samchain/econo-pairs-v1 huggingface dataset:
1 His professional preoccupations included how international capital flows, trade and labour mobility influence people’s well-being. These factors remain uppermost in policymakers’ minds as they seek to secure the resilient dynamism we all need for sustainable prosperity. And they are among the factors I want to consider this evening in discussing the impact of the UK’s European Union (EU) membership on the Bank of England’s objectives. Today we are publishing a report that examines this question. 2 I would like to be clear at the outset what this report is about, and what it is not. Our report is solely concerned with how EU membership affects the Bank’s ability to achieve our core objectives of maintaining monetary and financial stability. It is not a comprehensive assessment of the pros and cons of the United Kingdom “being in Europe.” And for the benefit of those of you who join us from the ranks of the nation’s press corps, I say again that this report it is not a comprehensive assessment of the pros and cons of the United Kingdom “being in Europe”! Answering that question involves much, much broader issues. Issues for others to analyse, describe and debate. And even those contributions will only be partial responses to a question that only the British people can decide. 1  Cairncross, A K (1953), Home and foreign investment 1870–1913, Cambridge University Press. 2  Bank of England (2015), EU Membership and the Bank of England, October. Available here.

A direct consequence of this growth was that the short-term liabilities associated with the shadow banking system – repos and commercial paper – exceeded the level of demand deposits as seen in Chart 3. Despite this rapid transformation of the financial system, the liquidity protections put in place for demand deposits (deposit insurance and access to the Fed’s discount window) were not available to these new funding sources. This lack of liquidity protection was a source of systemic risk that was building in the financial system – akin to underbrush that builds up in a forest over time increasing the risk of a major fire. The Panic of 2007, however, required a trigger – a spark to ignite the fire. As I will describe in more detail in a moment, subprime mortgages provided the spark. Once the fire was started, the Fed was confronted with fighting the fire using a set of tools designed for a 20th century banking crisis – not a 21st century shadow banking crisis. As a result, the Fed had to improvise and design new tools as it battled the financial blaze. Another choice would have been to let the fire burn on the theory that this is the best way to clear away the underbrush that has built up over time. The great risk with this strategy is that the fire burns out of control creating considerable collateral damage in the process.
Touching on the issue of security, the banking industry has implemented additional security features such as the introduction of two-factor authentication to ensure the validity of Internet banking users in addition to the use of user identification and password. For your information, the losses due to Internet banking fraud, accounts for only 0.0002% of the total transactions of RM3 trillion recorded in 2012 and this figure has declined to 0.0001% of the transaction amount of RM2.6 trillion in the first nine months (January – September) this year. The speakers will share with us more about the safety features and safe practices to conduct Internet banking afterwards. To encourage the migration to e-payments, Bank Negara Malaysia has announced a new pricing strategy for payment services in March this year. The transaction fee for IBG conducted via Internet and mobile banking has been reduced from RM2 to 10 sen with effect from 2 May 2013. This is to give the public and businesses an 11 month head-start to adopt e-payments before the cheque processing fee of 50 sen is imposed on 1 April 2014. The adjustment to the IBG and cheque prices is to align them closer to their cost of production. The actual cost of production is about RM3 per cheque and currently consumers pay only 15 sen for the stamp duty per cheque leaf. The 11 months delay in the increase in cheque fee was intentional to allow the public and businesses to familiarize themselves with the use of online banking to conduct e-payment transaction.

Along with reflecting the risks, the agreement explicitly acknowledges how important the financial system should be for efficiently channelling the resources needed to transform our economy towards a sustainable model. These two factors, namely the risks and the opportunities and incentives associated with the change in economic model to combat climate change, have grown in significance on international financial agencies’ agendas. Allow me to mention, non-exhaustively, some of these initiatives: - the work on sustainable finance during the last three mandates of the G20, - the establishment of responsible investment principles by the United Nations, - the creation of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures, - the establishment of the OECD green finance and investment centre, - the Sustainable Banking Network established by the World Bank, - within the EU, the European Commission’s action plan on sustainable finance - in the central banking and banking supervision environment, the work by the Network for Greening the Financial Sector (NGFS), of which the Banco de España is a member. In sum, the Paris agreement message to involve the financial sector has hit home and is prompting numerous courses of action. 3/5  You will be discussing many of these initiatives at length in the ensuing roundtable. But in the rest of my speech I wish to briefly set out the role the Banco de España, as a central bank and as a supervisor, can perform regarding this collective challenge.
The purpose of the HKMA intraday liquidity facility is to promote more efficient RMB payment flows between banks; and  (b)  The HKMA will also designate a number of banks active in the CNH market as Primary Liquidity Providers (PLPs). Banks that are designated as PLPs are committed to using and developing Hong Kong as the global platform for supporting their offshore RMB businesses. They are also committed to expanding their market-making activities in CNH market. In return, the HKMA will offer a repo line to each of the PLPs so as to facilitate more efficient liquidity management when they carry out market-making and other business activities in the CNH market. This bilateral repo line can be used by the PLPs as intraday or overnight liquidity management purposes. The HKMA is now finalising the list of PLPs and the necessary documentation. We hope to be able to announce the list of PLPs very shortly. Ladies and gentlemen, let me conclude by saying that the competitive edge of a successful financial centre depends crucially on its soft powers, not just on hard infrastructure. Hong Kong is uniquely well positioned to take advantage and play a pivotal role in the new era of China’s growth story and in the internationalisation of RMB. Hong Kong enjoys both first-mover advantages as well as many irreplaceable structural advantages, given Hong Kong’s very close links with the Mainland in trade, investment and finance under the “One Country, Two Systems” principle. However, there is absolutely no room for complacency.

It is aiming at preserving and improving the situation of employees and of all our fellow citizens in the euro area. Such a responsible policy directly benefits those who are unemployed by significantly improving their employment possibilities. It benefits all our fellow citizens by supporting the purchasing power of their income, thus preserving the well-being of euro area households. And it contributes to meeting one necessary condition for sustainable long-term growth and active job creation in the euro area, which is price stability. Naturally there are also a number of other factors that are contributing to sustainable growth and job creation, in particular sound public finances and, as I already said, structural reforms that enhance competition, increase productivity and foster economic flexibility in order to elevate the growth potential of our vast euro area economy. Augmenting the growth potential of Europe is a major goal for all of us. Background information Table 1: Compensation per employee growth (whole economy) across euro area countries  2  BIS Review 52/2007  Table 2: Unit labour costs growth (whole economy) across euro area countries  Table 3. Labour productivity growth in the euro area countries  BIS Review 52/2007  3  Table 4. Employment growth in the euro area countries  Table 5. Unemployment rates across euro area countries  4  BIS Review 52/2007
In such instances, we need to have a close co-operation between the FIUs in order to ensure that we are able to be ahead of those with criminal intent. Further, I was particularly impressed that all of you are hoping to have an action plan to be implemented thereafter. 2  BIS Review 133/2008  My dear friends, it goes without saying that we need to come out strongly in our efforts to deal with all these matters. We have seen world economic frameworks being threatened, and being under tremendous pressure during the past one month or so. We have seen unprecedented chaos and turbulence. Nevertheless, we have been able to come through because of the diligent work that we have done. In our own country, there were times when we were encouraged to deregulate, deregulate and deregulate. Fortunately, we did not deregulate as much as we were advised to, by certain quarters. Because of that, we had a few fences around our economy; and those fences today are the important buffers that are protecting us when the unparallel financial tsunami is hitting the entire world. When you have fences, it is difficult for outsiders to come in. At the same time, however, when an external disaster strikes, the fences come in handy, because the fences protect you. So, in a way, we have been protected by some of the safeguards that we had installed in our systems. Even when we opened out our economy, we were careful, and we opened out slowly.

The third segment is better detection of economy sensitivity to shocks, which is achieved by establishing sector accounts, and in their frames financial accounts, which will disclose the links between all sectors in an economy, and therefore, the possibilities for shock spillover from one sector to another. In 2017, for the first time, the National Bank prepared financial accounts for all sectors of the economy, which were submitted to Eurostat in an experimental format. The fourth segment is the improvement of the statistical communication process. In this context, on a regular basis, we are making efforts to improve communication with the public, also by conducting surveys for the satisfaction of the reporters and users, creating the possibility for direct electronic communication on all issues related to statistics and undertaking financial education activities. In 2016, we started with a regular publication of press releases on statistics, as well as a project, which is in the final phase, for establishing a statistical internet portal for external data users. In doing so, in the basis of all these new statistical requirements, lies the need for providing granular, rather than aggregate data. The crisis has not called into question the traditional aggregate economic statistics, but has shown that it is not enough.
Andrew Bailey: It’s a recovery, but not as we know it Speech by Mr Andrew Bailey, Governor of the Bank of England, Mansion House, London, 1 July 2021. * * *  Introduction Lord Mayor, there has been nothing usual about the last sixteen months. Even long-standing neighbours like the Bank and the Mansion House have had to resort to video conferences rather than popping round for a word. And one of the trickiest issues for all of us is dress code and etiquette – is this a ties on or off video, who knows? I can admit that I don’t seem to be a very good predictor of dress code. But you did throw me not long ago Lord Mayor, when we had a video call about an hour before we were both speaking at an event, and I can reveal that you were dressed in a Mansion House bomber jacket. So, white tie to black tie to bomber jacket. I should say that by the time of the event, the Lord Mayor had changed into something more conventional. The story so far Conventional is not a word I have used about the performance of the economy in the last sixteen months. Last calendar year, UK GDP declined by an annual growth rate of 9¾%, and based on our last forecast in early May we expect it to grow by 7¼% this year. It’s more meaningful to express the level of activity relative to the end of 2019 (pre-Covid).

BIS central bankers’ speeches  1  The euro area economic governance framework and the crisis Let me first briefly review the economic governance of the euro area at the outset. The most distinctive feature of EMU is that it combines a single monetary policy with largely decentralised fiscal and economic policies. In such a framework, a key challenge is to ensure a high degree of self-responsibility or, expressed in other words, to ensure that unsound national policies do not even materialise and do not, in any event, undermine the stability of the common currency. These challenges were abundantly clear to the founding fathers of EMU: rules on fiscal spending were laid down in the Maastricht Treaty, and supplemented by systems for the coordination of economic policy. Together, they are now generally referred to as the European economic governance framework. The fiscal constraints in EMU – given the two reference values, namely the ceilings of 3% of GDP on budget deficits and of 60% of GDP on government debt – are probably the best known elements of the fiscal framework. But the framework was, in fact, far more comprehensive, even before the recent reform of economic governance. A set of rules imposed preventive limits on government borrowing, requiring Member States to achieve close-to-balance budgets over the business cycle. These rules were meant to place debt on a sustainable footing and, at the same time, to create fiscal room for manoeuvre for “rainy days”.
The transferors may have proper insight into the nature of the risks. But to whom have the risks been transferred? Are the transferees actually aware of the risks they have taken on? And are they in the best position to monitor these risks as they evolve? How do they acquire day to day knowledge about the quality of those risks? Going further, what might they do when they find out? 2  BIS Review 29/2003  Some of the concerns being expressed by private and public sector commentators in these areas are, in my view, important and worthy of further examination. Those concerns I’m talking about include: a lack of aggregate data on derivative positions; lack of transparency in accounting for them; and the potential for unexpected concentrations of risk to build up. Although in principle this redistribution of risk should be benign we simply do not have the information at present to judge what the actual impact has been. But why is all this relevant to insurance? It’s certainly true that in a lot of cases originating banks have laid risks off to other banks. There are many possible reasons for this: for diversification or to avoid concentration; opportunities to earn fees; regulatory arbitrage; and different views on pricing and spreads. But it is also well known too that risks have been transferred from banks to various areas of the insurance world. That includes reinsurance, where the degree to which such risk has now been concentrated is difficult to assess.

In our Sydney roadshow, I was particularly impressed by the keen interest and high level of curiosity of the Australian audience, who wanted to understand more what RMB internationalisation was all about and what it meant for them as corporates with trading and investment links with China. We were then at an early stage of this long and exciting journey of RMB internationalisation. At that time, the cross-border RMB trade settlement scheme was still a “pilot” and only covered selected provinces in the Mainland. RMB trade settlement handled by banks in Hong Kong was only some RMB100 billion a month, which is less than one-fifth of the RMB600 billion registered in March this year. 3. The offshore RMB market in Hong Kong has indeed achieved phenomenal progress in the past three years. Hong Kong’s RMB real time gross settlement system registered an average daily turnover of close to RMB700 billion in April this year, which is about twelve times the level when I visited Sydney in 2011. In the foreign exchange market – another area where activities have picked up sharply – we are seeing an average turnover of RMB spot and forward transactions of some $ billion to $ billion equivalent every day. I also note that remarkable developments have been achieved in Australia, with recent data suggesting that Australia’s RMB payments value increased by close to 2.5 times year on year.
Financial stability is a necessary condition to allow the pursuit of other good objectives of public policy – avoiding mis-selling, competition in the provision of financial services etc, things that are rightly not done by the  BIS central bankers’ speeches  3  Bank of England but are important to society. Financial stability is not a superior objective to these other goals, but it is in my view a necessary condition to achieve them. And, in reforming regulation we should have in mind that a healthy and competing industry is one that does not rely on the support of public money, either explicitly or implicitly. Thank you. 4  BIS central bankers’ speeches

The activities that will take place during this Week seek to draw the attention of the children and young people to the significance of personal finance and the impact of well-informed decisions on the personal success of each one of us individually, and of the whole society. 1/2  BIS central bankers' speeches  Like in any other educational activity of the Bank of Albania, beyond the message that we want to convey, we consider that the inspiration, originality and pro-active thinking are determinant elements for an effective comprehension of a complex, at the same time practical, topic such as finances. We may proudly say that all the submissions for the contests are characterised by these elements, thus demonstrating that, though challenging, the financial education of children and young people may be and is possible. Moreover, their work and commitment is an incentive to us to introduce more ambitious projects and expand this activity, geographically, each year. The contests for students from nine-year schools and high schools have been welcomed and the number of participants has been higher each year. This year, around 55 nine-year schools, 14 high schools, 8 universities and over 1000 pupils and students in 14 cities were involved. This success is also owed to the teachers and professors, whose passion has contributed to materialising all these efforts.
This deterioration in competitiveness can be illustrated by the fact that unit labour costs have increased by between 10 to 20 per cent more than in the euro area as a whole since 2000, and even more in relation to unit labour costs in Germany. The deterioration in competitiveness entails less chance of a boost from exports and thus poorer opportunities for a rapid recovery as international demand increases. (Slide: Unit labour costs compared to the euro area). The strong growth in domestic demand in recent years and the weaker competitiveness have resulted in a current account deficit and thus rising foreign debts. (Slide: Current account deficits). In the case of countries with their own currencies one would expect a depreciation of the currency to restore competitiveness. This opportunity is not available to the countries in the euro area. Here, it is instead necessary for wages and prices to fall in relation to other countries. One difficulty in this context is that both public and private debts and the interest payable grow in real terms – that is, a larger part of production goes to meeting the costs of the debts. Developments in Germany show that such internal cost-cutting in relation to other countries is fully possible. The combination of a muted growth in nominal wages and productivity improvements has led to unit labour costs in Germany falling by 15 per cent since 2000, compared with the euro area as a whole.

The cost of the 2022/23 drought already amounts to more than $ 14.14 billion for soybean, wheat and corn producers, Bolsa de Comercio de Rosario, 10 March 2023 ii World Bank, Flood damages and economic losses over USD 30 billion and reconstruction needs over USD 16 billion, October 2022 iii NGFS scenarios portal iv The English version of a recent publication will be available within the next few days; in the meantime, you can refer to the French version of the Bulletin de la Banque de France n°243, Transition vers la neutralité carbone : quels effets sur la stabilité des prix ?, 5 April 2023 v Capital expenditure vi ECB Climate Agenda, 4 July 2022 vii Villeroy de Galhau, F., How central banks should face instability and fragmentation, speech, 12 April 2023 viii European Commission, « Fit for 55 impact assessment », Commission Staff Working Document, no SWD(2020) 176 final, September 2020 i  ix  Pisani-Ferry (J.) and Mahfouz (S.), « L’action climatique : un enjeu macroéconomique », La note d’analyse, no 114, France Stratégie, November 2022 Villeroy de Galhau, F., and Nagel, J., Fostering European unity: time for a genuine Capital Markets Union, published in French in Les Echos and in German in Handelsblatt on 14 November 2022 x