samchain/econo-pairs-v1 huggingface dataset:
This is where a robust carbon market comes in. Carbon credits are essentially tradable certificates that represent the reduction, avoidance, or removal of a certain amount of emissions from the atmosphere. Firms can buy these credits to offset hard-to-abate emissions. To efficiently match the demand for carbon credits with the supply of these credits, we need a robust carbon market. In so doing, a carbon market becomes an important mechanism to channel funds to the emission reduction and removal projects that generate the carbon credits. Adopting a twin strategy of reducing and offsetting carbon emissions is a practical and effective way to reach our climate goals in time. Given Asia’s transition needs, a well-functioning carbon trading ecosystem is particularly relevant to the region’s decarbonisation effort. There are two types of carbon markets: The compliance carbon markets support the trading of emission allowances by entities subject to mandatory targets set by national, regional or international emissions reduction regimes. The voluntary carbon markets, on the other hand, are not tied to emissions trading systems or regulatory requirements. Any company or individual can purchase carbon credits to offset their own carbon footprint voluntarily. In our journey towards a greener world, voluntary carbon markets are expected to play a more impactful role. First, the voluntary market can cater to a wider group of firms and individuals. Emissions trading systems tend to cover sectors with higher emissions and so not all firms participate in the compliance carbon market.

They are associated with the fact that expanding demand in many industries exceeds their potential to ramp up output and imports. This accelerates price growth as well. As to the product groups where prices rose the most in the second quarter, these are construction materials, furniture, and cars. When people expect prices to rise faster, they decide to make large purchases earlier. To do this, they use both savings and borrowings. Growth in consumer lending again sped up to a quite high rate, which was driven by accommodative monetary policy, among other things. On the other hand, accommodative policy lowered the demand for bank deposits, especially given accelerated inflation. There are also other markets where price growth was rather caused by one-off factors and limited supply. This is tourism, for instance. Only a part of foreign destinations have been reopened, whereas Russian resorts’ infrastructure is still insufficient to accept the entire tourist flow. As a result, prices for tourism services soared, which also sped up inflation in June. Furthermore, May—June recorded a surge in prices for such vegetables as cabbage, potato, carrot and beetroot, which was because 2020 harvest stocks started to end before the new harvest supply. However, the contribution of such one-off factors to overall inflation is smaller than that of steady factors. The increase in prices for these everyday products is very noticeable and significantly impacts inflation expectations.
While this will open up new opportunities for enhanced efficiency and productivity gains in Asia, a better understanding of the risks inherent in networks will better prepare the regional economies to address these risks. This will be a shared responsibility within and among the regional economies. Closer regional cooperation, strategic alliances and smart partnerships will be important key responses for enhancing the prospects for higher growth and development in Asia. Thank you. 2  BIS Review 32/2006

To quote an English translation: “A commercial bank operates independently, takes up responsibility for all risks that it may encounter and for its own profits and losses it may bear, and exercises self-regulating mechanisms on the management principle of economic efficiency, safety and liquidity.” 25. What this means is that the board of directors and senior management of banks have the main responsibility to ensure that effective systems of internal governance are in place to plan for the future, to identify and manage the risks to which they are exposed and to control the operations of the bank on a day-to-day basis. I believe that this point is appreciated around the region - from our contacts with fellow supervisors, we know that in many banking systems there is a heightened awareness of the importance of sound risk management. But the difficulty is in turning this into actual changes in behaviour, which requires great efforts to be devoted to the training of staff, for example in credit skills, as well as more fundamental changes in culture in some banks. 26. This change in culture may require some banks to wean themselves off property lending which is sometimes seen as an easy option, given that it is based on collateral and on expectations of ever-rising property values. This can prove to be a fallacy, as the Japanese example shows only too well.
In EU Member States, between 2002 and November 2005, 202 cases of the restructuring of companies related to offshoring were publicly announced, which resulted in the transfer of nearly one hundred thousand jobs. Over that period, offshoring stood behind nearly six per cent of all cases of publicly announced restructurings of companies in the EU. So far, the scale of the phenomenon has not been large. However, offshoring as a strategy of increasing competitiveness is becoming more and more common and includes not only the manufacturing of products but also - increasingly - services. Table 2. Offshoring in EU member states Countries to which job transfer took place  Number of jobs liquidated in the EU between 2002 and 2003 due to transfer of jobs  Number of jobs liquidated in the EU between January and November 2005 due to transfer of jobs  China  3361  3077  India  9458  5470  Asian countries  3786  3271  Czech Republic  780  3890  Hungary  1110  772  Poland  120  2676  33151  31942  8  Source: European Restructuring Monitor , own calculations  Numerous analyses show that the process of offshoring is bound to grow and increasingly affect services 9 . For example, between 1980 and 2002 the trade in goods and services grew at 6.9%.

Enterprises are increasingly becoming price-takers, and thus even in a situation of rising costs of manufacturing, they are unable to lift prices and shift the growing costs onto the customer. Similar is true for wages, whose level is determined on the increasingly global labour market. Research on the manufacturing sector in EU Members States (for the years 1988 - 2000) has shown that the increase in the openness of that sector (growing import) caused a fall of prices by 2.3%, a growth in productivity by 11% and a drop in margins by 1.6%. Altogether, it may explain the inflation fall by 0.14% in annual terms over that period 11 . When looking at the price processes from the microeconomic perspective, vital structural changes can be observed, which bring about lower inflation. Table 3.
Regardless of whether these concerns are justified, the fact remains that the industry is faced with significant transition risks. The government and industry’s response to these risks will ultimately determine the resulting economic impact on firms in the industry, their counterparties and the economy more broadly. Inevitably, some adjustments will need to be made. Already, the industry is working towards the end-2019 deadline for certification of Malaysian Sustainable Palm Oil (MSPO) compliance. But the stark reality is that these adjustments will not come easily, especially for smallholders. In this regard, I would like to applaud the effort made by several banks to educate and assist borrowers in the palm oil industry in their journey to obtain MSPO certification. Such efforts are crucial to ensure that the transition is orderly and can be sustained. How we can work towards building climate resilience Having established – I hope – a clear case for action, let me now address how we can work towards building climate resilience together. The Bank has identified several key priorities. First, we have to develop the tools and capacity for identifying climate risks relevant to financial business. Climate change science is complex and multivariate. Getting to grips with issues such as weather patterns, groundwater management and sustainable palm oil go well beyond the remit of traditional cash flow projections, credit loss modelling or interest rate yield curves.

Therefore, as a token of their appreciation to UNZABECA, they have made a generous donation in the sum of K9.5 million. This donation, I hope, will go a long way in supporting UNZABECA programmes. However, may I caution you to manage these funds prudently and ensure that they are applied towards the attainment of the intended UNZABECA objectives. Please, do not be wasteful now that UNZABECA coffers are liquid! In conclusion, as Patron of UNZABECA, I look forward to being involved in UNZABECA activities. In this regard, I undertake to promote your activities, at any slightest opportunity, to other institutions, which would benefit from your services. With these few remarks, it is now my honour and privilege to declare the Bank of Zambia UNZABECA Lecture Series officially closed. I thank you. 2  BIS Review 74/2004
And this month marks just one year to go to our first key milestone on this journey: to move to the global standard for financial messaging in payments, ISO 20022 (on a like-for-like basis), in June 2022 for CHAPS. We will transition to enhanced ISO 20022 messaging in February 2023. And in September 2023, introduce a state-of-the-art core settlement engine: the heartbeat of the new RTGS service, and of the UK’s financial system. To achieve our milestones and to realise the benefits of RTGS renewal, we – and I mean all of us here today and the payments industry as a whole – must work together to be ready. We must turn excitement into action, following in the footsteps of our Neolithic predecessors to build an infrastructure for the future. An infrastructure that supports the needs of industry, the needs of their customers, and crucially the needs of the end users. The criticality and evolution of payments Payments sit at the heart of the financial system, and whilst the methods and nature of transactions have progressed considerably since the days of barley bartering, their importance has not faltered. Within the UK, payments are a crucial part of everyday life and the past decade especially has seen a transformation in how people pay for goods and services.

SPEECH  Banking Union and Capital Markets Union: high time to move on Keynote speech by Luis de Guindos, Vice-President of the ECB, at the Annual Joint Conference of the European Commission and the European Central Bank on European Financial Integration Brussels, 7 June 2023 It is a great pleasure to be participating in this year’s joint conference on financial integration. This event offers an excellent opportunity to reflect on key developments in the financial sector over the past year and to reassess priorities for advancing the integration, development and safety of the financial system. Recent developments and the euro area banking sector In recent months, bank failures in the United States and Switzerland have affected financial markets worldwide. This “real-life stress test” has provided valuable insights and lessons for the euro area banking sector and for our regulatory and supervisory framework. The European banking sector has proven resilient. And the enhanced regulatory and supervisory framework put in place following the great financial crisis has proven its worth. But it is still incomplete – the Basel III agreement still needs to be transposed into EU banking regulation in a full and timely manner. We cannot be complacent. During the recent bank failures, deposits were withdrawn much faster than during the great financial crisis. Silicon Valley Bank lost more than USD 40 billion – almost 30% of its deposits – in a single day.
As more stores and restaurants introduce self-checkout facilities to improve productivity, we need a unified POS – a single terminal, preferably mobile – that will: –  allow merchants to enhance efficiency by simplifying front-to-back integration; and  –  enhance the shopping or dining experience of customers. Second, reduce the use of cash and cheques. •  It costs as much as $ to process each cheque. •  The cost of cash is less obvious but just as real: in transportation, collection, delivery and protection. •  We need to promote greater adoption of new payments technologies, including: –  electronic Direct Debit Authorisation; and  –  fund transfers using mobile numbers or social networks  MAS and the Ministry of Finance have been co-leading a multi-agency effort to address these issues and guide the development of efficient digital and mobile payment systems. •  The aim is to make payments swift, simple and secure. •  The vision is less cash, less cheques, fewer cards. Third, regulatory reporting and surveillance. As the financial system becomes increasingly complex and inter-connected, MAS needs to sharpen its surveillance of the system with more timely, comprehensive and accurate information to identify and mitigate emerging risks. The vision is an interactive, technology-enabled regulatory reporting framework which will: •  reduce ongoing reporting costs through the use of common data standards and automation;  •  enable the dissemination of anonymised information to industry analysts and academics for deeper analysis of the financial system and its risks.

•  FIs are expected to: –  implement controls and measures to preserve the confidentiality of sensitive data  –  maintain the integrity and availability of their systems  –  conduct regular vulnerability assessments and penetration tests to evaluate the robustness of their cyber defences  •  MAS conducts regular onsite inspections of key FIs’ technology risk management processes and controls to check that they meet these requirements. •  FIs have also established Cyber Security Operations Centres to enhance their cyber surveillance and gather cyber intelligence. BIS central bankers’ speeches  7  But cyber threats will not go away. Like a cat and mouse game, both hackers and cyber defenders have been enhancing their tools and techniques along with advances in technology as well as in response to one another. •  As part of this evolution, a new wave of next-generation cyber security solutions is emerging, in areas such as trusted computing, security analytics, threat intelligence, active breach detection, and intrusion deception. •  The financial industry needs to keep abreast of these developments. While seeking to ensure cyber security, MAS’s regulatory approach towards fostering innovation and the adoption of new technologies will take three forms. First, innovation owned by FIs. In matters of innovation, time to market is critical. FIs are free to launch new ideas without first seeking MAS’ endorsement, as long as they are satisfied with their own due diligence.
$ trillion of global assets are held in investment funds that are particularly flighty, reflecting their promise of daily liquidity to investors despite investing in potentially illiquid underlying assets, such as EME debt.30 This structural mismatch means that these funds can behave particularly pro-cyclically. Bank of England work finds that redemptions by EME bond funds (with large structural mismatches) in response to price falls are five times those for EME equity funds (with lower structural mismatch). In turn, EME equity funds are twice as responsive as advanced economy equity funds. Under stress, investment funds may need to fire sell assets, magnifying market adjustments and triggering further redemptions – a vicious feedback loop that can ultimately disrupt market functioning and the availability of finance to the real economy. The vast majority of these funds are managed out of the US and Europe, including the UK. As is the case for banks, it is a global public good to ensure that investment funds prudently manage their leverage and liquidity. The Bank of England is acutely conscious of these responsibilities, given the City’s role as the world’s leading international financial centre. That’s one reason why we have transformed the resiliency of UKbased banks, why we are well on the path to ending too big to fail, and why we have fundamentally overhauled our liquidity facilities to support continuously open markets. And it’s why the Bank of England’s Financial Policy Committee has supported the FSB’s 2017 recommendation that funds’ assets and investment strategies should be consistent with their redemption terms.

They must, however, increasingly take account of effects that spill back on their economy as well as shifts in the global equilibrium interest rate that their actions can spur.28 As the weight of EMEs in the global economy has steadily risen, the size of the spillbacks from a tightening in US financial conditions has tripled relative to its 1990 - 2004 average. With EMEs projected to account for three quarters of the global economy by 2030, these spillbacks will only continue to grow (Chart 10). IV. Medium term: reshuffling the deck by reforming the existing system In the new world order, a reliance on keeping one’s house in order is no longer sufficient. The neighbourhood too must change. There can be innocent bystanders but there should be no disinterested observers. We are all responsible for fixing the fault lines in the system. Addressing Pull Factors in EMEs EMEs can increase sustainable capital flows by addressing “pull” factors including: -  reinforcing monetary policy credibility including safeguarding the operational independence of central banks;  -  building the resilience of their banks;  -  deepening their domestic capital markets to reduce the reliance on foreign currency debt; and  -  expanding the scope and application of their macroprudential toolkits to guard against excessive credit growth during booms.
The exchange rate is governed not only by oil – oil is an important factor, but not the only one to influence the exchange rate. The depreciation of the ruble was also largely triggered by typical seasonal variation in the current account – the current account usually shows stronger performance in the first quarter, irrespective of oil prices. The second factor is the growth in oil prices and oil sales by exporters. The third factor is important but the Central Bank believes that it should not be overestimated or exaggerated. I am referring to certain inflows of capital, which are comparable to the inflows of foreign capital to emerging markets. Further developments will depend on many factors: oil price movements, the Fed’s policy, strengthening or weakening of the exchange rate, and the strength of our economy. There are many forces at play here. QUESTION from TV channel Russia-24: Mrs Nabiullina, you have already mentioned that the Central Bank will support Russian stateowned banks affected by sanctions in relation to the situation in Ukraine. What specific measures are you going to take? Thank you. ELVIRA NABIULLINA: I would like to repeat and emphasise that we do not see any risk to financial stability of our credit institutions even if their investments in Ukrainian assets depreciate completely, because they account for only a very small share of their assets. Therefore we do not see any systemic risks here. Our banks have already created or are creating provisions for such assets.

That has contributed to easing the pressure on the risk premium and smoothed the way for agreements in Europe, under the Stability and Growth Pact and the Excessive Deficit Procedure. The European authorities agreed last July to allow a milder fiscal adjustment path for Spain, in particular for 2013 and 2014, which is more consistent with the current macroeconomic conditions and those that will prevail in the coming years. For this improved credibility to take root, the deficit targets must be met. Information on the budget outturn in 2013 is still limited. In the first half of the year, the deficit improved relative to the same period a year earlier (without considering the impact of the assistance to the financial sector which, as is known, does not count for these purposes). The budget outturn in the second half of the year must, therefore, be very strict at all levels of government if slippage is to be avoided at the end of the year. While there are risks, I trust we can meet the target this year of cutting the deficit to 6.5%. The headway in budgetary consolidation should not mask the fact that the effort needed to ensure Spanish public finances are redressed is still most considerable. Let us not forget the distance still existing between the present situation and the requirement set in the Stability Pact and in the new Budgetary Stability Law for the medium term, which is to have a structural balance in equilibrium.
I have also noted that the creation of the ministerial level G20 was an attempt to reach beyond the narrow locus of the G7 to involve key emerging markets in global financial sector developments. For their part, the international financial institutions have also recognised that an exclusively Beltway, or “Euro-centric” view is not in their long-term interests. The IMF has established a Tokyo office while the Basel-based Bank for International Settlements has added outposts in Hong Kong and Mexico. BIS Review 25/2003  5  But at the level of the regulatory standard setting bodies, the picture is very uneven. In IOSCO, the securities regulators trade union, the key Technical Committee includes Hong Kong and Mexico. It also includes Australia, which we British think is still a developing country, even if the Australians don’t! And it includes the chairman of the Emerging Markets Committee of IOSCO who, as I noted above, also participates in the FSF. The Executive Committee, to which the Technical Committee reports has an even broader membership including, for example, the People’s Republic of China. The IAIS, the insurance supervisors organisation, does not currently limit participation in its Technical Committee, which – as in IOSCO – has overall responsibility for standard setting. A number of emerging markets are active participants in the Technical Committee in addition to contributing to the work of the separate Emerging Markets Committee. However, their involvement in the “nuts and bolts” work of standard development in a variety of subcommittees is clearly limited by resource constraints.

If, as expected, second round effects remain contained, the rate of inflation should drop back below 2% during the course of 2009, and long-term inflation expectations should remain low. Based on these assumptions, current monetary policy is appropriate. However, if inflation does not fall back due to second round effects as expected, the SNB would need to counter this development in order to anchor price stability. BIS Review 103/2008  1