samchain/econo-pairs-v1 huggingface dataset:
Justice Douglas’ opinion struck that law down as inconsistent with a Constitutional right of privacy, notwithstanding that the U.S. Constitution nowhere mentions any such right, let alone even using the word “privacy”. Justice Douglas noted that individual privacy concerns were protected by a series of express Constitutional provisions, like the Third Amendment’s prohibition on quartering soldiers during peacetime, the Fourth Amendment’s right to be free from unreasonable search or seizure, and the Fifth Amendment’s right against self-incrimination. He also reasoned that “the First Amendment  3  12 U.S.C. § 225a. 4  Federal Open Market Committee statement, December 16, 2009. 5  381 U.S. 479 (1965). 2  BIS central bankers’ speeches  has a penumbra where privacy is protected from governmental intrusion,”6 in particular the right of association. Similarly, the Federal Reserve Act has a penumbra where the Federal Reserve derives its mandate to ensure financial stability, such that it may achieve the Section 2A dual mandate of price stability and maximum employment. The key point here is that the Federal Reserve’s financial stability mandate is derived from what lies in the penumbra, not from any express reference to financial stability in the Federal Reserve Act itself. Of course, in the wake of the financial crisis, the scope of Federal Reserve power was directly affected by remedial legislation.

The global financial crisis has tested both the ECB and the organization that I am privileged to serve, the Federal Reserve. The Federal Reserve’s financial stability role, my topic for today, was at the center of the response to the crisis in the United States. Because this was the worst financial crisis in the United States since our Great Depression, conditions within our national economy produced instability, which naturally provoked a reaction from the Federal Reserve. From my personal perspective, one of the most inspiring moments was when Chairman Bernanke spoke in February of 2009 at the National Press Club. There, he said “the Federal Reserve has done, and will continue to do, everything possible within the limits of its authority to assist in restoring our nation to financial stability and economic prosperity . . . .”1 No statement encapsulated the financial stability objective as succinctly and as clearly. In speaking here at the ECB, I would be remiss if I did not mention a substantially similar statement by ECB President Mario Draghi in July of 2012. President Draghi said that “[w]ithin our mandate, the ECB is ready to do whatever it takes to preserve the euro”.2 Whenever I have referenced President Draghi’s “whatever it takes” statement, Antonio is quick to note that President Draghi, unlike Chairman Bernanke, appended a forecast to his version of “whatever it takes”. He assured everyone that “it will be enough”.
Even more important is how firms determine their capital resources. Reviewing the adequacy of reserving is a core element of our supervisory approach, particularly for general insurers. In the case of life insurers with significant annuity books, a key determinant of reserves is their use of the Matching Adjustment. Solvency II sets clear criteria for assets that can qualify for the Matching Adjustment. They must match the maturity of the underlying liabilities – so, for example, long-dated annuity liabilities require similarly long maturity assets – and they must have fixed cashflows. 8  These requirements are set by the Directive; they are not a feature of the PRA’s implementation. Indeed we have sought to interpret them in a purposive and proportionate way so that firms can back annuities with a wide range of assets, including illiquid assets, and still benefit from the Matching Adjustment. For example, we have allowed firms to restructure portfolios of illiquid assets, such as commercial real estate mortgages, infrastructure finance or equity release mortgages, using internal securitisations in order to create senior tranches that meet the Solvency II requirements. We have also allowed pairing and grouping of assets to meet the eligibility criteria - for example, combining a floating rate note with an interest swap, or a foreign currency-denominated bond with a cross currency swap. Restructuring of this kind has added complexity, operational risk and some costs for firms.

Niklaus Blattner: Financial market infrastructures facing technological, economic and regulatory challenges Summary of a speech by Mr Niklaus Blattner, Deputy Chairman of the Governing Board of the Swiss National Bank, at the XI AWK Group Financial Services Lunch, Zurich, 20 September 2006. The complete speech can be found in German on the Swiss National Bank’s website (www.snb.ch). *  *  *  Smoothly and efficiently functioning financial market infrastructures form the backbone of the International Financial Centre of Switzerland. The future of these infrastructures will largely hinge on trends in Europe, which point to stronger consolidation. However, healthy competition is the prerequisite for investment and innovation incentives in a consolidated stock market and settlement environment. This would also contribute to reducing the existing inefficiencies, in particular with regard to the processing of cross-border transactions. Yet a competitive environment will develop only if market participants can choose freely among the different providers and if the infrastructures are interoperable, i.e. if the providers grant each other and their participants mutual non-discriminatory access. At present, competitive obstacles exist at the technological, economic and regulatory levels. For instance, costs for changing providers are high. Moreover, financial market infrastructures are often operated in “silo” mode – either explicitly or implicitly – with clearing and settlement being handled by only one provider. But silos impede competition. A suitable regulatory framework must therefore be created to strengthen competition.
Consumer price inflation – on the Government’s target measure - has averaged some 2.8% over this period – or 2.2% measured in terms of the European Harmonised Index of Consumer Prices. Employment has risen to an all-time high; and the rate of unemployment – despite a very small rise over the past couple of months – is still close to a 20 year low. And all of that, too, is very encouraging. But, beginning in the autumn of 1996, our effective exchange rate suddenly appreciated, by almost 25% a year or so later. To complete the parallel with the US data, our trade balance with the rest of the world deteriorated – by 1¾% of GDP between 1997 and 1998 – business confidence fell back in the Autumn to levels last seen in 1990, and employment in manufacturing has fallen by 3.3% since the beginning of 1998. Sterling’s appreciation – largely against the core European currencies – was difficult to explain in terms of relative monetary conditions and appeared to have more to do with market uncertainty about the prospects for the euro. But, whatever the cause, it seriously complicated our task of monetary management by creating a suddenly much harsher business environment for many of the internationally exposed sectors of the economy – including parts of industry, but also much of agriculture and some of the services sectors.

Mr George offers an overview of the UK economy Speech by the Governor of the Bank of England, Mr E A J George, at a dinner hosted by Birmingham City 2000 in Birmingham, England, on 18 May 1999. Thank you, Mr Chairman. I am delighted to have been invited to speak at this Birmingham City 2000 Dinner on the evening before the first ever meeting of the Court of Directors of the Bank of England at one of our Regional Agencies. We have decided to hold Court meetings periodically outside London for two reasons. First, we want to emphasise that we are the central bank for the whole of the United Kingdom and that we are very sensitive to that responsibility. Secondly, we want to draw attention to the existence of our twelve existing regional agencies (and, as we announced on Monday, we will shortly be opening a further agency in Northern Ireland) and to the important role which they play in informing the monetary policy process in particular of real-world conditions on the ground in industry and commerce in every part of the United Kingdom. Our Agent here in the West Midlands, John Beverly, is well known to many of you. He will be moving on, to the South West, in the autumn to be replaced by another John! John Bartlett who is at present a Deputy Chief Cashier.
The previous trend growth update (2019), only considered changes in the labor factor associated with immigration to the country, without modifying the TFP growth assumption made in the previous estimate (2017). Page 6 of 27  As for the long-term prices of copper and oil, they are revised in opposite directions. Copper is raised from USD 2.7 to 3.3 per pound, while oil is reduced from USD 70 to 60 per barrel. It should be noted that these prices are the ones where the prices of copper and oil are expected to be in 10 years’ time. In the case of copper, this is different from the assumption used in the calculation of the structural rule, which corresponds to the average of the next ten years, and not its end point. The upward revision to the copper price stems from the expectation of exponential growth in copper demand associated with the “green wave”. This presents itself in a context where, although conventional demand is declining, the foreseen increase in production will be insufficient to offset the aforesaid demand increase due to said “green wave” towards 2030. For this to occur, new investment projects would need to enter the sector, and there are no such projects in sight. Moreover, in the past year different international organizations and specialized institutions have raised the copper price expectation five and ten years ahead and is now around USD 3.3.

Sunil Mendis: A brief look at financial information technology Keynote address by Mr Sunil Mendis, Governor of the Central Bank of Sri Lanka, for the Financial Information Systems Seminar, Colombo, 8 September 2004. *  *  *  His Excellency Akio Suda, the Ambassador for Japan in Sri Lanka, Mr Yoshihisa Onishi, Executive Director, FISC, other officers from the FISC in Japan, Ladies and Gentlemen, The Central Bank of Sri Lanka is happy to co-sponsor this programme together with the FISC of Japan (Center for Financial Industry Information Systems), in view of the importance of financial information technology in the financial services industry. Sri Lanka is no exception to continuous changes in the technology used by its financial services industry. In a market driven financial system, for information to be effective, there should be two vital ingredients, that is system integrity and timeliness - both of which are crucial. The more dependable your information systems are, the more efficient and competitive banks can be as a player in the financial services industry. That is why we see banks investing heavily in IT. Globally too, with the interdependence of markets their integration is facilitated through information systems which link these markets which make the world a very small place indeed on a PC monitor where the whole world is virtually at your doorstep.
The Riksbank’s annual dividends to the government have been SEK 5 billion on average over the past five years. This is a considerable sum, albeit small in relation to total tax revenues. Second, the Riksbank, like other central banks, needs to have a balance sheet that does not undermine its financial independence. 6 Central banks differ from other banks and companies, of course, in that they can always create new money to fund their expenditure and because they are not subject to normal bankruptcy legislation. 4 Alsterlind et al. (2015) describe how bond purchases can affect interest rates via several different mechanisms. 5 See De Rezende, Kjellberg and Tysklind (2015) and De Rezende (2016). 6 A detailed review of the research and discussion of the view of central banks’ finances can be found in Archer  and Moser-Boehm (2013). Stella and Lönnberg (2008), Del Negro and Sims (2015) and Sims (2016) discuss the importance of the balance sheet for the ability of central banks to pursue an effective monetary policy. See Ernhagen, Vesterlund and Viotti (2002) for Swedish perspectives. 3 [12]  But a central bank that is forced to create money in order to fund its expenditure cannot simultaneously pursue a monetary policy that safeguards price stability. Neither is it desirable for central banks to rely on funding from the government as there is then a risk of the funding being linked to conditions being put on the bank’s management or actions.

François Villeroy de Galhau: New Year wishes 2023 New Year wishes to the Paris financial centre by Mr François Villeroy de Galhau, Governor of the Bank of France and Chairman of the Autorité de contrôle prudentiel et de resolution (ACPR), Paris, 5 January 2023. *** Allow me to extend my warmest wishes for 2023 on behalf of the Banque de France and the ACPR. I don't know if I dare wish you, or wish us, a year free of shocks after those of 2020, 2021 and 2022. This past year has been marked by a climate of uncertainty, exacerbated by Russia's war in Ukraine and the energy crisis. It has also seen increased financial market volatility, compounded by the turmoil in the cryptoasset universe. In this unstable environment, I would like to make two double wishes for 2023: 1) Less inflation and more stabilisation. Activity has, until now, proved more resilient than expected, which is good news; however, inflation must not become entrenched. It is the number one concern for French people, and defeating it is our number one mission. It fell in December to 6.7%, which is encouraging but still not enough. It should peak in the first half, before declining towards 4% by the end of this year. But our forecast, and our commitment, is that inflation should be brought down towards 2% by end-2024 to end-2025.
Today, oil companies are hiring again, and will likely continue to do so in the coming years. But we must be prepared for a time when the industry is no longer expanding, but gradually declining, and we will need growth in other industries. The business sector must drive structural change and innovation, but the authorities can provide favourable operating conditions to promote an innovative and sustainable business sector. Norway ranks high on the ease of doing business index4, supported by solid institutions, a high degree of confidence and a solid welfare system. History has shown that Norwegian business and industry have a strong capacity to adapt. Many of today’s oil service operators had a long history in other industries before moving into the oil 4/6  BIS central bankers' speeches  sector. A prime example is the shipbuilding industry, which faced a sharp drop in demand for ships in the 1970s. The industry had resources and skills that could be reoriented to production of platforms and other inputs in the oil industry. Companies in other industries have also seen the opportunities afforded by new technology or changes in operating conditions Chart: Employment shifts towards services Norway’s industry is undergoing structural changes. In the past decades, the manufacturing industry has continued to decline, reflecting increased automation and relocation abroad. Increased prosperity has generated more demand for both private and public services. Employment has shifted towards the service sector.

Climate risks include the impact of climate change, uncertainty surrounding future climate policy and potential disruptive technologies. 3/6  BIS central bankers' speeches  Expected return and risk are influenced by firms’ response to potential structural changes. That is why many investors require companies to report on climate issues, as has the GPFG. Managing climate risk is part of the systematic work in the area of responsible investment. Financial investors must manage climate risk on a par with other risks. Virtually all economic activities lead to emissions, either directly or from complex production chains. Climate risks are therefore difficult to isolate and quantify, both at firm and sector level. Identifying the winners in the green transition is also a demanding exercise. The financial sector has to adapt to climate risk, but does not have effective tools to contribute to solving the climate problem. Also, it is doubtful whether defining emissions from sectors or individual businesses as unethical will make a difference. The responsibility for measures to combat global warming must rest with the authorities. The solution lies in economic instruments that promote structural change. Structural change generates growth A shift in consumption patterns and production methods towards lower emissions will reduce demand for fossil fuels. This can influence oil and gas activities in Norway. We have always known that oil and gas activities will be phased out sooner or later. Oil and gas are nonrenewable resources. A stricter global climate policy may mean that this will occur sooner than foreseen earlier.
2  BIS central bankers’ speeches  to the non-financial sector.3 Therefore, the potential for a very large amplification of shocks to the real economy is particularly strong in the euro area. In such situations, the transmission mechanism of standard monetary policy impulses may become impaired and the central bank has to resort to non-standard measures. Let me elaborate on that. In normal times, central banks provide liquidity to the banking sector through open market operations. Typically, banks obtain central bank liquidity against the provision of central bank eligible collateral in a repo transaction. By setting the interest rate of its open market operations, the central bank can directly steer the risk-free rate in the short end of the money market. This then feeds through to other, longer-term interest rates and ultimately to credit conditions applied to the real economy. During financial and especially banking crises, banks’ demand for central bank liquidity may sharply increase to compensate for the decline in other forms of banks’ liabilities, often resulting from withdrawals of bank deposits. By accommodating such an increase in the demand for liquidity, the central bank is the only agent able to prevent a process of disorderly money-supply contraction. The stabilising role of the additional liquidity is especially strong if it is supplied for longer maturities. In this way, access to central bank liquidity allows banks to obtain funding at the policy rate – as long as they have the required collateral and a sound business model.

The protection of existing or the creation of additional market failures, although inefficient on the whole, can be a profitable activity for an individual or for a single group of participants in a financial system. Therefore market imperfections once identified and addressed with appropriate measures are likely to permanently change their form and place and to challenge even the best of existing institutional arrangements time and again. A third imperfection that may affect a financial system is an unsatisfactory level of competition. When saying this I do not refer to perfect competition as described in textbooks but rather have in mind market contestability. Contestability excludes undue pricing power by market participants, the existence of collusion among market participants and barriers to entry. You will certainly agree with me when I say that there is no guaranty or a kind of “natural law” that leads markets to organise themselves according to the requirements of contestability. The free play of market forces is the exception rather than the rule. Economic agents individually benefit from rule bending. In addition, and this is of particular relevance in clearing and settlement, the presence of high fixed costs constitute relevant barriers to entry. From experience we know that these barriers reduce competition or eliminate it all together. In extreme cases we speak of a “natural monopoly” which call for regulation by public authorities. Market imperfections such as asymmetric information, negative externalities or limited competition have shaped the evolution of financial systems everywhere.
Our experiences with supervision, monetary policy, and financial market monitoring suggest that market data gathering and market oversight responsibilities must continuously inform one another. In addition, efforts to identify stresses in the system are not a matter of running a single model or focusing on a single risk. Rather, it is the assembly of many types of analysis in a systematic fashion. The Supervisory Capital Assessment Program (SCAP) for large financial institutions – popularly known as the “stress test” when it was conducted early last year – illustrates the importance of combining analysis by credit experts, forecasts and scenario design by macroeconomists, and hands-on judgments by supervisors in assessing the financial condition and potential vulnerabilities of large financial institutions. While considerable steps have been made in the wake of the financial crisis, the Federal Reserve intends to do a good deal more. The Federal Reserve also will continue to strengthen and expand its supervisory capabilities with a macro-prudential approach by drawing on its considerable data reporting, gathering, and analytical capabilities across many disciplines. In the areas in which we are collecting data through the supervisory process on measures of interlinkages and common exposures among the largest financial firms we supervise, we are developing new analytical tools that may lead us to change our information requests from supervised firms.

The Federal Reserve Banks’ strategic plan focuses on fostering safety and  BIS central bankers’ speeches  3  security not only in Federal Reserve interbank networks and applications, but also the safety and security of the payments process from end-to-end. The challenges and opportunities related to speed, efficiency and security of payments are most apparent when we examine the mobile and international payment ecosystems. The mobile revolution is blurring the lines between commerce, both online and offline, and payments. In this new world, payments are but a small part of the value to be delivered in the commerce experience, with loyalty programs, location and behavior-based offers, and personal financial management tools becoming part of the broader customer experience. Financial institutions are working hard to figure out how they will participate. We must consider how the payments industry can design its future systems and services to address these new opportunities. The business challenges for financial institutions are also great when considering international payments. Cross-border transactions are generally slow, inconvenient and inefficient, especially bank account-centric international payments sent or received on behalf of consumers or businesses. Some closed networks, such as Western Union and PayPal, have made advances in this space, but their networks are not as ubiquitous as open banking networks. Our leadership in the global economy calls for a more seamless international payment experience. Each of these areas – speed, efficiency, security – are embodied in the Federal Reserve’s vision for the future of payments.