samchain/econo-pairs-v1 huggingface dataset:
Cards can be physically stolen or credit card numbers can be acquired by thieves over the phone, internet or website and then used illegally to rack up debts. Access Bank must therefore, develop adequate security measures that can protect it and its clients from the crimes which seem to pervade the electronic based payment platforms. To fight this crime, you will need to educate your customers on how to safely and securely conduct transaction using their cards. You will help prevent fraud by educating your customers on what to do when they lose their card or wallet, how to secure their card by, for instance, not giving out credit card information anyhow or on the website and the need to check statements closely. On their part, cardholders must also do their part as responsible  2  BIS central bankers’ speeches  cardholders, including paying off balances on credit cards as required, not loaning credit cards to others or divulging credit card information to anyone not entitled to it. Chairman, Ladies and Gentlemen, let me reiterate my words of commendation to Access Bank for introducing this product on the market. It is a great product which when used properly will benefit both the bank and its customers. This outcome is however, predicted on customers using the card wisely and responsibly and on the bank issuing cards to clients after a careful vetting and scrutiny and charging fair interest on the product. Failure to choose creditworthy customers will lead to defaults which may trigger excessive charges.

In Zambia, with the growing emphasis on trade within the regional economic groupings like SADC and COMESA, plastic money in the form of credit cards, is a very practical way of facilitating settlement of cross border transactions. Another benefit which may be associated, with the more extensive use of e-money is the potential increase in tax compliance among the retail and wholesale sectors. The use of credit cards generates accurate records of purchases which currently may not be captured by the Zambia Revenue Authority because business houses may declare false figures. With the use of a credit card there is no provision to cheat the taxman by refraining from issuing a receipt as the record of the transaction will speak for itself. Whilst on the subject of greater tax compliance, I would want to see some form of requirement for most businesses to use points of sale terminals and other non-cash forms of payment in our shopping malls and central business district businesses where we see a resistance from businesses to embrace this technology in favour of cash. But let me end my remarks this evening by pointing out a number of problems and challenges that might be associated with the use of credit cards. The biggest disadvantage of credit cards is that they encourage the holders to spend money they don’t have. If the credit card does not require that you pay off your balance each month, this balance will accumulate.
Jean-Claude Trichet: Interview with FOCUS Interview with Mr Jean-Claude Trichet, President of the European Central Bank, and the German magazine FOCUS, conducted by Messrs Uli Dönch, Thomas Zorn and Bernd Johann on 19 January 2010 and published on 25 January 2010. *  *  *  FOCUS: Mr President, the rate of inflation in the euro area is close to zero. You have done a good job – are you now out of work? Trichet: As you know, the latest available figure is 0.9%. What counts is price stability in the medium term. And from that point of view, my colleagues and I are proud to be able to tell the citizens of Europe that they have a credible and stable currency. We promised them that the euro would be as stable and credible as individual national currencies had been earlier. And we have kept our word. FOCUS: How great is the risk that you will rest on your laurels? Trichet: You need have no fears in that respect. We will continue to remain alert. At a central bank, there is never a time for complacency. FOCUS: At the beginning of your period in office in 2003, your policy of maintaining price stability caused you to be criticised as a “prolonged arm” of the Bundesbank. Did this hidden praise help you, or did it do more harm than good? Trichet: In my own country, I was seen as the “strongest advocate of the strong franc (‘franc fort’) policy”.

BIS Review 7/2010  3  FOCUS: This problem will become even bigger if other countries – such as Bulgaria or Romania – introduce the euro. Trichet: Other European Union countries are indeed committed to joining the euro area. But only when the time is right. As you know, there are strict criteria governing the introduction of the euro, and these must be met in full. And they have to be met not just at a particular moment in time, but on a sustainable basis. The ECB is and will remain extremely vigilant in this respect. FOCUS: But what if new member countries doctor their figures – as Greece did – and trick their way into the euro area? Trichet: Let me be very clear on this. Never again will we accept budget figures that do not reflect the facts. Appropriate auditing must always be possible. As early as next month the European Commission will make proposals that will dramatically improve the relevant framework. This is absolutely critical. FOCUS: Your job and the crisis are both very demanding. Do you have the opportunity at all to see colleagues outside of work? Trichet: Yes, certainly. And that’s important, too, as the high level of mutual trust that exists within the ECB, between the members of the Executive Board and the Governing Council, is in my view absolutely fundamental. FOCUS: Is Frankfurt a good location for meetings outside of your official schedule? Trichet: I think so.
We are facing an alarming loss of biodiversity We can no longer ignore the warnings of a “Silent Spring”.i We are currently facing a global change in fauna and flora: some are rarefying or disappearing, while others are now thriving in environments that were until recently not suited for them. The figures are quite telling: 25% of studied species are threatened with extinction; scientist are talking about an ongoing 6th mass extinction, the first one caused by humankind. Yet, biodiversity is key to the resilience of ecosystems, which provide unaccounted for but essential services that sustain life on our planet, what we call “ecosystem services”. To put it in economic terms, they include the provision of basic but essential goods such as food, wood, water, etc., but also regulation services such as climate regulation, water purification or pollination. The deterioration of nature through deforestation, plastic and chemical pollution and overconsumption obviously alters the provision of those services. Since  Page 2 sur 13 1970, 14 out of the 18 categories of ecosystem services have declined according to the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES). Some of these ecosystems are critical to human life and activity: pest and disease control is an alarming example, with scientists warning of an “Era of pandemics” if we do not tackle the biodiversity crisis.ii  2.

The largest financial institutions are big players on these markets, which operate according to private and decentralised mechanisms. Total notional liabilities on OTC derivative markets rose from USD 72,000 billion in June 1998 to USD 88,000 billion at end 1999. The average daily turnover on these markets increased by 50% between April 1995 and April 1998. •  Users’ desire to improve efficiency has also driven the evolution in market structures. Planned links between stock markets, particularly in Europe, and the consolidation of delivery-vs-payment systems testify to these concerns. Domestic trading floors with regular working hours are gradually giving way to electronic international markets open around the clock. And the official trading systems of the various financial centres are in turn being challenged by private trading systems such as Electronic Communication Networks. Third: new demands for transparency and profitability in the financial industry Spurred on by this competitive pressure, the principles of corporate governance and value-adding have taken root, in particular under the impetus of fund managers. These principles force players to meet new requirements in terms of transparency and profitability. Such requirements encourage participants in the global market to adopt new investment behaviour, in particular with the spread of index-linked management or massive recourse to leveraging. These objectives also result in the use of fairly homogeneous risk management techniques, such as the definition and use of limits, risk management with value-at-risk models and the development of stress testing.
Bodies such as AAOIFI, 3 IDB’s Islamic Research & Training Institute, and Malaysia’s International Shariah Research Academy (ISRA) have made significant efforts to narrow the differences in acceptability of Shariah compliance. The Islamic Financial Services Board (IFSB), in conjunction with international standards setting bodies such as the Bank of International Settlements (BIS), IOSCO 4 and IAIS5 and various regulators from Islamic and conventional jurisdictions, are also formulating international standards and best practices for the industry. Islamic finance is also seeing increasing interest in Asia. We are seeing financial institutions leveraging on the strengths and expertise that have been developed in both Islamic and conventional financial markets. This is expanding the range of Shariah-compliant products and allowing the Islamic finance industry to tap on broad and deep investor pools globally and in Asia. •  Malaysia is widely recognised as a leader in Islamic finance, in particular for the issuance of sukuks. •  Islamic finance is also seeing growing interest in other Asian financial centres such as Singapore, Hong Kong and Tokyo. •  Just recently in mid-November 2012, institutional and private investors in Singapore and HK were the largest investors in the $ billion global sukuk issued by the Abu Dhabi Islamic Bank (ADIB).

Journal of the European Economic Association, 8(2-3), 289-325, 04-05. Becker, B. and V. Ivashina (2015). “Reaching for Yield in the Bond Market”. Journal of Finance, 70(5), 1863-1902. Boeckx, J., M. Dossche, and G. Peersman (2017). “Effectiveness and Transmission of the ECB’s Balance Sheet Policies.” International Journal of Central Banking, 47th issue (February 2017). Breeden, S. (2022). “Risks from leverage: how did a small corner of the pensions industry threaten financial stability?”. Speech at ISDA & AIMA. Page 12  Broadbent, B. (2018). “Monetary and macro-prudential policies: The case for a separation of powers”. Speech at the Reserve Bank of Australia, Sydney. Brunnermeier, M. K. (2021). “De-and inflationary traps: strengthening ECB’s second pillar to avoid fiscal and financial dominance”. Conference proceedings of ECB forum on “Central Banking: Central banks in a shifting world”. Burgess, S., E. Fernandez-Corugedo, C. Groth, R. Harrison, F. Monti, K. Theodoridis and M. Waldron (2013). “The Bank of England's forecasting platform: COMPASS, MAPS, EASE and the suite of models”. Bank of England Staff Working Paper No. 471. Cœuré, B. (2013). “The economic consequences of low interest rates”. Public lecture at the International Center for Monetary and Banking Studies, Geneva, 9 October. Committee on the Global Financial System (2018a). “Structural changes in banking after the crisis”. CGFS Papers No 60. Committee on the Global Financial System (2018b). “Financial stability implications of a prolonged period of low interest rates”. CGFS Papers No 61. Constâncio, V. (2015). “Financial stability risks, monetary policy and the need for macro-prudential policy”. Speech at Warwick Economics Summit, 13 February.
I would like to highlight some conclusions that can be drawn from this crisis: –  First, the crisis reminded us that not only does liquidity have a price and that this price could fluctuate greatly, but above all that liquidity cannot be taken for granted, irrespective of the price that some market participants are willing to pay;  –  Second, central banks rapidly and efficiently adjusted their operational frameworks to provide liquidity to the financial system, re-establish the normal functioning of the money market and restore confidence. But such measures must naturally remain exceptional, and central banks must be vigilant about the signals and incentives they give to the financial system. –  Third, due to its magnitude, the crisis has highlighted the risks associated with excessive maturity transformation when long-term assets are funded by short-term liabilities, or even funded overnight. This raises questions regarding both interest rate risk management and liquidity risk management. While these are distinct areas, they have close linkages. It is important not to have a short memory and relegate all this to ancient history. Indeed, at present, in an environment of ongoing extremely low interest rates, it is still possible to fund long-term assets at very low cost, with the risk of creating further asset price bubbles. In this respect, the example of the real estate sector seems telling. Housing loans have become highly important commercial product and could prompt certain institutions to slash their profit margins in order to win customer loyalty.

They include some reflection whether there is a need for more co-ordination and synergy between our policy dialogues with the IMF and the Commission; how the Commission’s fiscal surveillance (through Economic and Fiscal Programmes, Pre-Accession Economic Programmes, Convergence Programmes) can be deepened and serve more as a commitment device; how far there are lessons to learn about monetary anchors and prudential coordination mechanisms for the EU accession of our region; and how we – including the external actors – can foster stronger domestic anchors in various forms, ranging from medium-term fiscal frameworks to more effective policy co-ordination mechanisms. Finally, we will turn to the issue of capacity-building. This is a question on which we agreed, at this workshop, to already provide some operational input to the CEF as it develops its work programme in this area. There is a long lead-time in the effectiveness of capacitybuilding, although fortunately the CEF had already taken the initiative a few years ago to ramp up its contribution in areas such as financial stability and policy co-ordination, so it has a head-start. In the field of capacity-building, we need to consider: what are the top priorities, and where are the gaps to be filled through initiatives in terms of training workshops, technical assistance, and cross-country exchanges of experience. This will bring us to look carefully at the design and implementation of fiscal policy, among others, and the way policies come together through domestic co-ordination processes.
In the field of securities clearing and settlement systems the production of services is based on processes with high fixed costs. There is thus a risk that the free play of market forces is limited and that actual market developments might lead to monopolies that greatly damage efficiency. Regulatory and oversight authorities must therefore also make it their goal to prevent potential abuses of market power. Against this background, I strongly believe that trust-based co-operation between the providers of market utilities and regulatory and oversight authorities remains the key to the continued successful  BIS Review 28/2003  5  development of an efficient and secure financial system that can handle fast-changing needs in the future. Ladies and Gentlemen, thank you for your attention. 6  BIS Review 28/2003

This led to a quicker drop in unemployment and the increased use of foreign labour. Consequently, 2006 was very clearly a year of consolidation in the economic cycle, following the uncertainties of the prior periods. The current outlook represents a continuation of this situation since the order books are well filled and the CEO confidence index remains positive. Thus, the rate of unemployment is likely to continue dropping over the course of the next few months. One sector that is dependent less on the foreign economic situation and more on the financial environment is the construction sector. Residential construction has benefited strongly from the low interest rates over the past few years. In 2006, 41,000 new dwellings came onto the market or almost double the number in the early 2000s. Demographic developments as well as increasing incomes linked to favourable financing conditions assured a healthy level of demand. Nevertheless, there were initial signs of saturation, and a gradual drop in the mortgage growth rate was evident. Everything points to a further decline in growth momentum for residential construction this year. By contrast, industrial and commercial construction is likely to continue improving. Growth in employment and income had a favourable impact on household expenditure. Growing at a rate of some 2%, consumption became a driver of the economy, a situation which contrasted to that of past years. The continued decline in unemployment over the months to come is likely to consolidate this picture. Overall, the Swiss economy recorded real growth of about 3% in 2006.
The government issued a general guarantee for the banks’ liabilities and set up a special Bank Support Authority to cope with the banks that were in serious difficulties. The government, explicitly supported by the opposition, acted just as vigorously and promptly as the situation required. But this did entail making a decision on the basis of insufficient information about the causes and depth of the crisis - that could have burdened the government budget with at least 10 billion US dollars. Having to take such important decisions at short notice and without adequate information about the financial system is an experience we do not wish to repeat. The Riksbank is accountable to the Swedish parliament with regard to keeping a stable price level our inflation target - but also with regard to promoting financial stability and a safe and efficient payment system. After the crises there was room for some self-criticism in this respect. In practice, we had not supported our stability target with any systematic analytical work on overall stability. To address this, we started to build up knowledge and analytical capability in the field of stability. By publishing a Financial Stability Report in 1997, we were among the first central banks to issue a periodic public account of our appraisal of financial system stability. Its example has been followed to date by about thirty other countries, including Indonesia. Today, interest in financial stability is well established.

In this respect, the volatility seen on international financial markets in recent weeks serves as a reminder of the need for prudent risk assessment and for the right resources to adapt to a broader and more demanding financial environment. But it is not only the conduct of national authorities that must rise to the challenges entailed by the ever-increasing complexity of our financial systems. At the international level, growing economic and financial integration requires reconsideration of the guiding principles of the multilateral financial institutions, which have hitherto remained perhaps too anchored in the bilateral supervision of national policies, without paying sufficient heed to the increasingly complex links globally. The strengthening of multilateral surveillance, especially in the financial realm, would thereby provide for a more effective contribution by these agencies to embedding international monetary and financial stability. The European environment in 2005 the euro area economy posted a modest average increase in GDP, and one lower than in 2004 and than in the other developed economic areas. Nonetheless, year-on-year growth was on a rising profile throughout 2005, attaining a rate of increase in line with potential in 2006 Q1. The economic performance differed, in fact, from the first to the second half of 2005. In the first six months output was markedly sluggish, the result among other factors of the temporary easing in the momentum of world trade, the strong increase in oil prices and the effects stemming from the appreciation, in the previous years, of the effective exchange rate of the euro.
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.

India’s economy is the 14th largest in the world measured in nominal US dollar terms, but in terms of purchasing power parity, India is the 4th largest economy in the world according to the iMF. India’s GDP in purchasing power terms has also risen substantially, with its share rising from 4.3% to 6.1% of world GDP over the past 15 years. India’s unique characteristics that enhance this growth potential include its dynamic population and demographic structure, as well as its emergence as a global leader in service exports. This dynamism, growth, and positive sentiment has been clearly evident in India’s stock market, which has rallied 40% in 2005, second only to Korea as best performing major market in Asia last year. Sometimes overlooked however, is an informal group of Asian economies (excluding Japan) that account for the majority of trade and GDP in East Asia, known as Asia-9. The Asia-9 economies comprise China, Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore, Thailand, and Taiwan. The share of Asia-9’s GDP in purchasing power parity terms has grown from 11.4% in 1990 to 20.6% in 2005. To put this in perspective, this exceeds the EU’s PPP share of world GDP of 18.8%, Japan’s share of 6.7%, and is very close to the United States 20.7% share of world GDP in 2005. But I am not here today to overwhelm you with facts and figures! Today I would like to discuss one of the most important drivers of this phenomenal growth – and that is, international trade.