samchain/econo-pairs-v1 huggingface dataset:
It was only founded a year ago and we believe it will continue to develop and be fully fledged as a legacy of our national memory. In mid 1800s, announcing the competition on American banknote, the US Secretary of the Treasury, specified two obligatory requirements to participants about the design: it had to be original, and unpublished previously, and have a national character. Since at the beginning, the banknote is thought as not only a means of exchange, but also as an education tool for the public. As such, it should bear important moments of the history. The banknote performs this function through complicated techniques of subtly fine lines, to prevent reproduction, attributable also to robust security features. Although we frequently have these valuable papers on our hands, seldom do we concentrate for a few minutes and enjoy the art embedded in them. We very rarely focus on examining how the work of a talented painter is intertwined in a sort of a miniature canvas with that of a talented engraver, turning that piece of paper into an elegant expression of creative art. The image is familiar, but it is hard to believe that 14% of interviewers in advanced countries are able to remember recognise the picture designed on each banknote. Even less people may recognise the portrait depicted on 1000 Leke or 2000 Leke Albanian banknotes.

Dear guests, The International Council of Museums was established in 1946. Every year, since 1977, the ICOM organises the International Museum Day, a worldwide event held on and around 18 May. In 1992, ICOM decided to choose a socially relevant theme for International Museum Day, each year. The theme chosen for 2017 is “Museums and contested histories: Saying the unspeakable in museums". Joining this worldwide celebrating day, in our museum, we have formulated it as “Interesting facts from the treasury: Art in Albanian Banknotes". And to say the unspeakable, we have invited today Mr Mark Bundy, a master of designing working for over 40 years at De La Rue, pioneers of banknote printing in the world. De La Rue is frequently heard by everyone visiting our museum, as it relates to the first company printing the Albanian banknote. Mr Bundy will show the unspeakable on the designing, techniques and art of conceiving the Albanian banknote, illustrated by photos and sketches. In the end, we invite you to explore our temporary exhibition on this topic and see the unspeakable through your own lens. 2/2  BIS central bankers' speeches
The consequences, quite naturally, were first evident in the US financial market which plays an exceptionally important role in the funding of the banks and the private sector. It also became clear that the banks' off-balance sheet activities, in environment of illiquidity of entire segments in the global financial market, will cause enormous losses which will have to be funded with the banks' capital. This, understandably, further increased the mistrust with respect to banks' capital adequacy rate. In a short period, the markets went dry. The ghosts typical for the crisis of the thirtieth (1929-1933) flied over, although I agree with those asserting that any comparison between that and this crisis is virtually unsuitable. In mid-October 2008, the governments of the developed countries started taking measures to get the trust in the financial system back. On October 8, the Government of Great Britain disclosed a complex plan for recapitalization of the banking system. This measure followed the first coordinated measure for cutting the interest rates, undertaken by the six most influential central banks. Moreover, the governments of the Euro-area states adopted a joint decision to issue guarantees and inject capital for stabilization of the banking system. In mid-October, the US Treasury Department also announced that it will invest US Dollar 250 billion to recapitalize the major banks. The undertaken measures for stabilization of the banking system helped curbing the global trust crisis in the international financial system, but gaining it back goes slowly.

Now let me touch briefly on risk management in Turkey’s banking sector. From the risk management standpoint, we are well supplied with well-developed methods for managing risk and supervising the risks that we do accept. As to the financial standing of Turkey’s banking sector, Turkish banks have achieved a level of financial and institutional development not to be underestimated. But besides these strengths, there are various threats to the well-being of the Turkish banking sector which should be mentioned. Turkish banks, are mostly exposed to credit risk, liquidity risk, interest rate risk, and foreign exchange risk. This is true even when there is no global crisis or macroeconomic risks stemming from political uncertainty. I should mention that all these different kinds of risk have been thoroughly monitored by the supervisory authorities, who put preventive measures in place before the effects of any problems that were found could threaten financial stability. Under this regulatory system, the banks must submit annual, quarterly, BIS Review 41/1999  4  and even daily financial data to the Central Bank and the Treasury. And besides frequent financial evaluations of banks by off-site examiners, on-site examinations are conducted to verify the accuracy and reliability of the data reported and clarify any special issues found during off-site examinations. Let me conclude my remarks by underlining once again how important it is to assess, manage, and reduce financial risks to ensure a sound financial system.
But from the onset of the crisis in August 2007, the ECB took swift and decisive action to provide liquidity in the interbank money market in order to alleviate the stresses and ensure, to the maximum extent possible, that liquidity problems would not turn into solvency problems, and that systemic risk would be effectively contained. During this first phase of the crisis, the Eurosystem engaged in active liquidity management adjusting the intertemporal distribution of liquidity provision within the reserve maintenance period, but without changing the total supply of bank reserves over the entire maintenance period. At the same time, the maturity profile of the refinancing operations was altered, but the overall supply of central bank money was kept broadly unchanged. As a result, between the end of June 2007 and the end of September 2008, the balance sheet of the Eurosystem increased only moderately by about 100 billion euro. 4 Therefore, for more than a year since the eruption of the financial market turmoil, the unfavourable combination of, on the one hand, persisting and increasing inflation risks and, on the other, substantial stresses in the financial systems and risks to its stability required a “separation” of the monetary policy stance from the management of liquidity. The former was defined so as to achieve the primary objective of preserving medium-term price stability. The latter aimed at, and was effective in, mitigating pressures in the money market and tensions in other financial markets, as measured, for example, by CDS spreads and corporate bond risk premia, which gradually eased.

After the licensing of Popular Bank, with Albanian capital, the number of banks increased from 15 to 16, and a preliminary license is granted to Union Bank, which is expected to raise the number of banks to 17 over 2005. The system assets have further increased by 14 percent while there was an increase of banking products and an expansion of their network. During this year there will be sold the public shares of both the Italian Albanian Bank and United Bank of Albania, which will lead to an increase of effectiveness and banking competition, paving the way to the processes of selling, merging and acquisitions towards a new consolidation of the banking system. The lending activity increased by 38 percent where one can distinguish inter alia the significant growth of medium-term and long-term loans compared to short-term loans. The map of coverage of the country with the banking system has further expanded, including new areas ever covered before. At the end of 2004, the total number of branches reached 88, or 11 branches more that the end of the previous year, while the number of agencies recorded for the first time a full three-digit number, 100 and the number of the employed people increased by 26 percent. BIS Review 44/2005  1  The high increase of the number of branches relative to agencies shows that banks are not interested only in providing the service of collecting deposits but also in providing other products like crediting to the economy.
Third, the authorities have ruled that banks may effectively use the capital buffers available to absorb unexpected losses. It has also been announced that banks will have a lengthy period for the subsequent reconstruction of these buffers, in the event they are used. Fourth, the European financial authorities, including the Banco de España, have recommended that banks temporarily eliminate dividend payouts and that they apply prudent criteria in the variable remuneration of their staff. The aim is to channel the resources generated towards strengthening their capital positions. These measures will be reviewed before the end of the year. In any event, however, banks’ dividend payout and staff remuneration policy should continue to be highly prudent until the current uncertainty clears and a sound economic recovery takes root. Fifth, there has been a regulatory reform of capital requirements (known as Quick Fix). The fix includes permanent measures, such as adapting the SME support factor in the calculation of risk-weighted assets, and temporary measures, such as the application of a prudential filter to changes in the value of sovereign debt instruments. As a result, banks’ shock-absorption capacity has been enhanced and, in turn, assistance has been given to financing to firms and to the investments that may be most affected.

Acting through these channels, monetary policy helps to ensure that the downturn is not needlessly protracted and helps to reduce the risk that unemployment becomes entrenched at too high a level. Inflation is now above the inflation target, but we have always held the view that this has been a transitory consequence of the sharp krone depreciation in spring 2020. Low economic activity and high unemployment have a dampening effect on wage and price pressures, and we expect inflation to fall below the target in the coming year. An expansionary monetary policy stance contributes to normalising economic activity, which will in turn contribute to pushing up price and wage inflation further out. Last year we were concerned that a fall in house prices would amplify the economic downturn. The situation has since reversed. High house price inflation over the past year reflects low interest rates, but the Covid-19 pandemic itself has likely increased the willingness to spend money on housing. We are at home more and are less able to spend money at restaurants, on travel or on other experiences. A sharp rise in house prices tends to be followed by faster growth in household debt. This may lead to a build-up of financial imbalances, which in turn could amplify a future economic downturn. Weight is given to this consideration when making monetary policy trade-offs. As economic conditions normalise, it will be appropriate to raise the policy rate.
Before explaining why I hold such a view, and therefore why we at the Federal Reserve were so concerned when these markets faltered this past summer, I would like to stand back for a few moments and highlight how the global capital markets have changed over the past several decades. No one doubts that there has been a sea change in the global capital markets in recent years and the ways business is transacted in these markets. These changes are, of course, rooted in the remarkable technological advances we have been witnessing. Today, the technology for processing information and making this information widely available has fundamentally altered the way the world channels saving into investment. No longer does the global economy rely primarily on loans from commercial banks to meet its financing and investment needs. Rather, more than ever before, the global economy of today looks to funds from the fixed-income and related capital markets to intermediate its credit needs. Because the global capital markets have become so important in the credit intermediation process, the economic well-being of us all depends on the orderly flow of funds in these markets. The flow of these funds, in turn, increasingly relies on price signals generated by trading activity that takes place daily in these markets. The reliance on secondary market trading for price discovery constitutes the fundamental difference between funds from securities markets and loans from banks. Let me be a bit more specific.

Nor can we control the functioning of the global debt markets or become the regulators of all financial market intermediaries. What we as central bankers can do, however, is to understand the dynamics of the global debt markets – how they are evolving and whether they are sufficiently liquid and transparent. We can also ensure that banks perform their proper role in supporting the trading process through making sound credit decisions. Furthermore, we can enhance the price discovery process by promoting transparency in our own actions. Finally, and most importantly, we can help create conditions in BIS Review 108/1998  –5–  our own economies that will support sustainable, non-inflationary growth. In these ways, we as central banks can encourage the efficient functioning of the credit intermediation process in our countries, and in so doing, promote the welfare of the world economy, of which we are all a part. ***  BIS Review 108/1998
The nature and quality of the financial services and the nature of the participation in the financial system is equally important. The poor are confronted with challenging circumstances, such as low and irregular income that makes monthly debtservicing difficult, or living in remote rural areas which have no financial services access points, or long working hours that prevent visiting bank branches within the conventional operational hours. As a result, many of the marginalised may have financial services made available to them, but it may not be at the needed conditions or quality that can provide the real promise of upward economic mobility. Access, therefore needs to be complemented by the quality of the financial services. Of importance is the innovation and design of consumer products which have characteristics  BIS central bankers’ speeches  1  that are linked to the goal of welfare improvements for the underserved. There is a greater need for features that are responsive to the constraints faced by those that have been marginalised. Flexible microfinance for the agricultural sector for example, addresses the cash flow mismatches between fixed repayments to banks and the irregular income flow of the farmers due to the seasonality of crops. A further innovation has also involved the creation of platforms for matching savers with those that need financing.

I could have quoted one of our famous French bildungsroman, such as Sentimental Education by Flaubert, but I will give primacy to the German master Goethe, who created the genre with his Wilhelm Meister's Apprenticeship: "One ought, every day at least, to hear a little song, read a good poem, see a fine picture, and, if it were possible, to speak a few reasonable words." I have endeavoured to follow this last piece of advice with this speech. Thank you for your attention, and have a good conference! i See the FIS Worldine Global Payments Report 2022 as regards Europe and Asia, and  the FSI Insights on Big tech interdepency – a key policy blindspot (July 2022) as regards India ii Big techs' "DNA feedback loop": data, network effects, activities iii Digital payments make gains but cash remains, Bank for International Settlements, 30  January 2023 iv FIS Worldine Global Payments Report 2022 v Villeroy de Galhau, F., Anchors and catalysts: central banks' dual role in innovation,  speech, 27 September 2022  4/5  BIS - Central bankers' speeches  vi Centre for Economic Policy Research (CEPR), A policy triangle for big techs in finance  , 23 October 2021 vii Big tech in financial services: regulatory approaches and architecture, International  Monetary Fund, 24 January 2022; and Big techs in finance: regulatory approaches and policy options, Bank for International Settlements, 16 March 2021 viii TARGET Instant Payment Settlement  5/5  BIS - Central bankers' speeches
Should this trend continue, Thailand will not be able to maintain its competitiveness and output level. Fortunately, many technological advancements available at much lower costs today hold huge promises for raising productivity. Cloud computing, robotics and automation have allowed businesses to save significant costs. Big data, artificial intelligence and machine learning capabilities can now offer insights that enable more targeted services. I urge you all to seize this opportunity and leverage on new technologies to improve the productivity of your firms, your industries, and eventually our country. Second, on immunity: for growth to be sustainable we must have sufficient immunity to withstand unexpected shocks. We are living in a time of great changes, where outcomes can be sudden, unpredictable, and volatile, bringing 3  with them new forms of risks. Not only will firms face risks related to strategy, finance, and operation, but they will also face risks associated with driving digital transformations. Managing the transformation process in the digital environment requires fostering an organizational culture that is agile and nimble—to gain flexibility and speed that drives productivity and innovation. But, at the same time, a strong culture on risk management must also be instilled to safeguard firms’ resilience. As industries increasingly rely on data and data-driven technologies, cyber security must be considered a top priority. Globally, the number of threat incidents have been rising, with increased frequency, sophistication and scale of their impacts.

This completes our network of 12 regional agencies across the UK - with the purpose of keeping ourselves more closely informed of regional economic developments. Previously Neil Kemsley covered Northern Ireland from our Agency in Liverpool and is here to make his farewell - and I am grateful to him for all that he did in reporting on developments here. But Nigel Falls - one of our most experienced regional Agents - is now established here in Belfast itself. He is also with us today. I very much hope that many of you will establish regular contact with him so that he can inform our Monetary Policy Committee each month of the particular problems that exist in Northern Ireland, so that we can take them into account in our monetary policy process. His reports will complement those which Roy Bailie, our Non-Executive Director here in Ireland, gives regularly to our Court of Directors. In our monetary policy role the Bank operates essentially on the demand side of the economy - aiming to keep aggregate demand in line with the supply-side capacity of the economy to meet that demand. But we can also contribute directly on the supply side, by helping to ensure that the financial system properly supports the needs of the wider economy.
Firstly, households and the economy as a whole need functioning financial services. Secondly, all experience shows that the consequences of a financial crisis are very costly for households, employees, taxpayers and bank customers. As citizens of a modern society, we thus have a right to expect that the authorities will do their best to prevent and manage financial crises. In turn, the authorities need tools and a clear responsibility structure to prevent crises, as far as is possible. It is equally important that there be efficient tools to manage crises if they break out anyway. Sweden cannot afford to go through another crisis like that in the 1990s. Neither can the world afford a new 2008. This is why it is so important that we constantly strive to ensure that new financial crises do not break out. This is in the interests of every citizen.

However, given that vulnerabilities on these markets are still high, the resilience of the banking system remains crucial. In January 2022, the Federal Council approved the SNB’s proposal to reactivate the countercyclical capital buffer. This buffer will come into effect at the end of September and will contribute to maintaining banking system resilience. Page 1/1
Speeches  Published Date: 19 May 2022  "A Future Ready Workforce for an International Financial Centre" - Opening Remarks by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at Singapore Financial Forum 2022 on 19 May 2022 Good morning from Singapore. I am pleased to join all of you, including our overseas Singaporeans and their friends, as well as leaders and professionals from Singapore’s financial centre at today’s forum. Singapore’s financial centre is doing exceedingly well, and prospects remain bright for the years ahead. The financial sector performed strongly throughout the Covid-19 pandemic. The sector [1] grew by an annual average of 7.2% during 2020-21, four times faster than the overall economy. The last two years also saw 5,800 net jobs created in financial services. Growth has been broad-based – across banking, insurance, asset management, and payment services. We have grown steadily as a leading fund management and domiciliation hub, with 500 variable capital companies incorporated in Singapore since we introduced this new investment fund structure just two years ago. We are now Asia’s leading foreign exchange centre, with FX trading volume growing an average 13% every year from 2017 to 2021, with a modern e-FX trading ecosystem taking deep root. We are powering Asia’s development, with infrastructure investment growing five-fold and project finance by 80%, from 2016 to 2020. The Singapore economy remains on track to grow by 3–5% in 2022 barring a further worsening in the external environment. The Russia-Ukraine conflict has generated both growth and inflation risks globally.

Today, we are in a much better state. We have reopened our borders and business travel has substantially resumed. Global firms are now once again able to build up the necessary staff capacity to meet their expanding business needs. Second, public discussions on growing the Singaporean Core, and some recent changes in work pass policies have also added to concerns about whether Singapore continues to be welcoming to foreigners. As I have said earlier, growing the Singaporean Core is not a zero-sum game with attracting the best of global talents. An internal MAS study shows that there is generally a high degree of complementarity between high-skilled employment pass holders and local professionals in the financial sector. In fact, staying open to global talent has been critical to the growth and success of our financial centre. Our financial sector will not be where it is if we had not been welcoming of talents from around the world. As we become an even more international and sophisticated financial centre pursuing cutting-edge developments in technology and sustainability, it is even more critical that we remain open. The recent changes in employment pass policies will not hinder firms from continuing to have access to the talents that they need for their growth in Singapore. There are no quotas on Employment Pass holders. The purpose of the new Employment Pass Complementary Assessment or COMPASS framework is not to reduce the intake of employment pass holders.