samchain/econo-pairs-v1 huggingface dataset:
The SNB’s expansionary monetary policy contributed to the depreciation of the Swiss franc over the course of the year and thus also supported the economy. Inflation is currently negative, due to the appreciation of the Swiss franc following the discontinuation of the minimum exchange rate and to the reduction in commodity prices. We expect it to return to positive territory in 2017. We will keep our options open should other measures be necessary to fulfil our mandate. But, as always with monetary policy decisions, we need to carefully weigh up the pros and cons to serve the interests of the country as a whole. In the wake of the financial crisis and the use of unconventional measures, central banks have become the focus of intense public interest. Various reform proposals are being discussed and we welcome these public debates. New ideas need to be seriously considered and evaluated. The intentions behind the sovereign wealth fund and sovereign money projects are commendable. But, on closer examination, the drawbacks outweigh the benefits in both cases. Finally, on behalf too of my colleagues in the Governing Board, Fritz Zurbrügg and Andréa Maechler, I would like to take this opportunity to thank our employees for their hard work and dedication. We would also like to thank our shareholders for their solidarity with the SNB and for their loyal support.

The Federal Council has rejected the initiative without a counterproposal. It maintains that a sovereign money system would be an experiment for which there are no comparable models in other countries, and would carry risks for the Swiss economy. The implementation of the sovereign money idea would entail a complete restructuring of today’s monetary system. This  4  BIS central bankers’ speeches  would give rise to great uncertainty, could jeopardise the financial centre and thus damage Switzerland as a whole. The Federal Council also fears that the sovereign money system would harm lending and restrict the SNB’s ability to conduct monetary policy. We share the Federal Council’s concerns. A feeling of disquiet about the existing financial system is not enough reason for a radical overhaul. It is also difficult to predict what impact such an experiment would have on Switzerland as a business location. Moreover, the SNB’s independence would be undermined if we had to distribute new money directly to the state or to private households. The SNB would become a political football and the fulfilment of our mandate would be hampered. Conclusion Let me conclude: the discontinuation of the minimum exchange rate did not plunge Switzerland into recession as many had feared. The economy actually grew slightly in 2015, despite appreciation of the Swiss franc and a hesitant recovery in the international economy. The main reason for this growth is that Swiss companies and employees actively exploited optimisation potential and showed great flexibility.
Taking into account the strategic commitment of our country for EU membership, a few years ago, the NBRM initiated this project of cooperation with the ECB in order to identify the necessary changes in the national regulation, and the needed organization and human resources of the NBRM towards achieving EU central banking standards. The realization of the project, and hopefully, obtaining of a subsequent project for the implementation of the recommendations that will arise from this programme, should enable the NBRM to carry out the process of joining the European System of Central Banks, and later the Eurosystem more easily and efficiently, once the Republic of Macedonia meets the EU accession criteria. Over the past three months, experts from the ECB and the national central banks included in the project, in collaboration with the experts from the NBRM, carried out the activities planned with the first stage of setting the benchmarks according to the European standards and best practices for the operations of the NBRM in ten areas: monetary and exchange rate policy, economic analysis and research, statistics, payment systems, banknotes, accounting, legal services, internal audit, information technology and human resources. As a result of the good cooperation of the experts, their commitment and dedication to the project, at today’s first meeting, the Steering Committee adopted the benchmarks in all planned areas, whereby, I am pleased to say that the first stage of the project has been successfully completed.

Dimitar Bogov: The Needs Analysis Programme for the National Bank of the Republic of Macedonia Address by Mr Dimitar Bogov, Governor of the National Bank of the Republic of Macedonia, at the presentation of the Needs Analysis Programme for the National Bank of the Republic of Macedonia in the process of accession to the European System of Central Banks and the Eurosystem to the public, Skopje, 22 January 2013. *  *  *  Your Excellency Ambassador Orav, Honorable Director General of the International and European Relations at the ECB, Mr Moss, Ladies and gentlemen, distinguished guests, media representatives, It is my great pleasure and honor to greet you today at the National Bank of the Republic of Macedonia for the public presentation of the Needs Analysis Programme for the National Bank of the Republic of Macedonia in the process of accession to the European System of Central Banks and the Eurosystem. First, I would like to thank the EU for the financial assistance provided and to express my special gratitude to the EU Delegation in our country for the given support in obtaining the project. Also, I would like to express my gratitude to the ECB for the efforts and readiness to carry out the project with the NBRM and to the national central banks of the Eurosystem involved in the project for their willingness to contribute to its implementation.
This one is perhaps more straightforward: a lack of suitable talent will be a major obstacle to Regtech adoption. As a start, no doubt a combination of upskilling and sourcing new hires is the key to developing talents with the right combination of local regulatory knowledge, technical skills and business acumen. To take that one step further, if Hong Kong can evolve into a hub for global Regtech talent, we will be uniquely positioned to build and export Regtech solutions to the rest of the world. 46. The White Paper suggests developing a Regtech skills framework. This framework will cover suitable modules and competency standards. And we would seek to identify the skills required for different roles and which would help speed up Regtech adoption, and then we would help train and develop both new entrants and existing practitioners. 47. Finally, on “Momentum Matters”. All our hard work will not bear fruits if the momentum for changes cannot be sustained. It is therefore crucial to keep the industry engaged in the years ahead. One suggestion is that we introduce a benchmark for our progress in increasing Regtech adoption. This benchmark will provide us with a holistic framework that will enable us to visualise the success of our Regtech initiatives. 48. That is a quick snapshot of the key recommendations in the White Paper. In fact, we are already putting some of those recommendations into action. 49. For example, a flagship event is already planned for the first half of 2021.

I presume that the audience is conversant with the idea of Regtech. But it remains good to define upfront what we are dealing with. So, by Regtech, which is a subset of fintech, we are referring to a specific focus on technologies that can facilitate more effective or efficient regulatory compliance or risk management by financial firms. The benefits of Regtech 6. So, why do we need Regtech adoption? That’s because we believe that Regtech solutions offer clear benefits to banks, customers, and regulators alike. 7. For Banks, they can leverage on Regtech solutions to enhance risk management quality and reduce costs. For example, in the area of financial crime and transaction monitoring, some banks still have teams dedicated to the manual remediation of false positives. But others have already used Regtech solutions to put automation in place. In doing so, not only have their alert outputs become more accurate, the process also freed up precious resources to focus on higher value tasks, including in particular their interactions with customers. 8. For Customers, Regtech delivers improved customer experience and drives financial inclusion. Several years ago, opening a bank account in Hong Kong could be timeconsuming. You often had to take time off work in order to visit a branch and physically verify your identity. By contrast, with the help of Regtech, today I can open a bank account in the comfort of my home or office in a matter of just minutes. 9. There are also benefits to banking supervisors and regulators.
The Financial Mediation Bureau aims to serve as a one-stop center for the resolution of retail consumer complaints against financial institutions regulated by the Central Bank. The Central Bank is also establishing a one-stop service centre in the Bank that will function as a Public Information Centre for the promotion of financial literacy among the Malaysian public. The service centre will provide advisory services on financial matters to small and medium enterprises. Ladies and Gentlemen, Concluding remarks Financial literacy among women is all about having sufficient awareness of financial matters to enable women to protect and prosper for themselves and their families in a world that is becoming increasingly more complex and uncertain. To be an effective participant in this modern economy, we cannot take financial literacy for granted. It is a knowledge and skill that must be deliberately pursued. From a national and institutional perspective, promoting financial literacy must be an integral part of the overall agenda for financial and economic reform and development. Let me conclude with the words of Jawaharlal Nehru, “We talk of revolutions, political and economic. And yet the greatest revolution in a country is the one that affects the status and living conditions of its women. It is in so far as our revolution has affected our women that it is basic.” Thank you. BIS Review 64/2004  5

So regulators worldwide set about replacing the “straws and sticks”, to rebuild the system with “bricks”, so that it is better able to withstand the next financial stress. In keeping with the popular adage, there was a global consensus on “not letting a serious crisis go to waste”. 4. Indeed, much have been done by financial authorities around the world. The foundations of the global financial system have been strengthened, such as in the capital and liquidity standards that underpin the viability of our financial institutions. Global Systemically Important Financial Institutions (or G-SIFIs) and Financial Market Infrastructures (FMIs), as key pillars of the global financial system, have to meet higher regulatory standards as well as adopt new requirements on fail-safes through recovery and resolution plans. Coming back to my analogy, global regulators have gone beyond strengthening the “house” but also delved into the previously overlooked “garden” of OTC derivatives – and how this can be better landscaped around central infrastructure. In addition, market monitoring and surveillance tools have been augmented to spotlight on market-based finance (or shadow banking), allowing better visibility on hitherto darker corridors of the global finance house. 5. There are many more examples of regulatory reforms and initiatives. Now, after years of effort, the obvious questions will be whether we have done enough, will all the features and installations in the enhanced house of global finance come together in an effective and coherent manner, or have we overdone the repairs at a high cost to the occupants?
Adnan Zaylani Mohamad Zahid: Re-inventing payments - the future of financial services Keynote address by Mr Adnan Zaylani Mohamad Zahid, Assistant Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Malaysian E-Payments Excellence Awards (MEEA) 2019, Kuala Lumpur, 31 July 2019. * * * It is my pleasure to be speaking here today, at such an exciting time for our payments landscape. Malaysia’s progress in migrating to e-payments has been promising. In less than a decade since 2011, we have reduced cheque usage by half to 101 million in 2018. E-payment acceptance points such as point-of-sale (POS) terminals have more than doubled to 16 terminals per thousand inhabitants in 2018. More merchants are also accepting QR payments with over 400,000 registrations recorded to-date. Meanwhile, e-payment transactions have almost tripled to 125 transactions per capita in 2018. At the same time, new business models are emerging. We estimate that 40% of fintechs in Malaysia are in payments or payment-related services – making it the largest segment. The ewallet space has been particularly vibrant, contributing to rapid growth in mobile payments. From 2017 to 2018, mobile payment transaction volume had increased twenty-fold from just below two million transactions to over 34 million transactions within a year. Keeping these developments in mind, allow me to share three broad priorities in taking Malaysia’s payments journey to greater heights.

This sets out baseline standards for financial institutions, and addresses key fundamentals of technology resilience including governance, cybersecurity risk management as well as capacity-building. Conclusion These are exciting times, where rapid technological innovations, evolving business models and shifting customer preferences, present new opportunities and challenges to the status quo. Such opportunities can bring about a positive and transformational impact to our society and economy. We should be bold to capitalize on these emerging trends, while remaining steadfast in managing the associated risks. Times are changing, and change is good. It takes us out of our comfort zones, and helps us reach new heights. Before I close, I would like to congratulate all the winners of today’s ceremony and I wish you all a pleasant evening ahead. 4/4  BIS central bankers' speeches
8  While actions that increase bank reserves do not necessarily increase bank assets, evidence suggests that for LSAPs conducted through 2012:Q3, assets were ultimately sourced primarily from non-banks – households (including hedge funds), broker-dealers, and insurance companies. All else equal, this would imply that the purchases increased bank assets. See Carpenter, Demiralp, Ihrig, and Klee (2013). Even if bank assets do not increase, an increase in reserves could create distortions that raise balance sheet costs. This could happen if banks shift the composition of their assets to accommodate the increase in reserves, and in doing so are pushed away from their optimal balance sheet composition. 9  These other tools include the Term Deposit Facility, term RRPs, and asset sales, each of which would have the effect of reducing the amount of reserves held by banks. Money market rates would rise as reserves were made scarcer through the use of these tools. See Martin, McAndrews, Palida, and Skeie (2013) for a theoretical exploration. 4  BIS central bankers’ speeches  strengthening the bargaining position of non-bank lenders. Moreover, by reducing the amount of reserves held by banks, ON RRPs may directly reduce the level of bank assets and thus balance sheet costs. 10 If ON RRPs are offered at a fixed rate below the level of market rates that would be produced by IOER alone given prevailing frictions, the ON RRPs should not be an attractive investment option in normal times. As a result, their availability should have little effect on market rates.

One benefit is that, in limiting the overall take-up but not individual take-up, an aggregate cap should produce a more efficient allocation of usage among counterparties than would a system of individual caps. Further, an aggregate cap should better balance efficient control of money market rates under normal conditions with the risk of a destabilizing surge in use of the facility in times of stress. The reduced risk of a surge in use in a system with an aggregate cap comes from the fact that take-up across counterparties is not perfectly correlated. As a result, an aggregate cap that binds at some frequency can be set below the sum of individual caps that would bind for at least one of the counterparties at the same frequency. The aggregate cap also raises the individual bargaining power of counterparties relative to a system of lower individual caps, since in normal times counterparties can be relatively certain that larger bids at the ON RRP facility will be filled. However, the possibility that the aggregate cap could bind even in only limited circumstances may undermine this effect on bargaining power. The Federal Reserve has been closely analyzing the results of the ON RRP operations conducted under these new testing parameters in order to further its understanding of how an ON RRP facility should be structured during the normalization process. As many market participants anticipated the aggregate cap did bind on quarter end.
We are actively involved in other horizontal programs such as the Comprehensive Liquidity Analysis and Review (CLAR), and the Supervisory Assessment of Recovery and Resolution Preparedness (SRP). CLAR is the Federal Reserve’s annual, horizontal, forward-looking program to evaluate the liquidity position and liquidity risk management practices of LISCC firms. SRP is the Federal Reserve’s annual horizontal review of the LISCC firms’ options to support recovery and progress in removing impediments to orderly resolution. These three programs form the foundation for the horizontal aspects of the System’s supervisory program for the largest firms. The Supervision Group at the New York Fed plays a strong role in developing and executing these initiatives. In parallel to the horizontal work for the largest firms, the Federal Reserve has a dedicated supervisory team for each of the largest firms. These teams execute supervisory strategies for each firm that align with Federal Reserve System priorities. Through the execution of firmspecific supervision, these dedicated supervisory teams play a critical role in helping to achieve these objectives. Given the location of the headquarters of many of the largest firms in New York, the Supervision Group at the New York Fed plays a central role within the Federal Reserve System in the execution of supervisory activities through the dedicated supervisory teams.

Chairperson, there can be no true development in our Bank without good and effective leadership. Leadership is required for us to achieve our objectives. We live in a dynamic world which calls for good leadership dedicated to hardwork, daily learning , fast thinking and acting swiftly and prudently at all times. Ladies and gentlemen, you will recall that not too long ago, we were all involved in the review of the Bank’s strategic plan and came up with the 2009–2012 Strategic Plan. In order to fully implement the goals and objectives of our strategic plan we need to enhance our leadership skills. It is against this background that this workshop was organised. Our desire is to constantly upgrade our leadership skills for the attainment of our goals and objectives even in the face of daunting challenges. In conclusion, I wish to urge you to actively participate and take a keen interest in the deliberations of this workshop. It is our expectation that you will have an opportunity to carry out an appraisal of your individual leadership style and refine it in order to impact positively on policy and the way the Bank operates. With these few remarks, it is my pleasure to declare the workshop officially open and to wish you all fruitful deliberations. I thank you! 2  BIS Review 107/2010
The Bretton Woods System became unsustainable as the US began to allow money supply to grow well beyond the gold reserves held by the US Government. When the System collapsed in 1972, the world’s monetary system was converted to a fiat money regime in which major international currencies freely floated against each other. The post-Bretton Woods era represented a new era in which governments would be given more or less a free hand to pursue their national interests and domestic policy agenda without the rigid constraints imposed by a Gold Exchange Standard. Unfortunately, the initial experience under the new regime was far from satisfactory. In my view, financial and macroeconomic stability cannot exist without an effective monetary anchor. For many centuries, the linkage to the precious metals had provided an external monetary anchor. Of course, the Gold Standard or Silver Standard had many shortcomings but it nevertheless provided an externally imposed discipline against monetary expansion. However, under the fiat money and floating rate regime, financial and macroeconomic stability can only be achieved if we have “3 Ds”! What does “3Ds” stand for? The first D stands for “Monetary Discipline”, the second “Fiscal Discipline” and the third “Market Discipline”. Conceptually, the removal of the external monetary anchor in the form of backing by precious metals must be replaced by these three types of discipline. If any of these three disciplines breaks down, then serious consequences or even a financial crisis may occur. Let me address these three disciplines in turn.

Philipp M Hildebrand: Current monetary policy situation and economic prospects Speech by Dr Philipp M Hildebrand, Member of the Governing Board of the Swiss National Bank, at “Finanzinstitute Thurgau bei der Universität Konstanz”, Kreuzlingen, 26 April 2004. The complete speech can be found in German on the Swiss National Bank’s website (www.snb.ch). *  *  *  Due to the vigorous monetary and fiscal policy stimuli from the US, the global economy is expanding again. In Switzerland, too, the upswing has become a reality. In the current year, the Swiss National Bank (SNB) is expecting growth of 1.5% - 2%, which slightly exceeds the present growth potential. Since capacity utilisation is still fairly modest, such economic growth does not bring an immediate threat of inflation for Switzerland at the moment. The downward risks still existing therefore justify a cautious monetary policy. In order to be able to ensure price stability in the medium term, the SNB must, however, bring its expansionary monetary policy back on normal course again as soon as the economic recovery sets in and capacity utilisation improves markedly. BIS Review 24/2004  1