samchain/econo-pairs-v1 huggingface dataset:
Against this background, Norges Bank cut the key policy rate by 0.25 percentage point to 1.25 percent in December last year. Weight was given to countering the risk of a pronounced downturn in the Norwegian economy. Financial stability considerations were not taken off the table, but a new risk had entered the scene. Through the following winter months, developments in the Norwegian economy were broadly in line with expectations. The effects of the fall in oil prices on the real economy had been relatively small. Inflation remained close to 2.5 percent and unemployment was stable. At the same time, house prices continued to rise rapidly. Therefore, balancing of the different kinds of risks – the risk of a pronounced downturn in the economy versus the risk of a build-up of financial imbalances – shifted slightly from December. An overall assessment led Norges Bank to keep the key policy rate unchanged at 1.25 percent at the monetary policy meeting in March. However, we also communicated an intention to lower the key policy rate if developments in the economy ahead proved to be broadly as projected. At the same time, Norges Bank advised the Ministry of Finance to keep the countercyclical buffer unchanged at 1 percent. Norges Bank added, however, that if house prices continued to rise rapidly and credit growth increased, it would be appropriate to advise the Ministry to raise the level of the countercyclical capital buffer effective from summer 2016.

In my introduction, I posed a question: do reformed banking regulation and the new macroprudential instruments relieve monetary policy of any responsibility for financial stability? So let me conclude. While increased capital requirements and macroprudential policy can strengthen banks’ solidity and mitigate the build-up of imbalances, we cannot proceed under the assumption that new regulations alone will eliminate the risk of financial instability. A robust monetary policy should therefore take into account the risk of a build-up of financial imbalances. Monetary policy could then contribute to more stable economic developments over time. BIS central bankers’ speeches  5  At the same time, monetary policy must not be overburdened. Banking regulation and supervision must be the first line of defence against shocks to the financial system. When assessing the monetary policy trade-offs, central banks must pursue the primary objective of monetary policy – low and stable inflation. 6  BIS central bankers’ speeches  BIS central bankers’ speeches  7  8  BIS central bankers’ speeches  BIS central bankers’ speeches  9
Currently, Albania meets all the conditions for a fast convergence with the European Union. I also think that the European integration is the best way to withstand the current crisis and guarantee stable economic growth in the long term. The Bank of Albania, being an integral part of the Vienna II Initiative, is greatly committed to the process of reshaping the financial structure supporting the development of South-Eastern Europe. Thanking you for your attention, I am open to further discussions. BIS central bankers’ speeches  3

Let me stress a few recent and important steps forward in Europe and in France. The Eurosystem is now incorporating climate change into the ECB's monetary policy operations, as announced by President Christine Lagarde in early July. When it comes to its non-monetary policy portfolios, after achieving the 2°C objective, the Banque de France will now align them with the 1.5°C objective, starting with European equities by end-2023, and completely by end-2025. As supervisors, the French ACPR conducted the first pilot stress tests dedicated to climate risks in 2021, followed by the ECB in 2022. Many jurisdictions (36 at this stage, including Japan) have followed, or are following the same road. The release last summer of six updated NGFS(v) macrofinancial scenarios will allow for enhanced assessments. This network, based in the Banque de France with an Asian chair, Ravi Menon of MAS, now has more than 120 members. We are very happy to count the Bank of Japan and the Japanese FSA among them. C. Raising stakes for standard setting and supervisory requirements Appropriate disclosure is obviously of the essence to foster sound and trustworthy green finance. Europe has been a pioneer in drafting standards. Since then, the newly born ISSB(vi) has published two draft standards on general disclosure requirements and climate-related disclosures, and the US SEC(vii) has published a proposal on climaterelated requirements, which would – if adopted – gradually come into force between 2024 and 2026. These initiatives are obviously welcome: climate change is a global topic.
Nonetheless, I hope to be able to give you some fresh insights into Switzerland’s position in the European framework. I shall first give you a brief overview of the present economic situation in Switzerland and then talk more specifically about our relationship with our neighbour countries. As you know, Switzerland is not a member of the European Union. But it is by no means an island or an isolated place in the Alps. Second, I should like to focus on Switzerland as a financial centre located in the heart of the continent and the challenges it currently faces. Finally, I shall outline the Swiss National Bank’s monetary policy and what degree of freedom it has in a country fully surrounded by the euro zone. This question is particularly relevant, since progressive globalisation and Switzerland’s close economic links with Europe regularly raise the question whether pursuing an autonomous monetary policy is still appropriate. Let me begin with the current economic situation in Switzerland. 2. The economic situation in brief  In Switzerland, as elsewhere, the boom of the late nineties has been followed by a prolonged period of stagnation accompanied by rising unemployment. Not only was last year disappointing, but 2003 also began badly. Given the sluggish economic development, especially in Europe, we have been forced to gradually downgrade our forecasts. On the exchange market, the strength of the Swiss franc has been an additional factor creating further difficulties for our export sector.

It was feared that, in order to keep the exchange rate stable, the National Bank would be forced to shadow the policy of the ECB, and, with a lower exchange rate risk, that the interest rate differential between Swiss franc and euro investments would gradually narrow. This has not occurred : both shortterm and long-term interest rates in Switzerland are still around 2 and 1.5 percentage points respectively below those applying in the euro area. We can continue to pursue an independent monetary course. Conclusion Against the background of the persistent weakness of the international economy, Switzerland is stuck in a rut as well. In the past few months we have had to revise our forecasts downwards on a number of occasions, most recently in last week’s quarterly monetary policy situation assessment. For this year as a whole we are forecasting that real GDP will stagnate. Even this modest projection presupposes that the economy will pick up in the second half-year. There are still considerable risks in this regard. The exchange rate remains also a significant downside risk. Although the geopolitical situation has eased since the end of the war in Iraq, it cannot be ruled out that the franc will come under renewed upward pressure as a safe haven currency. In the present context of business stagnation, the recent correction in the exchange rate of the franc against the euro has brought our currency back to a more realistic level, which is good news for our export industry.
Table 1: Inflation lower and less volatile since MPC independence  Inflation volatility 5.4  Fourquarter GDP growth 2.2  Fourquarter GDP growth volatility 2.9  Unemployment rate 7.8  Real wage growth 0.8  2.3  0.4  2.9  0.7  9.0  0.3  1.6  0.5  3.0  0.9  5.4  0.7  2008 – end 2012  3.3  1.0  0.0  2.7  7.4  -0.3  2013 – present  1.7  1.0  2.0  0.5  5.1  0.2  Annual CPI Inflation 9.0  Start of inflation targeting to MPC independence (1993 – 1997 Q2) MPC independence to crisis  Pre-inflation targeting (1972-1992)  (1997Q3 –2007)  The bar for change to the regime is very high. But while the inflation targeting regime has generally served the UK well since its adoption, it would be Fukuyama-esque to declare it the end of monetary history. In the second part of my remarks therefore I would like to raise some structural challenges to monetary policy that favour careful consideration. Inflation targeting may have proven to be the framework for all seasons, but what if the climate is changing? 3  All speeches are available online at www.bankofengland.co.uk/news/speeches  3  Could deep structural changes in our economies reduce the effectiveness of the regime? Is it possible that political economy considerations could complicate the management of monetary policy?

Mugur Isărescu: Meeting the challenges of volatility Opening speech by Mr Mugur Isărescu, Governor of the National Bank of Romania, at the "Meeting the Challenges of Volatility" Conference, organised by the Romanian Financial Analysts' Association (AAFBR) and Chartered Financial Analysts (CFA) Romania , Bucharest, 27 March 2018. * * * Distinguished guests, Ladies and gentlemen, Good morning and welcome to the National Bank of Romania. Let me extend a warm welcome to our keynote speaker, Ms. Rachel Lomax, a trusted, longstanding friend of Romania. I am pleased to open today’s conference – Meeting the Challenges of Volatility, organized by two prestigious professional associations, the Romanian Financial Analysts’ Association (AAFBR) and Chartered Financial Analysts (CFA) Romania, with the support of the National Bank of Romania. Here, at the central bank, we always offer a friendly framework for debate and interesting topics. I will not go into detail about today’s topic, as I am sure that the panelists of the three panels will bring to discussion important inputs regarding: Global markets volatility and potential risks for Romania (Panel I), Lending, regulations and capital flows volatility (Panel II), and How the fiscal volatility endangers economic growth (Panel III). Before introducing our keynote speaker, allow me to address a subject which is not part of today’s agenda, but is dear to our hearts. A hundred years ago, on the 27 th of March 1918, the union of the old province of Basarabia (Bessarabia) with Romania was created.
As a matter of fact, the pass-through effect of exchange rate movements on prices has been weakening worldwide, in environments where price stability has been ensured thanks to highly reliable monetary policies, attributable to the facts that pricing in domestic currency is widespread, and owing to low and stable inflation, losses of value in the domestic currency are perceived as temporary and firms resort to price adjustments less frequently. At this point I would like to clarify one issue on the exchange rate policy of the Central Bank. The Central Bank has no policy towards keeping the Turkish lira overvalued. As always mentioned from the beginning of the implementation of the floating exchange rate regime, exchange rates are determined under the supply and demand conditions in the market. In case of excessive volatility in both directions, the Central Bank intervenes or if there is an excess foreign exchange supply Central Bank holds FX buying auctions to increase foreign exchange reserves. So we should keep in mind that in the current design of the monetary policy, with the floating exchange rate regime, level of foreign exchange rates is determined according to the developments in economy, exogenous shocks, expectations and volatility in risk premium as a result of all these. Dear participants, I would like to briefly mention what the economy of our country can gain if the main goal, which is price stability, is accomplished after the disinflation process.

Pricing in different forward markets currently gives a slightly divided picture of what direction prices will take. The oil price has risen more than expected and forward rates imply that it may remain at a higher level. At the same time, the world market price for certain foods and metals has fallen in recent weeks, for instance, the price of wheat, meat and aluminium. However, the price of some other foods, such as rice, has risen recently. …but we must nevertheless take a stance But regardless of whether the international price impulses are temporary or more lasting, they must not be allowed to push up inflation permanently! In my opinion, the risk of this has increased in that inflation expectations have risen during the autumn. According to Prospera’s survey in April, however, expectations have fallen slightly. The National Institute of Economic Research’s Consumer Tendency Survey also indicates that households’ inflation expectations have been adjusted downwards since the February report. But expectations are still a little too high, particularly in the longer term. And this was one reason why I voted to hold the repo rate unchanged at 4.25 per cent at our most recent meeting. Other important factors behind my stance were that, according to our forecast, inflation will overshoot the target for a good while to come, at the same time as growth remains fairly robust. Weighing together these factors also indicated that the interest rate may need to remain at its current level for some time to come.
Eva Srejber: Life outside Euroland Speech by Ms Eva Srejber, Second Deputy Governor of Sveriges Riksbank, at the annual meeting of the Economic Society, Helsinki, 11 February 2002. *  *  *  Let me begin by thanking you for the invitation to speak at the Economic Society's annual meeting. I intend to take developments in Finland and Sweden during the 1980s and 1990s as the starting point for my talk and to illustrate the similar experiences our countries have had. After that, I shall touch on the economic arguments in favour of and against EMU membership and take up the role of the Riksbank in this debate. As the political temperature has risen in the EMU issue in Sweden, I intend to conclude with some words regarding the potential timetable. Sometimes Finland and Sweden are compared in terms borrowed from family life or the world of sport. However, the question is not which brother or sister is the oldest, or who is ahead in the international economy race. Our countries are interwoven to such an extent today that we often go in the same direction. However, in one area our two countries have chosen – at least for the time being – to take different paths. This applies, of course, to membership of the Economic and Monetary Union (EMU). Finland has for various reasons decided to participate fully from the start, while Sweden has decided to "wait and see".

On the eve of a new post-covid era marked by the impacts of the crisis, rapid mutations and paradigm shifts, this work is more necessary than ever to strengthen the resilience of our economies and societies, a resilience that requires the mobilization and valorization of all resources, especially human resources, of which women are an essential component. Thank you for your attention. 3
Despite the upwards revision to growth, financial markets’ best guess of how rapidly the first percentage point of tightening will take place is essentially unchanged over the past year – around 20 basis points per quarter. So too is their best guess of where interest rates may settle in the medium run – around 2–3%. Views may in time differ across the MPC on the preferred lift-off date for interest rates, as you would expect at a difficult-to-predict turning point in the cycle. These will reflect individual members’ different reading of the runes, not their individual preferences. That is a real benefit of the MPC’s committee-based structure, with individual member accountability. It is not difficult to see why this choice over timing is a difficult one. The policymaker in this situation faces the self-same dilemma as the batsmen facing a ball pitching in the corridor of uncertainty. In that situation, the coaching manual no longer offers a clear guide. Two strategies are equally justifiable. The first is to stay on the back foot and play late. This has the advantage of giving the batsmen more time to get a read on the trajectory of the ball as it swings and darts around. It avoids the risk of lurching forward and then needing hurriedly to reverse course if the first movement is misjudged. This is the way, Joe Root, the Yorkshire and England batsmen, plays his cricket. If he were on the MPC, he’d be called a dove. But this strategy is not riskless.

This baseline set of expectations will help avoid regulatory fragmentation and is an important and necessary step. But alone it is not sufficient. Existing standards must be examined and updated where necessary. There needs to be a clear G20 mandate for the various sectoral standard-setting bodies to consider their standards and whether they need to be refreshed or clarified in light of stablecoins. This is necessary to truly deliver on the principle of same risk - same regulation. The Committee on Payments and Market Infrastructure (CPMI) and International Organization of Securities Commissions (IOSCO) are working to ensure that it is clear to stablecoin developers how international standards of regulation and supervision for financial market infrastructures, including payment systems, (the Principles for Financial Market Infrastructures – PFMI) will apply to them, including where stablecoins are used in systemic payment systems. Other standards setters, such as the Financial Action Task Force (FATF) and the Basel Committee on Banking Supervision (BCBS), will need to respond as well. Coordination between regulators is essential too. In particular, host regulators of global stablecoins must, and are, working with other regulators in other jurisdictions to ensure that they are appropriately regulated and gaps in coverage, opportunities for regulatory arbitrage, do not emerge. The Bank looks forward to the conclusions of the FSB’s consultation, and the subsequent finalising of international work, to ensure a comprehensive framework can be in place. Current proposed global stablecoin offerings will need to demonstrate how they meet these key domestic and international standards.
Davíð Oddsson: Economic and financial developments in Iceland Address by Mr Davíð Oddsson, Chairman of the Board of Governors of the Central Bank of Iceland, at the Bank's Annual Meeting, Reykjavik, 28 March 2008. *  *  *  Mr. Chairman, Mr. Prime Minister, honourable Ministers, Ladies and Gentlemen: The Board of Governors of the Central Bank of Iceland welcomes you all to the Bank’s 47th Annual Meeting. At the recently concluded meeting of the Supervisory Board, the Prime Minister ratified the Bank’s annual accounts, which are available here, together with the Annual Report for the year 2007. Here in Iceland there are various cliffs that people scale in order to gain a better overview of the surroundings than they would have on the level ground below. From this vantage point, the Central Bank at Arnarhóll, the telescope points, in all weathers, at inflation – at how it develops and how it behaves. It focuses both on the components that are measured with the officially required tools and on those that lie beneath the surface, not least on the indicators and expectations concerning how these components of inflation are likely to manifest themselves in the near future.

In concrete terms: •  the management structure of the Bank of Albania was completed;  •  the Audit Committee, composed of three Supervisory Council members, started its activity;  •  the Inspector General resumed reporting to the Supervisory Council;  •  the Medium-term Development Strategy and Medium-term Budget for 2016–18 were approved;  •  the new organisational structure was approved;  •  the head offices renovation and construction works were completed;  •  and the Museum of the Bank of Albania was launched. These highlights contributed to strengthening good governance, accountability and subsequently enhancing public confidence in the Bank of Albania. The monetary policy intensified the simulating stance during 2015. The Bank of Albania lowered the key rate twice, continued to inject the necessary liquidity in the financial markets and clearly communicated the future monetary policy stance. Our monetary policy was successful in easing the financing conditions in the economy and helped in the return of the Albanian economy to a positive development track. In particular, interest rates on new lek loans and servicing costs of existing credits fell. Lek credit increased, offsetting the continuous fall of the credit portfolio in foreign currency. Also, the share of lek credit in the total credit portfolio has been increasing, from around 28% in 2008 to 43% in 2015. These actions have played a vital role in accelerating the economic growth during the last two years. During 2015, the banking system continued to expand its activity.
Zeti Akhtar Aziz: Brief overview of the Islamic financial system Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the launch of Commerce Tijari Bank Berhad, Kuala Lumpur, 15 April 2005. *  *  *  Bismillahirrahmanirrahim Y.Bhg. Dr. Rozali Mohamed Ali, Group CEO, Commerce Asset-Holding Berhad (CAHB) Ladies and Gentlemen, “Significant milestones have been achieved in our endeavour to build a comprehensive, efficient, dynamic, robust and resilient Islamic financial system. The Islamic financial landscape is now at the threshold of a new level of dynamism. The entry of foreign Islamic banking players, the transformation of Islamic banking windows into Islamic subsidiaries, the increasingly more vibrant Islamic financial markets, the enhanced inter-linkages with the global financial system, the enhanced consumer awareness, the strengthened regulatory, legal and Shariah infrastructure as well as the more conducive tax environment have culminated to open up new frontiers for the Islamic financial services industry in Malaysia, promising significant opportunities that will further enhance wealth creation and the potential for growth and development of the nation.” Ladies and Gentlemen, It is my pleasure to be here today to commemorate the official launch of “Commerce Tijari Bank Berhad”. Indeed, the emergence of Commerce Tijari Bank Berhad in the Islamic financial landscape will further enhance the diversity of the players in the Islamic financial system and will contribute to spur the growth of the Islamic financial services industry.

In addition, the conducive tax regime which accords neutrality in treatment between Islamic and conventional financial products sets the stage for greater innovation to take place to support the progressive development of the Islamic financial services industry going forward. With this strengthened Islamic financial infrastructure now being firmly achieved in the first phase of the Financial Sector Masterplan, the Islamic financial services industry is poised to tap new growth opportunities and maximize the full potential of Islamic banking and finance. The entry of Commerce Tijari Bank Berhad into the Islamic financial services industry at this juncture is indeed timely. The challenge that lies ahead calls for strategic positioning to maximise the potential that a universal Islamic banking licence accords in tapping new growth areas. While Islamic retail, corporate and investment banking product offerings have grown in sophistication, financial activities such as private equity investments, real estate investments, private wealth and fund management are now rapidly gaining prominence. There is therefore a need to allocate adequate resources to build distinct capabilities in these newly emerging areas. The move into these strategic niche markets would also increase the diversity of new asset classes for Islamic investment. This would not only contribute to further enhance the effectiveness and efficiency of the financial intermediation process in the Islamic  BIS Review 26/2004  1  financial system but also enhance Malaysia’s potential as an attractive international hub for Islamic finance.