samchain/econo-pairs-v1 huggingface dataset:
First one is about measures in the framework of increasing the use of the domestic currency as an instrument for increasing the effectiveness of economic policies and decreasing financial risks. In 2018, the Bank of Albania approved some regulatory amendments in this aspect: (i) decreasing the required reserve for deposits in lek and increasing the required reserve for foreign currency deposits, (ii) raising the required minimum level for the ratio of liquid assets to short-term liabilities in foreign currency, and (iii) setting out requirements to enhance transparency related to risks to the borrower in the case of foreign currency loans. Second one is about preparing the regulatory basis for setting up macro-prudential capital buffers, in accordance with best international standards and practices. Capital buffers mitigate cyclical and systemic risks in the banking activity, designed with a view to preventing a fast credit growth and build-up of indebtedness; restricting direct and indirect exposure concentration; and, restricting excessive risk in financial institutions. With regard to improving the supervisory processes, the Bank of Albania has worked for appraising internal risk assessment procedures, reviewing individual recovery and capital adequacy plans of banks; adapting the regulatory framework with the legal and regulatory acts of the European Union and Basel documents. Financial system monitoring has been supported by on-site inspections. In 2018, full-scope and partial examinations were carried out in 7 banks, 10 non-bank financial institutions, and 31 foreign exchange bureaus.

By contrast, Romania pursues both a floating exchange rate and a direct inflation targeting strategy, the same as Hungary, Poland and the Czech Republic and, therefore, the approach is different, the changeover to the euro being more complex in this context. This is by no means to say that Romania is sceptical about euro adoption, but merely that it needs a comprehensive view, meant to ensure an adequate timing of this moment and a successful entry into the euro area. While we are on the subject, it cannot be overlooked either that the New Member States having adopted the euro – Latvia, Lithuania, Estonia, Slovakia, Slovenia – are relatively small countries, with a different level of real convergence. Referring to countries that are currently in the process of adopting the euro, I myself am among those who stress the need for sustainable convergence, being aware that, in order to reap the benefits of euro area accession, several essential prerequisites have to be cumulatively met. The fact that nominal convergence criteria need to be fulfilled in a lasting – not accidental, forced or temporary – manner is just one aspect. Actually, the durability of convergence has been set forth in the Maastricht Treaty itself (“high degree of sustainable convergence” is the exact wording), but this “detail” has been taken too lightly for a while. Moreover, now it is obvious for everybody that real convergence is also essential for the sustainability of the entire process of euro adoption.
Just as an illustration and example, I would like to remind you that in early 2019, we adhered to the highest statistical data dissemination standard of the IMF, as the eighteenth country in the world and last year, the European Commission adopted a Decision assessing that the banking regulations and supervision implemented by the National Bank are in line with the standards of the European Union. This puts us on the list of only 26 countries in the world that adhered to these standards. Still, regardless of the commitment and the standards, without the trust and contribution of the citizens, no central bank can fully achieve its goals. That is why we are committed to transparency, both to them and to all economic agents, which is why transparency is one of our strategic goals. The National Bank is the second central bank in the world for which the IMF made an assessment according to the latest Transparency Code and we are glad that it found that our bank is implementing advanced transparency practices. Dear guests, Each historically significant anniversary puts us at a crossroads, and depending on what has already been achieved, requires from us to figure out which direction to take. Therefore, I must emphasize that regardless of how the country's European integration process will proceed, the European standards will continue to be our guide to the European family of central banks.

But all other incumbents in society also have a responsibility to make their contribution, because we all benefit from  2/4  BIS - Central bankers' speeches  the macroeconomic stability. Unfortunately, we know that in these turbulent times, speculations have occurred more than once and caused nothing but harm to you, us, the entire economy. On this special day for us, when we celebrate a jubilee that is important not only for the National Bank, but also for the homeland and the entire nation, standing in front of you, I once again declare - the denar stability is guaranteed! Dear guests, We must always appreciate and respect the achievements of the past thirty years and to praise highly the contribution of all those who have been part of the central bank and managed to build and maintain an institution that is independent, transparent, highly professional, and esteemed in the international community. But I also thank all the incumbents of our society who have been fully aware that an independent central bank is a prerequisite for the future of our story. On behalf of the National Bank, allow me to express my genuine appreciation to the international financial institutions that lent our central bank a hand after the monetary independence and to this day have constantly supported us in our efforts to do our utmost for the Macedonian economy and citizens.
Like all happy marriages, the bonding should foster growth and help the partners to realise their potential during good times; and provide an anchor to help them to face the challenges of the bad times with resilience and confidence. 7. Both partners have certainly done well during the good times in the past decade. (i)  HK’s developments  8. During this period, Hong Kong has continued to consolidate its role as a premier international financial centre and has become a more globalised economy: –  The total assets of the banking system have increased 2.7 times to $ trillion, with foreign currency assets accounting for about 60% of the pool. –  The market capitalization of the Hong Kong Stock Exchange has become more than 4 times bigger, advancing from number 8 to number 6 in the global ladder. –  The bond market has also increased by about 3 times, with foreign currency denominated bonds accounting for about 40% for most of the time. 9. Hong Kong has also become a hub for private wealth and asset management. Nearly 80 of the top 100 global money managers are in Hong Kong. The total assets under management hit a record high of $ trillion in 2013, with 72% of the funds sourced from  1  Mr David Puth, CEO of CLS Group Holdings, and CLS Bank International. BIS central bankers’ speeches  1  non-Hong Kong investors.

To adjust the average daily value data to equate to the same reporting convention used by the Bank for International Settlements, the gross values should be divided by two. 3  BIS Triennial Central Bank Survey, FX turnover in April 2013. 2  BIS central bankers’ speeches  20. So, what’s next? I expect markets to keep changing, and they will only change faster in the coming years. 21. As technology advances, and Asia providing the engine for global growth in the medium term, I see plenty of opportunities for CLS to put its strategic focus in the region. The HKMA welcomes the CLS’ efforts to put more new currencies and members into its orbit. 22. I look forward to seeing this happen sooner rather than later, and welcome opportunities for cooperation and knowledge sharing between us. This is all because of what I said earlier – that we shared a common vision, and a more widely participated system should mean even less settlement risks for market players. 23. I look forward to celebrating our silver anniversary in 2029. Thank you. BIS central bankers’ speeches  3
Our considerations can and should be altered if the economy develops in a different direction than we had expected. Essentially, this is the same monetary policy strategy as before. The goal for monetary policy still concerns inflation and the ambition remains the same; that is, a desire to ensure that inflation is low and stable a few years ahead, while giving some consideration to the stability of the real economy. This is characteristic of what is known as flexible inflation targeting, which as far as I know, is conducted by all central banks that have inflation targets. In this context I would like to take up a current issue that has recently featured in the monetary policy debate. It has been claimed that the Riksbank places too much focus on asset prices and too little focus on inflationary pressures from the labour market. My response is that the basis for the monetary policy decisions includes analyses of demand and production, as well as the labour market and inflation. It is necessary to analyse asset prices and credit volumes as these affect and are affected by economic activity and inflation. Wage formation also plays a central role in the development of inflation. Over the past ten to fifteen years, fiscal and monetary policy has provided the foundation for good economic growth and wage formation has adjusted to this and functioned well.

Given  4  BIS Review 96/2006  the analysis and forecasting tools we use today, it is difficult to say whether a sudden correction in house prices will occur, or whether we can count on a calmer and more prolonged adjustment. At the same time, the Riksbank must take into account the risks when conducting its monetary policy. If house prices and household indebtedness increase rapidly over a long period of time, there is a risk of imbalances building up. These imbalances may force an adjustment further ahead and in the worst case may have severe consequences for the real economy and inflation. If house prices rebound, this could lead to subdued demand further ahead through both a decline in household consumption and reduced investment in construction. This type of development could in the longer term lead to both inflation being below target and to weaker growth in the economy. It is difficult to manage this type of risk. One possibility is to make changes in the interest rate slightly sooner or later than would otherwise be justified on the sole basis of the forecasts for inflation and the real economy. It is hoped that such a policy will contribute to a smoother adjustment process and help to avoid a more abrupt correction. A two-year horizon is a good decision rule, but it cannot always work in all situations. There are now signs of some slowdown in the housing market.
The IMF has been of the view, however, that CFMs of this type should not be applied pre-emptively. This position has not been adequately argued, in my opinion. In this context, it should be borne in mind that the Fund’s advice to Iceland on CFMs is based on a compromise by the IMF Executive Board in connection with the Fund’s Institutional View (IV) on this topic. This compromise was difficult and is perhaps somewhat fragile, and therefore, the text of the IV may not be deviated from to any marked degree. When the report from IMF staff was discussed by the Executive Board last year, however, Iceland received considerable support with the application of the CFM. Presumably, many saw that the CFM was not being substituted for appropriate conventional economic policy (which the IV recommends against) but the reverse: it was being used to make conventional economic policy possible. The IMF does not have jurisdiction in this matter in Iceland; it can only advise. That is not the case with the EEA and the OECD, where we still have a special exemption from unrestricted movement of capital, and the question of whether those institutions would view the CFM as a macroprudential tool or a capital account restriction has not yet been put to the test. The bottom line in all of this is that here in Iceland, we need to formulate an independent position on this matter, based on in-depth analysis and our own interests.

15  See also Blume, M. (2000), The structure of the U.S. equity markets, Rodney L. White Center for Financial Research, paper 17-00, The Warton School, University of Pennsylvania. BIS Review 5/2002  7  conclusion at present could be that certain tendencies that were evident in the United States may also have been present in Sweden. How can households’ risks be reduced? Besides calling for more knowledge about what actually happened while the IT bubble was growing, the course of events raises what is perhaps the more important question of what can be done to provide more support in the future for long-term saving by households. It is essential for society in general that stock markets function properly. At the same time, households need an adequate return on their savings and should be in a position to identify and manage different types of risk. Basically, this is a matter of education. Over the years, the Swedish Share Promotion Association and the Swedish Shareholders Association have done much to improve people’s knowledge of these matters. Information that is prompt, up-to-date, correct and relevant is likewise crucial. The new technology is inundating us with information but more does not necessarily mean better. It follows that households must be helped to interpret the information and pick out what matters most. An import role in this respect is played by independent analysts and consultants, not to mention media. These agents can see through and criticise corporate managements that are unduly optimistic or provide information selectively.
One problem with the first strategy is that central banks in practice have tended to rapidly ease up on monetary policy when there is a large fall in asset prices, in order to reduce the risk of a recession. When asset prices rise, there is a tendency to wait until one is more certain this will have an effect on inflation before raising interest rates. An asymmetrical monetary policy entails a risk of indebtedness and liquidity in the economy becoming too high, when regarded over a longer time period. Sooner or later there will be an adjustment and the risk is that the imbalances will have grown so large that the cost of adjustment will be high. One can thus conclude that the consequences for the real economy of an asset price bubble can be serious. In my opinion, there is thus good reason to analyse and assess to the best of our ability to what extent asset prices are fundamentally motivated, how households’ and companies’ real demand will be affected, and where the liquidity created by bank lending goes. If the analysis shows that there is a significant risk of very negative consequences for the real economy, there may be good reason in exceptional cases to take this into account when formulating monetary policy – even if the assessments for the immediate future show that inflation will be in line with the target level. One can say that there is sometimes reason to take account of what will happen beyond the normal forecast horizon.

Let me take a few examples: steps have been taken in harmonising elements of insolvency frameworks, such as ‘early restructuring’ and ‘second chance’. But these do not cover the conditions for opening insolvency proceedings nor the ranking of claims. As such, they are not enough to facilitate cross-border investment. Similarly, more should be done to remove overlaps in cross-border withholding taxes and reduce home bias in investment strategies. In my view, we need a single rulebook in a wide range of areas also covering consumer protection, anti-money laundering, or accounting rules for a successful CMU. Another reason for a limited “CMU effect” is that some of the agreed initiatives were only recently implemented. Take the securitisation package, for example. Important technical regulatory acts are still pending which prevent the new framework from being applied in full and are a source of uncertainty for those who would like to use it. It is therefore too early to assess the success of this measure. More importantly however, some proposals will not deliver their full potential. In the case of the pan-European personal pension product, the recent agreement gave birth to a rather complex product for which key elements are left to the discretion of Member States. Lack of ambition in the cross-border portability of the instrument may limit its capacity to facilitate labour mobility and the mobilisation of savings across borders in the absence of geographical diversification requirement for investments.
What this argument suggests is that economists should be cautious about drawing strong conclusions about the future path of productivity growth. The changes in technology are real and evident in many aspects of our home and business lives. But their implications for aggregate productivity growth are much more uncertain. The two uncertainties facing the UK economy at present, namely the imbalances both at home and overseas, suggest that the Monetary Policy Committee may be in for a slightly bumpier ride over the next four years than during its first four. So far, the Monetary Policy Committee has managed to achieve an overall balance in the economy despite the contrasting fortunes of the internationally exposed and more sheltered sectors of the economy. But if these large imbalances are to unwind, then the Committee is likely to face a difficult challenge in trying to maintain a balance between total demand and supply. Controlling inflation in future may prove more difficult than over the past four years, and the longer the imbalances persist the greater the risk that the subsequent adjustments to demand, output and inflation are larger than those experienced recently. Any rebalancing of the economy is likely to be associated with a fall in the real exchange rate. But the magnitude and timing of that are not only uncertain, but also difficult for the MPC to influence. As Sir Samuel Brittan wrote recently about expected changes in exchange rates: "These developments are most likely to happen when they are least expected and least welcome".

Mervyn King: A tale of two cities Speech by Mr Mervyn King, Deputy Governor of the Bank of England, at Cardiff Business School, Cardiff University, 18 June 2001. *  *  *  Vice-chancellor, ladies and gentlemen, It was once said that economic forecasters are the unfathomable in pursuit of the unpredictable. As a student I found this odd. Whenever England played Wales at rugby the result was wholly predictable. The reason was simple. My fellow-student, Gerald Davies, ran faster than Englishmen, even when he carried the ball and they didn't. Economics is, unfortunately, less straightforward. Yet any decision that involves an elapse of time between its implementation and its effects requires a forecast. Time lags are the essence of the transmission mechanism of monetary policy. And that is why the Monetary Policy Committee spends much time thinking about the likely future path of the economy. The severe limits on our ability to anticipate future events means that forecasts can be no more than a description of the relative likelihood of a range of possible outcomes. Anyone who presents you with a point forecast for the future path of the economy is either concealing the most interesting part of their analysis, or suffering from self-deception. So the Monetary Policy Committee presents forecasts in terms of probabilities. And it is the balance of risks to the economy which determines monetary policy. So what are the balance of risks to the British economy at present?
Philipp Hildebrand: The international monetary system Opening remarks by Mr Philipp Hildebrand, Chairman of the Governing Board of the Swiss National Bank, at the High-Level Conference on the International Monetary System, Zurich, 10 May 2011. *  *  *  Good morning, Ladies and Gentlemen. I am pleased to welcome you to the second joint SNB-IMF conference on the international monetary system. It is a privilege for the Swiss National Bank to cooperate with the IMF and contribute to this important debate by yet again bringing together such a distinguished group of policy makers and experts. The IMF Managing Director, Dominique Strauss-Kahn, is once more honouring this event with his participation. The reform of the international monetary system is subject to an ongoing debate. The global financial crisis put a sudden end to a near decade of seemingly healthy growth widely distributed across the globe. The crisis rocked the system to its core. It has brought forth concerns about the stability of an increasingly complex and interconnected global economy. It has also refocused attention on the potentially destabilising effects of unprecedentedly large and, at times, extremely volatile cross-border financial flows. Globalisation has led to dramatic changes. Emerging economies have been steadily moving to the fore of the international scene. It is imperative that the international monetary system adapts itself to these rapid changes. A thorough reassessment and reform of the system have become a priority among policy makers.

Zeti Akhtar Aziz: The new Islamic finance landscape Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the Islamic Financial Intelligence Summit (IFIS) 2011 “The new Islamic finance landscape”, Kuala Lumpur, 15 November 2011. *  *  *  This decade has witnessed dramatic changes in the Islamic financial landscape. As a dynamic industry, Islamic finance is responding to the forces of change emanating from the changing requirements of the real economy, the changing pattern and pace of globalisation and the wide spread financial reforms being undertaken at both the international and national levels. This transformation of the Islamic financial system is also taking place during the most challenging of times as the world enters the fifth year of the global financial crisis. A central aspect of the new Islamic financial landscape is also the increased focus on financial stability to enhance further its potential as a form of financial intermediation in an increasingly more challenging environment. It is my great pleasure to join this Islamic Financial Intelligence Summit organised by “The Banker” held this year in Kuala Lumpur, in association with Bank Negara Malaysia to speak on the subject on the “New Islamic Financial Landscape”. This event which is being held for the first time outside London brings together practitioners from the financial community from different parts of the world.