samchain/econo-pairs-v1 huggingface dataset:
And, if it is true that the central bank should not be confined to an ivory tower, it holds equally true that economic media should avoid slipping into cheap sensationalism, which only yields short-term gains. Eventually, the media should help its public take informed decisions, to the benefit of overall economic developments. I am well aware that shaping the public opinion is neither simple, nor linear. It is hard for a generation that has learnt that prices are formed by adding the planned benefit to the planned cost to grow accustomed to today’s reality, when price formation depends on demand and supply. Hence the greater difficulties faced by economic policymakers, analysts and the media alike. Disseminating – sometimes in good faith – the statements of certain market participants may equally generate confusion. For instance, let us recall that representatives of some edible oil producers claimed a few months ago that the price of their products would be on the rise, although this year’s market supply is several times higher than a year earlier. As it was normal, edible oil prices entered a downtrend which is likely to persist given the change in the supply-demand ratio. Another example is that of a businessman who said that weaker demand in a particular industry would entail higher prices in the producers’ attempt to safeguard their profits. This was another statement that did not receive an adequate response, so that the message conveyed to the market is that prices will rise no matter what.

However, Romania had to choose between adjusting its external deficit by its own means or take foreign borrowings under unacceptable conditions. Romania adopted the former solution and subsequently signed an agreement with the IMF. Nevertheless, Standard&Poor’s, which had promptly downgraded Romania’s rating to one notch above a level which would have indicated external debt payment default – which had not occurred in the case of Romania – maintained this low rating for a long time, even after the crisis had been overcome band the country’s reserves had resumed growth. I reminisced this event that occurred ten years ago as I have been experiencing a particularly strong déjà-vu feeling during recent months. First came the bleak assessments of some foreign analysts, followed by the failed speculative attack against the RON. The next stage of the game was the downgrading of the sovereign rating to below investment grade, Romania being the only EU Member State in such a situation. Yesterday, I read another comment anticipating neither more nor less that Romania and Bulgaria risk a default on sovereign foreign debt payments even though most of the foreign debt stock is private.
Easier access to financial services benefits us all, but there is a risk that it may also create more opportunities for criminals - if it’s convenient for us to move money in real time using our smart phones, it would also be convenient for money launderers as well. And there is no shortage of smart people looking for ways to exploit such new developments. 18. But technology, especially the fast-growing field of data analytics, has the potential to offer more effective and efficient ways to undertake our AML work. In particular, recent developments in artificial intelligence and data analytics, while still at an early stage, appear promising. For example, AI is already being used to – apologies for the jargon – “triage” alerts generated by monitoring systems to make subsequent case investigations by oldfashioned human beings more focused and efficient. And data analytics is being used to identify what normal behaviour looks like for particular segments or types of customer, thereby making it easier to spot behaviour that departs from the norm and which may therefore need to be scrutinised further. This has the potential to make monitoring less “expost” and allow potential problems to be spotted in real time to a greater extent. And I would once again stress the word “efficient” here: the HKMA is a banking regulator and we have an interest in seeing the banking sector’s cost-to-income ratios kept down, while without compromising effective controls. 19.

This is a reflection of the increased ability of upgraded monitoring systems to detect suspicious transactions on the one hand, and the willingness of banks to report suspicion where they see it as well as to take robust actions to mitigate the risk on the other hand. But these same developments have also resulted in “casualties” – a clear example of which is the “de-risking” phenomenon – and this has led to financial inclusion being one of the priorities for the current FATF Presidency. This is also something that we in Hong Kong are very committed to addressing. 15. The reality is that we often see institutions implementing more capable AML systems, and in that process collecting a lot more information on customers or including more scenarios in transaction monitoring. This is all good, but this may not always translate into greater effectiveness, and too often there is not a sufficient focus on answering the questions of : “Does it deliver the right results or outcomes?” And “Is the system more effective in detecting and preventing criminals from abusing the institution?” 16. So I would highlight in particular three issues as having the potential to significantly change how effective we are in this work and which are being discussed at this event. 17. The first issue is technological innovation - both in the form of financial technology and regulatory technology. Regionally, technology is making our financial institutions and their customers more connected than ever. Technology is an enabler, while it also brings risks along with rewards.
One is that the macroeconomic instability resulting from this type of development could make it more difficult for the Riksbank to stabilise economic activity and inflation in a sustainable manner. It is therefore hardly remarkable that the Riksbank has tried to counteract it, and it is difficult to see that this is something outside of our mandate, as some have claimed. Another reflection is that, as the problems with a trend of rising household debt and housing prices affects many parts of the economy, it is necessary for several policy areas to cooperate to be able to achieve a lasting solution. Regardless of what measures are taken, neither monetary policy that leans against the wind nor macroprudential policy are sufficient on their own – and probably not even these two combined. Other policy areas, and especially housing policy, need to be included in the equation. This is something that the Riksbank has highlighted and discussed on other occasions and I do not intend to discuss it further here.17 A third reflection is that when it comes to the risks of a development of this type, the critics have not been very clear, in my view.

Deemed a leaning-against-the-wind move out of concern for financial stability, and specifically the risk that maintaining a lower repo rate could have increased the already high ratio of household debt to disposable income, this policy stance has been questioned on the basis of a counterfactual analysis emphasising the macroeconomic costs in terms of below-target inflation and higher unemployment.” Another example is the Financial Times (2014): “Sweden’s central bank has been lambasted by critics for trying to use interest rates to combat signs of a housing bubble. It lifted rates in 2010 and 2011 as it publicly worried about what it saw as high household debt levels.” A further example here is Münchau (2014), who says that the Riksbank “raised interest rates to rein in a domestic housing bubble.”  9  Wolodarski (2014). 10  Wolodarski (2014). 4  BIS central bankers’ speeches  Something that has received considerable attention since the crisis is that a lot of things can happen with regard to expectations and risk-taking in an economy where interest rates are very low for a long period of time. Expectations regarding, for instance, how high interest rates will be in the future and how the housing market will develop in the years to come can become distorted, and risk-taking in the economy in general could increase in a way that may create problems.11 This is something that cannot be captured in a good way in the economic models available today.12 But this should not be an excuse to completely disregard such aspects.
BIS Review 70/2002  1  The euro area performance since 1999 and Sweden’s situation So what can we say about the state of the Monetary Union, some three years after its inception? Let me first emphasize that three years is a very short time span to evaluate a project of this scale, not nearly enough for anyone to make an authoritative judgement. But, undoubtedly, for those who had great expectations regarding convergence, increased competition and higher productivity during these first three years the euro will have been a disappointment in some respects. Many were hoping that the creation of the euro, with the integration of financial markets, increased cross-border competition and the reduced transactions costs, would usher in a period of higher growth and productivity gains for the euro area. Instead, we have seen a slowdown in productivity and an economic performance steadily below that of the US, and also slightly below that of Sweden and other pre-in countries. Since 1999 GDP growth has on average been 2.3 percent in the euro area against 2.9 percent in Sweden, while overall productivity in the euro-economy according to the OECD has been only 0.6 percent in the euro area 1999-2001, against 1.0 percent in Sweden. So, at least superficially, it does not appear to be the case that Sweden has underperformed because of its non-participation in the euro area. During the economic boom in 1999 and 2000 the euro area lagged behind the US and Sweden in productivity increases.

Financial industry as service providers, has started in the journey, however more efforts are needed Likewise, the journey to become disabled-friendly has been initiated by the financial industry whereby some of the premises of the financial institutions are equipped with the necessary infrastructure to comply with building by-laws such as providing appropriate ramps, designated OKU parking lots, OKU friendly elevators and so on. The banks also provided special care service counters and priority queue for their OKU customers. Maybank and Allianz are more forthcoming in the OKU agenda We also noted that a few financial institutions are ahead of the rest. Normally, we will not mention the name of specific institution but in this case, we would like to make an exception with the intention to motivate others. I would like to share the initiatives that have been taken by Maybank. Every year Maybank allocates a budget for certain number of branches to be designated as OKU friendly with proper ramps, auto doors, and ATMs with bigger space and lower height to cater for wheelchair-bound customers and designated counter for OKU customers. To date Maybank has 49 branches designated as OKU friendly. Maybank has also launched a programme called RISE (Reach Independence and Sustainable Entrepreneurship) providing guidance to the OKUs to expand business opportunities through structured mentoring programme and providing loan to grow business. As a result, the bank has assisted 280 OKUs to start their own businesses. From the insurance industry, Allianz Malaysia Bhd.
Cambodia is considered a small open economy, one which realized average GDP growth of about 10% from 2005 to 2008 and gradually increased the level of international reserves to a level which can ensure 3.8 months of imports. The financial system in Cambodia, which is dominated by the banking sector, is considered strong. This is reflected in figures from the end of 2007 which show that total banking assets increased by 53.6%, bank deposits rose by 59.4%, and loans to the private sector went up by 52%. However, with the global financial crisis that has affected most of the continents, Cambodia’s total banking assets declined a bit in the last quarter of 2008 and the economy is expected to have very little growth in 2009. The National Bank of Cambodia still manages its reserves in a conservative manner, with principle strategies prioritized by: first, safety; second, liquidity; and third, returns. This conservative strategy is appropriate in light of the current financial turmoil. But with gradual increases of reserves, one’s portfolio should be well diversified and reserve managers should have a solid risk management and analytical skills. Therefore, capacity building needs to be continuously strengthened. BIS is the best counterpart in capacity building for central banks, especially for the National Bank of Cambodia. Every year BIS provides on-site training to our reserve managers and I hope the BIS continue providing this kind of training and cooperation in the future.

Chea Chanto: Opening remarks at the BIS Advanced Reserve Management workshop Opening remarks by H.E. Chea Chanto, Governor of the National Bank of Cambodia, at the Advanced Reserve Management Workshop, Siem Reap, 21 April 2009. *  *  *  -  Mr. Eli Remolona, Chief Representative, BIS Asian Office,  -  Mrs. Miranda Tam, Deputy Chief Representative, BIS Asian Office,  -  Mr. Jean-Pierre Matt, Head of Financial Analysis of BIS Head Office,  -  Distinguished guests, Ladies and Gentlemen,  Good morning! Today, I have the great pleasure and honor to be invited to deliver some opening remarks for the BIS workshop on Advanced Reserve Management. This is the first time that the BIS organize such a workshop in Cambodia and I hope there will be more opportunities to join together in the future. Taking this opportunity, I would like to express my warmest welcome to the BIS resource speakers from BIS Head Office and BIS Asian Office and central bank participants from the Asia and Pacific region to this workshop as well as to Cambodia. I sincerely appreciate the BIS for their selection of the ancient capital city of Angkor in Siem Reap province as the site for this workshop. Distinguished guests, ladies and gentlemen, Let me share with you a brief outline of Cambodia’s economic development in recent years.
Progress is also needed on the capital markets union agenda and in completing the banking union, specifically ending the current deadlock over its third pillar, a European Deposit Insurance Scheme with a risk-pooling component. Structural challenges and policies to address them The Banco de España has detailed, in various reports, the main challenges that will influence the course of the Spanish economy over the years ahead. Most of the challenges facing the Spanish economy clearly pre-date the pandemic. Examples here include the need to boost productivity growth, to correct dysfunctions in several goods and factor markets, to make public finances more sustainable and to address the challenges posed by population ageing, inequality and climate change. However, others are relatively new, such as the need to adapt to an accelerated digitalisation of economic activity and to the recent changes in globalisation dynamics. The Spanish economy’s ability to follow a robust and sustainable growth path will hinge on the economic policy response to this set of challenges. In this regard, a proper definition and decisive implementation of the reforms contemplated in the Recovery, Transformation and Resilience Plan (RTRP) approved last year and a careful selection of the different projects financed under the NGEU may be key to this strategy. (i) The challenge of boosting job creation and strengthening employment stability The first challenge we face is the need to reduce the high unemployment rate and temporary employment ratio, which have been persistently high in Spain in recent decades and particularly affect young people.

01.06.2022  Parliamentary testimony: presentation of the Banco de España Annual Report 2021* Economic Affairs and Digital Transformation Committee Pablo Hernández de Cos Governor *iEnglish translation to the original in Spanish  *  Mr Chairman, ladies and gentlemen: I appear before this Committee to present the Annual Report 2021 of the Banco de España. The report offers an analysis of recent developments in the Spanish economy within the global setting, as well as how it is likely to perform in the future and the challenges it faces. I should like to begin by describing how the Spanish economy performed and the role played by economic policy in 2021. Next, I shall present the economic outlook following the new shock triggered by the Russian invasion of Ukraine, before going on to describe the key aspects of the sharp rise in inflation and outlining my thoughts about the role that economic policy must play to meet the short-term challenges. I shall then discuss the main mediumterm challenges and the recommendations that, in the Banco de España's view, it would be desirable to implement, to tackle them. Lastly, I shall address the situation of the banking system, by summarising the main messages from our latest Financial Stability Report, published in April. Performance of the Spanish economy in 2021 The recovery in activity that started in the summer of 2020 continued at the global level during 2021.
Michael Gondwe: Outline of Zambia’s recent macroeconomic performance and projected outlook Opening speech by Dr Michael Gondwe, Governor of the Bank of Zambia, at the 15th Bank of Zambia Media Seminar, Siavonga, 1 May 2014. *  *  *  Mr Chairman, Distinguished Colleagues from the Media Fraternity, Senior Director – Monetary Policy, Senior Director – Supervisory Policy, Fellow Bank of Zambia Officials, Ladies and Gentlemen. It’s my great pleasure and honour to be with you today at this important Seminar for Professional Media Practitioners. Allow me first, on behalf of the Bank of Zambia, and indeed my own behalf, to begin by welcoming you to this very important event, being the 15th in the Bank of Zambia – Media Seminar Series that we have been conducting for Journalists from across the Zambian media fraternity. Distinguished Colleagues, it is simply not possible to overemphasise the importance of the media to matters affecting national development. You are the window through which the world sees us all. Your reporting conveys important information about the economy, as well as the business environment and financial performance of the country, industries, institutions, households and indeed individuals. This information becomes very useful to a wide range of users in making business decisions. Therefore, as Journalists, you bear a great responsibility of keeping the public as well informed as possible and it is imperative therefore, that you report factually and accurately.

Monetary policy is not immune from the complexity of the real world. For instance, some unconventional policies may have had unintentional distributional consequences by pushing up asset prices, hence benefiting some households with important financial wealth. On the other hand, fostering economic recovery and reducing unemployment goes in the direction of helping the most vulnerable part of the population. In other cases, strong intervention may raise legitimate moral hazard concerns. Should Central Banks have refrained from acting at the risk of not fulfilling their mandate? Those simple questions remind us that decision making always involves some tradeoffs. It is all the more important that policy makers keep a clear focus on their ultimate objective. Central Banks should do their utmost to avoid any undesirable allocation or distribution effects of their policies. Those policies should be designed as neutrally as possible. This being said, the possibility of unintended side effects should not paralyze decision making when required by the situation in order to fulfill their mandates. The Eurosystem has faced such a situation when deciding on its program of large-scale asset purchases. I believe the decisions taken reflect an appropriate balance between the necessity of achieving the mandate and the desire to avoid undesirable side effects. Key principles underlying the implementation of the PSPP have been the minimization of unintended consequences and full neutrality, as illustrated for instance by the choice of the capital key to allocate purchases between various Governments debts.
16 Hence, it is far more effective that the supervisory process work alongside strong and effective Boards and Management in banks. If there are failings or violations that bypass our supervisory reviews, then enforcement actions must be meted out accordingly. 17 This supervisory philosophy is underscored in what is commonly described as the four lines of defence in a 2015 BIS Occasional Paper, as well as the 2015 Basel Committee’s guideline on Corporate Governance principles – that describe the roles of (a) Boards, Management and Business Units, (b) Risk and Compliance, (c) Internal as well as External Audit, and (d) the Regulator. Challenges and opportunities 18 Much has been reported about innovations in the FinTech space, and the disruptions brought about by technology in practically every aspect of economic and social activities. 19 Recent technological developments have also presented regulators with both new challenges and opportunities. For instance, the foray by hitherto non-regulated entities into various aspects of payments and financial services could necessitate a change from an institution-based regulatory approach towards an activity-based framework. But at the same time, this can also allow a regulator to “right-size” regulations for both traditional and evolving business models according to the risks the activity poses. I can cite two examples: Virtual currencies first emerged about 10 years ago. Since then, we have observed an increase in the number of initial coin (or token) offerings in Singapore. As with most financial regulators, MAS does not regulate virtual currencies.

The children who are here today are growing up in a continent of peace. They belong to the “euro generation” – they have only known one currency. We invited them to attend a photo event with the Governing Council this morning. We are happy for them to be with us on this occasion to mark the launch of the next generation of euro banknotes. BIS central bankers’ speeches  1