samchain/econo-pairs-v1 huggingface dataset:
But the refugee crisis means that we’re also facing a new challenge right now. Is this going to affect economic developments? It is a huge challenge, not only in Germany, but for Europe as a whole. But the refugee crisis is also a great opportunity for Europe if the refugees can be successfully integrated into the labour market. The more Europe stands together in the refugee crisis, the greater is the likelihood that it can be overcome. As a European citizen, I believe that we are now at a historic moment when the EU must demonstrate that it is able to reach a European solution. 2  BIS central bankers’ speeches  Is that realistic? Europe has already overcome similar situations, for example during the debt crisis. In this case, given that we are talking about millions of people who are fleeing to Europe, I personally believe that the EU has a moral obligation to find a joint European solution. The European project is not first and foremost a financial project. Europe always was, and will continue to be, about bringing people together, not about dividing them. The euro area countries cannot even agree on whether or not there should be a common limit on payments in cash. What would you advocate? This is a matter for the EU finance ministers to decide on, not the ECB. There are countries in Europe where cash is very important, and there are others where cash plays a lesser role.

Benoît Cœuré: Interview in Rheinische Post Interview with Mr Benoît Cœuré, Member of the Executive Board of the European Central Bank, in Rheinische Post, conducted by Ms Birgit Marschall and Mr Georg Winters and published on 13 February 2016. *  *  *  Share prices are sharply down on the world’s stock markets. Why? There are several compounding factors, each calling for different answers. First, it’s a global phenomenon. Investors are generally anxious about a slowdown in growth worldwide, especially in the emerging markets, and above all in China. Second, there’s great uncertainty about the global effects of the low oil price. Initially, it was thought the low price would be good for global growth, but now some negative effects can be seen, particularly in emerging markets. Third, market participants are questioning how profitable banks are and whether they have successful business models for the future. How affected are Europe’s banks? They are in a much better position today than they were at the height of the debt crisis in 2011 and 2012. Thanks to the banking union they are now much more resilient. They have very significantly built up their capital and liquidity. One challenge they face is their low profitability, which is also related to the current level of economic growth. Also, some banks have a high level of non-performing loans on their books, as a legacy of the crisis.
But just as the Scottish Enlightenment still influences our thinking today, so the twin features of that framework – namely inflation targeting and independence of the Bank of England – will be crucial to successful monetary policy in the future. Just as the Monetary Policy Committee meets monthly to decide on interest rates, so David Hume and Adam Smith met regularly in the Poker Club to debate the policy issues of the day. Hume was an officer of the Club with the unusual title of the Assassin’s Assessor, “without whose assent nothing could be done”, and whose role was to ensure that in meetings “there was likely to be no bloodshed”. So I take it that Hume at least would have been content with last week’s decision to leave interest rates unchanged. There is no Assassin’s Assessor on the Monetary Policy Committee, nor – you will be relieved to hear – any bloodshed. But, month by month, we shall be debating the prospects for the economy in order to decide in which direction, if any, interest rates need to move. 4  BIS Review 52/2006

Eddie Yue: Remarks at Media Standup Remarks by Mr Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, at Media Standup, Hong Kong, 2 October 2019. * * * Ladies and gentlemen, 1. Today is my first working day as the Chief Executive of the HKMA. Apart from the transition to a new position, I will also be faced with a challenging external and domestic environment. This includes the weakening of global economic momentum, uncertainties over the ChinaUS trade conflict and Brexit, unpredictable monetary policy stance across central banks especially in the US, and the social events in Hong Kong in recent months. All these have presented huge challenges and uncertainties for the Hong Kong economy. 2. Our key priority in the next few years is to maintain Hong Kong’s monetary and financial stability. 3. And, the foundation for this stability is the Linked Exchange Rate System (“the Link”), which has helped Hong Kong weather different financial storms since 1983. I’ve been involved in the operation of the Link throughout my career in the HKMA and I have also gone through two financial crises. I firmly believe that the Link is the most appropriate monetary system for Hong Kong. We see no need and have no intention of changing this well-established system. 4. Our banking system is also robust and sound. I’m confident that Hong Kong’s financial system is well positioned to cope with market volatilities. 5. We will also reinforce Hong Kong’s role as a premier international financial centre.
Testing programs, particularly external testing programs, are universally regarded as the most critical element of serious Y2K preparations in the financial sector. The Joint Year 2000 Council encourages all firms and institutions active in the financial markets to engage in internal and external testing of their important applications and interfaces. To this end, many major payment and settlement systems around the world have developed extensive testing programs and procedures for their participants. In the United States, for example, Fedwire, CHIPS, and S.W.I.F.T. have coordinated shared testing days for the purpose of testing the major international wholesale payments infrastructure for the US dollar. The Securities Industry Association (“SIA”) has been at the forefront of an ambitious program to develop a coordinated industry-wide test of all aspects of the trading and settlement infrastructure for the US stock market. The FFIEC’s efforts have also been extremely beneficial in stressing the importance of testing within the banking sector generally. Yet, external testing programs globally need to be dramatically extended and expanded. To that end, the G-10 Committee on Payment and Settlement Systems last year started to collect information on the state of preparedness and testing of payment and settlement systems worldwide. To date, over 150 systems in 47 countries have responded to the framework and posted such plans.4 The Joint Year 2000 Council intends to expand the coverage of this framework to exchanges and trading systems, as well as major financial information services providers, and hopes to expand the number of countries and systems that are included.

Mr. Patrikis discusses the implications of the Year 2000 computer problem for international banking and finance Statement by the First Vice-President of the Federal Reserve Bank of New York, Mr. Ernest T. Patrikis, before the Committee on Banking and Financial Services of the US House of Representatives on 23/6/98. I am pleased to appear before the Committee today to discuss the implications of the Year 2000 computer problem for international banking and finance. I am appearing in my capacity as Chairman of the Joint Year 2000 Council, which is sponsored jointly by the Basle Committee on Banking Supervision, the G-10 central bank governors’ Committee on Payment and Settlement Systems, the International Association of Insurance Supervisors, and the International Organization of Securities Commissions (collectively referred to as the “Sponsoring Organizations”). The international financial community has much work to do to prepare itself for the challenges posed by the Year 2000 (“Y2K”) problem. While much good work is being done and progress in many areas is evident, more needs doing. The Sponsoring Organizations believe that mutual cooperation and information sharing can play a key role in helping individual market participants carry out these preparations and limit the scope of Y2K-related disruptions. Our major concern, of course, will be the possible impact of the Y2K problem on the functioning of the international financial system as a whole.
Accordingly, we have already revisited the existing regulatory framework of primary dealers and based on those findings, we will introduce an appropriate regulatory framework for primary dealers in line with the latest developments in the  data by customising the existing FInNet Data Reporting System of the Central Bank; (2) expanding the statistical analysis to identify system-wide vulnerabilities and threats to the financial stability from the build-up of risks and interconnectedness of financial institutions; and (3) improving the early warning framework with a focus on stress tests and financial system stability indicators, to identify and assess systemic risks and vulnerabilities in order to ensure formulation and implementation of proactive macroprudential policies to maintain financial stability. market by benchmarking the global  The Central Bank has continued to take  standards. We also expect to establish  measures to strengthen the payment  and implement a restructuring  and settlement infrastructure of the  mechanism for distressed primary  country and to develop an efficient and  dealers. stable payment and settlement system,  The Macroprudential Surveillance Department (MSD) of the Central Bank  capable of catering to the growing payment needs. is being strengthened to keep a close  Continuing to discharge this important  tab on the developments in the financial  function, we expect to improve the  system as a whole. In this regard, we  national payment system to promote  expect to strengthen the institutional  electronic payments to establish a less-  framework for macroprudential  cash dependent society.

It has to be a national effort. The potential for accelerated development is clearly evident. The government’s plans, programmes and projects, as set out in the Honourable Prime Minister’s Statement and the Budget Speech have sign-posted the way ahead. However, the task now is to continue to turn the good intentions into reality. This journey ahead also  We need to ask why this is. In what is  requires a rebalancing of economics and  often termed the Asian century, Sri  politics in economic decision-making, if  Lanka is the only country, other than  we are to stay on course. Afghanistan, in the Asia/Pacific region with an IMF programme – having an IMF programme is the economic equivalent to being in hospital. We are not in the  The government has commenced a strong revenue-based fiscal consolidation programme. ICU but clearly in hospital. The remedial treatment is known and it is  Central Bank of Sri Lanka – ROAD MAP 2017  6  Trade and investment policies are also   Section 2: Review of the  being changed to harness our untapped  developments in the economy along  potential. with the progress in the real, fiscal,  We at the Central Bank, are changing and upgrading many of our processes and policies. Frameworks are being developed for proactive monetary and exchange rate policymaking on a data driven basis.
In all these tasks I believe that the role of external analysts and researchers can be pivotal In this regard, I see only advantages from making information produced by authorities public to the scientific community. Evaluation of public policies should not be the sole preserve of analysts from policymaking institutions. Data availability paves the way for evaluations by independent researchers with a clear potential for enriching our knowledge on the impact  4  of public policies. This in turn increases the number of cross-checks to ensure more robust results by looking at the same question from different angles. My impression is that the more ambitious we are in this field, the better the assessment by researchers we are going to have. Indeed, it is a fact that countries with more open data typically enjoy larger than average high-quality economic evaluations. That’s why we have created a data laboratory at the Banco de España (BELab) and intend to gradually open up our data to the scientific community. We have started offering the annual financial statements of about one million companies per year, made available thanks to the agreement signed with the Mercantile Register Association (Colegio de Registradores Mercantiles). As part of our medium-term strategic plan, we are currently analysing the legal and technical conditions to broaden the databases disseminated at this laboratory and to ease access to the data. Currently, it is only possible to access the data lab using the “dataroom” located on our premises.

The situation remains highly unstable and the market is showing little confidence in the European leaders’ resolve and ability to bring an end to the debt crisis. The situation is very worrying. 6. Once a country gets into the habit of spending beyond its means, relying on debts to finance its expenses and rolling over old debts with new ones, it is a matter of time that the country would run into trouble. The only way out is to reduce debt and endure the excruciating pain of de-leveraging. While leveraging or borrowing normally produces intoxicating feel-good effects, such as job and income growth, buoyant consumption and investment, strong credit demand, asset value appreciation and business boom, deleveraging has exactly the opposite effect, creating very unpleasant and painful consequences. The injection of ample liquidity into the banking system by central banks to suppress interest rates is certainly helpful in alleviating the pain of those debtors who can refinance their loans with lower interest rates and thus reduce their interest and repayment burden. However, many households in the US are denied access to cheaper and falling mortgage rates because they are in negative equity and cannot afford to refinance. Lower interest rates are thus of little help to them. Moreover, pushing interest rates to close to zero also deprives prudent savers of the interest income that they can earn from their savings. Many savers, including pensioners, have to cut back spending because of the sharp fall in their recurrent interest income.
Fixed gross capital formation, outcomes and Riksbank forecasts Percentage 12-month change 12  12  10  10  Outcome RB Oct 02 (IR02:3) RB June 03 (IR03:2)  8  8  6  6  4  4  2  2  0  0  -2  -2  -4 1997  -4 1998  1999  2000  2001  2002  2003  2004  Sources: Statistics Sweden and the Riksbank. Chart 4. Index for electricity in HICP Percentage 12-month change 30  30  25  Sweden  25  20  Euro area  20  15  15  10  10  5  5  0  0  -5  -5  -10 1996  -10 1997  1998  1999  2000  2001  2002  2003  Source: Eurostat. 6  BIS Review 42/2003  Chart 5. Population growth 16-64 years, actual and forecast 2003-2050 1.0  1.0  0.8  0.8  0.6  0.6  0.4  0.4  0.2  0.2  0.0  0.0  -0.2  -0.2 -0.4  -0.4 1990  1995  2000  2005  2010  2015  2020  2025  2030  Source: Statistics Sweden. BIS Review 42/2003  7

It should also be acknowledged that the build-up over time of new European financial regulations, even though they have been beneficial to European financial intermediaries and institutions, has posed an organisational challenge to institutions. It is thus not surprising that they have called on Brussels to contain the rate at which new regulations are promulgated. All European regulators and supervisors, including the European Commission, agree on the need for the thoroughgoing implementation of approved regulations. But we also agree on the advisability of avoiding new regulations in the coming years. The Banco de España has sought, as far as possible, to limit the attendant costs, whether through unifying accounting criteria for reporting to the market, for prudential purposes and for calculating tax bases, through the convergence of our criteria with those demanded by other supervisors, such as the so-called national discretion clauses in Basel II, or through our circulars, i.e. specific regulations that provide institutions with the necessary legal certainty. But new financial regulations cannot be dispensed with indefinitely, since it is quite possible that the very dynamics of European market integration will entail the need for new regulations in specific fields. Indeed, new reforms may even prove appropriate for Spanish institutions. For example, the fragmentation of deposit guarantee arrangements in Europe, in terms of financing, structure and organisation, might warrant a new Directive, which in turn would level the playing field, given the greater rigour of the Spanish system.
It will also have to pay for the retooling of information management and delivery systems, as well as face increased uncertainties in its core deposits. At the same time, however, the larger single market will create new opportunities for banks, particularly in the areas of investment banking and the cross-border sale of deposits, mutual funds, and other savings products. On balance, it seems fair to conclude that the commercial position and earnings of many European banks are likely to come under pressure. This may accelerate the ongoing restructuring of Europe’s banking industry, a process that has been confined, to date, primarily to developments within each country. More broadly, there can be no doubt that the implications of the growth of a more efficient and cost-effective market for euro-denominated capital would extend well beyond Europe. The availability of a new, low-cost channel for portfolio investment, for example, could help reverse the traditional reluctance of households and many institutional investors worldwide to invest internationally -- a reluctance that has long puzzled academics and policymakers. Moreover, a well-developed market for euro-denominated capital would encourage institutional investors from the United States and elsewhere to acquire diversified European portfolios offered in a single currency. In fact, this development could be accelerated if member governments chose to deepen the euro market by increasing the available range of bond maturities, which in some countries is somewhat limited at the short and long ends.

Second, digital finance needs to be embedded in the way small businesses operate daily, across their supply chains. • A merchant is more likely to pay her employees digitally, if she receives digital payments from her customers, and transacts digitally with her suppliers. • We will not progress if we have cash on one side of the supply chain, and digital payments on the other. Going a step further, if we can unlock digital SME trade across borders, we will help SMEs access a broader range of trading opportunities and reach economies of scale faster. • This is what the Business Sans Borders initiative by MAS and the InfoComm Development Authority is seeking to do. • BsB is an open connector of platforms (a “meta-hub”) which helps address three challenges faced by SMEs – opaque pricing, complex supply chains, and lack of access to digital solutions. 2/3  BIS central bankers' speeches  •  This is a cross-border platform, connecting infrastructure across countries. Fundamentally, finance needs to support the way people live their lives and businesses go about their business. • Embedding innovation and digital finance in people’s lives is the only way to achieve sustained and meaningful financial inclusion. • As countries, we must learn from one other, partner in innovative projects, and manage risks collaboratively. •  And we should do so with the consumer right at the centre of our thinking. 3/3  BIS central bankers' speeches
In this Report the forecast in the main scenario is based on the assumption that the repo rate evolves in line with implied forward interest rates. According to this assumption the repo rate will remain at 1.5 per cent up to about the second quarter next year, when it gradually begins to be raised. Overall, the Swedish economy is forecast to grow at a comparatively firm rate during the forecast period. GDP growth is estimated to be 2.3 per cent this year and 3.0 per cent next year. Thereafter, it will gradually fall towards just over 2 per cent in 2008. Compared with the assessment in the June Report, this is an upward revision and the fundamental outlook is now more positive. For this year it is mainly the revision of the outcome for the first quarter that has affected the forecast. After that it is, among other things, the more expansionary economic policy compared with our June Report – both a slightly lower repo rate and more expansionary fiscal policy – that have raised the forecast.1  Resource utilisation to increase gradually There are now signs that the situation in the labour market is improving. Among other things, the number of hours worked has begun to rise and indicators of the number of redundancy notices and new job vacancies also point to a more robust labour market.

I would like to take this opportunity to thank you for the faith you have shown in me and the support and encouragement you have given me, as well as for your excellent cooperation, and that applies to you all irrespective of political affiliation. Thank you! 7/7
When we embark into this journey during the early 1980s there was no precedent to follow. We did not wait until we were 100% sure or until we were sure we could tackle all the possible issues that might arise. Some might say that this is a “trial and error” method. But history has taught us that many break through ideas and solutions originated from this approach. The willingness to try new things and the ability to move on should an idea doesn’t work is an important attribute. It pays over the long run. The willingness to use existing resources that had served the financial system well is another contributing factor. Malaysia has already in place an efficient custodian, payment and settlement system, the principal dealership system, the real time gross settlement system and the process of tendering of government securities. All this has a proven track record of being effective and efficient. We avoid “reinventing the wheel” because it is costly, time consuming and risky if we create an entirely new approach. We adopt and adapt with the existing system so long it does not contravene any shariah principle or requirement. Willingness of shariah scholars to practice ijtihad is another contributing factor. The courage to set a precedent and the resolve to agree to a new concept never done before.

For example, in the establishment of shariah parameters and centralization of shariah rulings and the creation of financial instruments that the Central Bank used to mop up liquidity from the financial market on a daily basis. The forward looking plan of our various institutions of higher learning to offer courses in Islamic finance related subjects that have enable a steady supply of talent and workforce to the industry. Equity-based financing Let me touch on the subject of equity-based financing. This subject has captured the imagination of many especially within the academic circles. Some even went to the extent of saying equity-based financing is the heart and soul of Islamic finance. This is a point that will invite a lot of comments and a subject of endless conversation. In practice, somehow, bankers are not into this. In Malaysia and in the Middle East, however, more than 70% are debt-based financing. Why is this so? Let me discuss this point with greater detail. For the benefit of those who are less familiar, in a nutshell Mudharaba is a profit sharing and loss bearing concept where the Financier provides financial investment in a business and the Entrepreneur provides expertise in running the business. The financier gets to share profits and absorb loses and the entrepreneur have a share of the profit Musharaka is where both Financier and Entrepreneur commit to invest financially in a business. In both cases, the profits and losses are shared according to ratios that both Financier and Entrepreneur agrees prior to the venture.