samchain/econo-pairs-v1 huggingface dataset:
One goal is to create a fast, robust, and secure software development lifecycle that stays current by design (perhaps enabled through the agile development methodology and cloud platforms). And, approaches like red-teaming, threat hunting, and external benchmarking can provide insight into cyber resilience strengths and areas to improve.17 On the people side, does the current organizational culture help people successfully adapt to rapidly changing environment? Do staff have the skills that are needed to achieve organizational objectives today and in the future? These are important questions to explore and potential priority areas to address if there are mismatches. Final Thoughts I'd like to wrap up with a bit of realism followed by optimism. Here's the realism: while we might prefer never to be surprised, we will be. The optimism is: effective risk management can help us be less surprised and respond better when we are. And, a strong risk management ecosystem will be self-sustaining because it generates demonstrable value – that is, practical and timely By continuing to use our site, you agree to our Terms of Use and Privacy Statement. You can learn more about how we use cookies by reviewing our Privacy Statement. solutions to material problems – to help our organizations succeed in all environments. 1 I would like to thank Greg Gaskel, John Reda, Dubra Shenker, David Stein, and other colleagues at the Federal Reserve Bank of New York for their feedback.

2 See, for example, the concepts of Safety I and Safety II in Eric Hollnagel, Jorg Leonhard, Tony Licu, and Steven Shorrock, 2015, "From Safety I to Safety II: A Whitepaper,"  Eurocontrol. 3 Scott D. Sagan, The Limits of Safety: Organizations, Accidents, and Nuclear Weapons, 1993, Princeton University Press. 4 Basel Committee on Banking Supervision, "Principles for Operational Resilience,” March 2021. Joshua Rosenberg, "Thrive in any Environment: Strengthening Resilience  through Risk Management," November 2019. 5 Quote Investigator, “Culture Eats Strategy for Breakfast,” May 2017. 6 Financial Stability Board, “Guidance on Supervisory Interaction with Financial Institutions on Risk Culture: A Framework for Assessing Risk Culture,” 2014. The Institute of  Risk Management, “Risk Culture Resources for Practitioners,” 2012. 7 These are adapted from safety culture concepts in, 1997, Ashgate Publishing. See also, GAIN Working Group E, "A Roadmap to a Just Culture: Enhancing the Safety  Environment," September 2004. 8 Risks highlighted include information and cyber security risks, physical and psychological health risks, technology risks and dependencies. See, Consultative Group on Risk  Management, Bank for International Settlements Representative Office of the Americas, “Business Continuity Planning at Central Banks During and After the Pandemic,” April 2022. 9 Chair Jerome H. Powell, “Coronavirus and CARES Act,” Federal Reserve Board of Governors, June 2020. 10 Federal Reserve Bank of New York Economic Policy Review, Special Issue: Policy Actions in Response to the COVID-19 Pandemic, June 2022. 11 Daleep Singh, “The Fed’s Emergency Facilities: Usage, Impact, and Early Lessons,” July 2020.
It would appear that easy money can reduce the growth capacity in an economy. A comparison of economic developments in Norway and the other Nordic countries in recent years may also be a source of concern. Their business sector now seems to have a stronger growth capacity than our own. There are three pitfalls that must be avoided. First, in countries with substantial revenues from natural resources, growth conditions for the internationally exposed sector may become less favourable. The exposure of large parts of the economy to intense foreign competition provides a breeding ground for learning, innovation and development. Competitive pressures in sheltered sectors, such as internal trade and public enterprises, are normally more limited. In my view, it is essential to maintain a broad exposed sector in the mainland economy, primarily because of the effect this has on the growth capacity of the economy. Second, substantial petroleum wealth can weaken financial discipline in enterprises that are financed or assume that they can be financed by the public sector. If enterprises assume that the central government will provide support, resources may be squandered and the risk of substantial losses may be given little emphasis. The organisation of public enterprises is thus important. The central government’s financial responsibility for individual enterprises and for other levels of public administration must be delimited in a credible manner. Third, petroleum production generates a profit in excess of a normal return, ie economic rent. As economic rent accrues to the state, the central government is now accumulating substantial capital.

A key event is the Raffles Seminar, organised by the Lee Kuan Yew School of Public Policy. It will gather leading thinkers to debate the issues and challenges countries face in achieving and sustaining good governance. 36. S2006 will require close collaboration between MAS, other government agencies and the private sector, in particular, our banks. Some of you are already working with the organising committee. I would like to thank you for your support. Together, we can make S2006 a success for Singapore. Conclusion 37. Let me conclude. Winston Churchill said: "The optimist sees opportunity in every danger. The pessimist sees danger in every opportunity." We should be shrewd optimists - bold but not reckless, cautious but not timid. 38. For we are living in exciting times in Asia. The economic centre of gravity is shifting from West to East. This could be Asia's Century. No doubt there are serious challenges. But I believe if we are innovative, realistic and skilful, we can overcome them. And together ride the Asian wave to prosperity. Thank you. 4  BIS Review 83/2005
Reducing the European economy’s vulnerability to future shocks will also call for continuing progress towards a full Banking Union and a Capital Markets Union. The necessary support of the European Central Bank On this occasion, and unlike previous crises, the approval of the European recovery fund will prevent the European response to the crisis in the euro area from resting exclusively on the common monetary policy. The European Central Bank (ECB) has deployed a range of emergency measures during this crisis. These have involved, first, the extension of sovereign and corporate bond purchases in the euro area, with the aim of improving financing conditions. Specifically, the ECB has increased its pre-existing purchase programme and added a new emergency programme currently worth € trillion (11.3% of euro area GDP in 2019) and which will last, at least, until June 2021. One new feature is the fact that asset purchases under the new programme are being made with a high degree of flexibility regarding their distribution over time and across asset classes, and, in the specific case of public asset purchases, also as regards the issuing countries. As a result, the Eurosystem is focusing its purchases there where they are most needed at each point in time. The aim is to ensure the smooth transition of the single monetary policy to all countries in the area and to head off the risks of financial fragmentation.

The case of Citibank which is on the verge of selling Salomon Smith Barney illustrates this trend. As far as governance and risk management are concerned, major improvements are needed, and I think, are on their way. It is certainly true that regulation needs adjustments and that a more macro-financial angle is requested in order to avoid, for example, procyclicality. However, the first responsibility lies with financial institutions themselves that did not develop enough scrutiny in risks analysis, were too much focused on short terms profits, did not integrate the cost of risks premium and liquidity, and in some circumstances, did not fully understand the likely financial consequences of their behaviour. Therefore, strong improvement is needed in terms of risk management and governance at the highest level of financial institutions. In terms of disclosure and communication policy, the crisis showed the importance of transparency. Financial institutions made a lot of efforts in this respect in recent months. They should continue to do so. Authorities will monitor progress on that matter. Public and private strategic improvements will help overcome the financial crisis. Beyond that, there is a growing consensus around the need for a fundamental review of the  BIS Review 9/2009  3  foundations of financial regulation. Heads of States of the G20 have mandated changes in that matter and set principles to that purpose. The crisis has also rekindled concerns about the structure of supervision.
At the same time, economic activity continues to benefit from the reopening of the economy (which is underpinning spending on services, in particular in the tourism sector), a strong labour market, the support of the savings built up by households during the pandemic and fiscal policy support both at the national and European level thanks to the implementation of NGEU-funded projects. Against this backdrop, the Eurosystem projections published in June envisaged real GDP growth of 2.8% in 2022 (albeit with 2 percentage points (pp) relating to carry-over from 2021) and 2.1% in both 2023 and 2024. These projections represented a further downward revision. For instance, compared with the December 2021 projections, the GDP growth forecasts for 2022 and 2023 were down by 1.4 pp and 0.8 pp, respectively. Meanwhile, last week saw the publication of the ECB Survey of Professional Forecasters (SPF) for the third quarter of 2022, conducted in early July. The results show a fresh downward revision of real GDP growth expectations from the second quarter, down to 2.8% for 2022 and to 1.5% for 2023 (down 0.8 pp on the previous survey), followed by 1.8% for 2024.

While I commend the significant development of the SEG forum in the 19 years since its inception, I know we can do so much more to leverage on the experience of each member country here. There is definitely a role for SEACEN that goes beyond equipping member countries with the necessary skills to manage capital flows. For instance, SEACEN can provide thought leadership on the need for small open economies to have a broad policy toolkit in preserving monetary and financial stability in the face of volatile capital flows. SEACEN can take a leading role in intellectually challenging the prevailing view that capital flow measures should only be considered as a last resort. There is no monopoly on good policies and Asia has plenty to offer. SEACEN can lead the way. On this note, I look forward to an engaging and fruitful discussion among members in our sessions today. I believe the forum will be thought provoking, with important learning points that 2/3  BIS central bankers' speeches  will help us better weather the new waves of challenges ahead. Thank you. 1 Terms of Reference of the SEG. 2 Jon Kabat-Zinn (1994), Wherever You Go, There You Are. New York: Hyperion. 3/3  BIS central bankers' speeches
In addition, we increased our international commitments to the IMF and concluded swap agreements with the central banks of Iceland, Latvia and Estonia so as to be able to give them loans in foreign currency if necessary. The Swedish banks also borrowed significant amounts in foreign currency from other central banks and made great use of the government borrowing guarantee. To manage the situation, we were forced to rapidly establish a swap agreement with the US central bank (the Fed), which gave us the possibility of borrowing USD 30 billion. The Fed concluded similar agreements with several other central banks as it had an interest in ensuring that the European banking system did not collapse as a result of a shortage of dollars. We also concluded a swap agreement with the ECB, which gave us the possibility of borrowing EUR 10 billion.13 In addition, we also ensured that it would be possible to borrow from the Bank for International Settlements (BIS). The agreement with the Fed has now expired and it is not likely that we would be able to conclude a similar agreement in the event of a new crisis, among other reasons because the Fed has received criticism at home for its support to the European banking system. The question of a suitable size for the foreign currency reserve led to some long discussions among the Executive Board. It was not easy to calculate how large the foreign currency reserve should be, and different Executive Board members had differing views on the matter.

It was used to borrow a smaller sum in conjunction with the Riksbank’s swap agreement with Latvia. 14  In its recently concluded mission, the IMF concluded that the foreign currency reserve is sufficient to meet risks, but this assessment should be reviewed on an ongoing basis with reference to developments in the euro area. BIS central bankers’ speeches  13  the banks’ market funding in foreign currency could possibly get the banks to reduce this, thereby reducing the need for a large foreign currency reserve and thus fund the costs to society of the foreign currency reserve.15 However, such charges do not exist at present and the effects of any charges are not clear. Conclusion About a week ago, we published our first Financial Stability Report for the year. In this, we report that the Swedish banks’ resilience towards shocks has continued to improve over the last six months. However, in large parts of the world, the recovery from the financial crisis has proceeded slowly and the financial markets are still marked by great uncertainty. This uncertainty is primarily linked to the fiscal problems in Europe. The issues I have addressed today are not issues that have much to do with the current situation. Instead, they are a few opinions on how the regulations for the financial sector should be changed to reduce the risk of new financial crises and to reduce the negative consequences for Sweden if such crises should again arise internationally.
Beyond the significant adaptations that are needed in our productive systems, this major transformation will require massive investments, both public and private. And this is where sustainable finance has a key global role to play. II. Sustainable finance in France, in Europe and in Japan  2/4  BIS - Central bankers' speeches  A. Sustainable finance, especially green finance, remains dynamic despite difficult conditions in bond markets While issuance of bonds have slightly decreased in 2022, due to an uncertain economic and financial environment, it is striking that most segments of sustainable finance have resisted well. In particular, green bonds have even continued to expand by 15% in the first half of 2022, reaching EUR 260 billion. (iii) Among those, sovereigns represent almost half of total issuance volumes. The French state, which was the first sovereign issuer of green bonds in 2017, now has the greatest outstanding, amounting to EUR 45 billion. And the European Commission, with its ongoing NGEU programme, is gaining momentum and will become the biggest issuer within the next few years, as it is set to issue 30% of this programme, or EUR 250 billion, in green bonds. (iv) Japan is also gaining momentum, notably through its green growth strategy laid out in December 2020 to facilitate private investment – through green finance among others. B. Central banks' and supervisors' actions regarding climate change Central banks and supervisors are delivering what they promised, in their catalytic role within the financial system.

The central bank of the Netherlands – De Nederlandsche Bank – has developed new approaches for the supervision of corporate culture and decisionmaking. 21  The MPG is working with the BIS FXWG to develop market-based adherence mechanisms for the FX Global Code. 6  BIS central bankers’ speeches  of market participants as we develop best practices. This is to ensure that the practices reflect all relevant segments of the market and to promote buy-in and thus foster their adoption. As I mentioned before, both the TMPG and the FXC are expanding their membership such that a range of market participants feels vested in their missions. In addition, we engage with other sectors of the marketplace, such as trade associations and infrastructure providers, to educate them about best practices that have been developed and facilitate their potential adoption of aspects of them. When central banks operate in the markets ourselves, we expect the best practices to apply. This has two aspects. First, we align our own practices to the best practices, except where it would inhibit our policy functions. As a corollary, we expect those institutions that choose to become our counterparties to comply with the best practices as well, so that when we transact, we do so with the confidence that our counterparties are adhering to these standards of behavior. Finally, we keep supervisors, regulators and other official sector bodies, inside and outside our four walls, abreast of the work of our committees.
This is where the introduction of APIs and the greater harmonisation of data through the important move to ISO 20022 can really make a difference. These building blocks have the potential to improve compliance processes and address data handling issues within legacy technology platforms, and maximise the positive impact of the technical, operational and regulatory process changes advanced under the other focus areas. Focus Area E is different: it is more exploratory and long term in nature. It includes assessing the potential for innovative new propositions such as central bank issued digital currencies (CBDCs), privately issued stablecoins and areas that are even less developed such as multilateral payment platforms. These innovations are still in their infancy on a domestic, let alone global, level. But if in time they are introduced, it is really important to consider the possible cross-border benefits they could bring. Importantly, real progress can only be made in these building blocks if work on the earlier building blocks has delivered. Issues around operating hours, AML checks and messaging harmonisation to name but a few will be relevant for these more far reaching innovations. The Roadmap  A broad set of building blocks needs a broad set of players to deliver them. And that is why the Stage 3 roadmap is so important. The FSB, working with the CPMI and other relevant international organisations and standard-setting bodies, today published an ambitious but achievable roadmap to deliver these building blocks including initial actions and milestones 7.

The remaining challenge then is whether the authorities will have the nerve to follow through and carry out a resolution. This is the charge that comes from opponents, namely that it will be “bottled”. I don’t see this as likely to be an issue, because if resolution is a credible route to take, as it will be, why would the authorities want to put the cost somewhere else? 3  John Kay “Should we have ‘Narrow Banking’?” The Future of Finance, LSE Report, 2010  4  Anat Admati and Martin Hellwig: “The Bankers New Clothes: What’s wrong with Banking and what to do about it”. P271  5  Anat Admati and Martin Hellwig: “The Bankers New Clothes: What’s wrong with Banking and what to do about it”. P74–78  BIS central bankers’ speeches  3  Now for supervision and whether it too can function effectively. Make no mistake, in many countries supervision failed badly in the run-up to the crisis. Prudential supervision of banks is all about understanding the risks firms take, the effectiveness of the controls in risk management, using the framework of rules and regulations to create the right incentives to control risks appropriately, and where necessary intervening directly to require actions to be taken that would otherwise lead the firm to a potentially unsafe or unusual position.
Data and news that transcends boundaries in real time are important for not only investors and financial institutions but also for researchers and scholars in Islamic finance. It will contribute towards enhancing competitiveness, product innovation and strengthen the international financial inter-linkages. As we enter this new decade, the challenge for the world is to sustain the economic recovery. While there continues to be many problems still to be addressed in the developed world, most emerging economies have continued to do well. In Malaysia, our economy recorded a strong growth of 7.2% in 2010 driven by strong domestic demand and our stronger economic and financial linkages with other emerging economies. An important part of this recovery is the strong recovery in private investment as capacity utilisation increases and as the dynamic nature of our economy presents new investment opportunities in new growth areas. For the Islamic finance industry, the year 2011 is set to be an exciting period. The global sukuk issuance in the year 2010 surpassed that of the previous year by more than 20 per cent. Against this positive growth, renewed confidence of investors and issuers is evident. In 2011, the sukuk issuance is projected to surpass the level recorded in 2007 when it sustained the highest level of issuances. The year 2010 also saw Malaysia’s evolution as a multi-currency sukuk origination platform with four foreign currency sukuk issuances amounting to about USD3 billlion.

But it is equally important not to give rise to unrealistic expectations about how fast potential output can grow. The Central Bank’s analysis and forecasting work always aims to answer this question, which is one of the most important in monetary policy implementation. Inflation subsided somewhat in 2012, falling from 6½% at the beginning of the year to just over 4% at year-end. The Bank’s February forecast assumed that this trend would continue, provided that the króna did not weaken further. According to the forecast, inflation should be close to target around the middle of next year. Whether that happens earlier or later depends primarily on developments in the exchange rate. It was therefore a disappointment to see how much prices rose in February, raising twelve-month inflation once again. It is always imprudent to read too much into individual measurements, and it has yet to come to light how much of that increase was based on temporary factors. Furthermore, the exchange rate has risen more than 5% since the beginning of the year, which could affect the next measurements. Nonetheless, this inflation measurement gives good reason for caution, and if the role of temporary factors proves smaller than might appear at present and inflation declines to the target more slowly than previously forecast, it will be necessary, other things being equal, to withdraw monetary accommodation sooner than would otherwise be required. The Central Bank’s interest rates have been unchanged since November 2012, when they were raised by 0.25 percentage points.