samchain/econo-pairs-v1 huggingface dataset:
Moreover, the relationship between home and host authorities may be affected differently depending on which function of authority, for example, supervision, emergency liquidity assistance or deposit guarantees, that is being employed. An interesting development is, however, that the distinction between subsidiaries and branches is becoming more and more blurred. Banks increasingly concentrate different functions, such as funding, liquidity management, risk management and credit decisionmaking to specific centres of competence in order to reap the benefits of specialisation and economies of scale. With the financial integration in the EU, this specialisation also occurs cross-border. As a consequence, foreign subsidiaries (and branches) become less self-contained. It can no longer be taken for granted that even a large subsidiary will be able to continue its business, if the parent bank defaults – at least not in the short run. And I believe that the idea that a subsidiary could be successfully ring-fenced in its host country is merely history today, as accounts could easily be transferred from one country to another at the push of a button. Even if many of the examples I will use today formally will have bearing mostly on cross-border banks with a branch structure, economically and practically, they can often just as well apply to cross-border banks with a subsidiary structure. Challenges ahead Although increasing cross-border integration of the financial industry is essentially a positive – and even necessary – development to enhance the economic potential for the EU area, it also means new challenges for the authorities involved.

The baseline scenario of this Report reduces the growth outlook for gross fixed capital formation. This new estimate assumes that mining investment will remain near its levels of 2015. Also, that the boost that the coming into force of the VAT on construction gave to housing investment will be diluted as time passes. Add to this the lower impulse coming from public investment associated with the recently announced fiscal adjustment. Other investments should recover gradually over the projection horizon, to the extent that expectations and external demand improve. Meanwhile, in line with the expected slowdown of our trading partners, exports are also revised downward from December. Manufacturing shipments will be most affected, considering that their destinations are more concentrated in Latin America, and some sectors, such as salmon, have been beset by specific factors. On the imports side, changes are bigger, because we estimate that the adjustment in spending will be greater for tradables given the evolution of the exchange rate. Thus, the current account deficit should reach 2.5 percent of GDP in 2016. This correction reflects both price and volume adjustments. In 2017, the deficit will be reduced to 2 percent of GDP, considering increased exports of copper resulting from the entry into production of some deposits and improved terms of trade. Measured at trend prices the current account deficit will have a similar evolution.
The interbank market was more active during 2006, thus ensuring a more efficient way of banks’ excess liquidity management. The average daily volume of transactions amounted to All 1.6 billion or ALL 0.2 billion more than the previous year average. The interbank market was characterised by narrowing the interest rate spread according to maturities and their positioning close to key interest rate. The average overnight-weekly interest rate spread dropped to 0.7 percentage point in 2006, from 1.6 percentage points in 2005. In the first half of 2006, there was a constant decline in treasury bills yields and government bonds, due to low government demand for funds. In the second half of 2006, following the Bank of Albania’s tightening signals and the increased demand for liquidity in the system,  BIS Review 80/2007  7  there was a gradual rise of these yields. The yields increased respectively by 0.83, 0.45 and 0.98 percentage point in comparison with the previous year. The government bonds issues has increased compared to the previous year, making the banks’ portfolio, as the sole participants in this market, increase to ALL 37.0 billion. The share of bonds to total government securities increased 22 percent in 2006 from 12 percent in the previous year. Their maturity structure varies from 2 to 5 years. Five-year bonds were issued for the first time in November of this year, for the amount of ALL 6.3 billion. The demand for them resulted higher than the issued amount.

Currently, this scheme counts 6 member banks. The number of cards in circulation has increased by 9 times during 2006, compared to 2004. The addition in cards number counts 127,552 cards compared to 2005, i.e., about 56 percent. Parallel to increased number of cards, the number of ATMs and POSs has also increased, respectively by 130 and 404. International integration and cooperation The Bank of Albania’s obligations stemming from the SAA relate to the meeting of the economic criteria of Copenhagen, guaranteeing the right of establishment and freedom of services for banks and other communautaire financial services, liberalizing capital movement and current payments between Albania and the EU, and approximating Albanian legislation to that of the acquis communautaire in these areas. One of the most important developments during 2006 regarding the approximation of national legislation to that of the acquis was the drafting of the Law “On Banks in the  10  BIS Review 80/2007  Republic of Albania”. This Law has adopted the largest part of the provisions of the 2000/12/EC Directive, with regards to initiation and continuation of credit institutions activity. On 8 November, 2006, the European Commission published the Albania 2006 Progress Report. The European Commission evaluated in the report the policy followed by the Bank of Albania in terms of cooperating with international financial institutions and maintaining inflation under control, contributing to keeping a steady macroeconomic environment in the country.
In Sweden’s case the fluctuations are possibly accentuated by the price-setting being comparatively centralised in some important respects, for instance the labour market and rents. 2. UND1X and product groups that fluctuate Percentage annual change 9  9 UND1X  7  7 electricity, telecom, meat, petrol, light fuel oil, fruit and vegetables  5  3  3  1  1  -1  -1  -3  -3  Ja n95 Ju l -9 Ja 5 n96 Ju l-9 Ja 6 n97 Ju l -9 Ja 7 n98 Ju l-9 Ja 8 n99 Ju l -9 Ja 9 n00 Ju l-0 Ja 0 n01 Ju l-0 1  5  Source: The Riksbank  Still, there are good reasons for taking a close look at the latest inflation outcomes. The prise rise has come mainly from food and energy but also from telecom prices (Diagram 2). In the case of food and electricity, the price increases, particularly during the spring, largely stemmed from factors on the supply side: foot-and-mouth disease, mad cow disease, a relatively dry winter, production problems at oil refineries and so on. It is, in fact, these CPI items that normally fluctuate most. It is not just a 2  BIS Review 89/2001  coincidence that in Canada, for example, the inflation index that primarily guides monetary policy does not include either food or energy prices.

There is a need for the major stakeholders to align with some form of regulatory approach or framework which would provide a basis for assessing risks, and to implement regulations  2  BIS Review 162/2009  that are proportionate to the risks identified. In this Forum, some of the key elements of such a regulatory framework will be dealt with, such as Know Your Customer, compliance with Anti-money Laundering regulations, Consumer Protection and achieving greater levels of system interoperability amongst service providers. As such, branchless banking will require an inter-disciplinary approach given the different types of expertise needed to drive this important agenda. The third area of policy concern I would like to touch on relates to the issue of accountability with cross-sector regulatory requirements. There must be clarity over the accountability for the integrity of transactions, security of information transmitted, adherence to a consistent set of regulations and proper maintenance of the system. And it is important to note that higher standards of control will also result in higher costs to the service providers. Cross-sector policy issues must be resolved, and clear accountability with respect to the operations of the system must be established. Systems of governance to engage with different legislative requirements, from capital requirements to anti-money laundering regulations, must be in place. Players need to have the requisite skills and knowledge to address issues promptly with different stakeholders, such as customs, immigration, police and international agencies like Interpol.
Some of us may still remember being able to buy a 2-öre or 5-öre toffee at the sweetshop. There were also 25-öre comics and the 25-öre coin was very real. But times change. The proposal for the new banknote and coin series is that we should introduce a new 200-krona banknote and reintroduce the 2-kronor coin. Whether the 20-kronor banknote should be retained or be converted into a coin is also a matter that is being discussed. The final decision on the new banknote and coin series has not yet been made. New means of payment So far, I have mainly spoken about cards and cash. But technology is also developing rapidly as regards other means of payment. In Stockholm and a number of other Swedish cities, the SMS function of a mobile phone can be used, for example, to pay for bus tickets. This is an interesting example of the manner in which technology can also create new means of payment. We are, as you know, not alone in using mobile payments, these are already available in highly-developed countries like Japan and in less-developed countries like Kenya. In Kenya, mobile payments have already taken over large parts of the payment market. Sweden is a highly-developed country with a lot of expertise regarding the Internet and mobile telephony. We should be able to be at the cutting edge of the development of mobile payments.

Although down from their year-ago levels, March’s unemployment rate of 8.0 percent in New York State and 9.3 percent in New Jersey remain unacceptably high. And there is disappointingly little evidence of any sustained improvement in Puerto Rico’s 16.1 percent unemployment rate. Conclusion To sum up, the national economy experienced a soft patch in activity during the first quarter of 2011, while the recovery in much of the region continued at a good pace. New York continued to expand and New Jersey has shown signs of turning the corner in the last two months. Puerto Rico may have bottomed out. During the Great Recession, most of New York sustained less severe job losses than the nation as whole. By contrast, New Jersey’s losses were comparable to the rest of the country and Puerto Rico’s job losses have been more severe. As the recovery takes shape, private services are the most likely source of job growth throughout the region. There are many reasons to believe conditions are in place for stronger growth in the coming months in the nation and the region. Nevertheless, both nationally and regionally, unemployment remains stubbornly high and is likely to remain so for many months to come. Thank you for your kind attention. I will now ask James Orr to provide more details on regional economic conditions. 4  BIS central bankers’ speeches
•  Growth in the US is gaining momentum, supported by consumer spending and the strengthening of the housing market. Corporate profitability is also rising. •  In Japan, expansionary macroeconomic policies will lift private consumption and net exports. •  In the Eurozone, the pace of contraction has moderated; and exit from the recession may be in sight for several economies towards end of year. Second, there has been some consolidation in Asian domestic demand but the export sector will gradually improve. •  The slowdown in China has so far been measured. Consumption and investment growth is moderating amidst tighter financial conditions. Job creation is strong and the labour market tight. China’s GDP growth for 2013 is unlikely to fall below 7%. •  In some of the ASEAN countries, public spending has eased. China’s slowdown has softened demand for commodities and this could dampen broader intra-regional trade flows. •  But anticipated pick-up in exports to advanced economies will partially offset some of these headwinds in Asia. BIS central bankers’ speeches  1  Third, there are several signs that global IT industry, which Singapore is plugged into, will do better this year. •  Global chip sales have improved. •  Previously high inventory levels are reverting to historical trends. •  Final IT demand, particularly from US corporate sector, is on a general uptrend. Fourth, financial services in Singapore is expected to grow faster compared to last year.

Ravi Menon: Monetary Authority of Singapore’s Annual Report 2012/13 Opening remarks by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the Monetary Authority of Singapore’s Annual Report 2012/13 Press Conference, Singapore, 23 July 2013. *  *  *  Good morning. Welcome to MAS’ annual report press conference. I would like to highlight five key messages today. •  first, macroeconomic outlook better this year than last;  •  second, strong $ more than offset good returns on MAS’ investments;  •  third, banking system sound but build-up in household debt worrying;  •  fourth, stepped up efforts to ensure we remain clean and trusted financial centre;  •  fifth, good progress in key drivers of financial centre growth. GDP growth stronger and CPI inflation lower this year compared to last Let me start with the economy. The overall macroeconomic outlook this year is better than last year. Barring shocks, Singapore’s GDP growth will be stronger and CPI inflation lower in 2013, compared to 2012. Economy comfortably on track to meet 1–3% growth forecast The Singapore economy will comfortably meet the growth forecast of 1–3% for 2013. Growth was estimated at 2% in H1 and should pick up further in H2 First, the advanced economies are in better shape this year. •  Tail risks have receded. There is less likelihood of a Eurozone break-up or a fiscal cliff in the US.
To maintain the social compact, a balance needs to be struck between pushing through needed changes without delay, and spacing them out to reduce the political pain. Thus the Meiji reformers' slogan was fukoku kyohei, meaning "rich country, strong military". Their objective was not just better lives for individual Japanese, but a strong Japan taking its rightful place among the nations of the world. This assertion of Japan's role in world affairs led to the Pacific War. Margaret Thatcher believed in a strong Britain too, but hers was a very different model. She famously declared that "there is no such thing as society", only individuals, and that people must look to themselves rather than the government. But she went too far down this path. When she persisted in implementing the poll tax in 1990, the people revolted, and even her own party turned against her. The Iron Lady was out. In Singapore, consensus building is especially important as the remaking is to lead to an economy more reliant on private enterprise and individual effort. This can only work if Singaporeans feel that the system is fair to all, and benefits everybody over the long run. Hence we have worked hard to strengthen the social and political consensus in support of our remaking plans. We involved and consulted Singaporeans as widely as possible. We worked in partnership with both the employers and the trade unions in policy deliberations.

Therefore we do see the promotion of digital financial inclusion becoming one of the main priorities on a global level. For instance, the G-20 Global Partnership for financial inclusion in late 2020 has set the digital financial inclusion as one of the main priorities in its financial inclusion action plan stressing financial education and consumer protection complemented with regulation as key factors in protecting and empowering the most vulnerable groups. Therefore, we are very grateful that the INFE OECD and the Ministry of Finance of the Netherlands accepted our request for workshop on digital financial services and financial education. Bearing in mind the importance of financial education in a dynamic and innovative financial 2/3  BIS central bankers' speeches  system, there is unquestioned need for an innovative and systemic approach based on our Strategy for Financial Education and Financial Inclusion. In general, the central banks together with other financial regulatory authorities play the leading role. The last survey on financial literacy of adults in South East Europe done by OECD (2020) revealed that the National Bank of the Republic of North Macedonia is the most trusted among central banks in the region as provider of financial education. However, the active participation of other stakeholders from the private and civil sector is more that welcome to achieve this mission. Last but not least, as socially responsible institutions, we have a mutual obligation to work together closely and constructively and to exploit available synergies for the benefits of the overall population and society.
Sabine Lautenschläger: One year of SSM Speech by Ms Sabine Lautenschläger, Member of the Executive Board of the European Central Bank, at an international conference on “One year of SSM effective and efficient supervision in a volatile world?”, organised by the Institute of Law and Finance, Frankfurt am Main, 2 November 2015. *  *  *  Ladies and Gentlemen, Let me thank the organisers of this conference, and especially Professor Schneider, for their kind invitation. I very much welcome this opportunity to share our experience of one year Single Supervisory Mechanism, in particular as our first year anniversary is only two days ahead of us. Back in November 2014, in a speech for the start of the Single Supervisory Mechanism (SSM), I compared the new system, the SSM, to an athlete at the start of his career. We only had a short period of training before going into our first competition. Today, almost one year later, we have gained experience and won some contests. Let me mention some figures to give you some insight into the sport we practice: The SSM directly supervises 122 banking groups. From January 2016 onwards this number will increase to 130. The balance sheets of these banks count for 25 trillion euro in assets and 82% of the banking business done in the euro area. Overall, the ECB issued more than 1.200 supervisory decisions last year; our planning cycle for the first year included more than 8.000 activities.

Things get even more difficult when national supervisory practices are transferred into national law limiting the usual range of discretion needed by a supervisor to correctly do his job. These new national rules risk not removing but creating new elements of fragmentation and supervisory arbitrage. Conclusions Let me conclude by recalling a key lesson from the recent financial crises. The crises did not solely result from weaknesses in the regulatory framework. It is important to remember that the supervision of banks did not function optimally, either. We can all agree that banks should be subject to consistent prudential requirements based on their business model, risk profile and governance arrangements; to only name the most important characteristics. Prudential requirements should not be driven by the location of a bank’s business or headquarter. Ultimately, banks which face comparable economic and financial conditions should receive the same regulatory and supervisory treatment. This is why a truly European Banking supervisor, the SSM, was created. The SSM’s first year of supervision was overall a successful one. But we continue to face challenges so there is no reason at all to stop training. We have to stay vigilant and keep on with the work we have started. BIS central bankers’ speeches  3
I will touch now on a number of issues concerning the regulatory functions of the SGX as a demutualised, profit-oriented and listed exchange, and its relationship with the MAS as the statutory regulator. Can a demutualised, listed exchange regulate the market? As a focal point of market activity, exchanges have traditionally been accorded the role of frontline regulator of the securities markets. With the demutualisation and public offering of shares by a growing number of exchanges - most recently the Deutsche Borse - questions arise as to whether a listed for-profit exchange is able to discharge its role as frontline regulator competently and effectively. Conflicts of interest in the regulatory functions of an exchange are not new however. They existed before demutualisation. Members of the former Stock Exchange of Singapore (SES), a mutual body, had to set and enforce rules in the public interest that could negatively affect their commercial interests. The exchange was also expected to conduct effective and impartial supervision of its member-owners. The potential conflicts of interest in these respects were mitigated by the fact that the SES had only a small number of members, accentuating the financial risks that they each faced from a failure of the exchange to properly regulate. 2  BIS Review 14/2001  More importantly, the potential conflicts of interest made it necessary for the MAS to take a heavy hand in the affairs of the exchange.

Making market discipline work We have embarked over the last three years on a shift in our approach to regulating the markets from what is loosely called a merit-based regime, under which the regulator judged the appropriateness of securities being made available to the public, toward to a market-driven, disclosure-based regime of regulation. It is aimed at allowing market participants greater choice and the free play to take calculated risks. We have made it clear that the shift in approach will not compromise our reputation internationally as one of the most open, transparent and well-regulated markets in Asia. Market-based regulation will indeed raise standards of business conduct, as is necessary for a more open, competitive and innovative market environment. Market discipline will not simply be a matter of 'caveat emptor'. The buyer cannot be expected to beware if he is not provided with accurate and accessible information so as to make a reasonable judgement of prospective risks and returns. Neither can he do so if the market is rigged without his knowledge. It follows that market discipline requires a system of laws, rules and standards to discriminate in favour of companies with high standards of corporate governance and disclosure, and to exact penalties on those who manipulate the market. Making market discipline work is therefore the responsibility of all participants in the system.