samchain/econo-pairs-v1 huggingface dataset:
Efficient operation of a payments system and supervision of the banking sector are two other basic functions of a central bank. These two functions can also be performed in a way that supports price stability targets: indeed, a sound, effective financial sector and payments system are necessary conditions for price stability. Duties assumed by the Central Bank of Turkey in the economy, which aims at price stability, should be consistent with the target. Functions that conflict with the price stability target or which cause difficulties for the achievement of this target should not be assigned to the Central Bank. And this should be the basic theme of the Bank’s medium and long-term strategic planning. BIS Review 37/1998 ˝  -2-  Whether or not those functions assumed by the Central Bank as a result of such factors as the country’s geographic size, history, legal structure and degree of technological development operate as impediments to the achievement of stability targets, can be examined by means of several criteria. Effective use of monetary policy is an absolute necessity for a central bank that takes price stability as its first priority. We must therefore review those functions of the Central Bank that interfere with the effectiveness of monetary policy. At this point, I would like to emphasise the importance of increasing the Central Bank’s control over its own balance sheet, which is one of the main conditions required for the effective implementation of policies, mainly monetary policy, that must be adopted in order to achieve the price stability target.

Mr. Erçel reports on medium and long-term prospects for the Central Bank of the Republic of Turkey Address by the Governor of the Central Bank of the Republic of Turkey, Mr. Gazi Erçel, before the 66th Shareholders’ General Meeting, in Ankara, on 28/4/98. A detailed account of economic developments during 1997 is given in our annual report for that year which has already been delivered to you. We are keeping the public informed of our expectations for this year through the quarterly announcements of our monetary programme. Today, instead of repeating these short-term perspectives, I would like to speak of the medium and long-term prospects of the Central Bank. For the last two years, my discourse has touched on what kind of institution an ideal central bank should be. Today, I want to consider this matter in a more detailed way. In recent years, there has been a worldwide trend towards simplification of the goals of central banking. This has led to a reduction of the responsibilities they take on. Funding their governments, for example, is no longer the main purpose of central banks. There is none among the western central banks that aims at achieving full employment of the highest level of production. Today’s modern central banks have only one aim: to maintain price stability.
Caleb M Fundanga: Bringing new levels of efficiency to the Zambian banking sector through technological innovation Speech by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the launch of the Zanaco bill muster, Lusaka, 27 June 2006. *  *  *  •  Managing Director – Zambia National Commercial Bank Plc  •  Senior management staff from Zanaco present  •  Members of the press  •  Invited guests  •  Ladies and gentlemen  It is my honour and privilege to be invited to officiate at this breakfast press briefing on the launch of the Zanaco bill muster product. I am informed that the Zanaco bill muster is Zanaco’s latest product innovation. The product will enable the bank’s customers to pay their utility bills at any Zanaco branch and utility companies will receive their collection details electronically online in real time. I am further informed that the new product will make it possible for the bank’s customers to pay for their utility bills by filling in a form instructing the bank through internet banking. The product we are launching today is indeed a positive development as it should bring new levels of efficiency to the banking sector and set a precedence for other players on the market to emulate. At Bank of Zambia, we sincerely support this type of innovation, especially if such a product helps in reducing the cumbersome use of paper and tedious work of manual transmission of payment instructions.

Regional economic conditions (update since the April regional press briefing)  Turning to our region, we can see a nascent recovery in most areas, with a holding pattern in other parts. This mixed pattern of growth is not surprising in the aftermath of a recession, and particularly a deep one with a financial crisis, as well. On the positive side, I can report that economic activity has picked up in many parts of the region. To measure activity we use a set of indexes of economic activity – called Coincident Economic Indicators – that we produce here at the New York Fed for New York State, New York City and New Jersey, plus a similar index produced in Puerto Rico. These indexes provide a timely, monthly gauge of economic activity. They show that in New York State and New York City, activity has expanded at a relatively brisk pace since the beginning of the year. In Puerto Rico, where the recession began three years before the mainland downturn,  BIS Review 100/2010  1  the economy also appears to be picking up in recent months. In contrast, economic conditions in New Jersey remain essentially flat. Although activity there is no longer declining, New Jersey has yet to establish a sustained recovery. But, what about jobs – which are the key for people to truly feel the recovery in their lives?
Finally, the financial industry in many parts of the world is facing a crisis of trust. •  Financial institutions have come under increasing public scrutiny over their business conduct. •  Globally, we have seen repeated cases of mis-selling financial products, manipulating benchmark rates, and using the financial system for illicit transactions. Singapore’s financial sector has to overcome these headwinds and manage these risks as it develops further. And it must do this while seizing on opportunities presented by a growing Asia and technological change. Let me touch on three attributes that our financial sector needs to maintain and strengthen in the years ahead: resilience, dynamism, and trust. A resilient financial centre I will start with resilience. •  We cannot insulate our financial sector from the stresses and turbulence in international financial markets. •  We must remain open but be able to absorb shocks from abroad and bounce back. High prudential standards have therefore been a hallmark of Singapore’s financial sector since the very beginning. •  In recent years, we have further strengthened the resilience of the system through higher capital requirements and enhanced liquidity rules. Singapore banks operate well above the regulatory capital minimums. 2  BIS central bankers’ speeches  •  The Basel Committee prescribes a minimum Tier 1 capital adequacy ratio of 6%;  •  MAS has set a regulatory minimum of 8%;  •  The three local banking groups have Tier 1 ratios in excess of 13%.

We will: •  make more robust risk assessments of financial institutions’ business activities, client profiles, geographical connections, transaction volumes, and quality of controls;  •  intensify supervision of financial institutions that pose higher risks;  •  conduct thematic inspections of activities that pose higher risk across financial institutions; and  •  step up engagement with financial institutions to promote deeper understanding of emerging risks and typologies as well as best practices to mitigate these risks. But MAS cannot inspect every bank every year. Nor can we go through all transactions. And we certainly do not set out to detect fraud – which would take months of intense scrutiny. Responsibility for AML/CFT rests with the board and senior management of financial institutions. They must: •  put in place robust monitoring mechanisms to detect suspicious activities;  •  promote strong risk awareness and constant vigilance among all staff; and  •  empower their compliance and risk management people. My advice to senior managers in our financial institutions is this: keep your risk and compliance people close to you. •  They are often seen as hindering opportunity and profits. •  But when things go wrong, you wish you had heeded them. •  When they say ‘I think something’s not right here’, listen to them. Ultimately, trust and conduct boil down to culture more than any externally imposed rules. By culture, I mean the shared values, attitudes and norms that guide behaviour. Financial institutions must get the culture right.
Jean-Pierre Roth: SNB commemorative publication “The Swiss National Bank 1907-2007” Remarks by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank and Chairman of the Board of Directors of the Bank for International Settlements, at the launch of the commemorative publication “The Swiss National Bank 1907–2007”, Zurich, 21 June 2007. *  *  *  Ladies and Gentlemen It is with pleasure and some pride that I present our commemorative publication today or – as the German language puts it so well – our festschrift, or celebratory work. There is indeed good reason to celebrate. One hundred years of doing business, crowned for the most part with success, certainly warrants celebration. The publication of a festschrift is one of the events being held to mark this anniversary. It is the fourth such work to be published, following on from those of 1932, 1957 and 1982. It is somewhat different, however, insofar as it commemorates an entire century of the National Bank’s existence. We wanted this commemorative publication to be a learned work, which at the same time is accessible to a very broad readership. We wanted it to be both unpretentious and modern, yet in keeping with the tradition of the previous works. I make no secret of the fact that significant resources were deployed to prepare the book. Work first started over three years ago and some fifty or so bank employees were involved in the project.

The work which I am presenting to you today is divided into three sections. The first tells the history of the SNB over the first seventy-five years of its existence. As the previous commemorative publications have already dealt in detail with this period, it was no longer necessary to recount all the events again. We thought that it would be more interesting to take a fresh and critical look at certain episodes from a historical perspective. This is why we called upon the services of three distinguished economists and historians, asking them to explore this period, and leaving them free to choose the salient points of their analysis. Michael Bordo of Rutgers University and Harold James of Princeton University took a detailed look into the first half-century of the SNB, in other words, from its Jean-Pierre Roth SNB founding in 1907 to the end of the Second World War. An exciting yet troubled time, which included the surge in inflation that came in the aftermath of the First World War, the laborious return to the gold standard, the 1936 devaluation, and the SNB’s activities during the Second World War. Peter Bernholz of the University of Basel is the author of the second chapter within this first part. He devoted himself to the period from 1945 to the early 1980s, including the return to convertibility, the Bretton Woods period, the transition to flexible exchange rates and initial experiences with an autonomous monetary policy.
How Norges Bank will react to movements in the exchange rate will depend on how these fluctuations affect the outlook for inflation, output and employment. Chart: Exchange rate and oil prices A recent example is the monetary policy response to the negative oil price shock in 2014. The exchange rate served as a shock absorber. With confidence in the inflation target, monetary policy was able to underpin a weaker krone. The krone depreciation, combined with moderate wage settlements, contributed to a marked improvement in business profitability and competitiveness. Chart: GDP for mainland Norway Let me now turn to the outlook for the Norwegian economy. Two years after the cyclical trough was reached in Norway, growth has gained a firm footing. In our latest Monetary Policy Report, the negative output gap is projected to narrow and close early next year. There are prospects for solid growth in business investment and renewed optimism in the petroleum industry. A number of large development projects will contribute to a rebound in oil investment in the coming years. The impetus from abroad has strengthened and exports are picking up. On the other hand, housing investment has fallen, and is likely to decline further. 3/4  BIS central bankers' speeches  Growth in household consumption picked up markedly last year. Higher real wage growth and continued employment growth should support consumption growth ahead, while higher interest rates will likely have a dampening effect. Chart: Inflation After falling markedly in the period to autumn 2017, inflation has edged higher.

Yves Mersch: Unveiling the new € banknote Speech by Mr Yves Mersch, Member of the Executive Board of the European Central Bank, at the unveiling of the new € banknote, Frankfurt am Main, 13 January 2014. *  *  *  Ladies and Gentlemen, Thank you all for coming here today to the unveiling of the new ten euro banknote. We shall also be announcing the date of its introduction. Before we do that, let me briefly explain why we consider the issuance of a new banknote to be an important event. First of all, it’s a chance to consider how Europe’s single currency has grown. Euro banknotes and coins started circulating in 12 European countries on 1 January 2002. Today, 18 countries and 334 million people use the euro in their daily transactions. You can travel from Riga to Rome, or from Barcelona to Bratislava, and use the same notes and coins. Today is also an opportunity to take a look at what the euro symbolises. 12 years after the euro banknotes and coins were introduced, it’s easy for us to take them for granted and to forget what an ambitious, even bold, project it was to introduce the euro. The single currency has helped to bring millions of Europeans together, in all our diversity, and the banknotes and coins are a tangible symbol of our determination to support the European Union. When we say, “The Euro. Our Money”, we really mean it! And not just in Europe.
In the century ahead, those skill-shifts may be about to go into reverse. To see why, we need to ask ourselves what sets of humans’ skills robots are likely to find it hardest to reproduce and replace in the period ahead. My reading of the runes is that there are three areas where humans are likely to preserve some comparative (if not always absolute) advantage over robots for the foreseeable future. The first is cognitive tasks requiring creativity and intuition (“heads”). These might be tasks or problems whose solutions require great logical leaps of imagination rather than step-by-step hill-climbing. Existing machine learning algorithms allow huge numbers of solution permutations to be tried quickly and costlessly. This allows these hill-climbing algorithms to scale local peaks in record time. Whether they scale global peaks is altogether another matter. It is harder for machines to solve problems where it is difficult to define the solution steps in a logical sequence in advance. Humans call solutions arrived at in this way “intuition”. Despite rapid progress in deep learning techniques, it remains far-harder to devise search algorithms which solve problems requiring a leap into the unknown. 58  Even in a world of super-intelligent machine learning, a demand is still likely to exist for people with the skills to programme, test and oversee these machines. Some human oversight and judgemental overlay of these automated processes is still likely to be needed. Machine design, improvement and oversight require, at least for the moment, humans and machines to operate in partnership.

We know that because labour’s share of the national income pie is similar today to 1750. th  Of course, it is not ideas and innovation from the 18 century that has sustained growth over the subsequent period. Although the innovation process is continuous, historians often point to three distinct waves – three th  Industrial Revolutions. The second came in the latter part of the 19 century with the emergence of GPTs  11 12 13  For example, Romer (1990) describes a theoretical model of growth based around innovation. Bresnahan and Trajtenberg (1995). For example, Mokyr (2011) discusses Britain during the Industrial Revolution. 4  All speeches are available online at www.bankofengland.co.uk/speeches  4  such as electricity, the internal combustion engine and sanitation. The third came in the middle of the th  20 century with new GPTs such as computing, digitisation and the internet. 14  Yet in each case the playbook was familiar from the first Industrial Revolution. The emergence of a new strain of GPTs resulted in an outward shift in the production possibility frontier and capital-deepening. With higher levels of investment in physical and human capital, the productivity of companies, the wages of workers and the living standards of societies continued their Northerly ascent. The Golden Era continued. Some people are now discussing the next innovation wave, a so-called Fourth Industrial Revolution. The GPTs driving this are likely to include Artificial Intelligence (AI), Big Data, automation, robotics, 3D-printing and nano-technology.
In principle, legal entities within the group can be lightly capitalised so long there is adequate capital in the group as a whole. 2  3  See Tucker (2013), ‘Banking reform and macroprudential regulation: implications for banks’ capital structure and credit conditions.’ See Financial Stability Board (2013), ‘Recovery and Resolution Planning for Systemically Important Financial Institutions: Guidance on Developing Effective Resolution Strategies’; and Tucker (2013), ‘Resolution and the future of finance’. 4  For the most recent version see BIS (1996), ‘The Supervision of Cross-Border Banking’, available online at: http://www.bis.org/publ/bcbs27.htm  2  BIS central bankers’ speeches  Meanwhile, the (1997/2006/2012) Core Principles for Effective Banking Supervision5 set out minimum standards for prudential supervision. Supervisors are required to look at a bank on a solo basis; on a consolidated basis covering all related banking entities in a group; and on a group-wide basis, ie taking into account non-banking related entities as well. Under Principle 12, a home supervisor should supervise a bank on a consolidated basis, but “in addition ... the responsible supervisor supervises individual banks in the group. The responsible supervisor supervises each bank on a stand-alone basis and understands its relationship with other members of the group.” Under Principle 16, jurisdictions may – I stress, may – also opt to be assessed by the IMF for compliance with the Principles against the “additional” criterion6 that a supervisor should ensure an adequate distribution of capital within a banking group. But, to repeat, that is not an obligation.

Philipp M Hildebrand: Major challenges facing the Swiss National Bank Speech by Mr Philipp M Hildebrand, Chairman of the Governing Board of the Swiss National Bank, at the General Meeting of Shareholders of the Swiss National Bank, Berne, 30 April 2010. *  *  *  Mr President of the Bank Council Dear Shareholders Dear Guests I. The recession has run its course  A little over a year ago, we were still in the midst of the worst financial crisis in post-war history. True, we were able to discern the first tentative signs that the tide might be turning, but the outcome was still highly uncertain. Today, the worst is behind us. We can look to the future with a measure of optimism. Yet the challenges that the crisis has left in its wake are still substantial. While 2008 will go down in history as an annus horribilis for the financial markets, 2009 was dominated by the gloomy economic environment. The global economy contracted for the first time since the Second World War. The huge loss of confidence on financial markets in autumn 2008 caused economic activity to nosedive. Indeed, one of the most striking features of this recession was the speed and severity with which economic growth dropped in a number of countries.
FPC Record (March 2022) – “On balance, the FPC judges that a systemic stablecoin issued by a non-bank without a resolution regime and deposit guarantee scheme could meet its expectations, provided the Bank applies a regulatory framework that is designed to mitigate these risks to financial stability”.

In November of 2013, the Bank outlined proposed regulatory reforms for the financial advisory industry which formed part of the “Life Insurance and Family Takaful Framework” or in short the LIFE Framework, which we published for consultation. An important aim of the reforms is to support the Bank’s desire to further diversify insurance delivery channels as one – although not the only – way to improve the quality of advice, and enhance choice and value for consumers based on their specific needs and circumstances. This in turn would contribute towards increasing the insurance and takaful penetration rate to 75 percent by 2020 as targeted under the Government’s Economic Transformation Programme (ETP). We received positive feedback from the financial advisory industry on the proposed reforms and while specific elements of the LIFE Framework remain under review to take into account the comments that were received, we have moved ahead to implement several changes proposed which concern the financial advisory industry. The Bank has lowered the minimum capital requirement for financial advisers to RM50,000 which will take effect from 1 January 2015 to encourage more advisers to enter the industry. This follows an increased focus on professionalism, innovation and quality of advice as the hallmark of those who are admitted to the industry.