samchain/econo-pairs-v1 huggingface dataset:
In this context, leaders need to be visionary to see future trends focused on organisational vision, to stay competitive and be able to adapt rapidly to changes. In addition leaders need to take into account the corporate social responsibility so that the profit mindset is balanced against the objective of longterm sustainability. When we talk about enhancing leadership capability we are talking about leaders who are continuous learners, who are on the cutting edge of excellence, leaders who have strong convictions and beliefs, and yet having humility and recognising the need to reinvent themselves and inspire their organization to adapt to the new challenges and changes. This is vital if the financial services sector is to forge ahead and remain at the forefront of new innovations, an element that is critical to securing long-term competitiveness. We need the remarkable force of corporate leaders to fuel the drive towards long-term growth and stability. We need dynamic leaders to push the frontiers of excellence – leaders who are constantly learning and possess the courage to take on new challenges. In this process, avenues for continuous learning must be actively sought. The establishment of ICLIF is part of our commitment towards providing such an avenue to enhance our leadership capability and develop world-class leaders in the financial services sector. Towards this endeavour, the Centre is currently in the process of developing a unique leadership competency model that will analyse and understand what makes for great corporate leaders in our regional context.

Before rounding off this discussion about monetary policy, let me also touch on the question of publication of minutes, which was brought up in the discussions earlier today. I think this is an issue that has been given too much prominence in recent discussions about clarity and transparency in monetary policy. Clearly, there are positive and negative aspects of publishing minutes. It can influence the internal discussions in both a positive and negative way. It can also have positive and negative effects on the way in which a central bank is perceived. I believe that the publication of minutes has been less important for the acceptance and credibility of monetary policy in Sweden during recent years than the policy framework with published forecasts and a policy rule. Nevertheless, I do think it was right of us to start to publish ours. Concluding remarks Let me conclude by underscoring that there are clearly major differences between the problems we were confronted with in Sweden after our crisis and those confronting European decision-makers today. We started from scratch without any credibility, while the euro was launched in a relatively good setting drawing on the credibility of the Bundesbank. But on the other hand, we had the advantage of having to manage only one country. After five years in European policy circles, I think I understand what Ottmar Issing means when he says that every single language reflects the unique circumstances in the country where it is spoken.
That in turn will largely determine how successfully we can achieve an orderly unwinding of the present imbalances. This wider international context is, inevitably, having a profound – and continuing – effect on the pattern of interest rates and exchange rates, and on economic developments, both within the Eurozone and here in the United Kingdom, to an extent that is still perhaps not fully appreciated. A year ago, when the historic decision to go ahead with a broadly-based euro was taken in Brussels, the prospect was for a steady pick-up in overall demand and output across the Eurozone. It was a helpful environment for the introduction of the new currency. And the constituent currencies of the euro strengthened in the second half of last year on the back of that. The introduction of the euro at the beginning of this year was a technical triumph – within the Eurozone, but also notably here in the City, which has clearly established itself from the outset as a vital contributor to the development of broad and liquid euro-denominated wholesale financial markets. 1  BIS Review 68/1999  But the growing impact of the global economic setback last autumn was to dampen external demand and business confidence in the Eurozone – as it did elsewhere – apparently affecting some of the participating countries more than others.

With mobile payments, the cost of travel to a financial service provider is reduced to pressing a button, the risks associated with carrying cash are managed by simply securing a pin number. Since the mobile telephone industry has seen tremendous growth in its coverage, mobile payments seems to be the inevitable retail payment method that reaches out to large segments of the population a way that the conventional ones do not. Chairperson, notwithstanding these advantages, mobile payment platforms are not without challenges. At the centre of these challenges is the need to protect the consumer or user of mobile payment platforms. Undoubtedly, the number of people with access to mobile payment services in Zambia has significantly increased since the early days of Celpay. However, for us at the Bank of Zambia, as regulators we have taken note of how growth has been accompanied by a change in the character of mobile payments. The line between a mobile payment product and a conventional banking product has now become a fine line. For this reason developing appropriate regulations that protect the consumer against fraud and such risks anti-competitive practices, is a critical and necessary response to the innovations brought about by the mobile telephone technology. But it is important to understand that by its nature technological innovation can achieve an overnight quantum leap by the sheer ingenuity of one person. Where this happens, there is a danger that the development of appropriate regulation can lag behind technological advancement.
During the 1980s, aggregate output growth in the euro area was on average about 0.5 percentage point lower than the US rate of growth. Since the early 1990s, this gap has widened. During the past decade (1996-2005), when the euro area economy expanded on average at a relatively robust pace of 2.3%, within the range of estimates of its potential growth rate, the US economy experienced an economic boom driven mainly by advances in information and communication technologies and grew by an average rate of 3.4%, that is about 1 percentage point higher than the euro area average rate of growth (see Chart 2). We are currently experiencing a  2  BIS Review 43/2007  turnaround in the relative growth performance of the euro area and the US, which I will discuss later on. But I want first to focus on an examination of some key determinants of long-term growth of the European economy on the basis of its past performance. The relative decline in Europe’s trend growth since the mid-1990s does not imply that Europe has become a poorer continent: people’s living standards, as measured by real GDP per capita, have risen significantly over the past decade, especially in some countries including Greece. The European economy has enjoyed macroeonomic stability; there have been no financial crisis or severe fiscal imbalances although budgetary policies in a number of countries faced serious challenges.

As a result, their trading books have virtually doubled since 2003 and  BIS Review 67/2007  1  are now clearly in excess of CHF 1,000 billion. This accounts for roughly two-thirds of the assets managed by the entire hedge fund industry. The fact that market participants take more risks in a stable environment is in itself not a problem. What is important is that they correctly assess their ability to bear risks and are able to handle poorer conditions. Driving 120 km/h along an empty motorway in good weather conditions is generally not dangerous for an experienced driver. It is a different story, however, if visibility is poor and traffic is heavy. If the speed is not adjusted accordingly, the chances of having an accident increase. Driving fast becomes dangerous if the speed is no longer in line with the driver’s capability and external conditions. Using this analogy, how does the current situation in the global financial markets and Swiss banking sector compare? As already mentioned, the overall impression at the moment is that we are driving quite fast. Unlike on the motorway, however, there are three reasons why it is difficult to judge if the speed is too high or if the market participants would be able to slow down in time were conditions to deteriorate. Firstly, it is not clear just how fast the car is going, or rather, how much risk is being entered into.
Abdul Rasheed Ghaffour: Opening remarks - World Halal Business Conference 2021 Opening remarks by Mr Abdul Rasheed Ghaffour, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the World Halal Business Conference 2021, 9 September 2021. * * * Assalamualaikum w.b.t and a very good afternoon to our distinguished guests and fellow audience. Thank you to the Halal Development Corporation (HDC) for inviting me to deliver the Opening Remarks today. I wish to congratulate HDC for organising this conference which I believe will be inspiring and enlightening. The timing of this event could not be better, echoing the pace of an ongoing global economic recovery. The theme of this conference, “Halal – the Catalyst for Universal Economic Recovery” spells out the potential for this multi-trillion dollar industry to facilitate the rejuvenation of the global economy. Within the global sphere, the prospect of the halal economy is huge. Global consumption of halal goods and services is expected to grow at 3.5% annually to reach USD2.4 trillion by 20241, largely driven by the fast-growing Muslim population. Another contributing factor is the rising trend on ethical consumerism that primarily considers the impact of consumption. This aligns with the practice of halalan-toyyiban that propagates good, pure, and wholesome elements in consumption. At a broader level, this is also relevant in addressing growing concerns on sustainability and climate change in halal production. These global trends on halal economy present an excellent narrative with enormous prospects for Malaysia, given our forefront position in the global halal economy.

As a takeaway, when you think about the Fintech 2025 strategy, I want you to envision a virtuous cycle. 42. As all banks adopt fintech to capture new opportunities in the digital economy, strong demands will be created for fintech talent, data infrastructure, new payment instruments, and supportive policies. Our strategy will meet all these demands, in turn reinforcing fintech adoption, and ultimately catalysing the growth of a healthy fintech ecosystem that benefits both banks and customers. 43. Back in 2017, when the HKMA announced the seven smart banking initiatives, they were well received, though not everyone could tell their significance and the changes they could bring. Today, nobody will question the impact of, for example, the FPS and virtual banks, on your business and our daily lives. 44. I believe the same could be said for Fintech 2025. This new, forward-thinking strategy will set the scene for important fintech developments to take place in the coming years. I urge you to join us and take our city’s fintech ecosystem to new heights. 45. Thank you. 5/5  BIS central bankers' speeches
In addition to the fact that individual shareholders are often small and scattered, they only have limited ways of exerting pressure on management, short of disposing of their share. Importantly, the reality of limited liability seriously biases shareholders’ perspective on risk. While shareholders benefit from the upside of risk-taking, they are not symmetrically penalised on the  3  The focus here is placed on a typical banking institution, but other financial institutions might be similarly affected. BIS central bankers’ speeches  3  downside. This asymmetry is particularly acute in the case of highly levered institutions. For these institutions, the return on equity in good times is high, say above 20%. The trade-off between high returns if the risky gamble pays off, and zero, if it does not, is particularly lopsided. Both limited liability and the natural highly leveraged nature of banking thus come with a natural propensity for socially excessive risk-taking on the part of banks’ owners. In this sense, shareholders cannot be relied upon to impose on managers the socially optimal level of risktaking.4 Managers What about the bank’s managers? Here theory tells us that, apart from reputation and other soft considerations, the behaviour of managers will crucially depend on the link between their remuneration and the firm’s performance. What is at issue here is less the level of managerial remuneration. More important is the relationship between the remuneration and the medium to long-run performance of the bank.

In reality, this is precisely where the moral hazard issue associated with the implicit guarantee of the “too big to fail” (TBTF) status becomes relevant. By definition, a TBTF financial institution can expect to be rescued from bankruptcy. As a consequence, the banks’ bondholders know they will not bear the cost of excessive risk-taking and therefore they need not  4  5  Though determining the precise level of socially optimal risk-taking is difficult to gauge for the economy as a whole, excessive risk-taking by an individual institution is easier to detect. In Switzerland, a FINMA circular on remuneration schemes lays down rules for the remuneration of employees of financial institutions. Cf., FINMA Circular 10/1, “Minimum standards for remuneration schemes of financial institutions”, October 2009. 6  Executive compensation schemes which could represent an additional mechanism for improving managerial compensation include schemes that align managerial compensation with the long-term objectives of the firm. Skills are better assessed in relative terms and on a risk-adjusted basis. Therefore, a compensation scheme that rewards better-than-average corporate results and refers to risk-adjusted performance measures may reduce risk-taking and reward more skills. For a more complete discussion, cf. “The Squam Lake Report: Fixing the Financial System”, Princeton University Press, May 2010.
At its creation, the architects of the Fund hoped to build a system that would deliver exchange rate stability globally, in a world much less integrated than it is today, without giving the Fund the capacity to induce, much less compel, its members to pursue the economic policies that might have made that objective more realistic. They gave the IMF a financial mission that had some of the characteristics of a lender of last resort to sovereigns, but without mechanisms to constrain risk-taking behavior. By necessity, they left the Fund in the position where it was ultimately dependent on the strength of the governments of its members, and on their willingness to act to address their economic challenges. To their credit, the founders gave the institution a basic charter that permitted evolution. And as the needs of the world have changed, the institution has been able to change as well. It has been much more responsive to change, and much more agile in responding to a rapidly changing mix of challenges than other multilateral organizations. But the constraints that were established at the outset still exist today. I am going to focus, in my remarks today, on the Fund’s role in promoting financial resilience and mitigating crises in emerging market countries. But first, let me mention briefly several of the other areas where the Fund has a very important role to play in the international economy and financial system.

François Villeroy de Galhau: France and Germany facing European challenges in the crisis Speech by Mr François Villeroy de Galhau, Governor of the Bank of France, at the Berlin Academy, Berlin, 10 September 2020. * * * Ambassador Descôtes Professors Schwan, Göring, Kaplan, Ladies and gentlemen, I am very pleased to be with you today, despite the obstacles related to Covid. The Berlin Academy is one of the essential forums where Franco-German relations, which are at the heart of the European project, can be deepened over time. I am completely convinced of this. I am French, but my family's roots are in Saarland. My family has lived there since the end of the 18th century and its ceramics manufacturing company Villeroy & Boch is part of the German “Mittelstand”. I love Germany, its language and its culture. I've always been struck by a difference in terminology: the French speak, as romantics, of the Franco-German "couple", and the Germans speak as engineers and use the term “engine”. But let’s set clichés aside: France also has excellent engineers, and romanticism was also born in Germany with Goethe, and Schiller. And above let’s all see the common reality.
Dimitar Radev: Bulgaria in the eurozone – what is next for the business Speech by Mr Dimitar Radev, Governor of the Bulgarian National Bank, at the conference "Bulgaria in the eurozone – what is next for the business", organised by the American Chamber of Commerce in Bulgaria (AmCham), Sofia, 5 April 2023. *** Ladies and Gentlemen, Thank you for the invitation. It is a real pleasure for me to be here at this Conference. Over the last few months, I have had the opportunity to attend several similar events. My personal impression is that the business is becoming more and more actively involved in Bulgaria's accession to the euro area and this is a very positive trend. I am going to dwell on three issues, trying not to repeat what Mr. Mihailov and Mr. Metodiev have said, which by the way I totally agree with. The three questions associated with the process of Bulgaria's accession to the euro area that I will focus on are: what is the starting position; what comes next; and what are the conditions needed for this process to finish successfully. Starting position Before we go into discussion on the next steps, we have to be very clear about what our starting position is.

As the BNB is not entitled to direct legislative initiative, we are going to immediately submit this draft to the Ministry of Finance so that they move it on to the National Assembly. Therefore,  2/5  BIS - Central bankers' speeches  when we speak of the legal framework, it is not so much about our readiness with drafted laws, but about whether we will have a working Parliament and political will. If these are present, the legislative programme can be fully completed in the next few months. The fourth group of tasks deals with the technical preparations and the entire logistics of the process of accession to the euro area. With regard to this group of tasks, not a small part of the burden falls on the Bulgarian National Bank and commercial banks. We are working intensely and systematically to fulfil this group of tasks. I will give a few examples to illustrate this. As a Central Bank, we have already received the full documentation on the minting of the Bulgarian euro coins. You probably know that at the end of last year, together with the Minister of Finance, we signed a Memorandum on this issue with the European Commission and with the Eurogroup that represents the euro area Member States. Under this memorandum, we have received the full set of documents from the European Commission and we are preparing for the first tests of minting the Bulgarian euro coins.
First, longrun neutrality: that, in the long run, monetary policy changes do not have a bearing on real quantities and relative prices (such as the level of economic activity or the real interest rate), but rather affect only nominal variables. Second, if a monetary regime is credible, those longterm nominal variables should be “anchored” around a level consistent with policy-makers’ objectives. In a completely credible inflation targeting regime, there should not be a variation in long-term inflation expectations from the 2% CPI inflation target in the UK. The second possible channel is that monetary policy decisions could affect term or inflation risk premia. A simple test of the effect of monetary policy on long-term interest rates is to compare changes in forward interest rates with changes in short-term interest rates on policy decision days. Following recent work by Hanson and Stein on US data, an unexpected innovation to short-term interest rates is identified by looking at the change in “shock” to 3-month, 3-month forward rates on MPC decision days, and examining the reaction of forward interest rates at various maturities. The sample is restricted to end on 31st May 2007 to avoid effects from the financial crisis and QE as a monetary policy instrument. The change in short-term interest rates is then correlated with changes in forward interest rates at different maturities across the yield curve. There is a significant positive relationship between changes in short rates and distant forward rates.

Koh Yong Guan: Review of Singapore’s economy and financial sector Opening remarks by Mr Koh Yong Guan, Managing Director of the Monetary Authority of Singapore, at the press conference releasing the MAS’s Annual Report, Singapore, 15 July 2003. * * * Introduction Good morning, ladies and gentlemen. Welcome to this media briefing for the release of the Monetary Authority of Singapore’s 2002/2003 Annual Report. MAS has had an eventful year. The economy performed weaker than expected in the first two quarters of 2003. The financial sector faced more volatile markets, heightened competition, and continued global industry consolidation. Amidst this more challenging environment, MAS has remained focused on supporting non-inflationary economic growth, promoting key growth areas in the financial sector, and enhancing the supervisory framework for a sound and resilient financial sector. Supporting non-inflationary economic growth Global geopolitical uncertainties and the outbreak of SARS derailed the recovery of the Singapore economy earlier this year. We lowered our GDP forecast for 2003 to a range of 0.5-2.5 per cent. More recently, however, signs have emerged of a pick-up in economic activity. Several indicators in the global electronics industry have improved. The SARS-hit services sectors are turning around. We expect the economy to resume a modest recovery in the second half of the year, although some downside risks remain. At the same time, inflation has turned out lower than expected, and the outlook is for inflation to remain subdued into 2004.