samchain/econo-pairs-v1 huggingface dataset:
I am confident that you experts have now a good opportunity for an in-depth analysis of the evolution of the international accounting system and the problems arising in the implementation of International Financial Reporting Standards, as well as for a useful projection of the major challenges to implementing the new accounting standards by the banking sector in Romania, given its importance in achieving a modern and efficient accounting system. Let me reiterate on this occasion our institution’s willingness to cooperate with stakeholders in the implementation of International Financial Reporting Standards by the banking sector. I trust that any problems relating to the introduction of the new accounting rules will be resolved in a timely manner so that the current transition ends successfully. Last but not least, my appreciation goes to the representatives of the Institute of Chartered Accountants in England and Wales for their effort to ensure that world-acclaimed IFRS experts and representatives of leading consulting and audit firms in Romania, with which the NBR maintains close cooperation ties, are participating in this event. I trust that today as many as possible issues related to the implementation of the International Financial Reporting Standards will be discussed and clarified. Finally, let me wish all of you every success. 2  BIS central bankers’ speeches

IPSs have to obtain the same improvements in organisation, efficiency, economies of scope, diversification and quality and unity of management as traditional mergers. They must do so in the same length of time as a normal merger, and they must strive to ensure that their results are clearly perceived by the markets as lasting. 2  BIS Review 173/2010  In this connection, it is vital that the initiators should be particularly diligent in countering the danger that the “raw novelty” of this legal formula – whose features have had to be rapidly devised – may be used as an excuse for rigidities, procrastination or half-measures. Compared with traditional mergers, where the combining of objectives and efforts to advance in a single direction is more natural, all the participants in IPSs must be on their guard to prevent the essential goal of unity from becoming distorted. They must strive to ensure that the mind-set of directors, managers and staff alike is geared towards a single goal; individual visions are no longer appropriate here, and nor are decisions not aimed at achieving a better future for the single corporate project that has replaced its predecessors. All the participants in institutional protection schemes are assuming a very specific responsibility here, an institutional responsibility and a personal responsibility.
In the literature, this is referred to as hysteresis. Research indicates that the costs of a downturn may be far higher than the immediate output loss. 4/8  BIS central bankers' speeches  With a sufficiently flexible inflation targeting regime, it is possible to prevent a long-term reduction in employment following a sharp fall in the level of activity. At the same time, this means accepting that inflation will temporarily overshoot the target while labour market conditions normalise. The benefit is somewhat higher average employment than under less flexible inflation targeting. But if the policy rate is kept lower than the level necessary to stabilise inflation for a considerable period of time, there is a risk that inflation will accelerate. A monetary policy objective of achieving the highest possible level of employment can therefore come into conflict with the primary objective of “monetary stability”. If that were to happen, the Bank will give precedence to its primary objective – low and stable inflation. Delivering low and stable inflation is the best contribution monetary policy can make to favourable and stable developments in the economy over time. Financial stability considerations Monetary policy can also contribute to high and stable output and employment by giving weight to preventing a build-up of financial imbalances. Experience shows that the likelihood of a severe economic downturn increases when financial imbalances have built up. Economic downturns caused by financial crises tend to be both deeper and longer than other downturns.

Another change, which is created by the ongoing structural change in our country in growth dynamics, is closely related to the increases in productivity. According to SPO data, the contribution of total factor productivity to growth reached 51.3 percent in the 2002-2004 period, while this rate was 3.3 percent in the 1990-2000 period. In other words, the largest contribution to growth comes from the increases in productivity. In the 2001-2005 period, productivity increases in the private manufacturing industry reached 36 percent, in cumulate terms. Hence, the increase in productivity was the main determinant of growth, during this period. Moreover, it should be kept in mind that the increases in productivity not only enhance the quality of growth, but also contribute to the sustainability of growth. I would like to talk about another factor in the scope of the changing growth dynamics in the Turkish economy. That is the fact that our economy is getting more and more integrated with the world. High export rates have made a remarkable contribution to growth in the past four years. In this period, the average annual rate of increase of exports realized as 24 percent. In the 2002-2005 period, our exports increased by 104 percent. Parallel to this development, firms are increasingly shifting to exports and reaching international markets by quitting local production processes and local markets. As our economy opens to the outside world, profit margins narrow, due to increasing internal and external competition in the sectors.
The opening of the border with Kosovo in particular has provided us with real opportunities to perceive the Northern Alps as a single complex with their continuity to Kosovo and why not to Montenegro. I think the completed airport, which  4  BIS Review 115/2008  could very well be used for the transportation of winter sports fanatics, is another strong point. It is the local authorities’ task, to undertake in co-operation with the local stakeholders projects and feasibility studies, which in a later time may be submitted and presented to the central authorities or the specialized international operators. I would like to inform you that at the moment, their interest is overwhelming and concrete. Time is ripe for you to increase the marketing of these potentials and point out their strong advantages accurately. Second, your district is well-known for being rich in minerals. I do not know if you have any geological inventories or maps which accurately identify the mineral resources. If you don’t, this is too late. The current price structure is very favourable and I believe that any reactivation of existing mines and the opening of new mines implies more employment, more hope for this region and fewer migratory movements. Third, your district, in particular the town of Kukës, finds itself in a crucial economic crossroad, not only in terms of roads but also of air. Unfortunately, statistical information related to cross-border economic and financial activity is missing. Nonetheless, I have to admit that the potentials are not being rightly handled.

Ardian Fullani: The banking system – promoter of economic development Speech by Mr Ardian Fullani, Governor of the Bank of Albania, at the regional meeting “The banking system – promoter of economic development”, Kukës, 12 September 2008. *  *  *  Dear Governor, Dear Mayor of Kukës Municipality, Dear Mayor of Prizren Municipality, Dear Mr. Uldedaj, Dear Mr. Basha, Dear participants, I am delighted to be here today and there are many good reasons why I was looking forward to this gathering. For the second time within a relatively short period of time I see this gigantic engineering work growing every day and taking its final shape. Every single person visiting the road segment Rëshen – Kalimash understands that what they have in front of them is an extraordinary engineering, civil, useful, far-sighted and patriotic work. Similarly, my return to Kukës after quite a long time has surprised me. There is now a completed airport, cross-border activity has intensified, the climate is extraordinary and soon this town will turn into a city with modern infrastructure. Numerous opportunities are ahead of you. Your cleverness stands in perceiving them and making use of them cleverly in order to enhance the opportunities of the Kukës community and the North-East region. The other reason for making me feel delighted is the presence of my Kosovar counterpart, Mr. Hashim Rexhepi. This meeting is of special significance.
The economic imbalances became so large that when the bubble finally burst as we moved into the 1990s, the consequences were considerable. I should perhaps stress that I am not just talking about the economy in some abstract academic sense. These developments were very tangible to the man in the street. Take the example of someone who placed, say, 10,000 kronor in bonds in 1970 and looked forward to reaping interest at the current rate of 8 per cent; by 1990, after twenty years, the real value had actually shrunk more than 750 kronor, leaving only 9,250 kronor. For someone who bought a property in Stockholm at the same time, things turned very differently; by 1990 the real value had grown to almost 17,800 kronor. The same amount invested in the Stockholm stock exchange had doubled in real terms to over 20,000 kronor. Such differences were not solely due to inflation, of course, but it did play a large part. Arbitrary redistribution in this fashion causes problems for those who are hit by them as well as for the social climate. It was not by chance that Gösta Rhen, perhaps the Trade Union Confederation’s foremost economist, in the 1960s coined the slogan: Hate Inflation. BIS Review 24/2001  1  A distinct target: 2 per cent Some months after the krona’s fall in 1992 the Riksbank introduced an inflation target of 2 per cent.

The ECB will not be forced to step in for a lack of policy implementation. Third, OMTs will not create excessive risks for euro area taxpayers. Such risks would only materialise if a country were to run unsound policies. This is explicitly prevented by the ESM programme. And we have been very clear that each time a programme starts being reviewed, we will routinely suspend operations and resume them only if the review has been concluded positively. This will ensure that the ECB intervenes only in countries where the economy and public finances are on a sustainable path. Fourth, OMTs will not lead to inflation. We have designed our operations so that their effect on monetary conditions will be neutral. For every euro we inject, we will withdraw a euro. In our assessment, the greater risk to price stability is currently falling prices in some euro area countries. In this sense, OMTs are not in contradiction to our mandate: in fact, they are essential for ensuring we can continue to achieve it. Moreover, we see no signs that our announcement has affected inflation expectations. They continue to be firmly anchored. This is testament to our track record on price stability over the last decade and our credible commitment to maintaining price stability. The citizens of the euro area can be confident that we will remain permanently alert to risks to price stability.
4  BIS Review 56/2008  •  New capital regulations based on the Basel I model were implemented. In the new regulation there was a more appropriate relationship between loans granted (risks) and capital, instead of deposits and capital. •  Banco de España was empowered to issue accounting regulations for banks. It duly laid down new prudent accounting rules, in particular regarding loan classification and loan loss provisioning. Since then, the authority to establish accounting standards for banks has proven to be one of the most powerful tools at our disposal. •  Supervisory reporting was established. This is an essential element of supervision which allows for proper monitoring of the situation of banks. •  The Central Credit Register was introduced in the sixties, with all credit institutions required to report regularly to it. This database is exploited for supervisory purposes and will play an important role in Basel II supervision. It can also be used by the banks for credit risk management purposes. •  Since the seventies Spanish banking supervision has paid particular attention to obtaining "first-hand" on-site assessments of developments, to complement its continuous and close monitoring of every institution. •  The growth of the financial markets called for more transparency and better regulation of external auditing. A new law was passed making the external audit of the annual accounts compulsory for every company above a certain size, and for all financial institutions regardless of their size.

Most have accumulated massive international reserves, well in excess of what would be needed for precautionary reasons. All in all, this paints a very different picture as compared to past episodes of global turbulence, when these economies used to be not only “influenced” by the ups and downs of the changing risk preferences in global financial markets, but simply “driven” – even “drowned” – by them, sometimes regardless of their economic fundamentals. In my view, this separation from the main stream of the turbulence constitutes an achievement in itself. From other stand point, it is certainly striking that in this period of global financial turbulence inflation is identified as the key economic challenge for emerging economies. Indeed, the rise of inflationary pressures on food prices derived from the commodity boom, is becoming a very worrying concern. The large change in relative prices that underlies this prolonged boom is having a stronger impact on developing economies, with very negative and substantial effects on the well being of the poorest portions of their populations. Therefore, as inflation creeps up the concern of policymakers deepens, not only in the sphere of macroeconomic stability, but beyond. In connection with this, the fact that monetary policies have remained focused on inflation stability in most emerging market economies is an additional novelty to mention in the context of the present turmoil.
There has also been increased treasury and risk management activities carried out in Singapore to meet the needs of global investors and businesses in this time zone. Besides increasing fund flows, more regional and global MNCs have been setting up their corporate treasury centres in Singapore to facilitate capital raising, cash management and risk hedging, as their regional businesses grow. Singapore is a major derivatives trading hub in the region, with three derivatives exchanges oﬀering multi-asset class risk management products. We are also Asia Pacific’s largest FX centre, third largest globally, with average daily trading volume reaching $ billion in 2019, as we intermediate flows between regional teams of buy-side and sell-side players in Singapore and beyond. 10. Looking ahead, Asian financial markets are expected to become even more vibrant as the world economy’s centre of gravity shi s further towards Asia. Market participants in the region should embrace this opportunity to shape the future of Asian markets. While the growth trajectory has been very encouraging, more work needs to be done to develop deep and liquid capital markets in Asia, so that they can play a key role in financing economic growth, alongside continued development in the banking segments. 11. I will highlight a few additional areas of focus for Singapore: In foreign exchange, trading volume of Asian currencies, including that of Asian emerging markets currencies, has risen.

The financial sector can support Asian economies in two ways - adapt to the inevitable, and adjust for the better. First, in face of climate change, we will need to adapt and protect our assets and people. We can do so by investing in climate-resilient infrastructure and insuring against climate and disaster risks. Invest in climate-resilient infrastructure: Many parts of Asia are building out the infrastructure, and we can take this chance to build for resilience. ADB estimates that $ trillion investments are required for climate-adjusted infrastructure in the region by 2030. Today, the infrastructure asset class constitutes only a small portion of assets under management [14] . There is much headway for growth, amidst a pressing need to mobilise private capital to climate resilient infrastructure as an asset class to bridge this financing gap. To that extent, Infrastructure Asia was set up in April 2018 to serve as a platform to connect local and international stakeholders across the value chain for joint projects to meet Asia’s growing infrastructure needs. I would encourage market participants to leverage on Infrastructure Asia’s network, knowledge and expertise. Insure against climate and disaster risks: Asia bears the brunt of economic losses arising from natural disasters and climate change will amplify the impact. Yet, Asia remains under-insured. Insured losses for natural catastrophes account for only 15% of total economic losses, compared to 34% globally for period 2010 – 2019 [15] .
The respective contributions are estimated over rolling ten-year backwardlooking windows, based on annual data and applying the Asdrubali and Kim (2004) approach enhanced for relative price adjustments in the spirit of Corsetti, Dedola, and Viani (2011). 2/2  BIS central bankers' speeches

The second dimension is RMB trade settlement. The RMB trade settlement pilot scheme was introduced in July last year. The initial scope of the scheme was rather limited. But in less than a year, the pilot scheme was already expanded to cover enterprises in 20 provinces and cities on the Mainland, and their trade transactions with any parts of the world can now be settled in RMB. The expanded scope has led to a rapid growth in the transaction volume of RMB trade settlement in Hong Kong, which was increased from a monthly average of 4.5 billion yuan in the first half of this year, to more than 26 billion yuan in the third quarter, representing an almost six-fold increase during the period. 23. To date, more than 75% of Mainland’s RMB trade transactions with the world are handled by banks in Hong Kong. This clearly demonstrates the strong preference of market players for making use of Hong Kong’s platform for RMB trade settlement. The highly efficient and reliable RMB Real Time Gross Settlement (RTGS) system in Hong Kong has played a significant role here. We are the first and so far the only place outside Mainland China that has developed a full-fledged RMB RTGS system, enabling us to handle the  BIS Review 153/2010  3  settlement of cross-border trade between the Mainland and other economies in a safe and efficient manner. 24.
The negotiations between the United Kingdom and Europe are led by Michel Barnier on the European side. So we certainly defer to Mr Barnier when it comes to the political direction of those negotiations. It is clearly very positive that the UK authorities are willing to engage in a constructive way, in a practical way, in a detailed way. It will be for Michel Barnier to react to the paper. That said, and beyond the positive news in terms of how the discussion is moving on, we also believe at the ECB that private players, industry, have a responsibility to prepare for the worst outcome. So hope for the best, but prepare for the worst. In fact it seems like we have an agreement to have similar regulation in the industrial sector and the agricultural sector, but not the services sector. As we know, the financial services sector is what worries investors the most. Is this the big concern here? I will defer to Michel Barnier to pass judgement on that. What we certainly believe very strongly – as does the European Commission and as do all Member States – is that the key principles which uphold the Single Market should not be harmed. Certainly, a good solution should be found with the United Kingdom, but that cannot be at the expense of the fundamental principles that have upheld the functioning of the Single Market. Should the EU actually extend the deadline beyond March 2019 – if that’s a possibility – to have a better agreement?

Paul Fisher: The outlook for the UK economy Speech by Mr Paul Fisher, Executive Director for Markets of the Bank of England, to the Cardiff Breakfast Club, Cardiff, 24 May 2013. *  *  *  Introduction It’s nice to be back in Cardiff again. As always, I will be taking the time while here to visit a number of local businesses in an effort to find out what is happening “on the ground” in the Welsh economy. Our network of agents across the UK provide the MPC with valuable intelligence on a continuous basis, but there’s nothing quite like hearing it at first hand for oneself. Recent changes at the Bank of England I’d like to start this morning by outlining some of the recent institutional changes at the Bank of England, which will help shape the policy environment for a generation. First of all, supervision is back! The new Prudential Regulation Authority, a subsidiary and therefore part of the Bank of England, has moved into its new offices at 20 Moorgate, just a two minute walk from the back of Threadneedle Street (or faster on a cold morning!) The move back to the Bank will help us to exploit the synergies between microprudential supervision on the one hand and the markets, economics and financial stability expertise of the wider Bank on the other. But most importantly this is an opportunity to change the way in which banks (and building societies, credit unions, insurers and major investment companies) are supervised.