samchain/econo-pairs-v1 huggingface dataset:
28-29 March, BIS, Basle. 13 Heikensten, Lars (2005), “Introduction on Monetary Policy” speech to the Committee on Finance, Swedish Parliament, Stockholm, 15 March. 8  BIS Review 43/2005

we use cookies together, youtoare theagree blueprint serve the foundation forcan our global This isbythe house we're going to live in for a long time. Let's build it to last. reviewing our Privacy Statement. 1 Alternative Reference Rates Committee, ARRC Commends Decisions Outlining the Definitive Endgame for  LIBOR, March 5, 2021. 2 Alternative Reference Rates Committee, Progress Report: The Transition from U.S. Dollar LIBOR, March  31, 2021. 3 John C. Williams, 901 Days, Remarks at Securities Industry and Financial Markets Association (SIFMA),  New York, July 15, 2019. 4 Forum on Ongoing Innovation in Reference Rates for Commercial Lending, Presentation materials,  Federal Reserve Bank of New York, New York, November 18, 2020. 5 Alternative Reference Rates Committee, ARRC Identifies Market Indicators to Support a Recommendation  of a Forward-Looking SOFR Term Rate, May 6, 2021. 6 Alternative Reference Rates Committee, Second Report, March 2018. 7 John C. Williams, 537 Days: Time Is Still Ticking, Remarks at LIBOR: Entering the Endgame, Webinar,  July 13, 2020. See also: Financial Stability Board, Reforming Major Interest Rate Benchmarks, November 20, 2020; and Bank of England Financial Policy Committee, Interim Financial Stability Report, May 2020. 8 Alternative Reference Rates Committee, The ARRC Selects a Broad Repo Rate as its Preferred Alternative  Reference Rate, June 22, 2017. 9 John C. Williams, 537 Days: Time Is Still Ticking, Remarks at LIBOR: Entering the Endgame, Webinar,  July 13, 2020. See also: Federal Reserve Bank of New York, IOSCO Compliance, as of May 2021.
Europe depends on it; its independence from the other big global regions depends on it; and so too does the strength of its economy. 4  My message is clear: we, as regulators, regard innovation as key. Within Europe, France has many strengths that can make it a leader in the digital transition. You are the driving force in this, with your audacity and your successes; it is up to us – the Banque de France and the ACPR – to ensure that we are capable partners - vigilant when necessary and always openminded. Rest assured we are fully mobilised towards this goal. Thank you for your attention. 5

There are many self-regulating mechanisms in the economy, but inflation does not regulate itself. The inflation target of 2.5 per cent also provides a framework for the social partners. Over time, nominal wage growth above 2.5 per cent will entail higher real wages and higher purchasing power. Real wage growth that exceeds productivity growth may lead to higher inflation and higher interest rates. In government-financed enterprises, which are often labour-intensive, budgets are adapted to expected wage growth. This is usually in line with assumptions about cost inflation in the economy as a whole and with the inflation target. If wages rise more than this, efficiency must be increased in order to minimise the adverse impact on service production and customers. 2  Calmfors and Driffill (1988): “Bargaining structure, corporatism and macroeconomic performance”, in Economic Policy, April, 14-61 and Driffill (2006): “The Centralization of Wage Bargaining Revisited. What have we learned?” in Journal of Common Market Studies, Vol. 44, no. 4, November, 731-756. BIS Review 122/2007  3  All economic agents can plan ahead on the assumption that inflation will be about 2.5 per cent over time. This is the most valuable contribution Norges Bank can provide the social partners and other economic agents. Thank you for your attention. 4  BIS Review 122/2007  BIS Review 122/2007  5  6  BIS Review 122/2007  BIS Review 122/2007  7  8  BIS Review 122/2007
Based on that, the following crimes are classified as medium threats to money laundering situation in Malaysia: •  Organised Crimes  •  Human Trafficking & Migrant Smuggling  •  Forgery  •  Theft and Robbery; and  •  Counterfeiting of Currency  Human Trafficking and Migrant Smuggling, although currently assessed as medium threat is also seen as an emerging threat for Malaysia as this criminal activities is believed to generate substantial proceeds and may be further pursued if not enough enforcement actions are taken by the law enforcement agencies. If left unchecked, this type of crime may have the potential to pose high risk threats to the country from money laundering perspective. The following crimes are classified as low threats from money laundering activities: •  6  Sexual Exploitation  BIS central bankers’ speeches  •  Arms Trafficking  •  Counterfeiting and piracy of products  •  Insider Trading and Market Manipulation  •  Murder  •  Environmental Crimes  •  Extortion  •  Kidnapping  •  Sea Piracy  Terrorism Financing threat is classified as medium risk taking into consideration the following factors: •  Insignificant number of terrorism and terrorism financing incidents in Malaysia  •  Primary groups (such as Jemaah Islamiah (JI) and Kumpulan Mujahidin Malaysia (KMM) have been dismantled)  •  Evidences so far indicate self-financing by individual terrorist.

As I understand from the organiser, this year’s conference has a fairly diverse audience comprising more than 400 participants from the financial sector, government agencies and the public including participants from other countries. This reflects the strong level of interest and commitment by all parties involved in AML/CFT. Money laundering is a serious global problem. At the global level, the International Monetary Fund (or the IMF) estimated the extent of money laundering to be at 2% to 5% of global GDP. According to the United Nation Office on Drugs and Crime (UNODC), this translated to 800 billion to 2 trillion US dollars in current GDP. Whilst the UNODC acknowledged that the margin between those figures is huge, even at the lower estimate it underlines the seriousness of the problem and the devastating impact that it would bring to any country. In Malaysia, for the year of 2011 and 2012, the law enforcement agencies investigated serious crimes involving a total amount of RM13.1 billion. This is the amount that has the potential to be laundered through our system. We recognized that the actual extent of money laundering is difficult to measure. As it is widely acknowledged internationally, for every 10 crimes committed, only one will get reported. Certain types of crime may not be reported, let  BIS central bankers’ speeches  1  alone be investigated. For example, in the case of corruption, if both the giver and taker are willing parties, the case will not be reported unless there are reports from the third party.
The challenge here is to promote greater roles of Asia’s own financial institutions without compromising the open, competitive, and level playing field that has been the hallmark of the region’s financial markets. The fourth observation is the concern about the attendant risk associated with increased financial flows and integration. With increased flows, the region’s financial markets are susceptible to greater risks and spillovers from the international financial markets. The issue then is whether a better system is needed to help mitigate and manage these risks. And the fifth is the concern about the region-wide benefits of the efforts we are doing on financial market development and integration, given the vast diversity of the economies and markets in the region. Ideally, regional financial development should be a win-win situation. Nonetheless, the uneven pace of development and unbalanced focus could risk hallowing out the region’s financial system. And if this happens, it could sow a seed for future instabilities. I think these observations and concerns are important, and in a way they point to the issues that should be addressed in our next step of financial reform. And it is in this context that I see the World Bank Flagship study on East Asian financial markets to be timely. And from what I heard this morning, significant benefits and insights can probably be gained from this study, and be useful to our future works in the region.

And our White Paper MAP breaks down this process into five key areas — Under “M”, the white paper lays out new developments in Regtech, and explores their importance to Hong Kong’s banking industry Under “A”, the white paper assesses prevailing practice, and attempts to define and evaluate existing barriers to Regtech adoption As for “P”, there are three elements involved. The first element is about laying out a common practice framework for implementing Regtech in Hong Kong; the second element involves making practical recommendations for initiatives that can contribute towards the wider adoption of Regtech; and the third element is about delivering a practical roadmap of the HKMA’s plans for promoting Regtech adoption. 20. The White Paper is actually based on findings from a survey of banks and Regtech providers, interviews with industry stakeholders, benchmarking against other jurisdictions, and an analysis of Hong Kong’s Regtech progress so far. Some of you may have offered your valuable contributions to it. So, taking this opportunity, I thank those of you who have done so for your generous help and support. 21. The White Paper will be available for public download through our official website later today. Here, let me give you a quick snapshot of some of its key contents. 2/6  BIS central bankers' speeches  Regtech adoption barriers 22. First and foremost, about Regtech adoption barriers. 23. We note that Regtech adoption in Hong Kong has made significant progress in recent years.
Figure 10 CPI monthly inflation (percent) 2.0  2.0  1.5  1.5  1.0  1.0  0.5  0.5  0.0  0.0  -0.5  -0.5  -1.0  -1.0  -1.5  -1.5  Jan.  Feb.  Mar. Apr. May  2001-2006 average  Jun. 2007  Jul. Aug.  Sep.  2008  Oct.  Nov.  Dec.  2009  Source: National Statistics Bureau (INE). 12  BIS Review 65/2009  Table 3 Inflation (annual change, percent) 2006  2007  2008  2009 (f)  2010 (f)  Average CPI inflation December CPI inflation CPI inflation two years ahead (*)  3.4 2.6  4.4 7.8  8.7 7.1  2.3 0.6  1.5 2.3  Average CPIX inflation December CPIX inflation CPIX inflation two years ahead (*)  3.2 2.7  4.0 6.3  8.4 8.7  3.7 0.5  1.1 2.2  Average CPIX1 inflation December CPIX1 inflation CPIX1 inflation two years ahead (*)  2.5 2.4  4.1 6.3  7.8 7.9  3.8 1.0  1.0 2.2  2011 (f)  3.0  2.9  3.0  (f) Projection. (*) Inflation projected for the second quarter of 2011. Source: Central Bank of Chile.

Table 2 Economic growth and current account (annual change, percent) 2007  2008  2009 (f)  GDP National income  4.7 7.1  3.2 3.8  -0.75 to 0.25 -2.8  Domestic demand Gross fixed capital formation Total consumption Goods and services exports Goods and services imports  7.8 12.0 7.1 7.6 14.9  7.4 19.5 4.2 3.1 12.9  -4.7 -14.3 0.2 -1.7 -10.6  Current account (% of GDP)  4.4  -2.0  -1.8  (f) Projection. Source: Central Bank of Chile. BIS Review 65/2009  11  Figure 9 Effective inflation and inflationary outlook Inflation indicators  EES: Inflation expectations  (annual change, percent)  (annual change, percent)  10  10  8  8  6  6  4  4  2  2  0  0  -2  -2 01  02  03  04  05  06  07  08  7  7  6  6  5  5  4  4  3  3 2  2 02  09  CPI CPIX CPIX1 CPI minus foods and energy  03  04  05  06  Two years ahead  07  08  09  One year ahead  Sources: Central Bank of Chile and National Statistics Bureau (INE).
To this end, MAS has proposed a new Capital Markets and Financial Advisory Services (CMFAS) examination module on product knowledge for representatives who want to sell “complex investment products”. MAS has been working with representatives from various industry associations and The Institute of Banking and Finance to develop this CMFAS examination module. But in addition, financial institutions must ensure that their representatives keep up to date with market developments. MAS will review and intensify our supervision of financial institutions in the sale of investment products, and commit more resources to this. We will continue to use thematic and ad-hoc inspections to review compliance policies, procedures and controls of financial institutions. MAS’ supervision cannot replace the primary role of the Board and senior management to ensure that controls and processes are implemented robustly by all their staff in all dealings with customers, at all locations. We will therefore scrutinise the steps being taken by Board and senior management to ensure fair dealing by the financial institution with its customers. This will include areas such as product approval due diligence, as well as the pay and incentive structures for sales and advisory staff, and their training and supervision. Downstream, we will increase the use mystery shopping to complement inspections and other supervisory tools to help us identify specific areas where financial institutions are falling short.

Politicians cannot make beautiful declarations about providing their citizens with the best possible financial services at the lowest possible prices without facing the consequences of that. In practice, this might mean stopping the nurturing of national champions. At the moment it is quite obvious that in banking no significant cross-border deals can be made without the silent approval from concerned governments. No wonder, banking integration is slow. BIS Review 22/2004  3  To conclude: in order to gain the full benefits of financial integration, we must build a regulatory framework which minimizes the costs and barriers of cross-border expansion. This does not have to mean less regulation, but certainly more efficient and harmonized regulation. Again, there must be an efficient process to continuously update banking regulation to take account of developments in banking activities, instruments and structures. At the same time, we must adjust our supervisory and crisis management arrangements so that we can deal with this new banking landscape in an adequate way. We have had enough of declarations. Let us now move to attack the real political problems. 4  BIS Review 22/2004
And, in line with this objective, foreign investments abroad by residents have been discouraged, to ensure that there are sufficient funds available for domestic investments. This stance of monetary policy will be reviewed when Government’s Budget for 2010/11 is finalized in June this year. Now let me say something briefly about interest rates. BIS Review 49/2010  3  4. Interest rates and bank fees  Ladies and Gentlemen, in the past twelve months or so, there has been much criticism by the private sector and the public at large of our relatively high interest rate environment. This debate has been ongoing since the outbreak of the global recession two years ago. Reflecting the continued easing of monetary policy, the Central Bank’s official interest rates have declined steeply to record low levels. Consequently, the commercial banks’ deposit rates have also fallen sharply. In the event, the commercial banks’ weighted average lending rate has declined to 10.7 percent in January this year, from 12.5 percent in March 2008. The commercial banks have undertaken to effect further reductions in their lending rates in the near future. These further reductions reflect the maturity of several long term wholesale deposits which have been reinvested at lower rates. In the medium to long term, the Central Bank is aiming at reducing the interest rates in Samoa, to be closer to those of our major trading partners (such as Fiji).

And from then until last year, we had a central bank that had been deprived of the authority to intervene in the functioning of the financial system. But the Central Bank is not alone on the stage. Sound economic policy is a triumvirate comprising the Central Bank, the Treasury, and the labor market partners, all of which must work together to keep the economy in balance. These three members of the triumvirate must act in concert in order to ensure stable prices, stable purchasing power, and low interest rates for the long term. We can do this just like other countries can. We will do it. And the Central Bank will do its part. Sixty years of Central Bank operations should give us a reliable roadmap to the future. We who work for the reunified Bank are champing at the bit in our excitement to take on the tasks that await us. Now let us watch the video about the design of Iceland’s banknote series, in commemoration of the 40th anniversary of the redenomination of the Icelandic króna. Thank you  5/5  BIS central bankers' speeches
This, in my view, is a major challenge for all of us in the financial community. The second major challenge to the Thai economy is how to cope successfully with volatile global financial markets and an appreciating baht. This challenge is the more pressing of the two. Let me explain why. Thailand, like many emerging market economies with a small and shallow financial market, is particularly vulnerable to fast-moving international capital. Such rapid movements of capital flows, if vastly out of line with our ability to absorb it, can have negative impacts on the export or import sectors, depending on the direction of the exchange rate movement. In our case, the recent surge in speculative capital inflows caused a rapid one-way appreciation of the baht relative to regional currencies. The appreciation momentum hardly reflected our economic fundamentals. Left unchecked, it could have presented a clear threat to growth and stability – beginning with export, a current engine of growth, trickling down to the real sector, and eventually harming financial stability. In dealing with currency appreciation, the prevailing wisdom of "letting the market work" has been given a chance. Yet the baht kept rising against almost all major and regional currencies at an alarming speed. Letting such rapid appreciation work itself out could have entailed significant risks to our agriculture sector, which employs nearly 40% of the labor force, and small and medium-sized firms in the labor-intensive manufacturing sector. We recognize that the real sector needs to adjust.

I hope that we will continue to build on this great relationship. Ladies and gentlemen, Tomorrow, March the first, the Bank of Thailand will implement a final review of the reserve requirement measure to give more flexibility to investors. Fully hedged capital inflows for the purchases of bonds, mutual fund shares, and property fund shares will be exempted from the reserve requirement. In essence, all investment flows that are until today subject to the reserve  4  BIS Review 20/2007  requirement will be given a full-hedging option. With this announcement, let me conclude my talk this evening. Thank you for your kind attention. BIS Review 20/2007  5
As the largest source of foreign direct investment in the mainland, and as China’s main financial conduit and funding centre, Hong Kong will stand to benefit considerably from the increased demand for banking services in China. There are, however, potential diversion effects that Hong Kong, and in particular Hong Kong’s banks, will have to consider and address if they wish to make the best out of their competitive advantages. Size will be an issue for banks wishing to enter the banking market on the mainland. Although size is not necessary a good indication of quality, it is a convenient regulatory tool, and I do not see, at least in the foreseeable future, any likelihood of relaxation in the size criterion of USD 20 billion. I have been in regular dialogue with the People’s Bank of China on this, and I can understand and appreciate the constraints imposed by the terms of the WTO negotiations on any relaxation which may facilitate the consideration of entrance by smaller Hong Kong incorporated banks, along with foreign banks of similar size. So the question of consolidation - which already has other advantages to commend it arises again. It is also quite natural that foreign banks will find it attractive to deal directly with the mainland, rather than through Hong Kong. But there should still be factors that encourage them to continue to use Hong Kong as a base.

At the extreme end of the spectrum there are those who believe that China’s WTO entry will be one more nail in the coffin, one more noose around the neck, for Hong Kong: that the diversion of business that will result from the now well-advanced infrastructural development in China’s coastal cities and the direct access provided through WTO membership heralds the demise of Hong Kong’s historical role as intermediary between China and the rest of the world. In support of this, the impressive physical developments in Shanghai, the readiness - and the skill - with which our colleagues on the mainland are embracing the English language and the internet, the important regulatory reforms are all cited as if it will only be a matter of a couple of years or so for all the business now going on in Hong Kong to be lifted up and poured into the millions of square feet of gleaming new office space now waiting in Pudong. The outlook is, I think, somewhat more complicated, and a great deal more positive, than this scenario suggests. And it is worth adding that we have seen so many nails hammered into Hong Kong’s coffin that the coffin is now more metal than wood.
This will be aided by anticipated strong performance in the external sector, already reflected by favourable performance in the first half of the year.   Inflation is expected to slow down to 7.0 percent by end of 2011. The bumper harvest recorded during the 2010/11 harvest season is expected to dampen effects on overall inflation through the food component.   In the mining sector, copper production is expected to increase due to continued investments in the mining sector.   In addition, the major infrastructure projects currently taking place are expected to support growth in the construction sector.   As the global economy continues to recover from effects of the global economic crisis, growth in tourism is also expected in 2011.   The positive developments recorded in the Zambian economy thus far will go a long way is shaping tomorrow’s future. This should trickle down to all sectors of the economy and raise employment and income opportunities for Zambians, and therefore be lifted the majority of people out of poverty. BIS central bankers’ speeches  3  IMPLICATIONS OF RECLASSIFICATION OF ZAMBIA TO MIDDLE INCOME STATUS   Effective July 1, 2011, Zambia has been reclassified by the World Bank as a lower middle income nation.

HOW LOCAL BUSINESSES CAN POSITION THEMSELVES TO TAKE ADVANTAGE OF THE OPPORTUNITIES ARISING FROM THE ABOVE   Local businesses should take advantage of the improved confidence in the Zambian economy to access cheaper credit from the international capital markets;    Higher domestic incomes imply higher domestic demand; thus local producers can take advantage economies of scale from increased production for the domestic market;    Local businesses should also take advantage of the opening up of new mines and the establishment of MFEZ in adding local content to the products. This will entail making local products and services more competitive. 6  BIS central bankers’ speeches