samchain/econo-pairs-v1 huggingface dataset:
These banking reforms, like all the others now under way (on public spending, pensions and the labour market), should surely have been carried out during the years of expansion, when everything seemed to be going well and the problems that would eventually surface because of the imbalances that were building up were blithely ignored. Unquestionably, we would not now be facing the problems then being incubated and which have now emerged with the crisis. Regarding what has been done so far, it would be unfair not to mention the contribution of the EU authorities, since although there were initially some serious communication and coordination problems, the fact is that subsequently they took appropriate measures aimed at imposing greater economic discipline and improving confidence, such as the reform of economic governance and the Stability and Growth Pact and the recent “Pact for the Euro”. And, of course we cannot overlook the ECB’s contribution with its policy of providing unlimited liquidity and its programmes to purchase covered bonds and the government bonds of the countries hit hardest by the crisis. In short, at this stage it can now be said that both the authorities and private agents have made considerable efforts in the right direction and that, as a result, the process of adjustment of the banking sector and of the Spanish economy as a whole is progressing reasonably well.

The EMU has limited the risks of exchange rate crises and catalyzed the financial integration of the euro area economy •  The euro has put an end to the potential effects of exchange rate crises and favoured the emergence of a stable environment characterized by historically low interest rates. Thanks to these developments, the euro area countries have not been confronted with difficulties stemming from the uncertainties due to recent geopolitical troubles. •  The introduction of the euro has catalyzed the financial integration of the European economy, which is totally complete as regards the money market. In the first weeks following the introduction of the euro, price differences on national interbank money markets decreased very quickly to stand at less than 5 bp. This level corresponds to the spread bid-ask currently observed on the market. •  A comparable movement has occurred on European bond markets, where returns on government yields have converged. •  The euro area, and more broadly the European Union, now have a consistent financial architecture. The implementation of the Financial Services Action Plan defined at the Lisbon European Council is on the way to completion. Subsequently, the Lamfalussy process should provide a new institutional architecture in the fields of financial supervision and regulation and develop flexible and uniform technical rules. Part 2: The euro plays the role of an international currency and a nominal anchor The available data bear out the increase in the international role of the euro.
On this measure, the workforce is basically content with the quantity of hours worked currently. However, the workforce wanted to work shorter hours in the run up to the crisis (2002—2007 period). So relative to that previous norm, there appears to be greater capacity for work currently. This is due to a combination of a surge in involuntary part-time work since the crisis as well as a reduction in the extent to which full-time workers want to reduce their work time. Both of these effects are unwinding with the tightening in the labour market but there is still potentially some adjustment left to go. 5  All speeches are available online at www.bankofengland.co.uk/speeches  5  Lower natural rate The Phillips curve framework depends on the concept of a natural, equilibrium, level of unemployment – the level to which unemployment would return eventually when supply and demand for labour are in balance. Within the framework this level is the anchor - unemployment below this level leads to upward pressure on pay (and hence inflation) and vice versa. The natural rate cannot of course be directly observed; it can only be estimated.

8  All speeches are available online at www.bankofengland.co.uk/speeches  8  I noted above that changes in the world of work have very possibly changed the pricing power of labour and workers’ appetite for risk (i.e. job insecurity). This is in itself a large area of current debate and I do not want here to go into these in great detail. 18  Some of these important changes in the structure of the labour market, such as the rise in self-employment and decline in union membership, predated the financial crisis. Others, like the rise in temporary work and zero hours contracts, are more recent. Technology – and the rise of the gig economy – has further increased what my colleague Andy Haldane has called the ‘divisibility’ of labour. The impact of the financial crisis and subsequent recession itself may also have changed workers appetite for risk. Anecdotally this is certainly true; I have lost count of the number times in the last four years, when the discussion on regional visits has turned to pressure for pay increases that I have heard the explanation that workers were “happy just having a job”. This may well be more than anecdote. There is literature on the Great Depression that identifies the lifetime effects on the so called ‘depression babies’ and their attitude to risk.
This important and costly bailout program enabled public banks to meet the prudential regulation requirements in terms of solvency ratios and risk-distribution, in line with international standards. With the sustained implementation of the new banking regulatory framework for banks and financial institutions during the 1990s, especially with regard the rules and conditions for the establishment of new banks and financial institutions, the second half of the 1990s recorded the first phase of effective opening of the banking activity to the private sector. However, violations and breaches in some private banks led the Banking Commission – the supervisory authority – to withdraw the licenses of seven banks and two financial institutions between 2003 and 2009, a number of which being in bankruptcy conditions between 2003 and 2006 and having risks concentrated on entities of their group. Against this background, the deposit guarantee scheme was activated in 2003 in accordance with the prevailing regulatory framework. In August 2003 and in light of these failures, the 1990 banking law was revised to strengthen the licensing conditions, increase the minimum capital requirement, which also became fully due in cash, and strengthen the Banking Commission missions. In particular, the Commission was given exclusive competence to exceptionally extend the deadline for the publication of banks and financial institutions’ financial statements. In parallel, the supervisory capacities of the Bank of Algeria have been significantly reinforced since the beginning of the 2000s; Bank of Algeria’s corps of inspectors being legally in charge of implementing the supervisory program set up by the Banking Commission.

BIS Review 42/2007  1  Beyond that, there may be some additional questions to consider which, for the sake of argument and in order to launch the debate, I will put on the table rather in a provocative mode, but are dealt with in more detail and balance in my own (and some other) contributions to the Review. First question: what are the conditions to ensure an appropriate level of investor protection, and in particular, what are the consequences of the increased "retailization" of hedge funds? A second question is the future of the hedge fund industry. It is the nature of technological progress to spread in a way that the profits it creates to be competed away. Replicating hedge funds strategies – at lower costs – seems to be expanding. M. Hsieh will tell you more about it during the panel discussion. A third and important issue relates to the evolving relationship between banks and hedge funds. This relation is complex and multi-faceted. It is at the heart of the concept of indirect regulation. Finally, we have an ongoing debate about "transparency", on which I am sure that members of the panel will tell you more in a few minutes. By nature, hedge funds are secretive investors. They do not publish information about their positions and strategies. On the one hand, for markets to be fully efficient, some investors must be able to hold proprietary information and make profits on this basis.
When criminals take advantage of your firms and our financial system to make use of their ill-gotten gains, they make every institution involved play the fool. And here I am going to use the “M” word: morals. Now I know that whenever a lawyer starts talking about morals, eye rolling ensues—often justifiably. But I do think that detecting and deterring financial crime is not just a legal obligation. It is a moral one. Thanks for letting me get all of that off of my chest. I’m honored that you wanted me back this morning. Forums like this highlight important issues and choices. Make the right choices, not just the legal ones. I wish you all a good conference. Thank you. 1 Richard Charlton, Meghan McCurdy, Brett Phillips, Thomas Noone, Sean O’Malley, and Edward Silva assisted in  preparing these remarks. 2 See Adolf Berger, Encyclopedic Dictionary of Roman Law 467 (1953). See also Marcus Tullius Cicero, In  Verrem 2.1.108 (tracing the crime of counterfeiting to the Cornelian laws). 3 FinCEN, History of Anti-Money Laundering Laws. 4 5/6  BIS central bankers' speeches  4 31 C.F.R. § 1010.230. 5 SR 18–10: Joint Statement on Innovative Efforts to Combat Money Laundering and Terrorist Financing, Dec. 2,  2018. 6 See Michael Held, Reforming Culture and Conduct in the Financial Services Industry: How Can Lawyers Help?,  Remarks at Yale Law School’s Chirelstein Colloquium, Mar. 8, 2017. 7 Cf.

In fact, to some extent, it has been replaced with a virtuous cycle. As financial markets have recovered, that has led to an improvement in business and consumer sentiment that, in turn, has helped to lift the economy, spurring further gains in financial asset prices. In the same way that the improvement in market conditions is helping to support a sustainable economic recovery, the fact that the recovery in economic activity is a world-wide phenomenon helps mitigate the risk of a so-called “double-dip.” The recovery in foreign demand should help to support the U.S. economy even if U.S. domestic demand grows more slowly than anticipated. Given these developments, the consensus forecast of about 3 percent annualized real GDP growth in the second half of the year appears reasonable. BIS Review 122/2009  1  However, I also suspect that the recovery will turn out to be moderate by historical standards. This is a disappointing outcome in that growth will likely not be strong enough to bring the unemployment rate – currently 9.8 percent – down quickly. I see three major forces restraining the pace of this recovery. First, households are unlikely to have fully adjusted to the net wealth shock that has been generated by the housing price decline and the weakness in share prices. Peak to trough, home prices nationwide have declined by 11.5 percent measured by the FHFA (Federal Housing Finance Agency) index and by 32 percent according to the 20-city Case-Shiller index.
We have the recent case against BNPP for its conduct in evading U.S. sanctions related to Iran, Sudan and Cuba. The case is noteworthy because the disposition involved pleas to Federal and state criminal violations, and a record fine of nearly $ billion. The BNPP case is not the only case against a financial institution for economic sanctions violations. There have been a series of others. Every one of this series of cases concerns a foreign bank. Observers ask, “why are all of these economic sanctions cases against foreign banks?” Before offering my answer, let me start with some “not’s”. In my view, it is not that U.S. financial institutions are so much more compliant than foreign institutions. I will avoid an ugly name-and-shame ritual, where I would identify the U.S. financial institutions that violated U.S. law. It is not that U.S. prosecutors are xenophobic individuals who are bound and determined to target only foreign institutions. I know from personal knowledge that prosecutors have followed the evidence and it has led them to the doors of foreign banks only. What explains this phenomenon? Some foreign institutions, unlike their American counterparts, did not see the values that motivate and support U.S. economic sanctions rules. At most U.S. financial institutions, and I may be myopic in seeing too much nobility in them, there is a widely accepted understanding that our U.S. sanctions are tailored to accomplish a laudable public purpose. The Sudanese sanctions are designed to coerce a regime to cease certain horrific practices, like genocide.

4 9 1392 3      3 7 7   7  $   4 77   3 8 7 454 7 4214 54874 544   577  = >77  487  6 6 0976 07 92 2276 6976 3026 6 6 2 7 62 61 6172  62791 26 6 6 2 91 61 9 6 6172 95 651 667 07 62791 95 651 6 651 95 651  7917 9 3 69236 9196 6976  1 466 1679  0 022012 6 6 3 9 6 6 9 05 59   678 90 78 678     8 319 0  83  38 8       0   !  38   #9 1280
Question: Until now we did not speak of Kosovo, we have war here at our doors, was this war - the possible impact on economy or the psychological impact on Europe - part of your decision or part of your concerns? Duisenberg: No, it was not. It neither induced nor deterred us from taking the decisions we have taken today. Of course, we are fully aware of the dramatic turmoil that is taking place in Europe, and it does not leave us untouched, by no means, but we have also noted with gratitude that all this turmoil has so far not had any impact at all on the financial markets or exchange rates. 5  BIS Review 39 /1999

At over 400 USD/ounce, the gold price was at a seven-year high at the beginning of December. Because of the weak dollar, the gold price increase in francs was more modest. However, its peak of approximately 17,000 CHF/kg was still the highest for several years. The main reason for this rise was persistently modest hedging activity by gold producers. 2  BIS Review 58/2003  Equity markets International equity markets exhibited a positive course overall, steadily making up lost ground after their mid-March low (see graph 3). As the equity environment began to present a perceptibly brighter picture, turnover also picked up. This, together with the more confident investor sentiment, reduced volatility. The ambitious profit expectations now reflected in share prices suggest that market players are optimistic about the economic situation and the corporate environment. To sum up, the financial markets are currently influenced by a complex interplay of factors: a globally synchronised economic recovery is taking place against a backdrop of external imbalances. An autonomous economic recovery outside of the US - underpinned, not least of all, by supply-side reforms - would help substantially to redress these imbalances. Key features of the SNB’s future investment and risk control process The SNB’s investment activity is subordinated to monetary policy and is determined by the criteria of liquidity, risk and returns. The new National Bank Law will extend the SNB’s investment opportunities. The current National Bank Law (NBL) limits eligible investments to gold and fixed-interest securities, and eligible borrowers to states, international organisations and banks.
I would now like to highlight the key initiatives that both sides 1/7  BIS central bankers' speeches  have delivered this year: First, Singapore took key measures to deepen our commitment to China’s markets:  In January this year, MAS was amongst the first group of central banks and sovereign wealth funds to sign up to participate in China’s inter-bank foreign exchange market. In addition, the third China-Singapore government-to-government project was launched in Chongqing. In June this year, MAS announced the inclusion of RMB investments as part of Singapore’s Official Foreign Reserves. This was done in recognition of the steady and calibrated liberalisation of China’s financial markets, and the growing acceptance of RMB assets in the global portfolio of institutional investors. Second, we have strengthened supervisory cooperation:  In April , the inaugural China Securities Regulatory Commission (CSRC)–MAS Supervisory Roundtable was held to exchange views and perspectives on supervision of capital markets activities. In July this year, the China Insurance Regulatory Commission (CIRC) and MAS organised our first exchange session to facilitate deeper bilateral discussions in the area of insurance. Third, we continued to broaden financial cooperation:  In March, the existing cross-border RMB initiatives in Suzhou Industrial Park and Tianjin Eco-city were expanded to the cities of Suzhou, Tianjin and Chongqing. In July, MAS’ Managing Director Mr Ravi Menon hosted the Singapore-China (Chongqing) Financial Conference. The event saw a good response of more than 400 participants.

Specific measures include upgrading the funds transfer systems, migrating all magnetic stripe for ATM card and credit card infrastructure to a chipenabled environment, and introducing payment platforms that leverages on the Internet to promote users' confidence and safeguard consumers' interests. Malaysia is the first country in the Asia Pacific  BIS Review 86/2005  3  region that has mandated the migration of ATM cards to chip based cards and has also been the first to complete the implementation of a national migration to EMV chip based credit cards. This is essentially to combat fraud in payment instruments. A number of other initiatives have also been put in place to create greater awareness among the public regarding counterfeit banknotes and to promote increased consumer understanding on credit card usage and protection. As we advance forward, changes in the financial landscape will continue to be dynamic and the level of complexity and sophistication in the financial markets will further intensify. While considerable efforts have been undertaken to empower consumers through financial education and enhance protection for consumers, much remains to be done in fostering the commitment of financial service providers to sound business practices and promoting fair and equitable treatment of consumers. Given the global dimension of financial services and the increasing interdependence of financial markets, efforts by individual countries to strengthen consumer protection need to be matched by efforts to enhance safeguards at the international level.
During parts of 2006 house prices in Denmark, for example, rose at an annual rate of more than 20 percentage points, which was way above the Swedish increase. In the countries where  8  BIS Review 70/2010  real house prices had previously increased more rapidly than in Sweden, they have in most cases experienced fairly large price falls in connection with the crisis. For instance, in Denmark real house prices have fallen by around 20 per cent since the peak levels in 2007. So are developments in the Swedish credit and housing market cause for concern? My view is – not in the short term. But nor do I believe that the growth we have seen in household borrowing and house prices over the past decade is sustainable in the long term. The reason I do not believe developments to be a problem right now is that there are nevertheless reasonable explanations for the price increases. Recently it is probably the case that factors such as the fact that it is still cheap to borrow, and that households and companies according to indicators are regaining confidence, have contributed to the nevertheless strong development. There has also been relatively little new housing built in recent years, at least in relation to demand. The housing market is what one might call “regionally segregated” and migration to metropolitan areas has put upward pressure on house prices in these areas. Prices have also increased by far the most in Stockholm, Göteborg and Malmö.

Constantinos Herodotou: Sustainability, digitization, profitability Statement of Mr Constantinos Herodotou, Governor of the Central Bank of Cyprus, at fireplace chat "Challenges for banks in a new operating environment" at the 10th Banking Forum, Nicosia, 9 December 2022. *** I would first like to thank Andrea for accepting my invitation to participate at today's event and share his valuable insights with us. In the aftermath of the two consecutive crises, the first round adverse effects have been limited for the banking sector. Nevertheless, with the level of uncertainty still tilted to the upside, the full extent of the consequences has not yet materialised especially in the area of credit risk. If we were though to draw a lesson from both crises, this would be the significance that technology plays for the banking sector, not only for the conduct of the normal banking operations but also for the sustainability of its profitability. The banking sector has proven resilient and continued to provide credit to the economy. However, the legacy structural weaknesses of the sector remain. At the same time, competition from challenger banks has been increasing. Therefore, the banks need to move more decisively in the road to digital transformation. This is presumably the only way if they are to address their structural weaknesses while retaining their competitive advantage against new players in the market. Investing in technology can become the catalyst in their effort to strengthen efficiency and build sustainable profitability.