samchain/econo-pairs-v1 huggingface dataset:
The recent developments following the war will push inflation higher in 2022, with negative consequences on the purchasing power of households and investment decisions of firms. We have, for this reason, begun adjusting monetary policy accordingly. When the necessary conditions, as set out during our recent monetary policy strategy review, are satisfied, we can take additional steps towards policy normalisation, always taking into account the high uncertainty and the underlying risks caused by the war. Hence preserving flexibility is of paramount importance. A fundamental difference of the current crisis with the one faced a decade ago is that the Cyprus banking system is not part of the problem now but it can and must be part of the solution. The Cyprus banking sector has the buffers to absorb unexpected shocks, both from a solvency and a liquidity perspective. The core regulatory ratios of Cyprus Banks compare well with our European peers, providing our banks with the capability to  2/3  BIS - Central bankers' speeches  absorb losses and to fund the real economy through lines of credit to both viable businesses and households and be accommodative for the transmission of monetary policy. In this ever changing global terrain, we shall be neither optimistic nor pessimistic. Instead, we shall act; and we shall act in a responsible manner with realism and honesty. The citizens of Europe need to be aware of the challenges and difficulties. A well-informed citizen acts more responsibly. And that's the best answer to any challenge.

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Plus, the somewhat stronger growth of trading partners and the depreciation of the real exchange rate should also boost non-mining exports. And last but not least, there is the increased monetary impulse that has been added to the economy. As for domestic inflation, it has returned back to the Central Bank target of 3 percent in annual terms faster than expected. In recent months, CPI inflation has been driven by energy price increases that reflect both the higher dollar price of fuels and the depreciation of the peso. The impact of the depreciation on other prices in the CPI basket has been in line with expectations; Core inflation (i.e., the CPIEFE that excludes foodstuffs and energy) has also risen, although at a slower pace than headline CPI. Inflation expectations have remained at 3 percent in the projection horizon, with a slight increase in the near term. The baseline scenario assumes that y-o-y CPI inflation will rise temporarily to the 3.5 to 4 percent range, in the coming months, reflecting the direct propagation of the peso depreciation to the prices of goods and services. The lower use of installed capacity – proxied by the behavior of output – should mitigate inflationary pressures and the direct effects of the depreciation. As I just said, the credibility and consolidation of our inflationtargeting scheme also help. Therefore, already by the end of 2014 headline inflation should move closer to 3 percent, where it should stay until the end of the projection horizon, that is, the first quarter of 2016.

New generations are used to surrendering their privacy, to renounce their data sovereignty in favour of digital payment and social network providers. Some social networks even work that way - to make your own digital identification or to verify it is exactly You or Me out there on the web. Public concern over digital privacy has been identified in the 2021 document "Public consultation on a digital euro" and the idea of a unique digital identity for citizens in the EU is being developed by the European Commission. [5] This tendency is also at the heart of the digital euro project, and the digital euro will offer the highest levels of privacy for the citizens. Let me assure you that the central bank has no interest in peoples' payment behaviour, nor will we store or even see any of people's personal data. So, considering that our role is to act in the best public interest and at the same time, we see a proliferation of digital payment channels offered by various private entities or even networks without recognizable issuers, isn't it right to think that we also need to offer our citizens digital version of public money? To offer our citizens a way to access public money in the digital sphere? Or, to paraphrase ECB President Christine Lagarde, "Don't we all need to have access to public money in the digital age?".
In practical terms, that means reaching a deal on quota shares and seats at the Board with all regions of the world appropriately represented. Such a deal will be extremely difficult to reach. Nevertheless shareholders should recognise that the collective benefits of reaching a deal would justify compromise on each of their parts. But even if an agreement is reached what would be the purpose if the Fund remained unreformed and the larger questions I have posed today were unanswered? Conclusions The extraordinary changes in global patterns of trade and production, in which India is playing a major part, have the potential to raise living standards around the world by exploiting the division of labour which, as Adam Smith told us many years ago, is the foundation of our prosperity. As those real economic changes unfold, it would be quite extraordinary if the institutions required to sustain and support that new open trading and financial system were not to adapt. After a decade of discussions on the “international financial architecture”, it might be sensible to pause and ask what we are trying to build. The world needs a strong and effective IMF to make us conscious of our responsibilities as members of the international economic system, and to provide a clear and cogent analysis of the challenges ahead. In the end, it is ideas that change the way people think and then act. Those who founded the Bretton Woods institutions did so after a time of crisis, war and economic disaster.

I will leave this for the presentation by Kate Sweetman, the main author of this study. Broadly, the Asian Leadership Index demystifies that attributes leaders in Asia must develop if they are to engage the people they lead. The Asian Leadership Index does not propose a new leadership model. Rather, it identifies a number of areas for behavioural change that are needed based on the attributes that respondents indicated are currently missing in their leaders, reinforced with suggestions on how leaders might move forward with greater influence and impact. In conducting this research, it is hoped that it generates thinking on these leadership issues and contribute towards the development of the new generation of effective leaders in Asia. BIS central bankers’ speeches  1
The EU’s new Markets in Financial Instruments Directive (MiFID), for example, is expected to bring about important changes and intensify competition in the European financial market. This development will also influence the future of financial market infrastructures in Switzerland. Against this background, it is certainly crucial for the Swiss financial market infrastructures to persistently foster their competitiveness. They have pursued this strategy so far, and will need to continue doing so in the future. BIS Review 87/2006  1

Also on the derivatives front, clearinghouses LCH and CME will change over discounting and price alignment interest on listed derivatives to SOFR in two weeks’ time, and will incorporate the ISDA transition terms into their standard contracts. That should help increase activity in SOFR derivatives, which, as we’ll see next, should help lay further groundwork for new SOFR-based alternatives. Coming to Terms with SOFR Apart from the overnight and average SOFR rates that are being used right now, there are two other types of rates that some market participants seem to be awaiting. One is the forward-looking term SOFR rate that the ARRC is working on. Earlier this month the ARRC released a request for https://www.newyorkfed.org/newsevents/speeches/2020/hel200929  3/6  30/09/2020  The LIBOR Countdown Has Not Stopped - FEDERAL RESERVE BANK of NEW YORK  proposals for the design and production of term SOFR.14 But that doesn’t mean you should wait for it. No one can guarantee that the ARRC will end up recommending a term rate, or when that will happen if it does. Designing a robust new rate is not a quick process, and the ARRC’s first priority will be ensuring that whatever term rate it recommends is robust and durable. The likeliest basis for such a rate is forward derivative contracts on SOFR, which have not yet reached the volume and liquidity that are sufficient to support a widely used term rate.
In this particular case, we may find that no single player feels incentivised or powerful enough to develop a standard that others will coalesce around, in sufficient numbers such that the benefits outweigh the costs of development. The resulting lack of commonly adopted data standards is not a new phenomenon, or one that is at all unique to the UK financial system. But it is in greater focus for regulators now, in the UK and elsewhere, because of the increased amount of data that we need to collect, its increased complexity, and the increased demands we want to make of that data. The potential for market failure here means there can be a role for the public sector. Again, the LEI gives us a clear example of this role. Prior to the financial crisis, the private sector had tried and failed for 20 years to create a universal, global standard to identify legal entities. It took the intervention of US and international financial authorities for the identifier to become a reality. Our Transformation Plan sets out our approach to move this agenda forward9. We are convening and coordinating an industry group that will look in depth at the development and adoption of data standards. We will help set the agenda for the group by giving our views about the use cases, like CRE, that interest us most. Our data collections themselves can be one useful tool for promoting the development and adoption of standards.

From master masons to information architects: how standards can transform reporting (and bring benefits well beyond it) Speech given by Gareth Ramsay, Executive Director for Data and Analytics & Chief Data Officer  Webinar hosted by The EDM Council 14 April 2021  I am grateful to Aaron Shiret and Angus Moir for their assistance in writing these remarks, and to Nicola Bennett, Ben Broadbent, Victoria Cleland, Matt Corder, Michael Davey, Dayo Forster, Andrew Hauser, Russell Jackson, Richard Lewis, James Proudman, Vicky Purkiss, Laurie Roberts, Paul Robinson, Beju Shah, Martin Udy, Mark Walsh and Rebecca Whitwam for their helpful comments and assistance 1  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  Hello all – it’s a great pleasure to be speaking to you. I’d like to thank John Bottega and the EDM Council for virtually hosting us today. I want to begin by talking about cathedrals. The great cathedrals of Europe were built in the Middle Ages by teams of skilled stone masons. To get the dimensions of the building right, it is said that each team would use measures based around the body of the master mason: his foot, his stride, his arm, and so on. And so a local standard was born. Those standards were designed with one specific use in mind – the construction of that cathedral. And very useful they were, too. But they were closed systems – the foot and the yard used to build one cathedral were different from those used to build another.
3  All speeches are available online at www.bankofengland.co.uk/speeches  3  At the request of the German presidency, the Financial Stability Board (FSB) is considering the most important financial stability issues associated with new financial technologies and, drawing on a stocktake of national approaches, it is assessing the extent to which these risks are addressed by existing regulatory 2  frameworks. The FSB will report its findings to the G20 summit in July to promote the G20’s broader objectives for financial inclusion and strong, sustainable and balanced growth. In that spirit, this evening I would like to highlight some of the potential financial stability issues raised by the FinTech revolution. 2. The Financial Services Value Chain But first I should make a confession: I was a banker once. To earn money for university tuition, I worked as a teller in my native Canada. To be more precise I was a Customer Service Representative. My core responsibility was simple: stand at a wicket and accept customer deposits, mainly from small businesses, and pay out withdrawals, mainly to their employees. Over time, I got to know the regulars ranging from the baker who would come in every afternoon to deposit a bundle of bank notes smelling of bread (literally dough) to the executives of a failing construction company who would cash weekly their pay cheques with alacrity and trepidation. I learned that there were two types of client: those who engaged with me and those who didn’t.

These productivity gains – the result of innovation and adaptation – have been accompanied by rising average wages in manufacturing. Like the rest of the country, our job losses have been heavily concentrated in lower-skill positions, resulting in a leaner and more skilled manufacturing industry. The manufacturing sector and its structural job-wage dynamics are particularly important in upstate New York. Upstate (especially in its rural areas) manufacturing workers tend to earn higher wages than the average in their region, and the sector employs a larger share of the workforce there than it does nationally. 2  BIS Review 100/2010  Outlook How will the current recovery in manufacturing employment play out? Nationally, the growth in manufacturing output over the past year has occurred in a variety of industries, including autos, machinery, and computers and other electronic equipment. This growth reflects a combination of the restocking of inventories, domestic demand growth (particularly in investment goods), and higher exports. The concentration of these industries in parts of our region meant that those areas were poised to take advantage of this growth. The region has seen some increase in factory jobs in recent months, which undoubtedly reflects the expansion of production that has occurred nationally in these industries. A number of indicators suggest that the inventory cycle may be largely complete – that is, the recent restocking has brought inventories into a better balance with sales. If so, we will lose restocking as an impetus for growth.
Since then, the SNB has had to learn to operate with floating, and to conduct an independent monetary policy. This has not always been easy, since the international environment has often been extremely instable with the result that the Swiss franc has, at times, been heavily overvalued. During the 1980s, a greater degree of monetary discipline emerged and the fight against inflation became gradually more widespread. However, the world monetary order only achieved a certain level of calm towards the end of the 1990s, when the European monetary integration project took form and monetary policies were geared towards the defence of price stability. ***** In sketching this rapid portrait of the hundred years of our history, we see how much circumstances have differed from one period to another. It is therefore fitting that we pay tribute to all of our predecessors who – often in difficult circumstances – gave of their best in order that the Swiss National Bank might fulfil its mandate. It was their prudent management of the country's business that sheltered us from the numerous monetary crises that battered so many other European states. It was they, too, whose determination made it possible for the SNB to conduct a monetary policy resolutely geared to stability. Our generation is deriving immense benefit from this heritage. Due to the courage and sacrifices of those who preceded us, we now reap the benefits of a prosperous economy and a healthy currency. Our gratitude also extends to the authorities and to the Swiss people.

At each of our quarterly assessments of the economic and monetary situation, we have concluded that preservation of medium-term price stability demanded that the three month Libor be adjusted once again, and it has thus been raised by 1.25 percentage points since January 2006. 2  BIS Review 40/2007  With average inflation of 1.1%, 2006 was another year of price stability; indeed it was the thirteenth year such year in succession. The current situation remains comfortable due to the fact that the inflation outlook is moderate and last year's drop in oil prices is having a favourable impact on the indices. Nevertheless, we remain cautious since the productive resources in our economy are currently more or less fully employed and the Swiss franc has depreciated on the foreign exchange market – thereby tending to make our imports more expensive. We will continue increasing interest rates to the full extent that is necessary in order to preserve price stability in the medium term. Risks Based on the current momentum in the global economy, the outlook for 2007 looks good. Admittedly, there are signs of weakness in the US, but this phenomenon is likely to be temporary. In Europe, the recovery in 2006 was surprisingly strong. A slowdown is now expected, but not a marked downturn in the economy. Consequently, with respect to the economy, the assessment of risks appears relatively favourable for 2007. Clearly, the price of oil remains a source of concern.
•  We are working to encourage firms to proceed with their investments in greater resilience and geographic range called for in the Interagency Paper on Sound Practices to Strengthen the Resilience of the U.S. Financial System. •  We continue to encourage efforts to strengthen all aspects of our national payments and settlement systems. •  And we are engaged across a number of fronts internationally to provide a more integrated framework of supervision that better matches the integration of national financial systems and the increased global reach of the largest financial institutions. As part of our supervisory process we monitor closely the evolution in risk management practice across a broad array of financial institutions. Through horizontal reviews that focus on specific dimensions of risk management, we have a reasonably good sense of where the frontier in risk management practices is across the industry, and understand where the gap between this frontier and average practice is the greatest. The size of this gap in practice can increase in market conditions where competitive pressures and a search for return works to erode discipline. I thought it might be useful to highlight some of the areas where leading practice is farthest ahead of typical practice. Leading practice does not imply that there is a definitely superior model that we expect all firms to converge to over time. In most of these areas, there is some diversity in what defines the frontier of excellence.

This "credit equivalent amount" is approximately 175 percent of tier-one capital, about 15 percent higher relative to capital than five years ago. This measure of the underlying credit exposure in OTC derivatives positions is roughly a fifth of the aggregate total credit exposure of the largest bank holding companies. This is a relatively conservative measure of the credit risk in total derivatives positions, but, for credit derivatives and some other instruments, it still may not adequately capture the scale of losses in the event of default in the underlying credits or the consequences of a prolonged disruption to market liquidity. The complexity of many new instruments and the relative immaturity of the various approaches used to measure the risks in those exposures magnify the uncertainty involved. •  Internal risk management systems have improved substantially since the mid-1990s, but most firms still face considerable challenges in aggregating exposures across the firm, capturing concentrations in exposures to credit and other risks, and producing stress testing and scenario analysis on a fully integrated picture of exposures generated across their increasingly diverse array of activities. The greater diversity of institutions that now provide demand for credit risk, or are willing to hold credit risk, should make credit markets more liquid and resilient than would be the case if credit risk was still held predominantly by banks or by a smaller number of more uniform institutions, with less capacity to hedge those exposures.