samchain/econo-pairs-v1 huggingface dataset:
To do so, central banks need to exercise very close oversight not only on the banks themselves but all the major financial players and infrastructure providers. So I think it’s normal that within a given monetary area the bulk of banking and financial activities should take place within the area itself and not overseas. Clearly there are many US dollar operations that take place outside the US, but the bulk is still concentrated in the US, and the same is true of activities in pound sterling, Japanese yen, Canadian dollar. The same must apply in the eurozone because it is a complex area and its activities should therefore be shared between Paris, Frankfurt and other financial centres within the zone. To answer your question about the specificities of Paris, we have several assets to play an important role. First, the Paris marketplace has a very strong position in equity markets within the euro area. Second, in the fixed income sector, Paris is by far the most important centre in two areas – the market for short term paper, where it has a share of about 36% of the euro market, and the corporate bond market, where its share is about the same. Finally, we have in Paris the world’s second largest asset management industry after New York.

This is essential if we are to avoid distortions in the convergence of competitiveness and therefore prevent a reemergence of the problem of growth moving towards certain parts of the eurozone to the detriment of others. In structural terms a decisive move in this direction was the agreement on banking union which will break the negative feedback loop between banks and sovereigns and will ensure the efficiency of the single monetary policy. Last but not least there was the new concept developed by the ECB saying it was determined to do whatever it took to ensure the stability of the euro. The concept of the OMT has the merit of making it difficult for the market to fight the central bank once it has expressed a determination to do whatever it takes to achieve a certain goal. On the other hand, the OMT is also credible because of the conditionality. It’s not a case of simply endlessly signing cheque after cheque. It is framed within the context policies which are geared towards sustainability. Finally, of course there is the permanent backstop of the ESM. So I think that when we look at all these decisions they amount to a very comprehensive package which addresses all the doubts and questions which have been raised since the start of the sovereign debt crisis. Therefore it is quite natural that 2012 is considered by market participants to have been a landmark in the creation of a new era for the eurozone.
A Platform for Innovation Speech given by Mark Carney, Governor Bank of England  Remarks at Innovate Finance Global Summit, London Monday 29 April 2019  I am grateful to Eleanor Connolly and Jen Nemeth for their assistance in preparing these and to John Jackson, Richard Lewis, Tom Mutton and Oliver Thew for background research and analysis. 1  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  Introduction A century ago, John Maynard Keynes resigned as a delegate to the Paris Peace Conference over his concerns about the scale of reparations in what would become the Treaty of Versailles. He returned home to write The Economic Consequences of the Peace. In that seminal work, Keynes marvelled that before the war: “The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth… [or] adventure his wealth in the natural resources and new enterprises of any quarter of the world that fancy or information might recommend.” Such global trade and portfolio management were made possible by new technologies ranging from the telegraph to the first transatlantic cable. Replace “telephone” with “tablet” and “tea” with “turmeric latte” and you have not the start of the Twentieth Century but of the Twenty First. The second great wave of globalisation is cresting. The Fourth Industrial Revolution is just beginning. And a new economy is emerging driven by immense changes in technology, the reordering of global economic power, and the growing pressures of climate change.

•  As we have discussed in our publications, such as our Monetary Policy Report, the current events will have dramatic effects on financial and economic activity. A contraction in the economy and a rise in unemployment are expected. •  Financial institutions and the banking sector are exposed to the shocks in liquidity and credit risk. At the same time, the banking sector is an important pillar channeling liquidity and credit support to firms and households. •  The CBC has been providing liquidity facilities to the markets since the Covid-19 first hit our country. •  Nevertheless, we have also stated that although this crisis will last longer than we originally expected, it is a temporary crisis. Moreover, the banking sector is in good shape and solvent to weather the storm. •  When crises hit our countries, systems like CLS acquire one of their most important roles. It is during these times that counterparty, and credit risks increase and a system that allows payments without any settlement risk is of extreme value for financial markets and the economy. Page 3 of 4  Central Bank of Chile July 2020  •  This crisis has created an important challenge to policymakers everywhere. In many countries, we hear that an extraordinary crisis should generate extraordinary responses. In Chile, we have indeed produced such extraordinary responses, both in size and shape.
As I understand, First Capital Bank has plans to increase its foot prints in Zambia and I hope that the bank will open up branches in other districts of BIS central bankers’ speeches  1  Zambia. This will enable it to enhance financial inclusion, which is among the country’s key priorities. Chairperson I have been informed that FCB has initiated the process of acquiring new state of the art banking software, and is in the process of introducing a full range of IT related products like internet banking, mobile banking and visa card. This demonstrates the bank’s strong and longterm commitment to becoming an important player in the development of our financial sector. This is no doubt driven by the confidence FCB has in the Zambian economy. Ladies and gentleman Zambia’s economy has continued to show resilience in the midst of a slowdown in the global economy as a result of the on-going Euro zone debt crisis and the sluggish growth in the United States of America and some leading emerging market countries including the BRICS. Economic performance has been strong with GDP growth in 2012 at 7.3%. Inflation has continued to be in single digits and was 6.9% in October this year. Although the exchange rate of the Kwacha against major international currencies has been under pressure, it has remained relatively stable, while the country has maintained a positive account balance over the last four years.

Distinguished clients and invited guests Private investment is a critical source of long-term capital for spurring sustained economic growth and diversification while promoting innovation by supporting the micro, small and medium sized enterprises (MSMEs). Chairperson In order for the financial sector to fully satisfy the credit demands of the productive sector in Zambia, commercial banks must not be overly conservative in terms of their risk appetite for 2  BIS central bankers’ speeches  MSMEs. Rather, Banks should seek to better understand the risks associated with lending to these enterprises. Further, it is important that banks better understand the risk associated with lending to specialized and growth sectors such as agriculture, tourism, manufacturing and mining by deliberately developing relevant human resource skills in these sectors. Ladies and gentlemen In its quest to see the financial sector take up an active role in financing the productive sector and facilitating the flow of investment into the economy, the Bank of Zambia continues to undertake a number of policy and structural reforms. Among these reforms is the new increase in the minimum capital requirement for banks to K520 million and K104 million for foreign and local banks respectively. These capital levels are expected among other things to: i. Make the banking system strong enough to withstand shocks and instability in the economy should they occur;  ii. Enable banks to underwrite big ticket transactions;  iii. Make banks contribute more to the growth of the economy; and  iv.
4  All speeches are available online at www.bankofengland.co.uk/speeches  4  result of Moore’s Law and accompanying advances in information technology. 15  Unlike oil, whose resources  are finite, new data is being created at an unparalleled rate and has almost limitless supply. 16  It is estimated that 90% of all data ever created occurred in the past two years. A good chunk has come  courtesy of social media. Around 1.5 billion people use Facebook daily and 2.2 billion monthly. In 2017, there were 4.4 billion smartphone subscriptions, more than one for every second person on the planet. 17  By 2023, there are projected to be 7.3 billion smartphone subscriptions, almost one for every person. 18  An estimated 1.2 trillion photos were taken in 2017, as much as 25% of all photos taken ever. A different window on this information revolution is provided by looking at numbers of data scientists. Using vacancies data from the job search website Reed, there were recently over 300 UK job adverts for data 19  scientists. As recently as 2012, there were hardly any. Estimates based on self-identification on social  networking site Linked-In suggest there may be upwards of 20,000 data scientists globally. 20  There has, at the same time, been rapid growth in new techniques for handling, filtering and extracting information from these data. Machine learning techniques are developing rapidly. So-called “deep learning” techniques are complementing existing approaches such as tree-based models, support vector machines 21  and clustering techniques.

37  8  All speeches are available online at www.bankofengland.co.uk/speeches  8  the hours immediately after the de-pegging. By analysing trade repository data on forward contracts for the Swiss franc-euro exchange rate, some of the drivers behind these moves could be detected. 40  For example, high-frequency movements in the Swiss exchange rate can be compared to the volume of trades in forward contracts. These trades can be further decomposed by counterparty – for example, large dealer banks versus end-investors. This type of decomposition technique shows that it was the withdrawal of liquidity by the large dealer banks that caused the overshoot of the franc – a classic sign during times of 41  market turmoil. This move partially reversed once dealers resumed market-making. The trade repository data can also be used to assess whether the franc de-pegging had any lasting impact on market functioning. The Bank’s research found it did, with a persistent fragmentation in the franc forwards market. Liquidity and inter-dealer activity was structurally lower, and market volatility persistently higher, after this episode. The extra granularity of these data makes it possible to tell a quasi-causal story about the drivers behind the V-shaped movement in asset markets after the de-pegging. Using tick-by-tick and trade-by-trade data side-by-side allows identification of the triggers and amplifiers, in a way which would not otherwise be possible. A second example of research using higher-velocity data to improve our understanding of economic dynamics comes from the labour market.
Evans, Charles, 2011, “The Fed’s dual mandate responsibilities and challenges facing U.S. monetary policy”, Remarks delivered at the European Economic and Financial Centre, London, September 7. Friedman, Milton, and Anna J. Schwartz, 1971, A Monetary History of the United States, 1867–1960, Princeton, NJ: Princeton University Press. Rogoff, Kenneth, 2011, “The bullets yet to be fired to stop the crisis”, FT.com, August 8, available to registered users. Rogoff, Kenneth, 1985, “The optimal degree of commitment to an intermediate monetary target”, Quarterly Journal of Economics, Vol. 100, No. 4, November, pp. 1169–1189. Woodford, Michael, 2011, “Bernanke should clarify policy and sink QE3”, FT.com, August 25, available to registered users. 8  BIS central bankers’ speeches

Finally, drawing upon lessons from the recent experience I will talk about risk management in monetary policy, and what it implies in such an uncertain economic environment as we face today. Commodity prices and domestic adjustment Recent increases in the prices of commodities have been dramatic: many reached record highs in a very short period of time. This increase has been particularly broad across commodities and unexpectedly persistent. Commodity price indices (index 1967=100) 500  1000  400  800  300  600  200  400  100  200  0  00 Total Food  01  02  03  04  05  06  07  0 08 Metals  Source: Commodity Research Bureau (CRB). BIS Review 39/2008  1  Copper price (US cents/Lb.) 2006  2007  305  323  2008 (f)  2009 (f)  Jan. MPR 295  Mar. --  Jan. MPR 250  Mar. --  Deutsche Bank (7 mar) Scotiabank (20 mar) JPMorgan Chase (14 mar) Barclays (13 mar) Merril Lynch(19 mar) Cochilco (9 jan) IB's Mean  332 295 315 354 308 310 321  325 325 310 343 320 310 325  274 -228 295 291 270 272  306 250 246 326 291 270 284  Futures (1)  316  368  314  357  Actual Mean (2)  313  350  Central Bank of Chile  (1) Futures consider average of the last 10 working days prior to 20 March 2008.
To help rebuild that foundation, financiers, like all of us, need to avoid compartmentalisation – the division of our lives into different realms, each with its own set of rules. Home is distinct from work; ethics from law; the individual from the system. 20 This process begins with boards and senior management defining clearly the purpose of their organisations and promoting a culture of ethical business throughout them. Employees must be grounded in strong connections to their clients and their communities. To move to a world that once again values the future, bankers need to see themselves as custodians of their institutions, improving them before passing them along to their successors. In the UK, two important initiatives are in train to help accomplish these ends. The first is a new regime for regulating the senior-most managers of banks. That regime, proposed by the Parliamentary Commission on Banking Standards and now being established by the Bank of England seeks to reverse the blurring of the link between seniority and accountability that has developed over the years. Its underlying principles are relevant across the financial sector. People who run major firms should have clearly defined responsibilities and behave with integrity, honesty and skill regardless of whether they work for global investment banks, regional building societies or insurance companies. We are now considering a similar regime for senior persons in the insurance sector. This does not mean applying the banking regime indiscriminately. For one thing there is no statutory provision for applying a “reverse burden of proof” in insurance.

Arizona and California) have adopted a less prudent approach to the management of their public finances than others. BIS Review 51/2010  3  4  BIS Review 51/2010  There is no doubt that fiscal policies have been put on a path that is not sustainable. Indeed, as simulations for the euro area show, without a very ambitious fiscal adjustment effort, the debt ratio is projected to continue rising in the next decades. With an annual structural deficit reduction of only 0.5% of GDP, it will take the euro area 20 years or more to return to the pre-crisis debt-to-GDP level. Substantially stronger consolidation efforts are warranted to bring the debt ratio down to a more prudent level of below 60% of GDP and to prepare for the rising budgetary costs of the ageing population. BIS Review 51/2010  5  The challenges are particularly large for countries with relatively high government deficit and debt levels, as well as a rapidly ageing society, and even more so for those that face relatively high interest rates and low potential growth. Outside the euro area, bringing the public debt ratio back to safer regions appears even harder for the United Kingdom, the United States and Japan. Given their high budget deficits and the high and rising debt levels, they must undertake very strong consolidation efforts to manage a reversal of the rising trend in public debt ratios. Growing fiscal imbalances, if not promptly corrected, are a cause of concern for several reasons.
Whatever happens in relation to monetary union it is vital, it seems to me, that we hold on to this fundamentally important consensus. Moving on from there to the narrower question of monetary union, the potential economic benefits and risks have now become much clearer, and are rather well illustrated by our own present monetary policy dilemma. On the one hand, any manufacturer will tell you after his experience since last summer - about the great advantage of intra-European exchange rate certainty. On the other hand, with the single currency comes the single monetary policy the single, one-size-fits-all interest rate throughout the euro-area. The risk very simply is that the single interest rate may not in the event suit the domestic monetary policy needs of all the euromember countries - just as the present level of German interest rates of around 3%, reflecting the disappointing weakness of the German economy, would not at this point suit the UK - where, as I have said, we need to moderate the pace of our economic expansion. The potential economic risks, as well as the potential benefits, were recognised when the Maastricht Treaty was signed - and the famous “convergence criteria” were put into the Treaty precisely in order to limit the risks.

If the central bank fails to do this, the market will certainly come up 3/4  BIS central bankers' speeches  with some alternatives for this purpose. In this connection, you are no doubt aware that the HKMA has just launched the Faster Payment System a few days ago. Once the system goes live on 30 September, people in Hong Kong will be able to enjoy almost instantaneous P2P payments, making use of either mobile phone number or email address, free of charge to the users. While the Distributed Ledger Technology used in crypto-assets creates many issues, the technology has shown great potential in many other applications. For example, the HKMA and the banks in Hong Kong will soon launch a digital trade (d) finance platform using DLT. We are also in the process of developing a DLT interface that can link the domestic trade finance platform with those of other trading partners, such as Singapore, on a bilateral basis. This new interface is expected to be launched sometime next year. Despite some improvements made in the past few years, cross-border payments, especially retail or small value, remain inefficient and costly. This is unsatisfactory as it is not conducive to financial inclusion in relation to remittances by SMEs or (e) individuals. In this connection, I am pleased to note that progress is being made recently, as some banks and non-bank e-wallet operators are now developing new cross-border payment channels, making use of DLT in some instances, that would result in faster and cheaper services for users.
This is certainly an area where I think dialogue amongst the industry would be beneficial to share information on the various approaches taken to modelling and setting impact tolerances. This will help individual firms understand where they are outliers and to consider if that is appropriate and justifiable. Getting this right over time will be key in supporting robust scenario analysis and ultimately, firms’ resilience. Findings on mapping and testing Our policy also set the expectation that, by the end of March this year, firms would have done enough mapping and testing to identify IBS and set impact tolerances, but we did not expect mapping and testing frameworks to be fully developed. From our conversations on this topic so far, it appears that firms have typically leveraged existing frameworks and tools at this stage. 4 It is also clear that the maturity of firms’ thinking in these areas varies significantly. This may be understandable, as firms still have time before the final deadline in March 2025, but it indicates that significant further work is required in the next three years for firms to embed fully coherent mapping and testing frameworks. Summary of initial supervisory review So, to summarise, our view based on our initial supervisory work is that meaningful progress was made by firms in developing their Op Res capabilities ahead of the first deadline in March 2022.

At the PRA we have found this two way dialogue valuable in guiding the development of the Op Res policy, and in that spirit, my remarks today aim to keep you informed on the next steps on our Op Res roadmap. The need to focus on this topic has never been more pressing. Since our original Discussion Paper: the Covid pandemic; the ongoing shift of services to the Cloud; and, more recently, the terrible events in Ukraine have all brought fresh challenges to the overall operational resilience of the sector. This has included the need to shift to remote working at short notice, address the risk posed by dependencies on services and third party providers (including those located in highly disrupted areas of the world), and highlighted an increasing need to focus on cyber resilience. The good news is that the sector has, to date, shown itself to be resilient in the face of these challenges. However, while clear progress has been made, there is still distance to travel to a point where firms across the sector reach the level of operational resilience we expect to see. This has been highlighted by a variety of operational outages still occurring frequently, such as payment outages, app and website failures, and incidents at third party providers. These incidents often attract significant attention from both customers and the media, emphasising the need for demonstrable resilience to underpin broader confidence in the financial sector.