samchain/econo-pairs-v1 huggingface dataset:
No: the transformation of the Banque de France is a modest but real illustration of such a reform; for years we have been lowering costs and providing greater services, while maintaining our territorial  Page 8 of 9 presence. I am not saying that efficient public management is easy, but I guarantee that it is possible. Better budgetary control will then be compatible with better financing of the most productive expenditures, which must be prioritised - these difficult choices are obviously a matter for democratic debate. The comparison with our neighbours only seems to indicate that in France, for example, spending on pensions, or "economic affairs" (subsidies and tax credits) is much higher.iv Some futureoriented expenditures (most investments - even if some of them are less useful - but also spending on education and research) have a crucial effect on growth, both in the short term and in the long term. France cannot and must not settle for a potential growth rate of 1.2/1.3%v if it aims to return to full employment and lower its debt in the coming decade. Focusing the debate on the quality of public spending  *** I would like to conclude with two authors who are not very “budgetary”. First, La Fontaine, The Swallow and the Little Birds: "To instincts not our own we give no credit, and till misfortune comes, we never dread it". Let us finally aim to anticipate our budgetary difficulties, in order to reduce them.

Inflationary pressure stability is clearly illustrated by low rates of core inflation of non-tradable goods one during this period, being reflected also in checked expectations of economic agents of the market. Meanwhile, after a long non-inflationary period and confirming Bank of Albania forecasts, the annual change of consumer prices revealed a slightly increasing tendency over the second quarter of 2009. The annual inflation marked 2.3 percent in June, reflecting a more complete pass-through of exchange rate deprecation effect on consumer goods prices. The Bank of Albania estimates that this factor may play a higher role in the future for determining these prices, comprising premises for short-term and medium-term shocks on price level. In the face of these developments, the Albanian economy continued to be featured by low public and private savings rates even during the first half of 2009, associated with further enlargement of current account deficit and upward pressures on exchange rate performance. Simultaneous reduction of exports and imports, respectively by 19.6 and 6.3 percent on annual level, made the trade deficit contract by 1.3 percent during first five months of the year. However, reduction of emigrants’ remittances by about 8 percent during the first quarter and the service account deterioration, made the current account deficit record an annual growth of 5 percentage points of GDP during this quarter. Though this deficit goes for financing, to a large extent, the capital and intermediate goods of import, its sustainability deserves a greater attention.
So the employee identified their near and longer term future with that bank: another form of “skin in the game” and alignment of interest. However nowadays, not many banks offer pensions and it is much more common for employees to advance their own careers, as “freelancers”, by hopping from one institution to another to secure promotion or higher pay. In these circumstances, employees naturally identify less with the employing institution as their future is not, in their mind, inextricably linked with it. They work at banks not for banks.2 10. Now this is of course also a two way street, in the sense that banks in their turn can on occasion nowadays be very adept at severe downsizing if market conditions turn. So loyalty works both ways and has over the years declined. What has changed: incentives for risk-taking 11. Business profiles and activities have also changed over time. Simple deposit-taking and lending businesses have been combined with investment banking, securities and capital markets, and even proprietary-trading activities, to form large, complex organizations, raising clear issues of cultural compatibility across businesses with very different objectives, time horizons and employee profiles. In an environment where near term profits are very highly prized and rewarded, it is all too easy to see how the more aggressive of the approaches introduced into the mix (with the power of traders rising in line with trading profits in buoyant  2  Report of the UK Parliamentary Commission on Banking Standards “Changing banking for good”, Volume II paragraph 120.

Banks have no choice but to leverage up and take bigger risk in order to meet the targets that the shareholders demand. Modern banking at crossroads 17. So where do we go from here? As I mentioned earlier, while bank regulators clearly play an important role in influencing banking operations, it is really up to the industry to decide what it can and should do to regain the trust and respect that banks once enjoyed. We should bear in mind bank regulators are a consequence of the emergence of modern banking. However, as discussed earlier, the modality and incentive system for banking were very different in the old model of banking : there was a high degree of alignment of interest between bank owners, bank management and bank customers, which has over the years been significantly eroded. 18. Again, don’t get me wrong. I am not advocating that we should go back to oldfashioned banking. It is far too difficult, if not impossible, to turn the clock back this far and to do so might mean the loss of some beneficial innovations over the years. However, there is considerable public interest in ensuring that banking, which remains the predominant channel of intermediation between savers and borrowers in our society, functions efficiently and effectively, with a high degree of professionalism and strong ethical standards. 19. It is against this backdrop that the international community, through G20, Financial Stability Board (FSB), Basel Committee on Banking Supervision (BCBS) etc.
Consequently, the contribution of energy items to year-to-date CPI inflation reached about 0.9 percentage points. 2  BIS Review 62/2008  Figure 3: Subcomponents of CPI (First Quarter Percentage Change)  10  2006  2007  2008  Energy  Goods exc. Food and Energy  8 6 4 2 0 -2 -4 Food  Services  Table 1: Contribution to First Quarter CPI Inflation (Percentage Points)  CPI  Food*  Energy  Goods exc. Food and Energy Services  2008  3,09  2,31  0,86  -0,74  0,65  2007  2,36  1,93  0,22  -0,39  0,60  2006  1,25  1,41  0,38  -1,20  0,66  * Food: Food and non-alcoholic beverages. Source: TURKSTAT, CBT. Distinguished Guests; The decline in services inflation came to a halt in the first quarter of 2008. Elevated food and energy prices have been exerting upward pressures on the prices of catering and transport services. Rents and other services, on the other hand, have continued to decelerate (Figure 4). BIS Review 62/2008  3  Figure 4: Subcomponents of Services Index (First Quarter Cumulative Percentage Change) 5  2006-2007 Average 2008  4 3 2 1 0 Rent  Transport Services  Restaurants and Hotels  Other Services  Source: TURKSTAT, CBT. Distinguished Guests, Global uncertainties and their reflections on the domestic financial markets have led to exchange rate movements, which in turn affected March inflation especially through the prices of fuel and high-tech consumer durables.

Mr. Erçel reports on medium and long-term prospects for the Central Bank of the Republic of Turkey Address by the Governor of the Central Bank of the Republic of Turkey, Mr. Gazi Erçel, before the 66th Shareholders’ General Meeting, in Ankara, on 28/4/98. A detailed account of economic developments during 1997 is given in our annual report for that year which has already been delivered to you. We are keeping the public informed of our expectations for this year through the quarterly announcements of our monetary programme. Today, instead of repeating these short-term perspectives, I would like to speak of the medium and long-term prospects of the Central Bank. For the last two years, my discourse has touched on what kind of institution an ideal central bank should be. Today, I want to consider this matter in a more detailed way. In recent years, there has been a worldwide trend towards simplification of the goals of central banking. This has led to a reduction of the responsibilities they take on. Funding their governments, for example, is no longer the main purpose of central banks. There is none among the western central banks that aims at achieving full employment of the highest level of production. Today’s modern central banks have only one aim: to maintain price stability.
Metal export earnings recorded a 20.0% rise to US $ million during the reviewed period, following a rise in copper export earnings although earnings from cobalt fell. Cobalt export earnings declined by 0.5% to US $ million in the third quarter of 2010 due to a 13.8% drop in the average realised price to US $ per mt from US $ per mt in the second quarter. Nevertheless, cobalt export volumes increased by 15.4% to 2,318.14 mt in the third quarter of 2010. 2  Does not include production by Zambezi Portland Cement as data was not available at finalisation of the report. 3  Lusaka, Livingstone, Mfuwe and Ndola. BIS Review 148/2010  3  During the reviewed period, non-traditional exports (NTEs) increased by 13.2% to US $ million. This was principally due to an increase in export earnings from cane sugar, cotton lint, electrical cables, fresh flowers, fruits and vegetables, and electricity products. Merchandise imports declined by 6.1% to US $ million during the reviewed quarter. A slide in import bills associated with commodity groups, such as, petroleum products, fertiliser, paper and paper products, and industrial boilers and equipment, explained this outturn. Developments in the financial sector The overall financial condition of the banking sector for the quarter ended September 2010 was satisfactory. On aggregate, the banking sector was adequately capitalised and the liquidity levels remained high. The sector’s profit after tax also improved, although the asset quality modestly deteriorated.

The red line in the figure also shows an aggregate measure for the components with the lowest volatility. Their weight in the CPIF is on average 38 per cent during the period. The remaining share is also aggregated and plotted in the same figure (pale blue line). The series of volatile prices oscillates between 4.5 and 10.1 (14.6 percentage points) measured as an annual percentage change, while the index with less volatile prices amounts to between 1.1 and 3.8 per cent during this period of time. 20 This component actually only follows prices in the CPI as a whole. 21 The capital stock index measures the purchase price of the properties (houses and apartments) and improvements such as refurbishments and extensions. 12 [19]  Figure 6. Prices with high and low volatility in the CPIF respectively Annual percentage change. 12 10 8 6 4 2 0 -2 -4 -6  95  00  05  10  15  Prices with high volatility (weight about 17 percent) Prices with low volatility (weight about 38 percent) Other prices  (weight about 45 percent)  Sources: Statistics Sweden and the Riksbank  The average for the index with high volatility is 3.0 per cent, calculated from 1995. 22 The average for CPIF inflation since 1995 is 1.6 per cent. In other words, if one excludes the groups with high volatility one obtains a measure of underlying inflation that has a much lower average than the actual inflation for the period of time concerned.
Ravi Menon: From coal to clean - managed phaseout in the AsiaPacific Remarks by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore and Chairman of the APAC Network Advisory Board, at the GFANZ APAC Summit opening, Tokyo, 5 June 2023. *** Mary Schapiro and colleagues from GFANZ Global, GFANZ APAC Advisory Board Members, ladies and gentlemen, thank you for coming for the inaugural GFANZ APAC Summit. We launched the GFANZ Asia Pacific Network a year ago, in recognition of the critical importance of this region to the global fight against climate change. Ms Yuki Yasui, Managing Director of the GFANZ APAC Network, will speak on the achievements of the Network shortly. Let me just say, on behalf of the Advisory Board, how proud we are of the outcomes that Yuki and her team have achieved in such a short span of time. Mary has given us a very comprehensive overview of all the work that needs to be done and what GFANZ is doing on all those fronts. Transition is the centre piece of all that work and she has touched on it extensively. I want to touch on the mother of all transitions, and I think it is also the single most important step we can take to reach netzero by 2050 – and that is to accelerate the retirement of coal fired power plants. Coal power generation is the largest source of carbon emissions globally.

Despite this notable progress, there remains opportunities to leverage more on existing platforms to address more recent challenges pertaining to cross border issues such as regulatory arbitrage, facilitating financial integration, and establishing a more robust framework for regional macro surveillance and crisis management. The global crisis experience also offers important insights that could further deepen our understanding and cement cooperation in the area of cross border resolution of problem institutions. The ongoing efforts in Europe to implement "living wills" would be of significant interest to this region, from the perspective of their construction as well as implementation. While these approaches are still untested, this exercise will make an important contribution to deepen our understanding on the relevance of business models and the different regulatory structures and legal systems that have an important bearing on the operations of significant institutions with cross border operations. BIS central bankers’ speeches  3  Moving forward, more experience is still to be gained in regard to effective financial stability communication strategy, an element that has not received much attention until the recent crisis. Credible financial stability communication strategies, particularly during periods of heightened uncertainties will require appropriate timing and delivery as well as effective coordination among relevant agencies. The effective coordination of announcements on the blanket government guarantee and liquidity measures in Malaysia, Singapore and Hong Kong during the recent crisis for instance, had helped sustained the overall confidence in our financial markets.
Figures from the Institute of International Finance suggest that the same picture is true for a larger group of emerging markets, with 81% of the decline in private net capital flows to the 29 most important emerging market economies accounted for by bank lending. Liquidity runs, although not the sole cause of problems, did play a major part in recent financial crises. Such runs reflect mismatches in the national balance sheet. Such mismatches can occur in either the public or private sectors. Examples of the former are Mexico and Argentina in 1994, where short-term official dollar denominated debt exceeded foreign exchange reserves. Examples of the latter are Thailand, Korea and Indonesia in 1997, where the private sector had borrowed short in order to lend long. Either maturity or currency mismatches create the potential for sudden reversals of capital flows on a huge scale. In the technical jargon, such markets are subject to multiple equilibria where a small event can cause a shift from one benign equilibrium state to another which is accompanied by rapid capital outflows. The possibility of a rapid shift from one equilibrium to another explains, in the words of Maurice Obstfeld, “why capital markets can appear to impose too little discipline before the crises arise, and too harsh a discipline afterwards”.3 If this diagnosis is correct, two observations follow. First, capital flows in the form of foreign direct investment and portfolio equity investment should be encouraged.

It is with the Bundesbank that we have developed most of the projects for the euro area, with which we organise conferences, and with which we cooperate in the international field. This cooperation is beneficial for both of us. Is it sad to leave at a time when central banks have become such important players? C.N. It is not good that we are seen as the only game in town. We cannot replace governments, simply because they are not seen to be acting quickly enough. We have created in the euro area many new institutions and new rules. They must now be used. It is up to the parliaments and governments to decide the reforms to be made, but they have to take their responsibilities. Mr Noyer, thank you for this interview. 4  BIS central bankers’ speeches
M R Pridiyathorn Devakula: The changing value of Thai society Keynote speech by Mr M R Pridiyathorn Devakula, Governor of the Bank of Thailand, at the ‘Horizon’s Night’, Bangkok, 19 May 2006. *  *  *  Mr. President, Distinguished Guests, Ladies and Gentleman, On the occasion of the 21st anniversary of the Graduate School of Business of Assumption University, I would like to express my warmest congratulations to the Assumption University for the long years of services in producing many qualified graduates for the country, thus contributing to our continued development in this very competitive global environment. When Brother Bancha invited me to deliver an address on any subject I see fit, I had to ponder long and hard on what would be an appropriate topic for the celebration of the Business School. Your organizing committee proposed that I talk about my concern on the recent development in the Thai society that I have voiced publicly during the New Year, and that is on the Changing Value of the Thai society. I am not sure whether the subject will suit tonight’s celebration, but I promise that I will do my best not to spoil your festive mood. As our economy grows, we have become influenced more and more by Western values and ways of thinking. This has inevitably led to various changes in our behaviour and day-to-day life. One such example is the recent rapid expansion in credit card businesses which could be potentially harmful to the Thai society, if not supervised appropriately.

Investors in stock market are interested in businesses that are merging in order to gain size, increase their market share, and squeeze out their smaller rivals. In some cases, this leads to monopolistic power, with ability to take even more advantage of their customers and consumers. 2  BIS Review 43/2006  The younger generation places importance on success measured by numbers and quantity rather than quality, value, and merit. The government, which is supposed to be a role model for the public in general, seems to be concerned only with high GDP growth rates – the higher the better. Issues such as mega projects and the rally in the stock index are more welcomed. All success factors are tied-in with increases in monetary value, or in other words, “only money matters”. Under this environment of “only money matters”, and with growth and profit as key determinants of success, the business sector naturally strives to achieve these goals without regard to what is destroyed or lost along the way. For example, many tourist destinations have been created at the expense of local natural habitats and environments. In order to minimize their own costs, industrial factories release untreated wastewater into our waterways, creating adverse consequences for our communities. In the retail sales business, Western influences have attracted us to large chain stores and franchises, such as Tesco-Lotus supermarkets or 7-11 convenience stores. At the same time, traditional family-run businesses and mom-and-pop stores are fast disappearing.
In the early years, the principal substance of monetary policy making was not centralized around a table in Washington, but was conducted by the individual Reserve Banks, which set the discount rate for their member banks and conducted open market operations. At inception, the Fed was set up with financial independence and not reliant on annual appropriations by the Congress. Its capital was provided by the member banks and its resources were to come principally from earnings on its assets and the services it provided its member banks. In formal structure, therefore, and to a considerable extent in fact, the Fed was established with a substantial degree of both “goal independence” and “instrument independence.” The very general framing of the initial mandate – “to furnish an elastic currency” – gave it considerable scope to decide what objectives should guide monetary policy. It had full authority to decide how to pursue those objectives. It had broad independence both to formulate and to execute monetary policy. That independence was qualified for substantial parts of the early history of the Fed by the requirements of the gold standard and the exigencies of war. But even apart from those constraints, in practice the Fed operated with less independence from the Government than this structure appeared to provide. In the Fed’s first two decades, the presence of the Secretary of the Treasury and the Comptroller of the Currency on the Board of Governors gave the government a substantial degree of influence over monetary policy.

.” and affording “the means of discounting commercial paper.” Decision-making authority was vested in an institution structured to bring a diversity of largely independent perspectives to the table, for many of the same reasons that most governments vest monetary policy authority today with committees rather than individuals. The Federal Reserve was set up with a balance of public and private perspectives, drawn from across the country – a structure designed to avoid concentrating too much power in Washington, and also to provide a counterweight to New York. This body was comprised of a group of seven governors appointed by the President and confirmed by the Senate – five governors and the Secretary of the Treasury, the Comptroller of the Currency – and the heads (then called Governors) of 12 reserve banks. The terms of the Washington-based “Board of Governors” were long and staggered, giving them an extended horizon for policy making more  consistent with the time frame in which monetary policy works and with the long-term interests of the nation than might be shaped by the electoral calendar. Reserve Bank presidents were appointed by their boards of directors. The Reserve Banks, spread across the country, were established as individual corporate entities, owned by banks, with individual boards of directors, a majority of which were elected by the bank shareholders.