samchain/econo-pairs-v1 huggingface dataset:
In my view, we have to renounce a fully-fledged EDIS as a prerequisite – which is the main deadlock – and opt for an alternative set-up where national guarantee schemes would bring one another liquidity support, and where subsidiaries across the EU could be affiliated to the home deposit guarantee scheme. Other pragmatic steps are possible in a parallel approach. Resolution tools could be used for small and medium banks too, without increasing the size of the Single Resolution Fund. We could significantly improve the coordination between Supervision and Resolution, and better incorporate the cross-border dimension in our requirements for MREL (which are still significantly higher than the TLAC international rule). Having found workable solutions for worst-case scenarios, we will be able to focus on further moving beyond home/host issues in normal times. Banks should be able to make broader use of cross-border liquidity waivers, as currently allowed by the regulation. New waivers for capital requirements should be envisaged as well. On the prudential topic, I take the opportunity to underline that the Commission’s draft transposition of Basel 3 fully takes into account the specificities of European banks and provides sufficient time to adapt to the new features of the supervisory framework. The proposed exemptions will help maintain financing capacities but they have to remain temporary; otherwise, our international credibility and Basel 3 compliance would be harmed.

A few days ago, on 7 February, we celebrated the thirtieth birthday of the European Union and of the Maastricht Treaty. I was personally present during the signature of this Treaty, which promoted “the strengthening of economic and monetary union, ultimately including a single currency”. We have successfully established a monetary Eurosystem, however a real financial Eurosystem must now develop. Let me therefore share some proposals on the Banking Union and the Capital Markets Union (CMU), which are the two cornerstones for such a financial Eurosystem. We are all aware the Banking Union is for 19 countries, and tomorrow 21, while the CMU is for 27. But allow me to mix them today with a common core – the euro area – and a common purpose – the right funding of our economies. I will quote two thriller books today. You may rightly think of The postman always rings twice: Andrea Enria and myself already conveyed this message quite plainly regarding the Banking Union during the last Eurofi session in September. You may also think that these projects are more or less stuck. It is true that there has been deadlock and I will list the bad reasons for this. But there are also good reasons why we can break this deadlock now and give the projects of Banking Union and CMU new momentum (I). I will then describe the new possible steps for the Banking Union (II) and the CMU (III). I.
For instance, the impacts of differentiation in productivity ratios in the tradable and non-tradable sectors compared to the Euro zone on relative prices and real exchange rate behavior in the process of convergence with the European Union are analyzed in one of the boxes. Moreover, in addition to the box in which international gold prices and the impacts of these on the CPI are analyzed, the Report also contains a box in which the targets and realizations relating to inflation and Net International Reserves are evaluated within the context of IMF conditionality. Distinguished Guests, After this general overview, I would like to summarize the evaluations and the inflation forecasts of the Central Bank in the latest Report, which will be published on our web site today. Inflation developments In the first quarter of 2006, the fall in inflation displayed a slowdown tendency in line with our predictions in the previous Inflation Report and the annual rate of increase in consumer prices was realized as 8.16 percent as of the end of March 2006. This slowdown stems from the base effect created by the price increases that have realized at historically very low levels due to the reduction in the Value Added Tax (VAT) rates of food, health and education items made in early 2005 (Graph 1). Graph 1.

European growth figures were slightly revised upwards within the framework of the “Consensus Forecast” results and the assumption that European Union Harmonized CPI inflation would almost reach the targeted two percent in 2006 and 2007 was retained. Moreover, the news that the European Central Bank would presumably continue to raise interest rates was considered while producing our inflation forecasts. Along with those of the Euro zone, monetary policies of other developed countries were also carefully monitored during the forecast-making process as regards foreseeing the course of international liquidity conditions. Following a relative stable course, crude oil prices entered an upward trend in the last period. Due to the difficulty in making a precise forecast relating to oil prices, while producing inflation forecasts under the main scenario, it was assumed that oil prices would follow a horizontal course at their current level. Hence, a level above that assumed in the first Inflation Report was foreseen. In this context, the assumptions about oil prices were updated upwards while producing forecasts. Finally, a number of assumptions were made on the likely course of the risk premium throughout 2006 and 2007. The favorable outlook for the course of the risk premium specified in the first Inflation Report was preserved for the first two months of 2006. However, both the deterioration tendency in the global risk appetite and the increase in the uncertainty perceptions about the Bank of Japan’s liquidity policy led to a rise in the risk premium in March.
In several recent cases, the Federal Reserve has taken action to deal with a specific US compliance problem, while the home country supervisor has taken a leadership role in a broader action to address compliance issues across the consolidated firm. •  The Federal Reserve of course not only coordinates with financial regulators in other countries, but with other U.S. supervisors as well - both in terms of policy development and in terms of individual institution supervision. An excellent example of the former is last year’s release of the BSA/AML exam manual by the Federal Financial Institutions Examination Council. A fourth principle is that we should continue improving collaboration between the industry and supervisors. From the supervisors’ perspective, this can take a variety of forms. We have participated in formal and informal public consultations and we have supported industry-led efforts - such as the case of CRMPG II. At times, we have also brought firms together to address issues requiring collective action - as the New York Fed has done with the back-office problems faced by credit derivatives dealers. A final principle I will mention is the importance of regulatory agencies developing specialized expertise to carry out supervisory efforts, with a focus on the hiring, training, development and retention of examiner staff. Specialized examiners can, and should, be exposed to a cross section of firms, so that they can develop a perspective on state-of-the-art industry practices.

If so, then the firm becomes subject to more legal and regulatory requirements, some of which may be inconsistent with those applicable elsewhere. The result of the geographic expansion then is to increase the risk of possible compliance problems and to make the management of a global business that much more difficult. Deregulation within individual countries is also something of a two-edged sword. Clearly it affords greater business opportunities to a firm, but it also raises challenges in managing compliance risk across a firm’s business units. For example, as a result of the passage of the Gramm-Leach-Bliley Act in the US, a single firm can now engage in commercial banking, investment banking, and insurance activities. The implication for the compliance function is that it must not only keep on top of issues  BIS Review 76/2006  1  within each of these diverse business lines but also the interactions between them - for example, in policing potential conflicts of interest across the firm. Somewhat similarly, the overall compliance challenge for the firm is more than just the sum of the challenges from financial innovation, from globalization and from deregulation. There are interplays between these developments that add additional layers of complexity to the compliance challenge. Level of scrutiny The second broad consideration I mentioned is the increased level of scrutiny of compliance in the U.S. and in other major financial markets - scrutiny that is driven by major industry and political events that have changed the legal and regulatory environment over the past five years.
The Institute for Financial Literacy, a collaboration between MoneySENSE and Singapore Polytechnic, will reach out to employers and the unions to conduct free debt management talks at workplaces. Free public talks will also be organised from next year at convenient locations across the island for the general public. (c)  The Institute for Financial Literacy will continue to conduct financial education programmes for social workers and counsellors so that they are better equipped to provide support to those who seek help from them. This is a useful way to help lower-income households who face difficulties. Conclusion 21 In conclusion, the consumer credit situation in Singapore is on the whole in good shape, because we have taken pre-emptive regulatory actions. We are, however, concerned about a small group of borrowers who have over-extended themselves, and are addressing it in three ways: (a)  encouraging prudent lending practices;  (b)  providing targeted help to those who are already indebted; and  (c)  empowering people with the knowledge and skills to manage their own finances. 22 This is ultimately a social mission. It is about helping people avoid getting caught in a spiral of borrowing, and avoid the major difficulties that they and their families face when they are saddled with a pile of debts. CCS is on a noble mission. You have had a remarkable story over the last ten years, and I wish you every success in the years to come. 4  BIS central bankers’ speeches

Benoît Cœuré: Interview with CNBC Interview with Mr Benoît Cœuré, Member of the Executive Board of the European Central Bank, and CNBC, conducted by Mr Steve Sedgwick on 6 April 2018. * * *  You've been talking about trade and that is the key topic here in Cernobbio and indeed globally at the moment as well. What's your contribution this morning on this topic? The point I was making this morning at the conference is that first we're not sure yet that we're in a trade war. As much as possible, if we could avoid the bellicose semantics and come back to a reasonable discussion, that would help for economic confidence. That also means that if this would morph into a full-fledged trade war, this has the potential to have quite damaging consequences for growth and jobs globally, including in the US. Is it already having ramifications in global financial markets? We've seen the volatility and equity markets. We've seen higher borrowing costs as well. It looks like it's already having the effects of a trade war without being a trade war yet. To some extent, yes, we've seen that. We've seen obviously stock prices going down, some risk premia are going up, so some tightening of financial conditions globally starting with the US. But it all depends on how the situation will evolve. Certainly what we don't want to see is a general tightening of financial conditions.
Even if you accept cash has other benefits that mean it is the preferred payment method for some, the inability to pay interest on public money is a relic of a bygone era. In principle, a widely-used digital currency could mitigate, perhaps even eliminate, this technological constraint. Specifically, CBDC would enable interest to be levied on central bank issued monetary assets or digital cash. The extent to which this relaxed the ZLB constraint depends, in addition, on the elasticity with which physical cash is provided to the public alongside CBDC. Access to physical cash is an issue well above the pay grade of central bank technicians; it is a political-cum-social issue. Nonetheless, the potential macro-economic benefits of easing the ZLB constraint are large and have grown over time. Studies suggest the ZLB constraint can result in significant shortfalls in output relative to potential (of around 2%) and inflation relative to target (of as much as 2 percentage points).31 These are potentially enormous gains in macro-economic terms. To those benefits needs to be added the gains to digital cash users of holding a remunerated instrument, helping protect their purchasing power. These financial stability and monetary-macro benefits should be at the centre of the debate about the desirability and design of digital currencies. To give an example, the design of the remuneration schedule for CDBC will in my view be one of the most significant decisions made by central banks in the next half-century.

These reforms bore more than a passing resemblance to the solutions complexity scientists might have proposed. A new word emerged to capture these reforms - macro-prudential regulation. The macro signalled two important ideological shifts from the past. First, banking needed to be managed at the level of the system as a whole, like any other eco-system. Second, as important as the resilience of the financial system was its interaction with the macro-economy to avoid adverse feedback effects between the two, such as credit crunches. Finance was to be servant of the economy, not master. This, truly, was a regulatory revolution. 21  See https://www.bis.org/bcbs/basel3.htm. 13  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  13  Not all proposals for international regulatory reform found universal favour. In a paper prepared for the Jackson Hole central banking shindig in 2012, I questioned whether the very complexity of financial regulation might have contributed to the increasing fragility of the financial system. As you did not fight fire with fire, you did not fight financial complexity with regulatory complexity. That risked making a bad situation worse, a complexity problem squared rather than halved. To be honest, had I not called the paper “The Dog and the Frisbee” I doubt anyone would have read it. But I did, they did and the result was a sharp intake of collective breath among my colleagues around the Basel Committee table - and beyond.
It is thus with the need for further economic and social development that consumer finance should expand in line with domestic savings. Ladies and Gentleman, Once again we are back at the regulator’s dilemma of regulating without dampening the exuberance and vitality of the market. Consumer finance need not be damaging as long as we can be sure that the individual or household have the prerequisite responsibility, maturity and financial literacy to manage their finances. Both the service provider and regulator must share the task of addressing these concerns and issues. lt is hoped that service providers will not only focus on improving their bottom line but to also consider the social impact of their business model. Through the use of gimmicks, service providers risk enticing under-qualified and immature applicants whose inability to manage their finances will only exacerbate social costs and NPLs. As such, if social impact considerations become embedded in the process of determining business strategy for consumer finance, service providers could easily address the social concerns previously mentioned, while at the same time securing quality growth in the consumer finance market. However, it is understood that competition may pressure service providers to leave behind these social concerns. Thus it is the duty of the regulators to issue rules and guidelines that will level the playing field in order to prevent consumer finance from causing an unsustainable bubble. The industry has already seen the Bank of Thailand’s forays into the credit card market with rules governing minimum monthly incomc, interest rate ceiling, fees etc.

A more recent story that comes to mind involves two factory workers who earn approximately 6,000 baht per month. Both were invited to apply for a credit card but only one signed up for the offer. This worker first used his credit card to purchase a TV set, which he could easily finance with his salary. Nevertheless, the TV was followed by a washing machine and a motorcycle, which eventually pushed his monthly debt payment to exceed his income. As he exhausted all of his savings, and could no longer borrow from family and friends, his belongings were repossessed by the creditors, and finally he had to quit his job in hopes of running away from his remaining creditors. The story highlights a dangerous combination in the fabric of Thai society and that is low-income earners who lack financial literacy, or the ability to effectively manage their finances, but yet have very high marginal propensity consume. They in turn are more susceptible to unknowingly consume beyond their means, and like my previous story, become a burden an society. That burden is further intensified by the difficulty in finding and obtaining new employment. This probable risk demands that stakeholders take a more cautious approach to ensure quality growth in Thailand’s consumer finance market. Ladies and Gentleman, In reality there are more than one type of savings behavior in the world, but most importantly the savings behavior should be appropriate for the developmental needs of each country.
We were created during Woodrow Wilson’s presidency, in the aftermath of the Financial Panic of 1907. Congress passed the Federal Reserve Act in 1913; like St. Andrews, we will mark a centennial next year, but it will be our first, while you celebrate your sixth. The Federal Reserve Act established 12 Federal Reserve Banks, together with a Board of Governors. The members of the Board, of which Ben Bernanke is Chairman, are appointed by the president of the United States and confirmed by the Senate. The 12 Bank presidents are not: They serve at the pleasure of nine-member boards of directors composed of private bankers and citizens from their respective districts. They are distinctly nonpolitical, immune from partisan influence; they represent Main Street, not the Washington power elite or the New York money changers, just as President Wilson and the Federal Reserve founders envisioned. These are profit-making banks that perform services for the private banks in their districts: warehousing and distributing currency; operating discount windows from which banks borrow to assist in their operating funding needs; functioning as the depository for the $ trillion or so in excess reserves presently piled up and going unused in our private banking system.

Muhammad bin Ibrahim: Forces of change profoundly influencing the Asia-Pacific region Speech by Mr Muhammad bin Ibrahim, Deputy Governor of the Central Bank of Malaysia, at the Asian-Pacific Association of Banking Institutes Conference 2013, hosted by the Institute of Bankers Malaysia, Kuala Lumpur, 7 October 2013. *  *  *  It is with great pleasure that I welcome you to the 2013 Asian-Pacific Association of Banking Institutes conference hosted by Institute of Bankers Malaysia. I would also like extend a special welcome to all overseas delegates, Selamat Datang, as we say in our national language. Given the greater economic and financial integration that is taking place today, it is indeed timely for institutions of learning that focus on the financial sector to come together to deliberate on contemporary issues and trends affecting the region, and its implication on talent needs and development going forward. My remarks today will focus on the forces of change that are profoundly influencing the economies of the Asia Pacific region, and by extension, our financial systems, as well as some thoughts on the implications of these changes to the banking industry, with a particular focus on human capital development. I want to touch on three forces that are reshaping the banking industry across Asia and the Pacific. The first is on emerging markets’ and in particular Asia’s emergence as a dynamic centre for the global economy.
This is best illustrated by the following statistics: •  According to the Bank for International Settlement's triennial survey in 2004, our average daily foreign exchange turnover was close to $ billion, which was the sixth largest in the world;  •  On average, transactions settled through the various RTGS systems in Hong Kong amounted to $ billion each day in 2005;  •  New debt securities issued in 2005 amounted to $ billion; and The total amount of funds raised through IPOs reached $ billion in 2005. 3. Our treasury markets have done well in servicing the financial businesses behind these impressive numbers. Further globalisation of financial markets and financial liberalisation on the Mainland will likely place new and increasing demands on our treasury markets. We need to move with the times, if we are to maintain our status as an international financial centre, and I think the establishment of the TMA provides a good mechanism for us to do so. In my view, there are four key areas which the TMA should focus on: professionalism, market development, codes and standards, and publicity. 4. The professionalism of market practitioners contribute significantly to the competitiveness of a financial centre. An important area of work of the TMA is therefore to enhance the professionalism of the practitioners in the Hong Kong treasury markets.

The third important area of work for the TMA will be to develop and promulgate codes and standards that are widely accepted by market participants, and in line with best international practices, to help the treasury markets function smoothly. The TMA will continue the work of the TMF in reviewing and developing codes and standards for the industry in the light of the development in the  BIS Review 4/2006  1  local, Mainland and overseas markets. One example of work in this area is documentation in Chinese, which will be essential as Hong Kong explores new business opportunities on the Mainland. 7. Lastly, for Hong Kong to aspire to be the preferred hub for treasury market businesses in the region, we need to market ourselves well. The TMA will therefore have to pay attention to publicity and communication, not just in Hong Kong but also in the region. It will be very important for the TMA in the years ahead to raise its profile, and strengthen and broaden the ties previously established by the TMF with counterparts in the major market centres around the world. 8. Establishment of the TMA allows a wide range of institutions and practitioners in the foreign exchange, money markets, debt, derivatives and other treasury markets to pool their efforts towards a common aim. While the TMA is newly established, I am glad to note that the financial institutions and money brokers have already joined as institutional members. The majority of the ACIHK members have also joined as individual members.