samchain/econo-pairs-v1 huggingface dataset:
The SNB is taking an active part in these reform efforts. It is represented on the relevant committees and plays a supportive role by participating in discussions with market participants, as well as with Swiss and foreign authorities. Reforms have been implemented at international level, particularly as far as the Libor is concerned. They focus on standardising the interest rate calculation by the panel banks and making it more transaction-based. However, volume in the market segment underlying the Libor remains low. At national level, the main emphasis is on the replacement of the TOIS fixing. 1 The TOIS fixing is a panel-based reference interest rate for the unsecured call money market and is used  1 TOIS stands for Tomorrow/Next Overnight Indexed Swap. Page 3/7  Berne, 15 December 2016 Andréa M. Maechler  News conference  for interest rate derivatives. Despite extensive reform efforts, no stable long-term solution has been found. Underlying trading volume continues to be very low and other banks are unwilling to report interest rate conditions. For this reason, the TOIS fixing will be abandoned as of end-2017. SARON, the reference interest rate for secured call money, will be used in its place. SARON was launched by the SNB in cooperation with SIX in 2009. We are confident that it will establish itself as a key Swiss franc reference rate. Further work will be coordinated by a working group comprising financial sector representatives. Key information on this topic is publicly available on the SNB’s website.

2  2 http://www.snb.ch/en/ifor/finmkt/fnmkt_benchm/id/finmkt_reformrates  Page 4/7  Berne, 15 December 2016 Andréa M. Maechler  News conference  Slides  Page 5/7  Berne, 15 December 2016 Andréa M. Maechler  News conference  Page 6/7  Berne, 15 December 2016 Andréa M. Maechler  News conference  Page 7/7
Tharman Shanmugaratnam: Key issues in Asian financial markets Keynote address by Mr Tharman Shanmugaratnam, Chairman of the Monetary Authority of Singapore, at the ACI (The Financial Markets Association) 52nd World Congress, Singapore, 15 March 2013. *  *  *  Mr. Manfred Wiebogen, ACI Global President Distinguished guests, ladies and gentlemen 1. I am delighted to be here today with all of you. 2. The last time Singapore hosted the ACI Congress was back in 2001. In fact, it was just before 9/11. The world was in a very different place. Asia too was so different from today. The wounds of the Asian crisis of the late 90s were still fresh. Investor confidence in the various countries in the region was uneven. And Asian capital markets were by and large in their infancy. The new financial landscape 3. We are now in a new phase in global finance. Global finance is deleveraging, after the great credit bubble that began more than a decade ago and came to an end in 2007. But deleveraging still has some way to go, and some years to go, before the overall level of leverage relative to economic activity gets back to a sustainable level. 4. The pace of deleveraging has been moderated so far by central banks, who have taken onto their balance sheets unprecedented levels of both public and private sector debt. Their actions have reduced the risks of catastrophe.

This is not just a ‘wholesale’ question of improving the efficiency, security and functionality of the huge cross border flows of transactions driven by financial globalisation: a global capital market and an integrated global financial sector. It is also increasingly a ‘retail question’ both about improving global financial inclusion and also about facilitating the increasing use of cross border retail transactions that technology has made possible. I will look briefly at each of these questions. Availability and acceptability of cash  The provision of secure physical cash is a core part of our mission. The Bank has made clear its commitment to continuing to produce cash for as long as people want to use it. Last week, we launched our new polymer £ depicting JMW Turner and containing the latest cutting-edge security features to ensure its safety and reliability. But as we have seen from other countries, and are beginning to see in the UK, the availability and acceptability of cash requires more than its physical production. Availability requires distribution by the 6  All speeches are available online at www.bankofengland.co.uk/news/speeches  6  private sector – banks and ATM providers. The declining use of cash means loss of economies of scale. That changes the economics of such distribution. Acceptability requires not just that banks distribute and ‘bank’ cash. It also requires that merchants accept it. That depends on the all-in cost and convenience of using cash versus electronic payments.
Irrespective of credit developments, I believe we all agree that wealth and economic development always go hand in hand with entrepreneurial initiative. A country cannot progress without entrepreneurs and companies deploying their resources, efforts and work, while risking their reputation and assets, to service society, on many occasions creating  1  As is known, some economies, such as the United States, depend less on bank financing as their markets are much more developed. In the EU, attempts are being made to develop the so-called Capital Markets Union (CMU), but we are still far from having a truly alternative financing channel to banks, excepting large corporations. 5/13  something new, different and innovative. Of course, this is an area where Catalonia has always been a point of reference within Spain. Though we may tend to forget, Spain continues to have European and even global leaders among its companies, which are a benchmark in their sector. Undoubtedly, to develop and grow, business activity needs financing. Hence the significance of banks for economic development. In this respect, when institutions manage their risks appropriately, they are promoting an effective allocation of available economic resources. Banks’ risk analysis and evaluation, prior to granting financing, means they act as an essential filter for the functioning of the economy. They enable the correct allocation of available financial resources by distinguishing between those projects with a high probability of success and those lacking in medium-term viability. True, excessively tight lending standards may act as a brake on innovation and growth.

No: the transformation of the Banque de France is a modest but real illustration of such a reform; for years we have been lowering costs and providing greater services, while maintaining our territorial  Page 8 of 9 presence. I am not saying that efficient public management is easy, but I guarantee that it is possible. Better budgetary control will then be compatible with better financing of the most productive expenditures, which must be prioritised - these difficult choices are obviously a matter for democratic debate. The comparison with our neighbours only seems to indicate that in France, for example, spending on pensions, or "economic affairs" (subsidies and tax credits) is much higher.iv Some futureoriented expenditures (most investments - even if some of them are less useful - but also spending on education and research) have a crucial effect on growth, both in the short term and in the long term. France cannot and must not settle for a potential growth rate of 1.2/1.3%v if it aims to return to full employment and lower its debt in the coming decade. Focusing the debate on the quality of public spending  *** I would like to conclude with two authors who are not very “budgetary”. First, La Fontaine, The Swallow and the Little Birds: "To instincts not our own we give no credit, and till misfortune comes, we never dread it". Let us finally aim to anticipate our budgetary difficulties, in order to reduce them.
A growing part of this FDI is expected to be RMB-denominated, and this too will contribute to greater offshore use of the RMB. 27. The overseas expansion of Chinese corporates will be reinforced by the growing presence of mainland Chinese banks as they grow their regional and international presence. In Singapore, we extended Qualifying Full Bank (QFB) privileges to Bank of China and ICBC as part of the China-Singapore FTA. Both banks are growing their Singapore operations as Southeast Asian hubs. We are also seeing interest from other Chinese financial institutions. 28. The re-denomination of China’s trading flows in RMB will allow Asian corporate and financial institutions to more effectively manage their exposures to China. While USD would remain an integral global settlement currency, RMB is likely to be increasingly used for trade denomination and contract pricing. 29. As we see greater acceptance and use of the RMB as a trade settlement currency, there will also be important implications for the interactions between China and Asia’s financial markets, and indeed for global financial markets. 30. For one, it will be critical to facilitate the development of a single fungible offshore RMB market, as the market grows in multiple jurisdictions. (Currently, the industry has designated different currency codes, such as the CNH and CNT, to reflect these existing market frictions.) Regulators and market participants will have to work together to avoid fragmenting liquidity across markets, and to promote efficiency in the offshore RMB market. 31.

However, we are also seeing a proliferation of Central Counterparties (CCPs) and trade repositories being set up in Asia. While this will provide choice to Asian market participants, it may also increase risk and lead to higher costs. 17. Regulators will need a comprehensive view of risks in the cross-border, interconnected market. Having multiple CCPs and trade repositories in the region may risk fragmentation, and may hamper monitoring of systemic risks as regulators may see only their own segments of the market. Market participants will also face additional costs if CCPs and trade repositories lack economies of scale. 18. Asian regulators will therefore need to work closely together to enable infrastructural entities to offer their services across different jurisdictions. For example, the infrastructure of a DTCC global trade repository and AsiaClear CCP in Singapore offers the prospect of effective surveillance by regional regulators and economies of scale. We will continue to ensure that our market infrastructure operates in a transparent and accessible way so that the needs of regional regulators and the industry can be met under clear and robust guidelines. 19. At the global level too, there are real benefits for regulators to ensure interoperability in market infrastructure to allow for more effective risk monitoring. However, interoperability will require time and effort, as risk management practices such as margin eligibility standards have to be harmonised across CCPs in different jurisdictions. 20.
We may also be faced with unexpected and unusual situations, as was the case with Covid-19. Avoiding this kind of shocks completely is an impossible endeavor. What we can do is improve our capacity to cope with them. The Central Bank of Chile took a step forward in that direction by activating the Countercyclical Capital Buffer last month. As we reported then, this is a precautionary measure. Notwithstanding the fact that the macroeconomic scenario has evolved in line with expectations, as we confirmed in this Report, we have mentioned external risk scenarios of a macro-financial nature that, though unlikely, may have a high impact. Thus, we have considered it necessary to have a capital buffer, the release of which by the authority will help mitigate their amplifying effects on the evolution of credit to households and businesses. We have also made progress by initiating a program to replenish and expand our international reserves a few days ago. The purpose of this program is to strengthen the country’s international liquidity position. With this, the Bank will contribute to the necessary process of recovering the slack that every segment of our economy must carry out. Thus, as of Tuesday, 13 June, we began a $ billion forex purchase process, which will last for a period of twelve months. This will be executed through regular dollar purchases of $ million per day through competitive auctions, and its monetary effects will be sterilized so as not to affect the monetary policy stance.

MONETARY POLICY REPORT PRESENTATION BEFORE THE FINANCE COMMISSION OF THE  HONORABLE SENATE OF THE REPUBLIC*  Rosanna Costa Governor Central Bank of Chile 20 June 2023  * The June 2023 Monetary Policy Report can be found at htp://www.bcentral.cl. Introduction Mister President of the Senate’s Finance Commission, Senator Ricardo Lagos-Weber; senators members of this Commission, ladies, gentlemen, I am grateful for the Commission's invitation to the Bank to present our views on recent macroeconomic developments, as well as their outlook and implications for monetary policy. This view is presented in detail in our June 2023 Monetary Policy Report, which we published this morning. This background also forms the rationale behind the decision adopted by the Board at yesterday's Monetary Policy Meeting. Let me begin by emphasizing that the Chilean economy has been making progress in resolving the macroeconomic imbalances accumulated in recent years. In the past few months, activity has continued along its adjustment process, which is ratified by different indicators that show that slack has resumed a trajectory towards levels consistent with achieving the inflation target. The advancement of this process and the gradual normalization of several factors that put pressure on costs have allowed inflation to decline. Thus, after peaking at 14.1% in August of last year, in May this year the annual variation was 8.7%. Core inflation has also declined, although, in line with expectations and compared with headline inflation, its drop has been slower and smaller.
Problems at the British Steel plant in the town have put at risk the jobs of 5,000 workers and a further 20,000 in its supply chain.1 Hopefully, a new buyer can be found and jobs in the town and beyond can be assured. This is the latest chapter in what has been a long and sometimes painful story for the UK steel industry recently. It has been a recurrent theme of my visits around the UK, including in Redcar and Port Talbot. The loss of signature industries can leave lasting social and economic scars – jobs lost, families disrupted, communities decimated. It is a pattern we see repeated across many industries in many advanced economies. It has been a key cause of the disaffection and disconnection felt by many and a potent polarising force in our politics, policies and societies. This polarisation is also a potent force shaping the fortunes of our economies, as I will go on to discuss. The travails of the steel industry lead me neatly to the issue I want to discuss today – jobs and pay. In the UK recently, this has been a good news/bad news story. The good news has been the new jobs created – the best jobs recovery in the UK since at least the Second World War. The bad news has been the subdued performance of pay over much of that period – the weakest pay performance the UK has experienced since at least the Boer War.

We now have a much better sense of why: closely inter-connected global markets, once disrupted by deep uncertainty, can cause contagious collapses in confidence, output and asset prices as participants take precautionary action through fight or flight.26 This is the economics of infectious diseases. The stronger the connections, and the greater the uncertainty about them, the larger the potential scale of the epidemic. A version of this contagion problem may be operating now. The network is the world trading system and global supply chains rather than global interbank and security markets. And the uncertainty surrounds import tariffs rather than sub-prime defaults. But the same precautionary responses, whether fight or flight, appears to be in play, causing out-sized responses in asset prices and activity. 25 26  Carney (2019). Haldane and May (2011), Allen and Gale (2000) and Watts (2002). 25  All speeches are available online at www.bankofengland.co.uk/speeches  25  Chart 28 plots the global trade network on two dates – 1980 and 2018. The wiring of the global trading system has become conspicuously more dense over that period, with the ratio of trade to GDP increasing by 50%. This increased connectivity in the world trading system has generated huge benefits. But that same connectivity has also increased the system’s potential to transmit recent fear and loathing, as uncertainties have clouded its future. Chart 28: Global trade network in 1980 and 2018 1980  2018  Sources: IMF Direction of Trade Statistics and Bank of England calculations.
Gent Sejko: Achievements in 2022 and setting the milestones for 2023 Address by Mr Gent Sejko, Governor of the Bank of Albania, at the Year-end event organised by the Albanian Association of Banks, Tirana, 15 December 2022. *** Honourable AAB Chairman, Dear ladies and gentlemen, As every year, it is a pleasure for me to joint this special meeting with banking industry, sharing our achievements and efforts made throughout the past year, the most meaningful experiences, and setting the milestones for 2023. Let me first focus on the overall performance of the Albanian economy. The sharp upsurge of prices and inflation in international markets in the wake of Russia's war against Ukraine shaped the performance of the Albanian economy over the course of 2022. This supply-side shock caused another steep challenge for the Albanian economy, driving to the need for a review of public economic policies and business-plans in both private sector and banking industry. In this context, I would like to highlight that the Albanian economy was in sound positions when this shock hit, following the rapid rebound from the pandemic-related shocks in 2021. Also, the monetary and financial stability was consolidated. The sound financial balance sheets of Albania, the strengthened confidence in banking system, and the reduced risk premia reflect this stability. Also, the latter is anchored in the positive experience that we both, public institutions and you, as financial sector, have gained in tackling such shocks.

Understanding developments in money markets is a crucial part of the Bank’s assessment of monetary and financial conditions. It is therefore of considerable importance to the Bank that robust, transparent measures of overnight interest rates are available. It is also in the interests of sterling markets more broadly that robust benchmarks are available. The two main existing sterling overnight benchmark interest rates, SONIA and RONIA, are based on the rates paid respectively on unsecured and secured deposits placed via brokers. The volume of transactions underpinning these benchmarks has fallen significantly in recent years, reflecting reduced money market activity as well as a decline in brokers’ share of that activity. The decline in transactions volumes raises questions about the long-term robustness of these benchmarks. That is of particular concern in respect of SONIA, which forms the basis of the sterling overnight indexed swap market, and is referenced in contracts with a gross notional outstanding value in excess of £  1  2  See http://www.bankofengland.co.uk/markets/Pages/sterlingoperations/rfr/rfr.aspx. BIS central bankers’ speeches  In our view there is a clear need for a more secure and broad-based source of transactions data to support robust overnight benchmark interest rates in sterling markets. Accordingly, we have reached the conclusion that the Bank of England should collect each day, from banks and building societies active in sterling money markets, data on their sterling overnight deposit transactions.
This is an extraordinarily bold and radical step, not attempted on anything like this scale in any other developed financial centre, and the experiment is being watched with great interest by other central banks and regulators from around the world. But there are very strong reasons for moving away from the traditional model of a separate regulator for each different type of activity - banking, securities, insurance and so on. Financial innovation and globalisation, driven by an interactive process of new information technology, competition and deregulation, are, unquestionably, progressively blurring the traditional boundaries between different forms of financial intermediation. So regulation based on particular categories of institution has increasingly become overlaid by functional regulation. That has made the whole regulatory structure increasingly complex, both for the regulated firms and for the consuming public at large. It has made it increasingly complex, too, for the regulators! There are no fewer than nine separate regulators joining the FSA. The new organisation may look big and complex, but I have to tell you that the task of co-ordinating the interests and responsibilities of all those separate regulators, across the business of an increasing number of multi-functional groups, was threatening to become bigger still. Firms with complex financial services activities here in the UK welcome the idea of a one-stop regulatory shop where at present they have to deal with a bewildering array of different regulators for different purposes.

This reflects the fact that the Bank of England is among the lowest cost central banks in the world - with a fraction of the staff of the Bundesbank, the Banque de France or the Federal Reserve System even when adjustment is made for differences in function. The charge will certainly now be significantly lower to reflect inter-alia the transfer of banking supervision to the FSA. But I recognise that whatever our costs we need to be accountable for the resources that we use and the burden we place on the banking system. We will now be more accountable to Court, to the Government that will set the charge, to the banks themselves and the wider public through our Annual Report. The Bank’s functions Below the Court the new Bank will be organised administratively into three main subdivisions, reflecting our responsibilities for monetary stability and financial stability, each under a Deputy Governor, with the third subdivision responsible for all forms of financial market operations, under a senior Executive Director. The central services of the Bank, including personnel and finance, will report to the Deputy Governor, Financial Stability, who will remain responsible for the day-to-day management of the Bank. The main changes in the Bill affect our monetary stability and financial stability functions, which I will discuss in turn. Monetary Stability Let me start with monetary stability - although the new arrangements may be familiar to you not least because they are in place already!