samchain/econo-pairs-v1 huggingface dataset:
Hence, a compliance program was set up by the authorities with the aim of remedying this situation in the medium term. As regards personal data protection, Morocco has ratified the 108th Convention of the Council of Europe and its Additional Protocol. Since then, it set up a national control unit to ensure proper observation of the various rights (of information, access, rectification and opposition). In this respect, the central bank plays an important role as an interface between this unit and financial inclusion stakeholders. However, this legal framework is likely to evolve in view of the regulatory progress made in this area, particularly at the European Union level. With regard to cyber security risks, Morocco is moving towards developing a strategy for the security of information systems, which would be based on  5  risk identification to provide specific legal, technical and awareness-raising measures to ensure protection, defense and security. This project is coordinated by the National Defense Administration and the Central Bank also acts as an interface with financial actors. All these developments, particularly the introduction of new actors in the implementation of the national financial inclusion strategy, will have a significant impact on banks' profitability and will put their traditional business models to the test. While these banks may be hampered by their complex architecture and cumbersome organization, the rapid unbundling of banking services to the benefit of non-banking fintechs could result in a substantial loss in their market share.

The implementation of these measures, beyond the approximation of our regulatory framework with the EU Acquis, ensures a stronger resilience of banking system against the above-stated shocks, and the continuation of the provided financial services, already being integrated in the daily life of citizens and businesses. The consolidation of banking system and the increase in the number of banks with a high share in the banking system impose differentiated addressing of the latter for mitigating systemic risks and the effects on the taxpayers' money in case of possible crisis in the future. Concluding, I take the opportunity to re-assure that the Bank of Albania, in carrying out its function as supervisor and regulator, will continue to support you and be your partner both in good and rainy days, by providing transparency, cooperation and objective assessment of your requests and proposals in every decision making. I wish you a successful and prosperous new year! 4/4  BIS - Central bankers' speeches
The scenario of gradual convergence of inflation to the policy target, despite improved prospects for activity and short-term prices, relies in the fact that there are still important gaps in the economy. This is reflected in the evolution of the labor market, capacity utilization indicators, and the evolution of those prices most sensitive to said gaps. It also assumes that the impulse the Chilean economy will receive from abroad will be a little milder than we estimated in the last Report, showing not-so-favorable financial conditions going forward and somewhat lower terms of trade because of the higher oil price. It is with this context in mind that at yesterday’s monetary policy meeting we held the policy rate at 2.5%, thus sustaining the significant monetary impulse that has been there for over a year. Our Report’s baseline scenario assumes that this impulse will still be necessary for a while longer and we will only begin to withdraw it insofar as macroeconomic conditions continue to drive the convergence of inflation to 3% within the policy horizon. Let me now share with you the details of our macroeconomic scenario and the main risks we observe. The macroeconomic scenario Recent data for the first four months of this year show activity outpacing our projections. In part, this responded to specific supply-side factors such as fishery and electricity, gas, and water, and part to investment in machinery and equipment, hired services, wholesale trade and some durables.

Several construction indicators show some stagnation lately, such as sales and shipments of materials and sectoral employment. The last survey of the Capital Goods Corporation revised downward the expected investment in construction and engineering works for this year, as some plans have been postponed. About housing, updated figures from the Chilean Chamber of Construction show that housing sales have remained stable, while the available stock, in general, is still high. Finally, our latest Business Perceptions Report, published in May, reports dissimilar views about companies’ investment plans, with significant idle capacity in some of them, especially in the north of the country and in some specific sectors. For this year, we estimate that GDP will grow in the range between 3.25% and 4%, which compares with the 3% to 4% expected in March. This combines the actual activity data known so far with annual rates of change for the second half of the year that are lower than those of the first half, reflecting a higher comparison base for the same period of 2017 and the aforementioned moderation in the pace of growth in final domestic demand. Beyond this year’s forecast, our view on the evolution of growth in the 2018-2020 period and our assessment of capacity gaps in the economy has not changed much. For 2019 and 2020, the projected ranges are unchanged. Thus, we continue to expect that in 2019 the economy will grow between 3.25% and 4.25%, and between 3% and 4% in 2020 (Figure 4).
I would like to stress the fact that after integration of supervisory institutions in the central bank we also integrated data collection and data storage systems for both supervisory and statistical purposes. These systems enable collecting data only once, which saves the costs of all respondents, allowing the CNB to use a single set of data for different purposes. As I have already mentioned, these comprehensive data sets also served us well during the period of turbulence, allowing us to monitor the developments in the banking sector. The name of the conference “Statistics: Investment in the Future” means that the papers which will be presented in the next two days will be forward-looking ones. In recent years, we have witnessed a number of initiatives at the international and European level dealing with capturing new phenomena of economic developments in statistics such as wider use of mortgages, lending provided by non-bank financial institutions to households or securitisation of loans and other loan transfers. Recently, the European Central Bank Regulation on statistical reporting requirements as regards securitisation has entered into force. Securitisation of loans and their transfer to specialised institutions had been identified as an important phenomenon at least two years ago when the work on the Regulation started. There are also additional initiatives in the pipeline that attempt to capture new phenomena, such as more detailed statistics on insurance companies and pension funds. This financial sub-sector has become the second largest one at the European level.

In spite of the fact that there has long been a significant surplus of liquidity in the Czech money market, this lack of confidence caused a deterioration of the proper functioning of the market. The Czech National Bank launched the liquidity-supplying facility in October 2008. Czech government bonds were made eligible as collateral in these operations. This technical measure was aimed at limiting the potential spreading of problems from foreign financial markets to the Czech financial sector. The situation calmed down at the end of 2008. Overall, the financial crisis itself has had only a limited primary impact on the Czech financial market due to its low exposure to toxic assets and focus on domestic business in local currency. Nevertheless, the country was affected by an increase in risk aversion to the whole of Central and Eastern Europe, due mainly to the problems of some countries which needed financing from abroad. The Czech Republic is among the countries that provide loans to some of them or participate in lending schemes organised by international institutions. The financial crisis has led to a significant decrease in global economic activity. As the Czech economy is very open and export-oriented, the loss of demand from major trading partners was reflected in weaker domestic economic activity and therefore banks became more cautious in providing credit to the business sector and subsequently to households. Weak foreign demand is thus probably the most severe factor stemming from the global financial crisis that is affecting the Czech economy.
Some have argued that this was due to lower and less volatile shocks hitting the UK economy (Benati and  6  BIS central bankers’ speeches  inflation will be returned to target more slowly that would harm the efficient functioning of our economy. Wage and price setting behaviour could change. The task of keeping inflation close to target would become more costly. Inflation persistence would increase. We need to guard the gains in credibility built up over the past 15 years or so. How is the current stance of policy consistent with the inflation outlook? The existence of these upside risks leads to the fourth and final charge levelled against the MPC. Is the current stance of policy consistent with the inflation outlook? As I’ve explained, the central view of the Committee – which I share – is that much of the current strength of inflation is driven by a series of price level shocks. Inflation is likely to fall back next year, as the temporary impacts from these factors wane and the persistent slack in our economy continues to pull down on inflation. That outlook drives the current stance of monetary policy. Policy needs to remain highly accommodative in order to support spending and income and so reduce the risk of inflation significantly undershooting the target in the medium term. But there is considerable uncertainty about the extent to which inflation is likely to fall and over what time period.

This calls for continuously upgrading our regulatory regime. Accordingly, we in Kuwait, like our colleagues in the region, have not only refined our existing regulations to reflect the best global practices, but have also introduced a host of new measures. This journey brought its own set of challenges, and I would like to point out one in particular, to benefit from the presence of our esteemed colleagues from the BIS. Similar to other jurisdictions with dual banking system, we have a sizeable presence of Islamic banks in Kuwait. Yet we found limited relevant guidance for the application of Basel III on Islamic financial institutions, if at all. For the most challenging aspects of Basel III reforms, it has been left to the discretion of individual regulators to figure out how best to apply the proposed rules to Islamic banks. However, the use of discretion, though well intended, is bound to create differences across countries, and more so in the case of Islamic finance where the lack of consistency in Sharī`ah interpretations makes the task even harder. Consequently, we may witness diverging approaches to regulation of Islamic banks across jurisdictions, with the risk of regulatory arbitrage. Going forward, we also need to recognize that ensuring stability, of a constantly adapting banking system, cannot be left to regulation alone. Therefore, we need to strengthen our supervisory capacity, to suitably complement our revamped regulatory regimes. Only through effective supervision can we ensure that banks are truly compliant with our regulations.
The distribution of the government's financial investments and the choice of corporate funding structure should not be based on the notion that we are living in a barter economy. The government can choose the composition, required rate of return and risk profile for its financial investments without regard for the funding requirements of Norwegian enterprises. By the same token, Norwegian companies can choose their debt and equity structure independently of the government's financial investments. Both mainland private saving and business fixed investment have been high in recent years. Thus a possible weak capital market has not been reflected in a low level of investment and saving. As a result of developments in the late 1990s, equities and funds make up an increasing share of 1 households’ total assets. The equity ratio of enterprises strengthened in the 1990s, with a rise in new equity capital from the markets in particular. 1  Norwegian limited companies excluding petroleum companies, financial undertakings and government activities, and groups and holding companies. 2  BIS Review 18/2002  The Norwegian loan and capital market probably has weaknesses nevertheless, with thin securities markets and little breadth in investor and owner environments compared with some other countries. The reasons, and hence the solutions, can probably be found in the structure of the taxation of dwellings, property and financial assets, in a high level of government ownership of enterprises and in the organisation of pension saving in Norway.

Svein Gjedrem: Monetary policy and wealth management Address by Mr Svein Gjedrem, Governor of Norges Bank (Central Bank of Norway), to the Board of Directors of the National Insurance Fund, Oslo, 14 March 2002. This address is based on assessments presented at the press conference following the monetary policy meeting of Norges Bank’s Executive Board on 27 February 2002, and on previous addresses. Accompanying charts can be found on the Norges Bank’s website (www.norges-bank.no). *  *  *  The guidelines for economic policy were revised last year. The expected real return on the Government Petroleum Fund is hereafter to be used over the central government budget, and monetary policy is to be oriented towards low and stable inflation. Economic agents can act on the assumption that low and stable inflation will be a constant feature of economic policy. Wide variations in the price level make it more difficult to predict the real content of agreements and budgets. Unexpected fluctuations in the price level may easily lead to fluctuations in the real economy and instability in financial and property markets. High and variable inflation also leads to an arbitrary redistribution of resources and income. Hence price stability is the best contribution monetary policy can make to economic growth, prosperity and appropriate distribution. Low inflation is the objective, and the interest rate is the instrument. Commercial and savings banks have accounts with Norges Bank, and the Executive Board decides the interest rate on these.
Enforcement is carried out by third parties (law enforcement, social ostracism), by second parties (retaliation), or by the first party (self-imposed codes of conduct). Institutions affect economic performance by determining, together with technology employed, the transaction and transformation (production) costs that make up the total costs of production.” See North, Douglass (1997) in Drobak, J. N. (Ed. ): Prologue of Frontiers of the New Institutional Economics, p. 6. 2  Economists use a basic and powerful theoretical construct to demonstrate that, at the most fundamental level, production takes place through the use of labour, capital and raw materials as well as through technological progress. Lying behind it – and often having a profound effect on it – is how firms and the society in which the firms operate are organised. And organisation is about institutions in the broad sense – everything from society’s moral norms to how production is organised in each firm. 3  Hernando de Soto in The Mystery of Capital (2000) argues that a lack of proper land registration in poor countries makes it impossible for the poor to obtain credit. As a result, a large proportion of the population is in effect barred from establishing a business. 4  The Arab sociologist and diplomat Ibn Khaldûn analysed the relationship between institutions and economic progress. He published his major work The Muqaddimah in 1377. The book was published in Norwegian this year on the initiative of Nils Holme, the former director of the Norwegian Defence Research Establishment (FFI).

(..) This had to do with the fact that the flexibility that could be obtained through monetary policy was more to the liking of leading economists in the 1930s and on up to the present day, than the stability and the long-termism that may result when one imposes constraints on oneself of the type Nicolai Rygg represented.”  36  The Bank must on occasion be deaf to contemporary criticism in order to safeguard long-term considerations. But there will be a trade-off: which short-term costs are we willing to bear to keep our long-term promises. 37  http://www.norges-bank.no/Upload/67282/Artikkel_Gjedrem_180408.pdf. BIS central bankers’ speeches  9  The then Governor of Norges Bank Erik Brofoss had both time and energy to concentrate on matters that interested him but which differed from the traditional interests of a central bank. Brofoss was, for example, keen to solve the housing shortage problem following the war. He had visited England and been inspired by the New Towns.38 He asked the Bank’s lawyers to draft a Norwegian statutory bill based on the British act of 1946. Norges Bank Governor Knut Getz Wold was even clearer about the Bank’s reduced role in monetary policy. In a speech in 1972, he stated the following: “Cartels and price agreements play an increasing role in the setting of prices. The social partners exercise decisive influence over wage developments.
Christian Noyer: Current issues in monetary policy Speech delivered by Mr Christian Noyer, Vice-President of the European Central Bank, on the occasion of a conference organised by l'Université Robert Schuman, Institut des Hautes Etudes Européennes (IHEE) Strasbourg, 6 February 2001. *  *  *  Ladies and gentlemen,  (Introduction) It is both a pleasure and an honour for me to speak here at the conference of "L'Observatoire des politiques économiques en Europe" in Strasbourg and to have the opportunity to present some of the "current issues" surrounding the Eurosystem and the ECB's monetary policy before such a distinguished audience. For a central bank, it is essential to attain public understanding and acceptance, so the ECB is endeavouring to explain its policy to a broader public. We believe that communication and transparency are key elements of modern central banking. The ECB's monetary policy strategy has been a much-debated issue. Therefore, I should like to begin with this topic. In designing the ECB's monetary policy strategy, the ability to deal with structural changes and with the issue of uncertainty has been of the utmost importance. I shall elaborate on these issues later. Finally, I shall turn to our assessment of the current economic and monetary situation in the euro area. The ECB's two-pillar strategy The ECB has chosen its own strategy to best suit its particular circumstances. The strategy is well equipped to deal with the uncertainties surrounding monetary policy in general and the introduction of the euro in particular.

Ardo Hansson: Working together for the good of the EU and Estonia Opening speech by Mr Ardo Hansson, Governor of the Bank of Estonia (Eesti Pank), to the Ragnar Nurkse Lecture for the 95th Anniversary of Eesti Pank, Tallinn, 4 November 2014. *  *  *  Professor Balcerowicz, President of the Riigikogu, Chair of the Supervisory Board of Eesti Pank, Excellencies, Ladies and Gentlemen, Thank you for being here today to mark the 95th anniversary of Eesti Pank and to honour Ragnar Nurkse, the world's best-known economist from Estonia to date. Eesti Pank was founded when the Republic of Estonia was only a year old and Ragnar Nurkse was a model eleven-year-old pupil at the Tallinn Cathedral School. In the words of Juhan Kukk, the Minister of Finance of the time, founding Eesti Pank as the issuer of the national currency and tying the currency to gold showed the same great “bravery and belief in national and economic independence” as engaging in the War of Independence did. Ragnar Nurkse started his studies in the University of Tartu, but he soon moved to continue them in the School of Economics of the University of Edinburgh and later in Vienna. He was recognised in his home country for his work, as is shown by the worried letter that Jüri Jaakson, Governor of Eesti Pank at the time, sent him in spring 1938. Nurkse was working in Geneva at the time for the League of Nations, the forerunner of the United Nations.
What we now see is a decline in the value of notes from 6% of nominal GDP in 1970 to a low point of 2.4% in the mid-1990s. Since then, there has been a stabilisation and small increase, followed by a noticeable increase over the last two years, to 3.2% of nominal GDP. We can tell a story about inflation in the UK economy to explain the long-run trend. The decline in the stock of notes in circulation relative to nominal GDP came in the high inflation period of the 1970s, running on into the early 80s. As inflation erodes the value of the currency, the incentive to hold banknotes declined markedly in a period of high inflation. Likewise, this was a period that saw a marked decline in the use of cash for wage payments. The move to an environment of low inflation has subsequently stabilised that situation. This pattern of the note issue as a percentage of nominal GDP reveals that something quite noticeable has happened over the last two years. Chart 3 focuses on this development by plotting the course of the note issue to GDP percentage over the recessions of the early 1980s and early 1990s and the current experience. The contrast of the current experience is striking.

With the results of these two pilot exercises, I think we have the evidence to press the case for raising the dispense of £ and we will do this alongside reviewing our distribution scheme to ensure that the incentives for note distribution are properly aligned across the denominations. 8  BIS Review 162/2009  The story of the £ illustrates the growing importance of denominational mix in our note distribution policy. We want to work with the commercial sector to ensure that the public’s demand for a balanced denominational mix of notes is met. In conclusion, notes are a big business for central banks. They are high profile in the eye of the public. There is an apparent paradox in that the value of notes in circulation has been rising year after year at the same time that evidence suggests that the use of notes to pay for transactions is declining. I have offered some explanations for this paradox which highlight that banknotes are also a store of value since they are central bank money. But at the same time the objectives of our central bank distribution scheme have grown in number to embrace the physical quality of notes in circulation and the denominational mix. The last of these – denominational mix – poses the biggest challenge, but in the UK I believe we now have evidence to support the business case for ATM and retailer dispense of £ And, finally, I am sometimes asked why this matters to the Bank of England?