samchain/econo-pairs-v1 huggingface dataset:
Oversimplifying, I would say that the French and English languages seem to be very much designed to “communicate”. My understanding of the German language is that it is very much designed to “think”, with its verbs at the end of the sentence. I am not surprised that it is such a good language for philosophy. FOCUS: Are you trying to say that Germans are not as good at small talk? Trichet: Not at all! I just want to say that the German language itself is particularly well suited to reflection. In speeches, for example, speakers let the audience think along with them. Only at the end of a sentence is the audience able to understand exactly what is actually meant. This is why it is pretty unacceptable for people in the audience to whisper during a speech. BIS Review 7/2010  5

Asset quality indicators improved (the non-performing loan ratio dropped below 8 percent, thereby entering the EBA-defined intermediate bucket), Romania posting the fastest adjustment pace of NPL ratio in the past three years (Figure 13). The NPL decline occurred for all categories of debtors and the NPL coverage by provisions has remained adequate (Figure 14). Looking at the asset structure, loans to the real sector have risen slightly. Turning to the liability structure, the banking sector has further seen an uptrend in household deposits, counterbalancing the drop in foreign liabilities, which is likely to mitigate the contagion risk to external shocks (Figure 15). Banking sector profitability has strengthened against the background of a favourable local macroeconomic environment, the significant reduction in net impairment loss on financial assets, the protracted low level of funding costs, and of the recovery in leu-denominated lending. Operational efficiency is in a better position compared to the EU-wide average, but there is still room for improvement, especially for small- and medium-sized banks (Figure 16). The banking sector has continued to consolidate. The entry into force of the new international financial reporting standards (IFRS 9) in 2018 implies both implementation costs and increases in impairment loss. For the credit institutions in Romania, the impact would be low: (i) total capital ratio would decline by 24 basis points and the Tier 1 capital ratio would fall by 25 basis points; (ii) expected losses would rise marginally against the current level of impairment loss (0.5 percent).
The advance in digital technology meets the needs of the rapidly growing client base with ever increasing demand for a wide diversity of services. However, very often people tend to focus on the ease and low cost of access in digital banking and do not pay too much attention on the security of the cyber world, at least until they are hit by cyber attacks. 2. Given the virtual nature and interconnectedness of the cyber world, clearly the security of the cyber world would require different approach and tools from those used in the physical world. In the real world, you would protect your home and property by installing a safe door with a strong lock. You may want to buy a safe deposit box to store your cash and valuables at home. Some may even subscribe to an anti-burglary system. For those who take their home security even more seriously, they may hire on-site security guards, just like the kings and queens who build heavily guarded forts to protect them and their families from the attacks by their enemies. Well, one thing for sure, all these security or safety measures do not come cheaply but it is the price that people know that they have to pay for the protection of their physical properties. 3. In the cyber world, just like the real world, there are plenty of risks and dangers.

However, if we wish to raise the cybersecurity resilience of our banking system to a level commensurate with Hong Kong’s position as the leading international financial centre in Asia, we cannot afford to go slow or lose any time. In a spirit of cooperation to achieve this common goal, the HKMA, the banking industry and our partners will work closely together to implement this ambitious but necessary CFI according to plan. In closing, I would like to emphasise that in the physical world, there are very few, if any, of the defences of the strongest forts that ever existed can prove to be totally impenetrable by attackers. That is why I believe that, in the cyber world, by the same token the fortification initiative against cyber attacks that we are pursuing is not going to be a one-off exercise. It will be an ongoing battle or a fact of life that any successful financial centre must contend with and win if we wish to stay ahead of the game. Thank you! BIS central bankers’ speeches
Seen from this continent, the recent crisis in European sovereign debt markets may be interpreted as a failure of the euro. But in Europe, the crisis is viewed differently. The problems we face today are the result of a flawed implementation of a fundamentally good idea. The bumpy ride of Economic and Monetary Union is largely the fault of the driver, not the vehicle. He has to learn from his mistakes and get some more practice – then he’ll be a better driver. As for the vehicle, it needs better brakes, for even the best of drivers can occasionally make mistakes. Thank you for your attention. 8  BIS central bankers’ speeches  Chart 1 Real GDP per capita growth between 1997–2007  Note: Growth rate shown in the chart is the percentage increase between 1997 and 2007. Sources: Eurostat and Haver Analytics. Chart 2 Real GDP developments since 1996  Note: Quarterly; 2000Q1=100. Source: Haver Analytics and Eurostat. BIS central bankers’ speeches  9  Chart 3 Ex-post real interest rates  Note: Series calculated as ten year benchmark bonds minus annual HICP inflation. Annual averages. Source: ECB staff calculations. Chart 4 Break-even inflation rates  Note: Last observation refers to 14 February 2011. Daily. Source: ECB staff calculations. 10  BIS central bankers’ speeches  Chart 5 MFI loans MFI loans to households – MFI loans to non-financial corporations  Note: Last observation refers to 2010Q4. Quarterly; year-on-year % change; not adjusted for securitisation. Source: European Central Bank.

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%.
Norman T L Chan: When markets fail Speech by Mr Norman T L Chan, Chief Executive of the Hong Kong Monetary Authority, at the 6th Caixin Summit 2015, Hong Kong, 6 November 2015. *  *  *  1. The topic of my speech today (“When markets fail”) is a little controversial as there are some who do not accept the premise that markets can fail. They believe that markets are capable of self-correcting and will eventually achieve the most efficient price discovery and resource allocation. However, I have some reservations about this notion because our experience tells a slightly different story. Markets do sometimes fail to perform their price discovery and resource allocation functions. In some more serious cases, market failures have even led to destabilising financial shocks and crises. 2. Indeed, the 2007–08 global financial crisis, which ravaged the US and Europe, clearly repudiates the general belief that market failures and financial crises will only occur in third world countries or underdeveloped economies. On the face of it, the bursting of the US property bubble triggered the collapse of the subprime mortgage market, which in turn led to the financial crisis in the US. However, if we look more deeply, we find that prior to the crisis, the banking and financial systems had been churning out a great number of subprime mortgage-backed securities. In addition, various derivative instruments using subprime mortgage-backed securities as underlying assets, like CDO2 and CDO3, added layers of risks like snowpack.

The Hong Kong SAR Government was facing a “double-play” by the predators – manipulation and profiteering in the money market and stock market through massive short-selling. It was a critical situation – not only were we confronted with a sharp fall in the stock market and great losses to shareholders, there were also systemic risks to our monetary system and financial markets. Classical economics does not differentiate between big and small markets and assumes that market prices will not be manipulated by just a few players. Reality, however, is different from theory. At that time, the market capitalisation of the Hong Kong stock market was only $ billion, a mere 3% of the New York stock exchange’s $ trillion. The predators were unable and hence did not choose to make their move on the big US markets, but were able to plunder Hong Kong’s mid-sized and open market with impunity. 5. However, on 14 August 1998, with the authorisation of the Hong Kong SAR Government and backed by the war chest of the Exchange Fund, the HKMA intervened in the stock and futures markets through market operation to counteract the double-play by international predators. When the market operation was completed by the end of August, the HKMA had used about $ billion to acquire a vast amount of Hong Kong stocks, propelling the HSI from the pre-operation level of 6,700 points to 7,800 points. 6.
c) The third focus is a precaution: it is vital that we increase transparency and provide savers with more information on the risk/return profile of their investments over different time horizons. Financial intermediaries’ role is precisely to pool individuals’ savings, and transform safe liabilities – i.e. savings – into riskier assets – i.e. investments. But it is also the role of financial professionals to inform their customers about the type of investments they are making, including via multi-vehicle life insurance policies (and notably unit-linked policies). As for disintermediated financing, such as crowdfunding, which is attracting increasing numbers of savers, this is indeed a useful tool, but customers need to be informed of the risks they are taking and encouraged to diversify their assets. Let me conclude with two more general remarks: –  To better identify “the various forms of savings on offer” – the topic of today’s conference – we also need to look at the issue from different perspectives: a French perspective, of course, but also a European perspective, as many of the solutions we need can be found at this level. I am convinced that by combining the work of the European Commission’s Capital Markets Union, the Juncker Plan and the Banking Union, we can create a genuine Financing and Investment Union within the euro area, one that benefits both savers and businesses alike. This is another promising channel for improving the allocation of household savings, the pooling of risks and the financing of the economy.

Let’s be clear on this: French and European savers aren’t going to become Americanised in their savings behaviour or appetite for risk. These transatlantic differences have historical, cultural and sociological roots. And it’s not our role to go into them here, even less try to change them. However, the French debate would be made much easier if we distinguished clearly between the two main objectives underlying savers’ aversion to risk: security and liquidity. With regard to security, or capital protection, this is something that is important for savers. Genuine risk-taking, with all the potential gains it entails, will only ever be for a minority of investors. In the case of liquidity, however, increased life expectancy, lower pension replacement rates and the greater health risks associated with living longer are all pushing French savers to adopt longer and longer investment horizons. We need to be able to offer them suitable savings products: ones that are less liquid, with or without a long-term capital guarantee, and that allow savers to benefit from the higher returns offered by equities over the long term. A crucial point is to avoid any tax distortions that might mean these products are penalised more than liquid and risk-free investments. This level playing field in terms of taxation should also apply to the companies that are financed: in other words we need to avoid making debt financing more attractive than equity financing.
The authorities will revisit the situation concerning any offshore króna positions that remain after this auction, once sufficient progress has been made in liberalising capital controls on residents. We cannot predict how smoothly that liberalisation process will proceed; therefore, we cannot state exactly when the authorities will again be able to devote FX resources to mopping up any residual offshore krónur. BIS central bankers’ speeches  3  Second, last Sunday Parliament approved a bill of legislation whose principal objective is to segregate offshore krónur in a secure manner, so that it will be possible to lift capital controls on domestic residents and re-establish cross-border transactions with krónur, irrespective of the outcome of the auction. This involves some technical changes to the bank accounts involved. The environment will be largely the same, however. Offshore króna holders will be allowed to invest in the same instruments as they may invest in now, with the addition of special certificates of deposits issued by the Central Bank of Iceland. And they may continue to hold the instruments they currently hold, including long-term Government bonds and equities. And this is very important: there is no forced or distressed debt exchange involved, and all Government debt will be paid in full and on time, as it has been hitherto. There is one change, though: the banks holding the accounts of offshore króna holders will be required to buy certificates of deposit from the Central Bank for that same amount.

Már Guðmundsson: Lifting capital controls in Iceland Speech by Mr Már Guðmundsson, Governor of the Central Bank of Iceland, at a meeting organised by the European Economics and Financial Centre, London, 26 May 2016. *  *  *  Chairman, Ladies and Gentlemen, Comprehensive capital controls were introduced in Iceland in November 2008, as part of the economic programme that the Icelandic authorities had developed with the IMF. The month before, around 90% of the banking system had collapsed when Iceland’s three overblown cross-border banks failed. Earlier that year, Iceland had experienced a full-scale sudden stop currency crisis during which the currency plummeted by 26%. It depreciated by another 26% during the banking collapse and in the weeks afterwards. And if this were not enough, Iceland was at this point on its way into a recession, as the big, unsustainable macroeconomic imbalances – most clearly demonstrated in a double-digit current account deficit – were beginning to correct. The economic programme with the IMF had three key goals: stabilisation of the exchange rate, fiscal sustainability, and reconstruction of the financial sector.
Gent Sejko: Judging the progress achieved regarding reforms and economic policies Opening address by Mr Gent Sejko, Governor of the Bank of Albania, at the the presentation of the EBRD's Transition Report 2016-2017, Tirana, 27 January 2017. * * * Dear EBRD representatives, Dear participants, It is a special pleasure for us to host this event again and offer our cooperation for the presentation of the Transition Report 2016–2017, compiled by the European Bank for Reconstruction and Development. While only one year has passed since the last presentation, the challenges facing the global economy have been numerous. They are rather complex, creating the perception that we are before a new era. The existing problems, combined with the political, economic, and social developments in recent years, have contributed to the insofar convergence process. Nonetheless, the Transition Report evidences and documents, professionally and reliably, the economic, legal and institutional progress made in terms of transition and convergence, providing the appropriate space and priority for the future reforms. This is notably an independent assessment and a contemporary standard that helps us objectively judge on the progress achieved regarding reforms and economic policies implemented by the authorities in the relevant country. Figuratively, it sets the pace with which the society may assess the responsibility and accountability of the authorities to the public and the market. In this context, the report assesses as positive the reforms and economic policies undertaken by the Albanian authorities.

Besides the increase in basic food prices, April’s inflation rate has reflected also the secondround effects, being materialised in higher prices of several services. The Bank of Albania judges that the Albanian economy should find space to face the external supply shocks or international price fluctuations by promoting domestic production in some key sectors. Annual inflation of tradable goods sector resulted 4.9% in April, accounting for about 73% of the headline inflation rate. High inflation rate of this sector of the Consumer Price Index (CPI) basket continued to be affected by high primary commodity prices in global markets, nonoptimistic mid-term anticipations related to them, and depreciated exchange rate pass-  BIS central bankers’ speeches  1  through. On the other hand, the decline in this item’s share to determining the headline inflation was an outcome of entry of domestic agricultural supply into the market. Nontradable goods inflation, reflecting better the domestic inflationary pressures, settled at 2.5% in April, attesting to a slight upward trend. April’s core inflation, which strips out the temporary effects, was close to 3.3%, reaching historical highs. Monthly paces of inflation rise, which are a better signal about inflation expectations trend, however, registered slower paces than in the previous months. Core inflation shows that the economy’s inflation expectations, although reflecting a relatively higher rate, remain well anchored at the Bank of Albania’s target.
Chart 1: By protecting jobs CJRS had the effect of reducing labour supply alongside labour demand1,2  Sources: ONS, HMRC, OBR and Bank calculations. Chart 2: Participation likely to recover as employment does so  Sources: ONS and Bank calculations. 2-quarter averages. However, I doubt these things can fully account for the unusual strength in inflation (given the contraction in the economy). Inflation over an 18-month period may have been slightly lower than before the pandemic but the difference is barely noticeable. The cumulative drop in GDP, over the past six quarters, still comfortably exceeds the estimated hit to supply from the furlough scheme. And it’s perfectly normal for participation to fall in downturns (not everyone who loses or quits a job immediately starts looking for another). What’s  1  Impact on GDP estimated as the percentage hit to labour input multiplied by labour share in value added and adjusted for compositional productivity effects. Impact on effective supply additionally strips out the contribution from those furloughed who are searching for a new job. 2 This work was produced using statistical data from ONS. The use of the ONS statistical data in this work does not imply the endorsement of the ONS in relation to the interpretation or analysis of the statistical data. This work uses research datasets which may not exactly reproduce National Statistics aggregates.

Following a two-week dual circulation period during which payments could be made using either euro or Slovak koruna, the euro became the sole legal tender in Slovakia from 17 January 2009 and the changeover was very smooth. Today, the single currency is used in an area that stretches from Cyprus to Ireland and from Portugal to Finland. As you know, the euro cash did not enter into circulation until 1 January 2002, when it replaced the banknotes and coins of the national currencies like, in the case of Italy, the lira. To support the cash changeover, which was one of the largest logistical operations undertaken in Europe, extensive information campaigns were successfully run to acquaint citizens with the visual appearance of the euro banknotes and coins. The euro is widely recognised as a currency of major significance on the international level. Some 12 billion banknotes circulate in Europe and beyond, representing a face value of more than EUR 700 billion. The number of euro banknotes in circulation continued to grow since the initial cash changeover in 2002 and their value has almost tripled since the end of the changeover period. With this success story in mind, we are confidently looking forward to the anniversaries to come, which will be marked by the full consolidation of the euro and its further adoption by new member states. 2. The Euro Exhibition  Today we inaugurate the Euro Exhibition here in Rome.