samchain/econo-pairs-v1 huggingface dataset:
Thirdly, much of the practical changeover work will occur in the retail trade and shops, partly because this is where we use cash and partly because the banks have cut down on their cash handling. However, conditions vary considerably in the retail trade with regard to, for instance, technical equipment and security. It is necessary to ensure the entire changeover functions in a way that is felt by the general public to be simple and secure. How should we deal with the challenges? To summarise, one can say that there are two groups of challenges on the Swedish payments market. One concerns the slightly longer-term challenges following on from developments on the payments market, and the other concerns more near-term challenges regarding the banknote and coin changeover. Let me begin with cash and the near-term challenges. The cash changeover 2015–2017 The Riksbank has over a long time, and since its planning began in 2008, had a dialogue with the various participants in the market regarding the banknote and coin changeover. This means that the banks, cash-in-transit companies and retail trade have been able to influence every part of the work, especially the timetable. This has been very important to the Riksbank, as we no longer play any role in the practical handling of cash. The timetable for the changeover has been divided into two stages and extends over a relatively long period, which means that all of those involved have had plenty of time to prepare.

This, as I see  2  Cards can be used when paying at a distance, too, for instance for online purchases. However, the Riksbank has no confirmed statistics on these payments. 3  Examples of mobile payment services include Swish, WyWallet and SEQR. 4  Examples of payments via intermediary include PayPal, Klarna (payment by invoice) and direct payments that link you up directly with your online bank. 2  BIS central bankers’ speeches  it, broad acceptance of new technology solutions is a very interesting observation to which I will return shortly. The fact that so many people are using cards and other electronic payments is a form of proof that these services are widely available, not just for households but also for retailers and companies. There are more than 20 million cards in Sweden and just over two hundred thousand card terminals. Recently mobile card terminals and opportunities to accept card payments by mobile phone have also arisen. This chart, which shows how often households say they have not been able to pay by card or cash, illustrates the high level of acceptance among payees. A large majority say that they are unable to pay by either card or cash less than once a month. Close to ATMs and good Internet connections Cash should not only be possible to use in shops. Households also need to be able to withdraw cash and the retailer has to be able to deposit his daily takings.
Christian Noyer: After the global crisis, which models of growth? Keynote speech by Mr Christian Noyer, Governor of the Bank of France and Chairman of the Board of Directors of the Bank for International Settlements, at the CIGS (The Canon Institute for Global Studies) – EHESS (Ecoles des Hautes Etudes en Sciences Sociales) International Symposium “After the global crisis, which models of growth?”, Tokyo, 3 October 2011. *  *  *  Let me begin by saying I am delighted to be here with you today. I am of course conscious that the world is experiencing major economic turbulence and that Japan has suffered this year a series of particularly cruel catastrophes. As you know, I have profound admiration for your country, and we French wish to show our solidarity with you in the face of these ordeals. I would like to warmly thank the organisers of this symposium – which should be fascinating – for giving me this opportunity to speak to you. I thank the Canon Institute for Global Studies and its Chairman, my friend Governor Fukui. I also thank the France-Japan Foundation of the EHESS and its Director, Sebastien Lechevalier. In 2009, the Banque de France was one of the first institutional sponsors of this Foundation, whose objective of promoting greater intellectual and cultural exchange between Japan and France is highly commendable. Our two countries have much to learn from each other and a great deal to gain from deeper collaboration. I do therefore strongly welcome this initiative.

In this regard, I am encouraged by the fact that non-bank e-money issuers are 2/4  BIS central bankers' speeches  targeting to increase their product penetration in these unserved segments since the banks are not servicing this particular segment. The QR code could be a catalyst to reach this group. To encourage QR code payment, avoid market fragmentation and broaden financial inclusion, Bank Negara Malaysia has issued an Interoperable Credit Transfer Framework (ICTF) for consultation. The ICTF aims to connect both banks and eligible non-bank e-money issuers to ensure reachability of bank accounts and e-money accounts. For the first time in our history, customers of both banks and non-banks will soon be able to transfer funds across the network seamlessly by just referencing the mobile number and IC numbers of the recipients or scanning the QR code of the recipients. In this regard, PayNet, the merged entity of MEPS and MyClear, as the operator of the country’s shared payment infrastructure would provide open and fair access to its clearing system and other shared payment utilities to both banks and eligible non-bank e-money issuers. This would enhance the network multiplier effects and foster better allocation of industry resources, as market players would be able to compete based on value-added services rather than on the basis of infrastructure. In addition, the Interoperable Credit Transfer Framework would level the playing field between banks and non-bank players, by subjecting them to risk management requirements that are proportionate to the nature, scale and complexity of their business activities.
And today, perhaps even on your way here, you listened to a streaming service on your phone or watch using voice commands. There's been much innovation over the years, and many improvements in terms of convenience and costs, but at the most basic level we are still doing the same thing: enjoying music. It's how we're doing it that's changed. The same is true with money and payments. Both are fundamentally changing through technological transformations. As happened with the delivery of music, the pace of technological advancement is accelerating, and it's clearing the way to do things faster or more efficiently. On top of that, the development of digital currencies has boomed. This includes cryptocurrencies that are not fully backed by other assets. It also includes stablecoins that are fully backed by safe and liquid assets, and central bank digital currencies (CBDC). Both stablecoins and CBDC that are fully backed by safe assets have the potential to be a new way to hold money and make payments. While all of this innovation opens up possibilities to do things differently than the past, it also carries risks. Just like listening to music, the "how" may change, but the "what" will remain the same. As we look ahead, it's important to remember that even as the technology changes, the role of the central bank has not. It is and will always be to supply money and liquidity to bring stability to the economy and financial system.

SPEECH  The Song Remains the Same June 01, 2022 John C. Williams, President and Chief Executive Officer Remarks at the New York Fed and Columbia SIPA Monetary Policy Implementation Workshop, New York City As prepared for delivery  Good morning, everyone. I'd like to give my thanks to Columbia University's School of International and Public Affairs for partnering with the New York Fed once again and for hosting us today. It's wonderful to be here and to see so many colleagues who have traveled from near and far to attend this workshop. We'll have many important conversations over the next two days. To kick us off, I'm going to share some observations on the digital transformation of money and payments. I'll also discuss the potential implications for monetary policy implementation and for central banks more broadly. Before I begin, I must give the standard Fed disclaimer that the views I express here are my own and do not necessarily reflect those of the Federal Open Market Committee (FOMC) or anyone else in the Federal Reserve System. I will get to payments technology in a minute. But first allow me to take you back to the year 1877. You're amazed at the sound of music coming out of a new invention—the phonograph. Fast-forward a century, and you're listening to your favorite band on a cassette tape. In the 1980s, it's a CD. In the 2000s, you're scrolling through the greatest hits on your iPod.
Lessons from other industries In look and feel, the topology of the financial network is part product, part information network. The multiple products and counterparties of financial firms have a close parallel in the behaviour of non-financial firms operating in a product supply chain. And the complex configuration of multiple criss-crossing nodes and links in the financial web are hallmarks too of global information webs. Yet despite these similarities, finance lags by a generation both products and information in the management of its network. Today’s financial chains mimic product supply chains of the 1980s and the information chains of the 1990s. For global supply chains and the internet, their fortunes were transformed by a common language. This enabled them to become global in scale and scope and highly adaptive to new demands and technologies. They are astonishing success stories. (a)  Product Supply Chains  On 26 June 1974, Clyde Dawson bought a pack of chewing gum from a Marsh supermarket in Troy Ohio. Twenty-five years later, this event would be celebrated in a Smithsonian Institute exhibition. This was the first time a barcode had been scanned. Barcodes are the most recognisable element of what, over the past 40 years, has become a global language. Before barcodes, suppliers, manufacturers and retailers recorded their products in bespoke languages. This was a recipe for inefficiency, as goods were recorded and re-recorded in different tongues. It was also a recipe for confusion as there was no simple means of understanding and communicating along the supply chain.

Andrew G Haldane: Towards a common financial language1 Speech by Mr Andrew G Haldane, Executive Director, Financial Stability, Bank of England, at the Securities Industry and Financial Markets Association (SIFMA) “Building a Global Legal Entity Identifier Framework” Symposium, New York, 14 March 2012. *  *  *  The views are not necessarily those of the Bank of England or the Financial Policy Committee. We would like to thank Alan Ball, Peter Davies, Priya Kothari and Colin Miles for comments and contributions. In the first book of the Old Testament, God punishes the builders of the Tower of Babel for their folly. The choice of punishment is revealing. God replaces the Earth’s then-common language with multiple tongues. The costs of that original sin are still being felt. Today, there are nearly 7000 languages spoken globally across fewer than 300 nation states. Linguistic diversity has of course cultural benefits. But this comes at some considerable economic cost. A common language has been found to increase dramatically bilateral trade between countries, by more than 40%.2 It has been found to increase bilateral investment between two countries by a factor of three or more.3 In Iceland at the start of the century as much as 3% of annual GDP was, quite literally, lost in translation.4 Finance today faces a similar dilemma. It, too, has no common language for communicating financial information. Most financial firms have competing in-house languages, with information systems silo-ed by business line.
Depuis ce jour, l’Eurosystème (c’est-à-dire la BCE et les onze banques centrales nationales des États membres de la zone euro) assume la responsabilité de la conduite de la politique monétaire dans la zone euro en ayant comme objectif principal le maintien de la stabilité des prix. Nous pouvons aujourd’hui exprimer notre satisfaction devant la manière dont s’est réalisée la transition vers un marché monétaire intégré de la zone euro qui s’est mis en place dès les tout premiers jours. S’agissant de l’évaluation fondée sur une large gamme d’indicateurs des perspectives d’évolution des prix, le Conseil des gouverneurs de la BCE a considéré, lors de sa réunion du 7 janvier, que les évolutions sur les marchés de capitaux témoignaient d’un accueil favorable des récentes décisions de politique monétaire de l’Eurosystème, indiquant ainsi que les opérateurs de marché anticipaient le maintien de l’environnement de stabilité des prix. BIS Review 22/1999  4  Pour faciliter l’intégration des marchés de capitaux nationaux, un accord portant sur le calcul et la publication d’un indice de taux d’intérêt des opérations interbancaires a été conclu ; cet indice, l’Euribor, se substitue aux anciens indices nationaux et couvre la gamme des échéances allant de 1 à 12 mois. L’Euribor est rapidement devenu la principale référence de court terme pour les opérations en euro.

This led the main central banks to introduce various measures to provide liquidity to their banking systems at times of market malfunctioning. In addition, asset purchase and medium and long-term financing programmes were launched that avoided a systemic crisis which would have led to the failure of a large number of banks and, undoubtedly, to an enormous crisis in the real economy, as during the “Great Depression” in the 1930s. Even so, the severity of the recession led to a very sharp contraction in demand, and ultimately to inflation rates that were too low and incompatible with the mandate of the central banks of the main advanced economies. This situation forced them to reduce the interest rates determined by monetary authorities to historic lows. Some central banks, such as the ECB and those of Japan, Sweden, Denmark and Switzerland, reduced rates to negative levels. 5/7  In fact, one of the factors that has influenced the actions of central banks most in recent years has been the difficulty of reducing interest rates when they are already at very low levels. Interest rates that are too low may mean that there is no incentive for financial intermediation, since, for example, it is more profitable to store money in cash than to deposit it in the banking system. What should we do then when rates are very low and the economy still requires greater monetary stimulus? Central banks have made two main proposals in this respect.
The low level of long-term interest rates can be attributed to the high level of saving in Asia and oil-exporting nations. Surpluses, particularly on China’s foreign trade balance, have soared. Interest rates are again moving down in the US and a number of other countries. Interest rates are being cut to address weaker economic growth prospects. However, in view of the high level of unsold homes and properties, it is uncertain whether the interest rate weapon will be as powerful as in the past. Thus, there is a risk that the US economy will enter into a prolonged downturn in spite of the interest rate cuts, drawing with it large parts of the world economy. In the event, the surpluses in Asia will decline as the value of exports falls. Moreover, there is a risk that low interest rates may in the next round sow the seeds of new bubbles, restrain saving in the US and extend the period of large US current account deficits. The optimal solution would be to redress this imbalance through an increase in US saving. In order to buoy up growth in the world economy, Asia and Europe must then replace US consumers as the engine of global growth. The prospects for achieving this are perhaps not the best. Inflation is on the rise in both Europe and Asia, and this will necessarily be reflected in economic policy, at least for a period ahead.

Since summer 2005, the key policy rate has gradually been raised again to a more normal level in order to prevent inflation from becoming too high. As mentioned, external interest rates are again moving down and the interest rate differential against other countries has widened recently. This may lead to a stronger krone, but there are also opposing forces in the foreign exchange market. In the long run, the krone exchange rate is determined by changes in the terms of trade and permanent differences between domestic and external inflation and productivity. But the krone exchange rate also shows monthly and yearly fluctuations. The krone was strong towards the end of the previous cyclical expansion, but depreciated when interest rates declined in 2003. Thereafter, the krone appreciated again as growth in the Norwegian economy recovered. Over the past two years, the krone has appreciated by close to 5 per cent. Inflation has nevertheless picked up and is now fairly close to 2½ per cent. 3  3  Norges Bank uses different measures of underlying inflation. In January, the twelve-month rise in the CPI-ATE was 1.9 per cent, a weighted median showed a rise of 2.4 per cent and a trimmed mean 2.9 per cent. The twelve-month rise in the CPI was 3.7 per cent following a sharp increase in energy prices. 4  BIS Review 18/2008  The sizeable basic balance deficit may result in a renewed depreciation of the krone.
I have chosen this topic because over the past few months, the Hong Kong Monetary Authority (HKMA), together with the Securities and Futures Commission (SFC) and the Financial Services and the Treasury Bureau, has been working very closely with the Hong Kong Association of Banks (HKAB) on what Hong Kong should do to take the private banking industry to the next higher platform. I would like to take this opportunity to share with you my views on the steps Hong Kong needs to take to develop as the premier private banking hub in Asia. To start with, I want to talk about some facts relevant to Hong Kong’s realisation of this aspiration. Hong Kong’s strengths to be a leading private banking centre Wealth in Asia-Pacific is growing exponentially. According to industry research, the region accounted for half of the growth in global wealth from 2010 onwards. In particular, China was the second top contributor to the growth in global wealth after the US.1 In 2011, there were about 30 million millionaires worldwide. Among these, about 20% were from Asia-Pacific.1 This trend is likely to continue. It is estimated that global wealth will rise 50% further by 2016.1 This is hardly surprising in that the International Monetary Fund forecasts that, emerging Asia, led by China, will contribute almost 60% of the world’s GDP growth by 2016.

William C Dudley: Key developments in the tri-party repo market Introductory remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the Workshop on “Fire Sales” as a Driver of Systemic Risk in Tri-Party Repo and Other Secured Funding Markets, Federal Reserve Bank of New York, New York City, 4 October 2013. *  *  *  Good morning. I am pleased to have the opportunity to open this workshop and discuss key developments in the tri-party repo market. In my remarks, I would like to give a brief overview of some of the problems that surfaced in this market during the financial crisis of 2008, recognize the improvements that have occurred since then, and most importantly, highlight significant vulnerabilities that still persist despite the progress we have made. While we can feel proud of the enhancements that are currently underway in the tri-party repo market, today I want to underscore the fact that significant work remains to be done. The tri-party repo market constitutes a vital component of the U.S. financial system. It plays an important role in providing financing for broker-dealers that make markets in Treasury and agency securities, and is an important mechanism that supports dealer intermediation of credit. The market also provides a secure investment vehicle for those that manage large amounts of liquidity and need an investment vehicle to park these monies.
I must admit here that initially this seemed to cause more harm than good – a little knowledge truly did seem a dangerous thing now that we had opened ourselves up to the media. The greater access to central bank officials and information, e.g. through our website, without the full understanding of issues on the part of journalists seemed to fuel erroneous stories. However, our perseverance over time has meant that the level of understanding and quality of questions has improved significantly. As a result, the level of reporting has also improved – although much work still needs to be done. Today issues surrounding the causes and likely impact of the global financial and economic crisis have been covered in a more balanced way with a greater thoughtfulness on the economic linkages and Government policy – as well as with increased reference to related developments around the world. Mr. Chairman, following on from the media seminars, six years ago the Bank of Zambia began conducting seminars for members of Parliament – particularly members of oversight committees such as the Committee of Economic and Labour Affairs and the Public Accounts Committee. Again, what we have seen is a greater appreciation by members of Parliament of the challenges facing the central bank in the implementation of monetary policy in particular and economic policy in general because the central bank is often called upon to comment on the Government’s economic policies as well.

We have tried to consolidate the gains from these seminars through the holding of quarterly media briefings as well as efforts to place as much information as possible on our website http://www.boz.zm. An example of the benefits of this improved dialogue is the recent developments in the Zambian economy related to the global financial crisis. Between July 2008 and March 2009, the Zambian Kwacha depreciated by about 65% against the US dollar. However, unlike in other periods of extreme volatility in the exchange rate, although the Minister of Finance was asked to make a statement on the exchange rate – an important aspect of accountability – he was able to deliver a strong message that an adjustment in the exchange rate under such conditions of stress was an important way in which the economy could adjust to external shocks. There were no (loud) clamours for the re-imposition of exchange controls. We believe that our efforts to communicate our policies more effectively to the public and members of Parliament and the media and Parliamentarians improved understanding of the economic landscape was an important reason for this observation. Mr. Chairman, let me conclude by recapping some of my main points: The role of formulating and implementing monetary policy is very challenging and often attracts a lot of public interest. If not well addressed, this external pressure can distract the focus of the central bank. It is therefore, imperative that the central bank strategically manages its relationships with key stakeholders to promote mutual benefit.