samchain/econo-pairs-v1 huggingface dataset:
At the centre of this international effort is the Basle Committee on Banking Supervision which is taking on a leadership role in devising supervisory standards that can apply to all countries and not just the G-10 countries which sit on the Committee. In particular, the Committee has produced a set of Core Principles that are intended to provide a set of minimum requirements for effective banking supervision. Supervisory authorities around the world are being encouraged to endorse the Core Principles and to implement them as quickly as possible. The IMF will have a role to play in checking that countries are indeed taking serious steps in this direction. 14. The Core Principles are not earth shattering. They have not unveiled some new secret of how to supervise banks. All they do is to summarize what are generally agreed to be the fundamentals of a sound system of supervision.

Mr. Carse speaks on banking supervision in Hong Kong and the lessons learned from the financial crisis in Asia Speech by the Deputy Chief Executive of the Hong Kong Monetary Authority, Mr. David Carse, at the Asian Investment Conference “Asia: Meeting the Challenge” held in Hong Kong on 27/3/98. 1. I am pleased to be here this morning to speak to you on the topic of the supervisory lessons which Hong Kong can learn from the region and specifically from the crisis which has engulfed Asia since July of last year. This is a drama that is still being played out and we have not yet reached the final act. But I do not think that it is too early to make some kind of judgment about what went wrong and the lessons that can be drawn for the future. The Asian Crisis 2. I think that it is fair to say that the Asian crisis has surprised almost everyone by its speed and intensity and the ease with which it spread from country to country. Even those who were sceptical about the Asian miracle did not really expect anything like this. Of course, there were warning signs such as the current account deficits in a number of countries such as Thailand. But these could be regarded as the natural consequence of the heavy demand for investment in growing economies.
In fact, this episode has already served to show the benefits of some of the key elements recently added to the ECB reaction function. 3.1  An assessment of current inflation dynamics  Let me start by characterising the recent inflation dynamics. In a context in which the euro area economy is continuing to recover and the labour market is improving, headline inflation reached 5.1% in January, with core inflation at 2.3%. The surge in inflation is the result of a combination of factors. Prominent among these are the base effects stemming from the sharp drop in certain prices at the onset of the pandemic, supply bottlenecks, the steep rise in the prices of energy (especially electricity) and of other intermediate goods, and the impact of the recovery in demand on the price of some services. An illustration of the importance of these factors can be obtained by comparing price levels before and after the pandemic. The headline HICP increased by 4.7% between December 2021 and December 2019, while the core HICP increased by only 2.9% in this two-year period. The level of energy and food prices at the end of 2021 was 17.2% and 4.6%, respectively, above that observed in December 2019, while services and non-energy industrial goods increased by 3.1% and 2.3%, respectively. 8  In any case, inflation has surprised us consistently on the upside over the last few quarters, and also in the most recent months.

Ladies and Gentlemen, this seminar comes at a time when the economic performance of our country has significantly strengthened as partly reflected in the developments in the gross domestic product (GDP), inflation, interest rate and exchange rate. At a preliminary estimate of 5.7% in 2007, growth in real GDP has been above 5% for the fifth consecutive year. During the month of January 2008, inflation remained in single digit at 9.3%, from 8.9% and 8.2%, in December 2007 and December 2006, respectively. Commercial banks lending rates have also exhibited an investment-supportive trend while the Kwacha has remained relatively stable. Further, we have observed an improvement in the fiscal operations of the Government, which is supportive of the country’s inflation and growth objectives. The financial sector has also been very stable and registering appreciable growth in the recent years. Nevertheless, Mr. Chairman, despite these achievements, our country like so many other developing countries, still faces some challenges. Notable among these, is the urgent need to consolidate and build the gains so far attained. In particular, the need to attain sustained price and financial systems stability can hardly be over-emphasised. This is even more pronounced given the recent electricity outages experienced across the country and floods that have ravaged some parts of Zambia. Chairperson, it is also pleasing to note that, in the recent past, there has been recognition of the need to adopt economic and structural reforms in most African countries and some benefits are already evident in this regard.
Page 1  Global action to enhance cross-border payments − speech by Victoria Cleland Given at Global Payments Summit in Cape Town  Page 2  Published on 29 June 2023  Enhancing cross border payments to make them cheaper, faster, more transparent and easier to access would make an enormous difference to people and economies worldwide. Victoria Cleland sets out some recent achievements on this journey, including changes to the UK's RTGS service, and highlights future priorities. Success relies on cooperation and action from the public and the private sector. Speech It is a pleasure to be speaking here in Cape Town to open the Global Payments Summit: an event that brings together representatives from over 30 countries across five continents. What better audience to address about enhancing cross-border payments: a global challenge that requires global solutions. The more countries that participate, the greater the difference we can make. Almost three years ago to the day, the Committee for Payments and Market Infrastructures (CPMI) published the 19 building blocks[1] to enhance cross-border payments. The building blocks were the foundation for a clear action plan endorsed by the G20 – the Roadmap[2]. This set out a vision and steps to achieve it, bringing together central banks, public authorities, standard-setting bodies and the private sector around the world. And to provide measurable focus, the G20 endorsed clear and ambitious targets for 2027[3] to unite everyone around the same vision: to make cross-border payments faster, cheaper, more transparent, and more accessible.

ISO 20022 will make a big difference to cross-border payments: but it also offers a wealth of other opportunities, which the individual firms can benefit from. While the roadmap is a G20-led initiative, the targets are international, and our goal is to improve payments across all countries and payment corridors. Making progress therefore depends on sharing best practice widely and achieving change worldwide. To that end, the World Bank and IMF, along with the G20 Central Banks, are developing a technical assistance programme available to countries wishing to enhance their national payments infrastructure or policies. We have achieved a lot already but there is still more to do, and much more to gain. We have built the foundations and a framework to support a holistic set of changes. Now we need to act and there is a role for everyone. I look forward to helping to smooth the path ahead in my role as a policymaker and a payment system operator. I hope that many of you will join and play your part in this exciting and transformational journey towards the shared vision that benefits companies, individuals and whole economies through enhanced cross-border payments. I would like to thank Andrei Pustelnikov, Paul Bedford, Anna Koch and Mark Streather for their help in preparing these remarks. 1. See Building blocks for a roadmap to enhance cross-border payments: letter to the G20 2. See Enhancing Cross-border Payments: Stage 3 roadmap 3. See Targets for addressing the four challenges of cross-border payments: Final report 4.
This worrying level of inflation is largely the result of both the direct and indirect effects of past surges in energy and food prices at the global level. Moreover, wage growth has been picking up in recent quarters, at a time when labour productivity growth has decelerated, resulting in sharp increases in unit labour costs. Looking ahead, on the basis of current commodity futures prices, the annual HICP inflation rate is likely to remain well above levels consistent with price stability for quite some time, moderating only gradually during the course of 2009. Consistent with this view, the September ECB staff projections foresee average annual HICP inflation at between 3.4% and 3.6% in 2008, and between 2.3% and 2.9% in 2009. The higher inflation projections for 2008 and 2009 mainly reflect higher energy prices and, to a lesser extent, higher food and services prices than assumed previously. In this context, it is important to recall the conditional nature of the ECB staff projections. They are based on a number of assumptions that are of a purely technical nature and unrelated to policy intentions. In particular, the technical assumptions for short-term interest rates reflect market expectations as at mid-August. Moreover, it should be noted that the projections are based on the assumption that oil and non-oil commodity prices, while remaining at elevated levels, will exhibit greater stability over the projection horizon than has been the case in recent months, in line with prevailing futures prices.

Moreover, growth in the world economy is expected to remain relatively resilient, benefiting mainly from sustained growth in emerging economies. This should support external demand for euro area goods and services and thereby investment. This outlook is also reflected in the September 2008 ECB staff macroeconomic projections for the euro area. The exercise projects average annual real GDP growth in a range between 1.1% and 1.7% in 2008, and between 0.6% and 1.8% in 2009. In comparison with the June Eurosystem staff projections, real GDP growth figures for 2008 and 2009 are lower. In the view of the Governing Council, the uncertainty surrounding this outlook for economic activity is particularly high at the current juncture and, generally, downside risks prevail. Risks stem particularly from renewed increases in energy and food prices, which could dampen consumption and investment. Moreover, downside risks continue to relate to the  BIS Review 105/2008  1  potential for the financial market tensions to affect the real economy more adversely than currently foreseen. The possibility of disorderly developments owing to global imbalances also implies downside risks to the outlook for economic activity, as do concerns about rising protectionist pressures. With regard to price developments, annual HICP inflation has remained considerably above the level consistent with price stability since last autumn, standing at 3.8% in August according to Eurostat’s flash estimate, after 4.0% in June and July 2008.
This is not to say that all components of supervisory and regulatory policy come with this trade-off,6 but at some point, 2/7  BIS central bankers' speeches  policy interventions become less effective, intermediation costs rise, and a trade-off is likely to emerge. Those points map the efficient policy frontier. The official sector can either push the financial sector along a given frontier as policy preferences change or closer to the frontier as policy becomes more efficient. To be more concrete, consider the following chart with financial intermediation on the Y-axis and financial stability risk on the X-axis. Point A represents the outcome from a conservative policy mix with relatively low financial intermediation, but also relatively low financial stability risk. In this environment, supervisors might impose tight lending standards, so projects with positive net present value and low risk are potentially left unfunded. You might see high capital charges on relatively low-risk activities, restrictions or prohibitions on certain risky activities, or relatively frequent exams. Intermediation and credit growth might be slow on average, but more stable with less risk of a disruption to financial services or a financial crisis. By contrast, point B represents the outcomes from a less conservative policy regime that supports more financial intermediation, but comes with a higher risk of disruption or financial crisis. In that environment, banks might be more inclined to assume a “risk-on” posture with looser underwriting standards, so riskier projects are funded. Oversight would be low and banks would feel less constrained.

9 Board of Governors of the Federal Reserve System, Federal Reserve Board invites public comment on the  framework that would more closely match regulations for large banking organizations with their risk profiles, October 31, 2018. 10 Basel Committee on Banking Supervision, 2010. 11 This assumes the official sector preferences reflect society as a whole and does not consider potential gaps  due to issues such as principal agent problems within the official sector or regulatory capture. 12 Consolidated Supervision Framework for Large Financial Institutions, SR 12–17, December 17, 2012. 13 Federal Reserve Board, Federal Reserve Board seeks comment on proposal to simplify its capital rules for  large banks while preserving strong capital levels that would maintain their ability to lend under stressful conditions, April 10, 2018. 14 For a discussion of how rationalization of excessively complicated regulations could “morph” into a more  deregulatory posture, see Daniel K. Tarullo, “Financial Regulation: Still Unsettled a Decade after the Crisis,” Journal of Economic Perspectives, 33(1), 2019 Winter, 61–80. 15 6/7  BIS central bankers' speeches  15 Board of Governors of the Federal Reserve System, Supervision and Regulation Report, November 2018. 7/7  BIS central bankers' speeches
If you want to maintain confidence, you simply do not have the luxury of time. But even if you cannot hinder a crisis, addressing it as early as possible and with determination can at least limit its effects. So my second principle of effective crisis management can be summed up as acting swiftly. While this principle is easy to support, crisis management in practice is often characterised by the opposite: taking too little action, too late. Essentially, there are two main reasons for supervisory and other authorities to neglect taking sufficient action in time – they lack either the willingness to act or the ability to act – sometimes both. There are many reasons for supervisory and other authorities to not want to act. Pressure from the industry and politicians is one of the first that springs to mind. Sometimes – consciously or unconsciously – supervisory and other authorities also want to let banks gamble on turning themselves around. And banks and their shareholders are often more than willing to play along – they face a one way bet as they approach the brink of failure. But in the end, the longer you wait, the harder you fall. For that reason, I don’t have a high opinion of regulatory forbearance or other excuses for supervisory inaction. Ability to act may also be constrained. First and foremost, the ability to act is, of course, dependent upon the tools available.

The week of 12–18 March 2018 is internationally known as the Money Week. Initiated by Child and Youth Finance International, with the support of the Organisation for Economic Co-operation and Development (OECD), and adopted by more than 23.000 organisations across the globe, the Money Week is an annual financial awareness campaign built to inspire children and young people to learn about money matters, livelihoods and entrepreneurship. The celebration of this Week aims at raising the awareness of the younger generation to be responsible future citizens and capable of making well-informed financial decisions Following the tradition from the previous years, the Bank of Albania, in cooperation with the Albanian Association of Banks, with the support of the Ministry of Education, Sports, and Youth, like many other institutions worldwide, will organize various activities to involve children and young people, teaching them how to manage money, to save money, to think financially, to understand the changes in the economic systems where they live, to earn income through entrepreneurship, and set the foundations for their future through financial literacy. In the light of these objectives, during the Week, a number of activities will be organised such as lectures, contests, and visits to commercial banks and the Museum, aimed at including as many students as possible. This year’s motto “Money: You reap what you sow” highlights the importance of money matters as a necessary means to achieve and maintain welfare.
Mr Yam focuses on international capital flows and free markets Speech by the Chief Executive of the Hong Kong Monetary Authority, Mr Joseph Yam, JP, at the Crédit Suisse First Boston Asian Investment Conference on 26 March 1999. Introduction 1. I am delighted to have the opportunity to speak at this year’s Asian Investment Conference organised by Crédit Suisse First Boston. It is particularly gratifying to be able to speak to such a large and diverse gathering in Hong Kong itself. Many of you, I know, are old friends of Hong Kong, and to those among you who might be visiting this city for the first time I extend a warm welcome. Your presence here happily relieves me of the need to set the scene or to explain in detail how Hong Kong has been grappling with regional financial crisis and economic slowdown. You will have been able to see and hear for yourselves that, despite the difficulties of the last year or two, Hong Kong is still very much alive and well, and that it remains one of the most open, most welcoming, and freest markets in the world. International opinion continues to echo this conclusion, so these are not empty boasts: within the past couple of weeks, for example, two reputable regional surveys have found the banking system of Hong Kong to be the best and the soundest in Asia.

With several factors both internal and external having materialized over the last several weeks, one can already see that 2014 will be yet another challenging year for the Thai economy. However, with cooperation from all sides, I hope we shall be able to weather the upcoming storms with a common vision and readiness, and that a clear blue sky is beckoning in the distance. Thank you. 2  BIS central bankers’ speeches
Monetary policy has also benefited from a better government finance situation now compared with 10-20 years ago when there was a trend rise in debt ratios, i.e. government debt as a percentage of GDP, in the majority of OECD countries. Healthier government finances are contributing to stronger macroeconomic performance. Lower borrowing requirements in the public sector contribute firstly to lower real interest rates, which stimulate investment and growth. Secondly, stable government finances boost the credibility of monetary policy. During periods of large deficits and burgeoning government debt there is always a risk from a lender’s point of view that the government will attempt to reduce the real burden of the debt by eroding its real value through increased inflation. The high interest rate levels that Sweden experienced in the wake of the crisis years 1991-93, when nominal long-term rates stood at 12 per cent, was a result of high risk premiums on Swedish bonds owing to lenders’ concerns after a period in which the government debt had risen dramatically. Thirdly, balanced government finances allow automatic stabilisers to have their full effect. This means that demand can be sustained in the economy thanks to unemployment benefit and other factors when economic activity slows if the government finances are in such shape that there is sufficient economic leeway to finance the automatic stabilisers. Generally speaking a more stable climate benefits the economy in many ways. Lower inflation brings with it lower volatility in inflation.

Inflationary pressures are also expected to be low in the period ahead despite the fact that the international economic upswing appears to have taken firm root in more or less all regions except the euro area. The international upswing is bolstering the Swedish recovery and during the next three years the Riksbank expects growth to average just over 2 ½ per cent a year. The relatively strong rate of growth means that the economy will approach full resource utilisation in spring 2006, according to our forecasts in the Inflation Report. At the monetary policy meeting on 31 March a majority of the Riksbank’ Executive Board decided to lower the key interest rate by a half percentage point. My assessment of the situation was somewhat different, which led me to enter a reservation. In my opinion there were three principal reasons to limit the rate cut to 0.25 percentage points. Firstly, the general economic upswing in both Sweden and abroad will result in mounting inflationary pressures. Secondly, the expansionary economic policy in several parts of the world gives reason for caution. Asset prices, the willingness to take risks, and commodity prices have risen steeply in the past year. The third reason was that property prices risk rising further and with that households’ indebtedness. In my opinion, encouraging a further increase in indebtedness through a rate cut of 0.5 percentage points could lead to problems once rates rise.