samchain/econo-pairs-v1 huggingface dataset:
Ensuring we have central bank tools that are effective: to backstop these new forms of systemic liquidity risk effectively, central banks need the right tools – to detect risks in a timely way; and to respond. In the LDI case, early warning required the use of qualitative as well as quantitative market intelligence. Effective response required the use of a buy/sell facility. Lending directly to non-banks would not have worked in this case. But it has many desirable properties for other scenarios, and is a high priority for future work. 4. Calibrating central bank tools to minimise risk: backstop facilities must be carefully designed if they are to be effective in removing the threat to systemic stability while minimising risks to the stance of monetary policy, to public funds, and to the incentives of market participants. In the LDI case, we sought to achieve that by grounding the objectives of the tool in restoring financial stability, targeting it on the parts of the market most in need of assistance, pricing it as a backstop to ensure we bought no more than needed, and ensuring it was strictly time limited, in its operation and in its unwind. The LDI operations were successful, but highlight many questions for the future. For me, three in particular stand out: Where do societies want to draw the line between public and private insurance against systemic liquidity in non-banks, and how do they ensure regulatory and central bank facility thinking develops in a co-ordinated way?

See for instance: Willem Buiter and Anne Sibert’s original MMLR proposals from 2007 (Maverecon Buiter's  Blog: Central banks in a time of crisis: a preliminary scorecard  - Willem  ; or The Central Bank as the Market  Maker of last Resort: From lender of last resort to market maker of last resort | CEPR ); Paul Tucker’s 2009 speech (The Repertoire of Official Sector Interventions in the Financial System: Last Resort Lending MarketMaking, and Capital - speech by Paul Tucker | Bank of England); Perry Mehrling’s New Lombard Street (The New Lombard Street | Princeton University Press (bis.org)  ); this 2014 BIS workshop (Re-thinking the lender of last resort  ); Yale’s New Bagehot project, launched in 2017 (The New Bagehot Project | Yale School of Management  ); and the G30 and Brookings post-Covid reports on enhancing US Treasury market resilience (Group of 30 :: Publication Details (group30.org) (brookings.edu)  and Enhancing liquidity of the U.S. Treasury market under stress  ). 6. Which gave Defined Benefit pension schemes leveraged exposure to gilt yields, hedging against upside risks to  Page 14 liability values in a low-interest rate world, while freeing up space for the schemes to hold riskier, higher-yielding but less liquid assets. 7. https://committees.parliament.uk/publications/30129/documents/174330/default/ . In the event, the LDI operations returned revenue of £ to the UK government. But positive returns cannot be guaranteed from such operations, and would not have arisen, e.g.
Efforts are now underway in a variety of contexts to try to secure better coordination in these various initiatives, but it has to be admitted that in an ideal world they would not be quite so clustered together. That said, I would be the first to acknowledge that Basel II requires heavy investment in risk management systems and IT infrastructure, as well as radical changes in the risk management culture at some banks. However, this is a healthy development. I suspect that banks would have in any case needed to make most of the so-called "Basel II-related" investment if they wanted to stay at the top of their game. By agreeing to accept banks' internal risk management systems as the basis for the calculation of regulatory capital requirements, the Basel Committee has provided a powerful incentive for banks to upgrade their risk management systems. But this is only what they otherwise would have needed to do to be able to compete with the best. There are, however, some quite specific challenges for Asian banks in using the more advanced approaches under Basel II. One of the most important is the availability of data. Historically, many Asian banks have not collected the data needed to develop the type of models needed for IRB purposes. Some are only now starting to do so, and it will be several years before they have sufficiently rich data that it can begin to inform their credit risk management processes.

Of course, the dialogue cannot be open-ended: at some point we will have to draw our conclusions and make our assessment. But those of you in IRB banks can expect us to show a different level of engagement, and a greater intensity of interest in, your risk management systems than we have previously shown. 2/5  Pillar 2 As I mentioned earlier, much of the focus on Basel II has been on IRB, and thus on Pillar 1. Now, credit risk remains, of course, one of the most fundamental risks in banking. However, we in the HKMA determined at an early stage in the Basel II process that it would be desirable to broaden the focus so as to bring into the equation the various "Pillar 2 risks." The case for this is, in our view, self-evident, as risks such as concentration risk, interest rate risk in the banking book, and liquidity funding risk can be every bit as devastating for the financial health of a bank as credit risk can be. In the run-up to final agreement on Basel II, therefore, we issued a series of guidance notes to give encouragement to AIs to upgrade their ability to manage these risks appropriately. We knew that for the coming few years AIs and their risk management specialists were likely to be preoccupied with Pillar 1 and thus we wanted to make sure that these "Pillar 2 risks" were adequately addressed as a priority, and not as an afterthought.
Conclusion I spoke at length today about the responsibility that we have to combat crime and the ways to do so. Let me end by saying that eradicating financial crime makes good business sense. Financial crime is a cost and burden to all of society. Robust governance and greater transparency is good for business. It creates an environment of trust and a level-playing field for businesses to flourish. This is important as we seek to ensure longevity and continuity of businesses and the health of the economy as a whole. Therefore, let us be united in working for a better and brighter future for Malaysia. Greater governance and transparency will get us there. Thank you. 5/5  BIS central bankers' speeches

There is need for Zambian products to penetrate into various markets such as the USA under the Africa Growth and Opportunity Act, (AGOA) the European Union under the Everything but Arms Initiative, as well the Chinese, Canadian and other markets. Access into the regional markets through regional arrangements such as COMESA and SADC should also be promoted. We also need to take full advantage and actively participate in the manufacturing sector through the established Multi-facility Economic Zones (MFEZ). As educated and hard working Zambians with MBAs, it is imperative that you are able to apply some of the relevant skills and knowledge gained in your studies to everyday situations in businesses. The challenge is for you to steer your organisations and businesses to success and to progress in a way that will lead to economic advancement of the country. That in my view is what “Innovation for Leadership Excellency” means. As educated Zambians, we need to offer business solutions where there are none. I am happy that today we are witnessing the launch of this association whose, among other objectives is to offer business solutions. Mr President, allow me as I conclude to advise you and your new association to ensure that all members demonstrate high ethical standards and values in your businesses as well as places of work at all times. I urge all of you gathered here today to take ethics seriously in order to enhance efficient and effective delivery of services.
Opportunities are also being explored for the use of electronic identification and certificate-based solutions to meet the requirements for strong customer authentication at account login and initiation of payment transactions. Mobile technologies With the advancement of technologies, the smartphone is being established as an increasingly universal tool capable of combining a wide variety of functions. Nowadays the smartphone is also 1/3  BIS central bankers' speeches  becoming a tool for initiating payments. This is possible thanks to services like digitalisation of payment cards, the use of digital wallets, and mobile banking applications. In recent years, work has been done towards the potential use of smartphones as devices for receiving physical card payments. This has become possible due to technical 2 These standards1 developed by the Payment Card Industry Security Standards Council. standards allow the use of NFC-enabled mobile devices, such as smartphones and tablets, for accepting contactless payments and also for the payer to enter a PIN code on the screen of the mobile device. Thus, mobile devices are becoming a sort of software POS terminals capable of accepting payments with payment cards and other payment instruments integrated into the mobile phone. We also already have payment service providers that offer this software POS service. This will make contactless payments easier and more convenient to the customers and merchants in Bulgaria.

Security of payments The rapid development of e-commerce in recent years and the increased use of electronic channels to initiate payments pose new challenges related to ensuring the security and customers’ data. As of September 2019, it has become mandatory in Europe to implement strong customer authentication. This means that when an electronic payment is initiated, at least two independent elements from different categories – knowledge, possession and inherence – must be used in the process. In the case of remote payment transactions, e.g. via internet, an additional requirement is introduced to perform so-called dynamic linking – linking the code for each transaction to a specific amount and a specific payee. These requirements are implemented by the payment service providers in our country. For the practical implementation of these regulatory requirements, new technologies are again coming to the rescue. Recently, biometric authentication has shown great potential by providing verification of elements characterising the user: fingerprint, iris scanning, facial recognition, etc. Many payment service providers in Bulgaria have already introduced similar customer identification methods using mobile banking applications. Apart from convenience, this leads to a significant increase in the security of the payment process, allowing the use of biometric data for customer identification. On the occasion of the forthcoming review of the Second Payment Services Directive, a comprehensive assessment of the impact of strong customer authentication on the level of payment fraud is to be carried out.
But the worst time to introduce them is at the peak of a financial crisis, after the capital has already bolted. And capital controls are not a solution for all economies. For an open economy like Hong Kong they are unthinkable, as well as illegal, since our Basic Law prohibits them. Given that one of the themes of this talk is the dangerous state to which the world financial system has been brought by volatile cross-border fund flows, it is perhaps appropriate for me to restate here Hong Kong’s commitment to economic liberalization and globalization. This is, in my view, the only long-term viable way forward towards a more productive use of resources and more even economic growth throughout the world. The problems that we now face should not cause us to overlook the many advantages that globalization has brought to our region. The current crisis has not demonstrated that this is the wrong path to follow - merely that BIS Review 2/1999  –7–  that there are dangers and instabilities that have to be tackled. And if the imposition of temporary exchange controls is the only alternative available, responsible commentators should at least have the courtesy of giving a little respect to those in the most unenviable position of having to take difficult decisions that they consider to be in the best interests of their people.

We managed to survive this strain by taking, on the one hand, unconventional and controversial measures to prevent market dislocation that could have been very destabilising, and, on the other hand, belt and brace measures to strengthen the defence mechanism of our financial system. I am pleased to say that these actions have been successful, as reflected in the marked change in sentiment in our markets and the sharp fall in the interest rate premium for our currency over the US dollar. Although we continue to endure what has become a very painful economic adjustment, we can now work through this adjustment without it being grossly exacerbated by the kind of extreme market overshooting brought about by the manipulative attacks we faced last summer. The adjustment taking place is rapid and pronounced: we saw a decline in asset values of some 50% at the peak of the crisis, a doubling of our unemployment rate to around 5.5% and a fall in our GDP last year of 5%. However, if this is the adjustment necessary to re-establish our competitiveness we have, and are prepared, to accept it. But we can do without the collateral damage and general trauma of overshooting experienced by so many other economies in the region. We believe that our fundamental strengths can help us through this adjustment, just as they have helped us through the many other transitions of the past few decades, whether economic or political.
The FTSE All-Share index fell over 10% on 12 March, the largest one-day fall since 1987. Other markets also saw shocks beyond or close to the largest in history. 2. FSB (2017) Report on effectiveness of derivatives reforms  . 3. By March 2020, 60% of credit default swaps were cleared, and 80% of interest rate contracts, up from about 10% and 40% respectively in 2008. 4. Review of margining practices (bis.org) 5. From Lender of Last Resort to Market Maker of Last Resort via the dash for cash: why central banks need new tools for dealing with market dysfunction (bankofengland.co.uk) 6. VM calls were six times larger compared to normal levels on 1 March 2022 £ compared to a five-fold increase on 18 March 2020 £ VM calls at the most affected clearing services were as high as 35 times normal levels (LME Base). 7. Total IM requirements of UK CCPs peaked at around 30% higher relative to their pre-stress levels in Q1 2020. The peak aggregate increase in Q1 2022 was 13% (relative to 1 February 2022). 8. Review of margining practices (bis.org) 9. Joint statement from UK Financial Regulation Authorities on London Metal Exchange and LME Clear | Bank of England 10. This is different to climate change, where it is possible to model how the future will be different to the past and this is informing the pricing of risk today – but there is no obvious way to identify future market shocks and volatility robustly. 11.

Christian Noyer: The outlook for the economies of the euro area and France Speech by Mr Christian Noyer, Governor of the Bank of France and Chairman of the Board of Directors of the Bank for International Settlements, at the Paris Europlace International Financial Forum, New York, 14 April 2014. *  *  *  Ladies and gentlemen, I am very pleased to be here with you today for this Paris Europlace International Financial Forum. I would like to extend my sincere thanks to the whole Paris Europlace team for their great work on this specific event and, more generally, for their commitment to the French financial sector. I would like to provide you with a quick overview of the outlook for the economies of the euro area and for France. 1. The economic and financial situation in the euro area  I shall start by updating you on the current situation in the euro area. As you know, the second quarter of 2013 marked a turning point in that it put an end to six consecutive quarters of recession. The euro area economy finally saw a return to positive growth, with a 0.3% expansion, and this was confirmed in the third quarter with 0.1% growth, and again in the fourth quarter with 0.3% growth. The recovery in 2013 was modest and unequal across countries. However, it still reflects a sharp improvement in the overall trend, which is continuing and gradually getting stronger.
Lucas Papademos: ECB Financial Stability Review June 2007 Opening remarks by Mr Lucas Papademos, Vice President of the European Central Bank, at the press briefing on the occasion of the publication of the June 2007 ECB Financial Stability Review, Frankfurt am Main, 15 June 2007. * I. *  *  Introduction  My colleagues and I welcome you to today’s press conference on the occasion of the publication of the June 2007 edition of the ECB’s Financial Stability Review. The financial stability assessment contained in the Review has been prepared with the close involvement of the ESCB Banking Supervision Committee. It is based on information that was available up until 11 May 2007, the “cutoff” date for this Review. The primary objective of the semi-annual ECB Financial Stability Review is to review the main sources of risk and vulnerability for euro area financial system stability and to provide a comprehensive assessment of the capacity of the euro area financial system to absorb adverse disturbances. In addition to the financial stability assessment, the June 2007 edition of the Review addresses several topical issues in 17 boxes and it also includes five Special Feature articles. In my introduction, I will first focus on risks and vulnerabilities we have identified in: (i) the external environment; (ii) global financial markets; (iii) the euro area corporate and household sectors; and (iv) the euro area financial institutions. I will then discuss some potential risk triggering factors and will conclude with an overall assessment of the outlook for financial stability. 2.

Comparing the current assessment with that presented in the December 2006 FSR, the main scenario for euro area financial stability remains broadly favourable:  BIS Review 69/2007  5  •  The current macroeconomic environment is benign and global and euro area economic activity it is expected to remain robust;  •  In February and March 2007, the resilience of the financial system was tested by the third significant burst of market volatility in two years, which it comfortably weathered;  •  Euro area credit quality, overall, remains high and should be underpinned by a favourable economic outlook;  •  Pockets of vulnerability in the euro area household and corporate sectors have most likely increased, but, on average, financial positions remain sound;  •  The profitability of euro area financial institutions further improved and solvency is comfortable relative to regulatory requirements.
8 See Anderton, R., Aranki, T., Bonthuis, B. and Jarvis, V. (2014), “Disaggregating Okun’s law − Decomposing the  impact of the expenditure components of GDP on euro area unemployment”, Working Paper Series, No 1747, ECB, December. 9 5/6  BIS central bankers' speeches  9 The fiscal stance is measured as the change in the cyclically adjusted primary balance net of government  assistance to the financial sector. 10 See Knotek, E. S. and Zaman, S. (2014), “On the Relationships between Wages, Prices, and Economic Activity”,  Economic Commentary, August; Bidder, R. (2015), “Are Wages Useful in Forecasting Price Inflation?”, FRBSF Economic Letter. 11 Bobeica, E., Ciccarelli, M. and Vansteenkiste, I. (2019), “The link between labor cost and price inflation in the  euro area”, Working Paper Series, No 2235, ECB, February. 12 Bobeica et al., op. cit. 13 See Head, A., Kumar, A., and Lapham, B. (2010), “Market Power, Price Adjustment, and Inflation”, International  Economic Review, 51(1):73–98; and Taylor, J. (2000), “Low Inflation, Pass-Through and the Pricing Power of Firms”, European Economic Review, 44:1389–1408. 14 Bobeica et al., op. cit. 15 See Hahn, E. and O’Brien, D. (2018), “Monitoring the exchange rate pass through to inflation”, Box 3 in Economic  Bulletin, Issue 4, ECB. 16 See Koester, G. and Guillochon, J. (2018), “Recent developments in the wage drift in the euro area”, Economic  Bulletin, Issue 8, ECB. 17 Andersson, M., Kok, C., Mirza, H., More, C. and Mosthaf, J.

Urban Bäckström: The Swedish economy Speech by Mr Urban Bäckström, Governor of the Sveriges Riksbank and Chairman of the Board of Directors and President of the Bank for International Settlements, to the Swedish Shareholders’ Association, Örebro, 30 October 2001 *  *  *  First a word of thanks for the invitation to come to Örebro and discuss matters to do with the Swedish economy with you. It is now a fortnight since the Riksbank presented this year’s third Inflation Report. Some more statistics have been published in the meanwhile but the information they contain does not point to anything particularly new. So today one can hardly arrive at an assessment of economic developments in Sweden one to two years ahead that differs all that much from the picture outlined in the Report. Those of you who want to know more about our assessment should consult the Riksbank’s website, www.riksbank.se. The whole Report can be downloaded, as can all the figures on which the tables and charts are based. Diagram 1:  The ”new economy” concept in Swedish media. (Number of hits) 250  217  200 150  87  100 50  26  8  0 1998  1999  2000  2001 Jan.Oct. Sources: Mediearkivet and Presstext. There are, however, a couple of questions concerning the Swedish economy and the outlook in the somewhat longer term that I should like to dwell on here today.