samchain/econo-pairs-v1 huggingface dataset:
17.05.2023  18th Banking Industry Meeting* IESE Madrid Pablo Hernández de Cos Governor *lEnglish translation from the original in Spanish  Allow me to begin by thanking the IESE for inviting me once again to this event. On this occasion, I would like to share with you the Banco de España’s analysis of the situation and outlook for the Spanish banking industry. In terms of the macroeconomic setting, most strikingly, economic activity in Spain and the euro area has proved more resilient than expected in recent quarters, amid highly adverse negative shocks. Further, there appear to be signs of renewed buoyancy in 2023 to date. According to the Banco de España’s latest projections, in 2023 real GDP growth in Spain will be substantially lower than in 2022. However, faster than expected growth in the first quarter, together with the recent revision of the historical series, suggest that GDP growth this year could exceed the 1.6% envisaged in our most recent projections and outstrip 2% on average in 2024 and 2025. This sharper GDP growth would be driven by, among other factors, the expected easing of inflationary pressures (and the ensuing recovery in agents’ confidence and real income), the disappearance of the global production chain disruptions and the deployment of the Next Generation EU funds. However, these projections are subject to very high uncertainty and there are risks that less positive scenarios will materialise. In particular, the possible duration of the war in Ukraine continues to be the main source of risk.

The third segment is better detection of economy sensitivity to shocks, which is achieved by establishing sector accounts, and in their frames financial accounts, which will disclose the links between all sectors in an economy, and therefore, the possibilities for shock spillover from one sector to another. In 2017, for the first time, the National Bank prepared financial accounts for all sectors of the economy, which were submitted to Eurostat in an experimental format. The fourth segment is the improvement of the statistical communication process. In this context, on a regular basis, we are making efforts to improve communication with the public, also by conducting surveys for the satisfaction of the reporters and users, creating the possibility for direct electronic communication on all issues related to statistics and undertaking financial education activities. In 2016, we started with a regular publication of press releases on statistics, as well as a project, which is in the final phase, for establishing a statistical internet portal for external data users. In doing so, in the basis of all these new statistical requirements, lies the need for providing granular, rather than aggregate data. The crisis has not called into question the traditional aggregate economic statistics, but has shown that it is not enough.
Chart 5: Projection of the level of GDP based on market interest rate expectations and £ asset purchases  Chart 6: CPI inflation projection based on market interest rate projections and £ asset purchases  BIS Review 21/2010  11  Chart 7: Household saving ratio(a)  Chart 8: Survey measures of capacity utilisation  (a) Percentage of household post-tax income. Sources: Bank of England, BCC, CBI, CBI/PwC and ONS. (a) Three measures are produced by weighting together surveys from the Bank’s regional Agents (manufacturing and services), the BCC (manufacturing and services) and the CBI (manufacturing, financial services, business/consumer services, distributive trades) using shares in nominal value added. The BCC data are non seasonally adjusted. Chart 9: Credit and finance as a constraint on output(a)  Chart 10: CPI and households’ inflation expectations for the year ahead, scaled to match CPI inflation(a)(b)  Sources: CBI and ONS. Sources: Bank of England, Barclays Capital, Citigroup, GfK NOP, research carried out by GfK NOP on behalf of the European Commission, ONS and YouGov. (a) This measure is produced by weighting together balances for the manufacturing sector and the consumer/business service sector using shares in nominal value added. Manufacturing companies are asked: ‘What factors are likely to limit output over the next three months?’. Service sector companies are asked: ‘What factors are likely to limit your ability to increase the level of business over the next twelve months?’.

The counterpart to placing greater weight on the level of and fluctuations in risk premia is being more attentive to money and credit quantities. There is plenty of such interest at present of course, as evidenced by the number of mentions in the minutes of the MPC’s meetings. But we must ensure that interest is sustained. And in a world of global banking and capital markets, that surely means looking at wider measures alongside our normal broad money (M4) aggregates. It is surely not at all uncommon these days for firms around the world to hold part of their currency liquidity with banks overseas. At the Bank, we have had another go 7 at creating a wider measure of UK money growth that takes account of international deposit-taking activity (Chart 13), and also at similar measures of “world money growth” (Chart 14). In both cases, the swings over the past decade are more pronounced on the wider measure, especially for the UK. I am particularly struck that these aggregates start to pick up during late 2003, just about the time when the Bank’s  3  Carney M (2009), “Some considerations on using monetary policy to stabilize economic activity”, remarks to a symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming. 4  See Bank for International Settlements (1986), “Recent innovations in international banking”, prepared by a Study Group established by the Central Banks of the Group of Ten Countries, known as the “Cross Report”.
The short answer to this question, which I will now illustrate, is, on the one hand, to be a useful player in the FinTech ecosystem and, on the other hand, to promote and implement a regulatory framework and appropriate supervisory practices that foster both innovation and the stability of our financial system. 1/4  BIS central bankers' speeches  * In order to be a useful player in the Fintech ecosystem, we have two objectives: facilitate and  experiment Facilitate, firstly. This is what we are doing via the implementation of specific support tools. For instance, under the aegis of a national start-up correspondent, who is also the French Tech correspondent, the Banque de France has just deployed a network of regional start-up correspondents in each of the 13 French Tech capitals. Their mission is to be the key point of reference for rating start-ups and providing them with support and guidance thanks to their knowledge of funding mechanisms and of the main players in the ecosystem. As regards the ACPR, I no longer need to present theFinTech Innovation Unit, which has already held hundreds of meetings with start-ups since its creation. Its purpose is to provide an easily accessible entry point for those with innovative projects, giving them some initial regulatory guidance to help them shape their projects and then refer them to the right correspondents for the necessary registrations or authorisations. Naturally, our facilitation efforts are not limited to bilateral contacts alone.

So, we must heartily embrace the process and take the best opportunities offered by the integration of the global communities while limit the potential adverse consequences that come along with the process. To do this, we must reexamine ourselves to review our weaknesses and our strengths. After all, there was an old Chinese saying: "If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle." Thailand learned her first-hand lessons the hard way and had opportunities to reexamine herself in detail in the past couple years. Several weaknesses were identified. Prominent in the list is, of course, we do not fully know our enemies. This has already been partially remedied by simply being part of the game, staying competitive in the world market, and actively participating in the new knowledge-based economy. Thai Ministry of Commerce now has 48 representative offices around the world. And in my case, the Bank of Thailand constantly sends our staffs to work at other public and private organizations, both inside and outside the country. But still, at the core of all of these, we need to make sure that our corporate sector gets back on its feet.
Between 1998 and 2001, the relative share of corporate bonds issued by corporate borrowers in the euro area as a percentage of GDP has more than doubled, while it increased by one third in the United States.2  –  Competition between all issuers, corporate or sovereign, has intensified. For sovereign issuers, the disappearance of currency risk and the convergence process driven by the Maastricht Treaty have transformed government bonds into directly competing risk free assets. As a consequence, sovereign issuers have implemented strategies aimed both at differentiating their issuance profiles - in order to diversify the opportunities offered to investors - and at establishing benchmarks on a selection of maturities. This is reflected by the building up of an outstanding amount of at least 5 bios euros on the internationally important 10 years segment, in each euro area country, while issuance strategies on other segments - 2, 5, 30 years - differ, some countries building up relatively larger outstanding 3 amounts on 30 years maturities (Italy), some on 5 years maturities (Netherlands). Only a few large countries (Germany, France for instance) are able to provide a high level of liquidity on all the spectrum of maturities. This competition has provided market participants with a wider range of products that are also more standardised, which allowed for the development of electronic trading and enhanced the liquidity of the euro bond market. –  Internationalisation and competition between private issuers have been accompanied by an impressive surge in the amounts issued.

And, over a five year period, since each member of the MPC is trying to hit the same inflation target, I predict that it will be impossible to distinguish between “doves” and “hawks”. What will the commentators call us then? If Britain either has or is about to join Monetary Union, then the birds may have flown the nest. But if the MPC is still setting interest rates in Britain, then I hope that we shall be seen as a group that is tediously predictable, sometimes raising interest rates, sometimes cutting them, but always moving in response to the economic data in order to hit the inflation target. BIS Review 53/1998
the act laying down the setting up of the National Bank of Romania, was published, ranking our institution among the first modern central banks. We hold dear the memory of our founding fathers. We honour them each year, but now I wish to commemorate two of them: the Prime Minister of those times, Ion C. Brătianu, whose commitment and great efforts materialized in the cornerstone law for the establishment of Romania’s central bank as a modern institution for “monetary circulation and a solid credit system” and the the artisan of the National Bank of Romania Eugeniu Carada, advisor to the Prime Minister, a man of deeds, rather than words. Eugeniu Carada took up the strategic mission to achieve the establishment of our central bank, had a clear vision of its role and set up a sound and modern credit system to foster loans and investments. By implementing modern instruments and policies for those times, the National Bank of Romania also contributed to the expansion of financial intermediation and the dissemination of financial education, since 1880 until the present day. Even though we are living difficult times, we should remember that we share a common institutional collective memory. The National Bank of Romania has been a member of the Bank for International Settlements since its establishment, on January 20, 19301, when the Final Act of the Second Hague Conference2 was adopted.

Special Lecture at the Waseda University Tokyo, 4 December 2017  Speech by François Villeroy de Galhau, Governor of the Banque de France  “The challenges of the multilateral economic order: What European responses?”  Press contact: Clémence Choutet (+ 33 1 42 97 74 51; clemence.choutet@banque-france.fr). Page 1 sur 6 Ladies and Gentlemen, It is a pleasure to be in Tokyo this afternoon and to give this lecture at the Waseda University, in this splendid auditorium named after your illustrious founder, [Ōkuma Shigenobu]. The Waseda University is well known for the quality of its teaching and its founding principles – independence of learning, practical utilization of knowledge, education of good citizens – reflect the educational ambition of this place. I would like to warmly thank President Kaoru Kamata and Professor Kazumi Shimizu for their kind welcome speeches. Both of you lived in France and have maintained strong links with our country since then. It is thus no coincidence that the Waseda University under the Presidency of Mr Kamata is an active and remarkable example of the strong ties between Japan and France. It is therefore an appropriate place to talk about the challenges of the multilateral economic order, all the more so as Japan pays special attention to international cooperation. This issue can be considered on two levels: internationally and regionally. This afternoon, I will start by elaborating on the international level and the need for active multilateralism to face our global challenges. Then, I will dwell on the regional response.
Andrew Gracie: Cyber in context Speech by Mr Andrew Gracie, Executive Director of Resolution of the Bank of England, at the UK Financial Services Cyber Security Summit, London, 2 July 2015. *  *  *  It is the prerogative of the keynote speaker to take an Olympian view. I am not sure what the gods on Olympus would have made of cyber. Indeed from the goings on in Greek mythology, it could well have been that they were cyber perpetrators rather than protectors. So perhaps it is fitting that there are hacks now like ZEUS that carry their names. But my Olympian view will try and put the work that we are doing as authorities and with the sector in context. The sector’s role is important. After all, it is the responsibility of firms first and foremost to ensure that they are resilient to cyber attack. From an authorities perspective, cyber is somewhat different, but it relates to the same underlying goals that drive our policy interventions elsewhere in relation to operational resilience. I want to describe this relationship before turning to the specific steps that we have taken in the UK over the last two years under the aegis of the Financial Policy Committee (FPC). Cyber is relevant to many of the functions of the Bank of England as a financial authority. We are responsible as prudential supervisor for the safety and soundness of banks, large investment firms, insurers and financial market infrastructure.

But the operational risk regime in Basel III 1 is designed to address another potential cause of financial failure in firms and to ensure that banks are adequately capitalised against these risks. It does not target the continued availability of services and resilience directly. c)  The third observation is that at the level of the sector our risk appetite has targeted limited disruption in firms that are critical for system functioning. For example FMIs supervised by the Bank as systemically important, set their standard of availability above 99%. And where firms suffer outage we expect them to have business continuity arrangements that allow them to recover immediately or within hours. Firms as a result have established primary and secondary sites, at a suitable  1  This refers to the capital regime only. Additional guidance on operational resilience can be found in the Basel core principles (http://www.bis.org/publ/bcbs195.pdf). BIS central bankers’ speeches  1  distance from each other, with data mirrored between the two. At the sector level as authorities we have concentrated on ensuring that in the event of a significant disruption to one or more firms we can share information and coordinate actions across firms in the UK market to minimise the impact of system stability and to speed full recovery.
Within the industry, revenues and growth must be driven by strong value propositions to your customers and not by sheer aggressive recruitment and sales tactics. More fundamentally, an insurance company’s long-term success must be built upon a strong risk culture and good corporate governance. An emphasis on ethical behaviour must permeate dayto-day practices. Boards and Management should set the appropriate tone from the top, and demonstrate a collective determination to walk that talk. Recognition and reward systems should match the espoused values of the firm. Conclusion Let me conclude. The insurance sector will not be immune to the innovations and disruptions around us. At the World Economic Forum, present times have been described as the Fourth Industrial Revolution. This will bring both opportunities and challenges. I have described some of these in my remarks. I know that all your firms are putting in place IT and business strategies to ride the technology wave including those aimed at up-skilling your people. In progressing, we must be reminded that insurance is a social good and not a mere financial or economic activity. Apart from the imperative for doing well, it is important for the industry to be guided by a moral compass pointing firmly to doing right and doing good. May I wish one and all a belated Happy New Year of the Dog.

Ong Chong Tee: Life insurance industry - riding the technology wave Address by Mr Ong Chong Tee, Deputy Managing Director (Financial Supervision) of the Monetary Authority of Singapore, at the LIA Annual Luncheon, Singapore, 7 March 2018. * * * Mr Patrick Teow, President of LIA Singapore Distinguished Guests Ladies and gentlemen Thank you for inviting me to join the 2018 LIA Annual Luncheon. Allow me to first congratulate the new LIA Management Committee. I last spoke at this event in 2015 on a theme of confidence and resilience of the industry. Last year, my Assistant Managing Director Lee Boon Ngiap spoke on the importance of strong culture and ethics as key drivers of good conduct. Today, I like to build on these themes with the backdrop of the technological wave sweeping our shores. For those of you who have visited London and taken its underground trains, you will be familiar with the rather famous broadcast in the Tube stations repeatedly telling commuters to “mind the gap”. In an analogous way, as technology innovation and business model disruptions impact various economic areas including the insurance sector, it is worthwhile to remind ourselves to “mind the gap” as we ride the technology wave. Let me elaborate. My remarks will cover three aspects: (a) Bridging the protection gap; (b) Leveraging FinTech (or more specifically, InsurTech); and (c) Doing more to eliminate ‘conduct gaps’. Protection gap Many studies have found sizeable insurance protection gaps across countries.
According to the price information act, goods sold to individual consumers in Sweden must be priced in the currency relevant to the customer. The act does not state which currency prices should be stated in, but as long as most wages are paid in krona, the retail trade is obliged to price goods in krona. The role of the krona as a means of payment and unit of account is thus protected. Although there is great freedom to choose other currencies, the krona thus has a special position in the Swedish economy. There are also strong economic reasons for Swedish companies and households wanting predictability in their real income to use the krona as contract currency; this applies as long as the value of the krona is upheld, i.e. that there is a low inflation rate, as the real value of the income is determined by price developments on the goods and services consumed by the household/company. In the long term, the development in real purchasing power of the income is determined by productivity developments. Then real purchasing power parity also prevails, i.e. the price of an article is the same in the long term, regardless of the country in which it is sold and the currency in which it is priced. This means that a country with goods and services that cost a lot in foreign currency will sooner or later have to depreciate its currency and/or lower its domestic prices.

The role of the euro in Sweden After this glance at what is happening on the euro markets, allow me to turn to the role of the euro in Sweden. I intend to begin with the effect on the securities markets and move on to euroisation and competition. What has the euro meant to the Swedish securities markets so far? My view is that it has so far had relatively little effect. We should remember that developments on these markets are primarily influenced by globalisation and technological developments. And as elsewhere, this has led to frantic activity in consolidation and improving efficiency. Within EMU the introduction of the euro has clearly hastened this process, but in Sweden the euro's influence is of a more indirect nature. The euro market exists as an important alternative, and can thus be said to sharpen competition on the Swedish securities markets through its mere presence. It first and foremost fulfils a need that the krona market cannot completely satisfy. The euro market is perceived as deeper and more liquid, and thus provides an opportunity to borrow large volumes. I am thinking here of, for instance, the large Swedish corporations' need of capital to finance the major structural deals made in recent years. In order to borrow really large volumes, companies like Volvo, Vattenfall and Ericsson have largely turned to the euro market to issue bonds.