samchain/econo-pairs-v1 huggingface dataset:
It became increasingly difficult for these countries to raise loans in domestic currency, particularly loans with long maturities. Attempts were made to keep inflation and the magnitude of foreign debt in check by pegging the domestic currency to the US dollar. But fiscal mismanagement often triggered currency crises, a fall in the value of domestic currency and a surge in foreign debt. This is when the government gave up and stopped servicing debt. The degree of losses incurred by creditors in connection with sovereign default has varied. The most recent default episodes have left creditors with losses ranging between an estimated 30 and 75 per cent. 7 These experiences will probably influence interest rates on sovereign loans when a country’s debt-servicing capacity is in question. 5  Carmen M. Reinhart and Kenneth S. Rogoff (2009): This Time is Different. Eight centuries of Financial Folly. 6  Sverre Steen (1954): “Krise og avspenning”, Det Frie Norge Vol 3. 7  Panizza et al (2009): “The Economics and Law of Sovereign Debt and Default”, Journal of Economic Literature 47. 4  BIS Review 123/2010  A forum was established, the Paris Club, which meets regularly to find solutions to bilateral debt problems. The Paris Club consists of 19 creditor governments, including Norway. A solution is contingent on the implementation of reforms in the debtor country as part of an adjustment program supported by the International Monetary Fund (IMF). Since 1956, the Paris Club has negotiated 417 debt reduction agreements with 87 countries.

2  BIS Review 175/2010  We are pleased that also with this Library, we enable a lot of people, either younger or elderly, to give one of the most beautiful gifts – the book, for which the writer Garrison Keillor says that “it is the only gift you can constantly open, again and again”. We are glad that we are opening another such possibility. I sincerely hope that the opening of this Library will be welcomed by the scholars and wider public in the Republic of Macedonia. Thank you! BIS Review 175/2010  3
This kind of change is doomed to fail unless there is full commitment and support from banks’ senior officers and management. Indeed, without adequate governance and a clear ‘tone from the top’ there is no chance of success. 4/6  As I like to point out in many of my interventions, governance is always a precondition for any significant change to occur within an organisation, but of course it is just a precondition. Evidently, other elements must be implemented in order to tackle appropriately the management and control of non-financial risk. One initial element relates to the involvement of the Board, which should consider nonfinancial risk management as part of their regular monitoring, instead of simply reacting to emerging issues if controls fail. Just like in the case of traditional risks, the Board must include non-financial risk inside their risk appetite framework; obviously this implies that they should be able to understand the nature of these risks, in order to discriminate and rank their importance. Of course, the role of the Board cannot function without the right input from both first and second lines of defence. In this regard, it is important that, apart from owning and managing risk, the first line assesses key infrastructure areas, such as IT and operations, where most operational failures occur. The culture of the bank should also emphasise that first-line areas should also take responsibility for non-financial risk management, rather than focusing entirely on revenue or cost management.

In all options, the Bank of Cyprus will need to create an organisation to manage nonperforming loans. The bank is already moving in this direction, and should it remain as a single entity it is likely that there will still be a dedicated focus on managing the workout of troubled loans. Splitting the Bank of Cyprus into a commercial bank and an asset management/development bank would create a legal and management separation. This – as any other option – has a number of merits and challenges. Two institutions would provide specialisation. The asset management/Development Bank could focus on maximising value through the restructuring of the loan book with no immediate time pressures. It could also act as a specialist bank focussed on real estate and development related activities. The remaining commercial bank could focus on serving the domestic economy. However, a split could be operationally disruptive in the immediate term, even if it was beneficial over time. Substantial progress in the restructuring of the banking system has been made. This has not been easy, and market conditions remain fragile. In determining the way forward any solution should look to meet four objectives; Restoration of Confidence – It is essential that any solution furthers the restoration of confidence. Customers must have confidence in the future of the Bank of Cyprus whether it is one bank or two. As confidence is re-established we can further ease and ultimately lift capital controls. Funded Balance Sheet – The Bank of Cyprus’s reliance on emergency support is well known.
I should say that the costs of implementing Basel II will not fall on banks alone - nor will the challenges. In most jurisdictions, regulators too will both face challenges and need to incur costs in expanding staff numbers, in training and in implementing systems. This will be important for them to handle the new approach. After all, it calls for a significantly greater level of expertise on the part of line supervisors than has the existing Basel Accord. And whilst the UK, and a few other jurisdictions, do have that expertise, we need to remember that we are looking at a global market place. And at a global level I detect a deficit of expertise which will require to be remedied. Pillar three and disclosure I would also like to say a few words on pillar three. Pillar three can, it seems to me, play two roles. First, of course, it can play a role within the Basel II context itself, by mitigating the need for complexity in pillar one. Disclosure about the way organisations actually manage their risks can indeed help a better understanding of their risk profile, compared to a study of complex numbers on their own. For example, understanding how a firm conducts its stress testing, or how valuations might be sensitive to different assumptions, could be of real value. But, second, such disclosure could be of value in the general accounting context itself.

The survey showed that financial institutions are planning to oﬀer 1,800 newly created jobs and 2,000 traineeships during these 12 months. https://www.mas.gov.sg/news/speeches/2020/gearing-up-for-new-and-evolving-jobs-in-financial-services  6/18  04/12/2020  "Gearing up for New and Evolving Jobs in Financial Services" - Remarks by Mr Ravi Menon, Managing Director, Monetary Authorit…  The newly created jobs are distributed across diﬀerent job functions. The largest hiring demand is in technology, as you can see from the chart, with 880 jobs. The top new job roles in technology include application developers, application architects, and business analysts. This is followed by private banking and wealth management at 12%, in roles such as relationship management, process excellence, and digital transformation. The remaining 40% of new jobs are spread across other business segments, including insurance, corporate banking, consumer banking, investment banking, and asset management, as well as in corporate roles such as finance and human resources. https://www.mas.gov.sg/news/speeches/2020/gearing-up-for-new-and-evolving-jobs-in-financial-services  7/18  04/12/2020  "Gearing up for New and Evolving Jobs in Financial Services" - Remarks by Mr Ravi Menon, Managing Director, Monetary Authorit…  Let’s take a closer look at the 880 technology jobs on oﬀer in the financial sector. There are three broad types of job roles that financial institutions are hiring for their technology departments. First, advanced tech roles, such as enterprise architects and infrastructure architects. These are specialist roles that require highly technical skills. Take for example, enterprise architects.
Inflation has risen to levels not seen for decades, and its negative effects on households are reflected in public concern about this phenomenon. In addition, the two-year inflation expectations of economists and financial traders remain above 3%, and business expectations over longer horizons have also risen. It is important to note that long-lasting high inflations become more persistent and evidence shows that the cost of adjusting to them rises, with the consequent impact on the welfare of the population. The Board will be carefully monitoring the evolution of the macroeconomic scenario, ensuring that inflation convergence to the target is secured over the two-year policy horizon. Concluding remarks  Dear senators in this Commission, in closing I will share with you some good news and a personal thought. About the good news, as we announced in September 2021, on 23 June we will publish regional GDP on a quarterly basis. This is an important leap forward in the process of improving our economic statistics; it provides valuable information both for economic analysis and for public policy decisions, as it increases the frequency and timeliness with which we will be able to know the state of the regional economy, information that until today existed only in annual frequency. It is also a long-standing wish of many senators who, because of their close ties with the regions, require more detailed and regular information on the performance of the areas they represent.

I am pleased to now introduce the first President and Dean of the Asia School of Business, Professor Charles Fine. Professor Fine is the Chrysler Leaders for Global Operations Professor of Management, and a Professor of Operations Management and Engineering Systems, at MIT Sloan. He has served as a Professor at MIT Sloan for over 30 years, and has teaching experience as a visiting faculty at the Stanford Business School, the Harvard Business School and the Indian Business School. His research focuses mainly on supply chain strategy and value chain roadmapping. His work has supported the design and improvement of supply chain relationships for companies in the electronics, automotive, aerospace, communications, and consumer products industries. Kindly join me in welcoming Professor Fine. 2  BIS central bankers’ speeches
All this has taken place against the background of various upheavals in the global economic and political environment, the war in Iraq being just one manifestation of this. The defining characteristic of Hong Kong banks during this difficult period has been their resilience. Despite the ups and downs, banks’ balance sheets have remained strong. For the locally incorporated authorized institutions, the aggregate capital ratio remains around 16%, twice the minimum international standard. Many of the smaller banks have ratios well above this. Capital strength has not been impaired by losses during this period. The banks have continued to make money and earn a reasonable return on assets from their Hong Kong operations, averaging 1 around 1.25% (before tax) over the last three years. However, this has not been easy to come by. Growth in mortgage lending, the mainstay of profits in the 1990s, has stagnated, and the spread on new mortgage loans has fallen to 2.6% below prime barely enough to earn a decent return on capital employed. Other sources of loan demand have also dried up as corporates have deleveraged since the Asian Crisis. So the banks have had to change their focus in order to generate revenue. Attention has switched to the liabilities side of the balance sheet as the banks seek to make best use of the large amounts of surplus funds that have built up. Banks have been managing down the cost of their liabilities in order to improve deposit margins.

They have been helped by a switch by customers from time deposits to savings and current accounts as the opportunity cost of holding liquid balances has fallen. By some reckonings surplus deposits in Hong Kong are the highest in the world in relation to GDP. A lot of these funds have been invested in increased holdings of debt securities, which now account for about 22 % of the total assets of retail banks compared with only 8 % at the end of 1997. The upward sloping yield curve has encouraged this process and made it profitable. Another approach adopted by a number of the retail banks has been to develop sources of non-interest income by moving into the wealth management business. This means using the branch network to cross-sell products like mutual funds, insurance and securities to the client base. These  1  Relates to “retail banks”, which comprise all locally incorporated banks and branches of foreign banks which are active in retail and commercial banking in Hong Kong. BIS Review 21/2003  1  efforts are paying off, particularly for the larger banks, and are now having a discernible impact on the bottom line. A less successful aspect of the increased emphasis on the consumer has been the foray by a number of banks into the credit card business. Prior to 2002, this provided the only area of buoyant lending growth in Hong Kong.
Figure 4  CPI inflation (*) (annual change, percent)  CPIEFE inflation (*) (annual change, percent)  10  10 10  10  8  8  8  8  6  6  6  6  4  4  4  4  2  2  2  2  0  0  0  0  -2  -2 -2  -2  -4  -4 -4  -4  07 08 09 10 11 12 13 14 15  Dec.2012 Report  07 08 09 10 11 12 13 14 15 Mar.2013 Report  (*) Gray area, as from the first quarter of 2013, shows forecast. Sources: Central Bank of Chile and National Statistics Institute (INE). BIS central bankers’ speeches  9  Figure 5 MPR and expectations (percent) 9 8 7 6 5 4 3 2 1 0  9 8 7 6 5 4 3 2 1 0 07  08  09  MPR  10  11  13  12  FBS, March 2013.Q2  14  15  EES, March 2013  Source: Central Bank of Chile.

Now I am pleased to inform that the JC3 is one of the collaborators with CGM, together with the Institute of Corporate Directors Malaysia (ICDM) and Islamic Markets in organising today’s forum. The Bank envisions that financial industry players and others from the private sector will play more proactive roles in increasing funding pathways for green and sustainability related projects. By stepping up such efforts, there would be more innovative financial instruments or alternative financing, sustainable or green bonds or sukuk that would support the Government’s climate change agenda. Ladies and gentlemen, The severity and abruptness of the current health crisis do not make climate crisis any less pressing. The resilience of our future economy and financial system will depend on the actions we take now in building climate and societal resilience. This is a sobering reality, one we must take full accountability of, and pledge strong commitment to. This pandemic has not only provided valuable lessons to us on the grave consequences of being ill-prepared when facing a crisis. It is also a strong reminder that sustainability must play a crucial role in our economic recovery and reset. As a central banker, it is not often that I talk about global health – but the current pandemic has challenged me to be more conversant of such issues. The same applies to the topic of climate change which was not in the central banks’ dictionary until recently.
Out of the financial crisis came the importance of the global Financial Stability Board with a mandate to promote international financial stability underpinned by strong regulation, supervisory and other financial sector policies, reinforcing thereby the importance of G20 nations. The FSB works closely with, and is supported by, the four standard setting bodies of the international financial system – the Basel Committee for banks, IOSCO for markets, the IAIS for insurance, and the CPMI for payment and markets infrastructure. And, just to underline the importance we see in these bodies, it is with pride that I can say that the Bank of England chairs two of the four – Jon Cunliffe for CPMI and Victoria Saporta for IAIS. These bodies are where the critical standards for governing the financial system get hammered out, where safe openness is put into practice. They are very clearly global in reach, necessarily so. They are not regional, they are global. We cannot participate in these bodies, and they cannot function as they do, unless we are all prepared to enter into the process and listen to and accept ideas from others. It requires us to give up some control over our standards and rules, because the alternative of a narrow domestic control is illusory – it would jeopardise achieving the very things we want, safe open markets, and likewise open economies. Above all, these bodies enable us to build the trust that enable our financial systems to stay open.

The Basel Standards do not include intangible assets in bank capital, which would include software assets in the UK. We have not identified any evidence to support the notion that software assets have value in stress. On that basis, including them in bank capital would give a false picture of a bank’s loss absorbing capacity. We are therefore intending to consult on plans to amend this on-shored EU rule in order to maintain the previous requirements of excluding software assets from bank capital. This is in line with global standards and will enhance the safety and soundness of UK firms. The insurance case rests on a different argument. Solvency 2 is an all embracing rulebook covering both general/non life and life insurance. In practice, it probably works better for the non life world, because the risks and activities are more common across different national markets. Non life insurance is a broad and diverse sector, but each GI product occurs in different national markets in a more similar form. But, I have never been convinced that the EU had a commonality of forms of life insurance across its national markets. They are in some cases at least quite distinct markets and products. Certainly that is the case in the UK, where annuity business is a quite specific activity. Some specific elements of Solvency 2 have not proved to work for that market as well as hoped, 3/4  BIS central bankers' speeches  so it is right that we should review it.
Jean-Claude Trichet: Ten years of the euro – successes and challenges Speech by Mr Jean-Claude Trichet, President of the European Central Bank, Osnabrück, 12 February 2009. *  *  *  Introduction Dear President Pöttering, Dear Dr. Hentschel, Ladies and gentlemen, I thank you for inviting me to Osnabrück. Today I’m going to speak to you in German. That is for me both a pleasure and a challenge. I’m pleased to have come here, for the Osnabrück region is the home of Hans-Gert Pöttering. I have got to know, and have come to hold in high esteem, Hans-Gert Pöttering as President of the European Parliament. As the President of the European Central Bank, I am a regular guest at the Parliament. For us at the ECB, relations with the directly elected representatives of the people of Europe are very important. Osnabrück is also a suitable place for a speech on European integration. Its epithet is the “city of peace”. It was here and in Münster that the Peace of Westphalia was negotiated. It was the basis for peace in Europe in 1648 after the Thirty Years’ War. Today it is European integration that forms the basis for prosperity and peace in Europe during the last 60 years. Main part The euro is the most visible symbol of European unification. Economic and Monetary Union is the field in which integration has progressed the most. The euro is the currency now shared by 329 million people in 16 countries.

And the second is the improved communication between policymakers and market participants, which has allowed the bond market to form its own expectations about policy direction and to respond accordingly. These two qualities, in my view, are positive for the development of the bond market in the longer-term. Outlook and developments in the bond market This year the Thai economy will continue to expand, driven by momentums in domestic demand and export, including the launching of new infrastructural projects. Higher investment will imply higher funding requirement. Given ample liquidity in the system, funding investment expansion domestically should be a preferred option to funding it from abroad. Domestic funding will help make the domestic credit market competitive while helping to avoid the unnecessary pick-up in external debt. It is in this context of domestic resource mobilization that the bond market can have an important role to play. BIS Review 29/2005  1  This is to say that while bank credit will continue to be a major intermediary for investment finance, the need for long-term investment financing will offer considerable opportunity for the bond market. On the supply side, the fixed income market can be an important channel for long-term capital mobilization, while on the demand side, there will be ample demand to invest in fixed income instruments from domestic institutional investors. It is in this context that the current efforts to develop the domestic bond market by the Government are timely, and this priority now ranks high on the Government's agenda.
For inflation the MPC’s modal forecast was in the top half of the range for outside forecasts in 2023Q4 but below the bottom of the range in 2024Q4 and 2025Q4. Notes: Thirteen respondents submitted projections. There are 12-13 projections for each variable at the one-year horizon, and 7-8 for each variable at the two and three-year horizons. Both the setting of monetary policy and the language used to communicate it have developed significantly over the last year, which has seen the MPC increase Bank Rate at every one of the eight meetings by a cumulative 2.9% to 3.0%. By contrast, the MPC’s approach to quantitative tightening has not changed. Consistent with the MPC’s strategy first set out in the August 2021 MPR, Bank Rate has been the active policy tool for tightening monetary policy, while quantitative tightening has been conducted gradually and predictably in the background, starting in March 202214. As the MPC has become increasingly focused on the prospect of more persistence in inflation, it has tightened policy more sharply. In the five meetings from December 2021 to June 2022, Bank rate was increased by 1.15 percentage points in total. In the three meetings from August 2022 to November 2022 Bank rate has been increased by a cumulative 1.75 percentage points.

As the MPC has learnt more about the labour market, the trough in unemployment has been revised down in successive forecasts over the last year (Chart 4). However, such is the weakness of demand from the recession in activity that unemployment is forecast to rise from the start of 2023 throughout the three years of the forecast. The sustained labour market tightness seen to date, together with the influence of much higher inflation, have led to nominal pay growth increasing materially through 2022, at a consistently faster rate than expected in successive forecasts (Chart 5). Annual growth of private sector regular pay reached 6.6% in the three months to September. It is forecast to rise further in the near term before falling back as unemployment rises, spare capacity opens up and as inflation falls. See Shocks, inflation, and the policy response − speech by Dave Ramsden | Bank of England See Treasury Committee oral evidence: Bank of England monetary policy reports May 2022 6 The Government announced a review of labour market developments in the Autumn statement. 7 The MPC will be undertaking a supply stocktake in coming months to explore these issues in more detail. 4 5  Bank of England  Page 8  Sources: ONS and Bank calculations  Increasing Inflation expectations Increasing evidence of second round effects in wage and price setting has been a key focus of the MPC over the last year.