samchain/econo-pairs-v1 huggingface dataset:
The TPI will be an addition to our toolkit and can be activated to counter any unwarranted, disorderly market dynamics that pose a serious threat to the transmission of monetary policy across the euro area. By safeguarding the transmission mechanism, the TPI will allow the Governing Council to more effectively deliver on its price stability mandate. Subject to fulfilling established criteria, the Eurosystem will be able to make secondary market purchases of securities issued in jurisdictions experiencing a deterioration in financing conditions not warranted by economic fundamentals, to counter – to the extent necessary – risks to the monetary policy transmission mechanism. The scale of TPI purchases will depend on the severity of the risks facing monetary policy transmission. Purchases are not restricted ex ante. The main characteristics of the TPI are as follows: Purchase parameters. Purchases will be focused on public sector securities with a remaining maturity of between one and ten years. Purchases of private sector securities could be considered, if appropriate. Eligibility. The Governing Council will consider a cumulative list of criteria to assess whether the jurisdictions in which the Eurosystem may conduct purchases under the TPI pursue sound and sustainable fiscal and macroeconomic policies. In particular, the criteria include: (1) compliance with the EU fiscal framework; (2) the absence of severe macroeconomic imbalances; (3) having a sustainable public debt trajectory; and (4) compliance with the commitments contained in the recovery and resilience plans and with the country-specific recommendations in the fiscal sphere under the European Semester. Activation.

At the same time, the sustainability of national public finances must be ensured; this is essential for the smooth functioning of the monetary union. With this in mind, the European 2  In line with the findings of M. Alloza, D. Leiva León and A. Urtasun (2022), “The response of private investment to an increase in public investment”, Analytical Article, Economic Bulletin 2/2022, Banco de España. 3  See P. Cuadrado, M. Izquierdo, J. M. Montero, E. Moral-Benito and J. Quintana (2022). “El crecimiento potencial de la economía española tras la pandemia”, Documentos Ocasionales Nº 2208, Banco de España (English version forthcoming). 6  Commission is reviewing the European fiscal rule framework. In my view the framework needs to be simplified, by establishing an expenditure growth rule and a debt-to-GDP ratio anchor, and countries’ capacity to build up fiscal buffers in good times for use in crises needs to be reinforced. In the case of Spain, shoring up the sustainability of public finances calls for a medium-term fiscal policy strategy. This should involve immediately setting out a multi-year fiscal consolidation plan for implementation once the economic impact of the pandemic and of the war in Ukraine has been overcome. The plan should have broad political consensus and be accompanied by an efficiency review of public spending and the tax system, including all tiers of general government.
Internationally, we have contributed expertise and advice to the standard setting process via bodies such as the Basle Committee and the International Accounting Standards Board. And we contribute actively in the work of official international bodies like the Financial Stability Forum, the Group of Twenty and the G10 central banks’ Committee on the Global Financial System. On a separate tack, we have also increased our focus on insurance, where the FSA is developing a prudential approach along the lines of Basel II for insurance companies. We recently led work in the CGFS to better understand techniques of credit risk transfer and their implications - particularly important for reinsurance. We also wanted to obtain better data on who was shedding and who was taking on what risk. This should in due course allow more effective monitoring of the transfer and accumulation of risk. And earlier this year, I was myself heavily involved in drawing up the Group of Thirty study “Global Clearing and Settlement: A Plan of Action”. It detailed 20 recommendations in relation to interoperability, risk management and governance that once implemented should improve efficiency and reduce risk in securities clearing and settlement. The task now is to get them implemented: and we are involved in that process too. So in these areas we try to help to influence standards that are being set at a global level. Standards which of course also bear directly on much UK-based activity.

The conclusions of these studies are nevertheless evidently too radical: they place finance at the helm of the economy rather than an instrument at its service, an instrument used to achieve a goal, that of the work and progress of mankind. Indeed, as with all human endeavours, finance is not immune to certain excesses, or to certain limits. Some studies4 have highlighted the inherent instability of the financial system. The existence of excessive risk-taking – the economists Guttentag and Herring use the concept of “disaster myopia”5 – or the possibility of bank runs are among the examples of market failures or negative externalities, which justify public intervention and financial regulation. Similarly, some indicators, which are initially signs of economic development, may in extreme cases reflect the over-exuberance of the financial system, which may hamper growth. For instance, it is commonly acknowledged that when volumes of debt as share of GDP are too high, this has a negative impact on growth in the long term.6 Beyond public debt – discussed in a report by your Chairman in 2005, and alas still topical – private debt in France now stands at 130% in France, compared with 122% in the euro area and 150% in the United States.7 Regulation can and must play a protective role, by setting certain limits ex post and by shoring up resilience to destabilising impacts ex ante. A 21st century Rabelais would say that finance without conscience is but the ruin of the soul. I will return to individual conscience in my conclusion.
MyInfo is a government digital service that enables Singapore residents to authorise thirdparties to access their personal data residing across different government agencies through APIs. This means that, with the consent of the customer, banks can use the MyInfo service for more efficient KYC using government-verified personal data. I can now open a bank account or obtain a credit card – online and instantly – when I give consent to my bank to access my data through MyInfo. 4 / 10  BIS central bankers' speeches  Customers do not need to go through the tedious process of filling up forms and providing hardcopy documents to banks for verification. And they certainly don’t need to go to the bank branch. Banks benefit from higher productivity and better risk management. Second, secure and seamless payments through PayNow. PayNow was jointly developed by MAS and the banking industry. It enables individuals and businesses to transfer funds using just the personal ID number or mobile phone number or unique entity number of their recipients. It operates 24-by-7 and funds can be transferred directly from one bank account to another in real-time. I can now send money to my friend in just three clicks on my smart phone – all I need to know is his mobile number. Business users of PayNow can generate a QR code containing their unique entity number.

Bank of France reports industrial activity increased in all sectors in December 1996 BANK OF FRANCE, MONTHLY BUSINESS SURVEY, December 1996. In December, according to the business leaders surveyed by the Banque de France, industrial activity increased in all sectors, except in the intermediate goods sector, where it remained stable. The food processing and consumer goods sectors were the most buoyant. The capacity utilization rate remained virtually unchanged. Overall demand firmed on both the domestic market and the export market, where the strongest flow of orders continued to come from the United States and Asia. The competitiveness of French products was bolstered by the recovery of currencies that had weakened earlier, including the United States dollar, sterling and the Italian lira. Order books approached normal levels in all sectors, except in the intermediate goods sector, where they remained too low. Inventories decreased with the end of the lorry drivers’ strike, and now appear to be normal in the capital goods and automobile sectors. In the coming months, most sectors are expected to continue to show moderate growth. Commodity prices as a whole showed practically no change. Finished product prices held up overall, despite the continuing high level of competition. Investment programmes were limited to renewing obsolete equipment or to meeting the desire to increase firms’ productivity in an intensely competitive international environment. There were few plans for output capacity increases and in all cases were dependent on stronger growth in demand.
18.09.2019  Monetary policy and bank profitability in an environment of uncertainty 10th Conference on the Spanish Banking Sector, organised by the IVIE and the University of Valencia Pablo Hernández de Cos Governor  Ladies and gentlemen, good morning. I should like to thank the Valencian Economic Research Institute for the invitation to speak at this conference on the Spanish banking sector, which this year marks its tenth anniversary. I am honoured and delighted to participate in this event and share some reflections with you regarding the current profitability of Spanish banks and the main challenges that will shape their future. As you know, this is a subject that is attracting a lot of attention in Europe, both on the part of analysts and supervisors and the industry itself, owing to the concern about banks’ low profitability. Before I address this issue, allow me to start by describing the economic situation in the euro area and, in particular, the decisions taken by the Governing Council of the European Central Bank (ECB) last week. This is very relevant for the financial system, insofar as it is the context in which its activity will be carried out over the next few years. 1. The economic situation in the euro area and the monetary policy response  The international economic context has undoubtedly become more unfavourable over the past year, with a slowdown in growth and, in particular, in trade.

Our philosophy is to stimulate ownership of decisions and empowerment in the investment process – and that is appreciated by our managers. Moreover, the mere importance of the mission, as formulated by our Board, "... to safeguard and grow financial wealth for future generations through highly professional management coupled with strict integrity", is attracting resources in and of itself. To wed a business culture to a central bank, with its civil service responsibilities, has posed a challenge in terms of adapting the Bank's governance system to the increased importance of professional investment management. Elements in addressing this include a strengthened focus on accountability by a clear division of responsibilities and a system of checks and balances. Maybe the most important element in our governance system is the establishment of a high degree of transparency for the public by providing open information on performance, risks, costs and investments on a timely basis. All in all, we feel the challenge of managing the Fund has enriched the organisation by forcing the central bank to think outside of the box. And perhaps the central bank perspective and values have added to the depth and long-term horizon of the investment organisation. Let me round off this presentation by recapitulating some of the main insights we have gained in the decade the Fund has existed.
Another factor transforming the financial services landscape, and quite closely related to the technological factors I have just mentioned, is the globalisation and consolidation of the main market participants. The last decade has seen a global consolidation of the main intermediaries in the world’s capital markets to leave a relatively small number of large players, with large balance sheets and operations spanning each of the world’s major markets. Since these firms are the major users and, in some cases, owners of the market infrastructure in each country, their interests have a strong influence on market structure. Now I think that big is not always best, and actually smaller niche players have more of a future than is sometimes imagined. But that said, in twenty years I think that it is quite possible that the financial world will be dominated by perhaps twenty truly international wholesale banks, including a few genuinely pan-European ones. Now it is possible that these large banks will want to use their own balance sheets to offer a full range of services to their customers, so that they rather than an exchange-based central market become the focus for liquidity. If so, such firms would be in competition with infrastructure providers: for example, when offering in-house trading or custody services to their clients. On the other hand, such firms will also want to continue to trade with each other, in order to manage their own risks and inventory.

Mr Clementi comments on UK financial services following the launch of the euro Speech by Mr David Clementi, a Deputy Governor of the Bank of England, at the Economist Conference in London on 23 April 1999. It is a great pleasure to be here this morning. My announced topic – UK financial services following the launch of the euro - is obviously a large one. But ambition is a fine thing, and so not content with just that, I want also to say a little about the wider forces – especially technological change – which are shaping changes in financial services markets and institutions everywhere, not just in Europe. The importance of financial services to the UK economy is enormous, and I do not need to devote much time to underlining it. Financial services are a major invisible export and contribute a substantial proportion of GDP. The UK does more foreign exchange business, more OTC derivatives business, more international bank lending, more bond origination and trading, and more equity fund management than any other country. Personally, I have no doubt that – provided we are not complacent - the UK will retain its dominant position for the foreseeable future. But that said, the nature of the financial markets in which UK–based practitioners have to operate will certainly continue to change. The plan for my march through this difficult terrority is as follows. First, by way of background, I want to say a bit about the “new” Bank’s role in relation to the financial services sector.
In the theoretical space, this process led to Woodford’s dictum that in modern central banking very little else matters beyond expectations. 3 In contrast, the practice of central banking in a messy real world where people use various heuristics, including rational inattention, has shown the limitations of such logical extremes. Research showed how central bank transparency and accountability make essential contributions to policy effectiveness, in a way that is complementary to ensuring central banks have democratic legitimacy. That remains an important insight in the era of enlarged and empowered central banking. Practice moved ahead of theory; theory caught up and refined practice. And the effectiveness of policy improved as a result. The crisis has meant practice has once again leapt ahead of theory. During its depths, the lessons of history and insights from psychology were arguably more valuable than precisions of dynamic programming. Our workhorse models didn’t have financial sectors; meaning questions of financial stability were not even asked, let alone answered. A great deal of improvisation was required to avoid a second Great Depression. It is vital that we draw on the experience from the crisis to rethink the way we understand the economy, the financial system, and the institutions we supervise. To do so, we need not only to study recent history more deeply but also to apply formal methods to refine our depictions of economic dynamics, as well as the policy tools we have to shape those dynamics in socially desirable ways.

To complement this theme, we will release historical data sets including detailed breakdowns of the Bank’s inflation expectations survey, our Agents’ company visit scores, and very long back-runs of key economic and financial variables. This is one of the ways we will look to increase the permeability of our research. We are seeking also new ways to visualise and analyse the increasingly rich information sets that are available. The fifth and final research theme covers the “Response to fundamental changes” Fundamental technological and structural trends will have a significant bearing on economic dynamics. Although they are likely to play out over a period that is longer than the Bank’s typical policy horizon, these trends will have profound implications for central banks. They include changing demography, increasing longevity, inequality, climate change, the increasing importance of emerging economies and the development of digital currencies. By affecting a range of phenomena – from the evolution of real interest rates to risks to the financial sector to the future of money and banking itself – all of these trends have the potential to re-shape our policy challenges. We need research to set us on the front foot to face them. 4  BIS central bankers’ speeches  Competitions Before concluding, to catalyse interest in the One Bank Research Agenda, I am delighted to announce that today the Bank of England is launching two competitions. The first is on Data Visualisation.
Under the leadership of Tan Sri Azman Mokhtar as the Chair, it is envisioned that the Council will also evolve into a fully industry-led structure that will be better able to respond to - and capitalise on - global opportunities in Islamic finance. We are confident that with stronger industry stewardship, we will be able to foster greater market dynamism. We are also seeing greater industry leadership in many areas. In particular, I wish to acknowledge the work of AIBIM and MTA for their efforts to further advance VBI implementation, including the VBI report by AIBIM and the VBIT roadmap by MTA that will be launched today. I would also like to mention that we are delighted to see many action-oriented leaders in Islamic finance. The Royal Award for Islamic Finance recognises outstanding contributions in Islamic finance. I wish to take this opportunity to congratulate Tan Sri Dr. Mohd Daud Bakar – the 2022 winner of the Royal Award for Islamic Finance. He is an eminent Shariah scholar, recognised for his instrumental role as the Chairman of the Shariah Advisory Councils for both Bank Negara Malaysia and Securities Commission Malaysia, and in developing the first Shariah standard on gold issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), among other achievements. I would also like to congratulate in advance the winners of the Emerging Leader Prize and Impact Challenge Prize – two additional new prizes introduced this year in conjunction with RAIF – that will be awarded later today.

As a matter of fact forward-looking decisions should be made on the basis of an ever larger and timely information; They should be constantly consulted with specialized economic and financial market agents. The Bank of Albania, likewise other central banks, endeavors to increase the qualitative and quantitative data base, in order to improve analyses and the decision-making process in making new steps. The finalization of the several-year project of the Bank of Albania, along which the Business and Consumer Confidence Indicator was consolidated, is an accomplishment of one of the medium-term development strategy objectives of our institution. The decision to publish these indicators passed through a prudent process and matured only after experts and decision-makers of the Bank of Albania were convinced that the confidence indicators, together with other indicators, revealed valuable additional  BIS Review 36/2009  1  information about the recent and future developments in the country’s real sector of the economy. Allow me to briefly summarize some of the basic concepts on confidence, tendency and the foregoing indicators. They have been widely used in many advanced countries of the world, particularly over the last two decades. These indicators are constructed on the basis of information collected from surveys, which are technically referred to as Business and Consumer Confidence/Tendency Surveys. The Bank of Albania conducts these surveys in cooperation with INSTAT.
Seeking to explain the sources of the Greek crisis, my former Greek colleague at the European Court of Auditors, Ioannis Sarmas, has pointed to the lack of a culture of effectiveness that holds the Greek government accountable for its policies.3 He also refers to the absence of an effective internal control system in the Greek public sector, and to the lack of adequate powers in the hands of the auditing authorities that would permit them to focus more on the efficient use of public funds. While the auditing process scrutinises compatibility with the laws and  1  Lorenzo Bini Smaghi, “Eurozone, European crisis and policy responses”, Goldman Sachs Global Macro Conference – Asia 2011, 22 February 2011. 2  Ludger Schuknecht, Philippe Moutot, PhilippRother and Jürgen Stark “The Stability and Growth Pact, Crisis and Reform” ECB Occasional Paper Series, No. 129, September 2011. 3  Ioannis Sarmas “The Greek financial crisis from an auditor’s point of view” Cour des comptes européenne, Journal July-August 2011; “The game between sovereign states and financial markets” Cour des comptes européenne Journal, December 2011. BIS central bankers’ speeches  3  legislation, it pays insufficient attention to other important criteria like value-for-money and effectiveness. Fiscal consolidation across most of the euro area carries the risk of downward macroeconomic adjustment. In today’s circumstances, there is the danger of a negative macroeconomic spiral. Weak economic growth leads to reduced government revenue that in turn raises the deficit and debt ratios, and therefore may require further budgetary tightening and austerity measures.

This inaugural conference is set to mark a significant step to enhance collaboration and deepen financial linkages in Islamic finance between Malaysia and Hong Kong. The theme “Sukuk as a Viable FundRaising and Investment Instrument” is most apt, given that the ethical-based fixed income instrument has increasingly gained recognition by the global financial community as an attractive source of funding for real sectors and long-term development. Adoption of best practices for sukuk issuance The growth of the global sukuk market has been very promising. It reached a stock value of USD268 billion at the end of 2013 and since 2000 has grown at a cumulative average rate of 50% per annum. The creation of a sukuk market in Hong Kong is a timely initiative as it has the potential to further spearhead its foray into Islamic finance. Sukuk, as a new asset class, is ideal for portfolio diversification and is increasingly well-accepted all over the world. From our experience, the new venture by Hong Kong into the sukuk market may be able to deepen its bond market further and open the opportunity to tap the burgeoning investor pool seeking good quality Shariah compliant and ethical-based instruments. Being a player in an increasingly developed sukuk market, Hong Kong has the opportunity to adopt the best practices in sukuk issuances. Firstly, in the area of Shariah standards where it provides principle-based guidance on the execution of Islamic financial contracts. Such standards are designed to cover the needs of different jurisdictions.