samchain/econo-pairs-v1 huggingface dataset:
Table 1: 2009 Inflation path consistent with the end-year target and the uncertainty band March  June  September  December  11.70  10.80  10.50  9.50  Path Consistent with the Target  9.70  8.80  8.50  7.50  Uncertainty Band  7.70  6.80  6.50  5.50  Uncertainty Band (Upper Limit)  (Lower Limit) In case end-of-quarter inflation figures breach the band specified in Table 1, the Central Bank will disclose the reasons for the deviation in the quarterly Inflation Report, together with the measures already taken as well as those to be taken to attain convergence to the target. Thus, the Inflation Report will also have an important role as the main tool of the accountability mechanism. In case the end-year inflation deviates more than two percentage points in either direction, the Central Bank will draft a detailed letter to the Government and share this letter with the public. At this point, it should be emphasized once more that the Central Bank does not have any targets for quarterly basis and the official target announced is the end-year inflation target. Therefore, it should be underlined that the end-of-quarter figures specified above have been set only to facilitate the accountability mechanism and should not be perceived as interim targets. Inflation forecasts and monetary policy stance With the adoption of the inflation-targeting regime, medium-term inflation forecasts started to be included in Inflation Reports issued since 2006.

We successfully  3/4  BIS - Central bankers' speeches  completed the FAST TR QR Code studies so that the FAST system would be used as an alternative payment method for shopping. Moreover, we launched open banking services to allow our banks to provide services through the Open Banking Gateway (GEÇT) infrastructure. Thus, we provided technical support to our Liraization Strategy with innovative solutions we developed, which contribute to the execution of payments and money transfers anytime, anywhere in a smooth, rapid and secure way. In 2022, we also took major steps in the field of financial innovation. Our bank pioneered the establishment of the Digital Turkish Lira Collaboration Platform, building a consensus with related institutions. Additionally, we took steps to further widen the Digital Turkish Lira Collaboration Platform in 2023 to include selected banks and financial technology companies. In 2022, we continued to keep a tab on climate change developments, one of the top priorities on the global agenda. In line with our country's "2053 Net Zero Emission" and "Green Development" targets, we took a role on national and international platforms to contribute to the combat with climate change in the fields that fall under our Bank's remit. In the period ahead, we will continue to monitor the economic and financial implications of climate change and sustain our cooperation with national and international stakeholders on this matter.
In recent years, however, similar effects have come from the deregulation of electricity and telecom markets, as well as from the EU’s agricultural reform. Meanwhile, the temporarily lower rate of inflation has meant that real wage growth has exceeded expectations and thereby acted as a general demand stimulus. Strictly speaking, as I mentioned, the latter effects fade away, even in the case of a series of positive shocks that last for some time. This is countered by the oil price increases, an example - at least in part - of a negative supply shock. It should be added, however, that a part of the process which the rising oil price represents has to do with the better global activity, which normally leads to a general increase in commodity prices. The higher oil prices accordingly tend to push prices up and curb output. But so far the combined impact of all the supply shocks seems to be positive: temporarily lower inflation and stronger demand growth. A third factor that has contributed to the favourable price trend is the general increase in competition. This has made it difficult for firms to raise their prices in order to improve profit margins as they usually do in this phase of the business cycle. To some extent this may also be because firms know that price impulses from that quarter will inevitably cause the Riksbank to raise the instrumental rate.

Similarly, although it is not possible to completely eliminate inflationary pressures stemming from rising world oil prices, efforts are nonetheless needed to moderate their impact on the economy. To this end, such efforts as conserving the use of petroleum products can go a long way in reducing the attendant inflationary pressures. Allow me now to turn to the issue of interest rates. As you may be aware, interest rates refer to the price of money. Over the last few years the general trend in commercial banks’ weighted average lending rates has been largely downwards. As at end-June 2005, the weighted average base lending rate had reduced to 28.6% from 36.2% in January 2004. The fall in lending rates has in large part been induced by a fall in yield rates on Government securities as banks in Zambia have tended to use yield rates as anchors. BIS Review 53/2005  1  However, at the current levels, lending interest rates are too high to contribute to sustainable productive investment. This calls for concerted efforts among other key stakeholders, namely, the Government, commercial banks and the borrowing private sector to continue playing their respective roles effectively to bring about a further reduction in the lending interest rates. It has also to be appreciated that inflation is another major contributing factor to high interest rates as banks set their lending interest rates above the rate of inflation thus the need to reduce the high inflation that has characterised the economy.
When the downturn comes, lending is tightened and many players want to sell their assets at the same time, which aggravates the downturn in both the financial and the real sectors. Cyclical risks can also be met using existing tools or tools especially designed for the purpose. A loan limit has been imposed on lenders in Sweden in the form of a mortgage cap. Although Finansinspektionen introduced this cap for consumer-protection reasons, the measure can also be used, at least potentially, for counter-cyclical purposes. Liquidity requirements also have a cyclical dimension. The Basel III regulations comprise a counter-cyclical buffer that should be built up in good times when lending is increasing faster than the trend. When a downturn comes, the authorities can then release the buffer, which gives the banks a safety margin and can counteract credit tightening. 10  BIS central bankers’ speeches  Macroprudential policy requires organisational development The advance of macroprudential policy has also led to organizational changes in supervisory work. In an increasing number of countries, individual authorities, or authorities working in collaboration, are being given direct responsibility for macroprudential policy. However, the question of the responsibility for macroprudential policy analysis and tools is not always simple. Macroprudential policy encompasses clear elements of both supervisory and central bank activities. I discussed this in my speech here at Nationalekonomiska föreningen a year ago.

In our region, the cooperation between the Nordic and Baltic countries is also important in the effort to discover and manage systemic risks. This cooperation also covers plans and preparations for dealing with potential crises. A summary in three reflection Let me conclude where I started. Palmstruch discovered the benefits of a financial system, but also experienced the individual temptations associated with irresponsible lending and how dependent banking operations are on public confidence. Palmstruch also lived to see how the state – rather drastically – learned the lessons of this experience. In this speech I have provided an introduction to banks and financial regulation – why banks are needed, but also the risks they entail. I have argued that the differences between a cost-benefit calculation at the social and private levels justifies a strict regulation of the financial sector and declared that such regulation will always meet with resistance. I have spoken about the global financial crisis, how it was met and how it became a debt crisis in the euro area. I have also spoken about the course we should take in the future, and why. If I were asked to sum up my speech in three reflections they would be as follows:   We have to distinguish between the economic costs of financial regulation at the social and private levels.   Problems in the banking sector cannot be resolved unless we do something about them.
The year I joined this institution, 1983, was when the problem of the ethnic issue started, unfortunately. And it raged on for almost thirty years. So I do not think any of us have really experienced that normalcy and as a result, people are not really prepared to take on the challenges of what a normal market economy looks like. Hence, it is really incumbent to us, to define for the country, for the government, for the people. And to propagate that message  BIS central bankers’ speeches  3  we have to be much more forceful in-terms of using the media, whether it is the newspapers, the television or social media, to bring forward views on what we think the future of Sri Lanka will look like. Obviously in consultation with the government, we have people, as I said, in various institutions of government who can coordinate with us to come up with a comprehensive message, and using our annual report and other publications, we can continue to project that report, that view, that map of the future and engage with the government on how that will be achieved, all the while stressing the need for financial stability, the control of inflation and for seeing that economic development takes place in an optimal manner. That I think is really the challenge for us. We have to imagine what the future is going to look like. And at the moment I think this is the best institution to do so.

We have several infrastructural challenges ahead of us so we have to make our stock markets, our bond markets and our foreign currency market work as a market and really respond to the challenges of bringing in more participants, broadening its appeal and becoming real instruments of channeling the savings not only of Sri Lankans but also of people living overseas so that institutions and our real businesses can benefit from those flows of financial activity and grow at a stronger pace than they have grown in the past. That is our broad challenge going forward and at the same time ensuring that we do not allow the sort of excesses that creep in, in such situations which cause financial disturbances and panics. So this is going to be the challenge going forward for all of us, to establish that stability and to have a very clear set of rules. Remember that the way financial markets have evolved historically for centuries is on the basis of having “rule-based” systems, where every player in the market, whether it is the regulator or the regulated, abides by a set of rules. And that is the most effective way for any system to function. It cannot be based on the whims and fancies of the regulator, or the government or any single player in the market. There has to be an even playing field, the goalposts have to be stuck very firmly in the same place and the same rules have to apply, just like game football or cricket.
Government debt and equity have substituted for private debt and augmented private equity to support impaired balance sheets, especially among financial firms: a third of capital raised by banks since the crisis began has come courtesy of government. And through monetary measures, interest costs have been lowered dramatically: debt servicing has fallen, often dramatically, across many sectors. These extraordinary policy measures have acted like a painkiller for debt problems. But painkillers offer only temporary relief. Loans from government to repair balance sheets need ultimately to be repaid. And monetary stimulus will need ultimately to be withdrawn. Public policy can act as a balm for debt problems, not a long-run cure. So how severe might the hangover be once the painkillers have worn off? As a thought experiment, consider the impact on debt servicing costs of long-term interest rates reverting to a more normal level (say, 5%) assuming debt levels remained as they are. At current mortgage spreads, UK households’ long-term debt servicing costs would almost double relative to income, rising to over 13%. 8 In other words, income gearing would be close to levels reached in the early 1990s recession. Aggregate numbers may under-estimate the burden on deeply indebted households. Around a third of UK households have debt servicing costs which exceed 20% of income. For those households, debt servicing appears not to have fallen in the past two years, with higher mortgage spreads offsetting the effects of lower interest rates (Chart 10). For companies the picture is similar.

12  For some of the earliest evidence, see Lintner, J (1956), “Distribution of incomes of corporations among dividends, retained earnings and taxes”, American Economic Review, 97–113. 13  Bank of England Financial Stability Report (op.cit.). 6  BIS Review 10/2010  recently become one of the first firms to do so in 2010. Surveys of households suggest some of the windfall of lower interest costs is being used to repay debt. Opportunistic repayment or refinancing is the financial stability equivalent of repairing the roof while the sun is shining and it is important it continues. The second lesson comes from past debt crises, in particular among developing countries. If a borrower has a large debt overhang, there is a case for restructuring the claim from debt into equity – a debt-for-equity swap. 14 In some cases, such swaps are no more than recognition that an impaired debt is, in substance, an equity claim. But more than that, debtfor-equity swaps can potentially benefit both lender and borrowers by airlifting a debtor to the safer side of the debt Laffer curve. 15 A number of global banks have begun putting such a strategy into practice. Around a hundred debt exchanges were carried out by global banks during 2009, typically converting debt instruments into equity or retiring debt below face value, so reducing leverage in the financial sector. That these swaps were voluntary and market-based is evidence of their benefit to both lender and borrower. Debt-for-equity swaps could be used to tackle the debt overhang in other sectors.
What is more, in general French and European banks benefit from rising interest rates thanks to their diversified model, their broad deposit base and their large loan portfolio. We have in the euro area no "Sorgenkind" or "problem child", such as Crédit Suisse. As President of the French prudential authority (the ACPR), I can in particular attest to how solid French banks are nowadays. Whatever your field of activity, you will therefore find in Paris a convenient and safe harbour, with all facilities and fast connections to other major cities, in Europe and beyond. It has also attracted regulatory bodies, which can only be viewed as comforting neighbours after recent turmoil elsewhere. The EBA (European Banking Authority) moved to Paris in the wake of Brexit, thereby joining ESMA (European Securities and Markets Authority). Having a "regulatory hub" will facilitate cooperation between European agencies, in a world that requires such enhanced cooperation between authorities. Allow me to conclude with two topics you'll touch in your discussions this afternoon. As regards technology / innovation in the financial industry, you are all aware that French national regulators are recognised for their credible action and for being at the cutting edge of technological developments. I would also like to highlight one course of action at the Banque de France.

We have been a pioneer in central bank digital currency (CBDC): in addition to taking an active part in the work on a potential euro retail CBDC, as early as 2020 we launched a series of twelve experiments on a wholesale CBDC, both for payments and securities settlement. The first nine experiments have been very valuable, and the three experiments underway focus on cross-border payments and tokenised asset settlement.5 We are keen to pursue our long-standing partnership with commercial banks, to reconcile innovation and security; and we now look forward to taking part in the Eurosystem-wide experiments that the ECB has just announced6. As regards sustainable finance, without going too much into the subject, Paris has stood as a pioneer for many years now. French banks, asset managers, and insurance companies are key players in sustainable finance, a segment that should further grow within the next few years. And we central banks are playing our role, in the very name of their primary mission of price stability. However, let us beware of the "magic wand" temptation7: central banks – and green finance – cannot be the only green game in town, they cannot replace sound public policies and corporate transition plans. One necessary step for public policies is to put a price on carbon: it is the only way to make more green projects profitable; and green finance without enough green projects would amount to idling our engine. I thank you for your attention, and wish you a good forum.
The achievement of such a target will be facilitated by continued economic growth resulting from high public and private investment and savings, improving competitiveness, gradually rationalised expenditure which leaves sufficient funds for development work, and reducing the budget deficit resulting in low demand pressure. Needless to say, the Central Bank will actively support strategies that ensure such outcomes. In addition, transparency of monetary policy decisions and operations will be maintained to enhance the policy effectiveness and during the year we will also seek the views and advise of experts in the field of economics and on macroeconomic management in order to benefit by their expertise in our monetary policy decision making process. Further, as done in the past, the policy announcements will continue to be made according to an advance announcement calendar, and the Calendar for 2007 is set out below. Table 3 Monetary policy announcements for 2007  10  Month  Date of Monetary Policy Announcement  January  18 Thursday  February  15 Thursday  March  16 Friday  April  11 Wednesday  May  16 Wednesday  June  15 Friday  July  18 Wednesday  August  16 Thursday  September  14 Friday  October  17 Wednesday  November  16 Friday  December  14 Friday  BIS Review 8/2007  6.

The Bank of England has taken a leading role in discussion with other governments and central banks, and with the private sector market participants, to find a more orderly approach to crisis situations and to avoid the kind of damaging scramble to withdraw funds from emerging market economies that marked the Asian Crisis. BIS Review 102/2000  4  The second area of Bank involvement is market infrastructure, the payments and settlements systems that underpin financial markets. Given the size of payment flows, domestic and cross border, the importance of robust and reliable systems is paramount. Any failure in payment systems would result in gridlock and widespread disruption. The Bank has an operational interest, closer to home, in that payment systems, especially in the wholesale market, often rely on the transfer of payments across central bank accounts. Because of this, under the MOU the Bank is explicitly given responsibility for the systemic oversight of payment systems. In carrying out this responsibility, we take a close interest in the interaction of these systems with other parts of the infrastructure - settlement systems and clearing houses. This interest extends to exchanges and the dizzying process of alliances, mergers and failed bids that has marked the attempt to consolidate global equities markets, especially in Europe where, despite EMU, trading is still widely split between markets. The third area of Bank involvement is regulatory policy.
But as I and my colleague Ben Broadbent have pointed out, there are reasons to believe that the sustainable level of debt may now be higher than in the past.26 We are not experiencing the very rapid credit growth, which as I have noted seems empirically to be a more reliable indicator of an impending correction. Aggregate credit to the household sector is growing broadly in line with nominal GDP, whereas before the crisis it grew for a number of years at double the rate of GDP. And despite some recent correction, asset prices in international financial markets do appear high, as they have done for a number of years, and are vulnerable to a repricing; and there are potential triggers from other international risks. But the FPC assessment is that the domestic risks are ‘standard’. However, while domestic credit overall is growing at the same rate as the economy and debt to income levels are not rising, there have been signs that risk appetite has been growing quite fast in certain areas. Unsecured credit to households, ‘consumer credit’ grew by over 10% in the year to November 2016. How much of a signal should the FPC have taken from this? Consumer credit accounts for a relatively small proportion, less than 15% of household debt and less than a quarter of new lending to households. Subsequent analysis by the FPC and the PRC revealed something quite suggestive of extrapolative expectations.

Productivity growth and labour force participation have been satisfactory over the past decade while relative labour costs and prices have reached yet higher levels. It remains to be seen whether the real krone exchange rate will gradually fall back when increases in petroleum revenue spending can no longer be sustained and the relative size of the oil supply industry decreases. Thank you for your attention! BIS Review 145/2010  9  10  BIS Review 145/2010  BIS Review 145/2010  11  12  BIS Review 145/2010  BIS Review 145/2010  13  14  BIS Review 145/2010
A robust and strong level of ethics can be achieved by providing ethics training and sensitisation as a component of continuous professional development. Although you are well qualified and are competent in your respective fields, it is vital that you have continuous training including advancement in ethical knowledge. Equally there is need to promote and ensure that your members exercise high levels of Integrity in whatever they do. As a country, we need professionals with high levels of social and moral awareness so that all of us are aware of the moral obligations and potential impact of our thinking, decisions and actions. We need to be good role models for others in behaviour, attitude and relationships. Let us endeavour to act in a way that is professional and that retains the confidence of others at all times. With these few remarks, it is now my honour and privilege to declare the ESAMI MBA Alumni Association Zambia Chapter officially launched. I thank you. 2  BIS Review 18/2010

If the analyses show that there is a need for introduction of a digital denar, hopefully, during some of the next celebrations of the day of monetary independence we will talk about the digital denar as an official means of payment in the country. Dear guests, The great Goran Stefanovski, whose words inspired me to open my address tonight, also reminded us that stories are the core of our lives and that they are not something that is planned, but something that is created and won every day – just like the freedom. Therefore, the National Bank will continue to write and add to the monetary chapter of our story, working professionally and responsibly for the benefit of the citizens, guided by the European central banking principles. Congratulations on the anniversary and the celebration of the stable denar which is something that belongs to all of us, the citizens, the present and future generations! 4/4  BIS - Central bankers' speeches