samchain/econo-pairs-v1 huggingface dataset:
So one may ask whether monetary policy will be as successful in the post crisis era as it has been during the crisis; and whether it will manage to avoid the perils of persistently low inflation. I will concentrate my remarks on the euro area, taking advantage of being in Tokyo to draw some lessons from the Japanese experience, and, I should say in the presence of Deputy Governor Nakaso, from the deep expertise of the Bank of Japan. One may harbor doubts about the power of monetary policy for two reasons. The transmission mechanism may be impaired; and the equilibrium interest rate may be so low (or even negative) that it becomes impossible to reach. The first point speaks for itself. The Eurozone has suffered from acute segmentation and severe impairment in its money and credit markets. Those failures have been addressed aggressively through a set of measures I will detail in a moment. Results have been significant. The so-called Target 2 balances have been reduced by half, which means that banks across the Euro area do not rely, to the same extent, on the network of central banks to intermediate their operations. We have now completed with success and credibility the first Asset Quality Review in our banking system, and the new Single Supervisory Mechanism has been made operational last week. Those measures will be essential in restoring a well functioning credit channel and eliminating the remaining differences in financial conditions across the Eurozone.

History has shown that it is socioeconomically efficient that the government authorities have a monopoly on issuing cash, as this then becomes a risk-free asset that can be used both as an arithmetical unit and for saving and for making transactions. Almost all countries now have central banks that issue banknotes and coins. In Sweden, we are now facing a historical milestone with regard to cash. The use of banknotes and coins has declined at a very rapid pace in recent years and the general public are increasingly using digital means of payment instead. However, there still remains a fundamental requirement for a safe instrument that can be used as an arithmetical unit and to make payments and as a store of value. A critical issue, in light of this development, is what the role of the state should be on the payment market. This is an important issue to society that contains many dimensions, including consumer issues, financial stability perspectives, contingency planning and competition aspects. The Riksbank is therefore investigating whether we should issue a digital krona, or e-krona, so that there will continue to be a means of payment issued by the Riksbank. In addition, the position of cash in the economy and the Riksbank's responsibility for the handling of cash need to be investigated further and specified. Responsibility for RIX – the Riksbank's system for largevalue payments The Riksbank can already be said to issue digital money, but this can only be held by banks and some other financial institutions.
This has resulted in more active and engaged philanthropy in Asia, leading to an increased demand for more philanthropy-related advisory services by wealthy individuals and families. More of the rich are incorporating philanthropy into their wealth management plans and want professional advice in their philanthropic commitments. As a result, Asia is seeing the growth of professional and institutionalized philanthropy foundations. China alone now has an estimated 900 philanthropic entities. Key challenges remain 12. However, there remain challenges to giving in Asia, mainly because philanthropy is developing at varying stages across Asia, in line with the progress of Asian countries. There are two key issues which donors face: the nascent charity infrastructure to support donors, and weak governance practices by fund recipients. 13. In Asia, there are many causes that need championing, and many problems that need addressing. Donors planning to give in Asia have to first understand the needs of the region, decide on the cause they intend to support, identify the worthy projects, and navigate the giving procedures in each country. 14. The success of giving greatly depends on both the giver and the receiver. Clearly, throwing money at charities does not guarantee success of giving. There needs to be followthrough on the charity’s part to ensure that the money is channelled successfully to the cause. 15. The reality in Asia is that many of the domestic charities are small, and are not equipped to handle large amounts of funds efficiently and accountably.

Goh Chok Tong: Singapore as a philanthropy hub Keynote speech by Mr Goh Chok Tong, Senior Minister and Chairman of the Board of Directors of the Monetary Authority of Singapore, at the Credit Suisse Philanthropists Forum 2011, Singapore, 7 April 2011. *  *  *  Ladies and Gentlemen 1. I welcome the launch of the inaugural Credit Suisse Philanthropists Forum in Asia. Importance of philanthropy 2. In recent years, the problems facing the world have been getting more acute. The World Bank estimated that the recent Global Financial Crisis pushed an additional 64 million people into extreme poverty. Rising energy and food prices have put additional stress on the most vulnerable, who spend more than half their income on food. The New Zealand, Japan and Myanmar earthquakes are the latest in a line of disasters to plague the Asia-Pacific. Climate change and natural disasters are creating new and pressing needs on an unprecedented scale. 3. Fortunately, philanthropy has risen to play an important role in dealing with these problems. Generous donations have brought about immediate relief in the aftermath of disasters, and have also funded medium to long term programmes, such as education and health services, to improve the well-being of communities. 4. Perhaps more critically, giving back to society is an important way to help maintain cohesiveness in our society as the income gap widens. All around the world, the gap between the rich and the poor is growing, particularly in fast growing emerging economies.
Lower tax on productive capital or companies may lead to more companies being established and thereby raise potential output. Similarly, lower tax on labour or increased educational inputs may generate an increased supply of labour and also influence wage formation. These are examples of the numerous ways in which changes in tax and expenditure systems are likely to modify economic opportunities and promote conditions for good growth without the attendant capacity shortages that generate price pressure. Current fiscal policy The trade-off between monetary and fiscal policy — the policy mix, as we economists like to say — has improved considerably in the present decade. The rapid accumulation of government debt has ceased and the stock is now being reduced. While the consolidation of government finances has made the fiscal stance restrictive, it has been possible to lower interest rates and this in turn has stimulated investment, economic activity and employment lately. This is accordingly a considerable improvement compared with the early 1990s, for example, when factors such as very weak government finances led the Riksbank to keep interest rates up at a time when government debt was rising markedly. BIS Review 77/1999  2  Government debt and budget balance Per cent of GDP.

Moreover, with the growing international exchange in almost every economic domain, maintaining taxes in Sweden at a higher  3  BIS Review 77/1999  level than in the rest of the world will become increasingly difficult. But there is reason to deliberate the type of tax cuts that would benefit the Swedish economy most in connection with good growth. Tax reductions with positive supply-side effects — instead of the cuts being discussed, which mainly stimulate demand — would increase the possibilities of combining the good growth with persistently low inflation. Tax and expenditure ratios in 1998 Per cent of GDP 70  70 Tax ratio Expenditure ratio  60  60  50  50  40  40  30  30  20  20  10  10  0  0 Sweden  Euro-10*  * Euro-11 excluding Luxembourg  Källor: Europakommissionen och KI  Interaction with labour market trends Let me now leave monetary policy’s interaction with fiscal policy and consider its relationship with the situation in the labour market. What forms does this interaction take? Monetary policy’s chief contribution to employment lies in the creation of economic stability and clear rules for wage formation. A monetary policy that is predictable and operates with a clear inflation target provides good guidance for wage negotiations. The lack of a properly functioning stabilisation policy was presumably one reason why wage formation did not work in the 1970s and 1980s. The rules of the game were unclear to the labour market organisations.
c) In the next two years, however, concerns should reverse: inflation is expected to normalise in line with a "new regime" which would not be the too low pre-Covid inflation, but one close to our 2% target. Conversely, current growth, boosted by catch-up effects, is expected to run out of steam: according to our latest projections, growth in France should fall to below 1.5% in 2024. We should set a more ambitious target for potential growth, between 1.5 and 2%, i.e. a gain of half a percentage point over the spontaneous trend. Because we need the revenues from growth to finance our collective projects, especially ecological ones, and our welfare, this is not inconsistent with rethinking the drivers of growth. This ambition would also make it possible to better reconcile an increase in household purchasing power and the containment of public debt, whereas we have so far sacrificed the latter in order to somewhat artificially ensure the former. The Banque de France is entitled to discuss this, because monetary policy cannot ignore economic imbalances, nor can it compensate for them in the long term. And I am speaking this evening with all the independence that this institution enjoys: when the central bank provides facts and its  Page 4 sur 15 expertise, it is free of any political influence and respects the democratic process which, fortunately, is then responsible for the choices.

The system for granting certain benefits should be reviewed to prevent abuse, especially in the case of invalidity pensions. This will also help to retain older workers in the labour market. It is furthermore essential to speed up a review of the unemployment benefit system to transform it into an effective instrument of employment creation rather than of social dependence. Finally, the range of services offered by the public health system should be critically assessed in the light of budget constraints. Beneficiaries should be required to shoulder part of the costs involved. Free medicines and free medical services induce waste and abuse. So far we have seen that outlays on wages and salaries and on social security benefits together account for fully two-thirds of government spending. A further tenth is absorbed by the interest on the public debt. Here it is well to recall that this cost is currently restrained by the prevailing low level of interest rates. With a global recovery under way, however, this favourable interest rate scenario is unlikely to last much longer. And since a one percentage point rise in the rate of interest is estimated to increase debt-servicing costs by some Lm3 million, it is clear that slowing down the pace of debt accumulation should be a priority. Any receipts from the privatisation programme should be used for this purpose.
Being engaged internationally is, fortunately, a trait by which Norwegians are known. Maybe we do not always succeed in our endeavours. But the idea of not being engaged, of not using our influence, of not taking the long-term perspective, and instead just standing on the sidelines, is foreign to us. This Fund is global in the truest sense of the word, and it does have a say through its equity holdings, even if this influence is subject to clear limits. The authority to do so is laid down in the mandate and guidelines. It is a task that we have taken on with great commitment and a strong sense of purpose. The management of the Fund is of course subject to certain requirements. But when considering what these requirements should or should not comprise, it is important to tread carefully. Even though globalisation has reduced the emphasis on national borders, we must show caution when we invest in foreign markets – because when we do so, we are entering our neighbour’s house. For one thing, the distinction between ethics and politics may be different in other countries. For another, when we say that a company’s activities are in conflict with the ethical guidelines, we are not only pointing a finger at the company. We are also pointing a finger, albeit indirectly, at the laws and regulations in the country that permits those activities to continue – and we are pointing that finger as a representative of another state.

Data gathering is the first step of understanding the nature of organizational culture. These three concepts—“connect,” “convene,” and “catalyze”—will continue to be our guiding principles on the issue of culture as we build on our current work and explore new initiatives. Like addressing cyber risks and climate change, the journey toward reforming culture in the banking and financial services industry is a long one. And there’s no single action that a regulator or a bank can take to make it happen. Getting it right is going to require the will and expertise of regulators, financial services firms, academics, and practitioners. And while changing organizational culture is a long-term, complex, and challenging task, I’m optimistic that we can and we will make progress. And the Federal Reserve Bank of New York is committed to being a partner on that journey. Thank you. 3/3  BIS central bankers' speeches
As one example, it is estimated that annual investment in sustainable infrastructure could top £ billion for decades. 27 Firms that align their business models to the transition to a carbon-neutral world will be rewarded handsomely; those that fail to adapt will cease to exist. The new finance can smooth the transition to a carbon-neutral economy. The City has been leading the way. UK underwriters, led by the former Lord Mayor Sir Roger Gifford, helped create the green bond market which has doubled every year since 2012 to reach $ outstanding.28 UKbased banks, like Barclays and HSBC, insurers, like Aviva, and asset managers, like Generation, helped develop climate financial disclosure standards and were amongst the TCFD’s first adopters. Now a range of firms at the heart of the City are beginning to reshape the management of climate-related risks and opportunities. But we must go much further if the UK is to reach net zero carbon emissions. Disclosure must become comprehensive. Risk management must be transformed. Sustainable investing must go mainstream. 26  See: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/790626/2018-provisionalemissions-statistics-report.pdf. 27 See: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/703816/green-financetaskforce-accelerating-green-finance-report.pdf. 28 Source: Climate Bonds Initiative Data. 10  All speeches are available online at www.bankofengland.co.uk/news/speeches  10  Fortunately, the momentum is growing.

The context of the Russian war in Ukraine challenges us to reinvent the dialogue with political authorities, for at least three reasons: because geopolitics are today a major determinant of the economy; because the energy markets, their regulation and pricing are key for inflation; and lastly because fiscal choices regarding subsidies to households or even to firms are far from neutral for monetary authorities. Another challenge, and a much more tough one, is that the populist ideology creates an atmosphere of general mistrust of institutions – and still more of independent ones. In the name of popular sovereignty, we would return to a power of elected sovereign that would be absolute – and not relative anymore. At worst, this would call into question our democracy and its necessary checks and balances. At the very least, it is imperative for us to be efficient in our mandate, and to increase our accountability. 2. Efficiency of our mandate Price stability, which is a prerequisite for long-term growth, is the primary objective of most central banks. Broader mandates nevertheless apply to some, notably the Federal Reserve with its dual objective on employment and inflation. Other central banks have expressed sensitivity to inequalities, or to other issues, and have therefore contemplated a broadening of their mandate. Some observers questioned this alleged “mission creep”, and wondered whether central banks have lost sight of their primary responsibility.
Apart from the need to adopt strategies to strengthen their top quality capital shown by comparison across Europe, Spanish banks also need to: (i) take advantage 8/11  of the current economic growth and recovery in profits to raise levels of solvency and generate operating margin with which to meet the economy’s future credit demand in a stable way; (ii) anticipate the impact of the reforms pending implementation in the framework of Basel III; and (iii) ensure compliance with the resolution requirements without excessive dependence on the market’s appetite to absorb new non-preferred debt instruments (see Chart 7). The new competitive environment However, beyond the difficulties of adapting to post-crisis regulation and restoring banks’ balance-sheet and income statement quality, the biggest challenge being faced by the Spanish banking sector is the new competitive framework in which it operates, and in particular, that deriving from new technologies and the advance of financial disintermediation. In this new competitive environment, both BigTechs and FinTechs are altering some of the traditional paradigms of retail banking, in particular, the traditional role of customer accounts in building loyalty and as the essential pillar on which to offer universal banking services. These new operators can leverage the opportunities offered by technology and the new payments regulation to offer their value-added services using the “basic” deposit-taking and account-management service platform provided by the banking system.

As can be seen, the regulatory reforms are far-reaching and it is worth anticipating their impact as, although Spanish banks have largely adapted to the regulatory changes, application of some reforms is still outstanding. Although the total capital ratio has risen by 1.7 percentage points over the last four years (reaching 15.1% in June 2018, exceeding the regulatory minimum), and the leverage and liquidity ratios are slightly above their European averages, when we focus on the regulatory capital with greatest loss-absorbing capacity, i.e. ordinary capital or CET1, the ratio has risen by just 0.3 percentage points. In this regard, the Banco de España’s in-house stress tests to assess prospectively the level of solvency of the Spanish banking system revealed that institutions have a high degree of resilience to possible adverse macroeconomic scenarios. Nevertheless, in view of the dispersion of results across banks and the possibility that the risks which materialise exceed those envisaged in the adverse scenario, banks would be advised to strengthen their capital insofar as the recovery in profits allows. Indeed, according to June 2018 data from the European Banking Authority, Spanish institutions’ CET1 and Tier 1 solvency ratios are some of the lowest among the euro area’s banking systems.
Global pipes – challenges for systemic financial infrastructure Speech given by Sir Jon Cunliffe, Deputy Governor Financial Stability, Member of the Monetary Policy Committee, Member of the Financial Policy Committee and Member of the Prudential Regulation Committee  Official Monetary and Financial Institutions Forum, London Wednesday 22 February 2017  1  All speeches are available online at www.bankofengland.co.uk/speeches  It is said that the first 500 years of an institution’s life are the most difficult. By that reckoning, the Bank has 177 years to go before we reach less challenging times. But at least, with 323 years behind us, we can draw both inspiration and warning from those who have gone before us. In difficult times, I certainly take both from my predecessor, Michael Godfrey. Godfrey was one of the three co-founders of the Bank in 1694 and its first Deputy Governor. But his tenure was short. While on Bank of England business in Flanders, in 1695, he sought a meeting with King William III. William was at the time engaged in the 9 Years War and busily laying siege to the town of Namur. Keen to demonstrate his loyal and fearless service, Godfrey ignored his monarch’s warning that as a central banker in a war zone he should keep his head down. His head was promptly removed by a French cannonball. So when faced with today’s challenges, Godrey’s fate reminds me that previous inhabitants of this post have seen more testing times.

These central counterparties (known as CCPs), originally developed to manage the risks in agricultural commodity contracts, to act as intermediaries, taking and adjusting collateral from both sides to a financial contract so that if one party fails during the lifetime of the contract and cannot meet its obligations, the parties with whom they have traded are protected. 3  All speeches are available online at www.bankofengland.co.uk/speeches  3  But regulators and central banks however have had quite a hand in the making of these pipes and in mandating their use and terms of access – as a way of reducing risk in the system. The CLS international payment system, for example, was created by the FX industry, after much prodding from central banks, as a way of addressing regulatory concerns about the level of settlement risk in the system following the failure of Herstatt bank in the 1970s. Similarly, in response to regulatory demands post crisis, market participants have developed the role of CCPs to enable central clearing of a widening range of financial contracts. And, in line with their role in encouraging the creation and use of these systems, authorities internationally have long taken a close interest in their regulation and supervision. In 1990 the G10 Governors established the Committee on Payment and Settlement Systems (CPSS), with a membership that was enlarged to include 25 central banks in subsequent years. In 2014, CPSS was renamed to become the Committee on Payments and Market Infrastructures (CPMI).