samchain/econo-pairs-v1 huggingface dataset:
Thomas Jordan: Comments on Swiss monetary policy Speech by Mr Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank, at the 108th Ordinary General Meeting of Shareholders of the Swiss National Bank, Berne, 29 April 2016. *  *  *  Mr President of the Bank Council Dear Shareholders Dear Guests Our last ordinary general meeting was dominated by the discontinuation of the minimum exchange rate. The past year has been a difficult one, with the Swiss economy once again demonstrating great flexibility and adaptability. It was also a year during which there has been broad discussion in the public arena of the monetary policy of the Swiss National Bank. It is essential that the judgements we make and the measures we take are fully understood, if our monetary policy is to be effective and trust is to be maintained in the SNB. In my comments today I would therefore like to outline once again our current monetary policy and our views on key issues. I shall divide my speech into two parts. First, I will talk about economic developments and briefly recap our reasons for discontinuing the minimum exchange rate. Then I will take a look at the current economic situation. In this context, I will discuss our mandate of ensuring price stability. I will conclude this part by looking ahead to the challenges that face us in the future.

The world economy is recovering at a slower pace than anticipated at the end of 2015, but the global outlook remains positive. We are expecting moderate economic growth in Switzerland for this year of 1–1.5%. Inflation will rise slightly, although the annual average will remain negative at an expected rate of –0.8%. The inflation rate should re-enter positive territory in 2017. As in past years, the economic outlook is fraught with a number of different risks. This applies to the euro area, to the US and to emerging economies. The international financial markets are characterised by uncertainty, which in turn can have adverse effects on the global economy. And last but not least, there are considerable political risks in Europe and beyond. In this difficult environment, we will continue to deploy the instruments available to us to ensure price stability in Switzerland in the medium term. Even though we have already gone a long way with negative interest and our willingness to intervene in the markets, there is still room for manoeuvre in our monetary policy. Ideas for Switzerland: sovereign wealth fund and sovereign money initiatives I would now like to turn in the second part of my speech to the sovereign wealth fund and sovereign money initiatives. The events of recent years have given cause for reflection on the financial system and the role of central banks. As the President of the Bank Council has already described, we welcome such discussions.
With this somewhat inadequate analytical framework in mind, then it is clear, at least to me, that ABF, by increasing the diversity of financial intermediation channels, reduces the probability of disruption in the all-important process of financial intermediation and the occurrence of financial instability, thus contributing to financial stability. 18. There is another dimension of financial stability that we have considered in our deliberations on ABF. Although the empirical evidence is probably difficult to establish, given the increasing degree of intra-regional dependence in Asia, we feel that regional savings are probably less volatile than savings from the developed markets. This is partly also because the management of savings from the developed economies is more sophisticated than that of regional savings, with a much greater involvement of financial institutions, including hedge funds, which are a lot more nimble and probably also have a different perception of risks in the region. By contrast, those mobilising regional savings within the region probably have a better understanding of regional issues, although we should not expect them always to take account of the wider public interest in their purely commercial activity of fund management. Thus if ABF acts as a catalyst for a greater proportion of regional savings being recycled within the region, instead of through the developed markets of Europe and America, there is likely to be some benefit to financial stability. What next in ABF 19. Let me turn to the question of "what next" in the ABF initiative.

They also pay little attention to the traumatic experience of the Asian financial crisis of 1997-98 and the natural inclination to build up ammunition, in the form of foreign currency reserves, ever since. After all, most of us are small, in terms of our economies and our political influence, and the reality of this world is that, when you are small, you are more likely to be tossed around. So we need to be more cautious in our finances. 6. We find ourselves being held, at least partly, responsible for the dilemma currently surrounding the global imbalance, which has been interestingly described as a "stable disequilibrium". The description begs the questions as to how long the disequilibrium will remain stable and whether the eventual adjustment path to equilibrium is likely to be an unstable one. The answers to these questions remain elusive. 7. This obviously is not a very comfortable position that we find ourselves in. One solution to this structural problem in Asian finance, at least to us in the HKMA, is greater Asian financial integration to promote the stability, integrity, diversity and efficiency of financial intermediation across jurisdictions in Asia. At the micro level, an obvious, non-controversial initiative that Asian jurisdictions support, although not necessarily for the same macro reasons that I have described, is the development of the domestic and the Asian bond markets, hence the EMEAP ABF initiative. BIS Review 79/2005  1  Asian Bond Fund 8.
If an institution engages in types of business that we regard as being at the higher end of the risk scale, such as share margin financing or lending for property development, this will also attract our attention. Other things that will attract our attention include major changes in the operating environment, including new technology; areas or activities which are experiencing rapid growth; the introduction of new lines of business, products or activities; and domestic and foreign acquisitions. In each case we would want to be assured that any necessary enhancements to the control environment have been made so as to reduce the chance of adverse and unforeseen effects on the institution. Different risk areas require different approaches, but essentially our approach is to start by reviewing the written policies and procedures setting down the controls over a particular area, and then to look at how the controls work in practice. This may involve a combination of reviews of documentation, discussions with staff, and some testing of transactions. The end-result will be a judgement as to whether we believe the controls are effective or need improvement. If improvement is needed we will discuss our recommendations with the management and agree an action plan and time-scale for the remedial action. This may sound to you quite similar in some respects to the work of an institution’s internal audit department and external auditors.

While I hope my advice may be of some help, the responsibility for ensuring that your institution has the right controls and the right culture is yours. So I hope this conference provides you with some useful, practical ideas for improving your institutions’ controls when you return to work. BIS Review 48/1998
MAS is determined that the FinTech ecosystem that we have built rides through this crisis not only intact but also stronger. Our third and newest priority is sustainability. Safeguarding the environment and managing climate-related risks is becoming an 12 / 15  BIS central bankers' speeches  increasingly important part of the agenda of countries and corporations. MAS has been stepping up efforts to make Singapore a leading centre for green finance in Asia and globally. Green and sustainable financing flows increased steadily in Singapore last year and have remained strong through the first half of this year. Singapore is now ASEAN’s largest green finance market, accounting for close to 50% of cumulative ASEAN green bond and green loan issuances. More than $ billion of green, social and sustainability bonds have been issued in Singapore to-date, with approximately $ million of green and social bonds issued out of Singapore so far this year. Last year alone, Singapore entities originated close to $ billion worth of green loans and sustainability-linked loans (SLL), with Singapore originating over 35% of SLLs in the AsiaPacific region. This year, Singapore banks have continued to support corporates to originate new SLLs. We have made some headway on the three main elements of our Green Finance Action Plan that we announced last year. First, we want to enhance the financial sector’s resilience to environmental risks. We have issued for public consultation draft guidelines for financial institutions on managing environmental risks.

Even as we prepare for the worst, we will strive for the best. Singapore – and our financial sector in particular – are well-placed to thrive in the postCOVID world. We have deep connectivity to Asia, which will be the region earliest to emerge from COVID19 and register the fastest growth rates. We have a high degree of digitalisation, which will be a key source of competitive advantage in the future. We have made a good start on the journey towards sustainability, which will be a growing priority as the world grapples with climate change. Our odds are better than good. Let me stop here and I will be happy to take your questions. 1. [1] On a seasonally adjusted basis, weighted by country shares in Singapore’s non-oil domestic exports. [2] 14 / 15  BIS central bankers' speeches  1. [2] Indonesia, Malaysia, Philippines, Thailand, Vietnam. 1. [3] On a NODX-weighted basis. 1. [4] IMF Working Paper (June 2020), “Who will Bear the Brunt of Lockdown Policies? Evidence from Tele-workability Measures Across Countries”. 1. [5] This includes FinTech jobs in the overall economy, but excludes jobs in holding companies. The employment increase of 6,400 for the financial and insurance sector in 2019, published by MOM, includes holding companies. 1. [6] These numbers exclude holding companies, which is consistent with the ITM-based definition of financial services. At last year’s MAS annual report media conference, it was stated that the 3-year average growth rate during 2016–2018 was 4.1%.
If we look more closely at household financial wealth, we find that it is spread over various assets, with insurance claims the most important at the end of 2004. By paying premiums into various insurance schemes, mainly life and pension insurance, households earn the right to future disbursements from the insurance companies. These premiums accounted for more than a third of household financial wealth at the end of 2004. The investment instruments perhaps most commonly referred to, securities and bank deposits, accounted for less than a quarter of total wealth. Household gross financial wealth must be seen in the context of the debt accumulated by households as a group. Even when this is taken into account, the household sector as a whole has positive net financial wealth. As a share of disposable income, household net financial wealth increased from the end of the 1980s to the mid-1990s. In relation to disposable income, debt was reduced, while household wealth increased. From the end of the 1990s, household debt and wealth have risen in tandem. Net wealth has remained fairly stable at around 50 per cent of disposable income. The rise in household debt must be seen in the context of the strong rise in house prices. From oil to financial wealth Household saving is part of the country’s total saving. As a nation, we can save by investing in fixed assets in Norway or by making financial investments abroad.

The survey revealed that 90% of the respondents recognize the need for digital innovation in the financial sector and 72% are already in the process of implementing some form of  2/3  BIS - Central bankers' speeches  digital transformation. There is an agreement among respondents that regulation can sometimes be a barrier for a swifter innovation. To eliminate regulatory barriers, a new Law on Payment Systems has been prepared and is currently undergoing a parliamentary procedure. We have already drafted the First National FinTech Strategy, which will soon be shared with other stakeholders. Tomorrow, under our initiative, all financial regulators will sign a Memorandum for setting up a FinTech Committee with a view of promoting digitalization in the financial sector. To recap, there are no doubts that faster and inclusive income convergence calls for strengthened efforts to lift the growth potential, and perhaps even more importantly to lift the quality of growth. In this context, we would like to express our gratitude to EBRD for supporting us for almost three decades with more than EUR 2 billion total investment to date aimed at supporting competitiveness, trade integration and green transition. Despite the current headwinds which put economic growth at risk and require immediate policy focus, we should not lose sight of a longer term structural agenda, including digitalization. As Andy Rooney said, "Everyone wants to live on top of the mountain, but all the happiness and growth occurs while you're climbing it." So, let us keep climbing. Thank you.
The “philosophy of resolution” is rooted in those rough times; we do not want to live again under the threat of “too big to fail”, and without living wills. EU lawmakers and regulators quickly learned the lessons. Beyond the crisis management regulation (BRRD and CRR), the Banking Union launched in 2014 is in its own way an illustration of Clausewitz’s military theory. It has strategic objectives (or Ziele in German) – establishing a stable, safe, and reliable banking sector, but also offering the right conditions for the emergence of panEuropean groups. It also set political goals (Zwecke) through its three pillars. And lately, it has directed its efforts (Schwerpunkt) mainly – and maybe excessively – towards the third pillar EDIS (European Deposit Insurance Scheme). Today we should turn our main efforts to enhancing implementation of resolution, in order to make it even more efficient. Although it is less frequently  Page 2 sur 5 commented on, let me stress that resolution is just as important as supervision. It echoes that famous Latin phrase: si vis pacem, para bellum (if you want peace, prepare for war). That goes without saying, but for the sake of clarity, do not take this military metaphor literally: we are not warmongers of any kind. However, decision-makers in charge of resolution, like generals, need to act within a very short timeframe –typically a weekend – in order to find the right solutions to complex emergency situations. Resolution authorities need to be on a war footing at all times.

Single Resolution Board Annual Conference – Brussels, 19 September 2022 Armed peace and risk proportionality: how to strike the right balance  Speech by François Villeroy de Galhau, Governor of the Banque de France  Page 1 sur 5 Ladies and Gentlemen, It is a great pleasure for me to be with you at the European Commission for the 2022 SRB annual conference, and I would like to warmly thank Dr Elke König for her invitation to give this keynote speech today. Above all, I would like to pay tribute to Elke for her hard work as first Chair of the SRB since its creation in 2015 – SRB staff can also be very proud. You have a strong ally in France, with whom I have great pleasure working each and every week: Dominique Laboureix. I won’t be betraying any great secrets by saying how much he enjoyed taking part in this creation, and how much he remains attached to the SRB. The title of this conference (“European banks: resolvable and ready for crisis?”) may cause some anxiety – yet a healthy type of anxiety. It reminds us of possible dangers ahead, and serves as a strong reminder of what happened to banks during and in the aftermath of the great financial crisis. The temptation to forget about these events would be a huge mistake: lessons of the past, especially of that kind, should remain vivid memories that motivate us, day after day, to build a safer system.
However, on both sides of the Rhine, we are in danger of forgetting that it is just as essential to be architects, through two major transformations to be achieved in the coming years: the ecological transition, even more necessary with the energy crisis and our need for independence vis-à-vis Russia; and the digital transformation, which is also key to strategic autonomy (or sovereignty). Real supply-side reforms and those to enhance our productive capacity - which are different from tax cuts - are rarely popular; they have taken too much of a back seat over the past two decades in both our countries: but they are essential for both lowering inflation and increasing growth in Europe. In addition to major adaptations of our production systems, they require very significant investments – of around 2.5% of GDP 2030 in France (EUR 70 billion in 2021 constant euro) for the climate transition, according to Jean Pisani-Ferry,3 to be financed essentially by the private sector. It is in this sense that Joachim Nagel and I have just published a joint appeal: a "political accelerator" is needed for the Capital Markets Union (CMU), so that the new action plan established in 2020 can at long last transform Europe into a genuine single financing market. Further integration would contribute to preserving our financial stability through different channels: geographical diversification of our funding sources to better absorb external economic shocks, and increased equity funding.

In any case, there are several key questions that need answers to properly identify NPOs and their activities in a country. These questions include: i)  What is an NPOs sector ? ii)  How many NPOs are in operation? iii)  What types are they (religious, cultural, educational, sports). iv)  What activities do they perform? v)  Are there registration requirements and record keeping requirements for NPOs? vi)  Are there reporting requirements? vii)  Are there mechanisms to verify funds are spent as advertised and planned? So it is fair to say that there are major challenges and practical issues that need careful consideration when the issue of money laundering and terrorist financing is discussed from the perspective of NPOs. The global concern Let me now briefly highlight some of the concerns that have emerged globally in the area of money laundering and terrorist financing. The goal of a large number of criminal acts is to generate a profit for the individual or group that carry out these acts. Money laundering is the processing of these criminal proceeds to disguise their illegal origin. This process is of critical importance, as it enables the criminal to enjoy these profits without jeopardizing their source. Illegal arms sales, smuggling and the activities of organized crime, including, for example, drug trafficking, human trafficking and prostitution rings, can generate huge amounts of cash. Embezzlement, bribery and computer fraud schemes can also produce large profits and create the incentive to “legitimize” the ill-gotten gains through money laundering.
The growing internationalisation and cross-border activities in Islamic finance in recent years further accentuates the importance to enhance the ability of the Islamic financial system to withstand shocks from externalities. Moreover, access to a robust liquidity management infrastructure will reduce the cost of intermediation which is an important enabler for a more efficient and competitive Islamic financial system. Recognising that liquidity management in the Islamic financial system is still under-developed, a Liquidity Task Force was established by the IFSB in 2009 with the aim to formulate an institutional arrangement to address this need. Significant progress has already been made in this endeavor with several key proposals now at the final stage for operationalisation. When operationalised, this liquidity mechanism will be another landmark development for Islamic finance. Conclusion The recent global financial crisis has spurred the resolve of the world community to chart a new course towards greater and lasting social and economic stability with fairness and accountability. Whilst this presents a unique opportunity for Islamic finance to transition into the next development stage of greater international integration, there needs to be a higher level of resilience to withstand the new challenges it will bring. This, in essence, requires the strengthening of the financial infrastructure to preserve the soundness and stability of the Islamic financial system. Indeed, our collective will to mobilise a higher level of global cooperation in promoting this outcome will enhance the prospects of Islamic finance to contribute towards securing global financial stability and a greater shared prosperity. 6  BIS Review 64/2010

The productivity gains to the economy can be more long lasting than the petroleum industry itself. And never forget: The real test of how a petroleum producing country has managed its fortune, will come when the boom in the petroleum industry ends. Oil and gas resources do not last forever. Emphasis should therefore be given to further development of human capital as the primary source of long-term prosperity and wealth. Thank you for your attention. 4/4  BIS central bankers' speeches