samchain/econo-pairs-v1 huggingface dataset:
Consequently, any further strengthening of the euro strengthens the case for more policy action by the ECB aimed at bringing inflation closer to 2%. Is there a risk of global currency wars? Each country wants to overcome the crisis as quickly as possible and the easiest way is to weaken its currency and thus improve the position of its exporters. These issues have been discussed many times, including among the G20. Countries have agreed that the exchange rate should not become a target for monetary policy. As long as the exchange rates are driven by the various countries’ internal situations and domestic monetary policy actions, this is not a currency war but an adjustment of exchange rates to the current policy, stemming from their economic developments. This assumes, of course, that exchange rates will adapt in a flexible way to the changes in economic conditions and monetary policy. It was thanks to the weakening of the zloty – among other things – that Poland has come out of the 2009 crisis unscathed. For many people, this is an argument against the joining the euro area. Poland’s future is linked to the euro area and the future of the euro area is linked to Poland. The euro area without Poland – one of the largest EU countries – will not be complete. That is why Poland is welcome to join. But it is up to you to meet the entry criteria, laid down in EU law, and, in doing so, decide when to join.

The ECB has had to use different instruments at different stages of the crisis. Now the economic and financial situation in Europe is significantly better. Financial fragmentation has receded, Member States have made significant efforts towards economic convergence and the governance of the euro area has been strengthened. We are gradually moving out of the  BIS central bankers’ speeches  1  crisis phase into a different environment, with the focus shifting from solving the crisis to ensuring stable economic growth and inflation close to 2%. It requires a different approach and different instruments. The developments beyond our eastern border are the big topic of debate in Poland at the moment. Could the conflict between Russia and the Ukraine affect Europe and its economy in any way? The impact on trade or the financial system has thus far been limited. But this situation does give rise to uncertainty, so it can be regarded as a potential negative factor that could hinder economic growth in Europe, and that is part of our risk assessment. What about the strong euro? Aren’t you worried it could cause problems for European exporters and hinder the recovery? The ECB doesn’t target the exchange rate. Our primary mandate is price stability, and within this mandate, the exchange rate of the euro is among the factors determining the level of inflation. And indeed, the strong euro is contributing to the current low inflation.
Such risks have also been one of the arguments in favour of opening the Riksbank to scrutiny and of promoting a policy that is as clear as possible. An open debate and good opportunities to scrutinise the Bank appear to me to be the best antidote against an introverted and exaggerated inflation-fighting perspective. Having said that, though, I think that there is every reason to object to the recurrent interpretation that the low inflation is an expression of an excessively hawkish stance on the part of the Riksbank. Firstly, for a large part of the period in question monetary policy has been guided by a measure of underlying inflation UND1X, and so policy should first and foremost be evaluated in terms of this measure, in accordance with the Bank’s clarification in 1999. UND1X inflation has averaged 1.9 per cent since 1995, which is undeniably quite close to the target. (Figure 5). The fact that CPI inflation during this period has been lower – 1.4 per cent – is mainly due to the sharp decline seen in the general level of interest rates, partly because a low-inflation environment has been secured. Furthermore, ten years may be too short a period over which to assess policy, at least when a number of those years have involved an adjustment from one regime to another, as in Sweden’s case. Another way to approach this issue is to study the episodes when inflation has undershot the Riksbank’s target. That has mainly happened on three occasions.

The downward revision for the coming year is not due to any change in the assessment of economic prospects, but rather to a number of specific factors that have resulted in higher competition in the world market and in Sweden. But as the cyclical upswing continues and firms’ costs increase, there is still assumed to be a gradual rise in inflation. In the main scenario, which is based on an unchanged repo rate in the coming two years, both CPI and UND1X inflation is expected to be on target two years ahead. The annual averages for inflation will be low throughout the forecast period, however. Allow me in this context to briefly say something about the fact that the weak price developments in the recent period have caused the word ”deflation” to reappear in the media, often in the form of an eye-catching headline. There is always reason to keep the risk of deflation in mind, since falls in the general price level are sometimes associated with considerable problems in the economy. It is important, however, to ascertain whether the subdued price developments are a result of weak demand or due to positive changes on the supply side of the economy. At the moment there is no doubt that the latter is the dominant factor.
The final decision will take into account the macrofinancial situation at the time. That said, irrespective of the decision adopted, the recommendation for prudence in this area must remain in force as long as the current uncertainty persists and until a solid economic recovery takes hold. Recognition of the increase in credit risk  Third, I would also like to refer to the increase in credit risk generated by the pandemic in lending to households and firms and its recognition by banks. In this connection, national and international organisations1 have issued various statements to clarify the effects of COVID-19 on financial reporting by banks, in many cases providing greater flexibility to the regulatory framework and the prudential impact of such reporting. The measures focus on clarifying the existing accounting regulations for an appropriate calculation of credit risk impairment of financial assets in 2020, distinguishing temporary from permanent effects and recognising the role of public measures in sustaining lending. 1  Banco de España, ECB, European Banking Authority (EBA), European Securities Markets Authority (ESMA) and the Committee of European Auditing Oversight Bodies (CEAOB). 5  The aim of these measures is to prevent provisions from behaving excessively procyclically and mechanically as a result of automatic reclassification to non-performing of exposures affected by temporary shocks. That is to say, they seek to avoid a downward adjustment to the volume of credit in response to the COVID-19 crisis, and also to moderate the impact on profitability.

If the real interest rate is low, even bad investments appear to be profitable and the banks' credit assessment process will not function properly. A large number of borrowers will then experience unsatisfactory profitability, particularly if the interest rate then increases slightly, and will be unable to pay their loans. The bad experiences from the time before and during the crisis led to the Riksbank later being given a very independent role to determine the key interest rate within the framework for monetary policy. Parliament set the objective for what should be achieved, namely price stability. The Riksbank then specified this as an inflation target, whereby the inflation rate would normally be within an interval of 1 to 3 per cent a year. Interest rate decisions are made by the Executive Board of the Riksbank, which is intended to ensure that there can be no external influence. The predictable and independent interest rate policy means that the banks and other financial agents have been given a firm foundation on which to base their risk assessments, which reduces their risks of suffering unexpected losses. Avoiding being wise after the event It is dangerous to use regulations to limit competition in the banking sector. Almost forty years of regulations had led our banks to almost entirely lose one field of competence they must have to accomplish their task to society – to assess credit risks and allocate credit where it can have the most positive effect on economic developments.
In terms of foreign exchange market efficiency, Hong Kong is the fifth FX activity centre supported by a unique network of real time gross settlement systems in USD, Euro, RMB and the HKD. Hong Kong has a high standard of market transparency, disclosure, prudent supervision and without exchange controls which is crucial for centralized treasury functions. 18. A unique advantage of Hong Kong, which is difficult for other centres to match, is its proximity to Mainland China and status as the premier offshore RMB centre. For managing treasury activities denominated in the RMB, we have the largest offshore RMB liquidity pool exceeding RMB 1.1 trillion, a vibrant CNH market with daily settlement exceeding RMB 800 billion, the deepest offshore RMB (or Dim Sum) bond market, the unique access to the A share market through the Shanghai Hong Kong Stock Connect (which will soon be extended to include the Shenzhen Stock Exchange), and critical market infrastructure such as the CNH HIBOR fixing benchmark for pricing RMB financial products and the development of related risk hedging instruments. 19. We, of course, cannot afford to be complacent. Our study has also identified room for improvement in particular in the tax regime for corporate treasury activities. Hong Kong’s tax system has many strengths: tax rates are low and the tax regime is simple with no tax imposed on dividends and capital gain. Hong Kong is also probably the only major jurisdiction in Asia without an interest withholding tax.

Global growth is being driven by rapidly growing emerging economies. In the euro area, activity has slowed in several of the largest economies, and there are prospects that the downturn may persist for somewhat longer than previously envisaged. Unemployment is high and rising in a number of countries. In Spain and Greece, unemployment now exceeds 25 percent, and among young people, more than half are jobless. The economic situation is better in the US, but growth is moderate. Oil prices have fallen somewhat in the course of spring, but are still at a high level. With key rates close to zero, several central banks have adopted unconventional measures to stimulate growth and support inflation. Measures that change the composition and size of a central bank’s balance sheet differ from the usual monetary policy operations in that instruments other than the key rate are deployed to influence market rates and economic activity. The ECB and the central banks in the US, the UK and Japan have implemented such balance sheet policies to directly influence long-term interest rates and thus funding costs for enterprises and households. The Japanese central bank also introduced new measures this spring. The central bank will double the monetary base by the end of 2014, mainly by buying more Japanese government bonds, in order to boost inflation, reduce real interest rates and promote economic growth. The improvement in global financial markets reflected the measures implemented by the ECB through 2012.
We do this while never neglecting our obligation with the stability of the payment system. Therefore, in the past several weeks we have also contributed to alleviate liquidity stress. Our commitment is to continue to walk this road to the extent that circumstances so dictate. Our economy is not immune to episodes occurring elsewhere in the world and that is what we have been experiencing. However, we are on a good stand to deal with very adverse environments, and it is the commitment of the Central Bank Board to ensure the best possible performance of the Chilean economy in times of turmoil and uncertainty at their highest. With that in mind, we have established a monetary/foreign exchange policy scheme – as well as an international liquidity position – that will help us soften the potential repercussions of the current problems of the world economy. Thank you. 4  BIS Review 123/2008

With respect to bond market development, we have taken a more active role both in the primary and the secondary market. This is because the bond market is where we operate monetary policy through liquidity injection and absorption in order to align short-term interest rate with the policy interest rate. Therefore, the more developed and efficient the bond market is, the more effective the monetary management would be. Besides, a vibrant domestic bond market is essential for a robust and efficient financial system, which is a solid foundation for long-term economic stability. In the primary bond market, while meeting with the sterilization needs, the issuance of BOT bonds and bills are also designed to promote the bond market. In particular, we coordinate closely with the MOF on issuance schedule to provide regular and predictable supply, reduce auction frequency and consolidate issuance to reduce the number of issues in order to  BIS Review 118/2008  5  facilitate secondary market trading. The BOT bonds have helped widen investor base and contributed to the growth of mutual fund industry, as retail investors are seeing this as an alternative to banks’ deposit. Other than the issuance of BOT bonds and bills, we also introduced floating rate notes to add diversity to the products in the market as well. With respect to secondary bond market development, developing the private repo market has been one avenue that the Bank has adopted to enhance a more liquid bond market.
A high standard of professionalism, laced with strong ethical values and integrity also form the prerequisites to create a new cadre of Islamic finance scholars. The pursuit for intellectual diversity and professionalism among scholars is best demonstrated through Shariah interpretations and lines of reasoning that evolve with peculiarity of circumstances, demonstrating a high degree of tolerance and respect of other Shariah school of thoughts. It is only by having talents with these ingrained ethics and characteristics that we could elevate Islamic finance to greater heights in our endeavour to improve the wellbeing of the ummah. Tonight, as we commemorate this prestigious award, let us celebrate this year’s and past years’ winners for their contributions to drive the Islamic finance agenda forward. It is not just their academic and working credentials that merit them this award, but it is also their relentless pursuit of al-falah (success) through their drive, knowledge and wisdom. I believe that this year’s RAIF winner and past winners have paved the path for future talents of 2/3  BIS central bankers' speeches  Islamic finance to embark on breakthrough ideas and thinking. It is for this very reason, that this year’s award is conferred to the visionary talents that had made impactful and significant contributions to Islamic finance.

Under the terms envisaged in the current Law on the Management, Supervision and Solvency of Credit Institutions, this cost will be borne by the banks, in accordance with the legally established keys and procedures. As to the total cost of the exercise for the ECB and the supervisory authorities as a whole, I am not yet in a position to provide it. But the cost is high. 4. Assessment of the exercise from an overall standpoint  First, I do believe that having conducted such an exercise in such a short period of time is an achievement in itself. Never to date has a stress test and an asset quality review been combined at the European level. It is a challenge of the first order, since banks from 19 countries with different supervisory models and different regulatory frameworks were involved. However, thanks to a sound methodology and with rigorous quality assurance processes set in place, both by the ECB and by national authorities, we were able to ensure that the results of the exercise met high standards and were reasonably comparable across banks from different countries. Moreover, the Comprehensive Assessment is, undoubtedly, a major step forward in terms of transparency, significantly increasing the amount, quality and consistency of the information available about the position of European banks. 5. Minimum levels of capital required.
Moreover, our vote, regardless of the size of our economy and banking sector, has the same weight as the vote of any other central bank in the euro area. Furthermore, in the person of Mr. Radoslav Milenkov, the Bulgarian National Bank has a representative in the Steering Committee of the Supervisory Board of the ECB’s Banking Supervision, which includes representatives of only five national supervisory authorities. This is a position that is taken on a rotational basis, but the fact that we receive it at the beginning of our membership is an extremely important sign. These developments in recent years alone have led me to draw the following conclusion: the BNB and our banking sector are very strong examples of institutional development in an 1  environment of still serious institutional deficits. The recipe for this is simple: the right decisions in the right strategic context. The right actions in the banking sector have included major reforms in the sector, including the central bank governance model and the banking supervision, and the right context is the sector's accession to key euro area institutions such as the Single Supervisory Mechanism and the Single Resolution Mechanism. The practical result is the solid capacity, resources and expertise built to solve the challenges facing the sector and the economy. They have been tested and convincingly demonstrated in recent years. The BNB was one of the first central banks to initiate a large-scale anti-crisis package of more than 8% of GDP at the outset of the Covid pandemic.

Speech by the BNB Governor, Mr. Dimitar Radev at the forum of the Association of Banks in Bulgaria on the occasion of the 30th anniversary of its foundation, 13 June 2022 Dear Ms Chairperson, Dear Mr Deputy Prime Minister, Dear Members of Parliament, Dear colleagues and guests, Thank you for the invitation. Please accept most sincere congratulations by the BNB Governing Council on the 30th anniversary of the Association of Banks in Bulgaria. I would also like to take this opportunity to thank you for your many years of support and partnership. They were demonstrated not only in our operational work, but also in solving strategic tasks for the sector and the country's economy. The ABB was founded at the beginning of a period of dramatic political, economic and social change in the country. Since then, the banks in Bulgaria and the sector as a whole have gone through various phases and periods, some of which particularly turbulent. Unlike in the beginning, the sector and the Association are now much more consolidated. People like me, contemporaries of the events of 1992, remember that there were over 70 banks in Bulgaria at the time, 47 of which became founders of the association. Today, there are 24 ABB member banks (full and associate), with a total of 25 banks and bank branches in Bulgaria. We do not need to go so far back to assess the huge changes in the sector. It is enough to take the period of the last 5 years.
Time, spirit of cooperation and  BIS Review 34/2010  3  good global citizenship, as well as maintaining policy and risk focus will be essential for all of us going forward. Thank you. 4  BIS Review 34/2010

2  To help on the supply side the Bank has developed an education outreach strategy with three components: 1. econoME: which includes free lesson plans and supporting materials for teachers to use in their classrooms; 2. Bank Ambassadors: colleagues below the director level at the Bank who volunteer to visit schools across the country to explain the Bank of England’s role; and 3. School visits by senior Bank and policy committee members: to spark young people’s interest in economics and to inspire them to pursue a career in related fields. Let me say a bit more about why we are doing this. 1  May 2017 survey conducted by ING and the Economics Network, available at: https://www.economicsnetwork.ac.uk/research/understandingecon 2 See Haldane, A “Everyday Economics”, Birmingham 2017 2  All speeches are available online at www.bankofengland.co.uk/speeches  2  The first objective is to help young people understand the economy and to make better informed personal financial decisions. The econoME lessons are designed for 11-16 year olds and cover: -  The economic factors that influence personal decisions;  -  How to make informed decisions; and  -  How such decisions collectively influence the economy. An array of econoME resources, designed in close collaboration with teachers and education specialists, support these classes. The materials include lesson plans, presentations, videos, activities and real life case studies. And they can be used by non-specialists with no prior economics training.
It is pleasing to note that the leasing sector has a bright future in Zambia as evidenced by its growth. Since the liberalisation of Zambia’s financial sector, the contribution to private sector credit of leasing companies has increased. In the period December 2001 to December 2006, total leases increased from K67,161 million to K206,972 million, representing an average annual growth rate of about 25.2 %. At the same time, the performance of the leasing sector was satisfactory as on average, leasing companies maintained adequate capital and reserves relative to their risk profiles and the sector has been consistently profitable. Notwithstanding this improved performance of the leasing sector, I am aware of a number of constraints the financial sector in general is facing, including the low financial intermediation, limited access to financial services for the rural population and low-to-middle income earners, high cost of funds, lack of product diversity and underdeveloped money and capital markets. To redress these impediments to economic growth and as an integral part of the pro-poor growth strategy, the Government’s objective is to enhance financial intermediation and improve access to financial services both in urban and rural areas. To this end, a five year Financial Sector Development Plan (FSDP) was prepared in 2004. This Plan aims at promoting the development of a financial system that is stable, sound and market-based to support efficient resource mobilization, which is necessary for economic diversification, sustainable growth and poverty reduction. Currently, the key recommendations of the FSDP are under implementation.

new autos  20  Other G7  16  Total G7 (%)  Level, end 2019 = 100 140 130  New autos  120  12  110  8  Dec 19  Jun 20  Dec 20  100  4  90  0  80  -4  70  -8  60  -12 Jun 21  Contributions to percentage change on 2019 Q4. Sources: OECD Quarterly National Accounts, Refinitiv Eikon from LSEG and Bank calculations. Apr 19  Oct 19  Apr 20  Oct 20  Apr 21  50 Oct 21  Sources: Refinitiv Eikon from LSEG, US Bureau of Economic Analysis and Bank calculations. In addition, and even if the pandemic itself has receded, some of the shifts in spending it produced have proved more enduring. Working from home is still much more prevalent than before the crisis, reducing spending on travel and some other local services as well. For the same reason some of the geographical shifts – away from city centres and towards the suburbs and countryside – have also lasted longer. Third, “zero-covid” policies in some Asian countries have meant that, even though vaccination rates have risen significantly, restrictions continue to be imposed in response to local outbreaks of the virus5. Coupled with the continuing strength in demand, these have contributed to significant congestion on shipping routes, 5  There were two major port closures in the summer in China, after some workers tested positive.