samchain/econo-pairs-v1 huggingface dataset:
The decline in prices for clothing and footwear will probably continue in the coming years. Prices for audiovisual equipment are still falling as a result of strong international competition and high productivity growth. We assume that the effects of structural changes in these markets will gradually be exhausted towards the end of the projection period. External price impulses via consumer goods are expected to increase in pace with unit labour costs among our trading partners. The projections in Inflation Report 1/05, published on 16 March, are based on a gradual increase in the interest rate. This is in line with financial and foreign exchange market expectations. It is assumed that the exchange rate will shadow movements in the forward exchange rate. This implies that the krone will remain fairly stable around the current level in the years ahead. Growth in private consumption is expected to remain high this year and next. Low real interest rates, solid growth in real disposable income and a continued rise in house prices will contribute. Goods consumption picked up sharply, as expected, from January to February. The upturn was broad-based, with strong growth in car sales, other goods and electricity consumption. In the period ahead, higher employment and wage growth will continue to fuel household demand. On the other hand, household debt has risen sharply. This implies that a normalisation of interest rates will increase household net interest expenses. After a period, growth in consumption may be fairly low.

The banks restraint over crediting is a result of several factors. One is the economic crisis in the Euro area, the deceleration of our economy last year, the banks prudency, the rise of the bad placements. Another very important factor is the condition in the parent banks of some of the owners of our banks, you know that they mainly come from the Euro area, some of them have serious problems in their own countries and they face with serious challenges, although their banks in Macedonia have extremely good quality and they are in good condition, since the strategy is developed at the level of the group, the problems in the parent bank prevail so they can have conservative strategy also in our country. This exactly was the reason that caused panic in the public, that some banks have problems in their main offices. Has the situation been stabilized a little in this regard? The situation here is mainly stable. Although there are occasional rumors in the public, the data do not mirror that, and we did not have registered, in any moment, that the deposits plunged with the banks the main offices of which are facing with problems. The deposits, generally, were increasing during all these past several years.
BIS Review 77/2008  3  This could not have been more important. It has made innovation in central banks’ liquidity provision imperative during the turmoil. And, when we regain peacetime, reforms will be needed to avoid a recurrence of this problem. Open-market operations (or auctions) against wider collateral, and the Bank’s Special Liquidity Scheme launched on 21 April, should both be seen in that light. Such measures need to be constructed so that they do not interfere with the implementation of monetary policy, which depends on the central bank’s net supply of reserves matching demand in the economy so as to stabilise (risk free, or secured) overnight money market interest rates broadly in line with the policy rate. The monetary part of central banks’ market operations is simply the injection of reserves. The other characteristics – counterparties, maturity, collateral etc – are essentially nonmonetary interventions. In most circumstances, central banks want to make them as neutral as possible, so as not to interfere with relative asset prices in the economy. When markets break down, however, central banks may need to calibrate their interventions to contain the spillovers to the economy. Thus the SLS is designed to underpin the liquidity of the banking system, and so confidence in the system as a whole. Taming the credit cycle But can we, the authorities, do more to avoid the system getting into such a fragile state in the first place? We really must consider how to do that.

Long enough for the international authorities to think they would get time to fix problems in the regulatory capital regime before they gave rise to serious problems (such as the zeroweighting of 364-day lines of credit, which underlay the profusion of bank-like conduits etc). Long enough for many to proceed on the basis that “it couldn’t happen” or, indeed even after it began, “wasn’t happening”. Long enough, crucially, for investors to get too used to elevated returns. Those returns came largely from two sources. The fall in risk-free rates, brought about by an ex ante imbalance of global savings and investment; and the fall in risk premia, which may in part have flowed from improved monetary policy regimes around the world. The ensuing Search for Yield can be thought of as asset managers and bankers wanting to sustain into the future the fabulous ex post returns “achieved” as asset prices rose. Its main engines were leverage, and maturity transformation. A cocktail that not only raised private risks for asset managers and lenders, but also systemic risks. The upshot has been a protracted, and not yet concluded, period of deleveraging. That, in the great scheme of things, relatively small US subprime mortgage delinquencies could set this off shows just how fragile the system had become. Structural changes in the financial system really matter As commentators struggle to make sense of this, a lot has been said about the “originate and distribute” model of financial intermediation. Three comments on that.
The BOT strives to be an active player in the broader push by the public sector to upgrade our economy’s potential. Most immediate is to make sure that we deliver on our mandate of macroeconomic and financial stability. At the same time, the BOT aims to undertake steps, or act as a catalyst for the necessary changes, that will serve to achieve a more competitive Thai economy. Let me close my remarks tonight by thanking the Japanese Chamber of Commerce and the Japanese business community in Thailand for your commitment to our country. We have been inspired by how you have dealt with the daunting adversity caused by the earthquake in your country. And we have been deeply touched by your support and steadfastness as we recover from the floods. I hope that the long history of friendship and strong business tie between Japan and Thailand will blossom further into the future for the mutual benefit of both our nations. Thank you. BIS central bankers’ speeches  3

This serves to provide a safe and efficient clearing and settlement platform that supports trade and investment flows in renminbi. A nationwide awareness program by the banking institutions and the business chambers is also creating greater awareness on renminbi for trade settlement and investment. The Bank has also participated in the Chinese interbank bond market. In 2011 alone, the size of renminbi trade settlement in Malaysia expanded by four times from the level a year ago, reflecting a growing interest in renminbi as a settlement currency. The expansion in renminbi usage has also been underpinned by a diffusion of corporate players, both in size and across the sectors. Not only has the number of corporate players increased, but there has been a shift in relative significance in the use of renminbi as a trade settlement currency from the smaller to the larger corporations. There has also been more widespread corporate participation from a larger cross-segment of economic activities, namely the commodity based industries, manufacturing and services sectors that also includes tourism and education. There has also been an increase in the number of financial institutions participating in renminbi trade settlements. There are now 19 financial institutions that facilitated such trade settlements, double the number in 2009. More recently, there has been an increase in the use of the renminbi as an investment and funding currency. In the first seven months of this year, renminbi deposits in the banking system had tripled.
The rules require banks to appreciably increase the quality and quantity of regulatory capital. Further, they increase the instruments at supervisors’ disposal to restrict the risks of bank operations and to ensure financial institutions have sufficient loss-absorbing capacity, and, more generally, to safeguard the stability of the financial system as a whole. Yet the mission to strengthen the regulatory framework in order to minimise the likelihood of banking crises, together with their associated costs, is far from complete. You will be aware that the Basel Committee on Banking Supervision is working on the definition and appropriate parameterisation of new liquidity requirements to complement the solvency requirements. At the same time, one task to be undertaken in the near future is the enhancement of the current tools for measuring and provisioning risk on bank balance sheets. Specifically, the Basel Committee has advocated the advisability of working on improving the methods for calculating risk-weighted assets and thus increasing their consistency and homogeneity. Indeed, an appreciable degree of heterogeneity has recently been evident in the internal models banks use to calculate risk weightings under the advanced approach, whose use must be approved by the supervisor. Supervisory practice indicates the technical difficulty entailed in approving the models presented by banks and, in particular, in gauging their ability to properly measure the sensitivity of the various portfolios to risk.

All this understandably poses a huge challenge to the entire financial system which, however, will emerge much stronger from a process of adaption that will, in all likelihood, make it sounder and more efficient. This will contribute to the sustainable recovery of Spain’s economy in an increasingly integrated Europe. Thank you. BIS central bankers’ speeches  5
But we did not pursue this policy with the ultimate goal of reconstructing banks’ profitability. Rather, the purpose of our enhanced credit support has been to ensure the transmission of monetary policy transactions to the broader economy. Global economic governance The crisis has important implications for economic governance, and here remarkable efforts have been made or are under way. On the global level, the G20 has become the main forum for international cooperation, and a strong consensus has emerged within this group not only  2  BIS Review 59/2010  about the causes of the crisis but also about the appropriate policy responses. The G20 has been highly effective in addressing the global crisis. The more technical questions concerning regulation and financial stability are mainly delegated to the Financial Stability Board (FSB). The extension of both the membership and the range of tasks of the previous Financial Stability Forum have pushed the Financial Stability Board into a leading role when it comes to coordinating the reform of financial regulation. The European regulatory response to the crisis will include a new body that will provide macroprudential oversight and focus on the avoidance of systemic risk in the financial system of the European Union as a whole. This is the European Systemic Risk Board (ESRB), the establishment of which intends to make macro-prudential oversight operational at the European level.

Jean-Claude Trichet: Lessons from the crisis and steps towards economic stability Keynote speech by Mr Jean-Claude Trichet, President of the European Central Bank (ECB), at the 9th Munich Economic Summit, Munich, 29 April 2010. *  *  *  Sehr geehrter Herr Bundespräsident, lieber Horst Köhler, Sehr geehrter Herr Chrobog, sehr geehrter Professor Sinn, Meine sehr verehrten Damen und Herren, ich danke den Veranstaltern dieser Konferenz recht herzlich für die Einladung. Besonders dankbar bin ich für die Gelegenheit, im Anschluss an meinen langjährigen Freund Horst Köhler sprechen zu dürfen. Wir sind uns über einen langen Zeitraum hinweg in verschiedenen Positionen immer wieder begegnet und haben oft sehr eng zusammengearbeitet. It has always been an enormous pleasure to talk with him and to work with him. Both of us were engaged in the negotiations of the Maastricht Treaty. That is where we met nearly twenty years ago. We were also heavily involved with the handling of the European Monetary System crisis in 1992/93. I remember that episode very well. It was a defining moment not only for the monetary integration of Europe. It remains in our memories as a vivid example of what close and friendly cooperation can do in very exceptional and demanding circumstances. In my remarks today I would first like to reflect on the lessons that I believe we can draw from today’s financial and economic crisis.
As for fiscal policy, this Report’s baseline scenario considers the announcements made by the authority, which do not mention any significant changes in the fiscal stimulus for the coming years from last June. The behavior of output and demand will determine a current account deficit of –1.1% of GDP this year increasing in 2011. At trend prices, these figures are large by historical standards,  BIS Review 126/2010  3  reflecting the transitory effects of post 27-F on investment and saving, but should moderate as these transitory effects dissipate. In this Report’s baseline scenario, despite the faster closing of the output gap, headline inflation will follow a path similar to the one forecast before, but core inflation will be somewhat more limited. This difference owes primarily to some specific prices and to the incidence of reduced inflationary pressures from abroad (excluding foodstuffs). Also, the inflation path is also influenced by the recent and forecast dynamics of the real exchange rate (RER). The peso has appreciated in nominal terms by around 7% since our last Report, partly responding to the performance of the dollar in world markets. In our projections, we use as a working assumption that the RER will be unchanged in the long term, which is consistent with its long-term fundamentals (figure 9). Reduced inflationary pressures associated to the stronger peso certainly affect inflation prospects in this Report, partly offsetting the effects on prices of the rapid closing of the output gap.

U.S. growth may weaken more than foreseen, with effects on financial markets – in particular stock index reversals – and new  4  BIS Review 126/2010  postponements of the monetary stimulus withdrawal. The fiscal accounts in developed economies – especially in some countries in Europe – is still cause for concern, mainly because of their effects on perceived risks and in the final recovery of the world economy. Furthermore, measures adopted in China to limit credit growth and prevent an overheating may result in a weaker world economy and lower commodity prices. As usual, the persistence of global imbalances entails risks both on capital flows across economic areas and on the behavior of parities between different currencies. In the recent past, the trajectory of international food prices has reopened the concern on its future performance and its impact on inflation, given the high degree of pass-through we observed in Chile from world price hikes in 2007 and the first half of 2008. Overall, it is not that clear that, if wheat prices continue to rise internationally, the local economy will replicate them, because domestic margins have remained fairly large. If any of these scenarios materializes, there will be direct consequences for the growth and inflation scenario foreseen by the Board. After considering all the elements described, the Board believes that the balance of risks for inflation and output is unbiased, and we reiterate that we will continue to use our policies with flexibility so that projected inflation stands at 3% in the policy horizon.
Mario Marcel: The Monetary Policy Report and the Financial Stability Report Presentation by Mr Mario Marcel, Governor of the Central Bank of Chile, before the Finance Committee of the Honorable Senate of the Republic, Santiago de Chile, 19 December 2016. * * *  Introduction Mr. President of the Senate’s Finance Committee, Senator Andrés Zaldívar, honorable members of this Committee, ladies and gentlemen, Thank you for your invitation to present the views of the Board of the Central Bank of Chile on the recent macroeconomic and financial developments and prospects and their implications for monetary and financial policy. This vision is contained in detail in our Monetary Policy Report of December 2016 and our Financial Stability Report of the second half 2016. On this occasion, our reports feature a special characteristic: they were prepared mostly under the direction of the Bank’s outgoing Governor, Rodrigo Vergara, and are being presented by an incoming Governor. Interestingly enough, this is rather anecdotic, since our reports rely on the work of the Bank’s technical team and the Board’s deliberations, regardless of the Governor in charge. This attests to the continuity that characterizes a sound institution with permanent responsibility for the Chilean economy’s monetary and financial stability, and that must inspire confidence in economic agents and in the population at large. This is remarkable, in my view, as the soundness and reliability of institutions is a matter of growing concern in Chile these days.

2  BIS central bankers’ speeches
This was the so-called Lunar Society, which included such personalities as Matthew Boulton, James Watt, Erasmus Darwin (grandfather of Charles), and William Small - a friend of Benjamin Franklin and Thomas Jefferson, all with wide-ranging interests, all sharing a sense of optimism and responsibility for building a better world. Imagine what a blessing it would be if the G-7/G-8 - our new Birmingham group - were to be inspired by such an example when dealing with their pressing agenda! As a modest preface to their work, I would like to share with you my personal views on the need for change the Asian crisis reveals, the building blocks available for a new architecture, and the work already under way at the IMF and, in the best traditions of Chatham House, to fly a few kites and suggest some further steps for the longer term. * * * Change is needed As in the days of the Industrial Revolution, we are now at a defining moment of human history. The question before us is straightforward: how to utilize the full potential of globalization to improve the living standards of all - particularly the poorest - while containing the risks it entails, such as those we have seen materialize so brutally in Asia, and those at least equally pernicious, even if less spectacular, of the continuous marginalization of the poorest countries. What kind of new architecture of the global system could achieve this? The response must be deduced from a proper analysis of the most recent crises.

Muhammad bin Ibrahim: Financial sector talent enrichment programme – syllabus enhancement Keynote address by Mr Muhammad bin Ibrahim, Deputy Governor of the Central Bank of Malaysia, at the launch of the “Financial Sector Talent Enrichment Programme (FSTEP) – Syllabus Enhancement”, Kuala Lumpur, 20 July 2010. *  *  *  I am delighted to be here this morning to officiate the launching of the Financial Sector Talent Enrichment Programme – Syllabus Enhancement which will be implemented for the next 5 batches until batch 10. Today marks a milestone for FSTEP as the programme has delivered more than 680 graduates to the industry and is now poised to deliver another 500 graduates under an enhanced syllabus. The development of human capital in the financial services industry is core in promoting a well-functioning and stable financial sector. Human capital development is critical in nation building as a whole. At Bank Negara Malaysia, for many years, we have embarked on strategies to strengthen human capital development in the financial services sector. Various institutional platforms were established such as INCEIF, the International Centre for Education in Islamic Finance; ICLIF, the International Centre for Leadership in Finance; AIF, the Asian Institute of Finance; and of course, FSTEP, which is entrusted with equipping talents with the right skills and knowledge for their smooth transition into the financial services industry in Malaysia. It is such initiatives that would put the necessary foundation to promote Malaysia as a centre of learning for financial services this region.
We understand that the task of strengthening and enhancing the financial stability of banks cannot be single-handedly managed by the Bank of Russia alone. It is important to place more responsibility for misconduct on the owners and managers of credit organisations themselves, to ensure the irreversibility of punishments for crimes. Qualitative changes are in store for the banking industry – these include a transition to a three-tier banking system, comprised of systemically important banks, banks with universal licences, and banks with basic licences. This is a radical change in the banking system, which we will need to implement with care in the near future. The three main tasks set before us, which we are currently resolving, are: to better manage risk, so as to protect the rights of depositors and creditors; to promote the availability of credit, including credit for small businesses; and to ensure fair competition, wherein a bank of any type will be able to work and earn within their niche in the market. Another pressing task is the implementation of a new resolution mechanism. We hope that it will be in place by autumn, when we will be ready to use it. This will allow us both to reduce the cost and to speed up the resolution mechanism, in order to make rehabilitated banks more attractive to investors. In the banking sector, as well as in the financial sector overall, the challenge lies not only in rehabilitating and cleaning up, but also in creating the conditions for development.

MAS and key industry associations such as ACI Singapore, the Institute of Banking and Finance (IBF), Association of Banks in Singapore (ABS), are committed to equip our financial workforce with the necessary skills and knowledge through seminars and other training programmes. MAS will also continue to collaborate with financial institutions, the tripartite partners, and institutes of higher learning to build a strong local pipeline of specialised talent, particularly in areas such as information technology, computing, data analytics. 25 If we can do well in these two key areas, it will position our FX market and participants to capture growth opportunities and serve the needs of the Asian markets. Conclusion 26 Promoting and embedding the Code within the global FX market and in Singapore, is a journey that we have committed to. We hope that you can support these efforts, from your firms and in your individual capacity as market participants. 27 We have also co-created our medium term business strategies with market participants like yourselves, and we are committed to making them work, and bringing more innovation into the market place. 28 With this, I hope that you will have a productive and rewarding conference ahead. 5/5  BIS central bankers' speeches