samchain/econo-pairs-v1 huggingface dataset:
Having more money on deposit than is covered by the deposit 4/5  BIS central bankers' speeches  guarantee scheme involves risk. Perhaps new private payment solutions may be able to offer some of these characteristics, but a possibility which is also being discussed is the introduction of electronic central bank money – in addition to cash. This possibility raises many questions which Norges Bank and other central banks are trying to answer. This is a long-term process and we do not yet know what the answer will be. Conclusion The Norwegian payment system was digitalised at an early stage and this has benefited private individuals, businesses and banks. We can be justifiably proud of our payment system. Digitalisation is now going through new phases. The deliveries of customer services and the underlying infrastructure are being separated from one another, and we are witnessing the arrival of new market entrants. Global platform providers are interested in the payment market. We must make full use of the opportunities to improve the payment system and we have made a start. Further changes will come. Today I have emphasised some of the tasks which the industry and Norges Bank must solve in the coming years: Introduce instant payments and develop a better solution through the BRO project. Mobile instant payments and BRO. Agreement on a single alias register as a common infrastructure. A more coordinated and systematic effort to reduce cyber risk. Managers and owners must be aware of their responsibility, also when operations are outsourced.

Fast payment solutions The general public increasingly expects to be able to transfer funds on any day of the week and outside traditional opening hours. They also expect that payees will be credited quickly. In the future, there will have to be a good reason not to credit payees immediately, rather than with a delay, as is the case currently. This means that the payment system must meet new requirements. In Norway, there is a provisional instant payments solution, which an increasing number of banks are adopting. It is positive that the solution is becoming more widely used, but it has its drawbacks. For even though participating banks have entered into a loss-sharing agreement, banks still incur credit risk before payments are settled and the solution cannot be used for certain types of payments. Bits and Norges Bank are therefore jointly developing a better solution, called BRO in Norwegian “Betalinger med raskere oppgjør” (payments with faster settlement). BRO will be an efficient underlying infrastructure that is intended for all types of payments. The solution will be in place by the end of 2019. Norges Bank has initiated an in-house project to make the necessary adjustments to the settlement system. The Bank will do its share to enable banks to settle payments to each other without incurring credit risk. Customers will also be able to make instant payments in larger amounts. Customer services will also have to be modified.
But the underlying picture is one of growth gradually picking up to around its historical average rate, reflecting continued recovery in investment and a higher contribution from net exports and, on the back of that, some modest strengthening in consumer spending as we go through next year. One should not, though, put too much weight on any single path, as the coloured fan in Chart 4, which covers nine out of ten of the possibilities as we see them, is pretty wide. That serves to emphasise the high degree of uncertainty at the current juncture. Those uncertainties include not only the spending of households and businesses here in the United Kingdom, but also the evolution of demand abroad. In particular, while the euro area overall has exhibited decent growth in recent quarters, the countries of the periphery are struggling with a mixture of fiscal, banking and competitiveness problems. There is a risk that this could lead to  2  Imports of aircraft were temporarily high in 2010 Q4 reflecting the forthcoming change in VAT treatment, but the data were still encouraging even after allowing for the resulting distortion to import growth in 2011 Q1. 2  BIS central bankers’ speeches  renewed banking sector turbulence and a hit to confidence more generally, with adverse consequences for us. Even though our central projection has growth returning to around its historical average rate, that would still leave the level of activity well below a continuation of its pre-crisis trajectory (Chart 5).

This suggests underlying productivity growth, and with it the rate of growth of the economy’s supply capacity, may have fallen back during the recession. And that is corroborated by business surveys, which suggest that manufacturers are, on average, back to pre-crisis utilisation rates, while the margin of spare capacity has also closed significantly in services firms (see Chart 8). It is, though, unclear why underlying productivity growth should have been quite so weak. To be sure, the collapse in business investment has resulted in a somewhat lower rate of growth  3  Taken from the IMF’s World Economic Outlook, October 2009. BIS central bankers’ speeches  3  of the capital stock, but estimates suggest that can only account for a modest slowing in underlying productivity growth. And while some businesses will certainly have been forced to reduce the scale of their operations or close because of lack of access to credit, corporate bankruptcies have remained at relatively low levels. Overall, there are few objective indicators to suggest a major hit to capacity growth from the crisis and subsequent recession. It is possible that the true fall in output during the recession has been overstated in the official statistics4, but the extent of the mismeasurement would have to be very large to reconcile all the facts. It is all somewhat puzzling! Even if the margin of spare capacity in businesses is no longer all that great, the elevated level of unemployment should have put downward pressure on inflation.
Gertrude Tumpel-Gugerell: The progress of migration to SEPA Keynote address by Mrs Gertrude Tumpel-Gugerell, Member of the Executive Board of the European Central Bank, at the British Bankers’ Association, 7th Annual Payments Conference, London, 23 November 2009. *  *  *  Thank you for inviting me to speak at the British Bankers' Association on the occasion of the 7th Annual Payments Conference. 140 years ago, on Monday 22 November 1869, one of the world’s fastest, most technically advanced and also most beautiful merchant sailing ships was launched. Designed to be the first ship to bring home the new season’s tea from China to London, the “Cutty Sark” plied the oceans for decades. The ship is still preserved today, and you can marvel at her in Greenwich, just 20 minutes from here. On Monday 2 November 2009, just three weeks ago, the SEPA Direct Debit (SDD) was launched. I will not dare to speculate as to whether it is the world’s fastest, most technically advanced and most beautiful Direct Debit scheme, but the advent of a European direct debit scheme provides a truly new payment service at the European level. We would like to congratulate all those who have taken part in its development, particularly the EPC for their valuable contribution to this success. The SDD complements the SEPA Credit Transfer, which was launched in January 2008. With these two payment products launched, and with the Payment Services Directive (PSD) now in force, SEPA is well in place. However, not yet completed.

4  Capgemini, RBS and EFMA, World Payments Report 2009, September 2009. 5  ECB, Payments Statistics (formerly known as the Blue Book) (see www.ecb.europa.eu). BIS Review 151/2009  3  Moving forward with an e-payments solution give a flying start to “SEPA for online payments”. Moreover, it could take the wind out of the sails of providers who make use of banks’ infrastructures but are not subject to the same strict security requirements. In my view, security is of crucial importance, especially for the online world. Overall, e-SEPA online services would come to the great benefit of corporate customers and consumers. At the same time, e-SEPA will be an additional revenue source to the banking sector. When can the payments industry expect to reach the full SEPA finishing line? As I have outlined, the key implication of SEPA is that the whole economy – consumers, corporates and banks – will benefit from it. So how can we bring this project closer to success? Let me mention two important ingredients, namely, first, a further improvement in the SEPA governance and, second, the necessity of a SEPA migration end date. On first point: SEPA governance. The EPC clearly plays a pivotal role in organising the stakeholder involvement around the design of the SEPA products, currently the SCT and SDD Rulebooks, and the SEPA Cards Framework. However, the governance of a project like SEPA requires that stakeholder involvement at the European level is made more balanced, bringing together stakeholders from all sides of the SEPA project.
At this point, two factors come into the foreground: The most important and principal factor to be underlined in both an economic and social aspect is chronic inflation and the uncertainty that its presence has caused in Turkey for thirty years. This period has seriously damaged the economy. For instance, money and capital markets have failed to develop, long-term financial resources have remained limited and it was not possible to develop markets, which occupy a significant share in the capital markets of developed countries, namely those for the provision of housing financing. Moreover, our economy has failed to achieve sound integration with international markets and a short-term vision has prevailed in all fields, including the social arena. Furthermore, chronic inflation triggered volatility in basic economic indicators, including growth and employment, as well as in variables such as exchange rates and interest rates. The excessive volatility in economic fundamentals resulted in a continuous increase in uncertainty and crises. Thus, after each economic crisis, uncertainty jumped to a higher level. Uncertainty and volatility caused a vicious circle and made risk management almost impossible. Dear Guests, At this point, let me elaborate on the concepts of uncertainty and risk, which have a key role in the development of derivatives markets and are of great significance for both policy practitioners and the economic agents acting as decision-makers. Although the word “risk” refers to both its literal meaning and uncertainty in daily use, in fact these two concepts differ from each other as to their effects on economic agents and events1.

Dear Guests, Today the transaction volume in derivatives markets is very much above the transaction volume in spot markets, where the trading and exchange of goods traded is realized on the same day. In 2004, the volume of daily derivatives transactions in the global foreign exchange market, excluding over-thecounter markets, was US dollar 1.2 trillion, which equals 65 percent of the total market turnover3. Dear Participants, Today we are about to bring in, and more importantly, institutionalize risk management principles and to initiate the development process of derivatives markets. This process is of great importance with respect to the overall economic activities. It should be borne in mind that this process will sometimes be arduous and time-consuming and it will also be a self-fulfilling process. Even if it takes a long time, sooner or later the derivatives markets will be established in our country. I am pleased to say that I am very happy to witness the efforts to develop derivatives markets and this achievement as well as its significance for the entire economy is a very important step for Turkish economy.
3  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  3  In 2016 we setup a formalised talent management process for all employees, to ensure everyone has equal access to opportunities to discuss their careers. To enable us to continue to hire graduates from a broader set of disciplines and train them as economists and technical specialists we have introduced our Central Banking Qualification, in which new hires can earn Masters Degrees in Central Banking. And now around half of our graduates study economics, with the remainder plucked from the sciences, business and the humanities. To help develop the next generation, we are working with schools and universities to encourage a more diverse set of students to study economics and finance. We provide free classroom materials through our econoME initiative, and by the end of 2018 one quarter of all state secondary schools had registered for the programme, reaching an audience of 90,000 students. Over the past year we have made more than 300 school visits, of which 75 were by the Bank's committee members, including myself. Second, fostering an inclusive culture As we attract a more diverse workforce, we’re taking a number of initiatives to enable and encourage participation. Traditionally central banks have been notoriously hierarchical and deferential. To break down these barriers, we have changed how we make decisions to ensure that everyone participating has the same information at the same time, and can put forth their views.

While BAME representation at senior levels has increased from 2% to 5% since 2013, we still have some way to go to meet our ambitious target of 13% by 2022. The Bank’s experience is consistent with that of other organisations as documented by “The Middle” (a thorough, evidence-based research report on progressing BAME Talent in the Workplace commissioned by the Black British Business Awards).3 This study concluded that across organisations the challenges were greatest in retaining and promoting ethnic minority professionals from middle management to senior executive roles. We’re pleased that the changes the Bank is already making are consistent with the report’s recommendations. To maintain momentum, the Bank recently created a BAME Diversity Taskforce, chaired by Deputy Governor Sir Dave Ramsden and attended by members of both Court and our BEEM network. This Taskforce is now focusing on: First, supporting the progression of BAME colleagues to leadership roles by rolling out inclusive leadership training for all colleagues and having all senior management including the Bank’s Governors participate in our Sponsorship programmes and mentoring schemes. Second, supporting our ethnic minorities network (BEEM), which has achieved much since its foundation in 2012. This includes implementing reciprocal mentoring of 150 of our BAME colleagues each year. BEEM has also set up, with HR, the Bank's African/ African-Caribbean scholarship programme. Launched in 2015, we have awarded 10 scholarships and 8 bursaries to talented students studying a range of subjects from Chemical Engineering to Politics and International Relations.
Jessica Chew Cheng Lian: Advancing environmental goals through sustainable finance initiatives in Malaysia Speech by Ms Jessica Chew Cheng Lian, Assistant Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Launch of "Nature Nurtured/Pameran Lestari Alam" Exhibition, Kuala Lumpur, 19 January 2017. * * * Malaysia attracts millions of tourists each year, many who come for the beautiful and unique attractions that nature has to offer in our country. Today, we celebrate this through art, and by bringing art and nature together, we hope to draw more attention to both. This exhibition, ‘Nature Nurtured’, continues Bank Negara Malaysia’s efforts to preserve our natural heritage, and follows closely on the heels of steps that we took in 2016 to restore the natural habitat of the grounds in Shah Alam where the Bank’s brand new Automated Cash Centre now stands. The region’s natural treasures have been a magnet for merchants and travelers for centuries. Spices were what brought the European powers to Southeast Asia six hundred years ago, while the Chinese came in search of fine food and medicine. Almost exactly 200 years ago, General Farquhar, the Resident of Malacca, commissioned a team of artists to paint every aspect of the Peninsula’s wildlife. Efforts to document nature through art had, however, existed long before. I should mention that women, too, counted among the talented observers of life forms who went on to capture nature in vivid artistic creations that have informed and inspired generations.

But this does not say very much about the future, of course. And as I mentioned at the beginning, I shall not make any overall assessment of economic developments here today; I shall wait until the Executive Board’s next monetary policy meeting at the beginning of September. I will now go on to describe how the Riksbank, and I personally, viewed monetary policy at the most recent monetary policy meeting at the end of June. Swedish monetary policy Following the financial crisis, monetary policy in Sweden has been aimed mainly at moderating the depth of the economic recession that came in the wake of the crisis. The repo rate has been held at an all-time low of 0.25 per cent for a whole year. The Riksbank has also provided the banks with more liquidity than normal, through a number of extraordinary measures. However, for some time now the situation has been such that we could begin to normalise monetary policy, and now in the final part of my presentation I shall describe in more detail our reasoning at the most recent monetary policy meeting. Normalisation of the repo rate In July we raised the repo rate from 0.25 to 0.50 per cent. I agreed with the picture of economic developments painted in the most recent Monetary Policy Report and supported both the proposal to raise the repo rate by 0.25 percentage points and the repo rate path described in the Report.
Before I give you my answer to this question, let me briefly touch upon the question of the risks of introducing the digital euro and the potential downsides of its deployment. RISKS First, and this is something central bankers are concerned with the most - the potential of the digital euro for disintermediation. The story goes like this: if we deprive banks of their funding sources in the form of deposits and people then move those deposits with us instead, aren't we going to destabilise the system, suppress credit activity and eventually cause the decline of the economic activity? The ECB and the central banks first identified this risk in 2020, and now we believe there is a solution to it. With the right design of the digital euro that places a limit on the amount of digital euro per holder, we can successfully mitigate that risk and not allow the digital euro to become a source of instability. Another risk is a potential for market distortion that lies in the introduction of the digital euro when a public institution enters the private market, disrupts it and even competes with both current and future market participants. Why do that when we already have an innovative and well-functioning payment system in the EU? And isn't it that the markets always do things better and more efficiently driven by the invisible hand, with the regulators' task being only to level the playing field by providing an adequate legal framework?

Norman Chan: Hong Kong's development as the premier banking hub in Asia Opening remarks by Mr Norman T L Chan, Chief Executive of the Hong Kong Monetary Authority, at the HKMA Conference for Independent Non-Executive Directors (INEDs), Hong Kong, 16 March 2017. * * * Fellow INEDs, Ladies and Gentlemen, 1. Good morning and a very warm welcome to all of you to the inaugural Annual Conference of INEDs of banks in Hong Kong! Today is a very special day for us because it is the first time in Hong Kong’s banking history that we have gathered in one place over 100 INEDs, which represents 82% of the total INED population of 123. 2. Today is also special because it marks an important milestone of the development of Hong Kong as the premier banking hub in Asia. 3. In case you do not know already, the size of Hong Kong’s banking sector, as measured in the amount of banking assets, has exceeded $ trillion by end of 2016. This equals to 8 times of Hong Kong’s GDP, which is a powerful manifestation of Hong Kong’s position as an international banking centre. Having said that, one of the things that we have learnt from the Global Financial Crisis (GFC) of 2008: Big is not necessarily Beautiful. The bitter lessons of some of the aspiring financial centres such as Ireland and Iceland are clear and brutal reminder of the risks of pursuing fast expansion of the financial sector without giving proper attention to supervision and governance.
Bandid Nijathaworn: Economic volatility in the Year of the Rat Speech by Dr Bandid Nijathaworn, Deputy Governor of the Bank of Thailand, at a seminar on “Economic Volatility in the Year of the Rat, Fight or Flight”, organised by the Foreign Correspondents’ Club of Thailand, Bangkok, 6 March 2008. *  *  *  Thank you and good evening, Let me begin first by thanking the FCCT for the invitation. It must have been a long while since I last visited or spoke at a FCCT event, so it is good to be back. Tonight’s topic is economic volatility in the year of the Rat. According to Chinese astrology, Rat is an auspicious animal, and the year of the rat is usually a year of plenty, bringing opportunity and good prospects. So, I think we have a good start. And judging from what has been happening, this year looks to be interesting and challenging both for the markets and policymakers. At this time, we are seeing widespread fears of recession in the US, a deepening of the credit problem, and stubbornly high oil prices. These developments are definitely a negative setting for the global economy and financial markets. Tonight, my talk will focus on global economic volatility and possible implications for Thailand. And I want to do this by offering a perspective on how we see things developing from a financial regulator’s point of view. First, the US economy. Latest economic data from the US are not positive.

While the adjustments in housing market are also ongoing in Europe, and some European Banks have reported losses in CDOs, the impact on economic activities is expected to be more limited. For example, Consensus Forecasts in February, revised downward the Euro Zone’s GDP growth for 2008 by only 0.3 percentage points from December compared with a 0.5 percentage point downward revision for the US. For Southeast Asia, the impact is also forecasted to be limited. Latest consensus forecasts for Southeast Asia’s GDP growth is 5.7 percent for 2008, declining slightly from the forecast of 5.9 percent in December last year. These forecasts, together with the latest data, suggest that, in the short-term, things will likely get worse before they get better, and the slowing of growth in the US will impact growth globally. The key question, at this time, is how deep can things get before we see a turnaround. This is definitely an important, but a difficult question to answer. Market  BIS Review 29/2008  1  participants as usual will have a range of views, and I personally do not intend to offer another prediction. Instead, I want to share with you my thoughts on the current developments and on what this will mean for Thailand. To begin, one context that I think is useful in understanding the current turmoil is the unwinding of the global imbalance, triggered by corrections in the US housing market that began in 2006, and is now ongoing.