samchain/econo-pairs-v1 huggingface dataset:
22  All speeches are available online at www.bankofengland.co.uk/speeches  22  Chart 10: Inflation Report forecasts of productivity growth from 2012 Four-quarter growth (per cent)  5 4 3 2 1 0 -1 -2 -3 -4 -5  2001  2003  2005  2007  2009  2011  2013  2015  2017  Latest ONS data Source: ONS, Bank of England and Bank calculations Note: Chart shows latest estimate for four-quarter output per hour growth and vintages of May Inflation Report forecasts from 2012 to 2017. Chart 11: Out-of-sample wage equation fit for the past 5 years Wage growth (per cent) 7 6 5 4 3 2 1 0 -1 -2 -3 1992  1995  1998  2001 Data  2004  2007  In-sample fit  2010  2013  2016  Out-of-sample fit  Sources: ONS, Barclays and Bank calculations. Notes: Wage equation is specification (1) in Table 1. Sample period used for estimation is 1992Q2-2013Q1. 23  All speeches are available online at www.bankofengland.co.uk/speeches  23  Chart 12: UK labour share since 1955 Share of GDP  70% 65% 60% 55% 50% 45% 40% 35% 30%  1955  1963  1971  1979  1987  1995  Labour share minus special contributions  2003  Labour share  2011 Wage share  Source: ONS and Bank calculations. Notes: Labour share is wages and salaries plus employers’ social contributions plus a fraction of mixed income as a share of GDP.

Notes: Red diamond shows latest observation (for 2017). 25  All speeches are available online at www.bankofengland.co.uk/speeches  25  Chart 16: Distribution of offered wage by occupation, with and without the term ‘self-employment’  Sources: Reed and Bank of England calculations. Notes: ‘SOC code’ refers to standard occupational classification code. The area labelled ‘True’ shows the distribution of offered wages for job adverts which include the term ‘self-employment’, and the area labelled ‘False’ shows the distribution for adverts which do not. The data are drawn from a cross-section of online job vacancies. Distributions are constructed using data covering the period 2008-2016. Chart 17: Distribution of offered wage by occupation, with and without the term ‘flexible hours’  Sources: Reed and Bank of England calculations. Notes: ‘SOC code’ refers to standard occupational classification code. The area labelled ‘True’ shows distribution of offered wages for job adverts which include the term ‘flexible hours’, and the area labelled ‘False’ shows the distribution for adverts which do not. The data are drawn from a cross-section of online job vacancies. Distributions are constructed using data covering the period 2008-2016.
The fundamentals of an internal audit function involve identifying risks that could threaten the viability of the company and keep it from achieving its goals, ensuring management fully understands these risks, and proactively recommending improvements to minimise these risks. Internal auditors are essentially the eyes and ears of the Audit Committee and the overall Board. The failure of audit functions can result in devastating consequences as seen in recent times. The case of the British Petroleum (BP) oil rig explosion in 2010 is one that reinforces the important role of the internal audit function. Occupational safety is widely regarded as a critical success factor for a company that undertakes oil exploration. The BP oil rig was awarded as the industry model for safety in 2009. However, in 2010, the oil rig exploded in the Gulf of Mexico, causing one of the worst man-made disasters in history. The U.S investigation commission attributed the disaster to the “failure of individuals involved to identify risks they faced and to properly evaluate, communicate and address them”. This indirectly highlighted the shortcomings of the internal audit function as a contributory source of failure in the lines of defence in the company. Some level of scepticism to consider the remote possibility that the safety measures in place may not work in the event of disaster, could have avoided the risk event from occurring. Another example is the LIBOR manipulation scandal involving several banks which culminated in substantial fines imposed by the UK Financial Services Authority (FSA).

Jean-Pierre Roth: Role of the central banks with respect to the financial market crisis Summary of a speech 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 Forum Suisse de Politique internationale, Geneva, 23 May 2008. The complete speech can be found in French on the Swiss National Bank’s website (www.snb.ch). *  *  *  The central banks have been working extremely hard to respond appropriately to the turmoil that has beset the financial markets in recent months. Aimed at enhancing the resilience of the markets and safeguarding the stability of the financial system, the measures they have taken have been drastic and innovative at times. As this episode has also shown, a policy of preserving financial stability is not always easy to reconcile with monetary policy. The central banks must therefore tread carefully and avoid compromising their price stability objectives when intervening to defend financial stability. While money market conditions deteriorated over the past nine months, the Swiss National Bank put off interest rate hikes so as not to provoke a tightening of credit conditions in Switzerland. Effective action by banking supervisory authorities is key to ensuring long-term financial stability. However, the central banks also have a role to play in reinforcing the markets during times of need.
Therefore, we still cannot define the high growth rates observed in the last three years as sustainable growth. It should not be forgotten that strategies, which initiate growth and those, which achieve the sustainability of growth differ. . In this framework, the achievement of sustainable growth in our country requires more comprehensive and radical reforms. Now, I will explain the measures to be taken by outlining the reasons for the failure to achieve sustainable growth. The main reasons behind the failure in achieving sustainable growth include a large underground economy, the inadequacy of domestic savings and capital accumulation of the private sector, the fact that increases in productivity may not be permanent due to deficiencies in institutional governance, problems concerning the quality of labor supply, poor relations between the banking sector and the real sector and the inadequate tax system. According to predictions made in studies, the extent of the underground economy in Turkey ranges from 16 to 50 percent. As we cannot impose taxes on the underground economy, the state takes heavy losses. Moreover, the underground economy causes inefficient utilization of the country’s resources and creates unfair competition. That is why it is of the utmost importance that policies aimed at the registration of the underground economy are carried out at once. The domestic savings rate of our country is very low compared to that of both developing and developed countries. Actually, what lies beneath this fact is Turkey’s low-income level.

Islamic financial institutions now play a major role in driving the sustainability agenda in Malaysia hence, it is encouraging to see players such as CIMB Islamic and Standard Chartered Saadiq keep the momentum with this landmark deal which furthers Islamic finance and ESG convergence. I’m confident the Islamic finance sector will continue to do more in advancing sustainability practices by leading ESG innovations aligned to the value-based intermediation agenda. The introduction of ESG Islamic Repurchase Agreement is thus timely and it will further encourage the development of Islamic Repurchase market. Islamic Repurchase market registered RM39.4 billion in volume in 2021, more than double the volume in 2020[3]. The huge potential lies ahead as the volume registered is thus far, only around 1% of the total Islamic money market volume during the year. I would like to thus congratulate CIMB Islamic and Standard Chartered Saadiq on today’s signing. I wish you a successful partnership in this and potentially pave the way for more within the industry. Thanks also to the organisers for inviting me today and wish everyone a good weekend. Thank you  [1] Source: S&P Global [2] Source: Moody’s Investors Service [3] Source: BNM
During the great British debate on the gold peg after the Napoleonic Wars, even David Ricardo, the gold standard’s most ardent defender, warned against returning to earlier parity values after a sharp depreciation. Friedman, Milton og Schwartz, Anna Jacobson (1963), A Monetary History of the United States of America, 1867–1960, National Bureau of Economic Research, p. 82. 34  Since the past is our laboratory and the source from which we draw lessons, it is more fruitful to try to understand the past on its own terms than to sit in judgement over it. Anything else would make history as a serious branch of study into a meaningless exercise, reducing it to a running, constantly changing contemporary commentary on what has been. 35  In the opinion piece “Mytedannelsen om paripolitikken” [Myth-making and par policy], published in Aftenposten on 30 May 1998, Hermod Skånland wrote: “...The Bank’s newly appointed governor, Nicolai Rygg, was just as convinced as anyone else, both here in Norway and internationally, that pre-war conditions in the monetary system needed to be restored. (Skånland then shows that economic growth in Norway under par policy was actually stronger than in neighbouring countries.). Against this background, it may be difficult to understand that par policy has endured as the great destructive blunder of the 1920s, with Nicolai Rygg as the man responsible for the hard times.

This register could be made available as a public good for all administrative purposes. Establishing such a core register would require a stepwise approach, intensive cooperation among the operators of administrative, statistical and commercial business registers and should draw on the initiatives to enforce the universal use of the legal entity identifier. The register could also support nonstatistical tasks, such as those of ECB Banking Supervision or the European Commission. Additional information could be added in concentric circles around the core business register, starting with the necessary statistical variables, which would be the reference for ESCB and ESS statistical production. More circles could be used to add variables for other administrative purposes, which would also allow for controlled access. While we can only take some initial steps towards such a system of concentric business registers, we are already in a position to make a start by bringing our registers closer together for statistical purposes. Doing so is challenging in that it certainly requires thinking big, making a sizeable initial investment and using EU law. But it also seems necessary if European statistics are to remain fit for purpose in the digital age. Third, an urgent review of the EU data confidentiality framework is central to improving the quality and value of our official statistics. While the exchange of confidential information for statistical purposes is already possible under EU statistical law, the experience of the last decade shows that more is needed in a number of Member States.
Regardless of the target model for SEPA implementation, the National Bank of Poland declares its readiness to support the process. Important activities on the part of the NBP, as regards SEPA-related works, include the strengthening of the infrastructure for cross-border euro settlements and the participation in TARGET2 system, as well as the support of the implementation of SEPA standards in the Polish payment system. In order to achieve these goals, it is necessary to follow the works undertaken by the banking community in relation to SEPA on the EU and national level. It is also important to foster cooperation on the government level to prepare and implement possible new regulations for the banking sector. The Payment System Council can further play an important role in this respect. SEPA is a crucial challenge for the Polish banking sector and for many clients of that sector. This is why it is critical to hold wide-scale consultations not only to develop a vision of SEPA PL that would be coherent with the European vision of SEPA, but also to take into consideration specific niche needs of Polish entities.

At the same time, stock issuance up to the third quarter of 2007 is higher than that of 1996. Notice, however, that the persistent weakness of expectations indicators and the effect of the recent increases in inflation on families’ purchasing power imply a risk for private consumption growth. 2  BIS Review 120/2007  As a result of the above, the GDP and aggregate demand growth have been somewhat below the forecasts of the September 2007 MPR. There, the GDP growth forecast for this year was 5.75% to 6.25%, with a downward bias. The evidence accumulated so far, indicate that the GDP growth will be in the lower part of the range. The turbulences in international financial markets could be affecting expectations of consumers and entrepreneurs. In fact, consumer expectations have worsened and the forecast of the GDP growth in expectation surveys has fallen. The most important development in recent months, however, has been inflation. Inflation has picked up, reaching annual rates of 5.8% in September, both for total CPI and core CPI (which excludes perishable foods, energy and regulated tariffs). This surprising rise of inflation has been influenced by unusual (and simultaneous) increases in the prices of food items, given rises in their foreign similes and harsh weather conditions in Chile. These high prices have not only persisted but also intensified in the last months. Additionally, electricity power rates have also increased, as a result of natural gas restrictions coming from Argentina, and the replacement of hydro by oil-based electrical generation.
In total, in the savings bank sector, there are 13 mergers taking place which affect 94% of assets and will reduce the total number of savings banks or groups of savings banks from 45 to 17. The reform of the legal framework for savings banks, approved on 9 July 2010, has three objectives: first, to facilitate the issuance of top-quality capital; second, to contribute to promoting more professional management and governing bodies; and third, to enhance market discipline. In order to facilitate access to capital markets, the reform sets out two possibilities. First, it provides for the issuance of equity units with voting rights. Second, particularly for those institutions with a business vocation which takes them beyond their traditional markets and businesses, three options are available. The first option is to join an Institutional Protection System (IPS) under the centralised coordination of a commercial bank. The second option is the transfer of the whole loan and deposit business to a commercial bank controlled by the savings bank. And the third option is the conversion of the savings bank into a foundation which manages welfare projects. This foundation is supported by the income from its assets, most notably dividends from the shares of the bank to which it transferred its financial business in exchange for the shareholding. The goal of making the savings banks more professional is to reduce the maximum weight of public-sector stakeholders and to establish a regime regulating incompatibility.

Caleb M Fundanga: Increasing access to financial services in Zambia Remarks by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the foundation stone laying ceremony of the new Stanbic Bank Premises, Lusaka, 10 July 2009. *  *  *  Mr. Ben Kruger, Deputy Group Chief Executive of the Standard Bank Group; Mr. Clive Tasker, Chief Executive Officer of Standard Bank Africa; Ms Pindie Nyando ro, Regional Managing Director; Mrs. Nikki Twomey, Director Brand Marketing at Standard Bank; Chairman of the Stanbic Bank Board, Mr. Larry Kalala; Directors of the Stanbic Bank Board; Managing Director, Stanbic Bank Mr. Joseph Chikolwa; Management and staff of Stanbic Bank; Representative from the Construction Company, Barnett’s and Farmers House Plc; Mr. Roger Miller Distinguished Ladies and Gentlemen. I am honoured and thankful for the invitation to officiate at this important Foundation Stone Laying Ceremony of the new Stanbic Head Office premises. Distinguished Ladies and Gentlemen; allow me to begin by commending Stanbic Bank Zambia Limited for the important role it continues to play in the financial sector in Zambia. Since, 1992 when Stanbic Bank was established in Zambia, the bank has grown to be one of the biggest players in the market. As at 31 May 2009, the bank accounted for about 14% of the banking sector’s total assets, while its deposit base accounted for 15% of total sector deposits. More importantly, the bank’s loan portfolio accounted for 15% of the total loans in the sector.
Consistently with the volatility we have been seeing and the risks inherent to the international economy, our baseline scenario assumes that in the coming quarters international financial conditions will be, on average, less favorable than they were in the past two months. Our growth outlook for the world economy and our trading partners changes little from March: 3.2 and 3.0 percent, respectively, for the 2016–2017 average. Still, there is a significant revision to expected US growth: 1.9 percent in 2016 (2.3 percent in March). This estimate inputs the low output figure of the first quarter, which has to do both with the drop in energy investment and the weak external sector. In any case, aside from one-time data, services and labor indicators show a recovering trend and the baseline scenario foresees the economy resuming higher growth in 2017. It also estimates that the Chinese economy will be able to carry on with its adjustment process without seriously compromising its growth rates. But this process will not be free of difficulties. The terms of trade will drop again in 2016, although not as sharply as we assumed in the last Report, owing mainly to the evolution of non-copper export prices. Considering its trajectory of the past few months, the baseline scenario assumes that the copper price will average $ and $ per pound in 2016 and 2017, respectively. For oil, our forecast for the same two years is raised to $ and $ per barrel the Brent-WTI average (table 2).

12  BIS central bankers’ speeches  Figure 8 MPR and expectations (percent)  6  6  5  5 MPR  EES  Financial asset prices in March 2016 Report (*)  4  FBS  4  3  Financial asset prices in June 2016 3 Report (*)  2  2 11  12  13  14  15  16  17  18  (*) Built using interest rates on swap contracts up to 10 years. Source: Central Bank of Chile. Figure 9 Two-year-ahead inflation's deviation from target (*)  Nominal MPR (percent)  (percentage points)  8  8  6  6  4  4  2  2 13  14 Peru  15  16 Colombia  1,2  1,2  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 15  Apr. Mexico  Jul. Oct.  16  Apr. Chile  (*) Difference between target inflation and inflation expected for 2017 (Peru), December 2017 (Mexico) and two years out (Chile and Colombia). Sources: Central banks of Chile and respective countries.
Because in the same way that we are monitoring developments, terrorists and money launders too, would be having their regular updates. So, the clear message is; we have to be a step ahead. We have to work together. We need to share our informational abilities, as well as our systems, with each other so that we can really put together a concerted effort against money laundering and terrorism financing. My dear friends, I have, with great interest, gone through your workshop session programme. I have seen that it is very comprehensive. The topics range from legal frameworks to issues relating to casinos and gambling. It covers crime investigations and prosecutions, and the vulnerabilities caused by security situations. Sometimes, terror financiers and money launderers use the security situation in a country to disguise transactions. I note that you will be considering case studies on terrorist financing and also focus on studies on “following the money”, as well as consider the ways of “asset recovery”. I remember many years ago, when I was studying accountancy, one of the basics that we were trained in, was how to follow through transactions to a finish. Then only, you see exactly how a transaction takes place. That is very important. I was also particularly pleased that you are building up your own capacities to follow through transactions and also have an overview of the methods of cooperation between the Financial Intelligence Units. Because, today, there are millions of cross border transactions taking place all the time, across boundaries.

We are also particularly pleased to have with us, His Lordship the Chief Justice who has graced this occasion and by doing so has unambiguously displayed the commitment of Sri Lanka’s judiciary to this massive effort. Our effort against money laundering and terrorist financing cannot be made by one or two persons only, or by one or two agencies only. It has to be a co-ordinated and concentrated effort that needs the support of a wide range of people, both nationally and internationally. In that context, Sri Lanka’s commitment is clear to everyone, and we are particularly pleased to have you with us, the Honourable Chief Justice. My dear friends, the fight against terrorism cannot only be on the military field or battle ground. In my view, the fight has to be on four different fronts simultaneously. Although it is vitally important, one cannot defeat terrorism by a military effort only. To successfully deal with terrorism, we need a diplomatic offensive also. Diplomatically, we need to ensure that cohesive steps are taken so that, together, countries can meet this challenge. At the same time, the fight has to be on the international media front as well. Therefore, a media campaign in all parts of the world against terrorism is also very important. That is something that the world has clearly recognized today, and internationally, we see a greater coordination in the media in dealing with terrorism. The other important front in this war against terror is the stopping of financing for terrorism.