samchain/econo-pairs-v1 huggingface dataset:
Namely: - the coexistence and competition of central bank money and private money (mainly so far commercial bank money) as settlement assets - the anchor role of central bank money My answer to this question would be to reaffirm and therefore preserve those core features  which have served well the public interest of financial and monetary stability. But this does not mean that we should aim for the status quo both in terms of regulatory and oversight frameworks and in terms of services that central banks should offer in providing central bank money as a settlement asset in payment systems. 2 - A number of risks to which crypto-assets payment arrangements are exposed are  familiar and in this respect, existing regulatory and oversight frameworks only require to be adapted to address them. To that end, three key issues to be considered are the legal qualification of crypto- assets, venues used to exchange them and the conditions under which a crypto-asset can be exchanged into another one, in commercial bank money or in central bank money. France has already moved into that direction with the adoption of a regulatory regime for 4/6  BIS central bankers' speeches  blockchains, tokens and ICOs. After a Blockchain Ordinance authorizing some specific security tokens to be seen as securities when they are not registered in a central security depository, France adopted in May this year a legislation on crypto-assets, referred to as the PACTE bill.

Regarding the first wave of crypto-assets which have been brought to the market, they are not a claim on any natural or legal entity, they do not have a guaranteed fixed exchange rate with the currency issued by the central bank and they rely extensively for their circulation on blockchain, a distributed ledger technology system using cryptographic techniques. A second wave might develop in the form of « stablecoin » with a potentially global reach, some of which sponsored by large technology or financial firms, whose distinctive feature, beyond their potentially large size and reach, is that they seek to stabilize their value by linking it to an asset or a pool of assets. What are the specific benefits of such blockchain-based initiatives? First, the blockchain technology and more broadly the DLT could help answer market’s needs and demands. There is in particular a strong demand for quick and safe cross-border payment solutions, available 24h/24, enabling smooth exchanges. There are a number of local instant payment solutions already in place in a number of countries in particular in Europe, available 24/7, settling retail payment orders up to 15 000 euros in less than 15 seconds. A i ns t 2/6  BIS central bankers' speeches  certain number of initiatives follow the European Payment Council SCTi ns t scheme. The Eurosystem has even launched its own service, under the name of TIPS to help ensure a panEuropean reach.
William C Dudley: The evolving structure of the US Treasury Market Conference – welcoming remarks Welcoming remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the evolving structure of the US treasury market conference, Federal Reserve Bank of New York, New York City, 20 November 2015. *  *  *  Frank Keane, Michael McMorrow, Joseph Tracy and Nate Wuerffel assisted in preparing these remarks. It is my pleasure to welcome you to this conference on the evolving structure of the U.S. Treasury market. As you all know, the Treasury market plays a unique and crucial role in our economy, and in global financial markets more broadly. Treasury securities serve as a liquid investment and hedging vehicle for global investors, a ready source of collateral for many financial transactions and serve as a risk-free benchmark for other financial instruments. The Treasury market is important for the Federal Reserve’s implementation of monetary policy and also is a focus here at the Federal Reserve Bank of New York in our statutory role as the Treasury’s fiscal agent. The Treasury market also helps to underpin the U.S. dollar’s status as the global reserve currency. And, of course, it is the primary means for borrowing to finance the U.S. federal government. 1 In recent years, the structure of the Treasury market has changed significantly. Trading has become increasingly electronic, and, in many cases, highly automated.

Gent Sejko: Welcome remarks -14th SEE Economic Research Workshop Welcome remarks by Mr Gent Sejko, Governor of the Bank of Albania, at the 14th SEE Economic Research Workshop, virtual, 10 December 2020. * * * Dear professors and researchers from academia, Dear fellow central bank colleagues/researchers, Dear participants, It is a great pleasure to open the proceedings of the 14th SEE research Workshop. Due to the difficulties and restrictions imposed on all of us by the COVID 19 pandemic this year’s workshop is organized virtually. I am glad to see that you are all well, and wish that you and your families stay safe and healthy during these difficult times. In a way it is sad that we cannot welcome you all in Tirana during these December days. However, at the same time I am very glad that despite the forced change in the format and in the presence of the many inconveniences caused upon all of us by the pandemic and related restrictions, we are having a full house with participants from the academia in Europe and central banks. We thank you for your interest and take this as a certification of the quality and reputation of this activity. Our research staff is eager to get to know your work and discuss with you the research that has been produced by bank of Albania during 2020.
The monetary policy strategy we are pursuing must also take account of and guard against particularly adverse developments. While economic models as a rule are based on the assumption that the inflation target is fundamentally credible, in practice we must be on guard with respect to developments that weaken the credibility of the inflation target as a nominal anchor in the economy. Normally, the interest rate will be changed gradually. In cases where there is a risk of inflation deviating substantially from target over a longer period or when high financial market volatility or a wage-cost shock indicate that the credibility of monetary policy is in jeopardy, it may be appropriate with more pronounced interest rate changes. Models and theory can never provide a perfect recipe for how to set the interest rate – they are only tools. Norges Bank’s response pattern will also be based on judgment and qualitative analyses. We have as I mentioned drawn up a set of criteria which are given emphasis when we prepare the interest rate forecast. My point this morning has been that gains can be derived from predictable and consistent behaviour over time. I have demonstrated how economic models help us to systematise and challenge judgment. Monetary policy can probably make a more effective contribution to low and stable inflation and to stabilising economic developments when the central bank is transparent about its assessments and analyses. I hope today’s presentation has made a contribution in this respect. Thank you for your attention. BIS Review 10/2007  15

The individual responsibility to have in place a sound long-term retirement income strategy, that integrates private savings, contributions to the Employees Provident Fund and supplementary private pension and annuity plans, has therefore become important. Ladies and Gentlemen, This is not the first time that Bank Negara Malaysia has issued such bonds. The second and third series of the Malaysia Savings Bonds, which were issued in November 1999 and February 2002 respectively, had the same underlying objective. Each time, the features of the bonds have been enhanced. The Merdeka Savings Bond is for retirees who are 55 years old and above, and who do not have a full-time job. Armed Forces personnel who opted for mandatory retirement below the age of 55 are also eligible to purchase the bonds. The Merdeka Savings Bond, which will be based on the Islamic principle of Bai' Al-Inah, has several new features. Firstly, the bond will be issued on a regular basis over the next two years. Following the first issuance on 4 February 2004, there will be three other issuances on 1st April, 1st July, and 1st October in 2004. This will be followed by similar quarterly issuances in 2005. It is hoped that this regular issuance would provide interested investors, who may have their savings locked in other assets with the flexibility in the future to purchase the Merdeka Savings Bond. A total issuance of RM 2.25 billion has been planned for 2004 and 2005, with the first issuance amounting to RM 500 million.
This contributes to predictability for those who take decisions about saving and investment today, although the result of those decisions depends on how the economy develops in the future. Monetary policy must strike a balance between the various objectives. Strong growth in the Norwegian economy, a tighter labour market, a pronounced rise in equity prices and high credit growth must be weighed against unexpectedly low inflation. Norges Bank’s projections in the Inflation Report are based on an interest rate path that in the Executive Board’s assessment strikes a reasonable balance between the objectives of monetary policy. Previously, we based our analysis on various technical assumptions concerning future interest rates. One such assumption was market interest rate expectations. As from late last year, we now base our projections on an interest rate path that we consider reasonable. This gives Norges Bank more active ownership of the projections that are presented and of the uncertainty we believe surrounds these projections. In the baseline scenario presented in Inflation Report 1/06, interest rates in Norway and abroad are assumed to rise somewhat faster in the longer term than current forward rates may imply. Exchange rate movements are difficult to project. The interest rate path at home and abroad may be consistent with an approximately unchanged krone exchange rate. The high growth rate in the economy implies a gradual pick-up in price and cost inflation.

The Norwegian authorities have been successful in ensuring that the bulk of the petroleum wealth benefits society as a whole. Both the state’s ownership interests through the State’s Direct Financial Interest in petroleum activities (SDFI) and the tax system have contributed. The companies that extract oil earn a reasonable return on their investments and have incentives to invest, but the economic rent has essentially accrued to the general public. The authorities have so far also been successful in smoothing the use of petroleum revenues over time. This is important for several reasons. First, it is misleading to look upon the cash flow from petroleum activities as income. The appropriate economic perspective is to see the transfer of cash flow to investments abroad as a way of transferring capital from one account to another – from petroleum to foreign securities. By doing so, we diversify risk. Second, the size of the cash flow from petroleum activities varies. If petroleum revenues were to be used as they accrue, this would lead to wide fluctuations in demand in the Norwegian economy. Third, the use of petroleum revenues has an impact on competitiveness in Norwegian business and industry. A high level and substantial variations in the use of petroleum revenues would have a negative impact on internationally exposed industries. The establishment of the Government Pension Fund and the spending guidelines for petroleum revenues are intended to meet these challenges.
for economic growth, inflation, and the average achievable nominal return – were based on empirical figures that were wholly plausible in the 1980s when the occupational pension system was calibrated. For some years, however, interest on investments across all maturities has been exceptionally low. For a closer examination, it is useful to differentiate between the long and the short term. Let us first look at the development of long-term interest rates, represented here by the yields on Swiss, German and US ten-year government bonds since 1995 (cf. chart 2). There is a clear downward trend. The decrease in Germany – and therefore in the euro area – was even more pronounced than that in Switzerland. What are the causes? I would like to highlight some factors I consider particularly important. To some extent, this development is due to the fact that since the 1990s the efforts of central banks in the advanced economies to bring down previously high inflation rates have been increasingly successful. As a result, the markets deemed the central banks’ pledge to maintain price stability to be credible. Inflation expectations consequently became anchored at a much lower level than before. The amount of interest that investors would normally demand as compensation for future inflation thus also decreased. If this reduction in interest rates were to be taken into account accordingly in the aforementioned pension fund parameters, the lower return would not in itself be fundamentally problematic for the pension funds, as their invested capital would also be subject to less inflation.

Longer life expectancy – success story and challenge Ladies and gentlemen, the low interest rate environment is a challenging situation for pension funds. And I cannot even give you an idea of when Switzerland will be able to return to positive interest rates. All I can say is that the timing will greatly depend on developments in the global economy and the performance of the international financial markets. Another challenge that is sure to preoccupy you as pension fund managers is that of rising life expectancy – on the face of it a very gratifying development and, indeed, one of humanity’s success stories. Rising life expectancy is not only influencing the propensity to save but is also having a direct impact on the pension funds. Given an unchanged retirement age, it steadily lengthens the average duration of pension payments. This in turn results in higher payments and extra strain on the pension funds. The consequences of these developments are clear. Lower inflation and reduced real rates of interest are resulting in lower nominal interest rates and are thus diminishing the pension funds’ earnings prospects. On the benefits side, increased life expectancy means that pensions are being drawn for longer, thus increasing the volume of savings capital needed to finance these benefits. As a result, the system becomes unbalanced. Price stability – the SNB’s contribution to a healthy pension system What could be done to find a workable solution? Which measures would make sense and which would not?
We must recognize and confront the fact that the logical steps towards deeper integration that I just mentioned seem to run against what seems to be the mood of many Europeans, on the eve of European Parliament elections. It is true that crises always open the door to  15  See F.W. Scharpf (http://www.mpifg.de/people/fs/publikation-art_en.html). 16  Robert Gordon (2012) “Is US growth over? Faltering innovation confronts the six headwinds” CEPR Policy Insight n. 63. Robert Gordon (2014) “The demise of US economic growth: restatement , rebuttal and reflections” NBER wp 19895, Feb 2014. 17  David Rodrik (2011) “The globalizationparadox: why global markets, States and Democracy can’t coexist” Oxford University Press. Antonio Fatás blog “The UK makes the Euro Area look good” May 8, 2014. 10  BIS central bankers’ speeches  discontent and this crisis is not over yet. Some policy-makers seem too complacent in showing a sense of relief because the situation in Europe has stabilised and turned a corner, since economic growth is resuming, even if at incipient level. This sentiment is not shared by public opinion in many countries. It should rather be recognised that adjustment costs across nations and segments of the population could have been more balanced. In this context, it is useful to retain that the legitimacy of Europe has been always much more based on outcomes of growth and prosperity than on values or input legitimacy.

Compare the worldwide costs for taxpayers stemming from the absence of public intervention to rescue Lehman Brothers, with the zero cost for taxpayers following the US TARP 700 billion dollars injection into US banks in 2008 which have by now been totally repaid by the banks. In other words, financial instability can have a meaningful cost to taxpayers even if it is not visible in the very short term – a notion that all policy makers should keep in mind. The new European legislation does allow, as a last resort, for interventions that can safeguard financial stability in a Member State or in the area as a whole. I trust that this legislation will be applied by the competent authorities with rigour, wisdom and a sense of proportion in the aftermath of our Comprehensive Assessment. BIS central bankers’ speeches  5  SRM as a necessary complement to the SSM My remarks about the SRM – as a mechanism less relevant than the BRRD rules for the severing of the bank-sovereign nexus – do not aim to belittle the crucial importance of the SRM for Banking Union. To begin with, the implementation of the BRRD bail-in rules will be done by the SRM at the European level. The credibility of the SSM as supervisor is also dependent on the existence of a credible mechanism to proceed swiftly, orderly and efficiently in the resolution of banks that have attained the point of non-viability.
Zeti Akhtar Aziz: Reflections on small and medium sized enterprises Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the 7th Conference of Asia-Pacific Economic Cooperation (APEC) Financial Institutions Dealing with SMEs, Lanai Kijang, 16 July 2010. *  *  *  Introduction This conference takes place at a time of great consequence for the financial industry as the world emerges from the recent global financial and economic crisis. Attention continues to be focused on supporting this recovery process and to provide more permanent solutions that would ensure sustainable global growth. In relation to this, the development of small and medium sized enterprises (SMEs) is an important and urgent agenda. For emerging economies, in particular in the APEC region, this is not only important as a driver of the economic growth process but also that it would achieve a more balanced growth. It is my pleasure to be here this morning to speak at this 7th Conference of APEC Financial Institutions Dealing with SMEs, that is organised by the Association of Banks in Malaysia. History has shown that in the 20th century, it was large corporations that drove economic progress; particularly in the industrial economies. In this century, there is a discernible shift towards the increased importance of SMEs as drivers of growth. The growing importance of domestic demand and the emergence of new sources of growth and new business models have encouraged the emergence of small and medium size businesses.

Today, while SMEs are growing in significance in most emerging economies, SMEs remain under-represented in international trade, accounting for only one quarter to one third of manufactured exports and a very small share of foreign direct investment. By comparison, SMEs in the developed economies contribute about 50% of total value added. For SMEs that become increasingly knowledge based and technologically advanced, the opportunities exist to participate in international strategic alliances, to connect into global and regional supply chains, and to be part of a production network. These arrangements will require a transformation of existing business models, management and technological capability, and the innovative capacity of the SMEs. It will need to involve increased access to financial resources, collective research efforts, accelerated product development and wider distribution channels. The ability of SMEs to realise this potential depends critically on providing the necessary infrastructure and enabling environment for SMEs to enhance their capacity and capability to effectively participate and expand in the domestic economy and to venture into the international markets. The financial sector and Government support are an essential part of this enabling environment for SME development. Repositioning of the financial industry to meet the new demands of SMEs Banks are the dominant providers of financial services to SMEs. In the recent period, considerable advances have been made among APEC economies towards strengthening the scope and access to financial services to the SMEs.
I believe we are only just starting to see the beginning of this. The future could be one where physical bank branches are just a memory – like public telephones on the street. Artificial intelligence (AI) will lead to all sorts of possibilities in terms of client-behaviour and data analytics, and probably in areas we do not even anticipate. 44. The potential is in some ways very exciting, but it also raises all sorts of concerns. Cybersecurity and data privacy are ones we all already face. But what about the possible implications for risk management? We do not know where new technology might lead us – so by definition we cannot predict what the risks will be. And what about the human factor in the relations between banks and customers? An AI system may be very smart, efficient and accurate – but will it have an understanding of morality? Can it make the right ethical judgement? Can it have a sense of fairness or decency? 45. I must be honest and say I cannot answer these questions. But it is clear that new capabilities for technology will require new capabilities from people. The industry could be entering a very different dynamic, where what is now a decade of change takes place in a year. Culture 46. This is going to put new burdens on all of us. I believe that, more than ever, we will need a basic sense of purpose to help us keep everything in perspective.

That brings me to my last subject – that of culture. 47. Such qualities as integrity and respect are essential to maintain the community’s trust in the financial system. And, to be honest, this is one area where the HKMA cannot impose its will 4/5  BIS central bankers' speeches  on banks. We can push banks to do many things – but cannot enforce morality. 48. I am always reminded of the words of Baroness Onora O’Neill – the British academic and philosopher. She said, I quote, that “overuse of regulation leads to the formula ‘legal equals right’”. In other words, if the industry focuses only on complying with HKMA rules and statutory laws, it will assume all other possible behaviour is legitimate and acceptable. In short, banks will look for loopholes. 49. Of course, that is not the case. It is banks’ responsibility to instil a culture of prudent risktaking, an ethical approach to business, and a focus on treating clients fairly. 50. This is partly a matter of example within the organization – by top level attention at board level, good corporate governance, and by not encouraging short-term risk-taking. 51. This is not simply about complying with HKMA directives, or obeying the law. It is about bankers being aware of their personal responsibilities as custodians of the public’s trust, and as citizens. We cannot do this for you.