samchain/econo-pairs-v1 huggingface dataset:
Of course, this process is never at an end, but I can nevertheless note that we have come a long way. As I now hold my final speech as member of the Executive Board, I would like to take this opportunity to give my own perspective on parts of this journey, on the challenges we have faced and on what may lie ahead of us. An organisation that is constantly developing A lot has changed since my first day at work in 1976, not only outside of, but also inside of the Riksbank’s walls. My workplace of the 1970s in practice has little more in common with today’s Riksbank than the building itself. It is quite simply a different world. Credibility and better conditions Today economic policy has a different credibility, and also the tools needed to deal with shocks to the economy in a flexible way. A long development process lies behind this much better starting point with "greater room for manoeuvre”. Something that has been a decisive factor is the changes in the economic policy framework made following the crisis at the  BIS Review 155/2008  1  beginning of the 1990s. Sweden was then forced to get to grips with many problems that had been around for a long time. There was also broad support, not least from politicians, behind the demands for change. Both monetary and fiscal policy were transformed and with good results.

Other examples are the fact that we have scheduled an extra monetary policy meeting this autumn, that we brought forward our most recent interest rate decision and also the scope of the most recent interest rate cuts. Under the circumstances now prevailing in the global financial crisis, we six members of the Executive Board must be able to quickly agree on various measures. One of the advantages of allowing a central bank to be governed by a group of decision-makers is that it leads to better decisions when different opinions and types of competence are combined. However, one risk is that different opinions could create difficulties in reaching agreement and lead to a slower decision-making process. But our experience so far is that when our ability to act has been put to the test, we have managed to "deliver". The fact that we are a group of policymakers who sometimes have different views of things has not been an obstacle. 6  BIS Review 155/2008  Future challenges The financial crisis is one of the most difficult challenges we have faced during my time at the Riksbank and the problems of dealing with it largely remain ahead of us. This is to a great extent a question of issues that need to be resolved on an international level. This includes, for instance, a review of the regulatory framework, the opportunities for insight and the fact that investors must be able, and have stronger incentives, to assess the risks to which they are actually exposing themselves.
Mr McDonough discusses the role of central banks in the global financial markets Remarks by the President of the Federal Reserve Bank of New York, Mr William J. McDonough, before the Economic Club of New York, New York City, on 14/12/98. Good evening, ladies and gentlemen. I am delighted to be here tonight and to share the podium with my good friend Dick Grasso. Dick and I have worked together for many years now, and I have come to value greatly both his warm friendship and his thoughtful counsel. Dick has spoken eloquently about how equity markets have developed globally over the past several years and some of the concerns he has going forward. For my part, I will focus on the global debt markets and the interests of central banks in the stability of these markets. The role of central banks in the fixed-income and related capital markets may not be immediately obvious because, one can argue, debt markets are a zero-sum game. One side of a trade gains what the other loses. If only it were as easy as that! In fact, trading in the global debt markets serves an important purpose and it does not follow that central banks have no interest in the stability of these markets. Quite the contrary. Central banks are and should be deeply concerned about the functioning of these markets, their dependability, their liquidity, and their transparency.

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
To address some of these problems, the European Commission has recently published an interesting proposal for amending the European regulation on prudential requirements for credit institutions and investment firms that introduces a differentiated treatment for high quality securitisations that meet stringent standards in terms of simplicity, transparency and standardization. 5. Concluding remarks  Let me now conclude by highlighting what I think are the main lessons drawn from the recent crisis in connection with credit developments. First, it seems clear that given the large financial imbalances that emerged during the expansionary years, a protracted contraction in credit demand seems not only unavoidable but also positive to restore the ability of the economy to grow on a sustainable basis. Yet there is little doubt that frictions on the supply side amplified the contractionary effects of weak demand and that those frictions merit bold policy attention. In any case, policy interventions aimed at revitalising credit during a crisis should be carefully designed and calibrated, duly taking into account that credit flows should not be expected to fully recover until lenders’ and borrowers’ balance sheets are on sufficiently firm ground. In the case of Spain, some of the main constraints affecting credit developments for most of the recent crisis have abated considerably as a result of the improvement in the macroeconomic outlook, the bold banking sector reform and the introduction of various measures at both the national and European level.

The United States has an extraordinarily flexible economy with a strong entrepreneurial bias that generates new opportunities, jobs and income. Our higher education system is second to none and the country remains a magnet for talented people around the world. The United States has better demographics than most developed countries and some very impressive institutions – such as the U.S. Army – that provide a pathway upward for all based on merit regardless of background. America’s place in a fast-adapting world economy and the prosperity and economic strength of our nation will depend upon the choices we make. In this fundamental sense our economic destiny is in our own hands. Let’s get at it. Thank you for your kind attention. I would be happy to take a few questions. BIS central bankers’ speeches  9  10  BIS central bankers’ speeches  BIS central bankers’ speeches  11
So, all in all we are very pleased with the largely smooth issue of the first denomination in the new banknote series. We trust the process will be equally smooth for the second denomination, the 20-franc note. I’d now like to introduce the ‘protagonist’ of today’s event in more detail. The main colour of the new 20-franc note is red, as in the previous series, however the new note is slightly smaller than its predecessor. The innovative Durasafe® substrate used in the rest of the series is of course also deployed in the 20-franc note. It consists of two outer layers made of cotton paper and an inner layer of polymer core for additional strength. The inspiration behind the new banknote series is, as you know, ‘The many facets of Switzerland’. Each denomination depicts a typically Swiss characteristic, which is then illustrated graphically using a key motif. Specifically, the denominations profile our country’s organisational talent, creativity, wealth of experiences, humanitarian tradition, scientific expertise and communicative flair. The 20-franc note focuses on Switzerland’s creativity, highlighting the country’s vibrant cultural and artistic scene in a variety of areas. The key motif for the 20-franc note is light. Light makes visual perception of the natural world possible, but it also allows us to behold works fashioned by human hand; it is thus closely connected with the theme of creativity.

As already announced, the remaining denominations in the series will be issued at half-yearly or yearly intervals, with the next one being the 10-franc note. The appearance, design elements and other information relating to this denomination will be communicated on 11 October 2017, and issuance will begin a week later, on 18 October. I’d like to thank everyone who helped prepare the ground for the successful launch of the new 20-franc note – as well as those involved at all other stages of the process – for their hard work. Page 3/3
Maja Kadievska-Vojnovik: Foreign investment’s importance to the Republic of Macedonia’s economy Speech by Ms Maja Kadievska-Vojnovik, Vice-Governor of the National Bank of the Republic of Macedonia, at the presentation of the Business Climate Survey in Macedonia, Macedonian-German Economic Association, Skopje, 10 April 2014. *  *  *  Dear Mr. Martin Knapp, Dear guests, It is an honor and pleasure to have this opportunity today to attend the presentation of the Business Climate Survey in the Republic of Macedonia, which is part of a regional survey of the representative offices of German Chambers of Industry and Commerce in Central and Southeast European countries. Namely, the Survey provides significant information on the companies’ perceptions about the Macedonian economy, and I would like to keep to some of its important aspects. It is more than clear that there are tight connections between Macedonian and German economy, which are being realized through several channels, such as: •  trade channels  •  capital flows and  •  through the remittance channel. First, Germany is and it raises its importance as the largest trade partner of the Republic of Macedonia. The share of the trade of goods with the EU member states in the total trade of RM of 52% before the crisis, in 2008, reached 67% in 2013.

The applied monetary strategy of targeting the foreign exchange rate proved successful in maintaining low and stable inflation, that is, at the level of inflation in Germany, i.e. the level of the Euro area. So, the competitiveness of the economy is not created through the exchange rate, but it should lay on sound fundamentals that will generate long-term sustainable growth. Despite the direct effects of the entry of foreign investment from the aspect of foreign exchange inflows, they created the potential for the Macedonian economy both in terms of reducing unemployment and in terms of transfer of know-how towards integrating local companies in international trade networks. Thus according to the Survey, an encouraging fact is that the respondents indicate presence and quality of local suppliers. The involvement of local companies in the chain of suppliers of major export capacities means true valorization of the secondary effects of the FDI inflow. Also our expectations are towards further valorization of the positive effects of the structural policies that boost the competitiveness of the domestic economy. The macroeconomic policymakers should seek to improve the worst-rated local conditions, according to the respondents’ opinion. Although some of them noted some progress in 2013, there is still room for their improvement. They relate to the improvement in the payment discipline, increasing the legal certainty and improvement of the public administration capacity, enhancement of the labor force qualifications in line with market demand through measures in the education system.
It has introduced the ASEAN Plus Standards, which are disclosure requirements based on the standards on cross-border offerings set by the International Organisation of Securities Commissions (“IOSCO”). And last month, some ASEAN exchanges announced plans to establish linkages to facilitate trading among them as well as to jointly market themselves to international investors. 40. It is early days yet. ASEAN is still some way to having a well-developed and integrated capital market. But the resolve is strong, important steps have been taken, and progress has been made compared to ten years ago. And as ASEAN’s capital markets grow and integrate, long-term investments such as infrastructure will become much more attractive to private sector players. Conclusion 41. Let me conclude. ASEAN is a diverse collective of nations at various stages of development. In some ways, this is a disadvantage compared to sovereign economies like China and India. But in other ways, it is an advantage, providing investors in Asia a good diversification opportunity and the value proposition of a network of value-adding activities leveraging on the different comparative advantages of its member countries. 42. I congratulate Bank of America-Merrill Lynch for organising this impressive conference. You have put together a comprehensive line-up of topics that go into the specifics of investment opportunities in Asia. I wish you fruitful discussions and an enjoyable time in Singapore. Thank you. BIS central bankers’ speeches  5

And for those who have, I am sure that it has been a rewarding and enriching experience. I myself had the wonderful opportunity to work in MAS’ NYO for about 4 years, and today, I strongly urge my young colleagues to consider a posting overseas. 17. In your own capacities, you can contribute significantly to mentoring and advising professionals in the financial sector, sharing with them your own personal experiences of how you have overcome challenges, and flourished from such opportunities. Overseas postings need not be a daunting and alienating choice. It can be an enriching opportunity, not just for the professional, but his/ her loved ones and family. 18. Another area where I see tremendous opportunity for FWA is in helping women in the financial sector better balance between career and family. It is not uncommon for women to take time off after having a baby, especially in the early childhood years. Increasingly, we have to also take longer periods of time off for caring of aged parents. Re-assimilation into the workforce will be an increasing challenge, given the fast evolving pace of the industry and the winds of change brought on by technology. 19. MAS, together with NTUC, ABS, IBF, the Singapore Workforce Development Agency (WDA), will launch a Financial Industry Career Advisory Centre (FiCAC) in April that will provide guidance to those keen to join the financial industry as well as those looking to move to new jobs within the industry. FiCAC will also organise talks on job opportunities in the financial sector.
Likewise, some of our new instruments could be more efficient to address financial stability concerns. For instance, under some dimensions, balancesheet policies differ markedly from interest-rate policies. By providing valuable safe assets to banks – central bank reserves – a high level of central bank reserves can support their smooth functioning. Even more importantly, it can mitigate the risk that banks will try to supply the demand for safe assets by engineering them themselves. Privately issued safe assets are poor substitutes for public safe assets. xiv b/ Keeping the purchase of private assets to a minimum In any case – and this is my second remark – the purchase of private assets by the central bank should be kept to a minimum. Indeed, the asset-side of the balance-sheet – what assets the central bank buys with the reserves it issues – matters a lot. Buying an excessive amount of private assets such as corporate bonds could run the risk of distorting the signal that asset prices convey on the assets’ riskiness. The present compression of risk premia and credit spreads might already increase risks to financial stability. **  Page 9 sur 11 Conclusion I have restricted my remarks on financial stability to the policies that fall, at least in part, within the realm of a central bank. However, as I have emphasized earlier, monetary and prudential policies are not the only policies available.

Moreover, the techniques normally used, such as a stay on payments, are ill adapted to banks. To supplement financial supervision and the deposit guarantee with a special insolvency regime, would not be adding an additional safety net to the benefit of depositors. It is quite simply a way of ensuring that the safety net protects those it was intended to protect but no others, and at a reasonable cost to the deposit guarantee system and society as a whole. But it should also be recognised that in situations where there is a threat to the financial system in its entirety, it may be needed to take partly different measures than in an ordinary bank failure. In these situations, the key focus must be on maintaining the vital functions in the interest of society as a whole. Perhaps the idea to have a partly different framework in these situations seems odd to you? After all, we normally expect the same legislative acts to apply regardless of the state of the economy or the situation in the financial system. But the situation is not unique. A similar situation exists in the health sector, where society has set up a framework to deal with our usual flus, broken bones and heart attacks. There  BIS Review 62/2008  5  are doctors and hospitals to deal with our problems. And there may be guidelines on how long sick leaves will be needed for a certain diagnosis.
Officials from the Monetary Authority of Singapore have been in close dialogue with Vietnam MOF and SSC to develop a meaningful programme catered at helping Vietnamese enterprises understand the workings of the international capital markets and the regulatory standards as well as market standards required for a listing in an international market outside of Vietnam. We have invited representatives from the Singapore Exchange, as well as professionals from leading investment banks, accountants and lawyers to join us at today’s seminar, and they will cover a wide-ranging programme that helps to prepare Vietnamese enterprises on cross-border listings, training on corporate governance, listing rules and accounting standards, amongst others. I understand that there are also plans for Vietnamese companies to be introduced to institutional investors based in Singapore at a later stage. All these efforts will pave the way for Vietnam to tap on Singapore’s capital markets as an additional channel to connect with global investors. We believe this will contribute to speeding up the pace of Vietnam’s economic growth, even as you are taking significant measures to develop your own capital markets. Singapore is now home to a wide pool of institutional funds, with more than $ billion of assets under management. As a well-managed pro-business marketplace, Singapore is particularly  BIS Review 35/2007  1  attractive to international companies seeking an offshore listing. Currently, more than 700 companies are listed on the Singapore Exchange. Amongst them, more than 30% are foreign companies from around the globe.

Lim Hng Kiang: Brief overview of economic links between Vietnam and Singapore Opening remarks by Mr Lim Hng Kiang, Deputy Chairman of the Monetary Authority of Singapore and Minister for Trade and Industry, at the Launch of Vietnam-Singapore Listing Preparatory Program, Hanoi, 2 April 2007. *  *  *  His Excellency, Vu Van Ninh Minister of Finance of the Socialist Republic of Vietnam Distinguished Guests Ladies and Gentlemen It gives me great pleasure this morning to join His Excellency, Minister Vu and all of you in Hanoi at the official launch of the Vietnam-Singapore Listing Preparatory Program. As Minister Vu has shared earlier, today’s programme adds yet another pillar to our growing economic relationship. Today’s launch is especially meaningful for me, as looking back at 2005, our two countries inked a historic Framework Agreement on Vietnam-Singapore Connectivity to strengthen our relations and to cooperate across the many areas in which we have shared interests. I am thus very glad that my officials from the Monetary Authority of Singapore have been working closely with Vietnam Ministry of Finance and the State Securities Commission to see through the implementation of the terms provided under the Connectivity Agreement. The objective of the Connectivity Agreement had been to build closer Government-to-Government relations between Vietnam and Singapore, to bring about more opportunities for mutual collaboration and exchanges between our two countries.
Adnan Zaylani Mohamad Zahid: Sustainability and the challenges ahead Speech by Mr Adnan Zaylani Mohamad Zahid, Assistant Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the IFN Green and Sustainable Finance Forum, Kuala Lumpur, 3 December 2019. * * * It is a pleasure to be here this afternoon. I would like to thank the organisers for once again inviting me to speak at their conference. I hope that I can further add to the valuable discourse that undoubtedly takes place at such events. We must now acknowledge, that the sustainability agenda has gained increasing importance and a momentum of its own. Everywhere, there is a sense of urgency and call for action. Consumers are making their purchasing decisions with the environment in mind. Investors and shareholders are making demands for their companies and corporations to adopt environmental, social and governance or ESG standards. Corporate managers, emboldened with such mandates by their shareholders are reshaping their organisations into new corporate citizens, responsible, responsive and socially aware. Governments are certainly not left behind. Globally, societies are seeking ways to create sustainable solutions for their communities. Achieving the sustainability goals will not be an easy journey. The global environment itself is more challenging than before with increasing volatilities and uncertainties arising from the global trade war, geopolitical developments and a multitude of factors. Many of these could derail or delay our efforts. How do we then stay on course to keep sustainability and responsible finance a prime focus of business in the financial sector?

This requires a significant shift in perspective towards how we value social and ecological factors. These should be viewed as inter-linked with the economy and economic well-being and not as silos. Neither as a zero sum game, or polar opposites. Beyond this and given the multidimensional nature of the SDGs, knowledge and capacity building across sectors is crucial. In this regard, the Bank views climate resilience as a significant part of achieving the SDGs. Understanding and managing climate-related risks enhance the financial sector’s role in enabling an orderly transition to a low-carbon and sustainable economy. Over the past 20 years, more than 50 natural disaster events occurred in Malaysia, accounting for RM8 billion losses. As climate-related events intensify, the economic costs arising from physical risk, transition risk and liability risk will escalate and may have persistent system-wide impacts on financial stability and adversely affect macroeconomic conditions. Viewed from this perspective, climate change developments therefore are crucially relevant to the Bank’s mandate. With this in mind, the Bank, as a member of the Central Banks and Supervisors Network of Greening the Financial System or NGFS is committed towards building a comprehensive understanding of the impact of climate-related risks to the Malaysian financial system and economy.