samchain/econo-pairs-v1 huggingface dataset:
When the Executive Board met for the first time, it clarified the approach to be adopted in monetary policy. It was already the case that inflation measured by CPI was to amount to 2% with a tolerance interval of plus/minus 1 percentage point. The Riksbank had also previously announced that the target horizon would be 1-2 years in normal cases. We clarified that we can decide to disregard certain factors affecting prices which are not related to resource use in the economy and which only have a temporary effect on inflation. However, the prerequisite is that the effect on prices is temporary and should thus not affect inflation expectations. Subsequently, we have also said that there may be reasons for taking into account developments before and after the target horizon. When  3  BIS Review 98/2000  we depart from the main rule, we have undertaken to say that we are doing so and give reasons for why we are departing from the rule. The monetary policy decisions are based on forward-looking assessments of inflation measured as CPI. This assessment is based on the interest rate being unchanged during the forecast period. An important factor for determining inflation is the degree of resource use in the economy, the output gap. The thinking underlying this is that inflation will be stabilised if the increase in output is in accord with the long-term growth track.

However, the Riksbank makes the assessment that an annual rate of increase of 2-2.5% is reasonable. In the short term, output can continue to increase more rapidly as long as there are free resources. An important issue is the extent to which unemployment can fall before the situation in the labour market becomes so strained that wages and prices start to increase so much as to threaten the inflation target. The most recent demands in pay bargaining indicate that the new contracts will be somewhat higher than their predecessors, which probably reflects the fact that we are now in a period of increasing resource use. However, developments during the recent period show that large groups who have previously been unemployed have been able to return to the labour market. The increased use of resources has not led to a rise in nominal wage increases, which indicates that flexibility in the labour market is higher than we previously believed. The labour market policy carried out by the government may have made it easier in various ways for people to move from unemployment to work although the importance of labour market policy is difficult to measure. However, it is reasonable to assume that re-entry into the labour market is facilitated by unemployed people being given the opportunity via various measures of maintaining normal routines. Employability may also have increased due to the labour market training offered. Stable inflation expectations and new arrangements for collective agreements have probably also reduced wage inflation.
In May this year, ICBC partnered DBS Bank and OCBC Bank to issue its first green loan in Singapore, to the value of SGD 730 million. More can be done to mobilise private sector capital to support the green agenda in Asia. Strengthening Disaster Risk Insurance The third area for co-operation is insuring against disaster risks, like pandemics, natural catastrophes, and climate change. This is critical as the Western Region continues to invest in infrastructure development including along the ILSTC. The Western Region is highly exposed to natural catastrophes, and the Yangtze River floods this year were the worst seen in decades. Understanding risk exposures and strengthening financial risk management helps protect lives, livelihoods and public assets. Insurance players and academic experts in Chongqing and Singapore can work together to better assess and model the Western Region’s risks. They can develop together climate and disaster risk financing solutions such as: traditional insurance and reinsurance; regional catastrophe risk pools; and catastrophe bonds. Conclusion 3/4  BIS central bankers' speeches  I am confident that our efforts under the CCI will help usher us towards a more inclusive, sustainable and resilient future. Let us make use of the next 5 years to cement financial integration between China and ASEAN, so that we emerge stronger from the COVID-19 crisis. 4/4  BIS central bankers' speeches

These two legislation provides  BIS Review 85/2009  3  explicit and appropriate powers for our law enforcement agencies to conduct investigation, obtain relevant evidence for prosecution, share and exchange information with the relevant law enforcement agencies (both local and overseas), as well as provide mutual assistance to other jurisdictions on criminal matters. We have established a Money Laundering Prevention Task Force which comprises of the Attorney General, the CEOs of the Ministry of Revenue, the Prime Minister’s Office, the Samoa International Finance Authority, the Ministry of Police and myself as Head of the Money Laundering Prevention Authority. We have also established a Financial Intelligence Unit (FIU) within the Financial Institutions Department of the Central Bank, directly responsible for coordinating and undertaking the implementation of our AML/CFT regime. Our FIU has powers under the Money Laundering Prevention Act 2007 to receive and analyse all Suspicious Transaction Reports (STRs) from all financial institutions or any person(s) suspicious of money laundering offence in Samoa. Get rich-quick operators in the region I want to talk briefly about the so called “get rich-quick schemes” that have emerged recently in the Pacific Region. Pacific Island Countries, including Samoa, recognize the critical role that domestic and overseas private investors as well as the inflow of capital, knowledge and technology have played and will continue to play in the development of the region. Genuine investors are of course welcomed.
Given the strong feedback loop between the overall economy and the financial sector, regulation can’t be the ‘only game in town’ to maintain financial stability. Equally critical are economic and structural reforms that are essential for a stable macroeconomic environment where financial sector can flourish. Towards that end, we, as central bankers, must continue to provide sound policy advice to our governments, supporting them in better addressing the challenges that our economies face, as only broader economic stability would ensure financial soundness and cement the gains of our regulatory reforms. Thank you for your attention. 7/12/2016  5

Very shortly, we will also be launching Malaysia's cross-border QR payment linkages with Indonesia, Thailand, and Singapore. Customers of participating financial institutions can now make retail payments by scanning QRIS, NETS, and PromptPay QR codes via mobile banking or e-wallet apps. As an added treat, we have merchants from these countries offering local delectables here today – do visit them and try making cross-border QR payments yourself! With that, I hope that you will find today's discussion enriching and enlightening, and contribute to the wider discourse on the state and future of our economy. Sasana comes from the Sanskrit word for message and education. It is my hope that the sasana we come away with will translate into important reform actions that will strengthen the foundations of our economy and propel Malaysia forward. Thank you, and have a productive Symposium. 3/3  BIS - Central bankers' speeches
For this reason, parallel to decisions adopted with respect to internal management and the promotion of a risk-awareness culture, we continued to work on strengths already present in key areas of the Bank, namely the Research, Financial Policy and Financial Operations Division. In this sense, it is good to recall the whole process of reorganization introduced by the Board to improve the Bank’s efficiency, taking advantage of economies of scope and reducing transaction costs. Our policy of transparency and diffusion crystallized in the creation of a Department of Communications, that later evolved into a Department of Institutional Affairs and a Department of Communications Advise, with the purpose of providing an organized structure to all the information that stems from the Central Bank of Chile and that is intended to emphasize equity and depth in the delivery of information, as well as to give the Chilean people a boost in their knowledge of economic matters. Regarding internal management, we have perfected a human resources selection mechanism through external head hunting firms for managerial posts, and open, informed contests published on the website for other job positions. We have made great progress in our job appraisal policies, compensation structures to every employee and the setting of clear, measurable goals for levels 7 and up of the organizational chart. Along the same lines, we have recently approved new labor policies oriented at integral development, in order to contribute to the institution’s increased efficiency in achieving its goals and the personal fulfillment of the people who work in the institution.

Caleb M Fundanga: The importance of multi-cultural awareness and language learning Opening remarks by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the signing ceremony of the Memorandum of Understanding between the Bank of Zambia and the Chinese International School in Zambia, Lusaka, 22 December 2010. *  *  *  The Ambassador of the People’s Republic of China to Zambia, H.E Mr. Li Qiangmin The Chairperson – Chinese International School in Zambia, Mr Li Tie The Deputy Governor Administration – Dr Tukiya Kankasa-Mabula The Deputy Governor Operations – Dr Austin Mwape The Principal – Chinese International School in Zambia, Mr. Tan Haitao Distinguished Teachers from the Chinese International School in Zambia Colleagues from the Bank Members of the Press Distinguished Ladies and Gentlemen It gives me great delight, on behalf of the Bank of Zambia, to welcome you all to this important signing ceremony of the Memorandum of Understanding (MoU) between the Bank of Zambia and the Chinese International School in Zambia. The MoU that we are about to sign today provides a framework for the provision of Chinese language lessons to members of staff at the Bank of Zambia. Your Excellency, the Bank of Zambia attaches great importance to the need for staff to learn other international languages. In the process of both economic globalization and diversity of culture, language has become more and more important.
This issue, as we know, is a complex one, and implementing the new reform or the new standards proposed, whether for crisis prevention or crisis resolution, will pose an important challenge for the region. Turning specifically to the issue of cross-border supervision, I think it is clear from the experience of the current crisis that a number of observations were important. First, Systemically Important Financial Institutions (SIFIs), which include internationally active banks, do have significant implications for global financial stability, not least for the AsiaPacific region. When in distress, their operations and the uncertainties that they propagate can significantly impact confidence, market liquidity, and the real economy through a credit crunch and the drying up of international trade financing as we have seen, while prolonged market anxiety about how the problem is going to be resolved can heighten volatility in global financial markets. Second, over such period, as was seen in the current crisis, host regulators in emerging markets in Asia had limited room and information to respond to the SIFI’s distress. The dominant role in managing the crisis was played by the home regulators. What followed was a lack of balance in addressing relationship and responsibility of home and host supervisors, particularly in information sharing. As a result, host regulator’s response became less timely and was bilateral in nature, limited largely to a mixture of ring fencing and coordinated moves that raised the potential for negative externality.

Mainly: •  Proprietary versus public information  •  Principles versus Rules  •  Consistency of Accounting Standards and the New Basel Accord  Finally, I will review the present status of the Accord, the significant progress made in our last meeting in Madrid and I will outline the next steps in its rapid finalisation, as well as our plans for keeping it fit for the future. Basel II: a new, comprehensive approach to achieve greater financial stability To begin, I would like to re-emphasise the importance of market discipline to banking supervision, especially in a rapidly changing environment. Supervisors seek improvements in the public’s access to information on a bank’s condition precisely to bolster the ability of rating agencies, of business counterparties, and even of investors or depositors to evaluate the profile of a bank’s risks and the quality of its controls. Yet as safety and soundness regulators, we wish to fortify the stability and resilience of the financial system. In our view this goal requires not just greater transparency, but also  BIS Review 47/2003  1  significant advances in the state of the art of risk management and adequate capital when unexpected losses materialise. For the first time, the Capital Accord will include not only explicit economic incentives expressed in the minimum capital requirements but also implicit incentives built into the processes for supervisory review and market disclosure.
Zeti Akhtar Aziz: Strategic positioning in a changing environment Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the 2006 Dialogue Session with Insurers and Takaful Operators, Kuala Lumpur, 22 August 2006. *  *  *  In a rapidly changing environment, rethinking the future and strategic repositioning needs to be a high priority agenda. Strategic positioning is not only necessary to deal with the new emerging challenges but more importantly, it needs to be part of the process that will shape the future. The changes taking place are on several fronts. •  Nations are becoming increasingly inter-linked and integrated in a more globalised environment. •  The Malaysian economy continues to experience significant structural shifts into new areas of growth and comparative advantage. •  Consumers are becoming increasingly discerning in terms of the range and quality of financial products and services. •  The financial system is transitioning into a more competitive environment as institutional arrangements become increasingly more deregulated and liberalized. •  Technological advancement has enabled greater innovation in the development of financial products and services, operational processes and delivery channels. •  The regulatory and supervisory approaches to maintaining financial stability are becoming more principle and risk-based. With these changes intensifying, it is timely to reflect on the emerging issues for the insurance and takaful industry.

However, if the resolution is carried out by means of a bail-in, there must be arrangements in place in case, when the doors open, some of the funding providers decide to withdraw their funds, because they have been affected by the bail-in, because they believe the bail-in has not been sufficient, or simply because they prefer not to run the risk of waiting to see what happens to the institution. In such cases it is essential to ensure that there are sufficient mechanisms in place to provide the institution with liquidity, to grant credibility both to the resolution tool and the resolution process. In view of how other advanced countries have solved this problem, the solution, in my opinion, could be to involve the central bank as a funding provider, with all due public guarantees provided jointly. However, if any or all of the guarantees were to be enforced, it would be important to ensure the fiscal neutrality of the mechanism in the medium term. Third, insolvency regimes in Europe must be harmonised. If we have common supervision and resolution schemes for banks in Europe, I believe we should also have harmonised arrangements for winding up banks. This would require having a separate insolvency regime for banks, given their idiosyncrasies and the negative externalities that lengthy and inefficient winding up processes may have for other banks, deposit guarantee schemes and the real economy. This should be a common insolvency regime for all the countries of Europe.
Luis M Linde: A review of the Spanish economic situation; Spain’s Budget for 2014 Testimony by Mr Luis M Linde, Governor of the Bank of Spain, before the Senate in connection with the draft State Budget for 2014, Madrid, 25 November 2013. *  *  *  Ladies and gentlemen, When I appeared before this Senate last year, the Spanish economy was undergoing a phase of great difficulty and uncertainty. Developments since then show it has notably improved and, at present, it may be beginning to emerge from the second recession of this prolonged crisis. In any event, prudence advises avoiding any complacency since the risks have not disappeared and the momentum for a sustained recovery is still weak. The euro area and Spanish economies Several reasons explain the change in the Spanish economic situation in recent months. Firstly, the international economic setting has improved, despite the uncertainty over the behaviour of the emerging economies. This improvement has, above all, affected the United States, Japan and, most importantly from the standpoint of the Spanish economy, the euro area. In the third quarter of this year euro area GDP posted limited growth, of 0.1 pp in quarter-onquarter terms, following its dynamic performance in the second quarter, with 0.3 pp of growth, which surprised most analysts and ended six consecutive quarters of contraction.

Miguel Fernández Ordóñez: The Spanish experience with banking system restructuring – some lessons Opening address by Mr Miguel Fernández Ordóñez, Governor of the Bank of Spain, at the Bank of Spain Seminar – Spanish Day, ADB Annual Meetings, Madrid, 6 May 2008. *  *  *  Good morning ladies and gentlemen, I would like to welcome the participants in the Asian Development Bank Annual Meetings to the Seminar organised by Banco de España on the occasion of the Spanish Day of this year's Meetings, which conclude today. I hope that you are enjoying your stay in Madrid. I also hope that, after so many interesting meetings and discussions we will be able to provide you with new food for thought. The stakes are high, but I think that the topics selected for the two sessions of this Seminar and the distinguished panels of participants will be up to the challenge. Indeed, I am convinced that the discussions this morning will raise a number of interesting reflections. They should help us frame a better understanding of the important economic and financial challenges facing a region like Asia, which has become increasingly relevant for the world economy. Specifically, the aim of the Seminar is to reflect on how the financial system can be an instrument to rebalance and foster growth in the region. In this context, I believe that the Spanish experience on banking system restructuring – which is widely viewed as a success story – can provide some interesting lessons.
Real interests display an upward trend in countries with high public debt stock, whereas they are low in countries with modest public debt stock. High public debt stock and concerns about the sustainability of public finance cause a direct rise in risk premiums and this leads to high real interests rates. Although tough measures had been implemented several times prior to the 2001 crisis, strict discipline could not be established in public finance and the public deficit was mostly met by borrowing. Hence, along with the operations conducted in the banking sector after the 2001 crisis, the ratio of net public debt stock to national income recorded its highest level of 91 percent in 2001. In fact, many developing or developed countries can attain this ratio in the long run. However, until recently, sustainability of public debt had been a considerable problem on Turkey’s agenda. This problem derived from the size of short-term debts, high real interest rates and doubts about policies that were being implemented at the time. We targeted a high primary surplus comprising the 6.5 percent of the national income and reached our goals in the framework of the stability program, which has been implemented for the last three years. The same target has been set for the year 2005, as well. Thus, the commitment to continue the programme of tight fiscal policy has been strengthened. As a result of these achievements, significant developments were made in public debt dynamics in the last three years.

The International Financial Corporation (IFC) – an institution member of the World Bank Group that Romania joined in 1991 – has supported the Romanian banking sector by investing in various Romanian banks, especially during the privatization process. I welcome the current involvement of the World Bank in projects that aim to improve the health and education sectors, to reduce poverty, as well as projects focused on climate issues. Lastly, I thank you for the invitation to take part in this event. I am honored to be here, celebrating 30 years of renewed partnership and cooperation between Romania and the World Bank. To the team in Bucharest Office of the World Bank – which I considered, during these 30 years, as being competent and dedicated, aligned with our endeavors – I extend my warmest congratulations. Happy anniversary! At the same time, I would like to take the opportunity to express my appreciation for the management and staff of the World Bank in Washington for their work in pursuing the Bank's mission to foster sustainable development and promote social prosperity around the world. Thank you for your attention! 2/2  BIS - Central bankers' speeches