samchain/econo-pairs-v1 huggingface dataset:
With regard to these risks, I think it is appropriate for the Commission to address the complex but currently unavoidable issue of the oversight framework to be applied to critical IT service providers, including cloud service providers, and the equally important matter of the supervision of issuers and distributors of stablecoins, whether they be single or multicurrency coins. The pilote regime, which is intended to allow market trading facilities and central securities depositories to be exempted, for a period up to six years, from specific existing rules listed in the regulation, in order to trade, settle and register crypto-assets on distributed ledger technology might also invite central  banks to examine the conditions under which they could make available their own settlement asset, central bank money, beyond the inner circle of banks. 2- Adapting the regulatory framework will not be enough to keep up with the pace of innovation. At  the Banque de France, we consider it necessary to be a useful player in the innovation ecosystem, in pursuing two objectives: facilitate and experiment.

2  BIS Review 47/2007  In the services sector, we have strengthened the key areas of tourism, healthcare, education and financial services. We have been focusing efforts to become an international fund management and wealth management centre. More financial institutions are using Singapore as a regional hub to conduct their investment activities. Singapore’s asset management industry has continued to grow, with assets under management surpassing $ billion. This is complemented by the presence of an active financial research community. Singapore is also a hub for innovative equity products, including REITS (Real Estate Investment Trusts), Business Trusts, derivatives and ETFs (Exchange Traded Funds). Singapore currently has 16 listed REITs and 5 listed Business Trusts with a total market capitalisation of about $ billion. Given the huge developments taking place in Asia, more foreign capital will be required and Singapore could be the hub to raise capital for Asian real estate and infrastructure players. We are mindful of rising business costs. Office rental has gone up because of the spurt in demand. It should stabilize as more office space becomes available in the next few years. This year we have cut our corporate tax rates to 18%. I can assure you that our corporate tax rates will always be competitive. Talent, not just banks and investment houses, are drawn to a place where the living environment is clean, green, safe and buzzing with cultural vibrancy and business excitement.
There are many indications that the significance of the emerging economies for Swedish exports will continue to increase in the period ahead. This is an example of an important gradual change that has taken place independently of the financial crisis and which will affect developments in the future. It could perhaps be said that the crisis has contributed towards shedding light upon the increased significance of the emerging economies, as these are now driving the recovery of the global economy. Interestingly enough, the composition of products in Sweden’s exports, which was a disadvantage for Sweden when the crisis erupted, has now been turned into an advantage. There is a natural explanation for this: just as purchases of goods of this type (large amounts of which are exported by Sweden) were easy to postpone, so are they also easy to resume. However, over the last year or so, the krona has appreciated considerably, reducing the impetus previously provided by the weakened exchange rate (see Slide 5). At the same time, exports are far from being the only part of the Swedish economy that has grown. Domestic demand in the form of consumption and investments has developed very  3  This was entirely in line with the Riksbank’s forecast from February, which also predicted GDP growth of 5.5 per cent for 2010. 4  The slide shows percentages of goods exports, which constitute about two-thirds of Sweden’s total exports. BIS central bankers’ speeches  3  strongly.

The study also revealed bias towards highlighting the benefits of a product in explanation given by sales agents, while risks and costs were not adequately explained. The Bank is concerned with these findings as they undermined informed decision and judgements by consumers. We shall act on this findings. Insights drawn from the study will serve as input to the Bank’s comprehensive planned review of the mandatory disclosure regime, next year. 2  BIS central bankers’ speeches  The Bank will also work with key stakeholders including industry’s representatives to undertake targeted financial education strategies to elevate public awareness on the importance of reading and understanding product disclosure materials and financial agreements. Offer customised solutions that meet the needs of consumers It is no great secret that truly great businesses have one thing in common; they cultivate customer trust, every step of the way. Cultivating trust requires a systematic process, first, traditional distribution models of products and services must adapt with targeted solutions that meet individual needs and risk appetites. Second, marketing strategies must adopt a paradigm shift from product-push to an advisory model and provide better service orientation. Third, the industry must reflect to ask if it has done enough for its customers to meet their needs and demands. On many occasions, the industry has been reminded that in transitioning into the new landscape, it can no longer afford to rely solely on traditional business models and delivery channels.
If we cannot ensure that the waters are calm, we can at least steer a steady course. BIS Review 16/2001  1  I want tonight to look more closely at two clouds on the international economic horizon. First, the US slowdown and its consequences for the rest of us; and second, the risk of further financial crises in emerging market economies. Central bankers are good at finding clouds. We know that one is attached to every silver lining. And even on passing through the gates of heaven, a central banker would probably argue for greater structural reform while declaring the situation "not wholly unsatisfactory". But the two clouds are moving towards us. So let us examine them. The outlook for the world economy has deteriorated markedly in recent months as a result of the sudden slowdown in the United States and signs of renewed stagnation in Japan. The speed of the deterioration was a surprise, but not the fact of a slowdown. Last year saw the fastest growth rate of the world economy for twelve years. Growth in the US reached an annual rate of 6% in the second quarter of last year, well above even optimistic estimates of sustainable growth rates. A slowdown was not only inevitable; it was desirable. The main surprise in the US was the sharp and sudden break in both business and consumer confidence. US manufacturers' optimism is now almost as low as it was in 1991 - the last time the US economy experienced a recession.

Although it is not easy to reconcile the recent sharp falls in confidence in the US and the relative stability of stock market prices, it would appear that investors generally have taken comfort from the Federal Reserve's ability and willingness to react to the latest data, and take appropriate action. The second cloud on the horizon is the risk to emerging market economies posed by the US slowdown and the unwinding of imbalances in the industrialised world. In some emerging markets, especially those in East Asia exporting high technology products to the United States, the immediate outlook is for weaker economic growth. But for other countries, especially in Latin America, the fall in US interest rates and in the dollar against the euro will mitigate the direct loss of export demand. But the major concern is to avoid another financial crisis, of which there have been too many in the past five years. From Mexico in 1995, through the Asian crisis in 1997 and Brazil in 1999, and, more recently in Argentina and Turkey, sudden reversals of short-term capital flows have created financial crises. In many cases, these crises have proved devastating to the citizens of the countries affected. 2  BIS Review 16/2001  The existence of deep and liquid international capital markets offers opportunities for greater risk diversification by both borrowers and lenders. But it also increases the risk of contagion from one country to another affected by an outflow of short-term debt finance.
1  Economic Report to the President 2000, Council of Economic Advisers. 1  BIS Review 89/2000  This has a particularly strong impact when it occurs in conjunction with lower trade barriers and an increased exchange of trade. A popular example of the new international business to business is the joint electronic marketplace planned by the world’s leading car manufacturers. This is estimated to achieve a turnover of USD 250 billion and to cover 60,000 sub-contractors. Electronic trading in components in the motor vehicle industry is estimated to be able to reduce the cost of producing a car by almost 15%.2 The new internet markets will naturally lead to stiffer competition. Sub-contractors will experience fewer barriers to entering markets and the price picture will become more transparent. This means that strong suppliers will be able to push out weaker ones more quickly and sub-contractors’ margins will in general be put under pressure - the producer surplus will decline for the benefit of the consumers and prices will fall. Suppliers will be forced to rationalise and to improve in order to maintain their margins. The stiffer competition among those who remain will be the driving force behind continued growth in productivity. How IT will boost growth The more efficient production process and markets are both examples of boosts to productivity that will temporarily increase growth. A simple way of describing this is to imagine the new technologies and more efficient markets causing the path of the long-term potential GDP to shift outwards.

The remainder is the result of a more rapid increase in total factor productivity (TFP), that is to say, the part considered to be due to factors such as technology and organisation (slide 3). Half of this part 3  The Resurgence of Growth in the Late 1990s: Is Information Technology the Story? May 2000. BIS Review 89/2000  4  can be attributed to the production of IT products, but the remainder - corresponding to one third of a percentage point of the total increase - is attributable to a generally higher level of efficiency in the economy as a whole. Other studies have produced similar results. However, the question of how strong a relation this has to IT is still open. There are probably a number of factors working together in this process, such as deregulation, increased competition, a higher average level of education, etc. The new economy in Sweden While many people are wondering whether what has happened in the USA can really reach Europe, it cannot be denied that Sweden is showing many similarities. The good growth rate in recent years and low prices provide food for thought. Firstly, a few words on the conditions in Sweden compared with the USA. Here I am not merely talking about the most fundamental factor, ie a broad base of well-educated labour. Price stability and healthy public finances are also important conditions for providing a “new economy” with growing power.
On a fundamental level, all crises share causes and cures but they also have many differences. The cure is made up of two ingredients: 1) regain confidence to resolve a crisis; and 2) preserve confidence to prevent a crisis from repeating itself. Given the international dimension of this crisis and the proliferation of cross-border banking, the cure for this crisis also involves a third component – trust between authorities to enhance cross-border crisis management. So, the outline of my speech can simply be stated as: confidence, confidence and trust! Most financial crises will involve banks because banks are special. Banks are both central to all economic activity, due to their role in the payment system, and inherently unstable, due to the maturity mismatch from borrowing short and lending long. To avoid a run, a bank must maintain the confidence of depositors and market participants. If a bank loses the confidence of its customers, it faces problems. If confidence for the entire banking sector disappears, a financial crisis is a fact. The underlying idea of my cure is quite simple. Confidence is essential to operate a bank. Consequently, confidence is essential to prevent and resolve financial crises. More precisely, to resolve a crisis, the cure should restore the public’s and the market’s confidence in the banks. This should be done by acknowledging the losses and dealing with the bad assets. To prevent this crisis from repeating itself, measures should be taken to ensure that confidence does not dissipate so rapidly again.

A concrete example of the merits of financial integration is how the arrival of foreign banks resulted in a rapid development of the banking systems in the Eastern and Central European countries. The citizens and corporations of these countries benefitted substantially from early access to advanced financial services. The second solution – to create an international institution with taxation rights or a system of ex ante burden sharing – is simply not realistic for the foreseeable future. 4  BIS Review 118/2009  Consequently, we are stuck with the geographical mismatch and, as a consequence, crossborder banks pose a real challenge to crisis management. To accommodate this mismatch, national authorities must cooperate more effectively. This is the only feasible option. In order to achieve efficient cooperation, it is vital to build trust between authorities, which explains my third ingredient. In the EU, we have the home country principle as a fix for the geographical mismatch. We have also signed a European Memorandum of Understanding (MoU) aimed at improving cross-border cooperation. However, the home country principle does not solve the dilemma of international banks and national authorities. Tension arises because the home country is responsible for the supervision of branches but the host country is responsible for the financial stability of the country. This tension also persists if the foreign bank operates through subsidiaries. Many cross-border banks centralise different parts of management. There are good economic reasons for such centralisation.
Experience has demonstrated that we have to prepare for exceptional situations, and I would not exclude anything, and equally I will not pre-commit to anything ex ante. We'll always look at the situation on the basis of our own analysis, taking everything into account. China Finance: The EU member countries have endorsed somewhat coordinated fiscal stimulating packages. What's your view on the impact of large scale fiscal stimulus on the short and medium term growth and on the soundness of government finance in view of the Stability and Growth Pact? Indeed some Euro members sovereign debts have been downgraded recently as they are seen as overindebted. How serious negative impacts could this have on the credibility of the monetary union, given that the ECB has no fiscal power? Trichet: The most recent forecast of the European Commission shows that this year the budget deficit in the euro area countries will reach an average of 4%, with 7 countries out of the 16 above the 3% threshold. Its important to emphasise that this situation should be temporary and reversed as soon as possible. It should not be forgotten that the rules of the SGP are very important for the cohesion of the euro area. These rules are also underpinned by strong financial and economic principles. Governments have to take into account the fact that if their citizens consider that the fiscal policy of their government would not be sustainable in the long term, confidence would drain away.

Subject to achieving the target, the MPC is also required to support the Government’s economic policy objective, currently strong, sustainable and balanced growth. Accountability Under what Mervyn King termed constrained discretion, the Bank takes its orders from the remit and is accountable to Parliament and the people for its performance. Their expectations certainly have changed since Montagu Norman justified his decisions to a compliant predecessor of the TSC by appealing opaquely to his “instincts.” Not a response I’ve dared to venture during my thirty odd parliamentary testimonies. More seriously, the need for the Bank to be open and accountable is greater than ever, not only because of the growing distrust of institutions and the ‘experts’ who reside within them, but also because better public understanding makes our policies more effective. That’s why the Bank has increased dramatically the scale and quality of its outreach. We now publish all relevant information for each policy decision on the day it is released. We disclose the key judgments underlying our forecasts and account for differences when they occur. Leveraging our network of 12 regional agencies, we meet with thousands of businesses every year, discuss with the tens of thousands of people who attend our town halls and Public Forums, and engage with the hundreds of thousands more through social media. Performance and Lessons Learned The gains from independence have been enormous. In the two decades that followed independence, inflation averaged just under 2% compared with over 6% in the preceding two. It’s been one-fifth as volatile.
Focussing too much on short-run movements in demand may lead it to misjudge the outlook for inflation. It is not possible to form a view about the extent of spare capacity in the economy – the so-called output gap – without explicit judgements on how much the economy is capable of producing. But it is really quite difficult to disentangle movements in the output gap from changes in supply capacity. One economist’s output gap is another economist’s change in supply potential. That issue has been central to the deliberations of the Monetary Policy Committee in recent months. The current outlook for inflation – and hence interest rates – depends not only on the prospects for demand but also upon whether the changes to the supply capacity of the economy that we observed in the past will persist or reverse. Over the past year or so, a degree of uncertainty has entered the economic landscape on both the supply and demand side. So what is causing this uncertainty? On the supply side, inflows of migrant workers from the new member countries of the EU remain high. That may or may not continue, and we cannot be sure that migrants would stay in the UK if the labour market were to turn down. And it is also unclear whether businesses will be able to recruit staff as easily as in the past when, as the prices of imported goods and services fell, the real value of take-home pay rose without higher wage settlements.

The liquidity created by low official interest rates around the world has helped to push down long-term real interest rates and compress credit spreads to unusually low levels. That monetary stimulus is now being withdrawn. Since January, long-term interest rates have moved up, and now other asset prices are responding. So far we have seen little more than a modest correction to the prices of a wide range of assets that had risen sharply over the previous two years. The realisation that such levels of asset prices were unlikely to be sustainable, coupled with a tightening of monetary policy in many countries, has injected uncertainty into financial markets. And it is hardly surprising that, as investors searching for yield realised that they might have underestimated the uncertainties, the price of risk moved up. Even though the monetary stimulus around the world is now being withdrawn, its effects are still being felt. There are some signs of inflationary pressures in the main industrial countries. Even in China, with its growing manufacturing base and large pool of labour, some indicators are showing upward pressures on export prices. And in turn that is raising our import prices, over and above the increases resulting from higher energy costs. At home, we can take some comfort from the fact that, despite sharp increases in energy prices, both consumer price inflation and inflation expectations have remained close to the target.
Capital is not dead money, as is sometimes implied. It is available for disposal in order to finance the assets side of the balance sheet, including lending. Furthermore, there is no universal principle that says banks with more capital have less lending capacity; in fact, research has confirmed that banks with stronger capital had an easier time obtaining funding during and after the financial crisis, and they reduced their lending to customers less than other did — aside from merely surviving. Lúdvík Elíasson and Önundur Páll Ragnarsson (2018) “Short-term renting of residential apartments, Effects of Airbnb in the Icelandic housing market”, Central Bank of Iceland Working Paper no. 76. See: www.sedlabanki.is 2  5  Most companies need equity, as banks and other lenders are usually reluctant to grant loans to companies without it. But where banks are concerned, other factors are involved. Banks receive sight deposits, which are a part of payment intermediation in any country, but at the same time they are long-term investors on the assets side, with the associated risk of a run that could render them unable to honour their obligations. Such runs on banks are often connected to uncertainty about the banks’ capital. This is where central banks come in as liquidity providers and lenders of last resort, in addition to deposit insurance and other contingency measures that are part of the official safety net for the banking system. But the safety net creates a moral hazard that entails taking excessive risk at taxpayers’ expense.

As we have demonstrated, the Swiss National Bank is prepared, in a crisis situation, to take exceptionally far-reaching measures to fulfil its mandate. In doing so, the SNB is making its contribution to a favourable and stable business environment and, ultimately, to a continuously prosperous economy. 18  The extent of the real appreciation of the Swiss franc varies depending on the country sample, the deflator and the weighting method. In terms of the real exchange rate indices calculated by the SNB and the BIS using the CPI deflator, the Swiss franc has appreciated between 14% and 15% in real terms since the collapse of Lehman Brothers. The SNB’s export-weighted exchange rate vis-à-vis 40 trading partners shows an appreciation of 14%. 19  Cf. Jean Monnet (1976): Memoires. 8  BIS Review 157/2010