samchain/econo-pairs-v1 huggingface dataset:
Eric S Rosengren: A look inside a key economic debate – how should monetary policy respond to price increases driven by supply shocks? Remarks by Mr Eric S Rosengren, President and Chief Executive Officer of the Federal Reserve Bank of Boston, to the Massachusetts Chapter of NAIOP, the Commercial Real Estate Development Association, Boston, 4 May 2011. *  *  *  Of course, the views I express today are my own, not necessarily those of my colleagues on the Board of Governors or the Federal Open Market Committee (the FOMC). I would like to thank David Begelfer and his colleagues at NAIOP Massachusetts for inviting me to join you today to discuss the economy and monetary policy. I am happy that financial markets and the economy have made significant progress since the depths of the financial crisis, but I am far less happy that the recovery to date has been so undesirably slow and anemic. In my reading of economic history this is, unfortunately, typical of economic downturns that are accompanied by severe financial disruptions. The debate I’d like to focus on today is the one over the likely impact of recent increases in the prices of food and energy, and how monetary policy should respond. The Fed’s policy stance, as you know, is currently very accommodative – a stance that I believe is appropriate given the tentative recovery and still-high unemployment.

We at the Fed need to very closely monitor the data to make sure that inflation remains contained. And we will. But as I believe I will demonstrate this morning, the most likely result is that these supply shocks cause slower growth in the near term while having only a modest effect on longer-term inflation rates – which has been the U.S. experience since 1986. Unemployment remains quite elevated, at 8.8 percent, and I anticipate a slower return to full employment than we would have experienced absent these supply shocks. With the core inflation rate over the prior year at a little above 1 percent, I anticipate only a gradual return of core and total inflation rates to something like our consensus “stable” rate of about 2 percent, over the medium term. If the economic data continue to support this outlook then the current, accommodative stance of monetary policy is appropriate, and can remain in place and continue to support economic growth – so that we continue to make progress toward our goals of returning to full employment and a sustainable long-run inflation rate – the two elements of the Federal Reserve’s dual mandate from Congress. 1  My colleague Geoffrey Tootell, Director of Research at the Boston Fed, has prepared an illuminating public policy brief that investigates whether commodity price spikes cause long-term inflation.
The review did not result in a broad revision of the powers and mandate of the ESAs, nor in a strengthening of the European perspective in the ESAs governance. Ultimately, the growth and integration of capital markets need to be reflected in the EU’s supervisory set-up. Reaping the synergies between CMU and banking union This brings me to my last point: we should take advantage of the synergies between CMU and banking union. More efficient markets could complement banking union by offering ways to mobilise EU savings to finance young and innovative firms. Fostering equity investment by addressing the debt-equity bias would support the development of an equity culture and increase households’ return on their savings, for example. It could furthermore enhance financial stability through the reduction of leverage in the corporate system. At the same time removing barriers to the functioning of crossborder debt markets would facilitate a smooth allocation of the savings surplus across the euro area. Creating an EU playing field in terms of insolvency regimes, taxation and supervision would support both the objectives of CMU and the banking union. In fact, strong cross-border banks and cross-border ownership of assets would reduce the risk of disruptive capital flight in crisis times, while also reducing the bank-sovereign nexus. To achieve CMU and banking union, we should also look at controversial issues such as the need for a European safe asset. There is no other currency union in existence in which regional debt is considered to be the safe asset.

In fact, the instrument of collective labour agreements is regulated by only three short paragraphs in Swiss law. The negotiation setup typically guarantees that firm and industry specifics are taken into account in the arrangements, so that competitiveness can be preserved. The high employment rate among the domestic working-age population shows that the Swiss labour market is in good shape. Currently running at 80%, employment is almost 15 percentage points above the European average. 4.3  A sound fiscal policy  Another supporting factor for the Swiss economy is sound public finances, as reflected in relatively low fiscal deficits and public debt. This fiscal discipline is related to the political institutions of direct democracy and federalism. Swiss voters tend to be pragmatic and have generally shown little inclination for large and ‘creative’ public projects. Furthermore, fiscal decentralisation is pervasive: the cantons, the main sub-national entities, are like sovereigns on a smaller scale, and have extensive taxation and spending powers. In Switzerland, regional autonomy enhances control of public spending and accountability. One element of the incentive scheme is the tax competition among cantons. The cantons are free to set their own tax rates or establish new taxes. As companies and individuals can vote with their feet, cantonal governments have an incentive to strike the best possible balance between the tax burden they impose and the public services they provide. These traditional elements were complemented at federal level with a stringent debt brake mechanism in the early 2000s.
Eddie Yue: Hong Kong: the natural gateway to Islamic finance in Asia – current developments Keynote address by Mr Eddie Yue, Deputy Chief Executive of the Hong Kong Monetary Authority, at the 2009 Asia Sukuk Summit, Hong Kong, 18 February 2009. *  *  *  Ladies and gentlemen, It is a great honour to be invited to speak at today's inaugural Asia Sukuk Summit in Hong Kong, and a pleasure to welcome you all, especially those of you who are visiting Hong Kong. This is the first Sukuk Summit to be held in Asia and it takes place at the beginning of the Year of the Ox in the Chinese calendar. The ox symbolises strength, resilience, and – of course – bullishness. For, while it may be true that we are still in the middle of unprecedented financial turbulence, every crisis brings with it new opportunities for renewal and change. The remarkable turnout today clearly reflects a desire to explore new ways of restoring financial market stability and, most important of all, promoting growth. This Summit has assembled an impressive gathering of colleagues from both the public and private sectors from many parts of Asia, Europe and the Middle East. The theme of the Summit – "Towards A New Silk Route for Islamic Finance" – is an apt one: it is a call for partnership in creating new regional bonds and links of the kind that once allowed this ancient trade route to flourish in a diverse yet co-operative world.

With these remarks, ladies and gentlemen, let me wish the inaugural Asia Sukuk Summit a great success and all of you a most productive time here in Hong Kong. Thank you. 4  BIS Review 19/2009
Sveriges Riksbank and Schnabel, I. and Shin H. S. (2018) “Money and trust: lessons from the 1620s for money in the digital age”. BIS WP No 698. 4 Camera, G. (2017). “A perspective on electronic alternatives to traditional currencies”. Sveriges Riksbank Economic Review 2017:1. Sveriges Riksbank. 5 The copper standard was introduced in 1624. The reasons for this were the shortage of silver and gold due to the prolonged wars, and a desire to maintain the price of copper, which was Sweden's most important export product. 2  2 [15]  than several kilos of metal. This is how Europe's first modern paper money to use printing technology came to be. Unfortunately, the bank issued more money than it had cover for, leading to bankruptcy. But the need for a bank remained and, a few years later, the Riksbank was founded and was eventually able to issue banknotes on behalf of the government under more controlled forms. 6 However, it was not just the government that was allowed to issue banknotes at that time. For example, in Sweden, private banks were allowed to issue their own banknotes into the 20th century. The Riksbank did not gain a monopoly on issuing money in the form of banknotes and coins until 1904. The problem with the private issue of banknotes was the risk of the bank issuing the money entering bankruptcy, in which case this money could fall in value.

If a private player were to run such a system, all participating banks  18 Swish is owned by Getswish AB but administrated by Bankgirot. 19 As of April 2018. Current statistics on payments can be found on the Riksbank’s website, www.riksbank.se/sv/finansiell-stabilitet/betalningssystemet-rix/statistik-over-betalningar-i-rix/2018/. 7 [15]  would have large claims on that player, just as they have on the Riksbank at present. If such a private player were to enter bankruptcy, this money would be lost. That risk does not exist when the central bank runs the system. In addition, the central bank can supply the necessary liquidity that allows payments to function without friction. The central bank can thus function as ‘the banks’ bank’. It is therefore common for the settlement system to be placed at the central bank. It is also a service demanded by the banks themselves. Settlement in the RIX system also involves finality, which is to say that the payment is legally executed when it arrives in our system. The payment market is changing The arrival of the Internet in the late 1990s and early 2000s boosted the digitalisation of society and the payment market. New participants entered the market and many digital services linked to payments are presently offered, such as mobile solutions, electronic identification and so on. Changed consumption patterns such as increased on-line shopping are also generating demand for digital payments.
19  Figure 13 Total factor productivity (TFP) and per capita GDP, 2012-2014 average (*) 1.8  1.8  TFP level w/respect to US (US =1)  Chile  OECD  Latin America  Others  1.2  1.2  0.6  0.6  0.0  0 0  1  3 7 20 Per capita GDP thousands of $ of 2011, log scale  53  143  (*) Countries with population over one million and average PTF no higher than twice that of the United States. Blue dots show OECD member countries as of 2017 (Mexico included). Source: Central Bank of Chile using PWT 9.0 data. Table 3 Productivity growth breakdown: 2006 - 2015 (*) (percent) Productivity growth Productivity growth of firms continuing Reallocation across firms continuing Net turnover margin  0.97 1.23 1.03 -1.30  (*) Annual average of productivity growth breakdown between 2006 and 2015. Values scaled by average productivity. Parameters estimated using the Levinsohn and Petrin (2003) methodology calculated on 91 sectors. Source: Central Bank of Chile using data from Internal Revenue Service (SII), F22 and DJ1887. 20  Figure 14 Recent changes to MP meetings' frequency (1) Current Japan  2016  Israel  2017  S. Korea  2017  Eurozone  2015  U.K.  2015  Czech Rep.  2008  Previous  Norway (2)  2018  4  6  8  10  12  14  (1) Left of red dots is year in which the number of monetary policy meetings was reduced.

Then, let us take action with Leonardo da Vinci: "Knowing is not enough; we must apply. Being willing is not enough; we must do". Doing not for the bitter pleasure of austerity,  Page 9 of 9 but to ensure the sustainability of our social model, and the efficiency of our public services and our economy. Thank you for your attention. i  See the MIX scenario , Table 46: Commission staff working document, Impact assessment, Accompanying the document, Communication from the Commission to the European parliament, the Council, the European economic and social committee and the committee of the regions, Stepping up Europe’s 2030 climate ambition, Investing in a climate-neutral future for the benefit of our people, September 2020. ii Cour des Comptes, "Report on the position and outlook of public finances" (Rapport sur la situation et les perspectives des finances publiques, 22 June 2021), or the Public Annual Report, 16 February 2022. iii F. Villeroy de Galhau, The Eurosystem and its monetary policy: from an “impossible dilemma” to a possible roadmap for normalisation, speech, 6 May 2022. iv According to Eurostat, spending on pensions and “economic affairs” reached 15.7% and 6.8% of GDP respectively in France in 2020, compared with 13.4% and 5.9% of GDP for the euro area as a whole (12.3% and 4.6% in Germany). v F. Villeroy de Galhau, Making the post-Covid era a success for the French and European economy Pour l’économie française et européenne, réussir l’après-Covid, speech, 18 January 2022.
Several measures have already been taken, including in the Budget for 2011, such as incentives for women to re-enter the labour market, and trying to remove “unemployment traps” that arise from the interaction of the tax and welfare system. The gradual increase in the retirement age will also help. But this will not be enough. Efforts to get more people to work must, moreover, be accompanied by measures to raise their productivity. We need to invest more, and more efficiently. Malta’s educational attainment levels in particular, though improving, remain low. In 2009 just over one quarter of adults aged between 25 and 64, much less than half the EU average, had completed at least an upper secondary level of education. 6 The solution here does not lie solely in allocating more resources. It is also a question of how the money is spent. According to a recent study, public spending on education in Malta amounts to around 5.5% of GDP, which is above the EU average. 7 But the study also shows that this spending is not very efficient, especially in the case of tertiary education. Despite the significant amounts spent, Malta’s tertiary educational attainment level, at 21.1%, is well below the EU average of 32.3% and the Europe 2020 target of 40%. 8 This situation must be reversed because well-remunerated jobs cannot be created in the absence of high-quality post-secondary education. As the recent Browne report in the UK  3  Source: Eurostat. 4  Source: Eurostat.

The final decision on the design concept to be implemented was made on the basis of the revised concepts and the criteria laid down in the Competition Rules. In the Revision Phase each of the three teams has gone into depth of research and development, reaching a level of design for a new premises which would be suitable for the ECB and could be realistically constructed. I would like to thank them for their work and have great respect for what they have created. Each design proposal is unique in its own way. As we will, of course, only build one design, we, my colleagues from the Governing Council and myself, had then the difficult/challenging task to choose one of the revised design proposals. BIS Review 5/2005  1  We had then great pleasure to confirm the Jury’s proposal and to announce Coop Himmelb(l)au as the winning architect of the international urban planning and architectural design competition for the new ECB premises. I would like to ask now Mr. Papademos, as he was also the Chairperson of the international jury of the competition, to present the main elements of the Governing Council decision for the chosen design of Coop Himmelb(l)au.. *  *  *  Ladies and gentlemen, The Governing Council’s decision on the winning design concluded the international urban planning and architectural design competition for the ECB’s new premises. This means that a major step towards building a new, permanent home for the ECB here in Frankfurt has been completed.
Going forward, we intend to strengthen the EPF operations by expanding member services to the  As in the past, the currency  regional level through EPF units  management policy of the Central Bank  established in the Central Bank Regional  will be focused on maintaining quality  Offices. Initiatives have also been taken  standards. Accordingly, the Central Bank  to re-register all members with the new  plans on strict enforcement of law as  biometric National Identity Card in  per the Monetary Law Act on wilful  consultation with the Ministry of  mutilation, alteration and defacement of  National Policies and Economic Affairs. currency notes in order to improve the quality of currency notes in circulation to reflect the image of the emerging Sri Lankan economy. Central Bank of Sri Lanka – ROAD MAP 2017  In line with the government policy agenda, we are in the process of reviewing investment policies by incorporating international best  26  practices, focusing on proper assets  •  Enhancing the institutional capacity  diversification and risk management  to ensure effective and efficient  with the assistance of the Asian  fund management  Development Bank (ADB) and the World Bank. •  Improving the framework for managing financial risks  Going forward, the EPF will also focus on the following; •  • •  Improving web based ICT  the Central Bank manages public debt  technologies to link employers,  on behalf of the government.

We aim to protect the system, not to keep in being unviable banking capacity …...” And, paraphrasing Mervyn King in 2007: “if the [authorities] underwrite any [risk] that threatens to damage the economy as a whole, it encourages the view that as long as a bank takes the same sort of risks that other banks are taking then it is more likely that their problems will be insured ex post.” Extrapolating, common principles for LOLR, MMLR and COLR might include that the terms must help prevent and contain crises; not incentivise imprudent behaviour; be timeconsistent, which is to say that they must be credible; and lead to an exit strategy. Elsewhere in the repertoire, we are clear, for example, that the costs of LOLR should fall to shareholders; and that the costs of deposit insurance should be recovered by levies on the banking sector as a whole. Building on that, one possible way through the COLR maze might conceivably be to establish, over the medium term, a regime where the eventual cost of any COLR would in some way be allocated back to the banking system itself rather than to the general taxpayer. If it is unavoidable that, instead of allowing banks to fail, the banking system occasionally needs to be rescued through injections of equity capital, “insurance” is in effect being extended to ordinary creditors generally and not just to retail depositors. The funding of that insurance would, perhaps, be extended in a similar fashion.
There are also many indications that the covariance between Sweden and the euro area will increase further if we join the Eurosystem, as trade and integration with the euro countries would be strengthened. Increased trade and greater openness to the outside world have positive effects on the development of growth and incomes. In my opinion, the European integration of which EMU forms a part should not stop at the borders of the EU, but be the first step towards greater global openness. Conclusion I have today accounted for the current monetary policy situation in Sweden and the assessments that formed the basis for our decision last week to leave the repo rate unchanged. A low inflation rate (2%), which is the target for monetary policy, does not in itself create good growth and welfare; it should rather be seen as a fundamental condition to ensure that other parties - trade and industry, organisations, government and parliament - are successful in working to improve Sweden’s economy by various different means. In other words, it is an extensive and complicated interplay that will determine how well a country’s economic potential is realised. The Riksbank does its best to ensure that monetary policy provides a contribution here. Thank you for listening! 1  EMU commission of enquiry report SOU 1996:158. BIS Review 37/2002  7  1.

And a number of other cases, from the failure of the Icelandic banks to Fortis, Dexia and IKB, have shown how difficult it is to manage failures of international banks . Yet the fact is that most of the key players in the world’s financial markets have developed into large and complex multinational firms. Their business is not separated into national units. Some core functions – such as risk-management and liquidity management – will be centralised, and performed at the head-office. Activity at each hub cannot be viewed in isolation: a multinational may raise deposits in one country to fund loans in another. And the ultimate buffer against unexpected losses – capital – is fluid across borders in pursuit of profit. One response is to call for global regulators to deal with global institutions. That of course means pooling national sovereignty over a key issue of economic policy. And it could also require a global fiscal authority with deep pockets to whom the regulator could turn should one of these institutions fall into distress. The task of persuading the US and China to hand  6  BIS Review 21/2009  over the regulation of their largest banks to a supranational regulator would make even the greatest diplomat quail. Another conclusion is that such multinationals pose too great a risk to stability and should be subject to greater control by host authorities in each jurisdiction with the creation of separate pools of capital and liquidity in each country.