samchain/econo-pairs-v1 huggingface dataset:
The aim is, should the case arise, to provide for the management of situations of bank nonviability while preserving the stability of the financial system, minimising public financial support, safeguarding depositors and ensuring the continuity of the critical economic functions of the banks in question. All of the foregoing might influence the management of bank balance sheets and have a particular bearing on the composition of their liabilities, part of which must be eligible for absorbing losses and for their recapitalisation. The SRM comprises two elements: the Single Resolution Board and the Single Resolution Fund. The latter, by means of contributions from the banking sector, is expected to amount to € billion in 2024. In the national arena, the recently approved legislation on the recovery and resolution of credit institutions and investment services firms distinguishes between pre-emptive resolution functions, which correspond to the Banco de España in the case of credit institutions and to the National Securities Market Commission (CNMV) in that of investment services firms, and enforcement resolution functions, attributable to the Fund for the Orderly Restructuring of the Banking Sector (FROB), which sits moreover on the SRM Board, with the Banco de España having observer status. Performance of credit institutions in 2014 Before concluding, I shall review the recent performance of Spanish credit institutions. The year 2014 saw an improvement in financial conditions and a recovery in activity and employment.

First, such a facility should enable the Federal Reserve to improve its control over the level of money market rates. By offering a new, essentially risk-free investment, one would expect that anyone with access to such a facility would generally be unwilling to lend instead to someone else at a rate below that posted for the facility. This should help to establish a floor on the level of overnight rates. Right now, most short-term rates trade between 0 and 25 basis points, but occasionally T-bill and repo rates go negative, for example at quarter-end or when financial stresses increase the demand for very safe assets. The full allotment element of the reverse repo facility would increase the availability of a risk-free asset, satisfying the demand when the appetite for safe assets increases. This should help tighten the relationship between these and other money market rates. These reverse repos would be available to an expanded set of counterparties that includes many of the money market lenders who are ineligible to earn the interest on excess reserves (IOER), such as GSEs and a number of money market funds. Depending on the facility rate, these lenders who cannot earn the IOER rate might get a better rate by investing in the overnight RRPs compared to lending to banks or to broker dealers. This competitive effect could, in and of itself, put a stronger floor on money market rates. Second, this new facility is also likely to reduce the volatility of short-term interest rates.
The international order and Norway In recent years, increasingly assertive non-statutory bodies have emerged in the area of international economic and financial collaboration, most notably the G20.When the global financial crisis unfolded, the G20 4 rose to the task. Nevertheless, I believe that the role of non-statutory bodies and the statutory institutions, such as the International Monetary Fund (IMF) 5, must be reconsidered to promote the necessary multilateral approach to global governance. Norway has a long-held tradition of participating actively in multilateral cooperation and institutions has actively backed the multilateral responses to the financial crisis. As a global investor with an open market economy, Norway has a strong and vested interest in the wellbeing of global financial markets. This interest is shared with most market participants, large and small. We have a common interest in a market-based international order, supporting a level playing field and sound economic governance. Lessons from the crisis A key lesson from the global crisis is the need for multilateral cooperation and collective action. It relates to the framework for polices on prevention, resolution, reform and implementation. It also relates to the institutional set-up. The IMF has played a pivotal role in presenting the initial lessons from the crisis, in providing finance to countries with temporary balance of payments needs, and in preparing the overall framework for the international policy response. When the good times return, we must avoid memory failure and remind ourselves of these facts of life.

It states that the Bank communicates with the public by way of official notices and publications, minutes, previously announced public conferences, interviews or public declarations made by board members. It also says that the Governor is directly responsible for all the information the Bank puts out, except for whatever the individual board members might publish or say in public. At the same time, the policy rules that the Bank must publish all information or resolution relevant to the market as soon as it has been validated, thus obliging itself to give out all market-sensitive information as quickly as possible. Whenever a board member or Bank executive gives a talk with information that could be relevant for the market, it is published on the website. Any public presentation given by the Governor is posted on the web as soon as they begin so that the general public has access to the information at the same time as those present. In my own case, and so that there is no discrimination between those who attend the presentation and those who do not, I leave a written text of my speech which is not an easy task to do, but ensures providing a precise message. For you as journalists, this is useful to your work and contributes to avoiding the use of the old excuse “I was misinterpreted”, which may occur, but in most cases is the fault  4  See Blinder and others (2008) for more details on communication in central banks and relevant references.
Marginal costs are usually difficult to compute, but can be approximated by estimates of variable costs. Data on variable costs and prices would in that case have been sufficient for the purpose of our study. There are, however, economies of scale in the production of payment services. Under these circumstances, it is consistent with efficient pricing to use a two-part tariff structure - transaction fees that cover variable costs and fixed fees that cover fixed costs. Thus we collected data on both fixed and variable fees and costs. However, in the comparison between prices and costs, we focused on the variable part. After having paid a certain annual fee for the provision of a bank account, Internet services, or a payment card, transaction fees are the fees most likely to affect the users’ day-to-day choice of payment instrument. We also collected data on transaction volumes for the different payment instruments. We used the banks’ transaction volumes as weights to compute costs and prices of a hypothetical average bank. As regards the relative cost efficiency of the different payment instruments, our cost estimates gave the expected results. Variable costs appear to decline as the degree of payment automation increases. Variable costs for electronic credit transfers are lower than for paper-based credit transfers. Transfers initiated at the bank branch-office are the most expensive to produce. A comparison of the relative cost efficiency of payment instruments used in transactions at the point of sale shows that debit card transactions have the lowest costs for the issuing bank.

The rationale behind this view was to free the monetary policy conduct from conflicting objectives and thus render policymakers’ mission and life easier. It was advocated that banking sector supervision should no longer be assigned to the central bank, but rather to an independent agency (which might also ensure the consolidated supervision of all financial markets). I, myself, found the idea rather interesting at the end of the 1990s, when the collapse of several Romanian banks influenced the decision-making process at the National Bank of Romania. I realised at the moment how costly it was in terms of reputation for a central bank to be in charge of supervision and prudential regulation – not to mention that the separation appeared quite fashionable after the newly-established Financial Services Authority had become operational in the United Kingdom. At the same time, I vividly remember the conflict between price stability and financial stability, when I had to mediate the divergent positions taken during Board meetings by the deputy governors coordinating the two functions, not by virtue of personal affiliations, but due to the very nature of the specific tasks they had been entrusted with. I was wondering, in light of these Board disputes, whether separating the monetary policy and the supervision functions was preferable. At hindsight, I believe that Romania has made the right choice preserving banking supervision as a prerogative of the central bank, sorting out such disputes under the same roof.
In our assessment, the accommodative monetary policy has contributed to strengthening economic growth and creating the necessary conditions for maintaining price stability, through a number of channels. First, the accommodative monetary policy has contributed to lowering the interest rates in all the products in the financial market. The monetary stimulus is assessed to have been transmitted completely. The average interest rates on credit, deposits and 12-month T-bills in ALL were respectively 0.8, 0.5, and 1.5 percentage points lower than in the previous year. Second, the reduction of financing costs contributed to the expansion of credit. Credit portfolio in ALL to private sector grew by 10.2%, over 2016, while total credit grew by 3.2%. The growth of credit in the Albanian lek is a welcomed development, as it expands the monetary policy scope and serves to fostering financial stability, by reducing the economic agents’ exposure to the exchange rate risk. Despite this positive development, credit recovery remains sluggish, due to the limited qualitative demand and the banks’ conservative credit policies. For 2017, we expect a better performance of lending to the economy. The expansion of private demand is expected to absorb enterprises’ excess liquidity, thus increasing the incentives for boosting credit demand. Similarly, the credit supply is expected to rise, in line with the lowering of uncertainties and reflecting the implementation of the action plan of measures for reducing non-performing loans and measures for Sound Credit Growth.

But there is a clear difference between the path of adjustment desired by the surplus countries, which are faced with the need for a longer-term structural shift away from reliance on exports, and the path of adjustment preferred by the deficit countries, which are under greater near-term pressure to reduce the burden of debt in both private and public sectors. Tensions between the two groups were evident at last week’s IMF meetings in Washington where all the talk was of currency conflicts. Such conflicts are, however, symptoms of a deeper disagreement on the appropriate time path of real adjustment. Since surpluses and deficits must add to zero for the world as a whole, differences between these desired ex ante adjustment paths are reconciled ex post by changes in the level of world output. And the risk is that unless agreement on a common path of adjustment is reached, conflicting policies will result in an undesirably low level of world output, with all countries worse off as a result. The international monetary system today has become distorted. The major surplus and deficit countries are pursuing economic strategies that are in direct conflict. And there are  2  BIS Review 136/2010  some innocent victims. Those emerging market economies which have adopted floating currencies are now suffering from the attempts of other countries to hold down their exchange rates, and are experiencing uncomfortable rates of capital inflows and currency appreciation. So there is more to this issue than a bilateral conflict between China and the United States.
I therefore urge you to find time or indeed stay an extra day or more to sample this special menu that Livingstone can offer. Ladies and Gentlemen, this symposium comes at a time when the economic performance of our country has significantly strengthened as partly reflected in a 6.2% growth in real GDP and single digit inflation of 8.2% for 2006. During the month of October 2007 inflation edged downward to 9.0%. Commercial banks’ lending rates have also exhibited an investmentsupportive trend while the Kwacha has relatively been stable. Further, we have observed an improvement in the fiscal operations of the Government, which is supportive of the country’s inflation and growth objectives. Chairperson, despite these achievements, our country like so many other developing countries, still faces some challenges. Notable among these is the urgent need to consolidate and build the gains so far attained. In particular, the need to attain sustained price and financial systems stability can hardly be overemphasized. Chairperson, allow me to make a few comments on the issue we are all gathered here for, that is, Central Bank Independence vis-à-vis, the Treasury. The issue of central bank independence has taken some degree of prominence in the region, to the extent that it is one of the core principles underlying the draft SADC Model Central Bank Bill which is being actively pursued by the Committee of Central Bank Governors in the Southern African Development Community (SADC).

Tarisa Watanagase: Bank of Thailand’s perspective on the retail banking industry Keynote address by Dr Tarisa Watanagase, Governor of the Bank of Thailand, at the Excellence in Retail Financial Services Convention 2008, Bangkok, 15-16 May 2008. *  *  *  Distinguished Guests, Ladies and Gentlemen, I am pleased to be invited to give the keynote address for this prestigious convention organized by the Asian Banker. It gives me the opportunity to share with you the Bank of Thailand’s perspective on the retail banking industry, which I hope would help both service providers and consumers alike to better understand our regulatory objectives and priorities. Retail banking business in Thailand has enjoyed rapid growth since after the Asian financial crisis, as banks – having learned the lesson of risk concentration – began to shift their strategies to diversify their portfolios and revenues by making inroads into the retail market segments. Over the past five years, bank consumer loans have grown at an average annual rate of 20 percent, outpacing the corporate loans which have increased three percent annually. As a result, consumer loans now constitute almost a quarter of total loan portfolio of the banking system in Thailand, compared with 16 percent in 2003. Housing loans continue to account for the largest share, followed by personal loans and credit card loans. Competition in the retail banking business has been intense, with more variety of product offerings and new delivery channels introduced to satisfy customer needs.
Urban Bäckström: The monetary policy situation in Sweden Speech by Mr Urban Bäckström, Governor of Sveriges Riksbank, to the Riksdag’s Finance Committee, Stockholm, 17 October 2002. *  *  *  First I want to express my thanks to the members of the Finance Committee for the invitation to discuss the Swedish economy and monetary policy. As this looks like being the Committee’s last public hearing in which I shall be participating as Riksbank Governor, I want to take the opportunity of expressing my thanks for all the occasions the Riksbank has been given over the years of coming here and talking about monetary policy. By my count, this is the fourteenth time I have had such an opportunity. It was also customary earlier for the Riksbank Governor to appear before the Committee but those meetings were closed. It was therefore with great pleasure that I received the first invitation, in spring 1994, to have a public dialogue with the members of the Finance Committee. A monetary policy that is conducted with an inflation target and a variable exchange rate is a policy based on assessments. And as assessments are always debatable, they need to be discussed. So what could be more natural than that these discussions are held at least twice a year with representatives for the Riksbank’s principal in this Committee.

Combating money laundering crimes and countering terrorism financing are among the priorities that the international society is seeking to achieve to protect the global financial system and counter risks that might obstruct the course of secure commercial transactions among countries. Ladies and Gentlemen, We are pleased to host this meeting in the Kingdom of Saudi Arabia in pursuance of the Kingdom’s plans of sponsoring and supporting international and regional efforts in this area. The efforts, which were initiated at the early 09s, are promising to combat such risks by issuing laws and setting up measures and regulations that ensure monitoring activities and early detection and prevention of financial crimes and taking actions against perpetrators. This is clear evidence of the Kingdom’s compliance with the international community’s requirements in this respect. The Kingdom spares no effort in combating money laundering and terrorism financing, boosting the role and effectiveness of national agencies concerned with the systems related to combating such financial crimes to cope with international developments, and increase the level and effectiveness of appropriate agencies working in this field. It is worth mentioning here the approval by the Council of Ministers of updating the AML Law to fully comply with international requirements, especially with the assessment team’s recommendations stated in the Assessment Report on the Kingdom. This is a clear sign of the Government of the Custodian of the Two Holy Mosques’ attention paid to compliance with combating money laundering and terrorism financing in line with international standards in this regards.
A second course of action is the possibility of imposing restrictions on the saving of own funds prompted by the use of the advanced as opposed to the standardised approach which, at an extreme, could lead to the results of the standardised approach being used as a floor for the required capital. A third proposal is the use of a leverage ratio as a complement to the traditional solvency ratios. As you know, the Basel Committee published, scarcely two weeks ago, a document detailing the work performed to introduce, in the near future, a minimum leverage ratio in the regulatory framework of banking activity. As a concept, the leverage ratio can be defined very simply as the ratio of the bank’s highquality capital to its total exposure. However, transposing the concept to regulation requires, in practice, adopting complex decisions on how to measure certain exposures (such as repos and derivatives) and the extent to which these exposures should be netted or not for the purposes of calculating the ratio denominator. And all this must be done bearing in mind the existence of various approaches in the different jurisdictions linked largely to the heterogeneity of the accounting frameworks in place. The definition proposed by the Basel Committee is a pragmatic approach to the problem that should provide for the application of a similar methodology for the calculation of the leverage ratio worldwide.

Faced with a world that is changing faster than any of us could have imagined, we need to be both focused on our goal and robust in our strategy to achieve it. 1. Lagarde, C. (2022), “Monetary policy in a high inflation environment: commitment and clarity”, lecture organised by Eesti Pank and dedicated to Professor Ragnar Nurkse, Tallinn, 4 November. 2. This is visible, for example, if one compares the persistent and common component of inflation (PCCI) and the PCCI excluding energy. The former has been declining strongly since the summer of last year, whereas the PCCI excluding energy has only stabilised. 3. For an explanation on different measures of underlying inflation, see Ehrmann, M., Ferrucci, G., Lenza, M. and O’Brien, D. (2018), “Measures of underlying inflation for the euro area”, Economic Bulletin, Issue 4, ECB and ECB (2021), “Inflation measurement and its assessment in the ECB’s monetary policy strategy review” Occasional Paper Series, No 265, September. 4. Germany, France, Italy, Spain, the Netherlands, Austria and Greece. 5. Defined as those items in the core inflation basket for which wages account for more than 40% of input costs. 6. According to the labour force survey, the labour force has increased by 2.2 million since the start of last year and remains well above pre-pandemic levels, due to the rising participation of foreign workers (+1.3 million), women and older workers. 7. Employment growth in the public sector has accounted for about half of total employment growth since the end of 2019. 8.
Bank of Thailand has experience in employing several macroprudential tools since 2002 to prevent financial instability that may stem from, for example, excessive credit card loans to sub-par debtors, excessive foreign exchange speculation, and a formation of real estate bubble. I would like to refer to another of our policies to maintain financial stability. To ensure capital flows and exchange rate stabilities, the Bank of Thailand uses a managed float on exchange rates. The policy allows the Thai Baht to adjust via market mechanism, helping to stabilize against volatile capital flows. It also allows flexibility for the Bank of Thailand to influence the exchange rate in extreme events in order to avoid excessive volatility. All the mentioned policies have helped to keep the current economy in good balance. Today, capital flows, private sector balance sheets, as well as real estate values remain healthy, which should allow private spending to return with confidence and enable fast recovery. However, there are risks we must closely monitor over next year. As the U.S. economy continues to recover strongly, earlier timing of the U.S. interest rate normalization is anticipated, which could result in capital flow volatility. At the same time, household debt, at 83% of income, is also a factor to be monitored with caution. We have now covered growth, price, and financial stability. The Central Bank aims to maintain all three facets of stability for continuity in order to support growth potential.

The picture is not as bright as last spring At the time of my previous meeting with the Committee, our discussion was coloured by some relief that the effects of the terrorist attacks on 11 September 2001 had not had a particularly marked impact on the world economy. The uncertainty among firms and households had subsided to some extent and there were signs that economic activity abroad was beginning to improve. An optimistic mood was spreading. Order books seemed to have stabilised and in some cases had even taken a turn for the better. Moreover, an expansionary economic policy in many countries was expected to provide an additional stimulus. At the same time, I pointed out that we could not be entirely certain that world economic activity would pick up. Among other things I mentioned that the economic imbalances in the United States were still large and stock market valuations were high. So there were a number of questions as to whether demand would in fact rise on a broad front. Last spring, the moderate economic slowdown in Sweden had meant that inflation here remained high and resource utilisation was still tight. GDP growth seemed to have bottomed out during the summer of 2001. Unemployment had stopped falling. Inflation had been noticeably above the Riksbank’s 2 per cent target for a time. This was partly because so-called supply shocks had raised the price level and led to temporarily higher inflation.