samchain/econo-pairs-v1 huggingface dataset:
The banks and public authorities currently have a much better grasp of the risks in the financial sector and how these can be managed and reduced – this is probably part of the explanation why we have seen a clear decline in the number of bank crises in recent years. At the same time, the developments I have outlined above, including the creation of large financial groups and payment centres, lead to new types of risk that need to be managed. The consolidation on the part of the market must therefore be met with increased coordination on the part of regulations and public authorities. We do not need more regulation and supervision; the challenge is that regulation and supervision must always be adapted to development and, as now, aimed at detecting and remedying the most critical vulnerabilities in the financial system. This sounds obvious, but it is not so easy to achieve in practice. Commercial developments are rapid, while it always takes a little longer to adapt laws and public authorities, particularly if regulation and supervision are at the same time to be harmonised across national borders. From my work in various international forums, I know that the Danish authorities in general share my views on the importance of the issues I have mentioned today and I look forward to continued cooperation with you in various ways to prevent financial crises and thus avoid having to manage them together. 4  BIS Review 83/2006

They will either adjust themselves to the allEuropean standards or are likely to continue operating also transactions of local or specific character, which will not be eligible for processing via the all-European standards. Ladies and Gentlemen, despite turmoil on the global financial markets, the financial market in Poland is developing very fast. However, there are probably serious challenges in the pipeline, related to developments on some markets and to the changing architecture of the financial system in Europe. We have to face those challenges so that future generations of Poles can benefit from the ever better functioning of the financial market in Poland over the decades to come. References Bernanke B., Asset price “bubbles” and Monetary Policy speech before the New York Charter of National Association for Business Economics, 15 October 2002. Bernanke B., Reflections on the Yield Curve and Monetary Policy, Remarks by Chairman B. Bernanke Before the Economic Club of New York, 20 March 2006. Bernanke B., Gertler M., Monetary Policy and Asset Price Volatility, [in] New Challenges for Monetary Policy, a symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming 26-29 August 1999. Bernanke B., Gertler M. Should central banks respond to movements in asset prices?, American Economic Review, May 2001. Blinder A., Reis R., Understanding the Greenspan standard, [in] The Greenspan Era: Lessons for the Future, a symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming 25-27 August 2005.
Margarita Delgado: Digital transition in the banking business. Lessons after COVID-19 Webinar closing address by Ms Margarita Delgado, Deputy Governor of the Bank of Spain, at the presentation of the report “Digital transition and transformation of the banking business in Spain driven by COVID-19”/ KPMG/IEAF, 16 June 2021. * * * I should like to thank KPMG, the Instituto Español de Analistas Financieros and its Foundation for their kind invitation to participate in the presentation of the report “Digital transition and transformation of the banking business in Spain driven by COVID-19”. One need only look at the title to understand just how relevant this report is in the current context. And having read it, I think it is also fair to emphasise the accuracy of its analysis and conclusions. The report takes as its starting point an established fact: the health crisis has catalysed, or accelerated, certain trends whose growing influence over the banking business model was evident even before the outbreak of the pandemic. What trends are these? I refer, of course, to the increased use of digital banking channels, particularly mobile phones; the growth of digital payments to the detriment of cash; and the entry of non-traditional competitors into the banking business. COVID-19 has probably advanced these trends by a decade, or at least half a decade, in just one year. But, as we all know, digitalisation has been a dominant factor in the transformation of the banking business for some time.

Of course, in tandem with this transformation, the sector had been implementing a difficult, but necessary, reduction of excess capacity. In addition to the need to eliminate redundancy, the efforts to streamline structures and costs have been spurred by declining margins and profitability in the sector, while the digital transformation of the business model has facilitated and fuelled the process. As I say, all of these trends were progressively taking place when the health crisis broke out early last year. As the report states, the growth in digital customers has accelerated in the past year. Indeed, digital purchases of banking products have reached record highs during the pandemic (although some of those customers may switch back to their branch once the health crisis is over) while digital payments have simultaneously risen. Evidently, such a large physical presence is no longer needed to provide banking services, at least for a certain customer type. All undertakings to create new credit institutions from scratch start with the same approach. “Neobanks”, as they are called (even though some are not banks in the strictest sense), plan to have just a few branches or none at all, and aim to attract digital and urban customers who seldom set foot in a bank branch. The report points out the current share of the Spanish population that are digital natives and the expected figure for 2050.
Ardian Fullani: Improving the performance of Albania’s banking sector Speech by Mr Ardian Fullani, Governor of the Bank of Albania, at the year-end event with the Albanian Association of Banks, Tirana, 17 December 2013. *  *  *  Dear bank executives, Your Excellency Ambassador Sequi, Dear Mr. Ilahi, Dear Mr. Pencabligil, It is a pleasure for me to participate in this year-end meeting, as we reflect about the challenges we faced and the objectives we accomplished in this year, and endeavour to identify issues that may arise over the next year. Given the celebrations time and the spirit of this meeting, I would rather not dwell upon all the issues I would have liked to. However, I will share with you my opinion on two issues I consider as important for a good performance of the banking sector over 2014. Before moving on, we should acknowledge that the year we are leaving behind was a difficult one for the banking sector. In its development cycle for over more than one decade, this year, the banking sector’s growth slowed down sharply and annual lending levels contracted. Deteriorated asset quality, dictated by credit, has led to lower financial profit due to higher provisions needed. These developments have reflected the overall economic slowdown and domestic demand drop resulting from lower private consumption and investments. However, other developments highlighted the banking sector’s capacity to properly respond to and cope with these challenges.

In the decade before 2007, bank paybills, broadly defined, grew at broadly the same rate as shareholders’ profits. In the 10 years before the crisis, for the global banks, profits attributable to shareholders averaged 60% of the paybill. For the big UK banks, profits were about 75% of the paybill. Since the crisis that picture has changed markedly. In 2013, profits attributable to shareholders were down from 60% to around 25% of the large global banks’ paybills in 2013. Put simply, shareholders have gone from getting 60 cents for every dollar in pay for staff to getting 25 cents per dollar. Across the big UK banks in 2013, the fraction had fallen to just 2% – ie to 2 pence per pound paid to staff. Averages, of course, mask some very different performances by individual institutions. But it is noticeable that, since the crisis, for the industry as a whole, employees have received a larger share of a smaller pie relative to shareholders. And in the UK, due in no small part to one-off factors, this effect has been particularly pronounced. UK banks’ returns on equity would have been nearly 6 percentage points higher in 2013 if the ratio of staff costs to the sum of staff costs and shareholders’ profit had been at its 2000–07 average. The sluggish adjustment in pay may well reflect the expectation that returns in banking are set to increase in the future. There are good reasons why they may do so.
In considering suitable options, the Committee will have to balance technical complexity with a realistic understanding of practical considerations. The Committee also is addressing what some observers have noted is the potential for introducing greater cyclicality via a more risk-sensitive capital framework. That is, the capital requirements for loans to troubled borrowers will tend to increase at just the point when such trouble is becoming apparent. This is an important point, and one that must be given serious consideration. It is my view that the global financial system needs to move toward addressing potential credit problems preemptively - before these problems have time to grow from minor disturbances to major disruptions. A more risk-sensitive capital framework should help ensure that banks hold appropriate capital behind high-risk credits in the first place, and thus reduce the cyclical tendency for retrenchment that often follows problems with such loans. Credit risk mitigation techniques Greater recognition of the benefits of risk mitigation techniques - such as collateral, guarantees and credit derivatives - also is at the forefront of the Committee’s work in revising the Accord. The Committee learned a great deal from recent consultations with over 50 banks and industry associations within the G10 on their methods for mitigating credit risk. We are now evaluating how best to incorporate the risk reducing benefits of such techniques, while at the same time addressing potential residual risks that may arise from their use.

Dimitar Bogov: “The savings deposits soar also during crisis” – interview in Radio Free Europe Interview with Mr Dimitar Bogov, Governor of the National Bank of the Republic of Macedonia, in Radio Free Europe, conducted by Mr Aleksandar Pesev on 29 September 2013. *  *  *  Mr. Bogov, is the ending of the crisis in the Euro area going to have a direct impact on the boost of the economic growth in the Republic of Macedonia? Of course, the Euro area and the European Union are the largest trading partners of the Republic of Macedonia, the largest portion of our export is placed there, and as a result, the demand in the Euro area has large influence on the production in Macedonia. We were encouraged by the data for the second quarter of the year on the Gross Domestic Product, where after six quarters of negative results, positive growth rate has finally been registered. We expect that this will endure also in the following period, we are aware that this growth in the Euro area and the European Union is still very fragile, meaning, there are still risks, but we are optimistic, the indicators that emerge in the Euro area economy every day are mainly positive, so it is expected that it will reflect adequately on the Macedonian economy growth, as well. Can the recent trade war we had with the neighboring Kosovo somehow spoil the perceptions for this positive growth?
This is reflected in the increasing number of financial stability reports published world wide. How do authorities cooperate in order to support financial stability? Closely connected to the question of analytical focus, is the question of division of responsibility for maintaining financial stability, both on a domestic level as well as between authorities in different countries. The task of ensuring financial stability within a country is in most cases divided between the ministry of finance, the central bank and a financial supervisory authority, with the ministry of finance having the overall responsibility. To promote efficient cooperation, the regular exchange of information between these authorities is crucial and some formal framework for cooperation should be established. The evolution towards larger cross-border banks makes the issue of responsibilities more complicated. In the event of a crisis, central banks, supervisory authorities, political authorities as well as deposit guarantee funds in several countries will be involved. In contrast to the national banking crises in Norway, Finland and Sweden in the early 1990s, a similar crisis today would most likely involve authorities from all four Nordic countries. Therefore, it is important to establish guidelines in advance to ensure effective crisis management. A special challenge will be to establish leadership. With four ministries of finance involved, the choice of leadership will not be straightforward. The traditional view is that the host-country authorities are responsible for subsidiary banks, while home-country authorities are responsible for branches.5 This view is closely linked to the legal difference between subsidiaries and branches.

Speech at conference on "Monetary Stability, Financial Stability and the Business Cycle", March 28-29,2003, Bank for International Settlements, Basle  9  Heikensten, Lars (2005). “Introduction on monetary policy” Speech to the Riksdag Committee on Finance, Stockholm, 15 March 2005  6  BIS Review 34//2005  and more opportunities in the market. The flip side of the coin is that increased complexity makes the system less transparent and harder to follow. This development is bound to influence the way authorities pay attention to financial stability issues. New challenges have been brought to our attention, new questions have to be raised and new scenarios have to be analysed. As a consequence, new solutions may be required. We should use the opportunity to plan ahead now, while the outlook for financial stability internationally is benign. BIS Review 34/2005  7
This effort has been undertaken by a team whose dedication and effort has allowed us to be at the forefront in these matters. The new regional GDP series will be launched with the dissemination of data for the first quarter of this year and will have a lag of 83 days for the first three quarters of the year and 113 days for the end of the year. This publication considers the breakdown of the 16 regions into which our country is currently broken down administratively. At the sectors level, series will be published for the activities of mining, manufacturing industry, other goods, trade, and services. On the demand side, household consumption of durable goods, non-durable goods, and services will be published. 7  The regional activity figures complement a number of other efforts aimed at better understanding the richness and diversity of the country's economy. For almost 10 years, the Bank has published a quarterly Business Perceptions Report, based on interviews and surveys with more than 600 representative companies across all regions. This close relationship with companies throughout the country has enabled us to gain a more detailed understanding of the economic reality of our country, enriching our view and understanding of the national economy. During July, we will complement this information by making available on our website a compilation of regional and gender-specific statistics produced by other institutions. The objective is to make information of interest available in a single place, using the Central Bank's Statistical Database platform.

Inflation in the past twelve months In the third Inflation Report last year the Riksbank’s growth forecast for Sweden in the coming years was revised upwards. This mainly mirrored a more favourable outlook for international activity; it also seemed likely that domestic demand would be stronger than had been expected earlier. Our overall growth forecast agreed with most other observers. Some predictions, however, did include an even stronger increase in household consumption, the reason being that rising asset prices in general and the stock market boom in particular were judged to lead to a markedly increased consumption propensity. Our higher growth forecast was accompanied by little change in the assessment of inflation we had presented earlier in the year. Thus, we judged that the relationship between growth and inflation would be more favourable than we had previously calculated. In this respect we differed from many other observers and that occasioned a good deal of discussion. The background to our forecast was that inflation’s path had been surprisingly favourable and that, instead of being just a result of occasional factors, this had to do with more fundamental features in the economy that would continue to influence inflation up to our two-year horizon. Here is a picture of our inflation assessment last October and the outcome (Chart 1). I have chosen to present it in terms of UND1X because that is the indicator of inflation on which monetary policy has been focused in the past year.
The farmers maintained contact with the outside world by sending and receiving letters placed under a stone at the entrance to the valley. This past year, the letter stone has been replaced by the internet. 2  A HISTORICALLY DEEP DECLINE  NORGES BANK  Eleven months after the first lockdown, daily life has yet to return to normal. Norway has been quite successful in keeping down infection rates, although we have seen regular flare-ups. The country’s borders are now closed. ECONOMIC PERSPECTIVES 18 FEBRUARY 2021  The measures to contain infection are necessary, but they do have side effects, both economic and social. People in risk groups have been isolating. Young people have been following courses online – many alone in a bedsit. Socialising with friends has been put on hold Chart 1 Historically deep decline GDP for mainland Norway. Annual growth. Percent 0  1921  1931  1940  1944  1989  0  2009  2020  Sources: Statistics Norway and Norges Bank  For Norway, the economic downturn will stand as one of the deepest in history (Chart 1). Not since the Second World War has activity in the Norwegian economy shown such a steep decline. The crisis has had uneven effects. Containment measures and fear of infection have resulted in a sharp decline in spending on services. During the lockdown last year, unemployment increased fourfold over a few weeks, reaching 400 000 persons, or close to 15 percent of the labour force.

Instead, insurers must be aligned to the broad diversity of consumer needs and preferences, while also being flexible to adapt as these needs and preferences change over time. Such a market will see the emergence of a diversity of business models from multi-channel strategies to specialised players focused on single channels such as direct marketing, financial advisers or bancassurance. Still others will realise the fortune at the bottom of the pyramid 10 through microinsurance. Specialisation is also expected to occur along the supply chain with new players, including from noninsurance sectors such as retailers, adding greater value with innovations in areas ranging from branding and marketing to data enrichment. 6  International Telecommunication Union- ICT Facts and Figures 2013. 7  Nielsen quoted by Media Research. 8  Swiss Re- Sigma No.6/2013 Life insurance: focusing on the consumer. 9  Based on the target set under the Economic Transformation Programme (ETP). 10  C.K. Prahalad “Fortune at the Bottom of the Pyramid: Eradicating Poverty through Profits”. 2  BIS central bankers’ speeches  Bancassurance, financial advisers and direct channels While the possibilities for alternative distribution channels are extensive, I will address three areas that are already showing great promise for our markets here in Asia, namely: bancassurance, financial advisers and direct channels. Bancassurance presents a unique proposition for insurers to widen their outreach while maintaining acquisition costs at manageable levels.
The huge increase in oil and food prices will itself have a dampening effect on consumers in those countries – as it will in the West. So we may well see the balance of supply and demand shift at some point. UK inflation outlook But the immediate prospect is for rising inflation. As the Governor explained in his open letter to the Chancellor, when the rise in energy prices passes through to consumers, CPI inflation is likely to rise sharply in the second half of the year, to above 4%. There is of course considerable uncertainty around this, and if energy and other import prices rise further, CPI inflation could well go even higher in the short term. That is bound to lead to a downward adjustment to real take-home pay. That cannot be avoided. Indeed, such an adjustment was seen in response to the rise in energy prices in 2004-06. Over that period, nominal wage  4  BIS Review 80/2008  growth was broadly stable, and there was a relatively smooth adjustment to real wages in response to the rise in energy prices. A key risk to the outlook is whether a similar, benign adjustment will occur in response to the latest price rises. With inflation having been above target for much of the past three years, and set to rise further in the near term, there is a risk that households and businesses may start to expect CPI inflation to be persistently above 2%.

I am pleased that our current Agents, David Buffham and Will Dowson receive a warmer welcome from Chamber members and others as they travel around the region. Our agents are the eyes and ears of the Bank. They make sure that we take account not just of the economic statistics, which at best tell us what has just happened (and all too frequently fail to do that), but also know what businessmen and women are saying about their own outlook and plans. The Monetary Policy Committee receives a report from each region each month and I can assure you it always receives a lot of attention. All the members of the Committee also get out to meet businesses themselves and that is why I am here in the North East for two days. The main subject of my speech tonight is the wider economy, and in particular the tale of two cycles – the downswing of the financial cycle and the upswing in the commodity price cycle. The economic environment in context But first, it is important to recognise that the last ten years have been a period of remarkable stability for the UK’s economy. It has certainly been the most stable and successful period for the economy in my lifetime. 1 When the MPC was set up, Charlie Bean – then a leading academic, soon to be my fellow Deputy Governor – estimated that inflation would be away from the target by more than 1 percentage point in nearly 5 months of every year.