samchain/econo-pairs-v1 huggingface dataset:
More accurately, what is needed for the koruna to start following an appreciation trend again, like it did before 2008? You can view this as a mathematical equation with three variables. x + y + z = strong koruna I define these three variables as monetary policy, fiscal policy and long-term growth policy. To achieve the result, all three variables, the three policies, x + y + z, must act together, in concert and at the same time. It's not enough to have just one of them. First policy for a strong koruna – monetary policy Monetary policy affects economic activity with a lag of more than a year. This lag complicates the decision-making and communication of inflation-targeting central banks. Let's assume there is no lag in transmission. In that case, it would be enough to stop raising rates as soon as core inflation stabilises, or even better, when it starts falling. However, it's different in reality. Because of the transmission lag, the central bank should correctly stop raising rates before inflation peaks.3 The problem of this  1/4  BIS - Central bankers' speeches  academically and practically correct approach is that people can see that inflation is still high and might think that the central bank is not determined to fight inflation because rates have stopped rising. The economically incorrect approach of raising rates until cost-push inflation turns around leads to an overshooting. The resulting recession will be deeper than necessary.

The policy debate – inside and outside the Bank – has recently refocused on the possibility of some other changes in the way our economy functions. Less than 18 months ago, the Bank’s interest rate was just 3.5%, essentially because the MPC wanted to stimulate private sector domestic spending to offset the effects on aggregate demand of weak net trade, given adverse developments in the world economy. As global conditions recovered, and with a pick up in public sector spending, we were able gradually to withdraw much of that stimulus during 2004 in a series of steps which were widely anticipated and understood across the financial and real economy (Chart 2). With the slack in the economy being absorbed, attention shifted to gauging the degree of demand pressures and their implications for the inflation outlook. In particular, on the basis of some simple statistical relationships, a question has been posed about whether there has been some change in the extent to which demand pressures feed through into wages and prices. Most notably, as discussed in the Bank’s February Inflation Report, the steady falls in unemployment over recent years have not been accompanied by a rising rate of earnings growth (Chart 3). These issues obtained some prominence towards the end of last year when, despite apparently buoyant demand, inflation on the CPI measure fell to 1.1%.
My remarks today will first discuss some of the major structural and cultural transformations in Asia that are changing and impacting the economic environment faced by women in Asia, and their rapidly changing role in the economy. I will also touch on aspects of the challenges faced by women in Asia in their endeavour for greater economic engagement. This will be followed by a discussion on the important enablers for enhanced financial literacy and to share with you Malaysia’s experience in driving a more financially literate society in particular, that enhances the inclusion of women in the economic mainstream. Ladies and Gentlemen, Asia is being transformed. For more than two decades now we have seen unprecedented structural and cultural changes in Asia that have resulted in the transformation of the environment faced by women. Asia has emerged as the fastest growing region in the world with GDP in Asia now accounting for 23% of the world economy, compared to 17% in 1980. Per capita income during this period has more than quadrupled. If these trends continue, by the year 2020 Asia will account for about 27% of the world economy while the income per capita would have further tripled. These dynamic changes have made financial literacy among women even more vital. Indeed, against these favourable trends, there has been a growing participation of women in the growth and development process in Asia. In particular, there has been a strong migration from the informal to the formal sector, following the modernisation and industrialisation process.

With the improved access of consumers and businesses to financial products and services, consumer education on financial matters is an important priority for the Central Bank. Consistent with the belief of the importance of instilling financial awareness at an early age, Bank Negara Malaysia introduced a pocket money book to inculcate smart financial management habits  4  BIS Review 64/2004  among students in 1996. The programme also included Household Account Books to assist families in the management of household income, savings and investments. This was distributed to cover a wider group, including women, teachers and workers. Following this, in 1997 together with the Education Ministry, the Central Bank embarked on a School Adoption Programme. Through this programme, more than 7000 schools have been adopted by banking institutions to play a leading role in educating school children on basic financial knowledge. In October this year, an online interactive version of the Pocket Money Book to be used in the School Adoption Programme was launched. The Central Bank of Malaysia has also laid out a blueprint known as the Financial Sector Master Plan that charts the development of the Malaysian financial system over a ten year period commencing in 2001. A key component of that plan is the 10-year Consumer Education Programme for the banking and insurance sectors. This programme is known as BankingInfo and InsuranceInfo, and was launched in 2003.
Øystein Olsen: Guardian of the monetary system Speech by Mr Øystein Olsen, Governor of Norges Bank (Central Bank of Norway), at the official event to mark the bicentenary of Norges Bank, Trondheim, 14 June 2016. *  *  *  Your Majesty, President of the Storting, Minister and honoured guests, Exactly two hundred years ago today, the Act relating to the monetary system of Norway was signed into law by King Karl II of Norway. The Act was an important step in the restoration of Norway as an independent nation. Two years earlier – at Eidsvoll – Christian Magnus Falsen, a key member of the 1814 Constituent Assembly, had asserted that no state can exist without a well-functioning monetary system. A national currency would be a symbol of Norway’s sovereignty and freedom. And to secure independence, the country’s economy had to be brought into order. With a monetary system in ruins, this was no easy task. Norway’s governing men – and no doubt Norway’s women too – had long been aware that a country without its own bank was at a disadvantage. It was a long way to Copenhagen, where the nearest bank was located. With no easy access to a bank, people had to rely on friends and relatives or business acquaintances instead. Theatres were not only places of entertainment, but important meeting places where deals could be struck and money exchanged. And if the theatregoer was lucky, he might go home with a loan in his pocket.

Since the Bank was established in 1816, its position has been regulated through specific legislation. But confidence will always be essential for true central bank independence. That confidence is only on loan. Changing circumstances require the ability to adapt and think differently, and the same applies to central banks. What matters is results, and how they are achieved. Norges Bank’s first demanding objective – to restore confidence in the monetary system – was achieved and made an important contribution to the success of the nation building process of the 19th century. The Chair of the Bank’s first board of directors, Jacob Fredrik Oxholm, also enjoyed success in other arenas. He was an acclaimed amateur actor – right here in Trondheim. The institution he directed – Norges Bank – is not looking for acclaim and enthusiastic cheering. The Bank has a more sober objective – to be a useful public institution and a dependable guardian of Norway’s monetary system. But just tonight, we would not say no to a little applause. And let me wish Norges Bank many happy returns! BIS central bankers’ speeches  5
In the case of sovereign CDS, the issue is not necessarily with buyers who ultimately carry limited risks but with sellers. In fact we probably need a specific supervision of credit protection sellers. Regarding credit rating agencies, the agreement on strengthening the regulatory oversight is becoming a reality with the implementation of the agreed European framework, which will give a pivotal role to the European Securities Market Authority. At the same time there is a need to reduce the dependency on credit rating agencies for regulatory purposes, both in prudential regulation and as eligibility criteria for central bank refinancing. ******************************** Let me now conclude briefly. We are still going through very challenging times. The European banking system seemed to have recovered partly thanks to central banks and governments policies supporting the banking sector. This return to profitability should be used to comfort capital positions in those firms, in views of the various risks I have rapidly discussed. Recent renewed strains on financial markets especially sovereign markets and the subsequent impact on the banking sector show us that the crisis is not fully behind us and those central banks actions are more than necessary to accompany the redefinition of the banking sector, the well-functioning of markets and the return to a self-sustainable recovery. So far, the measures taken by the Eurosystem to stabilize markets and restore their functioning, as well as the establishment of the European Financial Stabilization Facility, have lowered tail and contagion risks.

Luis M Linde: Introduction to Christian Noyer Speech by Mr Luis M Linde, Governor of the Bank of Spain, introducing Christian Noyer at the Foro de la Nueva, Madrid, 28 June 2013. *  *  *  Ladies and gentlemen, It is an honour and pleasure for me to introduce to you today, here at the Foro de la Nueva Economía, my colleague and friend Christian Noyer, the Governor of the Banque de France. With the presence of Governor Noyer, the Foro de la Nueva Economía continues its tradition of inviting distinguished international personalities from the world of administration, business and politics, to promote the exchange of ideas on matters of particular interest to society. I will begin my brief description of the career of Governor Noyer by emphasising something in his curriculum vitae: Christian Noyer is a good friend of our country. The Spanish government has recognised this, by awarding him the Gran Cruz de la Orden del Mérito Civil. With a legal training – he studied law at Rennes and Paris – Governor Noyer subsequently graduated from the Institut d’Études Politiques and the École Nationale d’Administration, the school for senior civil servants and top corporate executives. His professional career began in 1976, when he joined the Treasury in the French Ministry of the Economy and Finance, where he held various positions relating to debt management, regulation of the financial industry and the management of public corporations.
•  Singapore’s total market capitalisation has grown by over 150% in the last decade, to 270 billion US dollars in 2011. We are the fourth largest foreign exchange trading centre in the world. •  FX and FX derivatives turnover in Singapore has more than tripled in the last decade, with an average daily traded volume of about 360 billion US dollars. We are Asia’s leading commodity derivatives trading hub. •  Most of the major global banks have their regional hubs in Singapore. •  According to some estimates, Singapore accounts for more than half of Asia’s OTC commodity derivatives trades. To succeed in the new financial landscape, Singapore must comprehensively support Asia’s long-term financing needs. Let me highlight two strategic areas where we will harness our diverse financial ecosystem: debt capital market and infrastructure financing. Debt capital market In a world of deleveraging and higher regulatory constraints on banks, it is now more urgent than ever to develop strong capital markets to complement bank lending and help to provide a better match for longer term funding requirements. 4  BIS central bankers’ speeches  The fundamentals for a strong debt capital market are in place. •  The Singapore bond market is fully accessible to all issuers and investors globally with no capital controls, hedging restrictions, or withholding taxes. •  There is diversity of issuers – financial institutions, corporations and government agencies. •  There is variety in instruments issued, including structured and securitised debt.

The World Bank’s investment arm, the IFC, will be setting up in Singapore its first Asset Management Company office outside Washington DC, to co-invest in regional infrastructure projects. •  Last year, Temasek Holdings partnered Singapore-based banks to establish Clifford Capital, which aims to plug financing gaps faced by Singapore-based companies involved in long-tenor, cross-border infrastructure projects. •  MAS is exploring with industry players how capital market solutions can encourage investor interest through project bonds, infrastructure debt funds, and project loan securitisation. Pan-Asian focus A third pillar of Singapore’s value proposition as a financial centre is its pan-Asian focus. With strong links to all the key Asian economies, Singapore is a natural gateway for international firms looking to access Asia, and for Asian businesses to access the world. There are three new areas of opportunity that play to Singapore’s pan-Asian focus: ASEAN connectivity, OTC derivatives infrastructure, and offshore RMB business. BIS central bankers’ speeches  5  ASEAN connectivity First, ASEAN connectivity. Singapore, in partnership with our ASEAN neighbours, is actively pursuing greater harmonisation and integration across the region’s financial markets. •  We are trying to harmonise rules and regulations and develop integrated trading, clearing and settlement infrastructure. •  For example, ASEAN regulators are currently working on a framework to facilitate cross-border offerings of collective investment schemes. This initiative aims to promote greater flow of capital across the region and enhance investor choice.
Finally, it is important throughout the process of restructuring a banking system that the general public does not have to fear for the loss of their life savings. A reliably funded deposit insurance mechanism, a central bank that can provide liquidity to solvent, viable banks and a wellfunctioning payments system are essential elements of the public sector safety net. The safety net’s true beneficiaries are not financial institutions, but the general public. IV. The Role of the Basle Committee What do I see as the near and medium-term role of the Basle Committee and this organization of banking supervisors? What should be our goals to meet before the next such conference, to take place in New York in the Year 2000? Let me begin by saying that the Core Principles lay out the major highway to effective banking supervision, but do not provide a detailed street plan. One important element of feedback we are receiving from the Core Principles Liaison Group, consisting of members of the Basle Committee and members of the emerging markets, along with more informal feedback, is the need to provide more detailed street plans. There are several ways to achieve that. BIS Review 86/1998  -8-  The first is to continue to elaborate on the Core Principles by producing papers on key topics to augment and update the Compendium. The Compendium is the set of relevant papers issued over the years by the Basle Committee which elaborate further on the Core Principles and provide the next level of detail.

Mugur Isărescu: Integrated supervision Opening speech by Mr Mugur Isărescu, Governor of the National Bank of Romania, at the Seminar “Integrated Supervision”, jointly organised by the Romanian Financial Supervisory Authority and the National Bank of Romania, Sinaia, 22 January 2014. *  *  *  Distinguished guests, Ladies and gentlemen, It is a pleasure for me to warmly welcome you to this seminar on Integrated Supervision. The newly established Romanian Financial Supervisory Authority and the National Bank of Romania decided to jointly organize the conference on this challenging topic that has recently come into the spotlight. I particularly want to thank our guests from the national supervisory authorities of Austria, the Czech Republic, Germany, Poland, United Kingdom and Ireland. I also welcome the experts from the World Bank, the International Monetary Fund and the European Commission who will generously impart their knowledge to all of us. I do wish all of you a pleasant stay here in Sinaia. This three days long seminar is an excellent occasion to learn, to exchange views and to generate professional ties. Allow me to say a few words about where you are. This is a premise of the National Bank of Romania’s training center, situated in Cumpatu district, in this lovely resort, Sinaia. The name Sinaia is an eponym of Mount Sinai. By the end of the 17th century, a group of Wallachian monks, led by Mihail Cantacuzino, a landlord of those times, went on a pilgrimage to Palestine and the Sinai Peninsula.
•  The number of electronic payment transactions increased from only 440 million transactions per month a year and a half ago to almost 700 million transactions in May of 2019. Many value-added digital payment services have been developed on top of our faster pay infrastructure to meet the needs of digital economy. 1  •  The Thailand Blockchain Community Initiative, with 22 financial institutions participating, has started executing electronic letters of guarantee through blockchain, one of the very first to do so in the world. •  Many cross-border payment platforms were introduced to lower the cost of international fund transfers and improve financial connectivity in ASEAN, many of which will be showcased here throughout our two-day event. •  Project Inthanon, our central bank digital currency, has completed its second phase, and is recognized as a leading central bank digital currency initiative. You will also hear more about Project Inthanon and other central bank digital currency initiatives later on today. •  Lastly, a number of laws and regulations were introduced to facilitate digital payment and digital finance, including the new Payment Act, the Electronic Transaction Act, Digital Asset Law, as well as regulations on peer-to-peer lending platforms. These developments are results of our shared visions and collaborative efforts undertaken by all stakeholders to advance our digital finance ecosystem.

Indeed, an important development emerging in the recent period has been the more explicit consideration of implications for recovery plans in key strategic decisions, such as decisions to hub operations at a particular location or service provider. As much as organisational resources are put into enhancements of business continuity management, it is important for businesses to always keep in mind the inherent limitations of  BIS central bankers’ speeches  3  business continuity plans and not be lulled into a false sense of confidence that these plans may provide. Scenarios featured in these plans are often based on assumptions, which are a simplification of reality at best. Such scenarios should always be rigorously challenged to account for changing conditions. Business recovery or resumption actions should also contemplate a range of conditions to build agility within the organisation to execute required, but potentially untested, responses. Firms should expect that they will rarely get to a point of precision in their scenario planning and BCM responses. This does not mean that BCM is necessarily reduced to an exercise in futility. A commitment to continuous improvements in BCM is almost certainly likely to prepare firms better for disasters and tail risk events even if those specific events were not exactly contemplated. This is because the organisation will be naturally better at coming together in a crisis, and would be able to leverage on some of the core elements of response plans that have already been developed and tested.
A single insurer failing could have far-reaching consequences, with the ripple effect stretching beyond simply the impact on policyholders of the insurer. Where an insurer has a large market share of a particular type of insurance, the failure of the insurer has the potential to have a wider impact, especially if it is difficult for policyholders to get replacement cover elsewhere. The IAIS/FSB work on GSIIs is obviously of major significance, but it needs to be viewed alongside the work to identify and agree a simple backstop capital regime, perhaps of the early warning indicator type, on a global basis. The IAIS and FSB will take this forward. For me, it is critical because if we get this right, we can deal more effectively with issues of crossborder recognition, and more generally seek to simplify the capital regime. The prize is therefore big, and firms need to be involved with us in the work. In conclusion, there is a lot going on in insurance regulation. The IAIS work is important, because it means that Solvency II isn’t the be all and end all of insurance regulation. We have a lot to do on these fronts, but the work is crucial, and it will require your involvement. Thank you. BIS central bankers’ speeches  5

In this context it is important to note that these opportunities are now also available to the other nine new Member States, so that the benefits of membership cannot be taken for granted. On a macro level, success in this endeavour will depend on the overall competitiveness of the economy; and, on a micro level, on the efficiency with which the country’s resources are utilised and on the ability of the business community to identify profitable opportunities and exploit them in the new operating environment. It is to these issues that I next turn my attention. Policy orientations for growth There are no easy or short-cut solutions to promote economic growth in Malta. Measures aimed at stimulating demand, through fiscal or monetary expansion, can only be effective in the short term. And in any case, their impact is limited. This is because they do not help to expand the economy’s supply capabilities, which is a prerequisite for sustained growth. In the current situation characterised by high fiscal and external deficits, moreover, the stimulation of aggregate demand would do more harm than good to the country’s economic prospects. Living standards can only be raised on a sustained basis if we succeed in adding value to imported inputs and by providing services in a manner that is cost-effective in relation to our competitors. With regard to growth-oriented policies, inspiration can be obtained from a number of EU programmes, including the Lisbon Agenda for Competitiveness and the Stability and Growth Pact.