samchain/econo-pairs-v1 huggingface dataset:
Europe has already made good progress on this with the fifth EU anti-money laundering directive, which obliges providers of cryptocurrencies platforms and wallets to report conspicuous transactions to the authorities. When it comes to the use of new technologies such as blockchain, we need to weigh things up carefully. On the one hand, similar 1/3  BIS central bankers' speeches  activities should be regulated in a similar way, so the requirements for (say) blockchain transactions need to be similarly stringent to those for traditional transfers. On the other hand, we should be careful not to stifle new, innovative technologies. Some central banks are thinking about developing their own cryptocurrencies. The ECB as well? Whether central banks should develop their own digital currencies is a relevant question in countries where people are turning away from cash. There is then a case for offering them a digital alternative safer than commercial money. This is why we are seeing such initiatives in Scandinavia, for example. But in the euro area, cash remains a popular means of payment and the question does not arise. To be clear: the ECB is not developing a crypto currency. That said, as all central banks, we are studying in depth the underlying technologies, such as blockchain. Cyber security is just one of the risks currently facing the economy. Another is the escalating trade dispute. How well prepared is Europe on this front? The euro area economy is proving very robust at the moment. There have been five years of uninterrupted growth.

The BNB Governor made it clear that the only exit from the current regime would be the replacement of the lev with the euro at the currently fixed exchange rate. The whole process of accession – first to the Banking Union and ERM II, and next to the euro area – could not substitute for the good macroeconomic practices and business projects, Mr. Radev said. A country refusing to comply with this is sure to suffer serious economic and financial difficulties whether inside or outside the euro area. The two proven pillars of good macroeconomic policy in Bulgaria are the fiscal stability and the monetary regime stability. Should these conditions, together with the continuous improvement of institutions, be present, the preparatory process and subsequently the accession to the euro area would be a catalyst for the social and economic prosperity of our country. 2/2  BIS central bankers' speeches
Final remarks I would like to finish with some comments on a matter that has concerned me for some time which is, on what subjects a Central Bank board member can talk, and in particular the Governor of the Bank who is the official spokesman. There is no formal restriction, but there is a practical limit which is that no board member would like to spoil his professional and communicational reputation by speaking without well-founded arguments. It is true that the Bank has a limited mission but it also has an excellent group of economists. For example, at the request of the Senate Financial Committee, studies have been carried out at the Bank on the long-term growth of the Chilean economy and both myself and my predecessor have written articles on the same topic (Corbo and Tokman, 2007; De Gregorio, 2008). It is possible to speak and research on relevant topics as long as we do not stray far from our fundamental task. A few weeks ago, Ben Bernanke gave a speech on the challenges of health reform in the United States (Bernanke, 2008) and ten years ago Alan Greenspan gave a speech on income distribution (Greenspan, 1998). 6  BIS Review 92/2008  Just as the Central Bank asks that its autonomy is respected, which is far from not accepting criticism, the Bank must also respect the decisions of other institutions. Here the balance is certainly tenuous.

The more transparent, the more cautious board members will be in pronouncing their judgments. That is why we have decided not to reveal board members’ names in the minutes, so as not to inhibit an open, technical and independent discussion. In the pursuit of monetary policy effectiveness and predictability, we feel that the discussion itself is more important than names. A recent study by Meade and Stasavage (2008) compared the Fed’s Federal Open Market Committee discussions before and after 1993, at which time it was decided to publish detailed records of deliberations of the meetings five years after they had been held. The study concluded that knowing the transcripts were to be made public had made members of a monetary policy committee more reluctant to offer dissenting opinions. In general, transparency and its limits depend chiefly on the characteristics of the Board. For example, at one extreme we have the European Central Bank which does not keep minutes and dissent is very limited; and at the other extreme we have the Bank of England where each board member has individual responsibility. 4 Chile, like the United States, takes an intermediate stance. That’s why Blinder (2004) says, there is no “one-size-fits-all” approach to communication and transparency. Communications policy The Central Bank website carries a document called “Communications Policy” which specifies the principles and norms governing the Bank’s communication with the public.
9 It is therefore important that supervision and regulation keep up with and are adapted to developments and structural changes that occur in the financial sector. Central banks may also from time to time review their guidelines and arrangements for liquidity assistance so that they are sufficiently flexible in order to meet new requirements. There may, for example, be reason to consider the forms in which types of companies other than banks might also be eligible for liquidity support. One such type of player is so-called central counterparties. A central counterparty (CCP) acts as a counterparty to the buyer and seller in a security transaction, thereby assuming all counterparty risk. In order to reduce systemic risks globally, authorities around the world have encouraged the use of central counterparties in transactions with standardised OTC derivatives – such as interest rate swaps. The idea is that this will increase resilience in the  8  An LCR amounting to 100 per cent means that the banks have assets that can be quickly and safely used for payments – in order to cover their cash outflows during a 30-day-long stress scenario. 9  For an early study of the emergence of the unregulated credit market, see Ingves (1982). BIS central bankers’ speeches  5  financial system in the event of a bank failing.

The Riksbank’s banknote and coin operations are centralised to an ultra-modern office north of Stockholm. And the Riksbank’s role continues to change. An inquiry has proposed that the Riksbank should be given an overarching responsibility for monitoring and analysing cash management. 1 The Riksbank is prepared to take on this responsibility as it falls quite naturally within our remit as a central bank. The inquiry has also proposed that cash processing companies, such as Loomis and Nokas, should come under the supervision of the Riksbank. It is important for someone to exercise supervision over these operations and companies. I am doubtful whether the Riksbank is the authority best suited for this task, although that is of course a matter for the Riksdag to decide. Should the Riksbank issue electronic money? But developments have not just been a matter of reorganising the more operational side of cash management. Technical developments, globalisation and innovations on the financial markets also challenge the perception that it is necessary for the central bank to have a monopoly on issuing cash to ensure a safe and efficient payment system. Banknotes and  1  2  See SOU 2014:61. BIS central bankers’ speeches  coins have long since faced competition from other means of payment, especially different types of accounts with their related payment services offered by banks and other financial institutions. Today, payments are made electronically to a large extent; both households and companies, for example, pay invoices and transfer money online or by mobile phone.
Eva Srejber: New EU countries - opportunities and risks Speech by Ms Eva Srejber, First Deputy Governor of the Sveriges Riksbank, to the students of the Blekinge Institute of Technology in Karlskrona, Ronneby, 20 September 2004. *  *  *  It is almost six months now since 10 countries became new EU members, eight of which were central European nations that once were under the control of communist dictatorship. It is said that when Henry Kissinger asked Zhou Enlai, Mao’s right-hand man, to comment on the significance of the French revolution, he replied “too early to say”. As regards the enlargement of the EU, which is one of the biggest events in Europe in our time, it is likely to be many decades before we can take stock of the full consequences, even in the limited area I intend to discuss here today - the economic situation. Nonetheless there is much to say about the dynamics that have been created by the enlargement, changes that were initiated as soon as the EU opened the door to membership in the 1990s and that are now continuing following entry: In the short term the immediate problem for the new member states is to govern their economic policy in the right way, given their objective of not simply becoming members of the EU but also joining the eurozone.

Mr George discusses national and regional economic prospects in the light of the external environment  Speech given by Mr E A J George, Governor of the Bank of England, to the Northern Ireland Chamber of Commerce & Industry and Prince’s Trust on 26 January 2000. *  *  *  Mr President, Ladies and Gentlemen, It seems only a very short time ago that I last had the pleasure of visiting Northern Ireland - in fact it was in May 1998. Time flies when the world about us is changing fast as it certainly has been in so many respects in the intervening period. Let me start with the world economy. We were already then in the grip of the financial shock that had started in emerging markets in Asia in 1997. But that shock intensified through 1998 - spreading to Russia and parts of Latin America and elsewhere - and at one point, following the collapse of the US hedge fund LTCM, threatening to engulf the financial system of the industrial world. The economic consequence of this financial turmoil was a sharp slowdown in the world economy to around half its longer-term trend rate of growth. It could have been far worse. The slowdown could have turned into an actual downturn had the industrial countries - led by the United States and the United Kingdom and closely followed by the Eurozone and Japan - not succeeded in stimulating their own, domestic, demand.
Examples are the recent evolution of demand, which coupled with the signs of a tight labor market suggest that output gaps are fairly limited. Another example are the terms of trade, which take place in an environment where the likelihood of more catastrophic external  4  BIS central bankers’ speeches  scenarios seems to have diminished. In March, private expectations point to a growth in GDP close to 4.5% this year, having been in the range of 4% at the end of 2011. At the same time that some risks have diminished, others appear. An important matter for us is the widening of the current account deficit, explained by the dynamics of spending. In spite of the high level of our terms of trade, and following current account surpluses in 2009 and 2010, we estimate that in 2011 we had a small current account deficit and in 2012 it could expand further. This matter needs to be analyzed in depth. On the other hand, a lower deceleration of domestic demand, in the context of narrow output gaps, could give rise to inflation pressures. During the last months core inflation measures converged towards 3% at a speed higher than forecast. Although this evolution may well be a lagged adjustment of core inflation, after it remained persistently at low levels during several months, its path must be carefully monitored, more so in the light of a narrowing of capacity gaps and a tightening of the labor market.

The key centre for international finance in Asia was Hong Kong. It was the Asian outpost of the City of London, and the gathering point for bankers. Further north, Tokyo was growing in pace with the Japanese economy, which was leading Asia. There was no reason why a financial centre had to be located in Singapore in those days. Mr Lee Kuan Yew once called it a most “improbable start”. Our development as a financial centre was always an act of volition – we made it happen. We created a space for ourselves in international finance, starting with the Asian Dollar Market (ADM) in late 60s, followed in the early 80s by the Singapore International Monetary Exchange, or SIMEX. They were building blocks for what is today the third largest foreign exchange centre in the world, and a leading Asian player in global derivatives markets. We developed a strong core of local institutions even as we opened up to greater competition from foreign institutions in the domestic market, especially in the last 15 years. Our local institutions have held their own, not only in the domestic market but in regional finance. And underpinning all of this, we developed the skills and capabilities that have made us a credible player internationally. The development of skills was progressive. We lacked banking expertise when our development kicked off. The MAS, itself a fledgling institution, together with the Association of Banks in Singapore (ABS), formed a Training Committee in 1972 to organise formal programmes to develop skills.
Mr King speaks about interest rates, policy and the UK economy  Speech given by Mr Mervyn King, Deputy Governor of the Bank of England, to the Scottish Council Development and Industry, held in Edinburgh on 11 October 1999. * 1. *  *  Introduction  Twelve months or so ago, interest rates were 7½%; now they are 5¼%. Twelve weeks ago they were only 5%. So why do interest rates sometimes go down and sometimes go up? And why, in particular, did interest rates rise in September? At one level, the answer to these questions is straightforward: interest rates move – whether up or down – in order to keep inflation on track to hit the target of 2½%. But, at a deeper level, why should monetary policy aim at a target for inflation rather than at growth and employment? Most people in this audience today belong to the “inflation generation”. You will have lived through a time in which inflation was a fact of life. For much of UK history prices were relatively stable. But during the 1960s inflation started to rise. In the 1970s inflation averaged no less than 13% a year with a peak of over 27% in August 1975. During the following decade inflation averaged 7% a year, and it has fallen to around 4% in the 1990s. Between June 1997 – when the Monetary Policy Committee met for the first time – and August 1999 RPIX inflation averaged 2.6%.

Net lending in the UK was broadly flat in the second half of last year up modestly in the remainder of this year. This compares with an expectation prior to the launch of the Funding for Lending Scheme that net lending would decline over last year and this. I emphasise this point because the record of the first year of FLS needs to be judged against a worse outlook for lending a year ago. Net lending to large businesses remains weak, but these companies tend to have access to alternative sources of external finance, such as corporate bond markets and such bond issuance has been very strong so far this year, more than double the quarterly average precrisis. Small and medium-sized enterprises are more reliant on banks for external finance. Survey evidence suggests some improvement in the pricing of loans to small firms, but applications for credit have not yet picked up, and net lending to SME’s remained negative in the first quarter of this year. Survey evidence suggests that both lenders and borrowers expect an increase in firms’ demand for loans. This is the pattern also seen by firms surveyed by the Bank of England’s regional Agents. But, the extent of any increase will depend on the macroeconomic outlook, as well as the perceived reliability of bank credit as a source of finance.
What are the implications for the central bank’s tools of interest rate control? Most central banks adjust and communicate their monetary policy stance through an interest rate target, and successful implementation entails supplying central bank liabilities in a manner that promotes conditions in money markets consistent with this stance. Central banks often rely on three pillars to control interest rates: the rates of remuneration on liabilities; the amount of liquidity supplied; and the provision of liquidity backstops. Certain design choices for the adoption and integration of digital currencies could alter how central banks use these pillars to control short-term interest rates. Pillar 1: Rates of remuneration Many advanced economy central banks currently operate in some type of a floor system, in which the administered rate or rates paid on certain central bank liabilities are a core component of interest rate control.8 The development of new digital forms of currency raises questions about how to fit new liabilities into these remuneration frameworks. In the case of a CBDC, a central bank can directly determine the instrument’s design and the return that its holder receives. If a CBDC is designed as a substitute for cash, for example, with relatively low maximum holding limits and zero interest, it may have a relatively limited impact on monetary policy implementation. On the other hand, a zero-interest CBDC that could be easily employed for large-scale payments may have greater impact.

Meeting the challenges of innovation and its dissemination as well as ensuring the labour force’s employability and flexibility, requires that human capital is continuously adjusted to labour market needs through improved education and training, as well as lifelong learning. Europe is still badly in need in Europe to enhance the quality and efficiency of our schools and universities as well as to increase incentives for all relevant parties, including firms and workers to invest in human capital. Before concluding, let me insist on the importance of sound fiscal management in line with the Stability and Growth Pact. Sound public finances are a prerequisite to support longlasting growth of output and employment, as the Spanish experience over the last decade has clearly shown. A complacent attitude related to current buoyant tax revenue that might result in higher expenditure could lead to negative surprises, should the macroeconomic environment turn less favourable. Beyond that, the “quality” of public finances also matters for growth. It is essential to increase public spending efficiency in order to facilitate the reorientation of public expenditure towards productivity-enhancing physical and human capital accumulation. And finally, let me remind you that within our currency union, regional monetary and exchange rate policies are no longer viable options. Flexible and integrated labour and product markets are prerequisites of the utmost importance for the smooth functioning of the  16  In the spring 2006 European Council, Member States announced country-specific targets for R&D expenditure amounting to 2.7% of EU25 GDP by 2010, up from 1.9% in 2006.
The institutions cut their lending margins and in some cases also lowered their collateral requirements. When the US central bank raised its policy rate from 1 per cent to 5.25 per cent between 2004 and 2006, households’ loan costs also rose. The construction of subprime loans meant that they were particularly vulnerable. This is because they often have a low interest rate during the first two years. After that the loans are renewed at market rate with a substantial increment to compensate the credit institutions for the high credit risk of the borrowers. A higher policy rate made the market rate higher and interest costs for many households with subprime loans rose substantially. When US property prices slowed down last autumn, the increase in borrowers’ wealth was subdued. They could no longer use rising house prices to increase their borrowing and thereby finance the higher interest rates. This meant that more households in the subprime sector experienced difficulties in paying their loan costs. These developments have led to a number of US loan institutions that specialised in the subprime going bankrupt. This has led to newspaper headlines and there has been much discussion of what the consequences might be. However, the effects should not be so great that they threaten the stability of the US financial system. It is still only a minor part of the total US mortgage market that has been affected. Subprime loans account for around 13 per cent of all mortgages in the United States.

That might sound like a rather niche characteristic, like having a good sense of humour or an upbeat personality. But in fact imagination appears to have been foundational for humans and transformational for their evolution. How so? Imagination allows us to conceive of a future different to any seen previously. Humans’ progress was now as limitless as their imagination. But imagination alone is not sufficient. Imagination without action is day-dreaming. What set humans apart was the ability to create their imagined future. The imagined was made real. That is what is meant by creativity. Imagination with action is creativity. Knowledge and imagination are different creatures. To have knowledge is to know about things that exist. To have imagination is to conceive of things that don’t yet exist. And to be creative is to make real those imagined things. Knowledge is vital for school exams and pub quizzes. Imagination is vital for ideas and innovation. And creativity is vital for human progress. Einstein put it thus: “Knowledge is limited. Imagination encircles the world. Logic will get you from A to Z. Imagination will get you everywhere”.6 Animals possess plenty of knowledge, often genetically encoded, sometimes learned through experience. The squirrel in my garden is genetically encoded to gather food for winter. It has also learned from experience that an effective way of doing so is to befriend my daughter who provides a daily supply of nuts.