samchain/econo-pairs-v1 huggingface dataset:
In describing the FinTech projects aimed at solving each of the five problems, I will relate them to the properties of these five elements. The five key outcomes we want to achieve through our collaborative FinTech projects are: instant remittance atomic settlement programmable money tokenised assets trusted sustainability data  1/11  BIS - Central bankers' speeches  FLOWING LIKE WATER - INSTANT REMITTANCE (PROJECT NEXUS) The first desired outcome is instant remittance. The advent of real-time payment systems over the last few years has made domestic payments flows seamless in many countries. Today, with PayNow, we can make 24/7 real-time transfers using just mobile numbers or unique entity numbers. But the world has not solved the cross-border payment problem. For most people, it remains slow, costly, opaque, and inefficient, relying on an archaic network of correspondent banks. According to the World Bank, the global average cost of sending remittances is a hefty 6% of the transfer value. This is particularly painful for the migrant worker who wants to send money home or the small business which wants to reach overseas markets through ecommerce. We want cross-border payments to flow seamlessly like Water. One way to do this is to build linkages across countries' real-time payment systems, just as canals allow boats to pass from one body of water to another. Singapore has been working to connect its PayNow with the faster payment systems of other countries. We connected PayNow to Thailand's PromptPay last year, the first such linkage in the world.

Project Orchid released its first report earlier this week, which identified four promising areas for application of programmable or purpose-bound money in Singapore. incorporating purpose bound money to the existing government voucher system, to streamline settlement processing – Govtech and DBS Bank are piloting this; commercial vouchers which can be used at specified outlets – Temasek, Fazz Financial, and Grab are testing this; government pay-outs to recipients who do not have a bank account – OCBC Bank and CPF Board will be conducting a trial; and disbursing grants to training providers automatically when specified conditions are met, without the need for manual verification – UOB Bank and SkillsFuture Singapore will be testing this using smart contracts. MAS and the industry will further sharpen our capabilities in programmable money. 6/11  BIS - Central bankers' speeches  We will improve the user experience, strengthen security and privacy, and increase accessibility to broader segments of the population. GROWING LIKE WOOD - TOKENISED ASSETS (PROJECT GUARDIAN) The fourth desired outcome is tokenised assets. While cryptocurrencies have been the rage among the media and public, astute industry players know that the real innovation with vast potential is tokenisation. Tokenisation involves using a software programme to represent the ownership rights over any item of value as a digital token or asset. When deployed on distributed ledgers that are secured by encryption, digital assets are referred to as crypto assets. When they are used as a medium of exchange, people call them cryptocurrencies.
The economic literature features a few factors that caused the emergence of the global labour market over the past dozen years 6 : -  the collapse of the former Soviet block and joining the world economy by Central and Eastern European countries,  -  the reforms implemented in India and China, with the crowning achievement of China joining the WTO at the end of 2001,  -  a rapid advancement in the implementation of IT and telecommunications solutions in enterprise management, which has enabled the separation and standardization of a number of business processes that have been subsequently shifted to countries or locations of lower manufacturing costs,  -  a significant fall in the transport cost (prices have fallen by 21% in the road transport, by 30% in the air transport, whereas prices of telephone calls have plummeted by 95%),  -  multilateral trade liberalisation, the average customs duty has been down by ca.30%,  6  4  See also the study of the Economic Policy Committee (2005) “Responding to the Challenges of Globalization”, November 2005, and the McKinsey Global Institute (2005) “The Emerging Global Labor Market”, June 2005. BIS Review 64/2006  -  the technological progress has blurred the fine line between what may or may not be traded internationally. 7  It is worth noting that the global labour market has emerged as a result of the aforesaid factors, despite the fact that restrictions to migration of the population have remained tight.

Krzysztof Rybiński: Global labour market and its limitations – reasons and effects of the emergence of homo sapiens globalus Address by Mr Krzysztof Rybiński, Deputy President of the National Bank of Poland, at the debate: “WORKERS 2020 – a vision of the labour market and the labour environment in the forthcoming decades”, Gdańsk, 10 June 2006. *  *  *  Ladies and Gentlemen, The question about the symbol of the global labour market would most probably be answered by a majority of the Europeans with the words: “the Polish plumber”. In France, the Polish plumber has become the key culprit of the rejection of the European Constitution, with the French media showing the Polish plumber on his quest for depriving the hard-working French plumbers of their work. At the same time, the data of the French society of plumbers show that there were 140 Polish plumbers working in France at that time, with 6000 plumber jobs still remaining vacant in the country. 1 This example demonstrates how many false preconceptions concerning globalization are embedded in the media and in the public opinion. In the recent years, the process of globalization has been broadly based across all the markets: the financial market, the capital market, the market of products, services, knowledge, and the labour market. In many countries, the opportunities and threats related to the process of globalization have been observed early and their economic policy has been adjusted accordingly.
The TFSME is designed to help bridge the supply of credit to UK firms through the Covid-19 disruption and reinforce the transmission of the MPC’s reductions in Bank Rate. It does this by providing banks with cheap funding over a four-year term (rising to six years for loans guaranteed under the BBL scheme). There has already been £ of lending from the scheme – a far more rapid pace than the previous TFS (Chart 12). 10  All speeches are available online at www.bankofengland.co.uk/news/speeches  10  Chart 11: UK investment grade bond issuance  Chart 12: TFSME and TFS lending compared  $ bn  Loans made through the TFS (starting September 2016)  2020 2016-2019 average  Loans made through the TFSME (starting April 2020)  45  19 Mar: Further BoE package  £ bn 40  50  35  45 40  30  35 25  30  20  25 20  15  15  10  10  5  5 0  0 Jan  Feb  Mar  Apr  0  5  10  May  Source: Refinitiv — Deals Business Intelligence and Bank calculations. Data show UK private non-financial corporate issuance in sterling, euro and US dollar.

And the sheer scale of the balance sheet interventions necessary in recent months pose important longer term questions. About the extent to which the non-bank financial system may still be capable of amplifying instability – for example through sudden non-bank deleveraging, runs on money market funds, or rigidities in dealer intermediation. And about the appropriate balance of responsibilities between the public and private sector for dealing with such vulnerabilities. 2  All speeches are available online at www.bankofengland.co.uk/news/speeches  2  I cannot give comprehensive answers to these questions today. But, in what follows, I have tried to provide some raw material for that exercise, illustrated using seven of the most vivid ‘moments’ from my own experience of the past few weeks. Moment 1: the first rumbles of thunder In the first week of March – the week before that fateful Friday 13th – we at the Bank had decided to move all of our market operations to full split site working, to reduce the risk of Covid-19 transmission. On Friday 6 March, as I was walking across the trading floor saying goodbye, my attention was drawn to a group of our foreign exchange reserves managers staring intently at their screens and talking animatedly. A big adjustment in financial markets had already been underway for some time, as expectations of slower demand caused by the global spread of the virus pulled down on equity and oil prices, and investors moved into safer assets, reducing yields (Chart 1). Market functioning had however mostly held up well.
Figure 8 Labor market indicators (thousand persons, percent) 200  10  180  9  160  8  140  7  120  6  100  5  80  4 08  09  10  11  Unemployment insurance (*)  12  13  14  Unemployment rate  (*) Quarterly moving average of individuals who claimed and received unemployment insurance payment. This series is anticipated by 4 months. Sources: National Statistics Institute (INE), Superintendence of Pensions and Central Bank of Chile. 12  BIS central bankers’ speeches  Figure 9  CPI inflation (*) (annual change, percent)  CPIEFE inflation (*) (annual change, percent)  10  10  10  10  8  8  8  8  6  6  6  6  4  4  4  4  2  2  2  2  0  0  0  0  -2  -2  -2  -2  -4  -4  -4  -4 07 08 09 10 11 12 13 14 15 16  07 08 09 10 11 12 13 14 15 16 June 2014 Report  Sept.2014 Report  (*) Gray area, as from the third quarter of 2014, shows forecast. Sources: Central Bank of Chile and National Statistics Institute (INE).

In fact, during 2007, China’s economy grew by over 11 per cent and it made the largest contribution to global growth. India grew at more than 9 per cent and Russia at almost 8 per cent. These three countries accounted for onehalf of global growth over the past year, while several other developing countries also maintained their own robust expansions. In fact, the rapid growth in these countries counterbalanced the moderate growth in the United States and other advanced economies. The current global expansion is remarkable in several ways. First, emerging markets and developing countries are now accounting for a high share of growth – more than twothirds, compared with about one-half in the 1990s; Second, the successes arising from rapid growth are not being enjoyed by a few countries only – most countries and regions are doing better in comparison to their own past standards; and, third, the volatility of growth has declined substantially. For example, the Sri Lankan economy has grown at well over 6% during each of the past 3 years and in 2008 too, a growth of 7% or close to 7% is projected. Pakistan too has recorded an average growth rate above 7% during the last 4 years. Mr. Chairman, until the last decade, there was a clear relationship between global economic growth and the growth in advanced economies. As a matter of fact, when major economies, particularly, the USA, recorded a slow down, it retarded world output significantly.
The underlying inflation measured as the CPIF (CPI with a fixed mortgage interest rate) is expected to be just below 2 per cent during the greater part of the forecast period. CPI inflation, on the other hand, will vary significantly, as CPI also considers changes in interest rates on mortgages, which are affected by the decisions we take regarding the repo rate. 4  BIS Review 11/2010  Inflation measured in terms of the EU harmonised index, the HICP, has recently been higher in Sweden than in the euro area (Figure 20). During the autumn, this was just below 2 per cent in Sweden, while it was negative in the euro area. HICP does not include prices of owner-occupied housing, and thus inflation measured in terms of HICP and CPIF are largely the same. The relatively high HICP inflation in Sweden is primarily due to the heavy increase of unit labour costs in Sweden over the last three years, averaging approximately 5 per cent per year (Figure 21). In addition, the Swedish krona weakened during the financial crisis, pushing up import prices. In turn, the rapid increase of unit labour costs over the last three years is primarily due to the fact that productivity fell for three years in a row, in addition to which hourly wages increased more during that three-year period than during the immediately preceding three-year period. This development will be reversed during the forecast period.

The financial crisis and wage formation The financial crisis has affected the Swedish economy in two ways. Firstly, the financial markets and the financial sector have been impacted negatively. However, in principle, this problem has now been addressed. Central banks and authorities have adopted extraordinary measures which have succeeded in getting the financial markets to function better again. The remaining areas to be addressed are that the financial sector is still dependent upon government support, that there exists a risk that new problems will arise and that a new regulatory framework is needed for the financial sector. Secondly, the financial crisis has led to a decline in world GDP and world trade. As regards Sweden, this has primarily impacted the Swedish export industry and has led to a deep recession from which it will take the country a long time to emerge. Other parts of the economy that are focused on the domestic market have coped better, due to the expansive fiscal and monetary policies being conducted, among other factors. This has led to a clear division of the Swedish economy. This is the economic background against which the social partners are to conclude wage agreements during the year. This will not be an easy task. It will require a variety of deliberations to be undertaken.
Sometimes we have different views on the specific policy choices at hand, and you should view this as completely appropriate: these are hard questions – particularly during difficult economic circumstances such as we face today. In fact, I think we make better decisions as a committee because we don’t all think alike. But we are united in our commitment to our dual mandate of maximum sustainable employment and price stability and in our belief that preserving the independence of the Federal Reserve in making monetary policy decisions is very much in the public interest. That independence allows us to make tough decisions based on data and analysis insulated from short-term political pressures. BIS central bankers’ speeches  1  At FOMC meetings, each Committee member presents a current outlook for his or her region and for the nation. In formulating these assessments, we consult with many sources – our boards of directors, regional advisory councils, community leaders and other key stakeholders. My meeting with you and others today is part of this systematic effort to understand what is going on in the grassroots of our economy. To help me gather more information about our region, I met this morning with Fox Valve, a small business in Dover that manufactures specialized, highly engineered industrial parts. After that, I had the pleasure of participating in a roundtable discussion with members of the local MexicanAmerican business community. After this lunch, I will travel to Picatinny Arsenal to learn about its role in the state’s economic activity.

This is important because long-term  BIS central bankers’ speeches  3  unemployment can cause job skills to atrophy making it more difficult for such people to find jobs in the future. While the good news is that the job-finding rates of the long-term unemployed have not yet deteriorated as many feared, we ought not to take this for granted going forward. Although energy prices have begun to rise again, total inflation, as measured by year-overyear changes of the Consumer Price Index, is still around 1¾ percent – less than half the rate in September of 2011. In recent months, core inflation has also slowed and it is now also under 2 percent. Higher energy and grain prices mean that headline inflation will likely edge somewhat higher for a few months before moving slightly lower again. But measures of the underlying rate of inflation are moderate, wage gains remain subdued, and longer-term inflation expectations are fully consistent with our longer run inflation objective of 2 per cent as measured by the personal consumption expenditures (PCE) deflator. Near term, the economic outlook is that the growth pace is likely to remain disappointing. On the positive side, motor vehicle sales in August increased solidly. Nevertheless, retail sales outside of autos and gasoline were soft in August as households continue to be cautious. One brighter spot has been the housing market. Housing starts and sales of new and existing single-family homes are trending up gradually.
In total, approximately $ trillion of dollar-denominated securities and cash deposits are held by foreign official account holders at the New York Fed, representing about half of the world’s official U.S. dollar reserves and one-third of the world’s total official FX reserves. Reflecting the breadth of its foreign official customer base and dollar holdings, the Federal Reserve’s account platform is a centralized infrastructure through which dollar-denominated financial transactions between official institutions can occur under a single roof using the same clearing and settlement staff. This provides an important public benefit in terms of control of transactions, efficiency of execution, and confidentiality in two specific ways. First, this centralized account platform has played a critical role in the resolution of international debt crises throughout the 20th and early 21st centuries, such as the Latin American debt crises of the 1980s. Second, the centralized platform sustains a high level of operational readiness for crossborder dollar operations in support of global financial stability. By allowing direct payments between or among account holders on a shared platform, or between the Federal Reserve and account holders, the speed and efficiency of often time-critical official payments is greatly shortened and simplified. Combined with the Federal Reserve’s ownership and operation of critical payment systems such as the Fedwire Funds Service and the Fedwire Securities Service, this centralized platform supports the Federal Reserve’s crisis response capabilities in a highly dollar-based international financial system.

Successive rises in oil prices weighed down heavily on firms’ production costs and cut in consumers’ real spending power. Had our exports not held up well, Thailand’s real GDP growth would have been much lower. In addition, the direct and second-round effects from oil price increases also led to the acceleration in inflation this quarter, with the headline inflation rate reaching 8.9% for the month of June. The second negative development was on the domestic front and that was the return of street demonstration that has escalated to today’s political standoff. This development has  BIS Review 118/2008  1  had significant effects on consumers’ and businesses’ sentiment, not to mention investors’ confidence that has contributed to continued net selling by foreign investors. Fortunately for Thailand, agricultural prices also accelerated in the second quarter. The rise in the prices of agricultural exports contributed to the robust export performance and at the same time partially offset the negative impact of increases in the prices of oil and other commodities imports. Moreover, increases in farm income due to the price effect coupled with strong production allowed farmers to cope with higher costs of living associated with rising inflation, providing support for private consumption which continued into this current quarter. For the remainder of this year, the recent trend in oil prices appears to be on our side, especially on inflationary pressure.
After 1945, with the introduction of the Bretton Woods system, a number of countries’ currencies were pegged to the US dollar, which was in turn pegged to gold until 1971. In many ways, US monetary policy and nominal interest rate levels functioned as a nominal anchor, and to a large extent governed global interest rates and inflation developments. Inflation has been particularly high in times of war. The 1970s and 1980s were characterised by fairly high inflation following the collapse of the Bretton Woods agreement, the oil price shocks and countercyclical policy. From the end of the 1980s, an inflation target for monetary policy has functioned as a credible nominal anchor in a number of countries, curbing the pace of inflation. To calculate historical real interest rates, an estimate must be made of expected inflation. Figures for actual inflation are normally used. Inflation expectations may deviate from actual inflation, especially in periods when the latter is subject to considerable fluctuation. From 1870 to today, developments in global real interest rates can be roughly divided into 5 periods. In the period 1870 – 1896, the real interest rate ranged between 4 and 5 per cent, and inflation fluctuated around zero. No new major gold finds were made in this period and the economy in general was exhibiting brisk growth. The real interest rate fell to about 1-3 per cent in the period 1897 -1913, reflecting some acceleration in inflation in this period. New discoveries of gold were again made in this period.

It has served the UK well for two decades, and has led the way in many areas of innovation. But similar drivers to those behind the PSF mean it too now needs a thoroughgoing refresh to meet the next wave of challenge. Consultation on our vision recently concluded; and, although we are still processing the results of that exercise, it is already clear 3  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  3  that our proposals to boost access, resilience, interoperability and user functionality have received strong support from old and new market participants alike. So it seems likely that, in the next few years, the UK will have a new payments infrastructure for retail and wholesale payments alike. To have got this far so fast is a real achievement. But in truth the real work for the PSF has only just begun. The challenge now is to translate the high level aspirations in this document into something much more concrete. That means delivering a retail payments design that is technically feasible, secure, and aligned with the Bank of England’s settlement models. It also means identifying who will build, and pay for, the new system: no small challenge at a time when the industry faces many competing demands on its resources. Though the Bank of England has not been a formal member of the PSF, we have been an active observer of proceedings throughout the past year. And we will remain closely involved with the next stage of the Forum’s work too.