samchain/econo-pairs-v1 huggingface dataset:
This event underlines the importance of stepping up our efforts to achieve a greater degree of financial integration among the remaining EU Member States, particularly those belonging to the Economic and Monetary Union (EMU). We have to finalise the construction of the Banking Union, and complement it with the development of a genuine Capital Markets Union. This objective should be seen as part of a coordinated effort involving several other areas of economic governance. All of these efforts, taken together, should be aimed at reinforcing the euro area and making it more resilient to shocks. European citizens and firms still face several barriers to invest across European markets. On paper, the EU enshrines the right to the free movement of capital. In practice, financial activity remains largely national. These inconsistencies and obstacles take the form of regulatory barriers, national options and discretions, and infrastructural limitations, the persistence of which is mainly due to limited political resolve. As a result, investment is not well diversified and may not be optimally matched with savings, and the financial system is fragmented along national lines, severely limiting the potential benefits of the single market. In principle, the problem is not one of scarce resources. In fact, the euro area runs a significant current account surplus, meaning that there are savings that could be channeled towards worthwhile investment opportunities. But more ambition is required to achieve welldeveloped and integrated capital markets in Europe.

Against this background, central banks responded by further easing monetary conditions. In the euro area, the Governing Council of the European Central Bank (ECB) resolved at our September meeting to launch a package of measures. These included cutting the deposit facility interest rate by 10 basis points (bp) to -0.50%, strengthening forward guidance on  1  interest rates and improving the financing conditions of quarterly targeted longer-term refinancing operations (TLTRO-III). We also decided to resume net purchases under the asset purchase programme at a monthly pace of € billion as from 1 November and without a defined time limit. This additional global monetary accommodation is serving to stimulate growth and inflation. For instance, the IMF argues in its last WEO update that “the 2019 global growth estimate and 2020 projection would have been 0.5 percentage point lower in each year without monetary stimulus”. In the case of the euro area, it is estimated that the ECB’s measures since 2014, including negative interest rates, have been pivotal to easing financial conditions and, ultimately, to stimulating growth and inflation dynamics. Our analysis shows that the introduction of last September’s package is underpinning favourable financing conditions for all sectors of the economy. In turn, lower financing costs for households and firms are supporting consumer spending and business investment. This will sustain the euro area expansion, the build-up of domestic price pressures and, thus, the robust convergence of inflation on our mediumterm aim.
14  All speeches are available online at www.bankofengland.co.uk/news/speeches  14  Over the past two months, markets have placed a growing weight on the possibility of No Deal, with the betting odds doubling to almost one in three (Chart 11).13 Financial market participants have marked down UK-focused equity prices, sterling and their expectations for MPC policy accordingly.14 Chart 11: Perceived probability of No Deal Brexit up again Meaningful Vote 2  Cross-party talks collapse  PM requests extension of Art. 50  7 Labour MPs resign 3 Tory MPs resign  Withdrawal Agreement voted down  Per cent 40  Theresa May announces resignation  35 30  Further extension of Art. 50 requested EC confirm flexible extension  25 20 15 10 5 0  18 Jan. 19  15 Feb. 19  15 Mar. 19  12 Apr. 19  10 May. 19  07 Jun. 19  Sources: Betfair odds that the UK leaves the EU in 2019 without a Withdrawal Agreement in place and Bank calculations. While the MPC would do what it could to support the economy in the event of No Deal, I would underscore the MPC’s caution that the response of monetary policy to Brexit will not be automatic. As the MPC has repeatedly emphasised, the appropriate monetary response to Brexit will depend on the balance of its effects on demand, supply and the exchange rate.

This seemed a contradiction in terms to many countries – liberalising and opening up but at the same time developing resilience in the financial centre. But we have achieved both. We have managed the tension between liberalisation and developing resilience. I think we’ve managed it rather well. If you look at what happened during the Asian Financial Crisis and subsequently, the Global Financial Crisis, we have come out as one of the safest financial systems in the world. So that was an important third phase – liberalising and opening the financial centre but also developing further resilience. Our credibility today rests on each of these three major phases in MAS’ development and policies – from the foundational years, to the period when we reoriented monetary policy and then in the last phase, liberalising and developing further resilience of the financial centre. The credibility has added up over the years. I also want to say that MAS has become an organisation of excellence. This has particularly been due, in my opinion, to the organisational development efforts that began especially in the mid-1980s, when Mr JY Pillay came in as the Managing Director, followed in subsequent years by Mr Lee Ek Tieng. There was a great focus on organisational development from the mid-80s. It happened that both Mr Pillay and Mr Lee Ek Tieng were amongst the most senior leaders in the public sector. They led the transformation of the MAS as an organisation of people.
These include external ones such as higher prices of foodstuffs and commodities, and internal factors such as the remarkable rise in rents in the main cities due to the economic expansion, increasing demand for housing and offices resulting from an increase in spending on investment, and the expansion of services sector especially in the financial and construction sectors. Although the inflation rate in the Kingdome is less than that in most countries of the region due to the size of domestic production base and due to the availability of directly and indirectly subsidized goods and services such as flour, fuel, water, electricity, and some  2  BIS Review 150/2007  foodstuffs, the continuing increase in inflation requires SAMA to keep a close watch on it and adopt all possible policies to confront this challenge. Dear audience, The banking system’s performance has continued to strengthen over the years with proactive monitoring and guidance from SAMA. Saudi banks achieved good profits, such as the average Return on Equity and average Return on assets. They have not been affected by turmoil in global markets. The banks also have average Basel Capital Adequacy Ratios of over 21 percent well above the mandated international standard of 8 percent. To ensure the continuation of this trend, we continue to accord high priority to appropriate prudential regulations and close supervision of banks. During 2005, SAMA rolled out a risk based approach to bank supervision with on site and off site risk assessments undertaken on an ongoing basis.

Least of all should the impression be given that it is somehow possible to have all the gain without any of the pain. We all know, for instance, that virtually all public sector expenditures are in the nature of fixed charges to revenue in the form of wages, social benefits and other handouts, subsidies and debt-servicing costs, leaving relatively few discretionary items of expenditure. This probably explains why we hear many calls for cuts in Government spending, but no specific proposals on where and how much to cut. Likewise, the rigidities which pervade the labour market and work practices have become so fundamentally ingrained in the behavioural patterns of society that they have assumed the status of acquired rights. A number of institutions remain characterised by outdated cultures and practices, while a sizeable part of the population remains stubbornly dependent on subsidies and artificial protection. Under such circumstances it is clear – and recent electoral experience has underscored the fact – that the quest for competitiveness cannot, and indeed should not, be attempted by the Government alone. The change in culture and behaviour that this requires can only be successfully undertaken through the joint efforts of all the interested parties. Faced with similar circumstances, other countries have successfully injected a new dynamism into their economies on the strength of a broad consensus on reform measures among the political and social forces.
Since 2015, the Bank of Thailand has set a medium-term headline inflation target at 2.5 percent with a band of one to four percent. After running below the target for the past three years, inflation is finally back within the target range, albeit around the lower end, with headline inflation this year and the next forecasted at 1.1 and 1.2 percent, respectively. Some of the factors that have contributed to low inflation are transient, including large fluctuations in oil and agricultural prices. Nonetheless, core inflation, which is designed to look past these shortterm fluctuations has also been low as well, averaging only 0.7 percent year-to-date. For policymakers and economists, stubbornly low inflation against the backdrop of the improving economy is quite perplexing. While core inflation is expected to edge up further given a build-up in demand-pull inflationary pressures, many structural changes warrant monitoring as they might contribute to lower levels of inflation than in the past. This is an ongoing area of research by central banks around the world, as low inflation is not Thailand-only problem, but seems to be shared by a number of countries. Many studies—including Bank of Thailand’s own—find that there are several factors that would have impacts on long-term inflation dynamic. Aging population which implies more saving, manufacturing automation that drives the cost of production down, and online platforms that take away pricing power of traditional merchants are some of the few issues that have contributed and will continue to contribute to the low inflation in the long run.

In this light, most MPC members in the last meeting viewed that current growth momentum still warranted monitoring and monetary policy should continue to be accommodative for some time. However, we are mindful that ultra accommodative monetary policy stance could lead to unintended consequences. The prolonged period of very low interest rates has a side effect that it could undermine longterm financial stability. Therefore, we have been monitoring developments of search-foryield and underpricing of risk behaviors in various sectors. Let me emphasize once again that MPC’s decisions are data dependent. Economic and financial developments, their trends, and risk factors have been and will continue to be weighted carefully by the MPC. I am certain we will be able to navigate the Thai economy towards sustained growth in this increasingly volatile global landscape. Thank you very much for your attention. 5/5
Congress granted this authority to the Federal Reserve in the Financial Services Regulatory Relief Act of 2006, with an October 2011 effective date, but accelerated its implementation to October 2008 as part of the legislative response to the financial crisis. In particular, the ability to pay interest on excess reserves, or IOER – that is, reserve balances held by banks above the level of reserves they’re required to hold – enhanced the Federal Reserve’s ability to control short-  5  After selling a significant portion of its holdings, the SOMA eventually lacked a sufficient volume of unencumbered Treasury securities to sell. However, some additional capacity came from the Supplementary Financing Program (SFP), initiated in September 2008 by the Federal Reserve and the U.S. Treasury Department. The SFP consisted of a series of Treasury bill auctions, separate from Treasury’s regular borrowing program, with the proceeds maintained in an account at the Federal Reserve Bank of New York. Funds in this account served to drain reserves from the banking system, offsetting the reserve impact of some of the Federal Reserve’s lending and liquidity initiatives. The SFP has not been used since July 2011. BIS central bankers’ speeches  3  term interest rates amid its reserve-expanding credit programs and asset purchases.6 Without payment of interest on reserves, short-term interest rates could fall to zero or negative levels given the increased level of reserve balances.

Christian Noyer: Banking regulation and the financing of the economy Introductory speech by Mr Christian Noyer, Governor of the Bank of France and Chairman of the Board of Directors of the Bank for International Settlements, to the Paris-Europlace Forum, New York, 26 April 2010. *  *  *  It is a great pleasure for me to be here in New York and address the audience of this ParisEuroplace Forum. As always, the forum is an opportunity for sharing experiences and perspectives. As we make progress in our efforts to strengthen financial regulation, such discussions are very valuable for confronting views and making sure that we are on the right track. To some extent, the ultimate aim of financial regulation has to do with financing the real economy. Sound regulation should enable the stable provision of financial services to economic agents as they strive to finance their activities. This is why I would like to discuss with you a few aspects of the current reforms of financial regulation that are critical in terms of the financing of the economy. More precisely, in the few minutes I have, I would like to share with you some thoughts on three important policy challenges. How can we make our financial systems more resilient and therefore capable of financing the economy on a long term basis? How can we reduce the procyclicality of financial systems? How can we address systemic risk?
Zeti Akhtar Aziz: The development of Islamic finance Welcoming address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the Global Islamic Finance Forum 2010, Kuala Lumpur, 25 October 2010. *  *  *  These are defining moments in the development of Islamic finance. In this current global economic environment of extraordinary challenges and uncertainties, Islamic finance is becoming very much a part of the journey to bring the world towards a new level of stability, prosperity and international integration that is inclusive. Whilst Islamic finance has come a long way and is set to continue its growth trajectory, new capabilities and strategies are needed to tap the immense opportunities from the growing internationalization of Islamic finance. It is my great pleasure and honour to welcome you this morning to this Global Islamic Finance Forum (GIFF) 2010. Allow me to express our gratitude to Duli Yang Teramat Mulia Raja Dr. Nazrin ibni Sultan Azlan Shah for gracing and addressing our gathering today, and to the Honourable Prime Minister of Malaysia, Yang Amat Berhormat Dato’ Sri Mohd Najib bin Tun Haji Abdul Razak for officiating this important forum. Since the dawn of this 21st century, Islamic finance has undergone the most dramatic transformation to its landscape. This period in the history of Islamic finance is remarkable for its many significant milestones and for the rapid growth that has been sustained.

Such an outcome is likely to raise the rate of unemployment consistent with stable wage growth i.e. the NAIRU. The second outcome is different. Vacancies may be temporarily higher, and above their steady state level in the short-run, if firms are anticipating that it will be harder to find workers in the future when unemployment falls. In that scenario, demand picks up, the impact of matching frictions in the labour market dissipate over time, and both vacancies and unemployment fall. The NAIRU would be less affected in this scenario. Another possible explanation is that the level of advertised vacancies is elevated due to employers overestimating the growth of demand to come just as the speed of the recovery falls off. In this case, some of the vacancies turn out not to be jobs as employers change their mind, or at least hiring is put back. The implications of these labour market outcomes are quite different for growth, inflation, and thus monetary policy, which illustrates the uncertainty we face. Before turning to inflation, I want to say something on earnings. On the face of it, headline earnings are elevated. Pay growth of around 8% for July (the latest available number) is very high.
The danger is that, if we do not proceed with due care, hurried decisions will be made that will be revealed to be poorly conceived the next time the financial system runs aground, which might not occur until decades from now. The other point I wish to make is that the Central Bank of Iceland will do its utmost to ensure that this policy-making process is carried out as meticulously as possible, and its staff have significant expertise on all of these issues. The Bank’s next major contribution to this process will be an in-depth report on Iceland’s options for a currency regime, which will be published this spring or early this summer. 6  BIS central bankers’ speeches  Before I close, I would like to thank the Central Bank’s many collaborators for a successful cooperative relationship over the past year. Particular thanks are due to the ministries with which the Bank works most closely: the Ministry of Economic Affairs and the Ministry of Finance, as well as the Prime Minister’s Office and the Ministry for Foreign Affairs. I would also like to express my gratitude for the cooperation with the Parliament of Iceland, particularly the Economics and Commerce Committee. In addition, I wish to thank the Financial Supervisory Authority for successful collaboration in 2011, the first year of the new cooperation agreement between the two institutions. And last, but certainly not least, I would like to thank the staff of the Central Bank for their work during the year.

BIS Review 33/2001  3
But starting from this elevated level, the risk that the FPC is concerned about is that with limited housing supply, the demand for housing in the UK continues to push prices up; that lenders are ever more willing to finance high loan-to-income mortgages as house prices rise, and that as a result household indebtedness climbs sharply, making the economy and financial system more vulnerable. This risk is greater at a time of exceptionally low interest rates which may well mask the likely true cost of a mortgage over time. So at its recent meeting the Financial Policy Committee agreed two measures. First, that when lenders are assessing applications for mortgages they test whether the mortgage would be affordable if interest rates were to be 3% higher. And second, that no more than 15% of a lender’s flow of new mortgages should be more than four-and-a-half times the borrower’s income. These measures do not bite now on the market as a whole. Most lenders are already testing whether borrowers could afford mortgages if interest rates were to rise by around 3%. The FPC’s first recommendation is intended to stop that from slipping. And though the proportion of new mortgages worth more than four and a half times the borrower’s income has been increasing sharply, it is currently around 10%, below the 15% limit the FPC has set in its second recommendation. These measures should be thought of as insurance.

Durmuş Yılmaz: Turkey beyond 2008 Speech by Mr Durmus Yılmaz, Governor of the Central Bank of the Republic of Turkey, at the Annual Investment Conference "Turkey beyond 2008", organised by the Foreign Economic Relations Board (DEIK) and The Turkish-American Business Council (TAIK), New York, 17 March 2008. *  *  *  Dear Guests, As you all may know, the Turkish economy used to experience boom-and-bust cycles throughout the 1990s. The economic crisis in 2001 was the low point of this period, when the economy contracted more than 5 percent. Since then, Turkey has put in place a very intense and ambitious structural reform agenda, coupled with sound monetary and fiscal policies, to establish macroeconomic and financial stability and to improve the business environment. Central Bank independence that was granted by Law in 2001 was one of the milestones of this agenda. The introduction of free-floating exchange rate regime in 2001 and inflationtargeting regime in 2002 were other key steps. The Central Bank of Turkey has also experienced a comprehensive institutional change towards a better communication policy and clearly defined accountability measures. We have experienced a significant disinflation process since 2001. The consumer price index came down from 68.5% in 2001 to 8.4% in 2007. I should call your attention to the fact that the list of countries that lowered inflation in 2007 was quite short, thanks to global inflationary pressures in food and other commodities.