samchain/econo-pairs-v1 huggingface dataset:
As the MPC highlighted again in the Minutes of its February 2021 meeting, if needed the Bank could re-evaluate some of its self-imposed constraints on gilt purchases to create more headroom. As I noted earlier, the MPC has asked the PRA to engage with firms to ensure they could be ready to implement a negative Bank Rate at any point after six months, and has asked Bank staff to commence internal technical preparations to deliver the option of a tiered system of reserve remuneration that could be ready to be implemented, should it be judged appropriate, alongside a negative Bank Rate. At the same time the Committee also agreed to ask Bank staff to reconsider the previous guidance on the appropriate strategy for tightening monetary policy should that be required in the future. But none of these requests are intended as a signal about the future path of monetary policy – they represented transparent contingency planning for possible future uses of our monetary policy tools. 28  In my speech ‘The Monetary Policy Toolbox in the UK’ 14  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  14  As for the immediate future: in November 2020 the MPC voted unanimously for a further £ of government bond purchases, to be implemented throughout 2021 and to be completed at around the end of the year.

And even after the crisis has peaked, banks still face the problem of recapitalization. During these times, the process of intermediation suffers. The existence of a deep and liquid bond market allows financial institutions to prepare themselves better for risk management. The authority can require the banks to maintain a higher liquidity ratio, comprising both government and top-rated corporate bonds. The banks can then resolve their liquidity problem on their own by selling these bonds, regardless of their credit standings, which tend to suffer during a crisis. In Thailand, the lack of a liquid bond market meant that the only way to obtain liquidity under pressure was for the banks to come to the Bank of Thailand using their entire loan portfolio as collateral. And as the crisis deepens, these loans were deteriorating day by day. Another benefit of the bond market is that it can attract foreign investments. Foreigners can bring in funds to invest in high quality papers denominated in Thai baht. They are the ones to absorb foreign exchange risk. Without a bond market, Thai companies have no choice but to borrow abroad and bear the foreign exchange risk, themselves. Experience has shown that they have yet to fully develop their skills in doing so. It is our intention, therefore, to expedite the promotion and development of the domestic bond market. The process is very time-consuming, but they are worthwhile for they provide the foundation for a strong and diversified financial market that would be more resilient to future shocks.
My task here will thus boil down to highlighting some of the special novel features of Basel II that will potentially exert some influence on the dimensions of monetary policy. Hopefully this analysis, while  BIS Review 34/2005  1  necessarily brief, will highlight not only those elements of Basel II which are contributing directly to a cleaner and, perhaps, safer scenario for conducting monetary policy, but will also pay due attention to the - in my view - often overly exaggerated debate on procyclicality. To this end, let me first introduce the most salient aspects of the revised capital framework. 2. Basic features of Basel II  In 1988 the Basel Committee launched a pioneering Capital Accord that contained the first internationally accepted definition of regulatory bank capital and provided clear-cut and simple standards to measure it. The merits of that first step are well-known. However, a number of important changes have since taken place in the financial and banking industry landscape. In several important respects, we are now far removed from the environment of the late eighties. For one thing, the complexity of risks now faced by credit institutions operating in an increasingly globalised environment has increased significantly and, as a result, both risk-management and supervision have become much more difficult tasks. For another, some recent developments have also increased the opportunities to manage risks.

Past episodes of persistent negative price growth, such as those seen in Japan over the last decade, have shown us that in those conditions monetary policy loses much of its potential to exert a decisive influence on the price path and on the level of output. In that regard, most central banks, such as the ECB, recognise that their price stability objective should be made compatible with a low probability of deflation. Moreover, in the current setting of low inflation and interest rates, we have witnessed episodes of rapid increases in some asset prices that have led analysts to suspect important deviations between fundamental and observed values. Some notorious recent examples include the overvaluation in the real-estate sector in several East Asian countries in the 90s, and the surge and subsequent correction of the wave of excessive optimism in some equity markets around the turn of the millennium. Currently, the extreme increases in housing prices and households’ level of indebtedness witnessed in some western countries is attracting some attention and concern in view of the potentially adverse consequences on the stability of the whole economy. Looking back, one can indeed find in unbalanced developments in asset and debt markets the seeds of some of the major financial crises that ultimately led to persistent negative output and price growth. Therefore, conditions such as low inflation and interest rates may sometimes conceal risks capable of bringing a phase of price and economic stability to its end.
I will return to the important issue of transparency in a moment, when I discuss the ECB’s monetary policy strategy. With regard to accountability, let me simply highlight that, drawing on the successful experience of several central banks, in October 1998 the Governing Council of the ECB decided to publish a quantitative definition of price stability. This definition of price stability as an annual increase in the Harmonised Index of Consumer Prices (HICP) for the euro area of below 2% provides a clear yardstick against which the public, its elected representatives and agents in the media can hold the ECB accountable. The ECB’s monetary policy strategy Within this institutional framework, how should price stability be maintained? This question is addressed by the ECB’s monetary policy strategy. It is obvious that the development of the ECB’s strategic framework drew heavily on the experience of euro area NCBs prior to Monetary Union. This is one area where the experience of national central banks was extremely influential and important. Prior to the introduction of the euro, several central banks, including the Banque de France, assigned a prominent role to money within their monetary policy strategy. Some announced intermediate monetary targets, while others adopted monitoring or reference ranges for monetary growth. At the same time, other euro area central banks emphasised the role of inflation forecasts as the key monetary policy indicator. Of these, several proceeded to announce direct inflation targets, as became fashionable in the 1990s.

Make use of this communication for constructing preferential cooperation. This path will create to you the opportunity to find and promote appropriate financing instruments and possibilities to overcome difficulties of the moment and guarantee the future of this important branch of business. Foreign currency income growth from all possible sources is translated into increase of macroeconomic stability in general and of financial stability in particular for the Albanian economy. At present, the geographic, demographic, economic and social characteristics of the Albanian economy present advantages, which if wisely utilized, may be materialised into economic benefits. Therefore, export sector constitutes an important source of profit and of foreign currency flows for financial intermediation in foreign currency. From this viewpoint, the support of exporters by the financial sector, not only with products and financial resources but also with financial consultancy, is an activity of mutual benefit. For this reason, I deem that the role of the banking system may be one of the main promoters to absorb some of advantages generated by the current international situation. Availing myself of the presence of banking system participants, I would like to address an institutional appeal to them: Assess more prudentially the role and potentials of this industry, stand by it with advice and financial consultancy, review your policies on commissions applied to it and in this process, give priority to a larger funding for it.
On this occasion it happened in a matter of weeks. The idea that consumer spending would come back quite quickly once infection rates had begun significantly to decline – faster, in particular, than in the “average” economic recovery – was something built in to the MPC’s “scenario” last May, early on in the pandemic. At the time, there was quite a bit of scepticism about this and many judged it to be too optimistic. For my part I think there was every reason to expect a relatively sharp recovery – slower, perhaps than the precipitous drop but nonetheless faster than in a typical economic upswing. In the event spending came back even faster during the summer than we’d expected in May. The same was true in other countries. And the interesting thing about these simple simulations (to the extent one attaches any credence to them) is that they suggest that the initial downturn in aggregate spending may have been as sharp as it was precisely because it was likely to be short-lived. The role of the furlough schemes was obviously critical here. One of the reasons “normal” recoveries in consumption are more protracted is because drops in output feed through to household incomes, via hits to employment and wage growth. This feedback slows down the dynamics of the average cycle. The schemes helped to interrupt that loop.

Book capital is now equivalent to 5.2 per cent of total assets, compared with 4.2 per cent in the mid-1990s. The Commission Bancaire is at pains to ensure that all French banks - small and large - build up their capital gradually but steadily until it well exceeds the regulatory minimum. Furthermore, provision cover for doubtful loans now stands at 60.4 per cent. The industry must pursue this prudential policy. In particular, as we have been urging for several years, it must capitalise on the progress made in future risk analysis, based on statistical databases and stress testing, to adopt a more forward-looking provisioning policy. This has already been accomplished in several areas of sectoral or geographical risk. That being said, we firmly believe that international accounting standards should move in this direction, fostering the widespread use of forward-looking provisions and thereby contributing immensely to financial stability. In a context of economic crisis, the constant strengthening of French credit institutions’ financial structure gives them an appreciable safety margin, which could also allow them to play a part in the consolidation of Europe’s financial industry. 2.2  Priority has rightly been placed on controlling risks and ordinary profitability  The other fundamental elements that contribute to the resilience of French banks’ earnings are risk management and control over operating conditions. As you know, the Commission Bancaire places a premium on ensuring that French banks, and credit institutions in general, generate satisfactory profits at operating level.
It was at that time – as early as in August 2006 – that Poland's first fully electronic public service was launched in Poznan. This service helps make transactions via the Internet. This means that it is possible to download and fill in an electronic form, authorize it (for instance with electronic signature), make a payment (including stamp duty) and receive confirmation that a given service has been provided by the e-authority – and all this takes place via the Internet. If a physical document is necessary (extremely rarely though it happens in 2026), the relevant document is delivered to the indicated address by courier within 24 hours. When Global was moving to Poznan, he was hoping that e-government would grow fast here, and that it will be possible to set up a company via the Internet within several minutes or to file a passport application from any photographer’s shop immediately after the photo has been taken, etc. He knew that things already looked like this in many places around the globe, but not yet in Poland. He analyzed strategic documents of local authorities in Poznan, took a closer look at their aims and methods to measure the results, and decided that Poznan was very likely to meet his expectations. He knew that government bodies were frequently inefficient only because they did not know or employ modern yet already proven methods of administration. Poznan, however, was different.

From E-Government to E-Inclusion, United Nations, 2005  1  Capgemini Online Availability of Public Services: How Is Europe Progressing? Web Based Survey on Electronic Public Services. Report of the 6th Measurement, June 2006  6  BIS Review 90/2006  When compared against other EU countries, we rank very poorly 2 in such categories as the ability to file tax returns online (submit tax forms and make payments), obtaining a driving license online or registering a car. We ranked last in the EU for the lack of online company registration, as it is not possible to download forms to fill in, whereas in as much as 7 EU countries it is possible to register a company online without the necessity of filling in any paper forms. The only area where Poland meets all requirements to join the group of leaders is online submission of customs declarations. It is a rare example of an area whose development proceeded in line with a daring and clearly defined vision. WE NEED TO HAVE A VISION, SHARE A VISION, a well-defined vision that will help us take advantage of emerging opportunities and will allow us to prepare for possible dangers associated with homo sapiens globalus society.
2  BIS central bankers’ speeches  The key to successful reform will be to identify the leverage points that exist and do our best to ensure regulators are up to the task in those areas while not burdening other aspects of the financial system with heavy intervention that might trigger the law of unintended consequences. Eye on target Let us be clear about the goals of reform. With so much energy being expended on the what, the when and the how of implementing Dodd–Frank, the first risk we run is forgetting the why—the reasons for the act, its primary goals. For this, we need only turn to the law itself, the preamble, which spells out the key objectives as follows: “To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end “too big to fail,” to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices and for other purposes.”7 On the subject of too big to fail, the legislation is quite blunt.

In crafting regulations in response to Dodd–Frank, we need to restore market discipline in banking and let the market mete out its own brand of justice for excessive risk-taking rather than prolong the injustice of too big to fail. It is not difficult to see where this dynamic, if uncorrected, will lead – to more pronounced financial cycles and recurring crises. I would argue that the failure to reform the banking system in Japan was one of the principal reasons for that country’s “Lost Decade(s).” We must not let that pathology take hold here. Making matters worse If we do not keep this ultimate goal of reform firmly in mind, our rule making not only might fail to promote the original objectives of reform, but could actually work against them. Ironically, with Dodd–Frank, such a perverse outcome is a distinct possibility. The Dodd–Frank law entails the writing of more than 200 proposals and rules covering a host of issues – risk-based capital requirements, ability-to-pay requirements for home mortgages, protections for consumers sending remittances to foreign countries and so on. The Congress decided the need for these rules to be written, drawing on the input of many, including some very thoughtful economists. Here, I think it wise to draw upon the insight of the classical liberal Frédéric Bastiat in his take on unintended consequences.
Caleb M Fundanga: Fourth quarter 2010 media briefing Presented by Dr Caleb M Fundanga, Governor of the Bank of Zambia, Lusaka, 18 February 2011. *  *  *  Executive summary 1. This brief examines monetary policy implementation and its outcomes in the fourth quarter of 2010. The brief also reviews other economic and financial sector developments, and concludes with an inflation outlook for the first quarter of 2011. Monetary policy 2. The focus of monetary policy during the fourth quarter of 2010 continued to be the achievement of the end-year annual inflation target of 8.0%. In this regard, the Bank of Zambia utilised largely Open Market Operations to maintain reserve money within the programmed growth path. This was supported by the auctioning of Government securities. Inflation 3. Quarterly overall inflation increased to 2.5% in December 2010 from 1.6% in the third quarter, and was above the 2.3% recorded in December 2009. This outturn was mainly attributed to the rise in food inflation to 3.6% from –0.1% in the previous quarter, as non-food inflation slowed down to 1.5% from 3.2% during the same period. 4. Similarly, the annual overall inflation rate rose to 7.9% in December 2010 from 7.7% in September 2010, but was in line with the end-year target of 8.0%. This outturn was largely on account of the rise in annual food inflation to 4.4% from 2.8% in September 2010, as annual non-food Inflation decreased to 11.3% from 12.5% during the same period. 5.

The tours focused on the following topical areas: –  The role and functions of the BoZ;  –  The need to deal with licensed financial institutions;  –  Getting credit; and  –  The operations of a credit reference bureau. 47. The BoZ is planning to conduct the tours on a regular basis to address public misconceptions about the role of the BoZ in the financial sector. Future tours will also educate the public on how to detect genuine currency and how to invest in Government securities. The BoZ was requested to publish the names of licensed financial service providers in the print media on a more regular basis. Developments in banking, currency and payment systems 48. During the quarter under review, there was a continued improvement in the availability of electronic payment options. The number of Point of Sale (POS) terminals increased by 8.3% to 1,119 (third quarter 2010: 1,033). The volume of POS transactions also increased by 42.2% to 284,145 (third quarter 2010: 199,817). Similarly, the values of POS transactions increased by 32.6% to K113.9 billion (third quarter 2010: K85.9 billion). The  6  BIS central bankers’ speeches  Bank would like to urge members of the public to use Point of Sale terminals as they provide a more convenient, safer, efficient and cost effective way of making payments. 49. Further, the number of Automated Teller Machines (ATMs) increased by 4.5% to 489 ATMs (third quarter 2010: 468).
Ardian Fullani: Recent economic and monetary developments in Albania Speech by Mr Ardian Fullani, Governor of the Bank of Albania, at the press conference on the Monetary Policy Decision of the Bank of Albania Supervisory Council, Tirana, 29 May 2012. *  *  *  Today, on 29 May 2012, the Supervisory Council of the Bank of Albania reviewed and approved the monthly Monetary Policy Report. Based on the analysis of Albania’s latest economic and monetary developments, and following discussions on their performance outlook, the Supervisory Council of the Bank of Albania decided to keep the key interest rate unchanged at 4.25%. This decision reflects the Supervisory Council’s opinion that the actual monetary conditions are adequate to meet the Bank of Albania’s inflation target in the medium run. It holds the key interest rate at a record low, thereby maintaining the strong stimulating nature of monetary policy, in order to boost aggregate demand and economic growth. This decision also reflects the heightened uncertainty deriving from the external economic environment and, particularly, from the recent economic developments in Greece. Let me now proceed with an overview of the economic developments and key topics discussed at today’s meeting. *** Annual inflation marked 1.6% in April, continuing to pursue an upward trajectory over the last two months and approaching the lower limit of the target band. After marking a minimum low in February, the rising trend of inflation was expected and communicated by the Bank of Albania.

In other words, perhaps uniquely in the constellation of the Federal Reserve System, my colleagues and I work for you. My standing before you represents a visceral reminder of our accountability to depository institutions, independent of size, which rely upon our services to send and receive time critical payments; to maintain and permit the transfer of Fedwire eligible securities; and to provide cash services to support the needs of consumers and commercial establishments. It is with this orientation that I offer these remarks today, which reflect my own views and do not necessarily represent those of the Federal Reserve Bank of New York or the Federal Reserve System. The theme of today’s conference, appropriately, has been “Navigating Future Risks for Community Banks”. Allow me to elaborate upon the single risk that dominates from my vantage, regrettably not a “future risk” but an all too present one, and to highlight some of the measures that we are taking in response. The risk to which I refer is not a function of regulatory pressure, or capital demands, or an evolving economy, or compliance challenges, or the proliferation of new technologies, or an unprecedented season of payments innovation, or the challenging competitive landscape. All of these may represent very real risks, and no doubt occupy your consciousness, to borrow the lyrics of a prior generation, “eight days a week”.