samchain/econo-pairs-v1 huggingface dataset:
At the moment, the only open issue for us is the inflation criterion, but things are not clear-cut regarding it either. On the one hand, inflation is at high rates not only in our country but also in the entire EU. On the other hand, in October for the first time in more than a year the rate of inflation in our country reversed its trajectory of constant growth. We will closely monitor how this process develops, but it must be actively supported by adequate anti-inflationary measures, including by sufficiently disciplined budget. What we are currently focusing on as a central bank in relation to the euro area are two issues: the legal framework and the technical preparation. Regarding the legal framework, we expect the amendments to the BNB Law to be submitted to the National Assembly literally within days, with which to overcome legal non-compliance found in the convergence reports of the ECB. Serious progress has also been made in the preparation of a draft Law on the introduction of the euro within the framework of a working group under the Coordination Council for the preparation of the Republic of Bulgaria for membership in the euro area. Of course, this is just the beginning. I have no doubts that the country has the expertise and capacity to prepare all draft legislation on time and with good quality. What is needed is to have a Government to introduce them and a Parliament to approve them.

Let me also, in this regard, implore participants to visit the various stands in the Financial Exhibition and engage the financial service providers for additional insights into the theme for this year’s Month of the Woman Entrepreneur which is: “Accelerating Women’s Economic Empowerment – Key to Job and Wealth Creation” under the sub theme: “Financial Inclusion.” Lastly, I wish to sincerely thank Lee Anne Singh, a woman entrepreneur for graciously providing the exhibition tent free of charge. I would also like to thank the Banks and other financial service providers that have responded at short notice to mount the Financial Exhibition. Take full advantage of their presence here. As I conclude, I wish you all the very best in your deliberations over the next two days, and declare, with these few words, this national conference officially open. I thank you. BIS central bankers’ speeches  5
In seeking reforms to supervision and regulation in response to financial system crisis, we need to ensure a proper balancing of these trade-offs. While I am broadly encouraged by the international policy responses to recent financial crises, I recognize fully that more work remains to be done. I look forward to taking up these challenges in my new position on the Banking Supervision Committee, and to our continued cooperation as we work together toward building a sounder international financial system. BIS Review 64/1998

In the few cases where counterparties have defaulted, for instance in the case of a subsidiary of Lehman Brothers, the Eurosystem was able to fully cover its exposure by seizing the posted collateral. At the same time, the collateral framework ensured that banks were able to obtain sufficient amounts of central bank liquidity throughout the crisis. This became most visible in the context of the two Very Long Term Refinancing Operations that the ECB conducted in 2011 and 2012. In these operations banks obtained collateralised central bank liquidity in the order of EUR 524 billion within only 10 weeks. This basic set-up of the collateral framework has remained the same since the beginning of monetary union; the three constituent parts of the Eurosystem collateral framework, i.e. (i) the counterparty framework, (ii) the basic eligibility criteria for underlying assets and (iii) the risk control measures, have remained largely unchanged. The Eurosystem maintains a broad counterparty framework and its eligibility criteria are still based on the same principles as at the beginning. This shows that the design of the Eurosystem collateral framework is in general very robust. However, some changes were necessary to guarantee a smooth implementation of monetary policy at times of financial market stress that led to a general reduction in access to market funding.
Combine this with the strength of some key sectors of our economy; the result is that Paris now stands as the first stock market capitalisation in Europe, ahead of London.2 And as the Bloomberg article points out, despite some political unrest earlier this year, Paris is true to its motto: fluctuat nec mergitur, it is rocked by the waves but does not sink. This motto also perfectly suits French institutions – we have a very strong Constitution – and the French economy, which has proved remarkably resilient. Our growth performed better than most expected in the first quarter, at 0.2%3. The likelihood of a recession in 2023 can now be excluded, and prospects have been revised upwards: this confirms our forecast for 2023 of 0.6%, thanks to stronger than anticipated external demand and a quicker than expected  1/3  BIS - Central bankers' speeches  slowdown in energy prices, before rebounding to 1.2% and 1.7% respectively in 2024 and 2025. Furthermore, despite the recent turmoil in the United States and in Switzerland, from which we can already draw out some first lessons,4 financial stability has been preserved in the EU. Our banks are robust, with substantial capital and liquidity buffers: they are all subject to stringent Basel requirements – and to single and strong supervision within the Banking Union, which makes a big difference with many US banks.

2/3  BIS - Central bankers' speeches  1 Bloomberg, Banks betting on Paris say there is life after London, 18 April 2023 2 Bloomberg, London losing to Paris in battle of equity markets, 22 March 2023 3 iNSEE, first estimate published on 28 April 2023 4 Villeroy de Galhau, F., Banking turmoil: three blessings and a funeral, speech, 28 April  2023 5 An updated report will be published by the Banque de France within next months. You can already refer to our report published in November 2021 for the key findings from our first nine experiments. 6 ECB, Eurosystem to explore new technologies for wholesale central bank money settlement, press release, 28 April 2023 7 Villeroy de Galhau, F., The role of central banks in the "macroeconomics of climate change", speech, 24 April 2023  3/3  BIS - Central bankers' speeches
20  BIS central bankers’ speeches  Chart 3: Estimated distribution of UK banks’ leverage  Source: Capie, F and Billing, M (2004), BBA, Bank of England and Bank calculations. Notes: The density estimates are based on a normal kernel function and a number of observations in each subsample. Chart 4: Estimated distribution of UK banks’ return on equity  Source: Capie, F and Billing, M (2004), BBA and Bank calculations. Notes: The density estimates are based on a normal kernel function and a number of observations in each subsample. There is a definitional change in the sample in 1967 and again in 2010. BIS central bankers’ speeches  21  Chart 5: Variation in expected and actual return on equity and leverage(a)  Source: Capie, F and Billing, M (2004), BBA and Bank calculations. (a) Illustration using the Merton (1974) model. Chart shows how the implied expected rate of return on equity is increasing in leverage for different asset volatilities, even when the expected rate of return on assets is fixed at zero. (b) Ratio of equity to assets. Chart 6: CDS premia for crisis and “no-crisis” banks  Source: Thomson Reuters Datastream and Bank calculations. 22  BIS central bankers’ speeches  Chart 7: Concentration of UK banking system (per cent of GDP)  Source: Bankers Magazine, Sheppard, D.K (1971) and Bank of England. (a) Total assets of the largest 3 banks are identified from copies of the Bankers’ Magazine before 1940. Observations are taken every 10 years and are linearly interpolated between.

Mugur Isrescu: 30 years of partnership between the World Bank Group and Romania Speech by Mr Mugur Isrescu, Governor of the National Bank of Romania, at the 30 years of partnership between the World Bank Group and Romania event, Bucharest, 7 November 2022. *** Vice President Bjerde, Directors Vincelette, Akhalkatsi and Karadsheh, Prime Minister of Romania, Vice-Chairman of the Senate, Vice-Chairman of the Chamber of Deputies, Presidential Adviser, Your Excellencies, Ladies and gentlemen, Next month we will celebrate the 50th anniversary of the accession of Romania to the World Bank and the International Monetary Fund (IMF) in 1972. Romania was the first among the countries of the former communist bloc that joined the international financial institutions. Unfortunately, during the 1980s the authorities in Bucharest had weakened the relationship between Romania and these two institutions, almost close to severing all ties. The normalization of the relationship, after the fall of the communist regime, led to a new beginning. The opening of the World Bank's office in October 1991 – the moment we are celebrating today – signifies a milestone that marked the start of a new historical point of reference in Romania's relations with the World Bank and our transition towards a market economy. The 1990s were perhaps the most difficult ones. We had benefited from the direct support of the IMF and the World Bank.
When there are market disruptions, as in March, the deterioration in liquidity emerges in a number ways, including higher transaction costs and higher volatility.7 Purchases increase during periods of high trading volume (which often coincide with an uptick of market stress) and are dialed back when trading volume is low to ensure we do not crowd out private investors. The purchase framework also adjusts the instruments employed according to market functioning. We initially executed in the secondary market by purchasing U.S.-listed exchange-traded funds (ETFs). As direct bond purchases came online and market functioning improved, we scaled back our ETF purchases and stopped buying ETFs altogether in late July. If market stress were to return and our purchase pace were to increase, we would initially focus our support primarily through direct purchases of corporate bonds. And in a scenario of significant market stress, we could buy both bonds and ETFs. By varying both the amount and type of purchases, we are able to provide flexible support to the market. Design Matters Let me now highlight several design features of these facilities that proved critical to their impact. First, the facilities were large enough to demonstrate the Federal Reserve’s resolve in putting a floor on the pandemic’s impact on credit markets. Indeed, the PMCCF and SMCCF have a combined capacity of up to $ billion—equal to about eight months of investment-grade corporate bond issuance at the pre-pandemic pace. Second, close coordination with the U.S. Treasury acted as a force multiplier.

It is rather a time when we should be having some fun, watching both our ladies’ football teams from the Ndola and Lusaka offices battling it out on the battle field. Thereafter, it will be the turn of the gentlemen to break a sweat in friendly combat. We naturally expect that when the opportune moment is presented, commercial banks and other invited entities will also produce teams comprising ladies and gentlemen – after all the Central Bank of the Republic of Zambia will soon be showing you precisely how it is done. It is now my honour and privilege to officially launch the commencement of 50th anniversary celebrations of central banking in Zambia. Please enjoy yourselves. I THANK YOU. 2  BIS central bankers’ speeches
However, despite this deterioration, the ratios of the Spanish banking system in this area continue to be more favourable than those of the main European banking systems and also than those of banks in the United States and Japan, although they are worse than those of the Scandinavian countries. Main challenges affecting the future profitability of Spanish banks Next, I shall briefly mention the main challenges facing Spanish banks which affect their future profitability outlook. These challenges are not confined to the Spanish banking system but are largely shared with other jurisdictions. One of the major challenges which banks must face is linked to technological change. New technologies represent both threats and opportunities for banks. On one hand, they promote the emergence of new competitors, such as fintechs and big techs. The latter pose  3  See Ampudia and Van den Heuvel (2018). Recent literature on monetary surprises distinguishes between purely monetary surprises and other surprises which disclose private information about the future state of the economy. See, for example, Jaroncinski and Karadi (2018). 4  11/13  a more obvious disruption, given their larger size and advantages in terms of the availability of information, a key asset in the digital and financial worlds. Some of these companies have already begun to offer specific financial services which were traditionally provided by banks or have announced that they intend to do so shortly.

As regards negative interest rates, although there is no conclusive evidence to date that they have adversely affected the supply of bank credit, we cannot rule out that maintaining rates at very low levels for an additional, potentially extended, period of time, could ultimately have some negative consequences for the bank-based transmission of monetary policy. In this regard, the mitigating measures adopted by the ECB, consisting of a tiered system for remunerating excess liquidity holdings, are intended to soften the negative impact on bank profitability of the new reduction in reserve remuneration, and thus ensure the expansionary effect on activity and inflation of any additional cuts to interest rates in the current setting. 2. Banking sector profitability This is the economic environment that banks, economic agents and, in particular, financial institutions will face in coming years. If I may, I will now move on to analyse the developments in Spanish banking sector profitability and the determinants thereof. Profitability is one of the main variables that characterise the financial position of banks and it provides the first line of defence against adverse shocks. Indeed, the volume of a bank’s profits determines the return its owners can earn on the capital invested. This, duly adjusted for the risks assumed, will affect the bank’s valuation. Moreover, profit levels determine the margin these agents have available to address shocks. Indeed, low profitability reduces the possibility of generating capital internally through retained earnings.
In addition, the conducive tax regime which accords neutrality in treatment between Islamic and conventional financial products sets the stage for greater innovation to take place to support the progressive development of the Islamic financial services industry going forward. With this strengthened Islamic financial infrastructure now being firmly achieved in the first phase of the Financial Sector Masterplan, the Islamic financial services industry is poised to tap new growth opportunities and maximize the full potential of Islamic banking and finance. The entry of Commerce Tijari Bank Berhad into the Islamic financial services industry at this juncture is indeed timely. The challenge that lies ahead calls for strategic positioning to maximise the potential that a universal Islamic banking licence accords in tapping new growth areas. While Islamic retail, corporate and investment banking product offerings have grown in sophistication, financial activities such as private equity investments, real estate investments, private wealth and fund management are now rapidly gaining prominence. There is therefore a need to allocate adequate resources to build distinct capabilities in these newly emerging areas. The move into these strategic niche markets would also increase the diversity of new asset classes for Islamic investment. This would not only contribute to further enhance the effectiveness and efficiency of the financial intermediation process in the Islamic  BIS Review 26/2004  1  financial system but also enhance Malaysia’s potential as an attractive international hub for Islamic finance.

The rapid and profound changes that have occurred in the Islamic financial system in the recent five years have strengthened its position as an integral component of the overall financial system, as has been envisaged in the Financial Sector Masterplan. The strong growth in Islamic financial assets has been sustained to constitute 10.5% of the total assets of the banking system today. The Islamic financial system has now entered into the third strategic phase of institutional development where a number of domestic banking groups are now in the midst of strategically participating in the transformation process from Islamic banking windows into Islamic subsidiaries. The entry of foreign Islamic banking players will also contribute toward further increasing the level of innovation and competition in the Islamic financial system. Indeed, Islamic financial products have become more diversified to include variable rate and equity based mechanisms as well as hedging instruments that strengthen the risk management capabilities of Islamic financial players. The participation of multilateral institutions in the issuance of Islamic securities further diversifies the asset classes and the investment alternatives available to investors, expanding the breadth and depth of the Islamic financial market and enhancing its liquidity. The comprehensive Shariah and legal infrastructure that has been put in place has also increased the level of confidence in conducting Islamic financial transactions.
A number of interesting conclusions emerge from this decomposition of average economic growth. Since the mid1990s, euro area real GDP growth has been driven mainly by labour productivity growth as measured by the rate of change in real GDP per hour worked. However, average productivity growth in the United States was significantly higher, by almost one percentage point. US output growth also benefited from faster population growth, which exceeded that of the euro area by 0.7 of a percentage point. The degree of labour utilisation improved in the euro area and had a positive effect on its growth. In the United States, by contrast, it remained unchanged on average and thus had no impact on growth. The most important determinant of long-term or potential output growth in both the euro area and the United States is labour productivity. In the euro area, however, productivity growth has declined since the early 1980s, and it continued to decline further in the more recent period 1996-2005, when it fell, for the first time, below that of the United States.1 Chart 3 shows the turnaround in the labour productivity growth performance between the euro area and the United States since the mid-1990s.

Similar direct effects could be identified in connection with productivity: Phelps found that “acceptance of competition” by the public has a strong impact on productivity, meaning that in countries where a majority of people state that competition is helpful rather than harmful, productivity in the economy is higher. Similarly, the more people value the opportunity to use initiative in their job, the better the productivity performance of the economy. Although this is a partial analysis, these findings provide some striking evidence of direct linkages between values, institutions and economic performance. An understanding of deeply held values, attitudes and preferences may thus help in explaining some of the differences in productivity and labour utilisation between Europe and the United States. However, more work is needed to test the robustness of the empirical results and to better understand conceptually the linkages between values and the “intermediate” determinants of economic performance such as productivity and labour utilisation. Moreover, differences within Europe are significant and need to be taken into account. V.  Economic performance of European countries: the influence of social values and economic culture  Indeed, Europe is “united in diversity”, as a suggested motto of the European Union states. A comparison of the growth performance of the US and European economies masks considerable diversity, on both sides of the Atlantic, but especially among European countries, as Chart 7 shows. A diversity of growth rates among the members of large monetary unions, such as the euro area and the US, is not unusual.
BIS central bankers’ speeches  11  Figure 11 Inflation expectations (*) (annual change, percent) 5  5  4  4  3  3  2  2  1  1  0  0 10  10  10  10 Jul. 10  10  11  One year ahead  11  11  11 Jul. 11  Two years ahead  (*) Economic Expectations Survey. Source: Central Bank of Chile. Figure 12 Consensus Forecasts for inflation (*) (percent) 2011 5 5  5  4  4  4  4  3  3  3  3  2  2  2  2  1  1  1  1  0  0  0  0  Developed economies Emerging Asia  2012  5  Latin America  Emerging Europe  (*) For 2011, uses CF forecasts between September 2010 and September 2011. For 2012, as from January 2011. Geometric averages of y-o-y mean inflation forecast for the economies of each region except for Latin America, which uses December-to-December inflation forecast. Developed economies are the U.S., Japan and the Eurozone; Latin America includes Brazil, Chile, Colombia, Mexico and Peru; Emerging Asia includes China, India, Indonesia, Malaysia, Singapore, South Korea, Thailand and Taiwan. Emerging Europe includes the Czech Republic, Hungary, Poland and Russia. Devloped economies and Emerging Asia consider information through October 2011; Latin America and Emerging Europe, through September 2011. Source: Consensus Forecasts.

What was considered here was a very simple economy for ease of clarity. But, the broad results derived are equally valid to a modern economy with billions of transactions. These results can be summarized as follows: First, if the money supply increases, while the output remains unchanged, then, the general price level will tend to increase. Second, if the money supply increases at the same rate as the increase in the output, then the general price level remains unchanged. Third, if the money supply does not increase, when the output has increased, then, the general price level will fall. Fourth, if the money supply has remained unchanged or even raised when the output has fallen (a negative supply shock), then the prices would rise to a still higher level. In the above example, coconut constituting real output represented the aggregate supply of goods and services, measured in real terms. The total amount of money in the hands of the people represented the demand for coconuts. Since the money value of coconuts is an imaginary concept, that demand could be described as the nominal aggregate demand for goods and services. What would happen to the general price level will depend on the interplay of these two demand and supply forces. The rest of the analysis follows the normal microeconomic theory. If the aggregate demand is higher than the aggregate supply, there will be an excess demand in the economy. That excess demand will generate pressure for the general price level to rise.