samchain/econo-pairs-v1 huggingface dataset:
They centre on the ability of the economy and financial system to face shocks because of a good external position, large international reserves, and households’ and businesses’ relatively strong equity position. The banks are strong as well, as I have just explained. Furthermore, economic policy has considerable scope to respond, and more than in many other countries. The Treasury is running a surplus, and public debt is historically low. There is significant scope to lower interest rates if conditions call for it, unlike in many of our trading partner countries, as Iceland's interest rates are well above zero. Honoured guests: In my speech today, I have focused on our experience of the past decade and our current position. Now I would like to address some of the challenges ahead for the Central Bank. The first pertains to how we can preserve stability under conditions of virtually unrestricted movement of capital. The Central Bank of Iceland has been preparing itself for this for years. In 2010 and 2012, the Bank published two reports on monetary policy and on prudential rules post-capital controls. Much of what is proposed there has already been put in place. I have discussed these topics extensively, verbally and in writing, in Iceland and abroad. Some of that material can be found on the Bank’s website. 6  The big picture has been sketched out. Unrestricted movement of capital is of great benefit for a small open economy, but there are also significant risks attached to it.

It is set out in a revised Sterling Monetary Framework (SMF), published today.11 The new framework builds on the lessons learned throughout the financial crisis and draws on the recommendations made by Bill Winters in his review of our system.12 Five simple words describe our approach: we are open for business. Our facilities are not ornamental. They are there to be used by banks to access money and high-quality collateral. We are offering money and collateral for longer terms. The range of assets we will accept in exchange will be wider, extending to raw loans and, in fact, any asset of which we are capable of assessing the risks. And using our facilities will be cheaper. In some cases the fees are being more than halved. Banks can be confident that, when they want to use our facilities, they will be allowed to access them. Because we are both the supervisor and the central bank, the strong presumption is now that, if a bank meets the supervisory threshold conditions to operate and has signed up to our framework, it will be able to use our facilities. Our Discount Window will be open every day for those firms requiring a bespoke facility with lagged disclosure. Its price will be lower. We will hold monthly repo auctions to provide predictable and regular access to high-quality collateral in exchange for a very broad range of collateral. And in times of actual or prospective stressed conditions we stand ready to provide cheap, plentiful money through more frequent auctions.
They were hosted at Saint Catherine monastery. Once returned, they established a convent quite here, in the heavily forested area, at the bottom of the Carpathians. The new monastery was called Sinaia, in the memory of their journey to the Sinai Peninsula. A century later, the first King of Romania, Carol I fell in love with the place and built Peles Castle, his summer residence. Following the establishment of the Peles Castle a railroad connecting the capital to the king’s new summer residence was built. Little by little, Sinaia became popular among the members of the high society: they started building summer residences as well as hotels, villas. You can visit the Peles Castle and the Sinaia monastery on Friday. And now about this seminar. The topic of this seminar is integrated supervision to ensure financial stability. It relies on several conceptual layers. First of all, to understand that the frontiers among financial activities have been blurred by financial innovation and the formation of conglomerates. Secondly, effective Regulation and Supervision involves a working together of regulators and supervisors, who oversee various financial markets. And thirdly, macro prudential concerns are increasingly on the radar screen of Regulation and Supervision. Above all one needs to understand the functioning of overall finance. The program of our seminar is quite rich.

Considering this phase of economic development, it is essential that the regulatory authorities of financial markets and their institutions establish transparent and non-discriminative conditions for conducting business and moreover, develop necessary instruments to identify and eliminate cases of abuse from the financial institutions in their relationships with the other market participants and the clients. According to this agreement, the Bank of Albania shall, in fulfilling its supervisory role and in co-operation with the Competition Authority, support the latter in identifying the behaviour of banks and non-bank financial institutions, which may distort competition and ultimately, maintain an unfair position in the market, set unreal prices for banking products and services and discriminate certain clients or part of the public. In such cases, the Bank of Albania will require the Competition Authority, to start an investigation procedure, according to the law provisions. On the other hand, the Bank of Albania will continue to ensure that the regulatory framework and the supervisory practices remain transparent and provide to all entities meeting the law requirements equal terms for conducting banking and financial activity. In the context of this co-operation, the Bank of Albania and the Competition Authority shall establish the format of formal information exchange, by observing the requirements of the law in terms of its quality and characteristics. Understandably, we have taken only one step along a very long process, which requires its consistency in practice, as well. It is crucial that the importance of this agreement be fully comprehended by the staff of both institutions.
They show the MPC's central projections at Year 2 and Year 3 respectively for CPI inflation on the vertical axis against those for spare capacity (the opposite of excess demand) on the horizontal axis from successive Inflation Reports between August 2016 and November 2017.18 Chart 10: MPC managed the trade-off19 a) Trade-off in successive Inflation Report projections at Year 2 3.0 November 2016  Inflation (%)  February 2017 2.5  August 2016  November 2017 May 2017 August 2017  -1.5  -1.0 August 2016, no stimulus  Excess demand (%)  2.0  -0.5  0.0  0.5  1.0  1.5  Preferred trade-off if λ=0.1  1.5  Preferred trade-off if λ=1 1.0  b) Trade-off in successive Inflation Report projections at Year 3 3.0  Inflation (%)  August 2016 November 2016  -1.0  August 2016, no stimulus  2.5 May 2017 February 2017 November 2017 August 2017 2.0 -0.5 0.0  Excess demand (%) 0.5  1.0 Preferred trade-off if λ=0.1  1.5  Preferred trade-off if λ=1 1.0  18  The projections are conditioned on the market yield curves prevailing at the time the forecasts were made. Each observation shows the central projection for spare capacity or excess demand at the end of the second / third year of the forecast period on the horizontal axis against the central projection for four-quarter CPI inflation at Year 2 / 3 on the vertical axis from successive Inflation Reports.

In 2005, 4 commercial banks launched the E-switch facility to allow their customers to share their ATMs and other payment delivery channels, like point of sale terminals. These services were unheard of before the reforms and were supported by the international community. •  Commercial banks have also embarked on other initiatives including expansion programmes based on the community banking concept. This is consistent with the rural banking concept and is intended to provide financial services to those sectors of the community that are not currently serviced by the banking sector. BIS Review 72/2006  1  Your Excellency, to meet the challenges which come with an expanded banking sector and in our desire to continue modernising the overall financial sector, it has been imperative to strengthen the prudential and supervisory mandate of the Bank of Zambia. In this regard, the key initiatives that have been endorsed, with an ultimate goal of promoting safe, sound and efficient operations have included: •  The enactment and amendment of the Banking and Financial Services Acts in 1994 and 2000, respectively.
Zeti Akhtar Aziz: Nurturing young talent in Malaysia Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Kijang Emas Scholarship Award Ceremony for High Achievers, Kuala Lumpur, 6 May 2014. *  *  *  While the global economy continues to face uncertainties and significant challenges, the Malaysian economy has every potential to remain on a steady growth trajectory and move up the value chain. This is however only achievable if we can nurture the required talents. Talent development strategies and implementation is therefore one of the key priorities of the nation. We need to invest in our talent pipeline The Kijang Emas Scholarship Award is an eminent scholarship award reflecting the Bank’s commitment in creating a sustainable talent pool for the nation. The Kijang Emas scholarship is distinct from the Kijang scholarship whereby the recipients are given the freedom to pursue any field of study at top-notch universities in any country of their choice. The Bank also does not impose any bond on the recipient except that they return, contribute and take part in the progress and development of our beloved nation. To date, 42 high potential talent have been awarded the Kijang Emas scholarship. The recipients are currently pursuing their studies in diverse field of studies including Medicine, Dentistry, Genetics, Biochemistry, Dietetics, Physics, Engineering, Law, Psychology and Architecture in top universities around the world such as M.I.T., University of Pennsylvania and the University of Cambridge.

Mojmír Hampl: Central banks, digital currencies and monetary policy in times of elastic money Speech by Mr Mojmír Hampl, Vice Governor of the Czech National Bank, at the Official Monetary and Financial Institutions Forum (OMFIF) Roundtable, London, 11 July 2017. * * * Ladies and gentlemen, Good afternoon. Before I start in earnest, let me thank the OMFIF for the kind invitation to this event, which allows me to speak in front of such a distinguished audience. It is an utmost pleasure for me to be here. The topics of today’s session are threefold: cryptocurrencies, central bank digital currencies and monetary policy with elastic money. I’ll try to touch upon all of these topics and bind them together, yet I realise the task is challenging. Let me begin with a story from Prague. In our capital city we have a strong community of supporters and users of cryptocurrencies. Among libertarians, some of them my ex-colleagues or friends from the University of Economics in Prague, bitcoin is seen as a real, fully fledged alternative to the current monetary order. Indeed, I could show you a place in Prague where one can only pay in bitcoin. By the way, I appreciate the name chosen for the most popular cryptocurrency, bitcoin. In the era when the foundations of the monetary system were based on precious metals, people sometimes “bit the coins” to check whether or not they were counterfeit.
Looking further ahead, in 2011 inflation rates should remain moderate overall, benefiting from low domestic price pressures. Inflation expectations over the medium to longer term continue to be firmly anchored in line with the Governing Council’s aim of keeping inflation rates below, but close to, 2% over the medium term. Risks to the outlook for price developments are broadly balanced. Upside risks over the medium term relate, in particular, to the evolution of commodity prices. Furthermore, increases in indirect taxation and administered prices may be greater than currently expected, owing to the need for fiscal consolidation in the coming years. At the same time, risks to domestic price and cost developments are contained. Overall, the Governing Council will monitor closely the future evolution of all available price indicators. Turning to the monetary analysis, the annual growth rate of M3 turned positive and was 0.2% in June 2010, after –0.1% in May. The annual growth rate of loans to the private sector increased slightly further but, at 0.3%, remained weak. Together, these data continue to support the assessment that the underlying pace of monetary expansion is moderate and that inflationary pressures over the medium term are contained. Shorter-term developments in M3 and some of its components and counterparts have remained volatile, and this volatility may well persist. The previously strong impact of the interest rate constellation on monetary dynamics, while still affecting the pace of underlying money growth, appears to be gradually waning.

Here I would focus on reducing the public sector wage bill, mainly by lowering employment levels, as government is currently doing; reforming the provision of pensions and health care; rationalizing social welfare schemes, including by eliminating benefits that have outlived their usefulness and extending means testing; and transforming the unemployment benefit system into an effective instrument of employment creation rather than of social dependence. With regard to competitiveness-related problems, there is a need to address remaining rigidities in the labour market – including by ensuring that wage costs reflect productivity levels; investing more in education and providing suitable incentives to unleash the potential inherent in the country’s human resources; and improving the business environment, in particular by lowering the costs of operating in Malta. While it is beyond dispute that the country has undergone significant change for the better in these first years of the new century, it is equally true that the world around us has become a much more dynamic place in the meantime, and competitive pressures are such that unless we adapt to them rapidly, we will have to accept lower living standards. 6. Euro yields have risen yet you have left the central intervention rate unchanged… This proves that our limited monetary policy tools have not been put in the shed, as you put it in an earlier question! We still have a degree of autonomy. As I said earlier, the exchange rate is the nominal anchor of our monetary policy.
Secondly, I would encourage supervisors to consider how the three pillars of Basel II could already be enhanced in their jurisdiction. Supervisors do not need to await their formal adoption of Basel II to start introducing or using the principles of the three pillars. On the contrary, incorporating those principles is excellent preparation for adopting Basel II in the future. For example, supervisors might be encouraged to move towards a system of risk-based supervision, developing skills in assessing the quality of a bank’s risk management and its ability to assess risk exposures. At the same time, banks could be reminded of their responsibility to develop their own processes for evaluating their capital needs and a strategy for maintaining their capital levels, in line with the principles of Pillar 2. With regard to the principles of market discipline in Pillar 3, supervisors in some countries may wish to focus initially on ensuring a baseline level of disclosures across all banks. This might include discussing with banks, investors and other users of financial information their information needs and the tools available so that supervisors can tailor requirements accordingly. In my view, these two preliminary stages will provide an excellent preparation for the “final” stage to move to Basel II. The Basel Committee welcomes the efforts that so many countries have already undertaken to enhance the quality of bank supervision and to encourage prudent management in the banking sector. We support your work and would like to contribute to your efforts.

Today, the Swedish bank market is far more dynamic and a large number of both Swedish and foreign financial companies offer products covering everything from unit trusts to mortgages. Although competition could probably be improved even more, developments are moving in the right direction. From a European perspective, the Swedish banks currently make relatively low charges for their services and have low profit margins on their deposits and lending - these are in any case no higher 11 than in the rest of Europe. Today the Swedish banks are in the forefront with regard to technology and have rationalised their operations, with fewer offices and employees than banks out in Europe. Despite this, profitability is relatively modest, which indicates that the price level is under pressure and competition is functioning. However, the company concentration is still very high on the bank market. The four major banks together have a market share of 70-90 per cent within most product segments. A number of "niche" banks have become established over the past year, but they still account for a small, albeit growing, share of the market. The bank market differs from, for instance, the retail trade in that the confidence and personal contact with the bank is perceived as very important. The customers also face complex choices; it is often difficult to assess and compare different services and suppliers. In addition, establishing new banking and insurance relations involves work for the customer.
Narrow mandate and independence as foundation In general, regulatory policy comprises all measures which a government puts in place to create appropriate framework conditions for the longer-term development of the economy. If, in doing so, the government follows sensible principles, it creates conditions in which the economy can optimally develop its potential and the prosperity of the population increases over time. An essential component of good framework conditions, and of good regulatory policy, is price stability. In the absence of price stability, the smooth functioning of an economy is inconceivable. Inflation as well as deflation hinder the steering role of prices in ensuring that labour and capital are used as productively as possible. Inflation also reduces household purchasing power and especially impacts the more vulnerable sections of society. In order to ensure price stability in the long term, two principles of regulatory policy are key: - First, price stability must be the fundamental guiding principle of monetary policy - and second, a central bank must be independent from politics. Both of these principles are today reflected in the legislation of many countries. In Switzerland, the independence of the central bank is enshrined in the Federal Constitution. This means that the SNB may neither accept nor seek instruction from politics or other quarters. The Constitution also states that the SNB shall pursue a monetary policy serving the interests of the country as a whole.

For there are growing signs that higher prices are increasingly spreading to goods and services that are not directly affected by the war in Ukraine or the consequences of the pandemic. In addition, energy prices have continued to rise overall and are increasing inflationary pressure in many sectors. This heightens the risk of second-round effects. Ladies and gentlemen, the inflation and economic outlook remains subject to high uncertainty. Ensuring price stability is a challenge and demands the full attention of the SNB. Thank you. Page 5/5
It is more likely that the next change will involve a reduction rather than an increase. If developments are in line with expectations, any further reduction will, however, be smaller than the reductions implemented so far. 13  BIS Review 121/1999  Chart 14 Technical assumptions  • Oil price gradually falls to 120 kroner per barrel • 2 per cent real growth in public expenditure this year • Krone exchange rate 8.30 kroner per euro • Short term interest rates follow market expectations  Legg inn filadresse her  Chart 15 Technical assumption concerning money market rates  IR 99/3  6 4  IR 99/2  4  2  2  0  0  1999  2000  2001  Source: Norges Bank Legg inn filadresse her  BIS Review 121/1999  6  14  Norges Bank has changed its procedures this year. The goal is to achieve predictability and transparency. Each month the Executive Board of the Bank discusses monetary policy. The dates for the monthly meetings are announced ahead of time. Changes in interest rates will normally be decided at these meetings. After each meeting there is a press release at 2 p.m. and a press conference at 4 p.m. The quarterly Inflation Report presents analyses that provide a basis for the Bank’s conduct of monetary policy. Additional information from Norges Bank in English, such as articles and speeches, is available on Norges Bank’s website www.norges-bank.no. 11.

In general terms, there are two ways to address ex ante the problems that SIFIs pose: you can restrict the scope of their activities or force them to internalise the costs they pose to the system. The clearest illustration of the first approach is the discussion on the “Volcker rule” in the United States. Under this rule, banks that receive deposits would be prevented from engaging in proprietary trading, and investing in or sponsoring hedge funds and private equity funds. I do not believe this is the most fruitful way to pursue in Europe, given the traditional strength of the universal banking model in a number of Member States. Also, there may be challenges associated with defining the borderline between the proprietary trading and servicing clients. But more importantly, the activities that are seen as deserving special attention may move outside the intensively regulated and supervised banking business, but stay within the same group. One could argue that the same effect of controlling for risks stemming from the trading business can be reached by imposing higher capital requirements on banks’ trading book activities, and this seems to be the way that is being pursued internationally. The Basel Committee has already increased the capital requirements for a number of trading book activities, and a fundamental review of the trading book is planned for next year. The Basel Committee is looking as well into how to get the SIFIs to internalise the potential costs they pose to the financial system.