samchain/econo-pairs-v1 huggingface dataset:
However, several trade unions, such as Metall (the Swedish metalworkers' union) and SIF (whitecollar workers' union), whose agreements cover approximately 300 000 employers, have stated that they do not intend to terminate their agreements in advance. 6  4  See the box "Has potential growth slackened?" in Inflation Report 2002:2. BIS Review 63/2002  There has thus been a relative deterioration in wages for the members of the Municipal Workers' Union over a long period of time. However, restoring wage relations must also take its time. In a low inflation economy it is only possible to achieve marginal changes in one year. Relative wages Index 1992=100 1,08 1,06 1,04  1,08  Private, blue-collar Private, white-collar Central govt Local govt County council  1,06 1,04  1,02  1,02  1,00  1,00  0,98  0,98  0,96  0,96  0,94 1993  0,94 1994  1995  1996  1997  1998  1999  2000  2001  2002  Source: Statistics Sweden. The Municipal Workers' Union is not the only one to have seen its wage position deteriorate in relation to other professional groups. Another example is industrial workers, who have seen a deterioration in their wage position relative to nurses and teachers, groups that have had a very good wage development in recent years.

The agreed wage increases came out at an average of around 3.5 per cent a year during the agreement period 1995-1997, while the average rate of wage increase was just over 5 per cent. The increase in productivity during the same period was 1.8 per cent a year. Wage development was thus scarcely compatible with the inflation target of 2 per cent. At the same time, open unemployment remained high. During the wage agreement period 1995-1997 open employment was over 8 per cent. The bargaining rounds in 1995 cannot therefore be considered a success from the economy's point of view. In 1998 it was time for the next round of central wage agreement bargaining. By then CPI inflation had fallen. The Riksbank also raised its repo rate at the end of 1997, partly due to the risk of rising wage inflation. The 1998 bargaining round took place during the aftermath of the Asia crisis, while the krona appreciated significantly, which probably had a subduing effect on wage demands in the export industry. These negotiations entailed the herald of a new "Saltsjöbaden spirit" in the Swedish labour market with the signing of the 1997 Industrial Agreement by twelve employers' associations and seven  BIS Review 63/2002  1  1  trade unions in industry. The Industrial Agreement, which covered approximately 600 000 employees and ran for a period of three years, was meant to provide a foundation for a good wage development by promoting industrial development, profitability and competitiveness.
Given the digitalisation of finance and proliferation of technology in financial services, DFIs need to remain at the frontier of these developments. This could include leveraging on big data and forging partnerships with technology firms to develop digital solutions at lower cost and increased efficiency. At the broader level, the development finance architecture should also shift to be more effective in channelling resources and catalysing private investment to developmental oriented projects and initiatives. Whilst most DFIs have been self-sustainable for the past few years, DFIs will need to diversify their sources of funding and ensure that the structure of liabilities is appropriate for the assets that they hold to be sustainable in the long run. DFIs cannot be dependent on fiscal support to carry out their mandates. DFIs should aim to have strong competitive position on new growth sectors supported by a sustainable strategy and management execution capabilities. Last but not least, DFIs are required to continuously review their institutional fit and business models to increase their development impact while remaining financially sustainable. Effective DFIs should also be able to act as catalysts to promote private sector investments and support economic growth. One example of a financially sustainable business model is demonstrated by the experience of Nacional Financiera (NAFIN) as an enabler to Mexico’s aspiration to combat climate change through the Renewable Energy Financing Facility, or REFF.

Denis Beau: For a contribution from our FinTech ecosystem to a more efficient and stable financial system Speech by Mr Denis Beau, First Deputy Governor of the Bank of France, at the Fintech R:evolution 2020, Paris, 15 October 2020. * * * Ladies and Gentlemen, I am delighted to take part in this 5th edition of Fintech R:evolution and I would like to warmly thank the France Fintech association and its chairman Alain Clot for their invitation to speak today. This event, organised against the backdrop of the ongoing health crisis, is proof of the drive, determination and adaptability not only of the organising association, France FinTech, but also of the entire innovative French ecosystem of the financial sector, which is now represented here as widely as possible. The French FinTech ecosystem, like any ecosystem made up of start-ups, is fragile but it is promising and, I believe, vital to the financial sector. The economic crisis associated with the health crisis highlights these contrasting characteristics: on the one hand, start-ups may be weakened or innovative projects delayed by the economic situation; and on the other hand, the health crisis has accelerated the adoption of new digital habits by the entire population. More generally, 2020 has only served to underscore the challenges facing the financial ecosystem as a whole as a result of the digitisation of our economy.
5 / 15  BIS central bankers' speeches  Policymakers have indicated that they want the portfolio’s size to decline “in the background,” and that the federal funds rate be the primary instrument of monetary policy. Rapid portfolio runoff could lead market participants to overestimate the total decline that will occur in the Federal Reserve’s securities holdings, and thereby accelerate the rise in term or mortgage risk premia associated with balance sheet normalization. This could complicate policymakers’ economic forecasting and make it more challenging to determine and communicate the appropriate monetary policy stance. The FOMC’s plan addresses these concerns about gradualism in two ways. First, it begins at a low rate of redemption, increases this slowly and in small amounts, and then continues at a specified maximal rate of runoff. These amounts should result in transitions that are within the market’s capability to absorb. Second, because the plan explicitly and numerically communicated the FOMC’s plans, it should promote stability in market estimates for the future size of the balance sheet, and confidence that the FOMC will not unintentionally create market stress. Predictability The second goal is to provide the public with a degree of certainty that, as the Federal Reserve reduces reinvestment, the market will not be asked to absorb securities at a speed that unexpectedly changes in a significant way. I’ve already discussed why it is important that the flow of securities back into the market be gradual.

The framework  BIS Review 39/2005  3  requires Islamic banks to clearly segregate the income and expenses of the Islamic banking operations based on the management of funds, on a restricted and unrestricted basis. The framework provides the basis for calculation of dividends to the investment depositors to reflect the average actual net rate of return of each deposit based on their respective tenures. An accurate calculation of dividends is essential to ensure that the investment depositors receive their fair share of investment returns. In addition, the framework allows the provision of profit under the profit equalization reserve mechanism for the purpose of smoothing the fluctuations in the rate of profit. Finally, amplifying the role of other standard setting bodies. As Islamic finance expands, there are common areas where collective efforts by the Islamic financial industry, including the domestic and international standard setting bodies can bring benefits to the overall financial system. In this regard, bankers associations have an important role in spearheading initiatives to promote high standards of ethical code of market conduct to meet consumers' rising expectations and demands. Bankers associations can play an important complementary role to the efforts of the regulatory authorities' in promoting a more progressive, dynamic and resilient banking system.
At one extreme - and I exaggerate to make the point - some appear to have a vision of maximum harmonisation across the EU, with uniform regulation and centralised oversight at some point in the future, whereas others lean more towards harmonisation only to the extent to which it is demonstrably necessary, with mutual recognition, and an EU-wide passport based primarily on the removal of barriers to cross-border activity. Of course that approach leaves plenty of room for debate about what exactly “demonstrably necessary” means. Underlying the debate at that level are legitimate differences in priorities as between the different public policy concerns - how much weight to put upon consumer protection as against systemic stability or freer competition, for example, which are not necessarily easy to resolve even at the national level. And there may - just possibly - also be, less legitimate, differing perceptions of national self interest. The truth is that there are no easy answers, and I think myself that we are bound to move forward in a pragmatic, incremental, way - recognising the different considerations that apply in different areas of the markets rather than on the basis of a grand design. In this context, I am actually rather encouraged by the recent discussion papers put out by Eurofi and the Wicks group, which stand back a little from the more immediate issues and look at the way forward in a broader - and longer-term - perspective.

For example, legislation currently before Parliament will explicitly make price stability the primary objective of monetary policy, strengthen the legal and operational independence of the Central Bank of Malta and formally prohibit central bank financing of public sector deficits. In practice, the Central Bank has been formulating monetary policy independently since 1994, using market-based instruments, including open market operations and reserve requirements, which are similar to the ones currently used by the Eurosystem. The adoption of the euro would be the final step in a process linking the Maltese economy and the euro area. Compared to the current regime it offers a number of additional advantages, which are highlighted in the literature on optimum currency areas. Specifically, it should reduce transaction costs; result in lower interest rates in Malta; ease access to the growing European financial market; and lead to more transparent pricing of goods and services. It should also act as a spur to the integration process with the EU since countries with the same currency tend to trade more with each other. From an institutional point of view, it should allow Malta to be represented in the decision-making processes of the European System of Central Banks (ESCB) that affect it even today. Here I would like to support the view put forward recently, among others by Governor Wellink of De Nederlandsche  BIS Review 46/2002  1  1  Bank , about the need for adequate representation of national central bank governors in the decisionmaking bodies of the ESCB.
Lim Hng Kiang: Bank capital adequacy and institutional structure – Singapore’s approach Keynote address by Mr Lim Hng Kiang, Minister for Trade and Industry and Deputy Chairman of the Monetary Authority of Singapore, at the 38th Association of Banks in Singapore (ABS) Annual Dinner, Singapore, 28 June 2011. *  *  *  Introduction Chairman, ABS, Council members of ABS, Ladies and Gentlemen It is my pleasure to be here this evening. I was last here to deliver the keynote address in 2007, prior to the global financial crisis. As economies now recover, especially in Asia, it is easy to forget how close the global financial system was to the precipice. Following the failure of Lehman Brothers, the solvency of many well-known financial institutions in the advanced economies came into question. Weaknesses and failures at the core of their banking system were transmitted to almost all sectors and countries. A global meltdown was averted only through extraordinary actions taken by central banks, governments and financial institutions themselves. Regulators globally have had the benefit of some distance from the depth of the crisis to reflect on what needs to be done to strengthen the resilience of the financial system. MAS has been doing likewise and tonight, I would like to explain MAS’ approach to reforms in the regulation of banking. Post-crisis reflection Singapore’s financial system withstood the global financial crisis well. This did not happen by chance. Singapore banks were, on the whole, prudent and had less risky balance sheets.

The framework  BIS Review 39/2005  3  requires Islamic banks to clearly segregate the income and expenses of the Islamic banking operations based on the management of funds, on a restricted and unrestricted basis. The framework provides the basis for calculation of dividends to the investment depositors to reflect the average actual net rate of return of each deposit based on their respective tenures. An accurate calculation of dividends is essential to ensure that the investment depositors receive their fair share of investment returns. In addition, the framework allows the provision of profit under the profit equalization reserve mechanism for the purpose of smoothing the fluctuations in the rate of profit. Finally, amplifying the role of other standard setting bodies. As Islamic finance expands, there are common areas where collective efforts by the Islamic financial industry, including the domestic and international standard setting bodies can bring benefits to the overall financial system. In this regard, bankers associations have an important role in spearheading initiatives to promote high standards of ethical code of market conduct to meet consumers' rising expectations and demands. Bankers associations can play an important complementary role to the efforts of the regulatory authorities' in promoting a more progressive, dynamic and resilient banking system.
At the same time, with a 20% decrease in the cost of risk compared to 2015, lending to the economy remained buoyant: +4.9% in outstanding loans to non-financial corporations and +4.5% to households. This growth, the strongest in Europe, accelerated further at the end of March: 5.3% for non-financial corporations, 5.6% for households. While the management of these risks at the level of individual institutions does not give any cause for concern to the ACPR, this overall strong growth may call for special attention and a review by the High Council for Financial Stability in which I participate. For the insurance sector, Bernard Delas will give you more details, but I note the satisfactory situation of the French insurance groups with a median solvency ratio of more than 200% at the end of 2016. Overall, I would like to point out that the French banking and insurance sector is sound, one of the soundest in Europe and the G7. The quality of our supervision has contributed to this soundness, which is one of the assets of the French economy. III. Four major challenges that shape the ACPR’s action The first challenge in our supervision of banks and insurance companies is the low interest rate environment. These low rates weigh on bank margins, mainly on their retail banking business, although they are partly shielded by the high share of fees in their income.

To better understand the fintech state of play in our economy we conducted the first national Survey and prepared a feasibility study, which clearly underline the opportunities and benefits that Fintech can bring to our country, as well as the barriers that need to be overcome for further development. The main conclusion of the feasibility study that follows the Survey is that digital transformation is high on the agenda for all parties involved in the ecosystem. Traditional players look to gain operational efficiencies, cut costs, and enhance the customer experience. At the same time, alternative finance firms are on the rise, bringing better products and services than traditional players can offer. However, it appears that regulation is a common challenge for Fintech led innovation and the entry of new players. On this front, Survey respondents see a need for changes in the payment services regulation, the regulation for electronic signature, AML/CFT regulation and rules for data protection. In the period ahead, we will focus our energy on activities related to governance arrangements and coordination issues with all stakeholders in the ecosystem. We also plan to devote special attention to developing effective consumer protection regulation in the area of financial services. Setting criteria for licensing process for newcomers is another activity that is on our agenda. Furthermore, we would also explore the feasibility of creating a regulatory sandbox, to enable firms to experiment with new technologies in a safe space.
Jean-Pierre Roth: Switzerland - an island in Euroland? Speech by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank, at the Bank of Greece, Athens, 21 May 2004. *  *  *  It is a great pleasure for me to talk to you today about Swiss monetary policy. Athens is the place to go to this summer. For sure, it will soon become, once again, a symbol of sport and peace, competition and fairness. Switzerland too will follow the Games with passion. But for many Swiss, your country is not just associated with sport, it is part of our culture and part of our history. In fact, Greece and Switzerland have enjoyed continuing cultural and economic ties over the centuries. Your great statesman, Ioannis Capodistrias, had retired to Geneva when he was elected Head of State of the newly created Greek Republic in 1827, and he was named honorary citizen of Lausanne and of Geneva. His friendship with the banker Eynar contributed also to the foundation of the National Bank of Greece. Later, the relationship between Greece and Switzerland strengthened further when both countries became members of the Latin Monetary Union. The Union, which led to the setting of a fixed exchange rate between Greece, Switzerland, Belgium, France, and Italy, was the first attempt in continental Europe to create an extended area where gold and silver coins could circulate freely.

The different responses of those central banks reflect their institutional framework as well as the economic circumstances of the respective countries. On one hand, the SNB has been more flexible than the ECB. The ECB is a new institution without historical record. Moreover, the ECB has a strict mandate of maintaining low inflation, and there have been upward inflationary pressures in certain European countries due to the convergence process. Those factors induced a less aggressive easing of monetary policy in an uncertain environment. In contrast, with traditionally low inflation, the credibility of the SNB is strong, which allows it to react quickly to economic shocks without creating turmoil in financial markets. In the past few years we have thus been able to act in a flexible way, with our own timing, in order to respond to the global economic slowdown and pressures on the Swiss franc. On the other hand, the SNB reacted less strongly than the Federal Reserve to the deterioration of the international economic environment. The United States is a relatively closed economy where the Federal Reserve mandate is broader than price stability. In contrast, our freedom to maneuver is limited by the openness of our economy. In a small and open economy, monetary activism cannot  4  BIS Review 32/2004  fine-tune economic activity. Institutional and economic characteristics of the different countries and central banks have thus implied differentiated monetary policy profiles. 5.
The effect of this specific scenario you are referring to on the balance of banks turned out to be negligible, which is why we did not have to seek corrective actions during our talks with the ECB. The new IFRS 9 accounting standard was applied in this review. According to experts like Assoc. Prof. Sariyski, this standard allows for more subjective models and does not provide for any arbitration that could resolve disputes between appraisers and those evaluated. Are such criticisms founded? We are talking about a new international standard that is mandatory for banks. Bulgarian banks were well-prepared for its introduction. This was also one of the main recommendations we made after the asset quality review in 2016. There are established platforms for discussing and amending existing, as well as adopting new international accounting standards. BNB will have to start applying the measures and recommendations of the Single Supervisory Mechanism with the eventual entry into a “close cooperation” mechanism. What practical changes would this bring to the work of banking supervision? The changes are of a regulatory and administrative nature. A large part of them have been prepared already and we are ready for their introduction on the date of our effective accession. Under the close cooperation mechanism the ECB exercises direct supervision over the largest banks and there the BNB will be involved with the participation of BNB’s experts in the supervisory teams.

In that sense, the ECB’s response with unconventional measures is completely logical. When unconventional measures are applied, it is normal to have different views about their effect, including the possibility of a “Japanese” scenario. It would be wrong, however, to put the focus solely on monetary policy without taking into account what is being or not being done to address the global economic uncertainty, and also in the areas of structural reforms and fiscal policy. You have said many times that in order to be effective, the politicians’ attempts to stimulate the economy must be aimed at structural areas, like the labour market, pension reforms and education. What room for action do Bulgarian politicians have when these three areas are concerned? Do you believe that there are unused opportunities? Such opportunities exist, but they are associated with complex and sometimes time-consuming measures. They are not limited only to the labour market, pension reforms and education, but also extend to areas like health care, defence, the modernization of the technical and social infrastructure. Some steps in these fields require serious public resources. It is a good sign that they are implemented within an overall disciplined fiscal framework. Quite a few economists say that the 2% inflation goal, set by the ECB, is a thing of the past given the ageing population and structurally transforming technologies. Do you believe there are grounds to correct this goal? 2/3  BIS central bankers' speeches  There are grounds to conduct a strategic review of the monetary policy’s goals.