samchain/econo-pairs-v1 huggingface dataset:
We are about a month and a half behind schedule only on this issue. The consultations that the Minister of Finance and I had last week show that the signing of such a Memorandum is still possible but this will urgently require at least two things: firm political support and a clear mandate of the central bank governor. The political decision on this issue comes with a price. Over the last months, and especially the last weeks, markets have been giving us very clear and warning signals. The price of Bulgaria's newly issued debt has been rising at an unprecedentedly high rate. This implies an enormous additional financial weight in the medium term, which  3/5  BIS - Central bankers' speeches  more acutely than before poses the question about the terms of funding Bulgaria's budget and economy. What is the connection with the topic under discussion? The connection is direct. If you read credit rating agencies' announcements, you will see that the key factor for Bulgaria to get a rating upgrade, i.e. for improved terms of its funding, is the successful implementation of the euro area accession process. As a reference point, after the decision on Croatia's accession was made, two credit rating agencies upgraded its credit rating by two notches even before Croatia actually joined the euro area. Thus Croatia's credit rating, which before the decision was one notch lower than Bulgaria's, now is one notch higher than Bulgaria.

This monograph answers the same questions which have been brought up now. Three current and two former employees of the BNB, who have an important contribution to the Bank's research programme, participated in the preparation of this monograph, though as co-authors in their academic capacity and not representing the BNB. One of the primary conclusions in the monograph is that the Bulgarian economy is highly prepared for the adoption of the euro and for successful operation as a member of the euro area. As regards the BNB, there is a large number of analyses and studies relevant to this topic, most of which are publicly available. The BNB has published studies on topics related, for example, to: transmission of the ECB's monetary policy; measurement of the financial cycle compared to the euro area; the exchange rate and assessment of its equilibrium; measuring the business cycle in Bulgaria and its degree of synchronisation with the business cycle in the EU/euro area; competitiveness of the Bulgarian economy; macroprudential aspects of banking supervision; dynamics and factors of the labour market, investments and the housing market. Additionally, from July 2018 when the real work on Bulgaria's accession to the euro area began, until July 2020 when the decision was made on Bulgaria's entry into the EU's Banking Union and the inclusion of the Bulgarian lev in the Exchange Rate Mechanism, the BNB Governing Council reviewed more than 60 reports and made the relevant decisions on this topic.
The IMF may lend large amounts, create moral hazard in doing so, and still not be able to ward off the threat of financial crises. And faced with a run on their currency or banking system, countries may be forced to take unilateral action to suspend payments. So what to do? 4. The middle way  Given that neither purist approach is on the agenda, the international community has been trying to take some practical steps forward. The aim is to reduce the frequency and severity of financial crises. Some might describe this as muddling through. I prefer to call it the “middle way”. The difference is that the middle way is based on the principle that if the emergency services will be slow to arrive then whichever form of transport you care to think of, borrowing countries should drive slowly. How to encourage and enforce careful driving has been the subject of innumerable international meetings. Initially, the discussion took place in the G10, which, as you know, comprises eleven countries. Then last year the discussion was taken up by the G22. By the spring of this year that group had become the G33. Can you complete the sequence by guessing which international forum will take the lead next year? Suffice it to say that at the original Bretton Woods conference there were forty-four countries and it took place fifty-five years ago. In terms of practical steps forward, it is useful to distinguish between the prevention and resolution of crises.

William C Dudley: The national and regional economic outlook Remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the New Jersey Performing Arts Center, Newark, New Jersey, 18 August 2011. *  *  *  Good morning. I am pleased to be in Newark this morning and to speak to the members of the Newark Regional Business Partnership. In the aftermath of the financial crisis, as we wound down our emergency meetings, I asked my staff to develop an ambitious outreach program so I could visit the different parts of my District. Over time, I plan to visit all parts of the region. Each trip gives me a chance to deepen relationships with the people I represent. As you may know, the New York Fed’s District includes 12 counties here in northern New Jersey; all of New York State; Fairfield County, Connecticut; Puerto Rico; and the U.S. Virgin Islands. In June, I met with community leaders, businesses and elected officials in Brooklyn, and in May I travelled to several cities in the mid-Hudson Valley north of New York City to meet with the leadership of those communities. Today and tomorrow I will meet with a wide range of people and organizations here in northern New Jersey to talk about what I do and to learn firsthand about the economic and financial issues important to you.
In this regard, we have already implemented several measures, including removing the double-imposition of stamp duty for Shariah-compliant financing structures, and refining our rules to allow banks to offer Murabaha financing and deposits. As a further step, I am happy to announce that with effect from today, Singapore-based banks may enter into Murabaha interbank placements and offer Ijara Wa Igtina financing. These changes will enable the financial institutions offering Islamic finance a wider range of instruments in their management of liquidity and in their matching of assets and liabilities. These changes have been made after detailed consultation with the industry. MAS will continue to work closely with the industry to ensure that our regulatory and tax framework, and other necessary infrastructure and conditions are in place to foster good risk management and the further growth of Islamic Finance in Singapore. I announced at the World Islamic Banking Conference in Bahrain two months ago that we were in the final stages of setting up a facility to issue sukuk. Today’s signing ceremony marks a further milestone in our developmental efforts. With the help of our financial and legal advisers, the work on the legal structure has been completed. The sukuk, which is based on the Al-Ijarah structure, has been carefully studied by the eminent Shariah scholars advising the Islamic Bank of Asia and Standard Chartered Bank for its full compliance with Shariah principles. This sukuk is the Sharia-compliant equivalent of Singapore Government Securities (SGS), and is of the highest credit standing.

For a practitioner of monetary policy like myself, this area contains a number of difficult issues. I shall be raising some of them this morning and they will also be discussed during the conference. By the end of the conference I hope we will be able to look back on a fruitful discussion and have a better understanding of the issues and problems involved. How should monetary policy respond to movements in asset prices? This depends on how the central bank chooses to use the information contained in asset prices. In a regime that explicitly targets inflation, asset prices are taken into account via the effects on aggregate demand. Rising share prices increase household wealth and that would raise consumption for a given level of income if these increases in wealth are considered to be of a permanent nature. At the same time, consumer confidence boosted by higher share prices could potentially make individuals more prone to spend their increased wealth. An increase in share prices also makes investment more attractive to firms since it increases collateral values and lowers the cost of new capital relative to existing capital. If share prices predict higher expected output growth, this could also lead to more investment. If the asset prices on which households and firms base their consumption and investment decisions prove to be too optimistic, this would create inflationary pressure in the short term. An important question in this context is how sensitive households’ and firms’ consumption and investment responses are to changes in asset prices.
When this kind of shock occurs, whether it is a question of lower or higher inflation, it is reasonable to allow the effects to dissipate gradually and not to act too strongly with the interest rate. One feature of the debate on monetary policy in the past year has been more or less fanciful assessments of how much higher employment could have been if only the Riksbank had acted more prudently. The figures have varied from 20,000 up to 75,000 more jobs. It is certainly not easy to make these kinds of counterfactual estimates; I admit that much. They require some rather bold assumptions. They presuppose not only that the Riksbank would have been considerably more successful than all other forecasters in assessing where the economy is headed. They also presuppose that we would have succeeded in convincing external parties of this in advance, and would have done so at least partly during a period when inflation in Sweden was clearly above the 2 per cent target. In order to get an idea of what the effects on employment of a different interest rate policy could have been, we have conducted a couple of experiments ourselves. They show that it would have been difficult to achieve employment effects over 10,000 people even if the repo rate had been a whole percentage point lower in the past year.

Through the CBC's  3/4  BIS - Central bankers' speeches  actions over the past years and its coordinating role in the Committee, we have shown that we consider the issue of utmost importance. Moreover, in line with recommendations by international bodies such as the World Bank, I would also like to express the willingness of the CBC to have a leading role in the implementation stage of the National Strategy. I am positive that both the State and the private stakeholders share my belief that investing in financial literacy undoubtedly means investing in a sound financial future for our country and its people. It is now time for Cyprus to take the bold step in this direction. I would like to wish you all a fruitful seminar and discussion. 1 Panayiotis C. Andreou & Dennis Philip, 2018. "Financial knowledge among university  students and implications for personal debt and fraudulent investments," Cyprus Economic Policy Review, University of Cyprus, Economics Research Centre, vol. 12(2), pages 3-23, December. 2 Financial Education Programs and Strategies Approaches and Available Resources,  January 2014, https://www.worldbank.org  4/4  BIS - Central bankers' speeches
Svein Gjedrem: Globalisation and monetary policy in Norway Address by Mr Svein Gjedrem, Governor of the Central Bank of Norway, at the Nordic CFO Seminar, Stockholm, 10 May 2006. The address is based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 26 April, Inflation Report 1/06 and on previous speeches. Please note that the text below may differ slightly from the actual presentation. The  Charts in pdf-format can be found on the Norges Bank’s website. *  *  *  Thank you Madame Chair, Let me first say that I am glad of this opportunity to address you on the issue of globalisation and monetary policy in Norway. Effects of increased globalisation The term globalisation can mean different things to different people, but today I refer to the growing interdependence of national economies as reflected in greater and freer flows of goods, services, capital and even labour across national borders. The globalisation process has accelerated over the last 15 years through increased trade liberalisation, political changes, technological advances, and a sharp reduction in transaction costs. As illustrated in this chart, cross-border flows of goods and capital are growing at a markedly faster pace than world production. These developments present challenges to monetary policy. Financial imbalances have been building up internationally as a result of a strong rise in cross-border capital flows and foreign asset ownership. In Norway, we are facing a significantly changed terms-of-trade pattern.

Currently there are some 9,000 HLIs with assets under management of about USD 1,600 billion. 4 Despite these impressive figures, the HLI industry remains modest in relative terms. HLIs have a market share which is smaller than the trading books of the five largest international banks and they represent only a fragment of the total debt securities (USD 65,000 billion) and credit default swaps outstanding (USD 25,000 billion). However, more important is the activity of HLIs in some market segments, especially in the more complex ones. In the markets for credit default swaps, distressed debt and emerging market bonds, for instance, roughly half of the trading volume can be attributed to HLIs. In the more traditional markets for interest rate derivatives and mortgagebacked securities, their share drops to only 10% again. 5  2. The benefits of HLIs  HLIs have undoubtedly been a source of innovation in the global asset management industry, especially with regard to traded credit products. Moreover, through their flexible and largely unconstrained investment approaches as well as through their extensive use of innovative financial instruments, they have contributed to improving the efficiency of price discovery in financial markets. By buying assets that are perceived to be undervalued and by selling assets that are perceived to be overvalued, HLIs help to move mispriced assets toward their fundamental values. HLIs play an important role in trading and distributing risk. Thus, they enhance market liquidity, perhaps even in periods of stress, when nobody else is willing to take risks.
Today I will cover three key areas: •  Firstly, how we want to expand access to RTGS to enhance financial stability and promote competition;  1  Bank of England, A blueprint for a new RTGS service for the United Kingdom, https://www.bankofengland.co.uk/paper/2017/ablueprint-for-a-new-rtgs-service-for-the-uk  3  All speeches are available online at www.bankofengland.co.uk/speeches  3  •  Secondly, how we are examining ways of supporting settlement across innovative payment technologies; and  •  Finally how ISO 20022 implementation will support innovation, harmonisation and resilience. Improving access  The Bank wants to see the next generation of RTGS support greater competition and innovation within the payments industry. Expanding access to the service also has the benefit of providing greater financial stability by reducing operational reliance on a small number of banks and lowering the credit exposures between direct and indirect participants. We have therefore changed the access criteria to enable non-bank Payment Service Providers (PSPs) to join. Earlier this year Transferwise was the first non-bank to gain direct access to RTGS, followed soon after by Ipagoo. Going forward we also want to make the onboarding process smoother and more efficient. For instance, we intend to introduce automated testing, which will reduce the burden and manual effort required by both new and existing participants when someone joins RTGS. And we will introduce simulators to help onboarders better familiarise themselves with RTGS and the full functionality it offers before going live. Innovative payment technologies  The UK is a world-leader in financial services technology and innovation.

There are also a wide range of domestic and international policy changes ranging from the creation of the New Payments Architecture to the implementation of PSD2 so now seems an opportune time to promote the transformation of the payments landscape. The Bank is committed to introducing the new service in a safe and sustainable way which ensures the integrity of the high-value payments system and provides for close levels of co-ordination with participants. 2  All speeches are available online at www.bankofengland.co.uk/speeches  2  A core objective in the renewal programme is to ensure the resilience and safety of the UK’s payment infrastructure whilst also supporting competition and innovation in the financial services industry. We want to support new ways of doing business and serving society’s payment needs. Our vision of the future RTGS 1  was set out in a Blueprint published in 2017. In developing this vision we undertook considerable dialogue with industry: it is essential that the new system meets its needs. Our vision  Five guiding principles sit behind our vision for the renewed Real-Time Gross Settlement service. Higher resilience: Resilience to operational and security issues will be at the heart of the new service, as it is today. The renewed RTGS will continue to offer best-in-class resilience which means it will be designed to deliver an improved objective of zero or near-zero downtime for currently known resilience problems.
Placing an excessive focus on monetary policy in this context could easily lead to the underlying problems on the labour market – and the solutions to them – not receiving the discussion they deserve. The target of monetary policy is to stabilise inflation at around two per cent. Without prejudicing this target, monetary policy should also strive to stabilise production and employment around long-term sustainable development paths.1 Put very simply, this is a matter of trying to steer demand so that resource utilisation is balanced but inflation does not deviate too far from two per cent. It’s easy to describe, but it’s a difficult balancing act in practice. Unlike inflation, resource utilisation is not observable; instead, its level must be estimated. The Riksbank has put a lot of work into estimating various so-called gap measures that show how strained resource utilisation is, compared with a normal situation (examples of these include the GDP gap, the hours gap and the unemployment gap). Using these various measures as a basis, we make an overall assessment of resource utilisation. What these gap measures have in common is the comparison of the various quantities actually measured to unobservable quantities. For example, the unemployment gap is calculated by comparing actual unemployment to estimated equilibrium unemployment. So all of these calculations are uncertain.

The performance of the non-bank financial institutions has todate been fair as the Bank of Zambia continues to implement measures aimed at maintaining and enhancing the soundness of the financial system. Chairperson; when we met last year at Fringilla in Chisamba, I informed the participants to the 12th Media Seminar that further expansion in the banking sector was eminent, as some commercial banks had plans to re-open or indeed open more branches across the country, this has come to reality as most of you have seen the establishment of new branches by  2  BIS Review 113/2007  several banks. These developments are undoubtably a manifestation of the improving investment environment arising from consistent macroeconomic reforms reflected in enhanced macroeconomic stability. We have also continued to received inquiries from foreign banks that want to establish operations in our country. Under the Financial Sector Development Plan, implementation of activities has continued key among them being: a)  Sovereign rating for Zambia  The process of obtaining a sovereign rating for Zambia, being spearheaded by Government has made appreciable progress, with the completion of the Terms of Reference for the provision of advisory services and subsequent submission of Cabinet Memorandum for approval. The Sovereign rating is expected to compliment other government initiatives to promote foreign investment in the Zambian private sector and stimulate the development of domestic capital markets and investment by Zambians.
Jaime Caruana: Basel II progress Remarks by Mr Jaime Caruana, Governor of the Bank of Spain, at the Institute of International Bankers Breakfast Dialogue with Government Officials, Washington DC, 26 September 2005. *  *  *  Thank you very much. It is an honour to be here once again for a productive dialogue with members of the Institute of International Bankers, and it is equally an honour to be on a panel with such distinguished colleagues from the United States and the United Kingdom. I will keep my remarks as brief as possible so that we can have plenty of time for your questions and comments. It will probably come as no surprise that I will focus my remarks this morning on the same topic that I discussed with you last year: the new framework for capital adequacy, or Basel II. As you are probably aware, the Basel Committee published the Basel II Framework in June last year. At that time, the Committee indicated that while the Framework was mostly complete, several important technical matters still needed further work. Specifically, the Committee determined that more work was necessary with regard to (1) elements of the trading book and the treatment of so-called double-default effects for hedged transactions; and (2) the estimation of loss given default during periods of economic downturn.

We are also seeing a tightening of money, with annual M1 growth turning negative for the first time since the creation of the euro area − although this is also being driven by the shifting of funds from overnight to better-remunerated time deposits in the context of higher rates. For the second leg of the transmission process – from tighter financing and monetary conditions to demand – there is currently more uncertainty. We know that the full effect of monetary policy on demand will only reveal itself over time. But both the strength and speed of this process could have changed. Since the ECB last conducted a major hiking cycle, in the mid-2000s, the financial structure of the euro area has evolved. The share of variable-rate mortgages has fallen, slowing the transmission of interest rate increases into debt payments. Excess savings and the low pass-through to deposit rates might also weaken incentives for households to save more of their income in response to higher policy rates. These factors could mean a weaker pass-through to consumption. At the same time, we have seen a very sudden shift from low-for-long rates to considerably higher levels – and this is already having an impact on more interest-sensitive demand components like investment. Housing investment has been falling for the past three quarters and business investment also contracted at the end of last year. The greater role today played by sectors that rely on discounted future earnings, such as tech, could also make monetary transmission more powerful.