samchain/econo-pairs-v1 huggingface dataset:
At the global level, the BCBS (in the banking sphere) and the FSB (in relation to the financial sector as a whole and its interconnections) play a crucial role as promoters of regulatory standards that the relevant authorities of the main jurisdictions in the G-20 area undertake to adopt so as to have common rules in place for the international financial system. In the macroprudential realm, under the coordination of the FSB, the BCBS developed the countercyclical capital buffer in 2010 and the framework for identifying and setting macroprudential buffers for global and national systemically important institutions (2011 and 2012, respectively). These were included under the Basel III regulatory framework, which is the basis for the banking prudential regulations in force in Spain and in the EU. These tools are currently the backbone of macroprudential policy. The Banco de España participates actively in these institutional arrangements, as a member of the various national and international bodies and fora that I have described. Further, it is 3  The 19 euro area countries, plus Bulgaria and Croatia since 2020. 6  responsible for identifying the risks to the financial stability of the Spanish financial system and deciding how and when to use macroprudential tools at credit institutions. Macroprudential tools and credit institutions As indicated, the multi-dimensional nature of systemic risk calls for various macroprudential tools so as to be able to address each of these dimensions as efficiently as possible.

For example, if banks do not have sufficient solvency levels, they may not be capable of passing changes in money market interest rates through to their customers, or may pass them through excessively. In this respect, financial stability may be said to be a de facto pre-requisite for ensuring price stability. 11  Macroprudential policy can also increase an expansionary monetary policy’s room for manoeuvre if the latter is beginning to induce excessive risk-taking by certain agents or markets. In this case, the activation of macroprudential instruments, which are more selective and can affect certain agents alone, may enable the expansionary monetary policy stance to be maintained, by smothering the increases in risks in specific sectors. This is particularly important in the euro area, where monetary policy is determined at the supranational level by the ECB taking into consideration the area as a whole, whereas macroprudential policy remains under the national remit. But nor must we exclude situations in which the objectives of the two policies may clash. For example, in the expansion prior to the international financial crisis, the relatively expansionary monetary policy stance contributed to the accumulation of macrofinancial disequilibria. Had these macroprudential tools then been in place, they could have been activated to counter some of the monetary policy effects on the risks to the financial system’s stability. In short, we cannot ignore the interaction between these two policies.
In this case, the draft stability law includes new coercive instruments to ensure the budget targets are met by all levels of government. Provision is made for imposing sanctions, regional government expenditure must be automatically adjusted in certain cases of non-compliance and it is even envisaged that the central government may impose compulsory adjustment measures on local and regional governments. I consider that these new legal mechanisms can be extremely effective in ensuring discipline if they are applied rigorously and appropriate procedures are established to supervise the budget outturn during the year. In this respect it is vital, as established in the law’s passage through Parliament, that these provisions are applied as from their approval, in time to be used in the current consolidation process. Finally, the draft stability law retains the clause stipulating “no bail-out” between governments which was introduced in the previous law. I consider that, as at European level, this clause is crucial to prevent the cost of a government’s inadequate fiscal conduct from being passed on to others and to ensure that the capital market exercises disciplinary effects. At the same time this draft law allows regional and local governments to request extraordinary liquidity support measures from the State. In this case a plan to ensure that the fiscal targets will be fulfilled must be submitted and the payment of each tranche of financial aid must be dependent on such fulfilment.

Confining myself to this latter consideration, without a recovery in employment it will prove costlier to further budgetary adjustment, since the increases in revenue will be limited and because turning expenditure around will require an additional effort to offset the necessary increase in unemployment benefit payments. 2  BIS central bankers’ speeches  In any event, budgetary policy is key in circumstances such as the present. As I stated earlier, we are in the middle of a sovereign debt crisis. There is no doubt that the Spanish economy’s vulnerability has a significant fiscal component, although our difficulties are compounded by the persisting downturn – and its dreadful impact on employment – and the still-high dependence on external funding. The budget deficit ended last year at a level of 8.5%, far off the 6% target set in the Stability Programme. And the year-end public debt/GDP ratio was 68.5%, more than 30 pp up on 2007, before the international financial crisis broke. In turn, the deficit targets have been set at 5.3% for 2012 and at 3% for 2013, which entails a most significant budgetary effort. It is crucial, however, to rigorously meet these targets. Attaining them is vital for restoring credibility in the Spanish economy, and here the overall interests of all economic and social agents and all levels of government converge. A high degree of unity and consensus among the respective parties will be pivotal to success in the arduous task ahead.
However, beyond any quantitative arguments, small- and mediumsized enterprises are an engine of economic growth, especially due to the fact that they are characterised by dynamism, flexibility and innovative power, which makes them able not only to adjust to the changes in the economy and quickly grasp market trends, but also to open up new avenues to economic and technological progress, as they are seen as tireless promoters of change. This is, in fact, the very essence of entrepreneurship. Last but not least, we should all be aware that some of the best-performing small- and medium-sized enterprises today will turn into the large companies of the future (as was the case of Mobexpert and Dedeman, two successful Romanian companies that currently provide thousands of jobs after starting in the early 1990s as small- and medium-sized enterprises, with only a handful of employees). Romania and Europe need small- and medium-sized enterprises not as survivors of the crisis, but as drivers of innovation, the catalyst for economic growth. Let me conclude by emphasising that good economic governance – based on four essential pillars: transparency, accountability, predictability and participation – is an important ingredient of economic growth. In-depth reform of economic governance at EU level and at global level is the way to go if we truly wish to achieve sustainable economic growth and job creation. Ladies and gentlemen, Now let me call on Mr. Vincent Cable to share with you his opinions on growth recovery across the European Union and the reforms for the future of Europe.

Mugur Isărescu: Challenges to economic growth in the European Union – reforms for the future of Europe Opening speech by Mr Mugur Isărescu, Governor of the National Bank of Romania, at the Conference “Challenges to economic growth in the European Union. Reforms for the future of Europe”, organized by the National Bank of Romania and the British Embassy, Bucharest, 29 September 2011. *  *  *  Ladies and gentlemen, Distinguished audience, It is with great pleasure that I welcome you all here, at the National Bank of Romania, which tonight hosts a conference on a particularly interesting and up-to-the-minute topic: “Challenges to Economic Growth in the European Union. Reforms for the Future of Europe”, an event benefiting from the extraordinary support of the Embassy of the United Kingdom in Bucharest. I am honoured to salute very dearly Mr. Vincent Cable, the British Minister for Business and Innovation. I also wish to extend my greetings to Mr. Martin Harris, the British Ambassador to Bucharest, and to the other diplomats. Ladies and gentlemen, Sustainable economic growth of both Romania and the entire European Union hinges decisively on economic policy consistency. Moreover, the global economic and financial crisis has proved to us yet again that there is no valid substitute for consistent economic policies. The correction of economic policy errors is, for all countries in the world, painful, often difficult to comprehend by the public at large and inherently delayed, but it is absolutely necessary.
AXA estimates that its assets are currently consistent with a 3.7 degree path, and it has developed an innovative climate VaR model to measure the opportunities as well as risks from the climaterelated exposures of its investments.19 With our citizens—led by the young—demanding climate action, it is becoming essential for asset owners to disclose the extent to which their clients’ money is being invested in line with their values. Conclusion The TCFD provides the necessary foundation for the financial sector’s role in the transition to net zero that our planet needs and our citizens demand. 18  With the growth of different ESG measurement approaches, scores have been shown to vary greatly between providers. Barclays found positive but low correlations across all three ESG dimensions (14% for governance and 13% for environment) when comparing MSCI and Sustainalytics. Similarly, State Street Global Advisors found a correlation of 0.53 for constituents of the MSCI World Index. 19 See Axa 2019 Climate Report, available on: https://www-axa-com.cdn.axa-contento-118412.eu/www-axa-com%2F308285a0-f2094b04-9a3e-41d8df848445_axa2019_ra_en_climate_report_19_07_2019_pdf_mel.pdf. 11  All speeches are available online at www.bankofengland.co.uk/news/speeches  11  So whether the TCFD is used to manage the growing physical and transition risks from climate change or to finance the enormous opportunities to develop more resilient and sustainable economies, your work to develop the TCFD and spread its adoption is literally vital. 12  All speeches are available online at www.bankofengland.co.uk/news/speeches  12

The decision is not very popular, but it is necessary to ensure the economic efficiency of OSAGO. At the same time, we are looking for new growth areas together with the market. In particular, this is about developing life and medical insurance. We also had to take supervisory measures. As a recent example licence of a major market participant was restricted for two weeks. Certainly, the licence restriction of such a large player was an outstanding event for the market. As a regulator we realised the importance of such a step, but we consider it necessary for the benefit of consumers to implement all the available measures to restore order and eliminate unlawful practices such as imposing services, non-applying bonus-malus ratio, etc. We have established a consumer right protection service, and we pay special attention to processing claims. We will try to make the process of lodging claims convenient for citizens and will try to respond to claims in an efficient manner. One of our important objectives is to work out a concept of financial literacy. We also consider accessibility of financial services to be an important condition for proper functioning of the financial market. Another field of our concern is the development of the national payment system. In less than a year after the decision was taken, a processing and clearing centre was created and interRussian transactions of international payment systems were transferred there. Currently, we are actively developing our own payment card.
But the maritime industry has always known this – being able to ride the waves, to adjust course, and to seize the winds makes all the difference not just to success but survival itself. I wish the maritime community all the best as it works together to overcome current challenges, seize new opportunities, and build resilience for the future. Thank you. 1 McKinsey Global Institute (2017). “Jobs lost, jobs gained: workforce transitions in a time of automation”. 2 World Maritime University (2019). “Transport 2040: Automation, Technology, Employment – The Future of Work". 3 This was in partnership with the Singapore Exchange, Global Compact Network Singapore, Institute of  Singapore Chartered Accountants, and sustainability consultants from EY, KPMG, and PwC Singapore. 7/7  BIS central bankers' speeches

In doing so, I shall reference the popular initiative “Save our Swiss gold” (also known as the “gold initiative”), on which the Swiss electorate will be voting on 30 November. After I have spoken to you, Sébastien Kraenzlin will outline some of the latest money market developments. The SNB’s currency reserves – an overview The SNB’s currency reserves currently stand at more than CHF 500 billion – 80% of gross domestic product (Switzerland’s annual economic output). With a share of some CHF 460 billion, foreign exchange makes up around 90% of our currency reserves. Since autumn 2012, the size of the SNB’s currency reserves has principally been determined by financial market valuations and by interest and dividend income. Given how large our portfolio of currency reserves is, fluctuations in value have a much greater impact today than they did in the past, as has once again become clear this year. The SNB reported a profit of CHF 28.5 billion for the first three quarters of this year. I should emphasise at this stage that our investment policy is always subordinated to monetary policy; it can only be understood in this context. Since September 2011, our monetary policy has been dominated by the minimum exchange rate of CHF 1.20 against the euro. With interest rates close to zero, the minimum exchange rate is the key instrument we are deploying to avoid an undesirable tightening of monetary conditions. The SNB will continue to enforce the minimum exchange rate with the utmost determination.
The Committee adjusted monetary policy boldly and decisively on the way down in order to meet the inflation target. And, let me assure you that, when the time comes, we will be prepared to respond with equal vigour on the way back up. 6  BIS Review 46/2009

This renewed effort has both greatly deepened our understanding of economics and shaped our policy response. The crisis is now behind us. The recovery in the euro area is resilient and is increasingly broadbased across countries and sectors. Domestic demand, supported by the ECB’s monetary policy, is the mainstay of that recovery. Five million more people are employed now than were in 2013, and unemployment though still too high is at an eight-year low. Worldwide, the financial sector is now more resilient. The global economic outlook is also improving, and downside risks are moderating. However, what we need in Europe to ensure that economic growth and higher prosperity is sustained through time are structural reforms and a renewed sense of purpose for the EU. Started in the aftermath of the Second World War, European integration was the response to citizens’ desperate need for peace. The system of treaties between governments that had dominated European relations between the two wars and even before had utterly failed to deliver what governments are mainly for: security and prosperity. Pooling sovereignty on issues of direct common interest became the new basis for cooperation between the European nations. At the time such a project seemed bold and optimistic – just as calling for further, deeper integration seems bold and optimistic today. But our founders were right. Europe has delivered peace, prosperity and political stability for a period of time that has no precedents in its modern history.
Competition has been relatively tough, with decreasing margins on ordinary financial services and other foreign banks that have gradually tried to gain entry. It is likely that the banking system’s fast development has contributed to the continuous growth in the entire Baltic region during the current decade. Investment flows can also help strengthen the complementariness between industrial structures in different parts of Europe. Outsourcing of labour-intensive stages to low-wage countries has recently taken the blame for the weak jobs growth in the United States. In reality the data indicate something else: that the integration with the fast-growing countries in Latin America and the Pacific Rim have been a crucial factor for the United States’ capacity to raise its productivity and prosperity increasingly faster during the 1990s and the 2000s. One study carried out by independent researchers at the institutes NBER in the United States, CEPR in Europe and the IMF show that outsourcing to low-wage countries even strengthens employment growth in the long term. The consultancy firm McKinsey has estimated that each dollar invested in outsourcing to India gives the United States an economic gain of USD 1.12-1.14 and a gain of USD 0.33 in India. In this regard the enlargement affords a similar opportunity for the EU and Europe. There are innumerable examples of how investment in companies in the new member states results in sophisticated cooperation with Western firms.

One of the criteria for introducing the euro is that a country keeps its exchange rate stable within the bands set by the exchange rate mechanism ERM2, which allows a maximum movement in the exchange rate of 15 per cent up or down. The largest of the new member states - Poland, the Czech Republic and Hungary - today have a floating exchange rate. BIS Review 51/2004  1  In this regard there is a more theoretical and more immediate danger for the countries. The theoretical problem has to do with the pressures that high growth exerts on a country's economy and that, according to the Balassa-Samuelsson theorem, either leads to a rise in the exchange rate (nominal appreciation) or to a higher inflation rate than in other countries (real appreciation). If the new member states peg their exchange rates to the euro and at the same time have higher growth than the euro area countries, which they should, then according to the theory they will have higher inflation than the euro area. The problem is that one of the convergence criteria for introducing the euro is that inflation must not be more than 1.5 percentage points higher than in the three countries in the EU with the lowest inflation. This appears to be a potential catch-22 situation.
For Sweden, the long-term implication is that the central bank governor, once all current and new EU Member States are participating in monetary union, would be able to vote on approximately 60 per cent of the decisions. The central bank governor of a large country like Germany, on the other hand, which has around nine times as many inhabitants, would be able to vote at 80 per cent of the meetings. However, all central bank governors would have the right of attendance and expression at all meetings. From a Swedish perspective, this appears to be a rather advantageous solution in my opinion. The ability to exert influence on the formulation of policy is important of course, particularly from a democratic point of view. But it is not simply a question of voting rights, which is the impression one gets sometimes when listening to the debate. Firstly, it is important to remember that the central bank governors must act in the interests of the entire euro area when setting interest rates. In other words, they must not give priority to national interests. Thus far, there have not been any votes held in the ECB Governing Council; rather, monetary policy has been determined through consensus. In addition, all central bank governors have the right of attendance, even under the new proposal, and can therefore be involved in discussions on the stance of policy.

Beyond this substantial direct contribution to GDP, the financial sector plays a critical role in intermediating credit for the economy, and in providing other critical financial services to companies and depositors in Singapore. It is therefore important for the whole economy that the financial sector continues to function normally. Should financial institutions in Singapore become less competitive or credit  BIS Review 127/2008  1  become less readily available, it would hinder the financing of economic activities and raise the borrowing costs of businesses. This would aggravate the already challenging economic situation and thereby adversely affect our growth and jobs. Fourth, this financial crisis is not confined to any country or region, but is a global one. Singapore’s guarantee of deposits demonstrates our confidence in the soundness of our financial system, and helps contribute towards restoring confidence in the international financial system. Why the guarantee is sufficient and prudent The deposits of individuals and non-bank customers with banks, finance companies and merchant banks in Singapore amount to about $ billion. In view of MAS’ stringent regulations and close supervision of financial institutions in Singapore, their strong capital and asset positions, and the potential support that foreign institutions in Singapore can avail themselves of where necessary under the government guarantees provided by their home jurisdictions, MAS and the Ministry of Finance have assessed that the backing of $ billion of the Government’s reserves provided to the guarantee would be more than sufficient. Let me explain.