samchain/econo-pairs-v1 huggingface dataset:
The Bank has been able to take on these tasks by further developing the governance structure and the organisation. If responsibility for the management of the GPFG remains with the Bank, the existing investment mandate could serve as a basis for the future development of the GPFG. Norges Bank is well equipped to continue to carry out this task. The future organisation of the GPFG should be assessed in conjunction with the future development of the investment strategy. As noted by the Commission, a number of strategic 6/8  BIS central bankers' speeches  decisions can be left to the manager while at the same time expanding the investment strategy to include new unlisted asset classes. Prospective developments along these lines could suggest that the management of the GPFG should not be organised within the central bank. In addition to proposing that the management of the GPFG should be placed in a statutory entity separate from the Bank, the Commission also proposes substantial changes to the Bank’s governance structure. These changes include the establishment of a committee for monetary policy and financial stability that would be responsible for the use of instruments in these areas and would be chaired by the Governor of Norges Bank. Moreover, the Commission proposes the establishment of a board of Norges Bank solely comprising external members. The Commission proposes that this board should be responsible for central banking matters that do not fall within the remit of the committee and for operational, budgetary and administrative matters.

In order to fully understand the scope of these risks, I believe it is important to recall the organisational principles of our payment system, which are at the root of its efficiency and stability. a- The organisational principles of our payment system  The first is the dominance of currencies linked by a legally binding rule of convertibility at par: central bank or public money, and commercial or private money, issued by regulated financial sector players, first and foremost banks. The second is that only central bank money is legal tender and must therefore be accepted by all. The third is the complementary roles played by the dominant currencies: central bank money fulfills an integrating and anchoring function that guarantees the efficiency and stability of our payment system, while commercial money, and the services associated with it, which are traded on a highly competitive market, plays a key role in trade and the financing of the economy. 1/5  BIS central bankers' speeches  b- The risk of calling into question the foundations of the efficiency and stability of our payment system However, these foundations are threatened by the diffusion of innovations across the payments field, which has been sped up by the health crisis and social distancing, if no measures are taken to preserve them.
“Own-credit risk” arises from the “fair value option” in IAS 39, which allows an entity to fair value not only its assets but also its liabilities. On that basis, the value of liabilities, including deposits, should fall as an entity’s creditworthiness deteriorates. Here we find a difference of perspective between shareholders on the one hand and debt holders, including depositors (and by extension regulators and central banks), on the other. In an economic sense, given that the equity interest in a company cannot fall below zero, as net worth diminishes debt holders bear a growing proportion of reductions in asset values. But this approach is in tension with the understandable concern of bank depositors and regulators about the capacity of banks to repay liabilities at par when due, and who therefore want measures of net worth constructed on that basis. A separate issue arises in arriving at a fair valuation of sight deposits. For such deposits, there is typically a difference between the contractual maturity (zero) and the behavioural maturity (the time over which sight deposits are held in practice). Since the interest paid on such deposits is almost always less than the market discount rate, once any maturity greater than zero is admitted the fair valuation of the deposit will be less than par. But once again, depositors are likely to be more interested in the financial strength of a bank assessed on the basis that deposits are ascribed their full  BIS Review 71/2004  1  nominal value.

In other words, an international financial centre is an international meeting place between those with surplus funds and those in need of funds. Thus when Hong Kong provides a significant platform for investors from, for example, Europe and America to invest their money in financial instruments issued by fund raisers from the Mainland of China, or provides the window for investors on the Mainland to access investment opportunities in the rest of the world, we qualify for the status of an international financial centre. With this definition in mind, the crucial pre-requisites for an international financial centre are first the existence of sizeable overseas demand for international financial services – the mobilisation of savings overseas and the attraction of foreign capital – and secondly the willingness for such demand to be satisfied there. Of course, there are also the ability to provide those financial services and the many attributes that go along with that ability, including the protection afforded by the rule of law, an efficient financial infrastructure, a quality environment, and so on. But I think it is the existence of substantial demand for financial services from a large hinterland that comes first. New York, of course, has the largest economy in the world that is free and open to support its status as an international financial centre, providing financial services that mobilise US savings to the rest of the world and attracting foreign investments, and servicing domestic financial intermediation at the same time.
11  In the literature on determinants of foreign direct investment it has been emphasized that an investing firm needs to have some advantage over a potential local investor in order to overcome the disadvantage of doing business in a foreign environment (see e.g. Dunning 1977). 12  The standard theory of so-called horizontal foreign direct investment is based on the idea that firms selling in foreign markets face a trade-off between the benefits of concentrating production in one place (because of economies of scale) and the benefits of avoiding costs associated with exporting the good (see e.g. Horstmann and Markusen, 1992, Markusen and Venables, 1998, 2000; for an overview of this literature, see Barba Navaretti and Venables, 2004, Chapter 3). BIS Review 82/2010  17  the expansion of Western European banks in Central and Eastern Europe during their transition to market economies. Western European banks had expertise and know-how that local banks lacked, and by establishing themselves in Central and Eastern Europe – in many cases through the acquisition of local banks – they were able to quickly gain market shares. Another motive, perhaps more specific to the wholesale operations of banks is to follow the cross-border expansion of clients, sometimes referred to as “the defensive expansion approach”. 13 The rationale for this would be to preserve existing banking relationships in the home country. Indeed, many of the European banks entering the US initially did so to provide services for their home-country clients that were starting US operations.

François Villeroy de Galhau: Ensuring confidence in the currency Introduction by Mr François Villeroy de Galhau, Governor of the Bank of France, at the conference on "Recent monetary policy developments", Paris, 4 May 2017. * * * Our currency, the euro, is at the centre of debates that are particularly important to French citizens. The Banque de France is independent from politics, but in keeping with our mandate within the French Republic to ensure confidence in the currency, it is my role to provide certain clarifications. I hear proposals for a dual currency with the return of a national currency in parallel to a European currency. I must say that such suggestions would put confidence in the currency in danger. No advanced economy has this type of parallel circulation. Where two currencies exist (or have existed) and can be used to make payments, one always inspires less confidence than the other. Generally, it is the “national” currency that suffers – the only one accessible to households, particularly poorer households, and to SMEs. The currency therefore quickly loses its value, leading to excessive price increases and a negative impact on purchasing power. If we were to consider returning to the ECU, it is important to remember that it has not existed for 18 years and was not a real currency: the ECU was a unit of account that could not be used by either individuals or companies to make payments.
The key policy rate should be in the interval 1-2 per cent in the period to the publication of the next Monetary Policy Report on 17 June 2009, unless the Norwegian economy is exposed to new major shocks. Thank you for your attention. BIS Review 37/2009  15

Some analysts have attributed this lack of  BIS central bankers’ speeches  1  trade in service and manufacturing sectors to lack of competitiveness and products that insurer the exporter against any unforeseen losses. The demonstration by ATI of their credit risk insurance products in this workshop will therefore, play a very important role in promoting trade and exports of Non-Traditional Exports which lead to a diversified economy, job creation and sustainable economic growth. The credit risk insurance products also spur trade within Africa by helping our local companies to become more competitive through increased access to credit facilities. ATI has therefore, truly had a significant impact in Africa, which is reflected in the over $ billion worth of trade and investments it has attracted into the continent over the past decade. Distinguished Guests, Ladies and Gentlemen, as you are aware, staying competitive is what all companies strive to do. Innovation plays a key role in this equation. I am therefore elated that this morning ATI will speak about how it is providing innovative products and services to better suit the needs of banks and financial institutions. I am confident that the strategic partnerships of local banks and ATI will provide an opportunity for growth in credit particularly to the Small and Medium Enterprises which face major challenges in the trade sector.
While this share was around 8 percent in the early 1980s, it is expected to increase to 30 percent in the middle of this decade. Although the above evidence has indicated that Asia is on the rise, whether or not this rise will be sustained will depend on a number of factors. To do so, Asia needs to become a global innovation hub, and rely significantly more on our own domestic and regional demand. Moreover, we also need to assess whether prosperity will spread to all of the regional economies. BIS central bankers’ speeches  1  Ladies and Gentlemen, Against this hopeful background, we need to reflect on the positioning of Thailand. As longterm business partners in Thailand, I am certain that Japanese businesses have carefully assessed the prospects of Thai economy in comparison with our peers in the region. And, I think we share a common view that Thailand needs to climb up the value chain in order to benefit from the expansion of the regional production network. This is a very important challenge as competitiveness from low labor costs will evaporate, and there is a risk of being marginalized in the increasingly competitive environment. Recognizing that Thailand needs to come up with concrete plans and strategies to foster capacities and productivity, the Bank of Thailand has emphasized on various occasions that our economy needs to have a clear development strategy. In fact, several Asian countries have already announced goals ranging from becoming world leaders in science, technology or human resource development.

Jean-Claude Trichet: I expect that the cooperation with the UK authorities, particularly with the Bank of England, and for me personally with its governor, will be extraordinarily close. It’s a job at the level of the EU 27 where you will need a very close cooperation between Mervyn King and all of us, and I expect that this is the way we are all looking at it. 4  BIS Review 115/2010
Building the Infrastructure to Realise FinTech’s Promise Speech given by Mark Carney, Governor of the Bank of England  International FinTech Conference 2017, Old Billingsgate 12 April 2017  I am grateful to Nicola Anderson, Sharmista Appaya, Alice Carr, Helen George, Andrew Hauser, Rosey Jeffrey, Varun Paul, Gregory Stevens and Iain de Weymarn for their assistance in preparing these remarks. 1  All speeches are available online at www.bankofengland.co.uk/speeches  Introduction It’s a pleasure to be in this historic setting at the heart of the world’s leading international financial centre and its global hub for FinTech. 1  Such leadership reflects the UK’s inherent strengths: its people, law, language and time zone. And it is testament to the City’s fundamental belief in markets and innovation. Over the centuries, we have learned that markets and innovation thrive with the right hard and soft infrastructure: hard infrastructure ranging from transport links to broadband and payments architecture; and soft infrastructure from the rule of law to market practices, codes of conduct, and regulatory frameworks. --------------------------When Horace Jones was re-imagining Old Billingsgate Market, Britain was in the throes of its Second Industrial Revolution – a time of mass innovation that changed the way people lived, worked and interacted. Throughout the nineteenth century technological advances – including steam, electricity, and the telegraph – fostered new industries and made possible an unprecedented openness to trade, people, and ideas.

The economy is operating far below its productive potential – leaving the level of output, income and employment much lower than they would be if the economy’s unused  BIS central bankers’ speeches  3  resources were put to work. One summary statistic says it all – the unemployment rate is unacceptably high at 9 percent. Given my outlook, the decline of unemployment over the next year is likely to be modest. Furthermore, we also continue to face significant downside risks, mostly related to the stress in the eurozone. In a speech yesterday at West Point, I highlighted the need for our nation to deploy a full set of economic policy tools to secure the recovery and build for the long term. This includes monetary policy, but also requires policies to help repair housing markets, fiscal policy that supports growth in the short and long run, and structural reforms that increase competitiveness and support a shift in the pattern of economic activity toward a more sustainable growth path than that which prevailed during the last business cycle upswing. Regional economic conditions How is the recovery proceeding in the state and the region? As I mentioned, the New York Fed produces economic activity indexes to help monitor conditions in New York State.1 Based on our index, the downturn in the state’s economy ended in November of 2009. Since then, I would describe the state’s economy as recovering at a moderate pace, although there appears to have been a pause in September.
We are seeking industry and public views on the key design choices that determine the model. The Consultation Paper is accompanied by a Technical Working Paper which sets out our current thinking on the relevant technology and seeks feedback on the approaches we propose to consider. There is not time today to go through the model in detail, but I will briefly set out some of the most important details of what we propose. Page 7  We envisage the digital pound as a partnership with the private sector. The Bank would provide the digital pound and the central infrastructure, including the ‘core ledger’. Private sector firms – which could be banks or approved non-bank firms – would provide the interface between the Bank’s central infrastructure and users by offering wallets and payment services. These private companies would be able to integrate the digital pound, as the settlement asset, into the services they would offer to wallet holders. The wallets would be operated on a ‘pass-through’ basis. That is to say, they would not constitute a claim on the wallet provider in the way that a bank account is a claim on a bank. Nor would they represent a custody arrangement. Rather, the wallets would hold all of the customer related information and ‘pass-through’ the customers instructions to the Bank’s infrastructure. All of the digital pounds would be held on the Bank of England’s central ledger. Privacy has been a major theme of the Taskforce’s engagement with industry and the public.

A greater degree of cooperation is required from governments in the area of reforms and budgetary policies, to encourage growth and reinforce the monetary stimulus. Conclusions I shall now conclude. Central banks have played a fundamental role in the economic policies launched to combat the crisis, especially in the most developed economies, namely the United States, the European Union, Japan and the United Kingdom. This response has been based on very loose monetary policies, which have led to growth in central bank balance sheets to unprecedented volumes and, although at different tempos, has helped to contain and reverse the negative demand and employment dynamics. In the context of the European Union, the role of the ECB has, of course, been extremely important, and the attention aroused by its measures, initiatives and announcements is therefore entirely understandable. 6/7  I said at the start that central banks are offspring of the Enlightenment. As heirs to this tradition we should all aspire to ensure that pursuit of the common good and reason continue to be the main driving forces guiding these institutions. Thank you very much for your attention, and my congratulations to all this year’s CUNEF graduates  7/7
Recent studies by the ECB and the European Commission have clearly shown that a lengthy period of processing the old national and the new SEPA instruments in parallel will be costly for both banks and their customers. Therefore, this period of dual processing should be kept as short as possible. Responding to the global financial market correction Financial integration is proceeding not only within Europe, but also at the global level. Financial globalisation enables the international community to share significant benefits in terms of enhanced financial efficiency and economic growth, but it also makes the safeguarding of financial stability a more interdependent endeavour. Effectively coordinated international action aimed at addressing financial system vulnerabilities has therefore become very important, as highlighted during the ongoing financial market correction. Against this background, the major collective effort undertaken by both the public and the private sector to cope with the financial market turbulences has been encouraging. Hard work has been done in terms of restoring the orderly functioning of financial markets in the short term and identifying proper measures to strengthen the resilience of the financial system in the longer term in order to avoid the recurrence of similar events in the future. The report of the Financial Stability Forum (FSF) on “Enhancing Market and Institutional Resilience” 3 has been fully endorsed by the international community and provides the main reference point for the necessary improvements.

While acknowledging the role of the microfinance as an important tool for ensuring development opportunities to small businesses that otherwise may never access financial resources, one should keep in mind that microfinance is sound if it is provided by sound institutions. There is not much benefit if such institutions fail because of lenience of their internal rules and procedures, and/or because the supervisory authority has closed an eye on them because of their social role. This will also make other institutions become hesitant in engaging in microfinance. The relationship between the microfinance institutions and the banking sector regarding their interaction in the economy financing, is a delicate issue. Their coexistence is certainly “peaceful” at the early development stage of at least one of these groups of institutions, but as the economy grows and competition increases, they tend to move toward each-other. At that stage, it is important to pay special attention for ensuring clear “rules of the game” for their activity and to provide adequate policies that allow for structural reforms of these institutions and of their market influence. In conclusion, microfinance is a very important mean to achieve a balanced economic growth, by providing financial support to small and medium businesses which are vital for the medium and long term economic growth. Compared to some other countries in the region, microfinance in Albania have shown higher growth rates with good quality. However, there is ample room for enhancing it further.