samchain/econo-pairs-v1 huggingface dataset:
But to realize these benefits, we require more enhancements in payment infrastructure and a change of behaviour from users of payment systems. Global trend Globally, cheque numbers are falling. Based on the World Payments Report 2013, cheque usage in the mature Asia Pacific countries3 has registered the biggest decline. Over the period from 2010 to 2012, the average annual rate of decline was 10%. In Australia, cheque usage had declined by 60% in the past decade and at the current rate of decline, it is expected to reach near zero by 2018. In some European countries, like Norway and Sweden, cheques barely exist. Even in the US, which is sometimes referred to as the “Promised Land of the Cheque,” cheque usage has been declining at an average annual rate of 7% since 2003. 1  The cost saving is achieved mainly in the transportation cost to send the physical cheques to and from the clearing centres. 2  Refers to the average cost savings per year from 2010 to 2012, calculated based on the difference between the total cheque processing costs before and after the introduction of eSPICK. 3  Japan, Singapore, Australia and South Korea. 2  BIS central bankers’ speeches  Malaysia Malaysia however, remains a high user of cheques and cash despite the progress that has been achieved in the electronic payment infrastructure and the increasing sophistication of the Malaysian economy. Malaysia’s usage of cheques per capita is 6.9 compared to 0.2 in advanced countries4.

Muhammad bin Ibrahim: Migration to electronic payments Keynote address by Mr Muhammad bin Ibrahim, Deputy Governor of the Central Bank of Malaysia, at the Payment System Forum 2013 “Migration to electronic payments”, Kuala Lumpur, 9 December 2013. *  *  *  It is my pleasure to welcome all of you to the Payment System Forum 2013 organized by Bank Negara Malaysia in collaboration with the Association of Banks in Malaysia (ABM) and the Association of Islamic Banking Institutions Malaysia (AIBIM). Overview of the payment system forum The objectives of the Payment System Forum are: •  Firstly, to build greater awareness amongst the business community on the wide range of electronic payment solutions available in the market; and  •  Secondly, to showcase experiences by businesses who have successfully migrated to, and are reaping the benefits of, electronic payments. Besides featuring presentations by banks and payment system professionals, and the sharing of experiences by businesses, I am pleased to announce that the Payment System Forum has also brought together 27 exhibitors. The exhibitors comprise representatives of banks, payment service providers and government agencies who will showcase their electronic payment solutions. Members of the business community are encouraged to visit the exhibition booths located outside of this Auditorium and sign-up to the latest offers. Enhancing Malaysia’s payment system infrastructure An efficient, reliable and secure payment system is critical to the stability of a country’s financial system, besides contributing to a country’s economic growth and competitive position.
This means that it must offer suitable, cost-effective and quality financial products and services for all segments of society. It must also respond to the changing demographics and structure of the economy. For example, as we move towards becoming a digital economy, the financial sector must accord adequate support to innovative SMEs, such as those involved in e-commerce. Equally important, we must remember that this imperative is not only for banks, but extends to the other parts of the financial sector. Non-banks such as venture capital and private equity firms, as well as alternative financiers such as factoring and leasing companies, have an equal stake in this and should also play a more active role in financing the needs of businesses. The need to bridge the gaps between 20th century finance and the 21st century economy is both compelling and urgent for the whole financial sector as conditions remain challenging for the economy domestically and abroad. This is also certainly not the only time that we will face such challenges. To be safe, finance must not sow the seeds of its own destruction and not serve as an amplifier of risk to the economy. The ability of finance to mobilise capital, create leverage and distribute risk allows it to be a powerful force for good. But excessive and unbridled risk taking creates instability which is harmful not only for the particular firm, but the economy and society at large. There is also a greater need for finance to be socially responsible.

A central bank will also be keen to avoid the moral hazard involved in encouraging a commercial firm to undertake particular types of risk-taking activity. There are certain principles that a central bank should therefore observe: (1)  It should not lend to any bank whose prospective solvency is seriously in question. (2)  It should always take sufficient, good-quality collateral against its lending. (3)  Central bank operations should be designed to deliver public policy objectives, not to support the profitability of any particular commercial firm. 1  See the “The Framework for the Bank of England’s operations in the Sterling Money Markets (the ‘Red Book’)” at http://www.bankofengland.co.uk/markets/sterlingoperations/redbook.htm  2  See Fisher (2010), “Managing Liquidity in the System: the Bank’s Liquidity Insurance Facilities” at http://www.bankofengland.co.uk/publications/speeches/2010/speech450.pdf  BIS central bankers’ speeches  1  Bank of England consolidated balance sheet (a) Chart 1: Liabilities  Chart 2: Assets £ billions  £ billions  300  300 Notes in Circulation  Long-term repos 250  250  Short-term repos  Reserve balances Other liabilities  200  200  Loan to APF 150  150  Other assets  100  100  50  50 0  0 2006  2007  2008  2009  2010  2011  2006  2007  2008  2009  2010  2011  (a) Data to 16 March 2011  That may sound like a simple set of rules, but there are deep policy issues to consider when it comes to implementation.
Internationally he has inspired countless policymakers, myself included. On behalf of all colleagues past and present, I would like to echo the Chancellor by thanking Charlie for his exceptional period of public service and the enormous contribution he has made to the economic well-being of this country. Macroeconomic balance The UK economy is currently unbalanced internally and externally. Internally, there is wasteful spare capacity – an output gap – concentrated in the labour market. The Monetary Policy Committee (MPC) currently estimates this gap to be around 1–1½% of GDP, though we caution against false precision as there are wide confidence bands around this central view. The MPC’s current guidance makes clear that we will set monetary policy to meet the inflation target while using up that spare capacity. This has implications for the timing, pace and degree of Bank Rate increases. There’s already great speculation about the exact timing of the first rate hike and this decision is becoming more balanced. It could happen sooner than markets currently expect. 1  As reported in the Montreal Gazette, August 17, 1931. The Financial Times of the same day reported Norman as saying “I feel I want a bit of a rest, because I have had a very hard time lately. I haven’t been quite as well as I would like, and I think the trip will do me good”. 2  Bank staff project annualised growth of 4% for the current quarter. That incorporates expected upward revisions to early official estimates.

Also, all the participants would benefit from getting a view from the Academia on the implications for the Economics of the lack of diversity. Gender, of course, is one important aspect of diversity, but this webinar also brings together studies from authors affiliated to institutions all over the world. This geographical diversity would enrich the discussion and expand the menu of possible action points. The conclusions we may reach over the course of these two days will certainly boost the actions to be carried out by our institutions which should be expected to lead by example 1  not only within the financial sector but also, as a public administration, fulfilling our duty to serve public interest. Banco de España has already committed different internal actions. Among others we have created a group of D&I Ambassadors, representing all the business areas together with HR -of which I am proud to be the Sponsor-. This group has the purpose of enhancing diversity and inclusion consciousness and helping to step up specific measures across the organization.
In view of the high growth rates in recent years and considering that we had moved towards a situation where resources were becoming increasingly strained, we in the central bank concluded last autumn that it would be healthy for the Swedish economy if activity were to slow down somewhat to a more sustainable rate. In principle, an economic slowdown to a more sustainable growth rate can happen either as a spontaneous slackening of activity, for instance coming from an international disturbance, or via a monetary policy adjustment, or from a combination of the two. For a while now there have been clear signs of a slowdown in the U.S. economy. In the Euro area, too, activity has been somewhat weaker than expected. In Japan it looks as though a recovery will be further delayed on account of the problems that have already beset the country for a long time. Moreover, the weaker growth in the United States may have a regional effect on Southeast Asia. Accordingly, it is now becoming increasingly clear that a global economic slowdown is tending to adjust the expansion of demand in the Swedish economy towards a more sustainable growth path. However, it remains to determine the extent to which the international slowdown will sufficiently dampen the previous unduly rapid expansion in the Swedish economy. On the other hand, it cannot be ruled out that the downturn in the U.S. economy will be more pronounced than various observers count on at present.

Most Singaporeans manage their debt well. The consumer credit situation in Singapore is healthy, with strong household balance sheets, especially compared to many other countries. But a small minority of people have problems related to excessive borrowing. According to Credit Counselling Singapore, overspending is one of the top reasons why people fall into debt. This brings us back to the importance of budgeting and not spending beyond our means. MAS has in place safeguards to discourage excessive borrowing on credit cards and unsecured credit. We are one of the few countries in the world that have such extensive rules on the use of credit cards. These rules have generally helped to keep us out of trouble. Even so, some 3% of those who have borrowed on credit cards and unsecured credit have accumulated debt that exceeds their annual income. And this does not mean that secured borrowing – to buy a house or car – is free of risk. When we borrow, we have to make sure that we can service our debt even if interest rates rise or our income falls. Households who have over-extended themselves often get into deeper debt when they cannot service their existing debts and end up borrowing even more. And once they are in a debt spiral, it becomes very difficult to get out. 2  BIS central bankers’ speeches  In recent years, MAS has tightened loan-to-value ratios for housing loans, and introduced the Total Debt Servicing Ratio (TDSR) framework to prevent households from over-stretching themselves.
Moreover, there is a second reason for stressing the difference between the three types of response, which is that both the measures seeking to prevent the recurrence of a similar crisis, and those seeking to increase the future resilience of the financial system are usually of little use in resolving the problems that affect economies and financial systems in the short term, that is to say now. The authorities naturally wish to “sell” the decisions they are adopting. But nobody should think that the immediate application of the measures aimed at preventing future crises or mitigating their intensity will suffice to resolve our short-term problems. If we analyse the matters addressed on the FSB or European Commission’s agendas, we will see that, until relatively recently, most progress has been centred on preventing the repetition of a crisis such as the current one, which has affected the entire financial system. And in the case of a fresh crisis arising, the aim has been for the financial system – for banks and for the authorities – to have resolution mechanisms that mitigate its adverse effects. With sole regard to the management of future crises, although major efforts have been made to move towards more effective crisis-resolution arrangements, most of the prescriptions admittedly require time to be effectively set in place, meaning that they cannot be used to manage the current crisis. Returning to the management of the euro area sovereign debt crisis, much progress has clearly been made in the reform of European governance.

During this time, the Spanish economy has been radically modernised in many other areas, through the adoption of regulatory frameworks and measures comparable to those of the most advanced economies, such as the removal of barriers to trade, the liberalisation of certain sectors, privatisations, etc. However, our labour market, which is characterised by the very high levels of unemployment  4  BIS central bankers’ speeches  generated during crises and also by its inability to reduce unemployment rates during upturns, has retained the same institutional structure with no substantial changes for 30 years. The cost for workers of this resistance to reform has been insecurity both for the unemployed and for those who have jobs but fear losing them. The insensitivity of wage growth to the cyclical situation and to productivity generates numerous perverse effects. First and foremost, the adjustment to shocks is borne entirely by employment. But also wage growth in some sectors or firms may be lower than it would have been if more flexible labour institutions had allowed productivity gains at the firm level. This is what one observes when the situation of Spanish workers is compared with that of workers in those European countries that have the highest levels of flexicurity. For all these reasons, as I have so often said, Spain’s labour institutions must be reformed in order to lay the foundations for employment creation and for reducing unemployment from its very high current level to one similar to those of other European countries.
At the beginning of the 1990s, the Norwegian economy was in a deep recession. Production was far below capacity. The output gap was negative. When growth in the economy picked up, capacity utilisation increased. Around 1996, there was full capacity utilisation, and the output gap, as we normally measure it, closed. The mid-1990s represents a period of stable and solid growth. In contrast to the situation in the two previous decades, inflation was low and stable. From the mid-1990s, the rise in labour costs and in prices for goods and services produced for the Norwegian market accelerated. The upturn peaked in 1997, with mainland GDP growth approaching five per cent. The economy then shifted from an upturn with high growth rates to an expansion with lower growth but low unemployment, labour shortages in many sectors and strong growth in labour costs. Since 1998, output growth has been low and the output gap has narrowed. Current capacity utilisation is on a par with the level prevailing in 1995-1997, before cost inflation accelerated. Growth stalled last winter and has been well below capacity in the first half of 2003. Growth is now picking up momentum, however. Inflation has slowed over the past 12 months and is now considerably below target. Annual CPI-ATE inflation was 0.8 per cent in October. Inflation in 2003 has also been lower than projected in the 2001 and 2002 Inflation Reports.

During Jarle Bergo’s 40-year long professional career, views on monetary policy have changed. The general economic environment has also changed dramatically. The global economy has become increasingly integrated. When I speak of the term globalisation, I refer to the growing interdependence of national economies as reflected in greater and freer flows of goods, services, capital and labour across national borders. The number of countries taking part in the global exchange of goods and capital has soared. China, India, Russia and many other emerging markets have opened their borders and embraced capitalist reforms. The globalisation process has accelerated over the last two decades through increased trade liberalisation, political changes, technological advances, and a sharp reduction in transaction costs. This new, globalised world economy presents us with new possibilities, but also with challenges. We are very proud to be hosting this conference and we are especially glad that we have been fortunate enough to attract such a distinguished group of speakers. We are honoured to have President Axel A. Weber of the Deutsche Bundesbank here as our first speaker of the day. He will be taking a closer look at globalisation, monetary policy and the euro. In terms of age, the euro is still in its youth, in terms of global economic importance a mature adult. Since the euro was introduced almost ten years ago, it has gained importance as a global reserve currency. Globalisation changes the environment in which we live. Increased trade and economic integration are bringing opportunities for raising living standards to ever larger groups.
Where an account servicing payment service provider chooses to use a dedicated interface allowing access (API), it should provide a fallback mechanism that will allow the providers of the new types of services to use the customer interface of the relevant account servicing payment service provider in case of problems with the dedicated interface. The Regulation provides the possibility for the competent authorities responsible for implementing Directive (EU) 2015/23662, such as the Bulgarian National Bank (BNB), to exempt an account servicing payment service provider from the obligation to set up and run such a fallback mechanism on its dedicated interface (API) if the conditions of the Regulation, relating to availability and service level, publication of data, performance of stress-tests, design and testing facility of the interface, its wide usage, as well as problem resolution, are complied with. In the interest of clarity regarding interpretation of the conditions for exemption, the European Banking Authority (EBA) has adopted Guidelines on the conditions to benefit from an exemption from the contingency mechanism under Article 33 (6) of Commission Delegated Regulation (EU) 2018/389, which the BNB will follow. According to the requirements of the Commission Delegated Regulation (EU) 2018/389 in deciding to grant a particular account servicing payment service provider an exemption from the obligation to set up a contingency mechanism, the respective competent authority (e.g. BNB) shall consult EBA in order to ensure that the conditions are consistently applied.

The SNB’s monetary policy remains focused on the maintenance of price stability in the medium term and, since September 2011, on the enforcement of the minimum exchange rate. Consequently, possible distortions in the growth of credit aggregates that could endanger financial stability should be managed, first and foremost, with the macroprudential toolkit.5  5  Cf. speech by Jean-Pierre Danthine, “Taming the financial cycle”, 30th SUERF colloquium, Zurich, 5 September 2012. BIS central bankers’ speeches  5  Concluding remarks In conclusion, I would like to stress that we are living in an exceptional monetary policy situation, and not in a new world. The flexibility shown by central banks in the crisis was necessary to prevent a downward spiral. Apart from the central banks, governments have also taken measures to manage the crisis. Important steps have been taken in the regulation of banks, including the tightening of capital requirements. Measures to bring about a longterm restructuring of public finances, however, remain unsatisfactory in many countries. Monetary policy has opened up a time slot that will enable this to be done. It would be disastrous for the long-term future of the global economy if it were not used. In the countries most concerned, government budgets must be returned to a sustainable path as soon as possible. Moreover, a consolidation of this kind would reduce the risk of overburdening monetary policy. As far as Switzerland is concerned, the minimum exchange rate against the euro will continue to apply.
Zeti Akhtar Aziz: Malaysia as an international Islamic financial centre Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the dialogue with industry participants on MIFC (Malaysia International Islamic Financial Centre), Kuala Lumpur, 1 November 2006. *  *  *  The MIFC initiative was launched on 14 August 2006 amidst strong foundation and steady performance of the Islamic financial industry. It marks the beginning of a new era for the future landscape of the Islamic financial system in Malaysia. Several landmark measures were announced to initiate the MIFC agenda. It is to set the stage for Malaysia to position itself as a centre for the offering of Islamic financial products and services in international currencies to the global and domestic financial community. This presents new prospects and business considerations for financial institutions to realise the potential of evolving a vibrant Islamic financial hub. Today's dialogue, the first of its kind among key stakeholders, is aimed at promoting greater awareness on the initiative, to discuss implementation issues and to foster greater collaborative effort for the MIFC's overall success. We have with us here today the members of the MIFC Executive Committee, the country's high level coordinating body that has been set up to advance forward this national agenda. Objectives of MIFC This national agenda aims to achieve several major objectives.

The benefits for monetary policy clearly outweighed the costs of  Page 3/4  Zurich, 22 September 2022 Thomas Jordan  News conference  the side-effects. Without negative interest, price stability could not have been ensured and economic developments would have been significantly less favourable. Negative interest will remain an important monetary policy instrument, which we will use if needed. Ladies and gentlemen, thank you for your attention. I now hand over to Martin Schlegel, who will speak about the mortgage and real estate markets. Page 4/4