I know that people have strong views on that subject. As president of the New York Fed, I proudly represent both sides of the Hudson River, and my job is to make the economy stronger and the financial system more stable for all. Before I move on from the topic of pizza to economics, I should give the standard Fed disclaimer that the views I express today are mine alone. They do not necessarily reflect those of the Federal Open Market Committee—what we call the “FOMC"—or others in the Federal Reserve System. As you well know, the economy—like many facets of our lives—continues to be shaped by the unpredictable nature of the coronavirus. As I’ve said before, the pandemic is first and foremost a health crisis.

But, the rapidly changing situation of the past two years has been extraordinary, and it is worth discussing in some detail. After the onset of the pandemic, Americans shifted their spending from services to goods, spending less on restaurants, vacations, and entertainment, and more on things like cars, appliances, and furniture. As businesses tried to meet the surge in demand for goods, distribution channels backed up. Supply-chain bottlenecks and shortages emerged, both here and abroad. Too many ships arrived at the ports—particularly those in California. When the ships were finally able to dock, there weren’t enough workers and drivers to unload and transport goods to stores—or to people’s homes. In addition, we have seen a large pullback in the number of people willing and able to work, in part reflecting the challenges and risks of working during the pandemic. Some businesses can’t hire people fast enough to help meet the strong demand. This has contributed to an acceleration in wages and higher prices for a variety of goods and services, including food and housing. High inflation is hardest on those already struggling to make ends meet. The Fed’s Response This brings me to the outlook for the economy and monetary policy. As I said earlier, demand for goods and some services is now far outstripping supply, resulting in elevated inflation. With the 2/4  BIS central bankers' speeches  labor market already very strong, it’s important to restore the balance between supply and demand and bring inflation down.
The reporting requirements established in the new Directive will be phased in, from 2025, for these undertakings, which according to European Commission estimates number some 50,000 across the EU and which include credit institutions. For this purpose, the Commission will determine, through delegated acts to be published no later than 30 June 2023, the specific information to be reported, which will have to be based on standards published by EFRAG,16 the European Commission’s financial reporting advisory group. The considerable amount of information to be reported includes an analysis of each firm’s business model and its resilience to sustainability-related risks and a description of the specific sustainability targets with a concrete time horizon. It also includes a description of how their management bodies operate and their expertise on these matters, and information on sustainability-linked incentive systems. Importantly it also includes the transition plans needed to ensure that firms’ business models are compatible with the transition towards a sustainable economy and the aim of restricting global warming to 1.5°C. All the information should reflect not only firms’ own activity, but also that of their value chains, trading partners and supply chains. As you may have guessed, implementation will call for a major effort by the firms concerned, but it will also entail clear improvement in the granularity, comparability and quality of the non-financial information disclosed. These standards also mean that banks will have more data on the ESG risks their counterparties face, contributing to better management of these risks.

BIS central bankers’ speeches  3  MAS will therefore introduce a “regulatory sandbox” approach that aims to give FIs more confidence to experiment and launch their innovative products or services within controlled boundaries. •  The idea is not to remove all risk. Failure is an inherent part of innovation. •  Rather, we want to create an environment where if an experiment fails, it fails safely and cheaply, without larger adverse consequences. •  MAS will soon issue guidelines for public consultation on how the regulatory sandbox will work. Three, we promote greater inter-operability within the industry to harness the full potential of technology. An innovative environment proliferates a wide range of technologies and solutions. •  But if the solutions cannot interact with one another, we sub-optimise efficiency gains or customer experience. •  While we should allow a hundred flowers to bloom, we should also take care we create a garden. Greater inter-operability across data systems is therefore a key priority. Let me give two examples of what MAS is doing together with the industry. •  •  One, common standards for payments systems to realise more seamless payments across a range of platforms. –  We are working towards a unified Point of Sales (POS) terminal – a single terminal that can read all kinds of cards at retail and hospitality outlets.
These and many more questions need to be addressed in the months to come. Let me only mention the most obvious: •  A European banking supervisor only for the euro area or for the EU 27? A well-functioning financial market union is primarily in the interest of the monetary union. Nevertheless, non-euro area member states should be welcomed to put their institutions under the control of the European banking supervisor. •  A European banking supervisor for all banks or for the systemically important banks only? From my personal perspective, the European banking supervisor should only be entrusted with the supervision of the systemically important institutions on European or domestic level, at least at the beginning. Anything more is neither feasible nor desirable at the beginning of 2013. •  What shall be the division of labour between the ECB and the European Banking Authority (EBA)? From my perspective, EBA could be tasked with any future work on the Single Rulebook in the single market, ie for the EU 27. •  And finally, what shall be the division of labour between the ECB and the national supervisory authorities? It will be key to strike the right balance between relying on local know-how and expertise while safeguarding a single standard of supervision and a level playing field. The implementation of a European banking supervision is closely linked to the possibility of direct banking recapitalisation via the ESM in the future and should not least therefore be advanced without undue delay.

To begin with, the Capital Account Liberalization Master Plan aims to make our financial markets serve residents and non-residents more flexibly with diverse products and services. This would facilitate regional financial transactions. Companies with regional operations are encouraged to set up a Treasury Center (TC) with the flexibility of foreign exchange regulations as well as tax incentives. To date, 16 companies, most of which are Multinational Corporations (MNCs) with intention to use Thailand as a springboard to gain access to CLMV, have already received a TC License, with several more to participate. The Bank of Thailand is also continuously promoting the use of local currency in regional trade settlement. In March this year, cross-currency dealers were appointed to act as clearing agents for the Baht and the Malaysian Ringgit. In the near future, we will allow securities companies to buy and sell foreign currencies within the scope of their brokerage business. Foreign corporations will also be permitted to borrow directly in Thai baht from domestic financial institutions to invest in the Greater Mekong Subregion (GMS). Also in March of this year, we have signed Letter of Intent with Malaysia and Indonesia, and negotiations are currently under way, to establish the Qualified ASEAN Banks. Looking forward, this initiative should help enhance financial connectivity, and improve operational flexibility of businesses in the region. Ladies and gentlemen, as I outlined above, the Bank of Thailand is committed to establishing financial infrastructure which will facilitate efficient and inclusive growth.
Finally, Shiratsuka  6  10  The European Central Bank has also bought € billion (0.6% of GDP) of covered bonds and the same quantity of distressed euro-area sovereign debt, though the objective of these interventions has been to underpin prices and improve liquidity in the selected markets rather than alter monetary conditions. BIS Review 111/2010  (2009) finds that credit premia across a range of assets fell during the period of quantitative easing. From an empirical perspective, the recent US and UK asset purchases offer a particular advantage – they are vastly bigger in size and took place relatively quickly. 7 Hence, greater precision can be expected. For the United Kingdom, an early event study by Meier (2009) suggests that the Bank of England’s initial £ billion of gilt purchases reduced longer-term gilt yields by between 40 and 100 basis points. A more recent and fuller study is provided by Joyce et al. (2010). They examine the reaction of market prices immediately after each asset-purchase announcement and find that the total impact on gilt yields was to lower them by an average of about 100 basis points. 8 Moreover, as the expected path of Bank Rate (from overnight indexed swaps) was broadly unaffected by the announcements, they conclude that the primary impact must be through a portfolio re-balancing channel rather than through any information that asset-purchase announcements reveal about the likely future path of Bank Rate.

This includes expansion of gig workers, increased remote or flexible working arrangements, and a dynamic workforce with more frequent career switches. We have already witnessed, for example, a rise in digital nomads who travel freely and work remotely. Third, an ageing population and the need for diverse participation. Malaysia is swiftly ageing, requiring changes in the labour market policies to cater to an older working segment as well as encouraging higher workforce participation among women and other minority groups. At the same time, we need to resolve the issue of relatively higher unemployment rates among youths. And fourth, the growing generational gap in the workforce. Up to four different generations now coexist in many workplaces. Each have varying perspectives on leadership, learning and workplace culture. We can thus expect a host of opportunities, but also the need the navigate deep-seated differences. 1/4  BIS - Central bankers' speeches  The digital revolution is expected to increase our labour productivity by 30% and create up to 500,000 jobs by 2025. However, the reconfiguration also poses challenges. The need for specialised skills can lead to a widening talent gap, if left unaddressed. Already, 51% of firms surveyed by BNM faced difficulty in hiring workers, largely due to mismatches of skills for the mid and high-skilled segments1. What does this mean for us? Looking ahead, the local and global outlook means organisations need to embrace the 'new normal' by adopting new business models to address overall productivity and challenges at work.
This is positive, not only because it facilitates access to international capital, but also because the requirements make it more difficult for the governing elite and pressure groups to line their pockets at the expense of the majority of the population, if they want to take part in international society. The crises during the 1990s have also demonstrated that problems in one country can spread to other countries at a much greater speed than before. For this reason, some people would like to see an inbuilt time lag in the markets, for instance by introducing a tax on financial transactions, to reduce the damage to individual countries when capital moves rapidly across borders. This idea is based on most of the transactions on the international financial markets being pure speculation. Naturally, there is some harmful speculation that needs to be counteracted, but a transaction tax would probably do more harm than good. It would have a very negative effect on risk management in the global economy. Financial transactions are increasingly taking place between financial institutes with the aim of spreading different risks, that they are paid to take over from their clients. This processing is important to enable international trading to flow smoothly. We therefore need to look for solutions that minimise the risks of financial crises and do not destroy the institutes' opportunities for risk management. In addition, and it is important to remember this, we do not want to remove all forms of speculation. Healthy risk taking is an important factor behind economic growth.

One point of interest is that the railway construction also gave Gothenburgers the decisive influence in determining the time in the 19th century. It was the railways that ensured that the whole of Sweden followed the same time. Prior to the railways, time was determined by the sun. It was 12 noon when the sun stood at its highest point in the sky, regardless of which part of the country one was in. This meant that there was a time difference of 52 minutes between the most eastern and western parts of Sweden. When the western trunk line between Stockholm and Gothenburg was complete, it was necessary to have the same time so that the timetables would work, and Gothenburg time became the standard. This period of liberalisation and internationalisation of the world economy was abruptly broken off by the outbreak of war in 1914 and was replaced by national isolation. Although Sweden was largely an open economy during parts of the interwar period, it was not until after the Second World War that this isolation was broken at a global level. For the past couple of decades we have been in a clear period of internationalisation and financial integration. Same driving forces now as then Today, information technology and communications technology have replaced the railways as symbols for economic progress, but the driving forces are basically the same now as they were then and the interaction between the financial markets and other parts of the economy plays the same important role.
Zeti Akhtar Aziz: Launch of the consumer education programme Opening remarks by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the launch of the consumer education programme at the Central Bank of Malaysia, 30 January 2003. *  *  *  Ladies and Gentlemen, The consumer education programme being launched today is a further development that represents an important step forward in the modernisation of our financial system. We have already seen the significant progress that has been achieved by the banking sector in the restructuring and reform process, in the capacity enhancement of the banking institutions and in the overall development of our financial infrastructure. The ultimate objective of this progress is to contribute towards enhancing the growth and development prospects of our nation. The strengthening of the banking sector needs to be translated into enhanced effectiveness and efficiency of the banking institutions in meeting the changing requirements of our economy. How consumers can expect to benefit from this progress will depend on how well informed they are on matters relating to financial services being provided. The consumer education programme being launched today represents an important element in the overall strategy of enhancing the consumer protection infrastructure. Consumer education and awareness is essential in an environment that is becoming increasingly more complex and sophisticated.

2  BIS Review 49/2005  However, meeting this ambitious objective implies a significant evolution of the current retail infrastructures towards a pan European infrastructure, the so called PEACH, which will aim at reinforcing the global efficiency of payments in Europe. The main achievement with regards to infrastructures until now has been the launch of STEP2, since it is the first infrastructure compliant with the PEACH requirements, as defined by the EPC. But there is still a significant way to go since STEP2 handles low volumes, 170.000 payments in May 2005, and can still not offer the same level of service as national ACHs. In that context, it must be seen as a positive prospect that most national retail payment systems are now preparing themselves to the implementation of SEPA, through the spreading use of standardisation, which will allow the interoperability of infrastructures. In France for example, several banks have initiated the STET project in view of SEPA. However, one should note that the idea of consolidating the retail systems platforms is for the time being not really at the forefront of market initiatives, even though consolidation is a source of cost savings and efficiency. Why such a gap in the level of integration between large-value payment systems and retail payment systems? I see two main explanations. First, large value payment systems have benefited from the incentive of the adoption of the single monetary policy in the Euro area, which made the creation of TARGET mandatory.
European Central Bank: Press conference – introductory statement Introductory statement by Mr Jean-Claude Trichet, President of the European Central Bank, and Mr Vítor Constâncio, Vice-President of the European Central Bank, Frankfurt am Main, 10 June 2010. *  *  *  Ladies and gentlemen, Mr Constâncio, the new Vice-President of the ECB, and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting, which was also attended by Commissioner Rehn. Based on its regular economic and monetary analyses, the Governing Council decided to leave the key ECB interest rates unchanged. The current rates remain appropriate. Taking into account all the new information which has become available since our meeting on 6 May 2010, we continue to expect price developments to remain moderate over the policyrelevant medium-term horizon. Global inflationary pressures may persist, while domestic price pressures are expected to remain low. The latest information has also confirmed that the economic recovery in the euro area continued in the first half of 2010, but quarterly growth rates are likely to be rather uneven. Looking ahead, we expect the euro area economy to grow at a moderate pace, in an environment of continued tensions in some financial market segments and of unusually high uncertainty. Our monetary analysis confirms that inflationary pressures over the medium term remain contained, as suggested by weak money and credit growth.

They have no voice and no representation in the work of the G20 or in the institutions which it chooses to set up to further its agenda. This is at variance with the principles of multilateralism and international cooperation that have prevailed since the end of the Second World War. Over time, this could easily weaken not  8  Mervyn King: Speech at the University of Exeter, January 19, 2010. 9  The Financial Stability Board has been established to address vulnerabilities and to develop and implement strong regulatory, supervisory and other policies in the interest of financial stability. It comprises the G20, five other countries and international institutions and standard-setting bodies. 10  International Monetary and Financial Committee – the policy steering committee of the International Monetary Fund. BIS Review 22/2010  5  only the G20 process, but also the IMF as it will be perceived as increasingly guided and controlled by the G20. I referred earlier to a recent speech by the Governor of the Bank of England and I wish to do so again where he states: “Looking further ahead, the legitimacy and leadership of the G20 would be enhanced if it were seen as representing views of other countries too. That could be achieved if the G20 were to metamorphose into a Governing Council for the IMF, and at the same time acquire a procedure for voting on decisions.” Needless to say, I agree with him, as did the Managing Director of the IMF in a recent interview.
These large pay gap differences between different ethnic minority cohorts beg the question of whether it is useful to think about a single “ethnicity pay gap”. 18  All speeches are available online at www.bankofengland.co.uk/speeches  18  Chart 15: Granular ethnicity pay gaps Ethnicity groups Mixed/Multiple ethnic groups  Indian  Pakistani  Bangladeshi  Chinese  Any other asian background  Black/African/Caribbean/Black British  Other ethnic group ‐40  ‐30  ‐20  ‐10  0  10  20  30  Ethnicity pay gap, per cent 2018  Sample average  Source: ONS Labour Force Survey and Bank of England calculations. Note: A positive ethnicity pay gap in this chart indicates that ethnic minorities earn less than their white counterparts, whereas a negative ethnicity pay gap indicates that ethnic minorities earn more than their white counterparts. Whether an ethnic minority individual is born in the UK or not also plays an important role in their pay. Chart 16 shows that ethnic minorities born in the UK (apart from those from Bangladeshi and Pakistani backgrounds) earn more than UK-born white people. Educational attainment is part of the explanation here. Although ethnic minorities born in the UK are a small part of our sample (2%), they are almost twice as likely to have a degree relative to white UK-born workers (40% versus 21%). In stark contrast, most ethnic minorities born outside the UK earn considerably less than white people born outside the UK.

In part, domestic wage growth and other business costs could be temporarily tempered by the initial cyclical productivity uptick in some capital intensive sectors of the economy. For the year as a whole, headline CPI inflation is projected to average between 2.5% and 3.5%. MAS underlying inflation, which excludes the cost of accommodation and private road transport, will come in at around 2%. BIS Review 103/2010  1  6. When Singapore entered the recession in 2008, monetary policy, followed by fiscal policy, was eased to provide support to the domestic economy. As economic activity recovered swiftly in 2009, macroeconomic policy settings were recalibrated to levels which were conducive to sustainable growth and medium-term price stability. In a pre-emptive move, MAS tightened monetary policy in April 2010 by re-centring the $ policy band upwards and restoring its modest and gradual appreciation path. 7. Looking ahead, the outlook of the industrialised economies remains uncertain. However, there is sufficient momentum from the Asian economies and domestic industries that will continue to support Singapore’s economic activity at a high level for the rest of the year. While CPI inflation is expected to pick up towards the latter part of the year, it has evolved broadly as anticipated during the April review. At this stage, we assess that the current monetary policy stance of a modest and gradual appreciation of the $ policy band remains appropriate. Strengthening the financial system 8. Singapore’s financial system remained resilient during the global crisis.