samchain/econo-pairs-v1 huggingface dataset:
The head and the staff should be protected against frivolous law suits, as long as they conduct supervision in good faith. Traditionally, independence has been best protected when supervision is conducted in an NCB since the NCB itself is independent due to its role in monetary policy. The NCB also has its own revenues and budget. Outside the NCB, independence must be ensured through explicit legislation and through clear rules for obtaining the necessary resources, e.g. by levying fees on the supervised entities. Contrary to supervision located in the central banks, the supervisory sections which are entities of Ministries are by definition not operationally independent and their resources are dependent on budget appropriations. The second condition for good supervision is accountability. The authority must regularly provide information about its performance in various forms, such as Parliamentary hearings, speeches by the management, written reports and websites. On these occasions the authority describes and explains its actions and stands ready to receive criticism. There is no specific structure of supervisory authorities that automatically leads to better accountability so clear rules must be set regardless of how the authority is structured. The third condition is transparency. The general public and in particular the supervised entities need to have full information about regulation and supervision. The authority must consult with interested parties to ensure that efficient laws and regulations are drafted and after implementation they should cooperate with the market participants and others to ensure that the rules are well understood and implemented.

My main conclusion is that there is no optimal solution for all cases; it depends on the circumstances in the individual country at the present moment. Ensuring operational independence, accountability and transparency for the supervisory agencies are more important than how they are structured. If your country has a well functioning banking supervision do not change its structure until you have clear arguments to do so. Do not make structural changes when the financial sector is weak or recovering from a crisis. On the other hand, developments in your financial sector such as an increasing role for other institutions than banks, argue for closer ties between the supervisory agencies. There are two basic issues in the discussion on the organisation of supervision: •  Should supervision be inside or outside the NCB and the Ministries? •  Should supervision of different sectors be unified in the same authority? These questions will be discussed later in my presentation. Let me first describe some of the present practices in organising supervision. Present practices Currently there is a great diversity of supervisory structures but the majority comes under one of the two main streams: The first is the traditional one with bank supervision in the NCB and securities supervision in an independent standalone authority. Insurance supervision is in many countries also located in a separate authority, but in other cases it is a department of the Ministry of Commerce or some other ministry.
The Singapore Dollar appreciated significantly during FY22/23 as MAS tightened monetary policy to dampen inflationary pressures. As you know, Singapore's monetary policy is centred on managing the exchange rate of the Singapore Dollar against a trade-weighted basket of currencies. MAS tightened exchange rate policy three times during FY22/23 amid rising inflation. The trade-weighted exchange rate of the Singapore Dollar strengthened by 6.5% over FY22/23 –the highest rate of appreciation in the last 10 years. Negative currency translation effects are not cause for concern. They do not affect the external purchasing power of the OFR. Thus, they do not affect MAS' ability to conduct monetary policy or support financial stability. The OFR are meant to be used in foreign currency – to support the Singapore Dollar in times of currency weakness; or to provide US Dollar funding to the banking system in times of financial stress. A negative currency translation effect in the OFR when expressed in Singapore Dollars therefore does not affect MAS' ability to carry out its functions. Market players understand this, and this has never been an issue for MAS. In 10 out of the last 15 FYs, MAS recorded negative currency translation effects – not surprising given that the Singapore Dollar has generally been strengthening against other currencies. It does not make sense to try to avoid such negative currency translation effects.

The e-krona, a new kind of money for the general public? We have thus been able to establish that cash is disappearing at a rapid rate, while, at the same time, new electronic ‘currencies’, issued by other players than central banks, are appearing. In general, technological developments are proceeding rapidly and digitalisation is placing higher demands on payment services that are available round the clock. In this environment, it is natural to ask whether central banks should offer the general public a secure electronic alternative that could work in approximately the same way as cash. It is for this reason and others that we, at the Riksbank, have opened an analysis of the possibilities for issuing a so-called e-krona. 28 The analysis is founded in the question of which problems may arise if cash were to disappear. We can note that this means that banks are continuing to have access to central bank money, while the general public in Sweden is losing the access to central bank money it has had since the 17th century. 29 But is this a problem? Has there been a weakening of the arguments that have existed for providing the general public with an asset and a means of payment that is completely free from risk? Is it a fact that the Swedish people generally no longer have a need for central bank money? Or is it rather that they do not want physical banknotes and coins?
This is the main reason for the expansionary nature of our policy making in recent years, even with inflation being persistently above the target range. Keep in mind that the fiscal rule determines a generally acyclical public expenditure, meaning that it runs independent from the business cycle. Why? Because fiscal policy is typically slow to react and any change in spending decisions are much more difficult to undo. Thus, monetary policy is essential to deal with the economy’s cyclical fluctuations. That explains our actions. Since late 2013 we have implemented a clearly expansionary monetary policy, indeed one of the most expansionary among emerging market economies. Real short-term interest rates have been negative or barely above zero for all this time, helping medium- and long-term rates to be nearly as low as they have ever been. This policy has not only helped the economy to adjust smoothly by providing support to aggregate demand; by letting the exchange rate move freely it has also contributed to the adjustment of relative prices—a key element to address in these conjunctures. The contrast with other episodes is evident. Suffice it to recall the costs associated with the defense of the exchange rate in the early 1980s and, to a lesser extent, during the Asian crisis and its aftershocks in the late 1990s.

Svein Gjedrem: The economic outlook in Norway Address by Mr Svein Gjedrem, Governor of Norges Bank (Central Bank of Norway), to invited foreign embassy representatives, Norges Bank, Oslo, 22 March 2007. The address is based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 15 March, Monetary Policy Report 1/07 and on previous speeches. Please note that the text below may differ slightly from the actual presentation. The Charts in pdf-format can be found on the Norges Bank’s website. *  *  *  Excellencies, Ladies and Gentlemen, First of all, I would like to welcome you to Norges Bank. This event gives me an opportunity to discuss developments in the Norwegian economy and to present Norges Bank’s view of the economic outlook for Norway. It also gives us an occasion to discuss other issues of mutual interest in an informal setting. The Norwegian economy has been affected by several positive supply-side shocks over the last decade. I am thinking in terms of the effects from increased global trade and freer flow of labour across national borders. I want to discuss how these shocks have had an impact on economic growth and inflation. These shocks have also affected prices in the Norwegian housing market, and they have had a strong impact on the income from the petroleum sector and thereby the transfer of funds to the Norwegian petroleum fund.
(3) Proportion of unemployed persons (including available starters) and employed persons that responded having looked for a job in the reference week, all as fractions of the labor force (including available starters). (4) Also known as SU3. Proportion of unemployed persons (including available starters) and those that are part of the potential labor force, with respect to the extended labor force (including available starters and potential labor force). Sources: Central Bank of Chile and National Statistics Institute (INE). Figure 8 2020-2022 growth forecast (real annual change, percent)  2020  2021  2022 4.75  3.5  3.75 3.0  2.5 1.5 0.5  -1.5 -2.5  Dec.19  Mar.20  Dec.19  Source: Central Bank of Chile. 12  Mar.20  Mar.20  Figure 9 Domestic demand and current account forecast for 2020 in latest MP Reports (*) (annual change, percent)  6  6  3  3  0  0  -3  -3  -6  -6  -9  -9  GFCF  Consumption  Current account (% of GDP)  (*) Evolution of forecasts between Monetary Policy Reports of September 2018 and March 2020. Source: Central Bank of Chile.

Distinguished audience, To sum up, what can a central bank do to modernise the society in an emerging economy such as that of Moldova? Lots of good things, within the confines of the law and of its mandate. Nothing good beyond its mandate. Effective inter-institutional cooperation, within an optimum functional architecture, is a formula for successfully overcoming moments of crisis, including the situation generated by the COVID-19 pandemic. I therefore reiterate, with all conviction, the importance of preserving the independence of central banks and taking on their primary objective in full responsibility. This objective is the key element of macro-financial stability, to which also adds the symbolic role of originator of the horizon of hope, so necessary nowadays in all of our countries. I am convinced that the works of this conference will be a good opportunity to reflect on the topical matter regarding the role of central banks and the importance of their independence. On behalf of the Romanian central bank and the NBR Board, I extend the best wishes to you and your colleagues in the distinguished institutions that you represent. Thank you for your attention! 3/3  BIS central bankers' speeches
Luis de Guindos: Interview with Telediario 2, Televisión Española Interview with Mr Luis de Guindos, Vice-President of the European Central Bank, and Telediario 2, Televisión Española, conducted by Mr Carlos Franganillo on 19 March 2020. * * *  One way or another, this massive asset purchase programme will be of particular help to those countries that have been deeply affected, such as Spain or Italy, to ensure that spreads don’t widen dramatically at this critical time. It will help all euro area countries. Some were in a weaker position; their public finances were also more vulnerable than others. But what the ECB will not allow is fragmentation of any kind in the sovereign debt markets and a return to the nightmare caused by widened spreads. We are dealing with a huge health crisis, there is a severe economic crisis and we are going to ensure that it does not result in some kind of financial crisis or debt crisis. This is what we are going to avoid because the ECB is at the service of the European people. The European Central Bank has said that it will do whatever needs to be done to combat this crisis. Does the ECB have more weapons at its disposal for the weeks or months ahead if the situation deteriorates? We can always do more. As you mentioned earlier in your news item, our commitment knows no limits.

Fourth, the IMF is the only institution that can mobilise a substantial amount of resources should a global crisis occur.12 Finally, I believe it is also important to make the multilateral system and its benefits more visible to the general public in order to regain legitimacy and public support. In this sense, global integration should be accompanied by domestic policies that allow all citizens to reap the benefits of globalisation, since although the general equilibrium effects of globalisation are indeed positive, it can have negative effects on certain sectors and groups, which it is important to try to minimise.13 Many of these ideas may well fit into what former IMF managing director Christine Lagarde dubbed “new multilateralism in a new economic landscape".14 She illustrated her proposal  9  http://trade.ec.europa.eu/doclib/press/index.cfm?id=1945 Alan WM. Wolff (2019), “The opportunity for reform of the trading system must not be squandered”, Speech at the Banque de France conference centre in Paris, 16 July 2019. 11 http://trade.ec.europa.eu/doclib/press/index.cfm?id=1945 12 Gallego, S., P. L’Hotellerie and F. López (2018), “The International Monetary Fund and its Role as a Guarantor of Global Financial Stability”, Banco de España, Economic Bulletin 4/2018. 13 IMF (2007), “Globalization and Inequality”, WEO, Chapter 4 and Helpman, E. (2018), “Globalization and Inequality”, Harvard University Press. 14 https://www.imf.org/en/News/Articles/2018/10/11/sp101218-new-economic-landscape-new-multilateralism 10  7/8  nicely with two examples. One concerns trade integration: the system should be fair and take care of those left behind in the process of globalisation.
The success of the transition will also depend on our ability to broaden the sources of financing: we should not rely solely on green bonds. We also need more green loans, and more green financing in general, accessible to individuals, SMEs and start-ups. Mobilising this capital raises also some qualitative challenges. An orderly scaling up of green finance requires keeping markets away from green washing practices. The emergence of a new ecosystem of financial “good products”, such as green, social, impact or Sustainable Development Goals (SDG) bonds would appear to be great news. But we should be cautious not to create a confusing diversity of definitions that could undermine the reputation of green markets and impede progress. An EU-wide standard based on high level common principles regarding the management of the funds and impact assessments, articulated with a common green taxonomy is critical to protect market integrity. It would certainly make sense to build, notably on the two most widespread standards: the Green Bond Principles (GBP) and the Climate Bond Initiative (CBI). Page 5 sur 6 2 / Central Banks must also send out the right signal and lead by example in their investment and disclosure policies. We at the Banque de France have adopted in March this year a Charter on Responsible Investment for the management of our own funds and our pension portfolios: this means allocating them to socially and environmentally responsible investment funds.

European Central Bank: Press conference on the chosen design for the New ECB Premises Introductory statements by Mr Jean-Claude Trichet, President of the European Central Bank, and Mr Lucas Papademos, Vice President of the European Central Bank, to the press conference on the chosen design of the international urban planning and architectural design competition for the New ECB Premises, Frankfurt, 20 January 2005. *  *  *  Ladies and gentlemen, We have invited you today for the presentation of the chosen design proposal in the international urban planning and architectural design competition for the New ECB Premises. In our introductory remarks we would like to do the following: first, to briefly recall the main steps that have led to the outcome of the competition. Second, to present the chosen design proposal in some detail. And third, to explain what happens next. Afterwards, we will be happy to answer further questions, as will the chosen architect when it comes to technical questions on the design proposal. The decision of the Governing Council / the conclusion of the competition Last Thursday, on 13 January 2005, “the Governing Council chose the design for the ECB’s new premises out of the 3 revised design proposals of the 3 prize winners of the international urban planning and architectural design competition.
As I mentioned earlier, we are seeing currently a much greater dispersion of wage settlements. What if this is the beginning of a more far-reaching structural change in the economy which alters relative pay across occupations? To be clear, I am making no prediction here, but rather asking the question in the context of monetary policy. The first thing to say is that such changes do happen. Since the 1980s, we have seen a structural increase in the pay gap between higher and lower earners. We have also seen more structural changes in retirement ages over a longer time. So, structural changes can happen. It is not the job of monetary policy to prevent such changes, but rather to ensure that they do not have negative consequences for monetary stability, such as dislodging inflation expectations. On this point, it is worth remembering that an important reason why we have a positive rather than zero inflation target is to enable such changes in relative earnings to happen in a world of downward nominal wage rigidities. I started by quoting Friedman and Schwartz, and so I will end by doing the same. They emphasised the need to distinguish a change in price (or wage) levels from a persistent increase in the rate of change[3]. In my view, drawing this distinction is a crucial issue that we will be dealing with for some time. And of course, since it involves predictions of the future, for policymakers the task will not be easy.

The Federal Reserve is independent from politics and the national government but is subject to oversight by Congress, which has set our dual mandate to promote maximum sustainable employment and price stability. The Federal Reserve is structured to ensure that the economic needs of people and businesses in every part of our country are fully considered in our policy deliberations. What I learn in my visit to Staten Island today is an important input to our policymaking process. As New York Fed president I try to get out of my New York City office as much as I can to get a sense of regional economic conditions across what is known as the second Federal Reserve District. I’ve traveled throughout New York, New Jersey and Puerto Rico in recent years and plan to visit Fairfield County, upstate New York and Queens later this year. These visits give me the opportunity to explain what the Federal Reserve is doing and to get your thoughts about the state of our economy and the challenges that you face. Today, I will focus on the economic outlook regionally and nationally. After that, I’ll be happy to answer any questions you have about what the Fed does, and about the economic outlook. As always, my views are my own and do not necessarily reflect those of the FOMC or the Federal Reserve System.
The other thing that would be a requirement for a highly connected economy is good logistics. According to the World Bank’s International Logistics Performance Index, the country in ASEAN with the best logistics is Singapore, but Thailand is number two. It is another indication that if you buy the argument that ASEAN is a good place to be, and you look for a very well-connected place in ASEAN, then Thailand is probably not a bad place for you to be. I might be sharing my thoughts a bit beyond the responsibility of the Bank of Thailand to convey appreciation for the good partnership that we have had with Japan through the years and hope that partnership will continue. Going forward, I would like to emphasize that we cannot rely on the same old investment or growth story that we had before when we were younger and were growing very strongly. We are a different kind of economy today, but there are still sound reasons for our friends from Japan to continue operating and investing in Thailand. With that, let me conclude the formal part of the talk and turn it over to any questions you may have. Thank you. Page 8 of 8

The primary responsibility of understanding the risks run by the bank and ensuring that such risks are appropriately controlled and are within the risk parameters of the Bank, i.e. its risk appetite, is vested with the Board of Directors. It is now a widely accepted principle of good corporate governance that bank management understands new banking products and businesses of the Bank. Without proper understanding of the risks associated with such new products the management should not give their assent to the introduction of such products. It is the responsibility, therefore, of the Board of Directors to set the parameters for risk taking beyond which banking business should not be permitted. What then are the essential pre-requisites for good and effective risk management? Timely and reliable information is the foundation upon which good risk management is built. Lots of questions come to my mind here - do those responsible for credit decisions have a knowledge of the industry they are lending to? Why do banks depend so much on collateral when we all know it is the last resort? This is where information plays an important part. If you do not have knowledge of the industry or sector to which you are lending, your credit decision is seriously flawed and sooner or later will translate itself into NPA. Why do we have high levels of NPA? Is the information necessary for evaluation of creditworthiness of a borrower available to the banks?
15 Federal Reserve Board, Federal Reserve Board issues joint statement encouraging depository institutions to  explore innovative approaches to meet BSA/anti-money laundering compliance obligations and to further strengthen the financial system against illicit financial activity, December 3, 2018. 16 Rob Gruppetta, AI and Financial Crime: Silver Bullet or Red Herring?, November 11, 2018. 6/6  BIS central bankers' speeches

Chart 13: The near-term indicators of house price growth have weakened  Chart 14: Interest cost of mortgages will probably remain below average for a while  Balance 80 60 40 20 0 -20 -40 -60 -80 2000  Per cent 12  Per cent 8 6 4 2  8  0  6  -2 -4 -6 2005 2010 2015 RICS price expectations balance (LHS) House price growth (RHS)  Sources: Royal Institution of Chartered Surveyors (RICS) Residential Market Survey, ONS, Land Registry and Bank calculations. RICS price expectations are three month ahead net balances. 10  4 2  Average 1993-2007Q2  0 1987 1992 1997 2002 2007 2012 2017 2022 Sources: ONS, Thomas and Dimsdale (2017) sheet M12, Bank of England, Barclays Live and Bank calculations. The fan is calculated using probability distributions implied by options on sterling interest rate swaps. For further information on how option-implied distributions are derived, see Clews, Panigirtzoglou and Proudman (2000). I can now (finally) get to the point I wanted to make about interest payments. Even if low bond yields don’t presage rapid growth of house prices, one thing they do suggest is that interest payments on mortgage debt will also remain relatively low. Chart 14 plots those payments over the past, as a share of household income. It also includes a range for the future. This assumes that mortgage debt continues to grow in line with household income (whatever that turns out to be).