samchain/econo-pairs-v1 huggingface dataset:
The reports, so far, show that more than 20.000 firms have benefited from this easing, who have a credit at banks which account for higher than EUR 2 billion. Also, we have temporary suspended the allocation of dividend by the banking sector, for the purpose of strengthening the capitalisation indicators of this sector. Dear guests, The reaction philosophy of the Bank of Albania is the mitigation of crisis consequences and the establishment of preconditions for a rapid recovery of the economy once the pandemic is overcome. In detailing this philosophy, we deem that: the safeguarding of the monetary and financial stability, and the minimisation of the negative effects of pandemic on our production capacities, are two crucial preconditions for the recovery. For this reason, the objective of our policies is the application of the right stimuli in timely manner, without prejudice in any moment to the monetary and financial stability of Albania. I am confident that both business community and the banking sector share this philosophy. 2. Business and banking sector in face of Covid-19 As I already emphasised, the Albanian business is facing a serious challenge to its future. This challenge has almost existential dimensions in certain segments. At the same time, the longterm soundness of banking sector is closely related with the soundness of business. Banking credit to firms is almost 4 times higher during the last two decades.

Of course, since new forms of shadow banking activities are certain to develop in the future, FSB members will continue to monitor for emerging risks, and share data and analysis in order to support any future regulatory response. 9 The data refer to the UK, the US and the Euro Area, as of June 2009 (see Bank of England Financial Stability Report, June 2009). 5  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  5  These include reforms to secure the tools and powers authorities need to deal decisively with failing banks. At the same time, major banks are required to make themselves easier to resolve, including by writing ‘living wills’. Most importantly, global standards now require that banks hold sufficient debt in life such that, in the event one fails, its successor can be recapitalised to support the continued operation of its most important activities. The combination of these initiatives and the determination of authorities to complete the job explains why the too-big-to-fail public subsidy for private systemic banks has fallen by 90% in the UK. Put simply, a decade on, market discipline is coming back. The system is also fairer because we are addressing the root causes of misconduct. In the wake of the crisis, a series of scandals ranging from mis-selling to manipulation undermined trust in banking, the financial system and to a degree markets themselves. The economic consequences have been enormous.
Therefore, the central bank would have to fine-tune its monetary policy measures to provide adequate liquidity to support economic growth, while avoiding the build-up of inflation and inflationary expectations. Financial Stability means ensuring the effective functioning of the financial system and avoiding banking, currency and payment crises. The stability of the financial system is essential for the attainment and maintenance of price stability, building confidence of the public in the financial system, mobilizing savings and allocating them to the most productive uses. For this purpose, it is necessary to ensure a stable macro-economic environment, an effective regulatory framework, organized financial markets, sound financial institutions and a safe and robust payment infrastructure. In order to strengthen the supervisory mechanism on banks and non-bank financial institutions, action has been initiated to establish a closer dialogue with auditors and senior management of such financial institutions. With regard to work practices, during my first few months, I have instituted certain changes which I feel would serve not only to reduce the stress on the senior management but also to create a stimulating and challenging environment for work for all the categories of employees. The Central Bank is a prestigious institution, which is considered a model employer and is therefore, in a position to recruit the cream of talent passing out of universities and professional bodies. The number and quality of aspirants for Central Bank employment reflect this.

Michael C Bonello: The euro and beyond Welcome address by Mr Michael C Bonello, Governor of the Central Bank of Malta, at the Conference “EMU Governance and Euro Changeover – Malta on the Path to the Euro”, Valletta, 1 October 2007. *  *  *  Prime Minister, President of the European Central Bank, Mr. Jean-Claude Trichet, Commissioner for Economic and Monetary Affairs, Mr. Joaquin Almunia, Excellencies, Distinguished Guests, Ladies and Gentlemen, Malta’s forthcoming adoption of the euro represents the final step in the country’s integration in the European Union (EU) and is clearly a major milestone in its economic history. The presence here today of such a distinguished gathering indeed testifies to the importance of the occasion. I therefore would like to start by joining the Prime Minister in extending a warm welcome to President Trichet, Commissioner Almunia and our other guests from abroad, including the Governors and other senior officials of twenty-two national central bank members of the European System of Central Banks. Reaching this milestone has by no means been an easy task. At the level of macroeconomic policy, difficult decisions were called for, and taken, to start addressing existing imbalances and other impediments to growth in order to satisfy the Maastricht criteria. As for the logistics involved in preparing for the change of currency, a wide-ranging effort has been undertaken during the past two years to mobilise both the public and private sectors and to coordinate preparations at a national level.
We have now finished our ‘Plan Analyse Design’ phase of the programme, meaning we have defined its scope, with input from the payments industry. We’re on track with the next phase of the Programme, where we are running a competitive procurement process under the Official Journal of the European Union to appoint a Technology Deliver Partner to work with the Bank on the design and build of the settlement engine, the foundational part of this core financial infrastructure. Increased operational resilience is at the heart of the renewed RTGS service – which aims to offer best in class resilience. We are building on today’s functionality with increased resilience and strengthened end to end risk management, to enhance our ability to identify, mitigate, and respond to the most significant risks, including cyber risk. In this context, I’d like to highlight that CHAPS members have recently commended GFMA’s work14 on developing a ‘Cybersecurity Profile’ to us, in our role as systemic risk manager for CHAPS. Additionally we are recognising the changing environment in which RTGS operates – the demand for faster, simpler, cheaper and more flexible ways to pay. And we are ensuring the new system will be a flexible, innovative sterling settlement system fit for the future, contributing to a more diverse and resilient payment landscape. I’m going to highlight some of the ways we are delivering this. We are exploring whether the new service could facilitate synchronised settlement.

The proportion of women on the Executive Commission now stands at 40%, while at the senior management level, two of the seven directorates general, namely the important areas of Banking Supervision and Cash and Branches, are currently headed by women. These figures demonstrate the Banco de España’s commitment to diversity and the role of women in management positions; however, these changes are taking place at all levels. 1  As many of you know, I am a bank examiner by trade. When I joined the Banco de España, a number of years ago now, banking supervision was a highly male-dominated profession. This has changed radically. In the latest banking supervision intake, the majority of those qualifying for the entry examinations were women (54%). What’s more, not only was the majority reasserted following the exams, it was amplified (61% of those who passed were women and 39% men). This result occurred naturally, meaning without any explicit policies, positive discrimination or quotas. A higher number of women passed simply because their examination results were better. Despite this headway, more work unquestionably needs to be done to ensure equality in all areas of leadership and team management. At the Banco de España, we are working towards this on several levels.
Some growth epochs have seen secular stagnation, others secular innovation. Understanding the  1  Stiglitz, Sen and Fitoussi (2009). 2  Measured at purchasing power parity exchange rates and, for the moment, not on a per capita basis. 3  Summers (2014), Vox-EU (2014). 4  Hansen (1938). 5  For example, Gordon (2012, 2014), Summers (2014), Cowan (2014). 6  For example, Brynjolfsson and McAfee (2014), Mokyr (2014), Arthur (2011). BIS central bankers’ speeches  1  determinants of these growth phases – sociological and technological – provides insight into the forces of secular stagnation and innovation operating today.7 What follows is a cocktail of economics, history, sociology and psychology. For those seeking a common denominator, it is sitting between your ears. Psychologist Daniel Kahneman says the brain has two ways of thinking (fast and slow). 8 The same may be true, and for many of the same reasons, when understanding growth (fast and slow). The short history of growth Let me start with the short history of growth. This is shown in Chart 1 which plots (log) world GDP per capita back to 1750, the dawn of the Industrial Revolution. Save for wars, it suggests a straight-line growth path over the past 250 years or so, averaging 1.5% per year. That means each generation has been around a third better off than its predecessor. Growth has driven secular rises in living standards, generation by generation. While steady, growth has not been constant.

Short-term inflation fluctuations around the central bank’s target, for instance, those observed in Russia in 2017, 2018, and 2019, with inflation expectations being relatively stable and even lowering, do not contradict price stability. Conversely, high inflation expectations that might entail a longer-lasting deviation of inflation upwards from the target involve significant risks to it. These are the risks of a decline in the purchasing power of incomes and savings, which is especially sensitive for the most economically vulnerable groups of the population. Monetary policy should mitigate such risks. Therefore, already in March 2021, as the economy bounced back to its pre-pandemic level, the Bank of Russia started to raise the key rate from its record-low of 4.25% to 6.5% p.a. following the July meeting of the Board of Directors. The Bank of Russia will make decisions on its further moves depending on the path of economic development and the trends of inflation and inflation expectations. Baseline scenario I would like to remind you that the Bank of Russia updates its medium-term baseline forecast four times a year in the course of the Board of Directors’ core meetings on the key rate. The forecast presented in the draft Guidelines was released earlier following the meeting held on 23 July 2021, but this draft extends the forecast horizon to 2024.
Thailand’s better performance this year, notwithstanding a lackluster global economy, has been supported by the strong momentum in both domestic demand and exports. Front-loaded fiscal measure sparked up the initial momentum in domestic demand, while private consumption and investment are now adding firmly to the growth process. As the regional economies began to recover in the last five months, export growth has also provided an additional impetus to the recovery. Along with this recovery, inflation remains subdued, credit growth has turned positive, and business profits are improving, encouraging firms to expand their capacities through new investment. These broad movements are indicative of a positive dynamic linked to the current recovery. The most significant improvement since the crisis, however, has been the strengthening of external stability. Continued current account surpluses have allowed external debt to run down in concomitant with a build-up of international reserves. The coverage ratio of reserve to short-term debt has risen to 290% in July 2002, four times the ratio at the end of 1997. Ladies and Gentlemen, Although I share the view that the worst may now be behind us, I believe Thailand still has some way to go. The key question is how can we make it last, especially now that the global economic recovery  BIS Review 62/2002  1  may be somewhat slower than earlier anticipated? The answer to this question probably lies in the answers to yet another important question: what have we learnt from the recent crisis?

M R Pridiyathorn Devakula: Thailand's emergence from the crisis - new paradigm for sustainable growth Speech by Mr M R Pridiyathorn Devakula, Governor of the Bank of Thailand, at the International Conference on "Economic Recovery and Reforms", Bangkok, 28 October 2002. *  *  *  Distinguished Guests Ladies and Gentlemen, It is my great pleasure to be here with you tonight. I would like to begin by welcoming you all once again to Bangkok and to this important international conference on Economic Recovery and Reforms. I would also like to express our appreciation to the Faculty of Economics, Thammasat University, the main organizer of the conference, in allowing the Bank of Thailand to co-host the event. Our appreciation also goes to the distinguished scholars who came from all over the world to share with us their perspectives on this important topic. To many of us here, especially those in the Asian region, the 1997 financial crisis has completely changed our lives. It was, in a way, a sharp reversal of fortune when suddenly things that were thought to be good before the crisis became no longer good enough. And terms like ‘restructuring’ and ‘reforms’ have then become something of a norm. This long and tiresome journey has now lasted for more than five years, and naturally begs a question, “when are we going to get out of this abyss?” This question is particularly pertinent to Thailand. After all, the Asian crisis started here.
6  Other societies espouse comparable principles, “It cannot be acceptable in a democratic society that a group of unelected individuals are vested with important responsibilities without being open to full scrutiny and accountability.” Cf. speech given by Alan Greenspan on 5 December 1996 on “'The Challenge of Central Banking in a Democratic Society,” Washington D.C. Also, “Democratic principles demand that, as an agent of the government, a central bank must be accountable in the pursuit of its mandated goals, responsive to the public and its elected representatives and transparent in its policies.” Cf. speech given by Ben Bernanke on 26 May 2010, on “Central Bank Independence, Transparency and Accountability,” Tokyo. BIS central bankers’ speeches  3  responsibility for its own area.7 Each year we submit an Accountability Report to the Federal Assembly, in which we outline how we have fulfilled our mandate. Also, on frequent occasions we are called upon to provide a full account of our actions to the relevant parliamentary commissions. In addition, we provide the general public with regular information about our assessment of the economic situation and monetary policy – in press releases or half-yearly media conferences immediately after our quarterly monetary policy assessments, in speeches and in interviews. In this way we ensure transparency. Through our legal status as a joint-stock company, we also have duties towards our shareholders which we fulfil each year, at the General Meeting, within the framework set out by the National Bank Act.

This transformation reflects the coming-of-age of the Islamic banking industry after more than two decades of development. The move grants legal status to the Islamic banking business of the new entity, which is accorded a licence for its operations under the Islamic Banking Act 1983. The underlying philosophy of the incorporation of an Islamic subsidiary is primarily aimed at further strengthening the institutional structure for Islamic banking business operations. The Islamic subsidiary will also be able to assimilate the developments in the regulatory and supervisory standards governing the lslamic banking operations. It is envisaged that greater strategic focus and resources as well as higher autonomy and governance will be accorded to the Islamic banking business. The Islamic subsidiary will be led by a chief executive and a board of directors solely dedicated for the Islamic bank. Placed under the commercial banking arm of the group, the Islamic subsidiary will continue to leverage on the synergies and operating infrastructures of the group, thus achieving cost optimisation for the Islamic subsidiary and the group as a whole. For bank customers, the Islamic banking products and services will continue to be available at the existing branches of the conventional commercial banks. Given that it is a subsidiary with a more focused vision and business strategies, the potential that can be unleashed for the Islamic subsidiary will enhance value to its stakeholders.
In such cases - is it self-evident that the general public will consider that the economic advantages of cutting the interest rate to far below zero justify the nullification of old rules on for example saving – that you will at least get back what you saved? In a small, open economy, it may be even more complicated, as there are alternative means of payment. It could be said that the local currency is exposed to competition. So if the central bank in a small, open economy were to cut the level of interest rates far below zero, there would not only be a risk of large capital outflows (the traditional macroeconomic analysis), but also a risk that the general public would start to use other currencies for its savings and transactions. Reasoning like this may seem very foreign to us in Sweden. We associate events like this with poorly-functioning countries a long way away. But my argument is that we also need to take account of public confidence in the currency, payments and the central bank when the suggestion of deeply negative interest rates is being discussed. The advantages need to be weighed up against the disadvantages. And alternative measures also need to be considered, for example fiscal policy. This discussion becomes even more relevant when new digital currencies, such as the Facebook currency Libra, are waiting round the corner. New times place new demands on the Riksbank’s balance sheet Requirement to be able to absorb risks...

The asset purchases that are now part of the ordinary monetary policy toolbox involve various kinds of risk being transferred from society at large to the central bank’s balance sheet. 14 This is why the risks have increased on the Riksbank’s balance sheet. But the risk buffer that the Riksbank has in the form of equity and revaluation accounts has not grown at the same rate. This means that we need to take measures to ensure that the Riksbank has enough of a buffer for the risks that exist on the balance sheet. Generally accepted accounting principles indicate that the Riksbank may make provisions for the risk of losses existing on the balance sheet. The Riksbank has  14 A transfer of risk from the public to the central bank’s balance sheet is actually one of the channels through which asset purchases may have an effect on the economy. See CGFS (2019). 10 [13]  previously had a relatively small balance sheet, associated with small financial risks, and has therefore not needed to make provisions to complement the existing loss-absorbing buffer. However, risks have increased in recent years as new assets have been purchased and the balance sheet has grown. As from this year, the Executive Board is therefore starting to make provisions to strengthen our buffer, so that it can be used if the Riksbank should make losses. The provisions will thus form a complement to the existing equity and revaluation accounts.
The interplay between the Riksbank and the market is of central significance for monetary policy. It is a question of mutual dependence. For example, the Riksbank is to supply an efficient payment system – a financial infrastructure. We also oversee the stability of the system. Moreover, we are responsible for providing Swedish banknotes and coins. However, at the same time we are dependent on the financial markets to implement monetary policy measures. The game rules for our interaction with the financial markets have changed quite a lot over the past 25 years. The most dramatic changes took place in connection with the deregulation of the credit and foreign exchange markets that begin in the 1980s. The deregulation has contributed to more efficient pricing which better reflects demand and supply conditions. The efficiency of the financial markets has considerable importance for the impact of monetary policy via the transmission mechanism. The impact of our policy also depends on how well we succeed in communicating our intentions to the market. The more open and clear we are, the better chance we have of influencing interest rate setting in the way we want, not just in the short term, but also over a part of the so-called yield curve. This makes some demands of our actions. BIS Review 40/2007  1  The other aspect – that we are a public authority with responsibility towards the general public and their elected representatives – also makes a number of demands of us.

They reflect diminished uncertainty about the expected path of monetary policy in the United States. And they imply that the imbalances in the global economy will be diffused smoothly. Of course, not much is certain in economics and finance. One cannot know with confidence whether future economic policies and outcomes will justify the confidence in the benign outlook now reflected in risk premia. What are the broader challenges and forces that will dominate the policy agenda and affect economic outcomes? I want to touch on four, though this is a selective list. First, all of the major economies face difficult fiscal sustainability issues, and these will be exacerbated by the approaching demographic cliff. Fiscal policy in most of the major economies is on a path that will lead to increasing, rather than stable or falling debt-to-GDP ratios. In virtually all the major economies, the cost of committed benefits substantially exceeds the stream of tax resources available under current policies. If one were to produce a ten year forecast of the U.S. fiscal position using the  fan charts to illustrate uncertainty that are a feature of the inflation reports of many central banks, the size of the fan would be very wide, indicating a substantial probability of deficits significantly worse than the already troubling central path for the deficit predicted given current policies.