samchain/econo-pairs-v1 huggingface dataset:
Still, even in Europe, it is not very likely that a full fledged Pan-European supervisor can be established in the near future. Therefore, my proposal should be seen as a gradual process rather than a fast-track to a European FSA. Institutional set-up and powers of EOFS Let me now go into more detail on how the EOFS would work. As I said earlier, the mandate of the EOFS would be to perform a form of supervision of the major cross-border banks at the European level. As the focus is strictly on prudential supervision, the supervisory tasks related to market conduct and consumer protection would still rest with national supervisors. Aligned with the EU-principle of subsidiarity the supervisory duties of the EOFS should only include the banks with major cross-border activities. What I have in mind is a three layered structure. The 8000 or so European banks which mainly operate domestically would remain under the exclusive competence of national authorities. The regionally oriented banks, active in a few countries, could use a structure similar to that of today, where supervisory colleges deepen the cross-border cooperation. The limited number of truly Pan-European banks would on the other hand be dealt with by the EOFS. 4  BIS Review 83/2007  In the first step the tasks for the EOFS, would in my view, be threefold: Firstly, it should gather information about the cross-border active groups. Secondly, with the information acquired, unified risk-assessments should be produced for the banks subject to EOFS supervision.

Mario Draghi: ECB press conference - introductory statement Introductory statement by Mr Mario Draghi, President of the European Central Bank, and Mr Vítor Constâncio, Vice-President of the European Central Bank, Frankfurt am Main, 27 April 2017. * * * Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis. Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. We continue to expect them to remain at present or lower levels for an extended period of time, and well past the horizon of our net asset purchases. Regarding non-standard monetary policy measures, we confirm that our net asset purchases, at the new monthly pace of € billion, are intended to run until the end of December 2017, or beyond, if necessary, and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its inflation aim. The net purchases will be made alongside reinvestments of the principal payments from maturing securities purchased under the asset purchase programme. Our monetary policy measures have continued to preserve the very favourable financing conditions that are necessary to secure a sustained convergence of inflation rates towards levels below, but close to, 2% over the medium term.
The war and international rearmament caused the demand for Swedish products to rise dramatically, and the increased exports gave a considerable boost to the economy. Swedish inflation toward the end of, and shortly after, the war has been described as a classic price, wage and profit spiral in an environment with growing access to money and bank credits, speculation and a shortage of fuel, commodities and labour.9 As I noted earlier, the Riksbank was uncertain as to how it should act. At this time, it was mostly academic economists who believed that raising the discount rate, the period’s equivalent to the repo rate, could slow down inflation, while the Riksbank was more hesitant.10 The fact that economic policy-makers did not share the view that the interest rate can be used to influence inflation was not, of course, a  8 Wetterberg (2009), p. 256. 9  Lundberg (1983). The introduction of the eight-hour day in July 1920 contributed to the shortage of labour. 10 Lundberg (1983), p. 56. 5 [14]  good starting point and in itself a partial explanation for the fact that inflation could rise so sharply. An interesting, but perhaps not so well-known, event during this period was that Eli Heckscher, professor at the Stockholm School of Economics and internationally renowned economist, actually caused a bank run at the Riksbank in 1920.11 Although the inflation peak had passed, inflation at the beginning of 1920 was still so high that Heckscher thought that the Riksbank should raise the discount rate significantly.

There was a strongly increasing trend in delinquency between 2004 and 2014, with measured delinquency rising from an overall rate of less than 10 percent in 2004 to 17 percent in 2014. The measured delinquency rate on student debt is currently the highest of any consumer debt product, although for most of the last decade credit card delinquency was even higher. Nonetheless, the measured delinquency rate is somewhat misleading, and the effective delinquency rate as we define below, on student debt is even higher. As noted above, in 2014 the measured delinquency rate among the 43 million borrowers was 17 percent. But many of the remaining 83 percent in fact were not paying down their loan balances. While 37 percent did reduce their balance from the previous quarter by at least one dollar, 13 percent of borrowers had the same balance as the previous quarter. A full 33 percent of borrowers actually saw an increase in their balance. In other words, 46 percent of borrowers were neither delinquent nor paying down their loans. Those borrowers whose balances did not decline are likely not yet in the repayment cycle, meaning that they were either still in school, in deferral, or in a forbearance period delaying their regular payments. This group may also include some borrowers who participate in income-based repayment plans and make only small payments, which are often insufficient to cover the accumulated interest.
Of equal importance is also to integrate the domestic Islamic financial system with the international financial system. For more than two decades, we have witnessed the success of the development of each of these respective components that has contributed to the rapid expansion in Malaysia's Islamic financial services industry. Indeed, we have seen the development of a comprehensive Islamic financial system. This has placed the Malaysian Islamic financial system at the forefront of the global Islamic financial system. Notwithstanding this, there have been imbalances in the pace of the growth of the components of the financial system. While Islamic banking, being the core component, has recorded significant progress, more efforts need to be directed to promote the growth of takaful and the financial markets. My remarks today will focus on measures to accelerate the growth of the Islamic financial markets by strengthening its required linkages. Of most importance is the development of a wider range of Islamic financial instruments, developing the relevant indicators to support benchmarking and an efficient pricing mechanism as well as to actively promote the role of the market players. Development of a wider range of Islamic financial instruments For Islamic financial institutions to effectively manage its funds, there is a need to have diversity in the type and the maturity of the Islamic financial instruments. This is one area in Islamic finance that offers formidable challenges and opportunities to market participants in Malaysia. A broader range of products and services is vital in this fast changing global financial landscape.

Thus at present, there are no consequences for the implementation of our monetary policy. Discussions are also currently underway at the international level on the meaning and structure of benchmark interest rates on money markets. The SNB, as member of a BIS working group, is also involved in these discussions. From the point of view of monetary policy and financial stability, the working group identifies core requirements for credible and robust reference rates. Central banks or banking oversight bodies could play a supportive role in reform efforts, inasmuch as the extensive use of benchmark rates affects the general public. However, since reference interest rates are primarily there to cover the needs of the financial markets, market participants are themselves ultimately under obligation. BIS central bankers’ speeches  3
3/5  BIS central bankers' speeches  Singapore can support the financing needs of Chinese companies expanding into Southeast Asia and beyond. Take for example, the New Hope Group, an agricultural and food processing company based in Western China. It has been raising funds in Singapore for its overseas expansion. Or companies such as Chongqing Western Modern Logistics Industry Zone Development Construction and Chongqing Grain Group. They have issued close to $ billion of bonds from Singapore. Bond issuance by Chinese issuers in Singapore almost doubled in 2017 to reach $ billion. More than 25% of this amount was issued by first-time Chinese issuers in Singapore. Singapore’ Asian Bond Grant Scheme will help such first-time issuers by offsetting a part of their typical issuance costs. Haier Group, a leading Chinese consumer electronics player, benefitted from this scheme when it issued a $ billion perpetual debt security in Singapore. Third, enhancing risk management for Chinese firms. Chongqing and Singapore can explore joint projects to mitigate the economic impact of natural catastrophe risks in the Western Region. One example is through piloting a natural catastrophe insurance pool. Similar initiatives are underway in Southeast Asia – and we could share experiences. In May this year, ASEAN+3 Finance Ministers agreed to establish the Southeast Asia Disaster Risk Insurance Facility (“SEADRIF”), which provides disaster risk financing, and a regional catastrophe risk insurance pool for participating ASEAN member states.

In trade in value-added terms (“TiVA”), more than one-third of the exports from the five economies of Northeast Asia and the eight economies of Southeast Asia 1 ends up in the region itself – this is nearly twice their exports to the US. ASEAN in particular is becoming a major economic force in Asia. It is a $ trillion market with over 630 million people. Based on current growth rates, ASEAN is expected to become the fourth largest market by 2030, behind the EU, China, and the US. ASEAN has emerged as a key global manufacturing region, with extensive supply chains linking the individual economies and to China. ASEAN is the world’s fifth largest manufacturing economy in value-added terms. So, in the face of rising trade protectionism, it is important for Asian economies to strengthen trade, investment and infrastructure networks to sustain long term growth. Indeed, the best response to trade restrictions is to further liberalise trade among willing economies. And this is exactly what Asia is doing. The Regional Comprehensive Economic Partnership (“RCEP”) is a good example. It brings together the ten ASEAN economies and China, India, Japan, Korea, Australia and New Zealand. It signals the region’s commitment to freetrade. Negotiations are ongoing, but when successfully concluded, the RCEP will create the world’s largest trading bloc, covering one-third of global GDP. And by the end of next month, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (“TPP-11”) will enter into force.
Chart 14 provides a benchmark in which the 𝑓(·) function is assumed to be linear (an assumption that underestimates net benefits relative to a convex 𝑓(·) function) and the weight on the secondary objective, 𝜙, is set to one. It shows that the tools are likely to provide significant expected net benefits in the event of a housing boom, and these increase as the size of the housing boom increases. In the absence of a housing boom, there are unlikely to be material costs (Chart 14).21  20 To date, the Recommendations have largely acted as an insurance policy. Since they were introduced, banks, in  aggregate, have been well within the 15% limit (the maximum share of high LTI lending in aggregate has been 11%). In part, this is likely to reflect the fact that the housing market has been relatively subdued since the policies were introduced. There has, however, been some ‘bunching’ of mortgages with LTIs between 4 and 4.5 suggesting that, as intended, lenders are judging it prudent for some borrowers to take smaller mortgages than may have been granted in the past. In aggregate, this bunching effect has been small. 21 Note that the benefits and costs in Charts 14 and 15 are different. Chart 14 shows a discounted sum of the expected costs and benefits in each year of a scenario. It takes into account the probability that the costs and benefits will be incurred over a given period, the relative persistence of costs and benefits, and discounts both.

33  All speeches are available online at www.bankofengland.co.uk/news/speeches  33  Chart 23: 2019 Bank of England stress test  Chart 24: 2019 Bank of England stress test scenario  scenario overall more severe than the financial  overall more severe than the financial crisis  crisis Latest four-quarter growth (%)  Latest four-quarter growth (%)  2019 stress test start-to-trough fall (%)  2019 stress test start-to-trough fall (%)  UK Residential -33.0 -4.7  UK  UK CRE -40.9  -3.7  2.3  US -4.0  0.9  4.1  Euro area CRE -25.7  6.6  US residential -22.3  -2.8  -34.1  Hong Kong  -1.2  -44.9  5.9 China  -2.6  -10  -3.3  Euro area residential -19.6  EA -7.9  1.6  1.1  World (PPP)  -5  -55.0  2.9  0  -64.0 5  10  -70  3.5  China residential  -50  -30  GDP outturn  2.6 3.4  HK residential HK CRE  11.5  US CRE  -10.4 -10  10 30 Property prices (%)  Our major banks have passed this taxing stress test, just as they did a range of others in recent years. Their resilience contributes to a high degree of financial sector preparedness for the current crystallisation of what had previously been an unknown unknown risk. We haven’t built this strength for its own sake. It’s there to be used when needed. This is prudence with a purpose.
Mojmír Hampl: An uncertain world Speech by Mr Mojmír Hampl, Vice Governor of the Czech National Bank, at the 8th Corporate Research Forum (CRF) International Conference "An Uncertain World: Planning for 2025 and beyond", Prague, 12-14 October 2016. * * * Ladies and gentlemen, Good evening and let me welcome you all here to the premises of the Czech National Bank. I’m really pleased you have chosen our Congress Centre for your cocktail reception. On behalf of the Bank Board of the Czech National Bank I’d like to say that we are delighted to have such a distinguished gathering here today. And I don’t say that just out of courtesy, I really mean it. When we started organising this welcome speech with Richard Hargreaves, he asked me to introduce the Czech Republic in 10 or 15 minutes. I said: “Wow, what a challenge”. Typically I speak about interest rates, inflation or the exchange rate rather than about typical features of this country, but then I thought sometimes even a central banker should try to do something useful. So I put my mind to work. I will not repeat the known facts to this noble audience of educated people. I’m sure most of you will have heard about Czech beer, about our former president Vaclav Havel (or Vaklav Hejvl as many tend to pronounce his name) or about the international success of Czech sports stars in tennis, ice hockey and sometimes even soccer.

Names like Kvitová, Navrátilová, Lendl, Čech and Rosický won’t be completely unknown to many of you. This in itself is an achievement for a country of just 10.5 million. But that’s not all. I tried to jot down a couple of things I hope you will not necessarily know. The Czech Republic has the highest consumption of beer per head in the world, at roughly 160 litres per capita. That may not come as a surprise, but what you also might not know is that we have the highest consumption of pork per head as well, our only close competitor in this regard being China. According to some European statistics, we also have the highest number of garden pools per head in the whole of Europe. There is a garden pool per every 50 inhabitants here, while in wealthier Germany the figure is just one per 103 inhabitants. If you don’t believe this, just take a look out of your window as you take off from Prague Airport on your way home. So this is about lifestyle: good beer, heavy food and bathing. Actually, many Czechs would say that this is the very definition of how to relax and be cool about the world and life. But this would also be a rather simplistic caricature. So let’s go further. Ours is a country with a long and entrenched tradition of industrial production and manufacturing.
And lastly, by mobilising our financial resources: Europe has the largest pool of private savings in the world, with more than EUR 300 billion of excess savings invested outside the region each year, but our venture capital market, and more broadly our equity financing market, are underdeveloped compared with the United States. In the financial sector, the bigtechs have the potential to cause a genuine “Big Bang”: they have a strong brand image, a global client base and privileged access to new technologies. Of course, financial regulation needs to remain neutral vis-à-vis technology: the principle of “same activity, same rules” needs to be applied to maintain a level playing field for all players. But we need to increase international cooperation in four key areas of the regulation of digital finance: (i) cyber-security; (ii) data protection; (iii) preserving competition in the face of the risk of ultra-dominant networks and private monopolies; and (iv) fair cross-border taxation. Facebook’s Libra is a prime example of a case where cooperation is imperative. The G7 under the French presidency underlined the challenge this poses for sovereignty, and wants to address some “serious regulatory and systemic concerns” vi before such projects can be implemented. II. Boldly seizing the opportunity of a social, environmental and multilateral model. I now come to my provocation, or rather what should be our boldness. To this uncertain, troubled, disruptive, and uncooperative world, does Europe have nothing to offer?

Ravi Menon: FinTech – harnessing its power, managing its risks Panel remarks by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the Singapore Forum, Singapore, 2 April 2016. *  *  *  FinTech is fundamentally transforming the financial industry. •  The smartphone is becoming our bank. •  Computer programmes are offering investment advice. •  People can now lend directly to one another online. Technology will replace many jobs in finance but will also create exciting new jobs. •  Calls for new and different skill sets – understanding technology and the ability to work with and harness the power of machines and algorithms  •  As someone in Silicon Valley put it, “the geek shall inherit the earth”. Unregulated FinTech companies are now providing many financial services. They will challenge traditional financial institutions (FIs), disrupt and even displace some of them but will not replace them. •  Banks and insurance companies have something that unregulated entities do not have – trust. Trust based on a track record of performance. •  FIs are not sitting still. –  They are actively harnessing technology to enhance product offerings and improve efficiency. –  They are setting up in-house FinTech units to replicate the start-up mentality. Many global banks have set up “innovation labs” in S’pore: Citibank, StanChart, UBS, HSBC, to name a few. And insurance companies too: Aviva, Aon, AXA, MetLife.
This is reflected in the increasing number of financial stability reports published world wide. How do authorities cooperate in order to support financial stability? Closely connected to the question of analytical focus, is the question of division of responsibility for maintaining financial stability, both on a domestic level as well as between authorities in different countries. The task of ensuring financial stability within a country is in most cases divided between the ministry of finance, the central bank and a financial supervisory authority, with the ministry of finance having the overall responsibility. To promote efficient cooperation, the regular exchange of information between these authorities is crucial and some formal framework for cooperation should be established. The evolution towards larger cross-border banks makes the issue of responsibilities more complicated. In the event of a crisis, central banks, supervisory authorities, political authorities as well as deposit guarantee funds in several countries will be involved. In contrast to the national banking crises in Norway, Finland and Sweden in the early 1990s, a similar crisis today would most likely involve authorities from all four Nordic countries. Therefore, it is important to establish guidelines in advance to ensure effective crisis management. A special challenge will be to establish leadership. With four ministries of finance involved, the choice of leadership will not be straightforward. The traditional view is that the host-country authorities are responsible for subsidiary banks, while home-country authorities are responsible for branches.5 This view is closely linked to the legal difference between subsidiaries and branches.

BIS central bankers’ speeches  5  Completing the fiscal consolidation process must remain an overriding priority of Spain’s economic policy. This effort is necessary to maintain the confidence of economic agents, to continue to advance in the normalisation of financing and to restore the room for manoeuvre in budget policy. Meeting targets is crucial first for containing and, subsequently, reducing the public debt/GDP ratio. It will be difficult to curb the rising trend of public debt now the latter has reached high levels and the outlook for economic growth and inflation is moderate. If the interest on the debt is higher than the nominal growth rate of the economy, the public debt/GDP ratio grows inertially, even when public revenue and spending are balanced. This effect stems from the pressure generated by the interest burden, arising from high debt which cannot be countered by growth in real GDP and changes in inflation. In this situation, then, in order to avoid an increase in debt, it is not enough to attain an overall balanced budget (that is, net of the interest burden); rather, sizeable primary surpluses must be achieved and maintained, which is particularly difficult in a setting of low growth and low inflation. Furthermore, the short-term negative effects on economic growth of the fiscal adjustment should be considered, which contributes to the above-mentioned inertial increase in debt.