samchain/econo-pairs-v1 huggingface dataset:
Noonan has indeed expressed his hope that the credit line would not be linked to new conditions. I have of course read what he said. He knows that a precautionary ESM programme also involves conditionality. But that is limited to a country’s adherence to the Stability Pact and other EU regulations. There are no new conditions requiring reforms. Is that sufficient for the ECB? OMTs can only be activated under the conditions that have been made known: a country requires an ESM programme, and that may also be a precautionary programme with the option of the ESM engaging in purchases in the primary market. Another requirement is IMF involvement. But it’s particularly important, and we have said this repeatedly, that countries under a European Financial Stability Facility (EFSF) Programme must be in a position to regain full access to the capital markets. Treasury bills, for example, are not sufficient. OMTs are a monetary tool, not a substitute for a lack of capital market access. But OMTs can also be used to help countries to regain this access – they don’t need to have it already. The ECB Governing Council will evaluate that in each case, based on considerations such as: does the country have an issuance calendar? What volumes does it issue? Can it present a complete yield curve? A decision will then be made. In Portugal the government itself is talking of a second rescue package and is hoping for a further relaxation of the conditions.

of  product  assessment  forms  without  It is very difficult to help in cases like these. Helping Singaporeans invest wisely is a major thrust of our financial education efforts. The lessons are simple.   High returns come with high risks.   Do not put money into investments you do not understand.   Do not put all your eggs in the same basket; diversify your investments:.   Keep your investments simple and for the long-term. Bringing financial education to the community If people can manage their finances well, it will help to minimise many other social problems. Community organisations like SINDA and the media have been playing an important role in bringing financial education to the community and encouraging prudent financial habits among the community. Individual members of the community have also contributed to making financial education more accessible to the public. Ponnaana Ethirkaalam (“Golden Future”), written by MP Sellvem and Jaafar Ghany, is a shining example of such an initiative.   The book explains key concepts in personal financial management in easy-tounderstand Tamil. BIS central bankers’ speeches  3    But more interestingly, it provides useful financial advice relating to each of the key milestones in our lives: buying a home, starting a family, funding children’s education, looking after aged parents, planning for retirement. In fact, the book starts with the premise of life as a journey that requires careful financial planning. And such planning is based on the values of patience and prudence.
In other words, a solid anchoring of inflation expectations remains a prerequisite for rate cuts in times of heightened financial uncertainty and downside risks to growth. I am convinced that in times of financial trouble it is all the more necessary to insure price stability. In that respect, the diagnosis regarding the state of inflation expectations is thus decisive in the current juncture. Usual market-based indicators such as Break Even Inflation Rates (BEIRs) are reliable indicators of long term inflation expectations 4 ; however, such market-based indicators may be plagued by unusually large risk or liquidity premia during a period of financial turmoil, which means that we have to be very cautious in our assessment. More concretely, this implies that the plummeting real rates and tighter BEIRs on some market (see for example the market for French indexed debt over the last few  4  Cf. for instance Coffinet and Frappa (2008) at the Banque de France, and Beechey, Johannen and Levin (2008) at the Board of the US Federal Reserve. 4  BIS Review 37/2008  weeks) may well be partly explained by such technical factors and not reflect any marked deterioration in the outlook for inflation. But we should obviously remain especially cautious in order to keep expectations firmly anchored. 3. 5  Last but not least, we should keep in mind that central banks, either viewed as the monetary policy-makers or as the Lenders of Last Resort, cannot and should not be held responsible for everything.

That would be in line with international evidence showing the general slowness of these adjustment processes and highlights the need for such a process to be complemented by banks’ active management by means of sale agreements in respect of their portfolios of problem assets. Indeed, in 2017 and this year there have been successive announcements by banks of agreements with asset management companies to reduce the volume of non-productive assets on their balance sheets. This will result in an improvement in the quality of Spanish bank balance sheets and, consequently, in their supply of credit to the economy as a whole. In fact, the evidence available shows that there is a negative correlation between the non-performing loan ratio and credit growth. From another perspective, the swift progress in correcting the high levels of bad debts in Spain and in other euro area countries is crucial for easing the way to finalising the Banking Union project in respect of its remaining pillar, which is none other than the definitive creation of a pan-European, pooled and sufficiently backed deposit guarantee scheme. All the foregoing justifies the special interest we have as economic and supervisory authorities in credit institutions taking the appropriate measures to expedite the ongoing reduction in the volume of impaired assets. One of the most significant initiatives here is the package disclosed by the European Commission in March.
As for the gains, most estimates point to rather modest gains in transaction costs. Nevertheless, recent research points to an increase in trade. The estimated effect ranges from “modest” to “very sizeable”, with the respective best estimates at 9 per cent and 40 per cent (Baldwin, 2006 and Persson, 2001, respectively). 2 It is my belief that as the current customs union in EAC evolves into a common market and later a monetary union, intra-trade flows will continue to grow at a rapid pace. Expressed as a percentage of their total exports, between 1991 and 2004, Kenya and Tanzania tripled their exports to EAC, while Uganda’s has gone from 1.3 to 14 per cent of GDP. Hopefully, the continued expansion of trade also will entail a diversification and therefore a more broad based expansion. Assuming that the above-mentioned gains increase the growth rate by a moderate two tenths of a percentage point per year, this would nonetheless over the course of just one decade translate into an approximate increase in disposable income of 2 per cent. For the average household, this would amount to almost thirty thousand shillings in Uganda. It should be noted that gains from increased competition could be accrued also by those countries which are from the outset relatively more efficient than the other countries in the monetary union. However, further complicating the analysis is the fact that the above-mentioned gains and losses vary with the country and area at hand.

The bounce back from the world economic slowdown in 1998/1999 was such that in the year just ended world economic activity grew at a rate of some 4½% which equals the fastest rate for 16 years – and compares with an average rate of some 3¼% over the last 10 or 20 years. In large part this recovery was underpinned by unusually strong growth in the US, averaging some 4½% over the past 4 years and surging to a peak of some 5½% at an annual rate in the first half of last year – compared with an average rate of 2¾% over the preceding decade. This remarkable strength of the US economy was possible, without overheating, against the background of unusually rapid productivity growth as investment in IT spread through the US economy improving its supply-side capacity. These developments together implied higher corporate earnings growth in the US pushing up the stock market and at the same time attracting massive direct and portfolio capital inflows into the US – substantially from the Eurozone – which comfortably over-financed a burgeoning US current account deficit and underpinned the strong dollar. However helpful all this was in supporting the world economy it clearly could not continue for ever or without limit.
I encourage all trading representatives to make use of these schemes to upskill themselves. 51. MAS has also looked into some feedback from the industry that certain business conduct rules pose operational challenges to trading representatives who provide advice to customers on their trades. Currently, trading representatives are subject to the same requirements as those imposed on financial advisory representatives, and are required to take into consideration the customer’s investment objectives, financial situation and particular needs to ensure suitability of the products recommended which can take time to do so. Yet we recognise the time-sensitive nature of execution services for listed non-complex products such as SGXlisted shares. MAS will therefore look to exempt trading representatives from requirements that apply to financial advisory representatives by the middle of this year. This change will make it easier for trading representatives to provide investment advice on simple products. 2  Funding subsidies are subject to eligibility criteria, grant caps and available to Singaporeans and Singaporean Permanent Residents only. BIS central bankers’ speeches  7  Conclusion 52. Finally, let me conclude here and thank you all for your patience and attention. May I wish everyone a very energetic and prosperous year of the Monkey. 8  BIS central bankers’ speeches

During the first phase of the upturn, output growth was largely attributable to a sharp increase in person-hours worked. This partly reflected a marked increase in average working hours when sickness absence declined in 2004. Higher activity did not therefore result in substantial labour market tightening. Additional labour inflows following the enlargement of the EU and the EEA in 2004 also contributed to increasing potential output. A substantial share of inward labour migration is accounted for by foreign companies with contracts in Norway. Labour inflows from the new EU member states still appear to be growing rapidly, with the construction industry absorbing a particularly large share. On the other hand, a rise in sickness absence and the number of persons on disability benefits are pushing down potential output this year. Over the past six months, labour shortages in the Norwegian economy have come into increasing evidence. Unemployment has shown a marked decline and is now at a low level. Employment is still on the rise, while the labour force has remained virtually unchanged in recent months. Registered unemployment, seasonally adjusted, stood at 2.5 per cent of the labour force in August. The number of registered unemployed adjusted for seasonal factors was around 61000. Unemployment has declined for all occupational groups, and has been most pronounced in manufacturing, the construction industry and in the engineering and ICT sectors. BIS Review 80/2006  1  Norges Bank’s regional network also supports this picture.
However, the low level of transactions and heavy reliance on expert judgement does impact its robustness and sustainability. These are rates which directly impact the cash flows and values of an estimated $ of financial products globally. While most of this relates to derivative market activity, this is not an issue limited to professional investors – it impacts every company and household with a Libor linked product. The necessity for change  So the paradox of Libor is that if we are looking for a robust way to create transparency on bank funding costs, Libor is not that rate. Because the market it measures is a small to disappearing part of overall bank funding, it can no longer claim to accurately reflect the marginal cost of funds for banks, nor to provide end users with confidence their interest payments are directly linked to those costs. It is a common human trait to state proudly ‘I’m sticking to what I know’, as though familiarity can itself outweigh the benefits of change or hide the weaknesses of the status quo. However, the market volatility we saw during March and April only served to underscore the long-standing weaknesses of the Libor  Libor submissions are classified in three levels. Level 1 is ‘transaction-based’ submissions — an average of transactions in unsecured deposits and primary issuances of commercial paper and certificates of deposit. Level 2 is ‘transaction-derived’ data, including information from historical transactions.

Øystein Olsen: The conduct of monetary policy Introductory statement by Mr Øystein Olsen, Governor of Norges Bank (Central Bank of Norway), at the hearing before the Standing Committee on Finance and Economic Affairs of the Storting (Norwegian parliament), Oslo, 6 May 2021. * * *  Introduction The year 2020 was a peculiar and dramatic one. The Covid-19 pandemic abruptly changed the way we were accustomed to living our lives. It has been particularly difficult for those directly affected by the disease and for those furloughed or made redundant. Since the Covid-19 outbreak, the Storting has approved extensive fiscal policy measures to mitigate the economic fallout of the pandemic and measures to contain it. With a view to dampening the downturn, Norges Bank reduced the policy rate in spring 2020 from 1.5 to zero percent. In addition, we took measures to improve liquidity in the money and foreign exchange markets. The pandemic is not over, but vaccination is well underway, and we will likely be able to start living more normally in a few months. The economy and economic policy will then also gradually normalise. A global pandemic The Covid-19 outbreak and the measures to contain it led to a severe downturn in the global economy. In many countries, the decline in GDP in 2020 Q2 was the steepest ever recorded. The outbreak also led to considerable volatility in global financial markets. Equity indexes fell, and bond and money market risk premiums rose.
We are seeing more automation: in ports, with remote yard cranes, autonomous guided vehicles, and just-in-time arrival; in ship agents and managers, with robotic process automation to improve productivity; and 5/7  BIS central bankers' speeches  in shipping, with significant R&D efforts in maritime autonomous surface ships that can enhance navigational efficiency and safety. Data analytics is being used to optimise fleet deployment, bunker procurement, fuel consumption, and freight rates, as well as de-risk supply chains. Cybersecurity has become essential for ensuring resilient operations, with the growing use of sensors and connected systems on ships. The main impact of this automation is to shift the workforce to higher skills not reduce overall employment. This is what a study2 commissioned by the International Transport Workers Federation has found: that automation in global transport through to 2040 is likely to change the profile of the workforce to higher skilled jobs, rather than reduce the overall size of the workforce. Simulations for maritime transport indicate that although automation will require less seafarers per volume of cargo transported, the absolute number of seafarers required in 2040 will be higher than the current level. A Resilient Planet Finally, a resilient planet. The need to promote a sustainable economy is becoming more apparent and is likely to emerge as a major theme when the world recovers from the COVID-19 crisis. The maritime industry’s commitment to lower carbon emissions will be a key element in the industry’s strategies in the coming years.

But the maritime industry has always known this – being able to ride the waves, to adjust course, and to seize the winds makes all the difference not just to success but survival itself. I wish the maritime community all the best as it works together to overcome current challenges, seize new opportunities, and build resilience for the future. Thank you. 1 McKinsey Global Institute (2017). “Jobs lost, jobs gained: workforce transitions in a time of automation”. 2 World Maritime University (2019). “Transport 2040: Automation, Technology, Employment – The Future of Work". 3 This was in partnership with the Singapore Exchange, Global Compact Network Singapore, Institute of  Singapore Chartered Accountants, and sustainability consultants from EY, KPMG, and PwC Singapore. 7/7  BIS central bankers' speeches
The Executive Board and the organisation have had to devote greater resources to investment management, partly owing to the addition of unlisted real estate to the GPFG’s investment universe. Since the beginning of 2017, the Bank has been responsible for deciding the allocation to unlisted real estate subject to an upper limit. In addition, the Executive Board now decides whether individual companies will be placed under observation or excluded from the GPFG’s investment universe on the basis of advice from the Council on Ethics. From the turn of the year, the Executive Board shall also decide which government bond issuers are eligible for inclusion in the fund. The Bank has managed these tasks by adapting its organisation and governance structure. An example of this is the establishment in 2014 of a separate organisation within NBIM to manage real estate investments. Nevertheless, developments in recent years show that the future organisation and home of the GPFG should be considered in the light of the continued evolution of the investment strategy. As you may know, the Central Bank Law Commission proposes to separate management of the GPFG from Norges Bank and establish a statutory entity to manage the fund. The Commission does not discuss the actual management mandate, but its assessment of governance models for the Bank and the GPFG takes into account that it may be changed.

Hence, the overconcentration on agriculture in pro-poor growth strategies appears to be principally supply driven and there are no demanders who actually wish to utilise them to derive benefits. Hence, the continuation of providing state support for rural agriculture, however much it is well intentioned, would trap an unwilling rural population in agriculture, thereby delaying the adjustment which has to take place by way of transferring the excess labour to other gainful areas of the economy and improve the productivity and efficiency of the agricultural sector of the country. This means that the growth strategy should focus on providing gainful employment to the rural poor in other growing areas such as the services sector and integrate it with the global economy so as to ensure income sustainability 14 . Two main issues have been present in Sri Lanka’s state sponsored poverty alleviation programmes in the past. One was the moral hazard problem and the other was the adverse selection problem. Since the poverty alleviation programmes anticipated providing benefits to selected poor individuals free of charge, those individuals did not have to work hard to receive such benefits. Hence, the schemes did not provide any incentive for participants to work hard and get out of poverty. As a result, individuals who were taken into the schemes preferred to be in the scheme forever, thereby perpetuating poverty and raising the cost of its eradication significantly 15 .
Meeting the needs of the future To continue to serve the interests of our member countries and the international community at large, the IMF has to be in a position to deal with the influences that are expected to shape the global economy in the coming years. We must not remain static, nor must we change only in a reactive manner when forced to. For that reason, I have initiated an examination of the Fund’s medium-term strategic direction. We hope to use this opportunity to explore a variety of issues and their implications for the work of the IMF. These include matters like global financial flows, regional integration, efforts to reduce poverty, and questions concerning global governance, transparency, and accountability. We are still in the early stages of the review, and there have been many preliminary ideas floated and discussed. At this juncture, it is important for all of us to remain flexible and open-minded, particularly to views and opinions from outside the IMF. However, there is a sense that the continuing evolution of the Fund must remain grounded in the institution’s key areas of responsibility, as specified in our Articles of Agreement – that is, to facilitate international monetary cooperation, to foster a liberal system of international trade and payments, and to promote macroeconomic and financial stability, as a condition for sustained growth.

Against this background, the Riksbank has contacted the CPI Enquiry, set up by the Government, to obtain assistance in specifying an indicator of underlying inflation that is likely to be widely accepted and can be published regularly by Statistics Sweden. In the future, such an indicator might be able to have a more direct function in monetary policy, either by replacing the CPI as the target variable or by serving as an operational target or aid in the continuous work of constructing policy. The Riksbank has also asked Statistics Sweden to publish, for the time being, one or more indicators of underlying inflation together with the CPI. Perhaps I should emphasise that in no way do these initiatives alter monetary policy’s fundamental commitment to price stability. The current situation for monetary policy The question of transitory effects leads me on to current monetary policy. Transitory effects are playing a major part in the CPI’s present development. As a result of tax changes, lower interest rates and a lower oil price, since December the Riksbank has had to revise the 1998 CPI prediction downwards by about 1.2 percentage points. In 1999, too, transitory effects mean that CPI inflation will be lower than we envisaged earlier. Thus far, however, the altered picture of inflation need not have any sizeable consequences for monetary policy. It is now too late to influence this year’s path for inflation more than marginally.