samchain/econo-pairs-v1 huggingface dataset:
Even within the EU, where directives are used to implement Basel 3, some member states opted to allow regulators to 6  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  6  implement these directives. Another example is on the insurance side, where some extremely detailed and highly technical actuarial material has ended up in EU legislation as part of Solvency 2 rather than being left to regulators. And in general the EU approach contrasts with that of the UK, where Acts of Parliament are usually used for overarching changes to the institutional framework and many of the details are then delegated to regulators, who are vigorously held to account for their activities by Parliament. Another place in which this bites is in relation to smaller firms, which are often subject to the entire rulebook when in some cases safety and soundness might be better served by a simpler (simpler, not weaker) approach. None of this is to advocate a wholesale re-write of existing, on-shored rules and regulations – to my mind the question is more about what style we adopt for future regulations. Why is the EU approach different? Many others have provided answers that question3. Emphasis is sometimes put on the differing legal traditions in EU countries, which – it is sometimes argued – in aggregate tends to lead to a norm of greater and more detailed specification in EU legislation than tends to result from the UK’s approach.

To promote growth in our local communities, we publish extensive data and analysis on the local economy. We provide outreach initiatives, such as our workshops on access to global markets to help small businesses learn about loan programs and sources of credit enhancements. We also run an annual video festival for college students in the Second District. In this program student teams produce videos aimed to help young adults make  4  BIS central bankers’ speeches  sound personal financial decisions. A panel of advertising and video professionals selects winning video productions for screening in local movie theaters. As you know, even states as wealthy as Connecticut have large pockets of poverty. So, we target some of our work specifically to low- and moderate-income groups. We have worked hard to help neighborhoods that face high foreclosure rates. This work is important obviously because foreclosures are a terrible event for those who lose their homes. But beyond that, this work is important because high levels of foreclosures affect neighbors’ home values, the local tax base and economic vitality more broadly. We have provided housing counselors and community groups with the latest information on mortgage conditions via mortgage briefs, roundtables, presentations and an interactive web tool that shows very local monthly delinquency and foreclosure conditions. This past fall we hosted a conference on distressed residential real estate to share new expert analysis with senior policymakers and practitioners from across the nation.
“Riskreduction” and “risk-sharing” measures are two sides of the same coin and should be pursued in parallel: they are all essential to protecting the stability of the European banking sector. Third, there are challenges related to the fiscal and economic policies of Member States that require decisive policy action. Fiscal policies should contribute to the economic recovery. At the same time, they should be in full compliance with the requirements of the Stability and Growth Pact. This is important to maintain confidence in the European fiscal framework and in the sustainability of public finances. Moreover, countries would benefit from a more growthfriendly composition of fiscal policies. This could involve greater efficiency of public sector services as well as moving to a more growth-friendly tax system. But the ongoing cyclical recovery in the euro area should also be supported by effective structural policies, particularly actions to improve the business environment, including the provision of an adequate public infrastructure. Such actions are vital to increase productive investment, boost job creation and raise productivity. If reforms are credible, carefully chosen and well designed, their positive effects can be felt quickly, particularly in the context of our supportive monetary policy stance. Fourth and finally, there is still political uncertainty surrounding the European project. This is true in the broader context of our Union. A solution that would anchor the United Kingdom firmly within the EU while allowing the euro area to integrate further would boost confidence. The Economic and Monetary Union architecture also remains an unfinished construction.

Second, I would like to discuss the economic challenges we face and what it takes to address them. I am acutely aware that the focus of policymakers lies elsewhere for the moment. But let me be quite clear: economic success is also part of the solution in other fields. Therefore, mitigating economic risks deserves to be high on the political agenda. The ECB’s monetary policy: working and still flexible It was about three years ago that inflation started moving away from the ECB’s medium-term inflation aim of below, but close to, 2%. Since October 2013, inflation has been below 1%. Throughout 2015 headline HICP inflation in the euro area was very low or even negative, remaining under the influence of low commodity prices, and euro area annual HICP inflation was estimated at 0.4% in January this year. In parallel to this trend, we had to continually revise our outlook for inflation: while at the start of 2015, our staff was forecasting inflation to reach 1.5% in 2016 and 1.8% in 2017, in December they projected a rate of only 1% for this year and 1.6% for 2017. Against this backdrop, the ECB decided in December to act again. Our assessment of the monetary policy stance had two parts. First, we noted that the measures put in place since the summer of 2014 had been very effective. The monetary stimulus that they introduced led to a broad-based easing of financing conditions, stimulated credit provision, and has since provided substantial support to the euro area recovery.
As you will recall from the presentation we made on that occasion, we linked lower inflation to the possibility of greater capacity gaps as a result of the massive immigration of recent years, and to a lower pass-through from exchange rate variations to prices. When presenting that diagnosis, we said that the lower inflation as measured by the new CPI had implications for monetary policy, so we halted the normalization process that we had started in late last year. In addition, in order to fine-tune the diagnosis, we decided to advance to June the updating of the structural parameters—i.e. trend GDP, potential GDP and the neutral monetary policy rate. Then, at our May Monetary Policy Meeting, we discussed the option of reducing the MPR, advancing that such an adjustment would be justified in case of a significant widening of the gaps, or a lesser dynamism of the economy, a worsening of external conditions and/or a lower neutral MPR. At last Friday’s meeting we verified that all these conditions have been met. First, estimates of trend and potential economic growth have increased as a result of immigration, which translates into greater capacity gaps. Second, the neutral MPR is lower, partly because of the fall in the estimated neutral rates in the main economies. Third, in recent months, the dynamism of the economy has been below potential growth, helping to widen the activity gap. Finally, the external scenario has deteriorated, mainly because the balance of risks has become more negative.

Expressing my sincere gratitude to the Ministry of Culture of the Republic of Macedonia, the National Institution Stobi and the Embassy of the United States in the Republic of Macedonia, I invite His Excellency, the Ambassador of the United States, Paul Wohlers and the Minister of Culture of the Republic of Macedonia, Elizabeta Kancheska-Milevska to take the floor. 2  BIS central bankers’ speeches
The Bank of Sierra Leone has also recognised the need to bring the legal framework for regulating the banking sector consistent with international best practice. Hence, in consultations with our International partners, (ADB, IMF, World Bank, etc), the Bank of Sierra Leone is undertaking a comprehensive review of the Banking Act 2000, and the Anti-Money Laundering Act 2005 in order to align them with international best practices and to address some of the weaknesses which have been identified while implementing them. We anticipate that once these legislations have been amended, the legal framework will provide a conducive environment for a more robust banking sector. Going forward, the Bank of Sierra Leone plans to draft operating guidelines for other specialised institutions, including Merchant and Agricultural banks, in order to broaden the financial landscape in the economy. Traditional Commercial banks, on the other hand, should endeavour to increase product innovation and diversification. The real challenge for all of us is how to enhance savings mobilisation and effectively channel such savings to their most productive use. Madam Chair, Distinguished Guests, let me conclude my remarks with a serious appeal to the entire banking industry for the better packaging of banking products for our clients. This, I believe will enhance our service delivery, which in turn, will enable us offer more affordable banking services. Providing affordable banking services has the potential of drawing a larger number of Sierra Leoneans to the formal financial system, resulting in an expanded banking clientele.

Jean-Pierre Roth: The euro – a stabilising factor in the international currency system Summary of a speech by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank and Chairman of the Board of Directors of the Bank for International Settlements, at the Fondation Jean Monnet pour l'Europe, Lausanne, 21 September 2007. The complete speech can be found in French on the Swiss National Bank’s website (www.snb.ch). *  *  *  The euro is undoubtedly a success story. It has contributed to stabilising the international currency system. In Europe, the former monetary disorder has been replaced by a new monetary order. The European payment system has become more transparent and price stability is guaranteed. Switzerland, too, is benefiting from European currency stability. The Swiss franc is taking advantage of a monetary environment that is considerably calmer than previously. The euro and the franc are coexisting very successfully. Nevertheless, it would be wrong to claim that all the effects of European currency integration have already worked their way through to the real economy. In spurring on competition and promoting transparency, the euro is having an integrating effect. However, there are still considerable obstacles standing in the way of this integration process. BIS Review 103/2007  1
In this context, one important issue that calls for supervisory involvement is the boundary lines between financial institutions’ cooperation on infrastructure and security, on the one hand, and competition concerning front-line services, on the other. Studies have shown that Icelandic banks cooperate considerably less on security and infrastructure than, for instance, banks in the Nordic countries. In the recent past, the Competition Authority, the Financial Supervisory Authority, the Central Bank, and the banks have worked together to develop a shared understanding on these matters, thereby laying a strong foundation for further cooperation. An example of this is the recent establishment of a temporary cooperative forum on operational security of financial infrastructure, including representatives from the banks, the Icelandic Banks' Data Centre, the Financial Supervisory Authority, and the Central Bank. The financial system is more than banks; it encompasses financial institutions, financial market infrastructure, and financial markets themselves. Systemic risk can accumulate in all of these and is sometimes amplified by interactions among them. A detailed discussion of these functions is beyond the scope of our meeting 6  today, but I would like to emphasise that the Financial Supervisory Authority and the Central Bank monitor risk in all of these areas and review it in depth at meetings of the Systemic Risk Committee and the Financial Stability Council.

Meeting the PRA’s expectations on the PPP has required some firms to take action to substantially reduce exposures to single asset classes or to different asset classes with similar underlying risk drivers. But, as I have explained, we are seeing new types of concentration risks emerging. These raise questions about the strengths and weaknesses in insurers’ investment strategies, governance and risk management. So we will continue to look for evidence that firms are adequately integrating the PPP across these areas in a way that goes beyond just quantitative techniques: i.e. that qualitative considerations are taken into account too. Faced with uncertainty, a prudent person would not be expected to simply rely on quantitative analysis when there are risks that are not, or cannot, be modelled. In addition to engaging with firms on the PPP as part of our core supervision  Page 8  activity, insurers’ assessment of counterparty exposures will also be reviewed in our Life Insurance Stress Test exercise this year. We will look at firms’ reliance on reinsurance following stress, and the extent to which this concentration risk exists. I would emphasise that while we expect greater consistency in the efforts and thought that firms put into meeting the PPP, we do not expect to see the same outputs. It is clear from working with firms that there is no universally right or wrong number for investment limits.
Such a policy has sought to save the transitory income from copper, cushioning the impact of terms of trade cycles on fiscal expenditure, demand, and the real exchange rate. When confronted with the worst international recession since the Great Depression, this fiscal prudence allowed putting in place countercyclical measures that had no precedent in our economic history. In the present circumstances where the economy has already gained momentum, it is adequate to withdraw part of the fiscal stimulus. The plan of gradual reduction of the structural fiscal deficit announced by the government will contribute to moderate demand and remove some pressure from the real exchange rate, although its effects will become apparent gradually over time. Beyond the business cycle, it is also worth mentioning that the persistence of high copper prices in the world markets has been translating into better expectations for its long-term price. In the first five years of the fiscal rule of structural balance, the average reference price for copper was, in real terms as of today, $ per pound; now it is more than twice, at $ per pound. The higher earnings from copper have allowed financing an important increase in public spending as a percentage of GDP and greater transfers over the past few years. This situation has consequences also on the real exchange rate.

Thus, complaints are heard that some measures ignore the sociocultural context in which the institutional changes are to be effected, thereby constituting an illegitimate transplantation of institutions into developing countries. Issue is made of the use  6  BIS Review 109/2007  of governance indicators as conditionality for assistance, and the onset of selectivity, rather than an attempt at providing more meaningful support for relevant institutional development. Countries that accept the governance framework programme proposed by the donor community receive funding and support, while those more sceptical are more or less left out in the cold. Thus arises the questionable extent of linkage between governance, development and poverty alleviation. The fact that most African countries are so aid dependent compels acceptance of the governance conditionalities. Thus they are forced into a situation, which divests them of control of their economies, adopting policies that may not conduce to their long-term development, and making them easy prey for the interests of global capitalisation. Yet the need for governance reforms in most African countries cannot be denied. Inadequacies in the institutional set-up undoubtedly need attention and correction to bring about efficiency and competence in the management of the state, and hence the ability to provide citizens with the services they require for their well being. The plight of the developing countries compels resort to external assistance. Some economists, prominent among them Jeffrey Sachs, have proposed the need for a “big push” to help alleviate their problems.
The fact that this precision was introduced at the initiative of our parliament indicates that the Swiss people wish to keep ample gold reserves. Consequently, we do not envisage going beyond the announced plan of selling 1300 tonnes. BIS Review 73/1999  6

Deputy Governor's Opening Remarks at the Cagamas Developing and Financing Green Housing in Asia (DFGH 2022) Conference Speaker: Puan Jessica Chew Cheng Lian / Venue: Kuala Lumpur / Language: English / Speech/Interview Date: 21 Sep 2022 /  It would be hard to overstate the importance of any meaningful effort that might bring us closer to the goal of mitigating the impact of climate change. In a region with among the highest home ownership, where up to nine in every ten families will buy the home that they live in, a conference on green housing must surely be on that list. So it is my great pleasure and privilege to be here today to share some thoughts with you on what the financial sector is doing, and can still do more, to manage climate related risks and support the climate transition. The importance attached to owning a home is a long-standing cultural norm in our society. While that has not changed, there is a growing awareness of the impact that the places we live and work in day by day can have on sustainability. The environmental impact of buildings in terms of greenhouse gas emissions stems not only from energy use for lighting and air conditioning, but from the way in which buildings are constructed, operated and managed. Globally, the building sector accounts for more than 40% of energy consumption, generates approximately 40% of all waste, and consumes 16% of water for construction.
6  BIS Review 150/2007  more they have recognised their obligation to be accountable to the public. Typically, more accountability has meant more transparency. An independent central bank is therefore likely to be transparent about how it pursues its mandate. The same may turn out to be true for SWFs. There are a number of difficult questions that need to be addressed before a set of SWF guidelines can become operational. What exactly do we mean by a non-political investment mandate? How do we gauge to what extent there might or might not be political interference in the pursuit of such a mandate? Will there be a need for a referee to determine whether a SWF complies with a particular set of guidelines? What happens if a SWF initially signs up to a code of conduct but subsequently fails to comply with its guidelines? As you can see, much work remains to be done and the timeframe is tight. Ideally, a first set of guidelines will be agreed upon jointly between the G7 countries and the most prominent SWFs by the 2008 spring meetings of the IMF and the World Bank. If well designed and agreed upon, such a set of guidelines could serve as a basis for determining which SWFs will continue to enjoy full market access in mature economies. 5. Conclusion  Before I conclude, let me say a few words about the capital participation of the GIC in UBS that was recently announced.

As a catalyst for such innovations, I am pleased to announce that following a public consultation process, the Bank has today issued details of the Financial Technology Regulatory Sandbox. Effective immediately, financial institutions and fintech companies will now be able to pilot innovations in a controlled, live-test environment with appropriate flexibilities accorded. This will include flexibilities under existing regulatory requirements that apply to outsourcing arrangements and access to customer information, subject to compensating safeguards. The experience from the sandbox will provide input into formulating more proportionate regulations that will spur the orderly growth of new innovations in the financial industry, including insurance. We see significant potential for positive disruptions to transform the business of insurance and takaful in Malaysia – from the way insurance is consumed, to opportunities for addressing leakages to drive insurance costs lower. Indeed, the greatest gains from technological innovations may well be reaped in the more mundane aspects of running a business efficiently. Today, money is still being left on the table from inefficiencies and leakages in the insurance system. From inefficient manual  2  BIS central bankers’ speeches  processes to the slow take-up of electronic payments, there are large gaps in the supply chain that unduly increase the cost of insurance and limit efforts to combat insurance fraud. The insurance industry needs to accelerate its pace in terms of its technological adoption or else events will dictate the shape of the industry’s future.