samchain/econo-pairs-v1 huggingface dataset:
Still, overall we are scored about 59% for digital preconditions and 48% for the actual use of digital technologies, which is close to the regional score, but still far from the frontier of 100. I think that the scores are useful guidelines on where the policies should be focused on. In our case, it is clear that efforts should be concerted in setting a more adequate digital infrastructure, but even more in raising digital skills. On the latter, as noted in the report, significant efforts should be employed in enhancing digital training by employers and limiting digital brain drain. The more limited digital skills are, the more difficult it is to use new technologies and more limited are the growth prospects, in the world of rising digital intensive sectors. In this overall context, as a central bank we have our eyes laid on the financial sector. Obviously, advancement in technology opens the door to innovative financial services, but to unlock its true value for businesses and consumers, we as regulators have a role to play. Against this background, we have embarked on many activities in this area, including setting up an Innovation Hub in 2019, which interacts and supports companies that are willing to pursue innovative business. Last year we conducted a broad based survey, with an aim to map the ecosystem, as a base for policy calibration.

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.
5  See FSB Chair’s letter to G20 Leaders “Building a safer, simpler and fairer financial system” ahead of the Hamburg Summit, (July 2017). Estimates of the impact on lending capacity are Bank of England calculations. 6 British Social Attitudes Survey (2013). 3  All speeches are available online at www.bankofengland.co.uk/speeches  3  By undervaluing the importance of hard and soft infrastructure to the functioning of real markets, light touch regulation led directly to the financial crisis. 7  Multiple factors contributed to a tide of ethical drift in FICC markets. Market standards were poorly understood, often ignored and always lacked teeth. Too many participants neither felt responsible for the system nor recognised the full impact of their actions. Bad behaviour went unchecked, proliferated and eventually became the norm. Given the economic and social consequences of the ensuing disaster, it is right that regulators proscribe certain behaviours and set out their high level expectations. Yet, authorities cannot regulate for every circumstance, watch every transaction, or anticipate every market innovation. Total regulation is bound to fail because it promotes a culture of complying with the letter of the law, not its spirit, and because authorities inevitably lag developments in fast-changing markets. But it doesn’t have to be this way. A more comprehensive and dynamic solution combines public regulation with private standards and then buttresses them with a series of hard incentives which materially increase individual understanding and accountability.

This naturally served to temper the degree of exuberant risk-taking. Partners or managers in a bank were in for the long haul, with their investments and family wealth tied into the firm until retirement. So it was not just their next year’s bonus that was at risk. This evident “alignment of interest” between the bank owners or managers and the bank’s customers and creditors clearly helped promote trust. 8. That said, although some US investment banks only moved from the partnership to public ownership model in the past 25 years, it is the case that other commercial banks have been structured as public joint stock banks with limited liability since the 19th century. So if limited liability has existed for two hundred years, in at least commercial banking, with the attendant potential “agency” risks (i.e. shareholders with limited skin in the game and managers with relatively little capital invested), what else has been at work to create the problems which so vividly surfaced in the Global Financial Crisis? What has changed: bank management 9. First, bank employees’ time horizons have shifted. By this I mean that in the past employees, for a variety of reasons, tended to be much more “stable” in the sense of their ties to a given employer. An employee might join a bank, work their way steadily up through its ranks and then, on retirement after 30 or 40 years of service, receive a pension from the bank.
The Smart Nation Programme under the Prime Minister’s Office has brought together stakeholders from the government and the industry to identify issues and develop solutions with this objective in mind. Government agencies have been rolling out a steady pipeline of Smart Nation initiatives. •  The Housing Development Board has trialled a new system that utilises home sensors to monitor elderly folks who are staying alone and alert caregivers should an emergency arise. •  The Land Transport Authority is studying the use of autonomous vehicles that can self-drive with the help of environmental sensors and navigation systems. •  The Urban Redevelopment Authority has been utilising geospatial information and data analytics for urban design and land-use planning. A Smart Nation needs a Smart Financial Centre. Indeed, the financial sector is well placed to play a leading role given that financial services offer fertile ground for innovation and the application of technology. 6  BIS central bankers’ speeches  MAS will partner the industry to work towards the vision of a Smart Financial Centre, where innovation is pervasive and technology is used widely to: •  increase efficiency,  •  create new opportunities,  •  manage risks better, and  •  improve people’s lives. MAS will seek to achieve this vision together with the industry through two broad thrusts: •  a regulatory approach conducive to innovation while fostering safety and security; and  •  development initiatives to create a vibrant ecosystem for innovation and the adoption of new technologies.

BIS central bankers’ speeches  3  •  In the future, we may not have to remember complex passwords or worry about password compromise. •  Fingerprint, iris, facial and voice recognition, and even palm vein and heartbeat recognition systems are being explored for authentication purposes. •  Biometric ATMs have been deployed in several parts of the world, including the UK, Japan, China, Brazil, and Poland. •  Banks in Singapore have launched mobile applications that utilise the TouchID function of the iPhone for fingerprint authentication. •  Some have also been exploring the use of voice biometrics in their phone banking and call centre services. For users who are concerned about their privacy or have physical challenges, token-based authentication offers an alternative means of security: •  Tokens embedded within mobile devices, or perhaps on wearable technology, are viable options. •  And where stronger security is required, these could be used together with biometrics to provide multi-factor authentication. Third, block chains and distributed ledgers. Digital currencies – like Bitcoins – have attracted much interest. •  Payments using Bitcoins are much faster and potentially cheaper than conventional bank transfers and, its advocates argue, just as safe. •  Whether digital currencies will take off in a big way remains to be seen. •  But it is a phenomenon that many central banks are watching closely, including MAS. •  And if they do take off, one cannot rule out central banks themselves issuing digital currencies some day!
Furthermore, some national supervisors in emerging economies may set higher capital requirements than implied by Basel I, perhaps even higher than those implied by Basel II, depending on the risk environment. The issue of competition between banks has also come up in the context of competition between countries. Here, we should remember that Basel II is intended to help ensure that international competition in banking markets is driven by the strengths of each bank, rather than by differences in each country’s rules. One way that the Committee has sought to promote a consistent application of the new framework is by providing detailed requirements where necessary. As I have already mentioned, these details may add to the appearance of length and complexity, but a balance is necessary to ensure greater consistency and a more level playing field. However, given the need for a framework which can be adapted to a wide range of circumstances, cooperation among supervisors is clearly the most important tool in achieving an appropriate level of consistency. To a large extent, the need for greater collaboration is a natural result of the increased level of internationalisation and integration in the financial sector. We have seen some structural developments over recent years that certainly pose challenges for both home and host supervisors alike, such as the emergence of locally significant - and systemically important - subsidiaries of foreign banks. Also, a local unit in a foreign country may be systemically important for the group.

Let me add a final comment to this important issue. It is clear to me that we could also do more, beyond the strict solvency standards, and study how other regulations, such as those related to provisioning, can contribute to reducing pro-cyclicality. 8  BIS Review 8/2005  7. Basel II impact on global competition. Another broad concern that the Committee has worked to address is Basel II’s impact on global competition. In particular, some have asked whether banks that choose Basel II’s advanced approaches will enjoy benefits over those that choose simpler approaches or remain on the 1988 Accord. Basel II reflects also the existing diversity of banks and jurisdictions and the sense that no singlepolicy approach, and no single hard-and-fast rule, could be applied to all banks of all shapes and sizes. Consequently, the Basel Committee sought something bolder than a single, universal rule. The so called “menu approach” of Basel II offers different alternatives to different kinds of banks and jurisdictions, but in developing this approach significant efforts were made to ensure that the level playing field is maintained. We should understand that adopting an advanced approach requires significant investments and does not automatically reduce a bank’s capital requirements. In a more risk-sensitive capital framework, capital requirements for an advanced bank may actually rise relative to the current rules if the bank’s exposures are actually riskier than the measures under the 1988 Accord would have suggested.
The terrorist attack of 11 September 2001 has revealed how far-reaching implications for the international payment system may be brought about by switching off a large-value payment system in a single country. In the circumstances of the increasingly integrated financial markets, central banks must also cooperate more closely and have their contingency plans in place to inject liquidity to the global financial system in a crisis situation. 48 The private sector goes even further to suggest that in a crisis situation central banks should extend intraday credit facility to all banks (not only the domestic ones). Intraday credit could be collateralized by foreign currencies or securities denominated in foreign currencies – cross-border collateral pool facilities. 49  Conclusions Ladies and Gentlemen, globalization of financial markets, trade, manufacturing, services and knowledge is a great opportunity for the global economy. Owing to this process, the developing countries may modernise and grow faster than they have ever done before. On the other hand, both manufacturers and consumers in the developed countries take advantage of the access to the huge global labour market, which makes it possible to lower the costs of manufacturing, enhance productivity and – consequently – lower the prices of many goods and services. Both consumers and producers are also beneficiaries of globalization of the financial markets, which offer a wide range of products and enable a better adjustment of the risk profile and the expected return or cost to the preferences of investors and borrowers. Globalization also has its drawbacks.

The problems were the result of a development that had been going on for a long time, and even though it had been a cause for concern for almost as long, we had not been able to get to grips with it. Perhaps the main concern was the strong domestic inflation trend with price and wage spirals that collided with attempts to maintain a fixed  *I would like to thank Mikael Apel for his work on this speech, Eric Leeper for fruitful discussions, Johan Almen-  berg, Roberto Billi, Charlotta Edler, Bul Ekici, Mattias Erlandsson, Jesper Hansson, Åsa Olli Segendorf, Marianne Sterner and Anders Vredin for valuable comments and Calum McDonald for translation. The views expressed in this speech are my own and are not necessarily shared by the other members of the Executive Board. 1 [17]  exchange rate, and therefore led to recurring cost crises and devaluations. Another reason, which was partly connected to this, was that fiscal policy was often too expansionary, with rapidly rising public spending and tendencies towards structural deficits as a result. In addition, there was a deregulation of the credit market in the mid-1980s, which would turn out to lead to greater problems than were anticipated when the reform was implemented.1 In the early 1990s, these and other ingredients contributed to another domestic cost crisis, which also coincided with a financial crisis largely caused by excessive lending to households and companies. Unemployment rose sharply and public finances deteriorated dramatically.
Alexey Zabotkin: Monetary Policy Guidelines for 2022–2024 Speech by Mr Alexey Zabotkin, Deputy Governor of the Bank of Russia, at the press conference on Monetary Policy Guidelines for 2022–2024, Moscow, 2 September 2021. * * * Good afternoon, At the beginning of September, we usually release the first draft of the Bank of Russia’s strategic document on monetary policy — the Monetary Policy Guidelines for the next three years. Today’s event is held to present this document. Monetary policy goals and principles The goal of monetary policy is to maintain price stability. The Bank of Russia implements its monetary policy within the inflation targeting regime, seeking to ensure the annual growth rate of the consumer price index of around 4%. We influence the economy primarily through money market rates keeping them close to the key rate. The effect of monetary policy and key rate decisions on the economy and price movements has a significant time lag. Therefore, when making our decisions, we always rely on the comprehensive analysis of the current situation and the medium-term macroeconomic forecast. Moreover, it is crucial to take into account the balance of risks in the baseline forecast and other possible developments of the situation. According to economists, this is what is called a robust policy. Another important instrument of our policy is communication. We adhere to the principle of communication transparency to implement our monetary policy efficiently.

It will be important for the central bank to develop effective monetary instruments to sterilise the monetary impact of these reforms, and support the central bank’s target for inflation. The issuance of CDs, together with the partial liberalisation of credit allocation, are all sensible and commendable steps. And I know that the central bank is actively considering additional possibilities. These measures will make for a financial system in Iran that is more efficient, liquid and transparent - and thereby more attractive to potential market entrants. Mr Chairman, economic progress in any one country is not just a question of that country’s national interest, it is - in today’s increasingly economically and financially integrated world - a matter of collective, international interest. That is true both at the macro- and at the microeconomic level - the level of individual businesses and firms. That’s why I think it is important that we encourage the forces working for reform and liberalisation by engaging constructively with them. Iran has embarked upon an ambitious, but realistically measured, programme of reform and liberalisation through the Third Five-Year Development Plan, and it is taking advantage of the present more favourable conditions in the world economy to advance that programme. I wish you, Governor Nourbakhsh, and the authorities in Iran all possible success in achieving your objectives in the interests of the Iranian people and in the interest of us all. 3  BIS Review 83/2000
In early May 2010, the gravity of the situation was such that public authorities in Europe had to step in, with unprecedented actions in terms of quantity and quality, to restore a sense of direction and renew confidence. Over the past three years much has been achieved; but much remains to be done. Restoring confidence and a clear sense of direction does not mean going back to business as usual – the crisis has shown that we need to make fundamental changes to the way we manage our financial systems, our public budgets and the interactions between the national and international institutions that oversee the world economy. There is a very strong unity of purpose among the world’s policy-makers: to eliminate the fragilities of the global financial system and the global economy in order to achieve strong, balanced and sustainable economic growth. We are now at a stage in which we have to finalise new rules and regulations that will help to make our economies more resilient in the future. This means that we are now in the time of implementation of decisions already taken and in the ultimate preparation of the new rules and regulations. It is a very important phase and it requires our full attention. I see three areas at the core of efforts that will contribute to shaping the contours of the postcrisis order: First, institutions. As the Nobel laureate Douglass North said 20 years ago, “Institutions exist to reduce uncertainty in the world.” That message remains true today.

Scenario analysis can be an important and useful tool in the hands of financial institutions and their supervisors to guide such necessary 2/3  BIS central bankers' speeches  effort. Thanks a lot for your attention. 3/3  BIS central bankers' speeches
Ladies and Gentlemen, To end my talk today, I would like to restate my firm belief in the Thai economy. Even in the face of challenges at home and heightened risks from abroad, particularly from the U.S. and the Eurozone, the Thai economy should manage to recover soon after the flood situation resolves given the overall solid economic fundamentals. The Bank of Thailand will closely monitor upcoming developments both on domestic and external front, and will stand ready to take appropriate actions to ensure a smooth recovery process in the short term and sustained growth over the longer term for the Thai economy. Thank you for your attention. 4  BIS central bankers’ speeches

Jiří Rusnok: Basel Consultative Group Meeting - welcome speech Welcome speech by Mr Jiří Rusnok, Governor of the Czech National Bank, at the Basel Consultative Group Meeting, Topic "Regulatory Treatment of Sovereign Exposures - Survey of Recommendations", Czech National Bank and Bank for International Settlements, Prague, 4 October 2016. * * * Dear Basel Consultative Group members, Dear experts from all around the world, Dear ladies and gentlemen, Let me warmly welcome you to the Czech National Bank (CNB). We are proud to host the expert meeting on the Basel regulatory reform and its design, using the perspective of emerging markets and developing countries. In the wake of the recent global financial crisis, the Basel Committee on Banking Supervision (BCBS) is making reform steps towards more healthy, stable, and resilient banks and financial systems. The latest Basel reform includes more and better bank capital, leverage and liquidity requirements, as well as macro-prudential measures, ranging from G-SIB surcharges to countercyclical capital buffers. The reform effort is successfully underway and new standards are gradually being implemented worldwide, covering advanced as well as emerging markets and developing countries. When designing further details of the regulatory reform, we have to pay special attention to differences in financial systems among countries and regions. Namely, financial systems in emerging markets and developing countries are often shallower and less liquid than in advanced economies. Therefore, emerging market countries can hardly take over all regulatory measures without modifications.