samchain/econo-pairs-v1 huggingface dataset:
I should also note that evidence on the impact on productivity resulting from greater working from home is not clear (Barrero et al., 2020 and Haldane, 2020). Reduced travel time is a positive, but there may be lower innovation and creativity which would otherwise come from people being together more. I want to finish this section on the economic implications of Covid by highlighting two longer-term and important developments, both of which pre-date Covid, and neither of which is helpful. First, the UK has experienced a fall in the average rate of growth, reflecting slower growth in potential supply capacity. Chart 3 illustrates the four-quarter GDP growth rate since 2000. It is apparent that the average growth rate has fallen from around 2.5% in the years before the global financial crisis, to around 1.5% in the period immediately prior to the Covid pandemic. Chart 4 shows the same timeline for aggregate labour productivity per hour over the last twenty years. Again, the story is not encouraging. Another way of representing this, is to note that the level of activity in the UK following the global financial crisis is significantly below its level at the equivalent stage following the 1930s Depression (Haldane, 2021). Issues arising in the recovery from Covid  I want to return now to the four important points I set out at the start. First, Covid has been a shock to both demand and supply in the economy. Using an output gap measure on its own fails to capture the importance of this story.

The European League for Economic Cooperation has been, ever since its foundation in 1946, an independent network of business people who put their knowledge and influence together to deepen European integration. The League has stood out over the decades for a lot of significant reasons, including the very diverse nature of its membership and their interests, as well as a specific concern for independence in formulating their opinions. It is exactly this diversity and independence that prompts ELEC to ask the right questions and, in the answers it provides, to give priority to the common European interest. I salute the close cooperation between government officials in the region with high European officials, as well as, with the private sector and prestigious organizations such as ELEC. The Prime Minister of Romania, Mr. Dacian Ciolos, will have a brief address on this topic. Mr. Achim Irimescu, Minister for Agriculture and Rural Development will chair the round table on agriculture, together with his counterpart from the Republic of Moldova, Minister Eduard Grama and other renowned authorities who are ready to share their expertise on the factors that generate food insecurity in the extended Black Sea region in the context of the 21st century challenges. Mr. Vasile Iuga, Partner at PricewaterhouseCoopers will chair the round table on energy security and together with prominent experts will focus on long term development of energy networks in Central and Eastern Europe. Ladies and Gentlemen, Now, a few words about the topic of this conference.
The banking groups operating in Estonia are able to manage capital and liquidity in a flexible way at group level. The integration of the banking system consists in the readiness of banking groups to promptly channel money flows to various subsidiaries and branches according to need. The integration of banking is supported by cooperation in the Nordic-Baltic region. I am convinced the daily information exchange and cooperation agreements of our region set an example of ensuring financial stability for the entire European Union. In the final months of 2008, Sweden initiated support schemes, which have had a very positive impact on banking groups as a whole, i.e., national support measures have been implemented from group level also on subsidiaries and branches. In this context, Estonia has in the EU actively supported the principle that the implementation of rescue packages must not discriminate against other Member States. 2009 economic policy priorities in Estonia Now I would like to say a few words about the current monetary and economic policy situation and the most important priorities for 2009. By now it is clear that the Estonian enterprises and households have thoroughly changed their behaviour and expectations over the past half a year. In this respect, a big part of the adjustment process has already taken place and Estonia's primary macro vulnerabilities have considerably decreased. The current account, i.e., the difference between investment and savings, has practically balanced and the financing of the economy's current expenditure is ensured by current income.

In addition, the IoD provided input into the Corporate Governance Model Board Charter which has been developed with technical expertise from MTN Special Engagements led by Ms Mary Ncube. The outcome of this work is what will be presented to you today. The presentation will focus on the significant position that Boards of Directors occupy in the whole Corporate Governance process and how their role, functions and operations may be reduced into a charter that might guide their work., including;   Powers, functions and delegations of the board;    Board composition and mix – and the challenge in state-owned institutions;    The Chairperson and CEO – and whether they should be different persons and why;    Rights and duties of Directors – and that ultimately the buck stops here;    The role of the Board Secretary – and how they can help drive the right agenda;    Disclosure of conflict of interest and the challenge of ethical standards;    Members’ remuneration and expenses – and what is morally right?   Corporate social responsibility; and,    Evaluation of the Board’s performance, etc. But why do we need a Board Charter one may be tempted to ask?
This is why we have decided to take our responsibilities firmly to heart. Not all countries have yet done so, unfortunately. But we, today, already stand together as a powerful coalition of the willing. Thank you for your attention. 1 OECD (2013): Water and Climate Change Adaptation: Policies to Navigate Uncharted Waters. 2 L. de Haan (1990): Fighting the arch-enemy with mathematics. Statistica Neerlandica 44, 45–68. 3 Article 127 of the Treaty on the Functioning of the European Union. 4 Article 3 of the Treaty on the European Union. 5 “Breaking the Tragedy of the Horizon – climate change and financial stability”, Speech given by Mark Carney,  Governor of the Bank of England and Chairman of the Financial Stability Board, Lloyd’s of London, 29 September 2015. 6 The maximum cumulated amount of carbon emissions consistent with holding the increase in the global  average temperature to below 2°C. 7 OECD (2017): Investing in Climate, Investing in Growth. www.oecd.org/environment/cc/g20-climate/synthesis-  investing-in-climate-investing-in-growth.pdf 8 EU 2030 climate and energy framework, ec.europa.eu/clima/policies/strategies/progress_en 9 Munich Re (2018): “Hurricanes cause record losses in 2017 – The year in figures”. www.munichre.com/topics-  online/en/2018/01/2017-year-in-figures#furtherinformation 10 Geneva Association (2014): The Global Insurance Protection Gap: Assessment and Recommendations. 11 French Treasury, Banque de France and ACPR (2017): L’évaluation des risques liés au changement climatique  dans le secteur bancaire, February. Top-down assessment based on the nine sectors which display the highest level of CO2 emissions. 12 De Nederlandsche Bank (2017): Waterproof? An exploration of climate-related risks for the Dutch financial  sector.

As economies become more open, external developments inevitably affect price and output dynamics. The world may thus be more complex and, in some respects the conduct of monetary policy may be more challenging. The external factors that have in recent years had a dampening impact on domestic inflation could, at some point, fade or reverse. And the forces that have produced this constellation of capital flows and market conditions will evolve in ways we cannot anticipate. This obliges policymakers to devote more care to the process of understanding how change in the world affects the balance of opportunity, risk and uncertainty confronting policymakers. And it probably makes more compelling the importance of preserving confidence in our commitment to keep inflation low and stable, so that we have the flexibility to respond to this changing world. BIS Review 102/2006  3  Ultimately, as Mervyn King, the Governor of the Bank of England, noted recently, inflation is made at home and has to be contained at home. So integration does not, and should not, limit our ability to achieve our objectives. Rather, it forces us to think harder about how our economies are evolving and how developments in the rest of the world affect our markets. Thank you. 4  BIS Review 102/2006
For the first time in two years the median price for houses has fallen, according to Swedbank’s Boindex. Moreover, the rate of increase in household borrowing from mortgage institutions is now slightly lower than it was in the spring. Of course, it is impossible to draw any far-reaching conclusions solely on the basis of these observations. However, we will make a thorough assessment of the situation later in the autumn when we publish our twice-yearly Financial Stability Report. Summary and conclusion Let me briefly summarise my message today. •  We have raised the repo rate four times this year and my assessment is that it is reasonable to assume that further increases will be necessary. This will ensure that inflation is close to the target and that developments in the real economy are balanced. •  Our focus is on the inflation target and the central aim is, as before, to anchor inflation expectations in the economy around this target. When we formulate our monetary policy we also give consideration to the way the rest of the economy is developing. You can read more about this in our recently published strategy document “Monetary policy in Sweden”, which can be ordered from our Communications Secretariat. It can also be downloaded from our website and is available in both Swedish and English. •  The social partners can sign new agreements based on the assumption that the Riksbank’s inflation target stands firm.

On its behalf, Eesti Pank has always provided you with the best knowledge at its disposal. I sincerely hope that the constructive cooperation between the Riigikogu and Eesti Pank will continue in the years to come. Thank you for your attention! BIS central bankers’ speeches  3
But if the regulatory core tier 1 capital fell below the threshold then the contingent capital would automatically be converted to common equity. When bank failures impose costs on the rest of the economy, it is reasonable to insist that banks themselves purchase a sufficient degree of insurance in the form of a large capital cushion available automatically before insolvency. Such contingent capital instruments are very different from instruments, such as subordinated debt, which banks have been permitted to count as capital under the Basel regime, but which do not provide a reliable capital buffer until too late – after the bank has failed. So at present the taxpayer is providing capital that is exposed to future losses rather than investors in debt-like capital instruments of a troubled bank. Whether investors would be willing to provide contingent capital on the required scale would depend upon the price, but at least the cost would fall where it belongs – on the banks. 2  BIS Review 129/2009  So the first approach to the “too important to fail” problem might be made to work with a requirement for contingent capital. It is worth a try. But it has three drawbacks. First, banks still have an incentive to take really big risks because the government would provide some back-stop catastrophe insurance.

This is in line with EBRD Strategy of Graduation and the graduation of EU 8 countries from EBRD operations can be envisaged. The Czech Government has already given approval that discussions with the Bank's management on the graduation of the Czech Republic from EBRD operations can begin. We believe that October 2007 - which would be the date of the regular consideration of EBRD Strategy for the Czech Republic could be considered an appropriate for this debate. This time-frame should be sufficient for the Bank, the Czech authorities and investors to make the necessary arrangements. We understand that the Bank's management will make their decisions regarding the supervision of its portfolio in the Czech Republic, including decisions concerning the future of the Bank‘s representative office in Prague. The mandate of the EBRD in the Czech Republic is thus approaching its conclusion, and I would like to express our gratitude and appreciation to the Bank for its support during the ups-and-downs of the transition process in my country. Our sincere thanks go to the Management and all those numerous members of staff who for years and sometime in difficult circumstances brought many successful projects to the Czech Republic. We wish the Bank much good fortune for fulfilling its mandate. Thank you for your attention. BIS Review 44/2006  1
Here, I see a need for a process of communication and education by companies and others to shareholders, analysts and other interested parties, which should form part of the transition to any new standard. Transitional considerations Once the above objectives have been agreed, it will be important to articulate where we are, and where we want to be, and then to identify the optimal migration path. Is it to be a gradual transition or a big bang? Such decisions would need to consider: the rapidly moving environment of the financial industry, and regulatory techniques; how to ensure comparability is maintained; and the costs, especially in system terms, of alternative migration paths. Procedures for setting international accounting standards A final issue concerns the procedures for setting accounting standards. Concerns have been expressed by some about whether public sector interests, in particular, are adequately represented in the process. There is of course a clear public interest in meaningful reporting and adequate disclosure. I am sure that standard setters in this, as in other areas, are alive to these issues. Equally they have and in my view quite rightly - a concern to avoid, or at least minimise, the influence of overtly political factors. In considering the future of the IASB’s governance, I am sure that the Trustees will be reflecting carefully on the issue of what constitutes legitimate public policy interests and how best to respond to them. Concluding Remarks To sum up, the importance of meaningful and reliable accounting information is clear.

IAS 39 and the banking industry IAS 39 has proved controversial with bankers for reasons which stem partly from specific features of banking, and partly from the implications of the wider use of fair values, particularly in accounting for hedges and in so far as they may lead to greater volatility of published profits. Some pros and cons of fair value accounting The debate about the use of fair values raises a number of important issues, including the relevance of unrealised valuation changes, the appropriate assumptions on the holding period and the reliability of fair values. It also raises a question about the extent to which accounting valuations should move away from a going concern paradigm to break-up valuations, which, at least at first sight, is closer to what “fair values” represent. But at the same time, fair values are in some ways more forward looking, since expectations about the future performance of assets and liabilities are reflected in market valuations. It will not have escaped you, however, that the move in recent years to a more securitized world, with increased capacity for rapid risk transfer, encourages the appetite for a more forward looking approach. A fair value approach has a number of other attractions. For example, it promotes consistency of valuation of instruments in different financial sectors, something increasingly important given the fungibility between banking, securities and insurance. It will generally lead to more timely recognition of losses (for example, on bank loans), and it captures the crystallisation of market risk in non-trading positions.
But even if this were the case, it would not automatically lead to the conclusion that macroprudential tools are significantly more effective. Some of the tools are new, some have been around for a while but used partly for other purposes. The practical experiences gained so far are thus fairly limited and it is difficult to draw any conclusions from them. It is therefore natural that a number of questions should be raised as to how effective macroprudential policy will be in practice and whether it may need support from monetary policy.15 Uncomfortable measures may be difficult to implement One question concerns their feasibility – will measures be taken in time, or even at all? Some of the macroprudential policy measures have a direct impact on households’ finances, similar to fiscal policy measures. They can be perceived to create relatively major changes in the  14  As Narayana Kocherlakota, the President of the US Federal Reserve Bank of Minneapolis, has put it, monetary policy needs to deal with the “residual risk” that remains. See Kocherlakota (2013, 2014). 15  Critical discussions on the effectiveness of macroprudential policy tools and the implications for monetary policy can be found, for instance, in White (2009, 2013), Mishkin (2011), Borio (2011a), Blanchard, Dell’Ariccia and Mauro (2013), IMF (2013) and Davies (2014). BIS central bankers’ speeches  5  economic playing-field and thus risk obtaining little acceptance from households, which could make it difficult to implement such measures.

The experience from the crises that nevertheless arose, for instance the year 2000 when the dot-com bubble burst, was that one could also manage more difficult situations. However, the financial crisis 2007–2008 and the deep and protracted downswing that followed have meant that central banks have been forced to closely examine things that were previously taken for granted. In this way, the situation is a little reminiscent of the situation at the beginning of the 1990s when inflation targeting was introduced. Then, too, there were crises that made it necessary to question the prevailing monetary policy doctrine. 1  Many papers have been published on this theme recently. See, for instance, Bayoumi et al (2014) and the various contributions in the anthology by Reichlin and Baldwin (2013). 2  See, for example, Issing (2009) for a description of the Jackson Hole consensus. The expression comes from the fact that the town of Jackson Hole in the United States hosts an annual conference that gathers central bank governors and other economic policymakers from around the world. BIS central bankers’ speeches  1  And then, too, it was the central banks that – of necessity – took the first steps and adjusted their strategies and practical policy before there was any real consensus from academic research to lean on.
Jan F Qvigstad: Managing wealth – the Norwegian experience Speech by Mr Jan F Qvigstad, Deputy Governor of Norges Bank (Central Bank of Norway), at a seminar hosted by FEDEA (Fundación de estudios de economía aplicada), Madrid, 23 March 2011. *  *  *  The seminar was hosted with the assistance of Mr Torgeir Larsen, Norway’s ambassador to Spain. It is difficult to overstate the effects of the financial crisis that started in September 2008. As a financial crisis, it has been one of the most severe on record. The crisis in the real economy was even worse. For the first time since the Second World War, total world output has fallen from one year to the next. The crisis hit all countries and was surprisingly synchronised. This shows the interconnectedness of modern finance. Big banks have important parts of their operations in other countries, often on other continents. Some Spanish banks provide good examples. Though the crisis hit us quite similarly, we have emerged from it in very different ways. The crisis was difficult to foresee, but was it possible – ex ante – to point out the countries that would end up in trouble after a crisis? Norway has escaped this crisis more lightly than many countries. Luck explains a lot, but not everything. We had our own very serious crisis 20 years ago. One central instrument we put in place after that crisis was a fiscal rule.

Emerging economies are now sufficiently large for growth in their economies to provide impetus to production in other regions. The question has been raised, why didn’t we – the economists – see the crisis coming? As long as the credit system has existed, crises have struck with irregular intervals. Still, we must strive to keep the intervals as large as possible. A poorly regulated financial sector is partly to blame for this crisis as for many others. In many countries, the capital requirements were reduced year by year before the crisis, to very low levels. The quality was gradually impaired. Many banks issued large quantities of hybrid capital, but the investors were not ready to bear losses. BIS central bankers’ speeches  1  In addition to low capital requirements, few countries had any macroprudential policies to speak of. Spain was an important exception. To avoid the next crisis, or at least dampen the effect, better banking regulation is necessary. First, the financial crisis revealed that banks held insufficient capital, excessive short-term market funding and inadequate liquidity buffers. The new Basel III framework sets out stricter requirements. Higher and better-quality capital will increase banks’ resilience to pronounced fluctuations in the economy without their having to tighten lending abruptly. The new rules aim to moderate growth in banking in periods of expansion. Second, the new framework includes macroprudential tools that can be applied as necessary. Banks may be subject to additional capital requirements if credit growth in the wider economy is excessive.