samchain/econo-pairs-v1 huggingface dataset:
In doing so, it has blurred the information content of many important variables or indicators relevant for the monetary policy maker, making monetary policy probably more complex in a context of increased uncertainty. Economic theory usually distinguishes between parameter and model uncertainty. In the presence of parameter uncertainty, i.e. when the policy maker is uncertain about the impact a policy instrument has on the economy, economic theory suggests that it is optimal to respond more cautiously than would be the case in the absence of uncertainty (this is the well-known Brainard conservative principle). By contrast, model uncertainty would require more active monetary policy, the idea being to insure oneself against particularly bad outcomes. I will leave it to your wisdom to guess in the present circumstances which of these two approaches would be preferable. Thank you for your attention. 5  Bordes, C., Clerc L. and Marimoutou V. (2007): “Is there a break in equilibrium velocity in the euro area?”, Banque de France, Notes d’Etudes et de Recherche n° 165, February. 4  BIS Review 103/2007

Faced with a pressing need to provide additional accommodation, we were forced to turn to innovative, but controversial, unconventional monetary policies. These policies have been extremely helpful. But there is no denying that they were second-best options; the ZLB had made lowering the fed funds rate, which is our first-best interest rate tool, infeasible. Everyone will welcome a return to more normal times and a reliance on the traditional policy framework of adjustments to the federal funds rate. But the decision about when to begin to raise rates shouldn’t be made prematurely. Rather, the decision for policy liftoff has to be made for the right reasons – that is, it should be dictated by economic conditions. I have said many times that I agree with Minneapolis Fed President Narayana Kocherlakota: Policy at all times must be goal-oriented. 16 Our experiences since the crisis began and current economic conditions are highly unusual. The FOMC should not simply set its policy instruments by mechanically aligning them with historical norms if those norms are not relevant harbingers for the attainment of both of our dual mandate goals. Rather, our policy instruments should be set to achieve our ultimate goals as efficaciously as possible given current and prospective economic conditions, all the while with an eye on managing against important risks to the outlook. What does that mean now? I believe that the biggest risk we face today is prematurely engineering restrictive monetary conditions.
I think that makes sense for banks, but we’ve come to the view that it is really not relevant for credit unions in the UK. We also want to avoid discouraging growing firms, and are confident of our ability to manage the failure of smaller credit unions smoothly with our colleagues at the FSCS. Therefore we are launching a  9  For more background on this work, see https://www.bankofengland.co.uk/working-paper/2017/the-determinants-of-uk-credit-unionfailure 10  All speeches are available online at www.bankofengland.co.uk/news/speeches  10  consultation today in which we propose to change capital requirements to simplify them, remove barriers to growth and deliver a greater degree of financial resilience for smaller credit unions that are more likely to fail. We propose to:  ∙  get rid of our “slab” system and replace it with a graduated, income-tax-style approach where larger credit unions would be required to hold 5% capital for assets up to £ 8% for assets between £ and £ and 10% for assets above £ as opposed to today’s system where firms have suddenly to hold 10% on their entire asset base if they grow a single pound over £ in assets;  ∙  maintain capital requirements at 3% for credit unions with total assets less than £ but introduce a “monitoring zone” of 3-5% whereby if a smaller credit union’s capital falls below 5% we would step up our supervisory activity.

3/6  BIS central bankers' speeches  Supporting adherence While the above reasons provide a strong foundation for the Code to succeed, the success of the Code will depend on widespread adherence by market participants. Hence, we should each ask ourselves what we can do to support adherence. There are three key elements in the adherence framework developed by the FXWG, which can support adherence at both the individual firm and industry levels. First, the Code has to be embedded into your practices. Training and education of staff will be particularly important to effectively embed the Code. There are ongoing initiatives at the firm level, and the industry should consider if there are system-level initiatives that could make sense. For example, industry associations could consider developing relevant training content that caters to specific segments of the FX market e.g. buy-side players or corporate treasuries. Second, there should be effective monitoring on how successfully the Code has been embedded. To this end, a number of adherence mechanisms have been developed to facilitate effective monitoring. For example, at the system level, the GFXC will use a broad survey of market participants to monitor adherence and adoption. The survey will take place annually and the first survey will be conducted in 4Q this year, to form the baseline for monitoring progress. At the firm level, we expect that mechanisms will be put in place to monitor how the Code has been embedded within internal practices.
Looking at just the past four or five years, there is no doubt that certain laws of economics have been stretched to their limits and, in order to convince outsiders that the stakes have not been set too high, we have had to insist – and rightly so, I hope – that Iceland’s economic environment has various advantages that are not immediately obvious to those who are accustomed to operating in larger and more restrictive conditions. Here there is great flexibility, official measures are very transparent and channels of communication are shorter, which enables easier decision-making so that households, businesses and the authorities are quicker to respond to economic incentives or challenges than is the case elsewhere. To give you all a more complex and interesting topic to discuss at a conference such as this, the government itself promoted a number of measures that will benefit Iceland and its people in the long run. However, their timing and scope may have been more questionable. Thus the government itself was mostly responsible for attracting the largest single investment that has ever been made in Iceland, to which the state-owned power company, Landsvirkjun, had to respond by matching it with an investment of its own on the same scale. The inflow of capital was enormous.

Luis de Guindos: Interview in Expresso Interview with Mr Luis de Guindos, Vice-President of the European Central Bank, and Expresso, conducted by Mr João Silvestre on 15 April 2020. * * *  Is this the greatest crisis in living memory? According to the International Monetary Fund (IMF), this will be the worst downturn since the Great Depression. There is a great deal of uncertainty and, given this degree of uncertainty, we need to define and analyse several scenarios. The IMF’s baseline scenario is very similar to other public and private sector forecasts. It’s important to bear in mind that the impact on the economy, which will be huge, is concentrated in the second quarter of the year – as well as in March – and that the impact will be severe, but temporary. This temporary aspect is important. The calculations point to a contraction in the second quarter by as much as 20% compared with the previous quarter. And it will also have an impact on public finances and the financial markets. Despite the uncertainty you have mentioned, is a rapid recovery possible in 2021? The key factor is the duration of the lockdown – the longer it lasts, the greater the impact. We hope that the containment measures will start to be eased over the coming months, reducing the negative impact on the economy, and that we will see a return to positive growth rates in the second half of the year.
The ASEAN Vision Statement is "to create a stable, prosperous and highly competitive ASEAN economic region in which there is a free-flow of goods, services and investments, a freer flow of capital, equitable economic development and reduced poverty and socio-economic disparities" by 2020. The ASEAN economies have for more than a decade now experienced growth that is above the global average. While this growth momentum was interrupted during the Asian currency crisis in 1997 and 1998, the ASEAN economies demonstrated their resilience to resume its strong growth within a short period of a year for many of the affected countries. Opportunities are fast emerging in our region reinforced by the more intensified regional integration that is taking place. In ASEAN, efforts are already being accelerated in the implementation of trade and investment action plans under the ASEAN Free Trade Area (or AFTA, for trade in goods), the ASEAN Framework Agreement on Services (or AFAS, for trade in services) and the ASEAN Investment Area (or AIA, for investment liberalisation). The initiatives to enhance trade and investment flows to ASEAN have also been accompanied by efforts to strengthen monetary and financial stability. The ASEAN countries have also reinforced efforts in regional financial co-operation, including in the surveillance processes. These has brought together policy makers from the ASEAN ministries of finance and central banks to constantly engage in discussions on regional and global economic developments which have implications on the ASEAN region.

There are clear needs for developing other channels of financial intermediation in the longer term, in order to promote diversification and ensure financial stability and sustainable growth. However while the capital markets on the Mainland are still in their nascent stage and face some difficulties in development, the banking system will remain the most important channel of financial intermediation in the foreseeable future. Thus, those engaged in the banking sector will continue, for a long period of time, to play an important role in ensuring the effective intermediation of funds. Given the rapidly changing macroeconomic environment, the banking sector professionals face a difficult task in achieving this mission. The changes involved in this broad picture include supervisory policies for the banking sector, relationship between the regulatory authority and banks, and governance arrangements of individual banks. In line with the government’s reform and open policies and under the supervision of the China Banking Regulatory Commission, Mainland banks have become increasingly commercialized. Banking professionals have progressed from their former mode of following the authorities’ policy instructions to a more active role in assessment of loan applications before making credit decisions. This is not an easy change. It involves both time and considerable adjustment in the thinking. Besides, good tools are a must for a good job: bank employees have to increase their knowledge of the banking business in a market economy and enhance their professional standards.
Underlying this principle is also the recognition that we cannot predict how the world will evolve. We must be open to and prepared for the unexpected. We have seen how sudden events, such as the Global Financial Crisis and more recently the pandemic can lead to a fall in the value of the GPFG. Looking ahead, our management model may face new challenges. Analysing different scenarios of possible outcomes is certainly useful, but making major strategic changes based on a particular vision of the future is still a risky undertaking. Broad diversification should continue to be a pillar of the strategy. CONCLUSION Nicolai Rygg delivered his final annual address on 12 February 1940. When the tradition was reinstated after the war, it was under a new governor. The time also represents an important turning point in Norwegian economic policy. The ideal of an independent central bank with decision-making authority over the instruments at its disposal had been abandoned. The Bank’s primary task was to carry out the Government’s decisions, and the policy rate was geared towards objectives other than low and stable inflation. It was to take forty years for the pendulum to swing back. In 1986, responsibility for setting the policy rate was returned to Norges Bank. The Bank was tasked with maintaining a fixed exchange rate. Again, the objective was price stability. 5 Hylland, A. (2005) "Statens reservefond 1904-1925. Et forsøk på å binde politisk handlefrihet?" [The State Reserve Fund 1904-1925. An attempt to restrain political freedom of action?].

Local banks recorded average growth in pre-tax profits of 15% per annum in the six years prior to the Asian crisis. Moreover, most banks remained profitable during the crisis itself and all continued to maintain high capital ratios. Financial distress was therefore not a driving force for merger, as it has been in other Asian countries. But there are signs that the consolidation process is gathering pace in Hong Kong. The reasons for this are to some extent the same as those elsewhere. These include increased competition from both domestic and global players, deregulation, the need to invest in new technology and the increased focus, even for family-owned businesses, on generating shareholder value. All this means that the life of a banker in Hong Kong is not an easy one at present. Some of the old certainties are breaking down. The removal of the remaining interest rate controls in a month's time will usher in a new era of full competition on the liabilities side of the balance sheet. While the surplus liquidity in the system may mitigate the immediate impact to some extent, banks will face new challenges on products, pricing, fees and charges, and asset and liability management. This comes on top of the challenges that the banks are already facing to generate new lending business. The residential property market, which has been the mainstay of most of the local banks' business, is currently drifting without clear direction, and mortgage business is still sluggish, as the latest figures for April demonstrated.
With that in mind, we started a Project in collaboration with our local Central Securities Depository (CSD). This project explores the feasibility of issuing bonds in a blockchain platform, and managing the whole life cycle of the bonds in this platform. Hence, settlement of primary auctions and corporate actions are done in blockchain. First, we discussed a conceptual model that would be a better fit to our regulatory framework. Secondly, two use cases were selected and implemented as a proof of concept (PoC). Dummy versions of our real systems simulated interaction with the DLT platform. Finally, a report with our conclusions will be released in November, once the PoC is completed and possible corrections of the conceptual models are included. Having several other use cases that we could have implemented, why did we choose this one? The most important reasons are: (i) duplicity of ledgers in current systems needing reconciliation periodically; (ii) more than one entity access and write on the ledger, even though this conceptual model only had the Central Bank issuing, this model was conceived to be used by other primary issuers (this is where the business model makes more sense! ); (iii) Page 4 of 11  Central Bank of Chile September 2019  opportunities in optimization of settlement processes for issuance and corporate actions; and (iv) to study the feasibility of this technology (as an alternative) for the renewal of the current systems that manage our issuance and the lifecycle of our bonds.

The issue of when this will happen does not have to do with either the actual level of unemployment or the number who were employed when activity last peaked in the late 1980s. It depends instead on how serious any bottleneck problems are becoming and how strong those with jobs consider their bargaining position to be in wage negotiations. Briefly, then, important factors in the assessment of the risks of inflationary tendencies are how well the labour market is functioning and how quickly resource utilisation is rising. Monetary policy contributes to stability In an upward cyclical phase, the move towards a situation where the tensions in markets for goods, services and labour threaten to gain the upper hand and jeopardise price stability is a gradual process. That makes it difficult to tell exactly when the imbalances constitute a genuine problem. Observers and those who decide economic policy have to assemble the pieces of this puzzle. In an economy that is approaching a strained situation in resource utilisation, signs that imbalances are beginning to build up will appear with increasing intensity and frequency. As more and more pieces of the puzzle fall into place, they ultimately provide a basis for action. The whole of this process is complicated by the time lag before monetary measures elicit effects. Our premise is that the full effect of an interest rate adjustment materialises after one to two years. So measures taken today would not have their full effect until some time during 2002.
This is why the National Bank of Poland appreciates the establishment of Forum SEPA Polska by the Polish banking community and is deeply convinced that all programmes and decisions worked out and made in the course of such cooperation will increase the satisfaction of Poles who use services of national banks through making product offers more attractive, through increasing security and level of services and through reducing their prices. Inhabitants of the euro area obtained many benefits upon the introduction of the euro in the cashless turnover in 1999 and in cash handling in 2001. Transaction costs of foreign currency exchange disappeared, home bias on financial markets was reduced, risk premium decreased and the euro has become an important currency in which securities are issued on international financial markets. Menzie Chinn and Jakob Frankel, well-known American economists project that if Great Britain joins the euro area, the euro will replace the dollar as the international reserve currency 2 as early as in the late second decade of the 21st century, which might entail additional benefits for European consumers  1  See also S Quinn and W Roberds “An Economic Explanation of the Early Bank of Amsterdam, Debasement, Bills of Exchange, and the Emergence of the First Central Bank”, Federal Reserve Bank of Atlanta Working Paper 2006-13, September 2006. 2  M Chinn, J Frankel, “Will the Euro Eventually Surpass the Dollar As Leading International Reserve Currency?”, presented at NBER Conference, Newport, RI, 1-2 June 2005.

these parameters will be equal for national and cross-border payments). The following assumptions have been made to achieve the objective: -  a coherent and technically neutral (i.e. independent of any specific type of devices) legal framework should be provided for all payment services within the European Union (excluding cash handling and cheques); this framework should allow for the implementation of various solutions,  -  uniform technological and business standards should be provided for suppliers of payment services,  -  self-regulating mechanisms in business relations between participants of payments should be provided; simultaneously, intervention of legislative authorities should be kept at minimum. European authorities play an important role in the implementation of SEPA. The European Commission and the European Parliament are the main initiators and promoters of the idea of SEPA. They stimulate works on the project by issuing specific regulations and directives. 3  P O Gourinchas, H Rey, “From World Banker to World Venture Capitalist: US External Adjustment and the Exorbitant Privilege”, UC Berkeley Working Paper, August 2005. 2  BIS Review 97/2006  The European Central Bank is also an active participant of the SEPA project. However, it acts only as an observer in the EPC. Central banks of individual Member States do not directly participate in the EPC works on SEPA. Their involvement is important in groups organised under the aegis of the ECB, especially as regards the works within the Eurosystem.
Furthermore, under the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area, Hong Kong is also the designated green finance centre in the area. 12. We also have a strong presence of banks and other financial intermediaries with experienced specialists in green finance, and international institutional investors based in Hong Kong who have made strong commitments to green investments. 13. So there is already strong momentum and an ecosystem here. But there is more that we can do. HKMA’s latest initiatives 14. This brings me to my third point on HKMA’s initiatives – the HKMA’s commitment to fully support green finance to combat climate change. As a bank regulator, one of the largest asset owners globally, and key promoter of market development, we can make use of our various roles and take meaningful actions to support and nurture green finance. We have already been taking a number of concrete actions to drive awareness and development of the market: for example, we co-hosted major conferences last year with the International Capital Market Association, which determines the Green Bond Principles and Social Bond Principles, and with the People’s Bank of China to raise awareness and knowledge of green finance in Hong Kong. To grow the market on green bonds, the HKMA has also been actively reaching out to potential green bond issuers. Building on these efforts, and to further promote green and sustainable finance in Hong Kong, the HKMA announced three further sets of measures in May: 15.

We must therefore ensure that we are prepared to embrace it. Hong Kong’s role as the Asian hub for sustainable finance 1/4  BIS central bankers' speeches  8. What role can Hong Kong play in this global effort? Most importantly, it is critical that we use our strengths as an international financial centre to contribute to this endeavour. 9. Hong Kong is already one of the major green finance hubs globally. Last year, green bonds arranged and issued in Hong Kong reached $ billion, up from $ billion in 2017. The issuers included multilateral development banks, such as the ADB and the European Investment Bank, as well as private sector participants from Hong Kong, Mainland China and abroad. 10. In fact, a green finance ecosystem is already taking shape in Hong Kong. Many international green advisory firms and external reviewers have a presence in Hong Kong. They combine onthe-ground knowledge of the Asian market with robust international standards. We also have a local Green Finance Certification Scheme developed by the Hong Kong Quality Assurance Agency (HKQAA) with reference to a number of widely recognised international and Mainland standards. 11. The Hong Kong Government is a strong supporter of green finance, and puts in place supportive policies to promote green finance, such as the Green Bond Grant Scheme, which subsidises the cost of obtaining certification under the HKQAA’s Green Finance Certification Scheme, as well as the Pilot Bond Grant Scheme, which covers issuance costs of eligible firsttime bond issuers in Hong Kong, including green bonds.