samchain/econo-pairs-v1 huggingface dataset:
We can learn valuable lessons from the practices of great Muslim thinkers of the past such as Al-Farabi and Ibn Sina who drew strong influences from the writings of Greek philosophers such as Aristotle, but revolutionised and updated the knowledge into the context of Islam and their contemporary times. The benefits are immense. It allows knowledge to thrive and develop further as it becomes more applicable and easier to grasp. It is therefore wise for us to widen our "peripheral vision" to encompass business considerations in interpreting and applying the principles of Shariah. This is essential, if we aspire to break away from a compliance-based mentality into an outcome-based worldview. The mental shift would position Shariah scholars as not merely the leaders in Shariah knowledge, but also as the catalyst for business innovations. It is in this spirit that Bank Negara Malaysia is enhancing the Shariah Governance Framework for Islamic financial institutions. The new framework calls upon the Shariah Committees to integrate relevant business and risk considerations in Shariah decisions. Our aim is to position these committees as an enabler and catalyst in supporting the board and senior management. One that drives innovation by providing practical, actionable and impactful Shariah advice. By capturing multifaceted challenges faced by the industry, this framework ensures an ongoing support to Shariah advice amid the fast-changing business environment. Second is the pursuit of lifelong learning. It is through the relentless quest for knowledge that the great scholars of the past have left a lasting impact on our world.

Lim Hng Kiang: Singapore’s key role in Asia Opening remarks by Mr Lim Hng Kiang, Minister for Trade and Industry and Deputy Chairman of the Monetary Authority of Singapore, at the 8th Annual Citi Asia Pacific Investor Conference 2011, Singapore, 16 February 2011. *  *  *  Distinguished guests, Ladies and gentlemen, 1. Good morning and a very warm welcome to everyone here today. It is my pleasure to join you here at the 8th Citi Asia Pacific Investor Conference. 2. This conference is taking place at a time when the global economic recovery is picking up pace. Against this backdrop, there will be many opportunities to be explored. I am confident that this conference will provide an excellent platform for participants to share ideas and build networks. 3. The world’s economic landscape has been re-shaped since the recent global financial crisis. The recent crisis was said to be the worst since the Great Depression of the 1930s. Today, the advanced economies which were at the epicenter of the crisis still face headwinds in their recovery. In the United States, economic recovery remains fragile after two rounds of quantitative easing measures. In the Euro-zone, concerns over sovereign debts have yet to subside. There are still uncertainties in the horizon for these advanced economies. 4. This time, Asia is at the forefront of the global recovery. Asia’s resilience, built up over the years since the Asian Financial Crisis, has enabled us to weather this crisis better.
Moreover, we assume that electricity tariffs will be adjusted as required by the automatic pricing mechanism. These changes imply upward revisions in our forecasts by 0.9 points for end-2008, and 0.4 points for end-2009. Although weak domestic demand should limit the second round effects of the exchange rate pass-through, the first round impact of the recent depreciation is estimated to be close to 2percentage points at the end of 2008, which implies further upward revision in our forecasts. Within the framework that I have drawn up so far, we now forecast inflation to be around 9.3 percent at the end of 2008. Our medium term forecasts suggest, with 70 percent probability that, under the assumption of a measured and gradual tightening towards mid-2008 and constant policy rates thereafter for the rest of 2008, inflation will be between 4.9 and 8.5 percent (mid point 6.7) at the end of 2009 (Figure 14). Assuming a gradual moderation in food inflation, headline inflation is expected to decelerate to 4.9 percent at the end of 2010 and to 4 percent by mid-2011. We expect non-food inflation to be lower than these figures.

The Bank of Albania expects the situation to improve in the next few months, following the macro prudential measures we have taken to facilitate lending, and banks’ cleaning up of balance sheets and credit restructuring. I did not intend to make a random overview of the situation, but to show the Albanian economic reality at this moment and present the future challenges. It is easily understandable that the weak economic growth calls for innovative solutions from other new sectors. There is room for banks to lend to profitable projects as they continue to collect deposits and maintain sound levels of financial ratios. It is now the responsibility of all policy-makers to help entrepreneurship, in order to get a clear view of the right investments for the future. We have stated in our reports that the new sources of growth should originate from competitive sectors in the domestic and, even further, in the external market, so that the trade balance keeps on showing the improvements of 2013. Export growth is important in the long run to offset the moments of weakness in domestic demand, by diversifying the sources of income. Although the economy benefits from the increase in the exports of mineral products, the latter are often exported without any sort of processing in the domestic market and, consequently, make little contribution to improving productivity and competitiveness of the Albanian economy. Bank of Albania’s research and analyses show that traded goods’ sector has shown increasing productivity compared to the non-traded one.
Since last November, the three-month Libor had been held at the desired level of 0.25%. However, from mid-May it began sinking rapidly and is currently well below that level. The fall in the rate is a sign that the banking system is currently holding a very large amount of liquidity. My colleague, Jean-Pierre Danthine, will talk about this in greater detail. Interest rates on the capital market have also fallen. In June, yields on 10-year Swiss Confederation bonds fell to a record level. The low capital market interest rates reflect a higher demand for Swiss government bonds. In addition, long-term inflation expectations continue to be firmly anchored. Private companies are also benefiting from low interest rates on capital markets. Credit risk premia have fallen further and rates of interest on bank loans are also at a very low level. Since the last monetary policy assessment, the Swiss franc has appreciated against the euro. It has simultaneously depreciated against the US dollar. As a result, the trade-weighted external value of the Swiss franc has only slightly increased. The expansionary monetary policy is also reflected in the monetary aggregates. Thus, the monetary base rose to a record CHF 128.6 billion in May, and growth of the monetary aggregates is continuing at a high level. For example, M2 was growing at 10.2% in May and M3 at 7.1%. Credit growth also increased further. After slowing to 2.7% in September 2009, the rate of growth increased to 4.1% in April.

The recent Basel standard, published at the end of 2022, which regulates banks' exposure to crypto-assets is also a very encouraging first step in shielding the banking sector from contagion risks. 2.3 Pursuing regulatory efforts and harmonising supervisory practices [Go to slide 6] Regulatory efforts must therefore be pursued and new initiatives have already been identified: regulations on Artificial Intelligence, open finance data sharing, and electronic identification. It is clear that we are walking a tightrope: we must not restrict financial innovation in order to benefit from the contributions of digital finance and big techs, while anticipating the possible bypasses that these players will no doubt exploit, to the detriment of financial stability. To this end, the community of regulators has a clear guideline: "same activity, same risk, same rules". With this objective and this guideline in mind, what regulatory changes concerning big techs can we hope to see to ensure financial stability and fair competition with other players? First, the strengthening or introduction of a prudential framework and requirements harmonised at the European level regarding payment services and non-bank loans, which are the areas where big techs are developing more specifically. Second, the introduction of a new framework for the non-financial conglomerates that are developing in the financial sector (also known as mixed activity groups).
Another issue that may be relevant here is the implication of a firm that has a balance sheet that looks like that of a bank but does not have direct access to the lender-of-last resort. Finally, and especially in light of the issues just raised, I think it is important for me to emphasize that the bank supervisors have expressed a clear willingness to listen to what the banking community has had to say on the issues involving electronic and Internet banking. Regulation E, promulgated by the Board of Governors, implements the Electronic Funds Transfer Act of 1978, and establishes primarily for consumer protection purposes the basic 7  See Royal Bank of Canada, et al., 83 Fed. Res. Bull. _____, (Order approved Dec. 2, 1996). Integrion also stated that it will not function as an Internet service provider, but will provide a secure electronic link to one. 9 See Notification to the Board of Governors Regarding Investment in Marketware International Inc. of Toronto Dominion Bank (Dec. 19, 1996). 10 See OCC Interp. Letter No. 742 (Aug. 19, 1996). 8  BIS Review 17/1997  -5-  rights, liabilities, and responsibilities of consumers who use, and financial institutions who offer, retail electronic funds transfer services.11 Among the protections provided are required disclosures, error resolution procedures, and loss protection.

This has not yet become a significant issue because most depository institutions offering on-line services still have brick-and-mortar branches, on to which current definitions of a CRA community are based. Still, for exclusively on-line depository institutions, the CRA issue will become increasingly important as their market share grows. Some early discussions with the relevant compliance supervisors may be in order. I also note that this also raises interesting questions on the definition of the relevant geographic market in the analysis of bank mergers. Furthermore, considering the CRA issue brings forth another, broader issue: what is the role of nonbanks in the realm of Internet financial services, particularly payment services, which are still largely the province of banks and other regulated depository institutions? Because banks have been so intricately involved in the United States payments system, banks today face unique regulatory burdens: CRA, reserve requirements, deposit insurance premiums, and the costs of good supervision and good supervisors. If nonbanks begin to take significant market share away from banks because of an inherently lower cost structure, that raises real questions about a level playing field and whether or not banks can ever fairly compete. If nonbanks begin offering through the Internet many of the payment services, or alternatives to the payment services now offered exclusively by banks, that raises real concerns about the ultimate value of a bank charter, and what it really means to be a “bank.” Or is this “banking”?
Imported inflationary pressures remain subdued; inflation in Albania’s trading partners and the rise in commodity prices are at low levels, while the exchange rate is stable. Inflation expectations and the liquidity situation in the economy are in line with the low inflation rates for the period ahead. Indirect available data on economic activity signal for positive growth rates in the first months of the year. Aggregate demand improved, driven by both private domestic and foreign demand, while the consolidating fiscal policy pursued during this period did not contribute to an increase in demand. Incoming data for June have not changed our assessment on the performance of private consumption and investments. While these important components of aggregate demand were upward during the period, their performance remains weak. Their steady recovery continues to be impeded by uncertainties faced by households and businesses and reflected in the greater risk aversion of the real and financial sectors of the economy. The Bank of Albania expects further improvement in private consumption and investments for the rest of the year, reflecting, among others, its easing monetary policy. The pace of recovery of these two indicators will determine the short and medium-term dynamics of the country’s development. Data on public sector performance show a consolidating fiscal policy over the first five months of the year. This policy materialised in a budget deficit of about 68% lower than the previous year. The tightening fiscal policy is evident both on the revenue and expenditure side.

At the end of May, monetary stimulus was strengthened by a further cut in the key interest rate. Available information on financial markets shows that this cut has been fully transmitted to the interbank and government securities markets. It was also reflected in lower financing costs of the banking system, creating, in turn, premises for the transmission of stimulus to the lending interest rates and further to the economy. The Bank of Albania calls on the banking system to comply with this important link of the transmission mechanism. Despite the easing of monetary conditions, the economy’s demand for financial assets remains weak. Monetary indicators for April show a slower annual growth of money supply, to 0.7%. Its performance reflects the weak borrowing demand from the public sector and the contraction of credit to the private sector. In April, credit to the private sector was 2.4% lower than in the previous year, continuing to shrink for all but a year. The poor credit performance reflects mainly the contraction of credit to businesses. The analysis of credit demand and supply factors shows that there are uncertainties on both sides, which are materialised in high risk premiums. As we have previously stated, the steady improvement of crediting will follow the improvement of economic activity in the country. *** At the end of discussions, the Supervisory Council concluded that the incoming available information does not alter our baseline projections. The economy will see a gradual growth during the year, with an improved pace over the second half.
The Rt Hon Sir Edward George: Shafts of light amidst the general gloom of the global economy Speech by The Rt Hon Sir Edward George, Governor of the Bank of England, at the Bankers Club/Guild Banquet, London, 4 February 2002. *  *  *  President, My Lord Mayor - locum tenens, Excellencies, My Lords, Aldermen, Sheriff, Ladies and Gentlemen I'm sure you've noticed that time passes more quickly as you get older. I explain it with my own pet theory of relativity based on the fact that each year that passes is a smaller proportion of what's gone before. But I must confess I'm beginning to have my doubts. It seems much more than 12 months ago that we last came together for this great annual gathering. The fact is, it's been a very long, hard, year, not just for policy-makers around the world but also for many of you in the financial services industry - particularly the international financial services industry. We've had to cope with the synchronised global economic slowdown; the extension of the fall in equity prices - with dotcoms spreading to telecoms and beyond - even now to Enron; with increasing credit risks; and then with the vicious terrorist attacks of 11th September and their aftermath, and, finally around the turn of the year with the very sad climax to Argentina's long drawn out crisis. I could easily go on. It really has been a long, hard, year.

But it was evident too in the formation earlier last  BIS Review 8/2002  1  year of the Guild of International Bankers, our co-hosts this evening, and of which you, Lord Mayor locum tenens, are the Founding Master. It takes on the mantle - or, perhaps more appropriately, takes over the ledger - from the Bankers Club which has contributed so much to the City's professional esprit de corps over so many years. So it has, as I said, been a long, hard year, President, but it has certainly had its positive moments. And I should like to conclude by paying tribute this evening to the role of the City Corporation and of the Mayoralty, and their contribution to many of the positive developments we have seen - through their own example in promoting community involvement, including their support for the Heart of the City campaign; through their own role in maintaining security and co-ordinating the "public" infrastructure - both vital to all our contingency plans; and through their support for the fundamentally international character of the City, not least in opening the way to the Guild. I am profoundly grateful to them for all the help and support they give to us all. It is in that context that I ask you now to rise and join me in a toast to "the Rt Hon The Lord Mayor, the Corporation of the City of London and the Sheriffs." 2  BIS Review 8/2002
Lower interest rates on average than before To start with, it can be noted that we find ourselves in an environment where interest rates are much lower than before. “You’ve made your bed so you must lie in it”, someone may object – is it not central banks themselves that have created this environment? It is true that policy rates have been cut significantly to support economic activity and return to inflation targets. But the fact that this has caused policy rates to fall to extremely low levels is because central banks needed to adapt to a general downward trend in interest rates around the world, a trend that began a long time before the financial crisis in 2008. Declining trend in real interest rates on a global level Returns and interest expenditure adjusted for inflation are important to households and companies, as they make decisions on saving and investment. In other words, it is real interest rates that matter. By changing the nominal policy rate, the central bank can affect the real interest rate in the near term and thus demand in the economy. This is possible, as it takes time for companies to adapt their prices to the change in the policy rate and other interest rates in the economy. But once prices have been adjusted, the real interest rate is also reset. In the longer term, therefore, monetary policy has no major effect on real interest rates.

Yes, a  Page 9 sur 14 big step forward has been made thanks to Next Generation EU. But the real Hamiltonian moment will come when the existence of a permanent common fiscal capacity allows genuine countercyclical action to be taken to counter major asymmetric shocks. Conversely – and not contradictorily –, adequate fiscal discipline is key to cope with economic reversals. Look at Germany, which fixed the roof while the sun was shining, and made appropriate use of its financial leeway during the crisis. There will be a debate, to be concluded most likely next year after the German and French elections, on the Stability and Growth Pact. We should avoid a fruitless confrontation between “illusionists” – who plead for debt cancellation, which is completely out of the question – and “traditionalists” – who want to keep the same old rules as if nothing had changed, including on the level of interest rates. We do still need rules, but revised and simplified ones. Indeed, the current low interest rate environment (with r<g) does not mean that public debt sustainability issues have become irrelevant: it only implies that governments have more time to ensure debt sustainability. These new rules should be based on a medium-term debt trajectory and on a single operational target, namely a ceiling on the growth rate of public expenditure as proposed by the European Fiscal Board (EFB), chaired by the Danish economist Pr. Niels Thygesen. First, we can keep the 60% long-term debt anchor, which is in the Treaty.
1 As regards labour utilisation, defined as the total number of annual hours worked divided by total population, the euro area outperformed the United States. Over the period 1995-2007 it increased by 0.5% per year on average in the euro area compared with 0.2% in the United States. With a rise in labour utilisation of 2.0% on average per year over the same period, the Spain’s performance was even more impressive. 1  Source European Commission, AMECO database and OECD for hours worked for the US. Moreover, data for 2007 are partly estimates. The last update of the AMECO database was November 2007. BIS Review 18/2008  1  In the euro area, the improvement in labour utilisation mainly reflects the significant rise in the euro area overall employment rate from 58% in 1995 to 65.6% in 2007, 2 which has been accompanied by a decline in the aggregate unemployment rate from 10.4% in 1995 to 7.2% in December 2007. 3 The latest number is the lowest on record since the early 1990s. In fact, since the beginning of EMU in 1999 the euro area has witnessed an increase of more than 15 million in the number of people employed, while from 1990 to 1998, this number only increased by around 3 million. Spain’s performance, with an increase of more than 5 million in the number of people employed over the period 1999-2007, has been simply remarkable.

We must absolutely avoid the second round effects, namely that these price developments lead to futures increases of prices and wages and thereby prolong the period of high inflation and disanchor inflation expectations. Finally, as regards labour supply, further reforms in income tax and benefit systems would help to increase people’s incentives to work. Reducing disincentives to work, such as high marginal tax rates, high unemployment benefits, and encouraging people to work longer as it has been done in Spain, 8 can stimulate the labour supply and employment of all workers, but particularly those with a generally more tenuous attachment to the labour market, such as women and older workers. Furthermore, facilitating the use of flexible forms of work, such as part-time and temporary arrangements, may also contribute to the incorporation of certain segments (e.g. the young, females) into the labour market, hence increasing labour supply. 9 In this respect, the experience of some EU Member States is telling. For instance, Ireland and the Netherlands – both euro area countries – as well as Denmark, whose currency has been pegged to the euro within the ERM since the beginning – have achieved success in reducing unemployment and stimulating job creation, despite significantly different economic conditions. 10 In December 2007 the unemployment rate in these countries was close or below 4.5%, while their overall employment rate was well above the euro area average.