samchain/econo-pairs-v1 huggingface dataset:
We are pleased to note that the World Bank Ease of Doing Business team is finally making serious efforts to understand our national specificities. The Central Bank urges and supports Government’s ongoing efforts to take the Ease of Doing Business conditions to a new level. Of course, it would be unforgivable of me not to seize this opportunity to urge the consultancy community to ensure that the information we provide to international competitiveness ranking agencies is up to date and factually correct. I also take this opportunity to observe that in 2018, Malta will undergo a comprehensive and detailed analysis of its financial sector through a Financial Sector Assessment Programme (FSAP) conducted by the International Monetary Fund. At the same time, Malta will be evaluated against international standards on Anti-Money Laundering and CounterTerrorism Financing (AML/CFT) by MONEYVAL as part of the Council of Europe’s peer review process. We are eagerly looking forward to both. Our economy has managed to outperform because we managed to evolve and diversify rapidly. I believe that our financial services and banking sector needs to mirror this, to continuously evolve and adapt to the changing economy. After the success of recent years, we are now in an excellent position to solidify our gains. This requires us all to focus our glance further into the future, and to devote a greater share of current economic prosperity towards financing more long-term projects. If we do not, we run the risk of undermining our own future prosperity.

Page 9 of 10  I believe that the financial services community can and must contribute to change our nation’s mentality. At the interface between our nation’s savings and investment it is best placed to leverage more effectively our current economic success. Thank you. Page 10 of 10
What I suggest is a slight evolution in our analysis – the data mix – and in our implementation – the instrument mix. Page 8 sur 9 On the data mix, the Governing Council already has to ensure its decisions comply with the proportionality principle and so has to consider the side effects of its policy actions. However, it does pose a more difficult analytical challenge: financial stability, unlike price stability, is not easily summarised by one statistic (inflation in the case of price stability), so we need in any case to look at a range of indicators. To respond to this challenge I believe we should broaden the current monetary second pillar into a monetary and financial pillar. This second pillar would be responsible for deepening research into the origins of the financial cycle. More specifically, let me mention a few examples of variables that could be monitored under this new pillar: -  Indebtedness of firms and households;  -  Bank balance sheet information, which is useful for assessing the functioning of the bank lending channel (including in a forward-looking way);  -  Indicators of excess risk tolerance and excess credit, which provide information on the risk-taking channel;  -  Stock and house prices, which provide information on the asset price channel. On implementation and the “instrument mix”, we now have quite an arsenal of unconventional policy instruments. With multiple monetary policy instruments, we now have a set of combinations that can deliver the required stance with respect to inflation.

Third, by disclosing the criteria by which we value assets, we can set a standard that others will follow. And market neutrality – which should take into account the mispricing of climate risks – should not put a brake on carbon neutrality. II.B. Inequalities  Page 7 sur 9 Monetary policy inevitably has redistributive effects. It transfers revenue between lenders and borrowers, and affects asset prices and hence wealth. The evidence is preliminary but it suggests that the effects of more accommodative monetary policy has reduced income inequality by boosting revenues thanks to increased employment for the lowest parts of the income distribution and diminishing savings revenues at the highest end. On wealth, the jury is still out, as the middle class benefited from the rise in housing prices, but the better-off could have benefited still more on their financial assets. That said, fiscal policy is and should remain the best tool for fighting inequality as it can be more targeted than monetary policy. This is especially true in Europe; thanks to our social model. Indeed, the debate about inequality and monetary policy seems to be somewhat less passionate on our side of the Atlantic. However, to the extent that ECB programs currently support governments borrowing and fiscal policy, we can see this as an indirect channel to reduce inequalities. II. C. Financial stability Financial stability is related to the inequality debate: the common link is the level of asset prices. The question of asset bubbles is not reserved for economists or financial markets.
I must hasten to mention however that in striving to increase credit, banks must always comply with the regulations as stipulated in the Banking & Financial Services Act to ensure the safety of customers’ deposits. Furthermore, much more credit needs to be directed to sustainable productive sectors like Agriculture, Manufacturing and Tourism. This entails increasing borrowing options available to the small scale farmers and the SME sector. At current levels, interest rates are too high for the SMEs to access credit and venture into meaningful projects. In order to reduce the incidences of default, the Bank of Zambia has through NB Circular 3/2008 of December, 2008 made it mandatory for every lender in Zambia to go through the Credit Reference Bureau. Any loans approved without passing through the Credit Reference  BIS Review 4/2009  1  Bureau will attract Regulatory Action. This will undoubtedly help to reduce the cost of borrowing. I therefore, urge banks and other financial institutions to continue reviewing the cost of borrowing as part of the process to improve SMEs access to the much needed finances to expand their operations, employ more people, and thereby provide impetus to significantly reduce poverty rates in the country. It is also my hope that the coming on board of the Citizens Economic Empowerment Commission will significantly aid the development of the SME sector. Hon Minister, Distinguished ladies and Gentlemen, As a direct consequence of being an open economy, Zambia has not been spared by the effects of the current global financial turmoil.

There are also wide-ranging international implications, not least in today’s highly globalized institutions, markets and capital flows. Weaknesses and vulnerabilities in one country may affect other countries and financial systems. The benefits of having a globalized financial system are indisputable as long as it is well structured and managed, but the contagion risks of a weak or badly managed system are large. To create a stable and efficient international system we need good domestic systems but also strong international institutions and good cooperation. I know that the authorities in India during recent years have taken major steps in modernising your finance sector and I wish you good luck in your future endeavours. I am confident that they will prove to be very worthwhile. BIS Review 111/2006  9
The ARRC was also tasked with developing a transition plan to facilitate the adoption of these rates in a voluntary and orderly manner, and with considering best practices in contract design to prepare for the possibility that LIBOR ceases to be published. Publication of Alternative Reference Rates by the Federal Reserve The ARRC has made important progress in achieving its mandate. Notably, in June 2017, it selected the Secured Overnight Financing Rate, or SOFR, as its preferred alternative to U.S.dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight using U.S. Treasury securities as collateral, and is thus relevant to a wide range of market participants. The rate is entirely transaction-based, and the underlying market is robust, with current daily volume of more than $ billion. (By comparison, unsecured three-month U.S.-dollar wholesale borrowing totals roughly $ billion per day, as I mentioned earlier.) SOFR moves closely with LIBOR and other money market rates over time, and because it covers multiple segments of the repo market, it provides scope for future market evolution.17 Besides being more resistant to manipulation, this nearly risk-free rate should also prove much more resilient during periods of financial stress, because the U.S. Treasury repo market is likely to remain deep and active during such episodes. The New York Fed administers and produces SOFR in cooperation with the Office of Financial Research.

It also illustrates the importance of continuing to focus on bank culture and proper incentives in order to support financial stability over the longer term. At its core, the problem we face today is that the financial system has built a tremendously large edifice on a structurally impaired foundation. While many in the industry cannot recall a time when LIBOR did not exist, in fact, it was only developed in the 1980s. Since then, the use of LIBOR as a reference rate has exploded—with the size of financial contracts referencing U.S.dollar LIBOR today estimated at close to $ trillion.2 The vast majority of these exposures are derivative obligations, such as interest rate swaps. But, that tally also includes trillions of dollars of cash products, such as residential and commercial mortgages, corporate bonds and loans, and securitized products. And, with new contracts referencing LIBOR still being written, this balance continues to grow significantly. Broadly speaking, reference rates are vital to efficient market functioning. They facilitate trading in standardized contracts, which lowers transaction costs and increases market liquidity. Robust reference rates can also reduce information asymmetries and the risk of misconduct by providing transparent, independent pricing. But, in the case of LIBOR, the foundation had serious flaws. Most notably, LIBOR was (and is) based on submissions from individual banks—which, in turn, were based on hypothetical borrowing rates or expert judgments, and not actual transactions. Moreover, deficiencies existed in regulatory oversight and governance of the rate-setting mechanism.
Andrew Sentance: Sustaining the recovery Speech by Mr Andrew Sentance, Member of the Monetary Policy Committee of the Bank of England, at the British American Business Council in association with RSM Tenon, London, 13 October 2010. *  *  *  I would like to thank Tomasz Wieladek and Abi Hughes for research assistance and I am also grateful for helpful comments from other colleagues. The views expressed are my own and do not necessarily reflect those of the Bank of England or other members of the Monetary Policy Committee. I am delighted to be giving this speech this evening here in the heart of Westminster and I am grateful to the British American Business Council for hosting this event and to RSM Tenon for sponsoring it. As an active member of the Church of England, I am also very pleased to be giving this speech at its headquarters in Church House. The Church of England plays a vital role in supporting the spiritual health of our nation, just as the Bank of England has a key responsibility in underpinning its economic and financial health. A healthy economy is normally a growing economy. So ensuring the right conditions for a sound and sustained recovery is a key challenge for UK monetary policy at present. And it is that challenge that I want to discuss in my speech to you this evening. The current recovery in context The UK economy has been recovering for about a year now.

It has been estimated that during a financial crisis, poor households lose 10 times more of their income compared with the average household The role of financial inclusion has thus become more magnified as a means to improve the livelihoods and as a means to strengthen the financial resilience of the disadvantaged. It provides the opportunity to save for the future, to invest and generate income and to insure against adverse events. The relative stability and improving global conditions, therefore, provides us with the opportunity to accelerate the financial inclusion agenda as a global imperative. The theme of this year’s Forum, “Global Partnerships, National Goals, Empowering People” highlights that financial inclusion is a shared responsibility. The significant progress that has been achieved in advancing financial inclusion, has also provided us with the opportunity for further advancement that would support and facilitate greater scale and sustainability of inclusive finance. Allow me to touch on five potential areas which I believe would cumulatively contribute towards advancing financial inclusion to its next level, both at the national and international level. Priority 1: Focus on relevant and quality financial services Significant strides have already been made in the area of improving access to financial services. Within a short span of three years, AFI has been instrumental in galvanising commitments from member countries to enhance financial inclusion policies, resulting in 20 million of the unbanked to gain access to financial services. Yet we wish to achieve more than just access.
This publication aims to enhance the knowledge and information about remittances in the Albanian market, and to convey messages in the context of needs for intervention and the potential of remittances for various actors in the economy. For all the issues addressed above, especially related with the commitment of various stakeholders in the modernisation of payment systems in Albania, I invite you to actively participate and contribute to this conference. Concluding, I would like to wish you fruitful conference proceedings and thank you for your participation and attention. 2/2  BIS central bankers' speeches

I’m here today to speak about how some of those changes are showing up in the economic data as it relates to the recovery. But it’s also important to remember that behind the numbers are families, businesses, and communities that have suffered and continue to face tremendous challenges of all kinds. In my remarks this afternoon I’ll share more about how what we are seeing in the incoming data relates to the economic picture nationally and to this region. I’ll also highlight some of the unique inflation dynamics we are seeing. Finally, I’ll explain what that means for monetary policy and the path forward. Before I continue, I need to give the standard Fed disclaimer that the views I express today are mine alone and do not necessarily reflect those of the Federal Open Market Committee (FOMC) or others in the Federal Reserve System. Dual Mandate I know there are a lot of economics students in today’s audience. I won’t quiz you about the Federal Reserve, but one aspect of our work that you may be familiar with is the Fed’s “dual mandate.” These are the two goals set by Congress: maximum employment and price stability. Given these goals, our focus is studying and understanding the wide range of developments that affect employment, unemployment, and inflation. The Economic Outlook So, what are these developments telling us about the current economic outlook? I’ll start by saying that the economy continues to grow at a strong rate.
Progressive recovery in the Spanish economy  Allow me to begin with a brief overview of the current situation of the Spanish economy, which is far different from that two years ago, when the extreme tensions on the capital markets derived from the institutional crisis of the euro area, the vulnerability of public finances and of part of the banking system, and the recession under way drove the Spanish government to apply for financial assistance. At present, the economy, after beginning to show moderately positive growth rates in the second half of 2013, is set on a path of recovery. The information available indicates that year-on-year growth rates might draw close to 2% late next year. Positive figures can likewise be seen in the labour market. Following a process of job destruction that ran for over five years, the incipient recovery in the market observed in the closing months of 2013 has gained in momentum in the first half of 2014, providing for a slight reduction in the unemployment rate which, however, remains at unacceptably high levels. The firming of the improvement in the labour market is crucial for driving the expansion of domestic demand and, thereby, making the incipient path of recovery sustainable. Contributing factors here must also include the adjustments made by the economy, which have seen an appreciable moderation of the main imbalances in public finances, the external balance, private-sector debt and the real estate market.

Jacqueline Loh: A coordinated and forward looking approach towards ASEAN disaster and climate risk resilience Keynote address by Ms Jacqueline Loh, Deputy Managing Director of the Monetary Authority of Singapore, at the NTU-ICRM's 10th Annual International Symposium on Catastrophe Risk Management, Singapore, 1 August 2019. * * * Distinguished guests, ladies and gentlemen, Good morning. Introduction 1. It is my pleasure and honour to join you today at the 10th anniversary of the NTU Institute of Catastrophe Risk Management (ICRM)’s annual symposium. Since its establishment in 2010, ICRM has come a long way to become one of Asia’s leading research institutes in catastrophe risk modelling and management. 2. The theme for this year’s symposium - “Towards Viable Disaster Risk Financing Solutions for Southeast Asia” - is a timely one. In the face of growing climate and disaster risks in the region, it is a pressing priority for all of us to come together to tackle the widening natural catastrophe protection gap, and contribute towards a sustainable and resilient future. Reaching Boiling Point 3. Asia has borne the brunt of catastrophe disasters. Over the last 50 years, Asia accounted for half of the world’s economic losses from natural disasters, amounting to more than $ trillion. In 2018, Asia was again the worst affected, beset by a number of significant events, including: Typhoon Jebi and Trami, which affected Japan and Taiwan, Typhoon Mangkhut, which impacted mainly Hong Kong, China and Philippines; and the Earthquakes and tsunamis in Sulawesi. 4. Natural disaster losses are high and rising.
In Hong Kong, banking, in a rather narrow definition, is estimated to contribute about 7.5% to gross domestic product and about 3.5% to employment. Despite the withdrawal of a number of individual banks, particularly Japanese, from Hong Kong in the late 1990s, the share of banking in GDP appears to have remained roughly stable for a number of years now. However, the share in employment has declined somewhat of late – as has also been evident in, for example, the USA and UK over a slightly longer period. This implies that there have been significant productivity gains, including no doubt those arising from the process of consolidation, which has been evident among international banks with presences in Hong Kong for some time and has now been spreading to the local banks. Permit me one further historical reflection, related partly to my earlier comment about attitudes towards banking. When I first studied economics, there was a respected body of literature which argued that productivity growth in manufacturing would always outstrip that in other sectors because manufacturing was more amenable to the application of new technologies and economies of scale. In services, output was regarded as too firmly dependent on the specific input of labour for there to be much scope for productivity gains.

Ravi Menon: Bending the curve of nature loss Keynote remarks by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore and Chair of the Network for Greening the Financial System, at the COP15 Finance and Biodiversity Day, Montreal, 14 December 2022. *** Ladies and gentlemen, I am honoured and delighted to be able to address you on this important occasion of COP15 of the Convention on Biological Diversity. The world is getting painfully acquainted with the impending climate crisis. There are promising efforts at mitigating this crisis, though far from what is necessary to avert disaster. But the planet faces a second crisis –– nature and biodiversity loss. The nature crisis is no less threatening than the climate crisis. But it is much less appreciated and much less is being done to mitigate it. We assiduously measure and seek to grow our physical and human capital. We speak of the importance of social and political capital. But we fail to appreciate let alone measure natural capital – the world's stock of natural resources, comprising soils, air, water, plants, animals, and minerals. These are assets that sustain our food supplies, underpin our economy and society, and enable human life. We are collectively depleting our natural capital and degrading the ecosystems that support it. We are consuming more resources than the Earth can produce in a year. At current rates of consumption, we use up 1.6 Earths' worth of resources. By 2050, our annual resource use will rise to 2 Earths' worth.