samchain/econo-pairs-v1 huggingface dataset:
The third and final step in the GFANZ framework – provide transparency and accountability for coal phaseout plans in line with the GFANZ Net Zero Transition Plan framework. This entails ensuring: an implementation strategy that is in line with net-zero objectives; an engagement strategy that reaches relevant stakeholders; metrics and targets that support disclosure and monitoring of progress; and a governance structure to oversee and support the implementation of the plan. We hope that the GFANZ guidance will serve as an important, ambitious and practical tool to help catalyse coal phaseout transactions in the coming years. We hope it will be useful for other regional initiatives to encourage coal phaseout, such as the Asian Development Bank's Energy Transition Mechanism and country-led platforms such as the Just Energy Transition Partnerships, or JETPs, in Indonesia and Vietnam. The managed phaseout of coal cannot be achieved solely by the financial sector or through innovative financing structures. Technology will play an important role. So will supportive government and regulatory policies, such as removing fossil fuel subsidies, implementing carbon pricing, setting emissions standards, extending social safety nets and worker re-training programmes. The managed phaseout of coal is not easy to do. It is a system-wide challenge that requires a system-wide approach – an approach that involves the public, private, and people sectors. But to achieve a just transition to net-zero, it is critical that we do this, and do this well and do this right. Thank you very much, I wish you all the best for the Summit ahead.

We need a holistic approach for Asia's energy transition that meets three objectives: reduce emissions significantly; meet growing energy demands; and limit any adverse impact on jobs and communities. Neither the continued burning of coal nor the immediate cessation of coal plants meets all three objectives. What we need is a coherent strategy for the managed phaseout of coal that achieves environmental sustainability, energy security, and a just transition for communities whose livelihoods depend on coal. Finance alone is not enough but it can play a critical role in getting us from coal to clean. A combination of public and private capital, coupled with appropriate policy reforms, can provide the right economic model to encourage owners to voluntarily wind down their coal fired power plants ahead of their technical end of life. We will also need innovative financing structures to blend public and private capital. But there are significant challenges to financing the early retirement of coal. Financial institutions will need to justify how such financing is consistent with their net-zero commitments, especially when their financed emissions rise over the short term. They will need to address potential greenwashing concerns that new coal capacity is being created to replace the coal plants being phased out early. There is a lack of scalable risk sharing mechanisms to support coal plant owners in their transition to cleaner energy.
4 Moreover, even if a country is not today running a current account deficit or surplus, past flows of capital mean that domestic residents have assets and liabilities in a wide range of overseas countries. Countries now have asset positions quite distinct from their official reserves. The single most important difference between the old world and today's world is that in the former the financial position of a country was captured by the size of its current account surplus or deficit; now the financial position is best measured by the size and composition of its national balance sheet. The ratio of the sum of overseas assets and liabilities to GDP for major industrialised countries rose from around 70% in 1983 to around 250% in 2003. 5 The willingness to hold those assets and liabilities depends on expectations of the economic “fundamentals” such as productivity growth and demographic change. It also depends on expectations of future economic policy – both at home and abroad. If any of those expectations change, desired international investment positions will alter, possibly leading to sharp movements in asset prices and capital flows. News about economic fundamentals and about economic policy decisions leads to fluctuations in world inflation, output and employment. To understand the transmission mechanism requires a study of national balance sheets. They tell us three things. First, they tell us about the claims of one country on another. That will help to reveal how international capital flows respond to news.

Her articles and research cover topics such as mutual support of qualitative and quantitative methods in the field of intelligence or topics related to the debate in the intelligence community about intuition versus structured technique in prediction and decision making in conditions of risk and uncertainty. She is a supporter of structured methods and statistical, cybernetic and mathematical analysis in the development of prediction systems. One final thing about her background, which I am certain many of you will find interesting, is that she is a Marine Corps Black Belt Mixed Martial Arts Instructor. She has led the Marine Expeditionary Unit training in martial arts and trained over 200 Marines and certified 60 to the next higher belt. So all in all, a very impressive background and track record. Professor Sundri Khalsa is visiting the Research Institute of the University of Bucharest. Professor Marian Preda, the Rector of the University, wrote me about this visit. He pointed out that, in addition to being a specialist in the development of applications of quantitative and statistical methods for predictive information activity, Professor Khalsa has been working recently on matters of blockchain and cryptocurrencies, as they  1/2  BIS - Central bankers' speeches  influence strategic and national security issues. This is an area that has emerged at the overlap between (a) monetary and banking phenomena, (b) information technology advances, and increasingly salient (c) geopolitical and geo-economic developments.
The lingering economic uncertainty and the burgeoning fiscal deficit drove the US dollar weaker across all currencies. Therefore, benefitting from the broad based dollar weakness and relatively high levels of US dollar liquidity in the market, the Kwacha posted a 5.0% gain against the American currency. A sustained rise in the copper prices at the London Metal Exchange to an average of $ per tonne in the third quarter from $ tonne gave further support to the domestic currency, with the interbank rate ending the period at an average of K4,869.21 per US dollar. Balance of payments Preliminary data show that Zambia’s overall balance of payments (BoP) recorded a surplus of US $ million during the third quarter of 2010 compared to a deficit of US $ million in the previous quarter. This was driven by the improvement in the performance of both the current account and the capital and financial account balances. The current account surplus increased to US $ million from a surplus of US $ million recorded the previous quarter, reflecting an increase in the merchandise trade surplus coupled with the narrowing of the services and income accounts deficits. Supporting the current account was the merchandise trade surplus which rose by 74.8% to US $ million in the quarter under review following an increase in exports as well as a decline in imports. Merchandise export earnings edged upward by 18.7% to US $ million, on account of increases in both metal and non-traditional export earnings.

The Federal Reserve Act provides the Federal Reserve with the authority to pay interest on reserves (IOR). In Regulation D, the Board of Governors implemented this authority in the form of two rates: interest on required reserves (IORR), and interest on excess reserves (IOER). Since late 2008, these two rates have been set to the same value. 15  5  reserves. 16 These models generally find that as reserve balances decline, the overnight interest rate goes up, but not uniformly. At high levels of reserves, the responsiveness of rates to changes in reserve levels is fairly low, and the demand curve is said to be “flat.” As excess reserve levels decline, the responsiveness of rates increases. At low levels of excess reserves, the overnight rate responds sharply to small adjustments in the level of reserves: the demand curve is “steep.” It seems highly likely that we are on the “flat” part of the curve, the part where rates move little in response to shifts in reserves. But this does not quite answer the question on whether the decline in reserves might be putting perhaps some upward pressure on rates. Even in the “flat” part, the slope of the demand curve, while small, might be nonzero. This could be true if, for example, the balance sheet costs of the marginal borrower in overnight money markets were upward sloping with respect to that bank’s balance sheet size.
The punch line, of course, was that if you didn’t believe a man could fend off a croc with his bare hands, then you yourself were in “de-Nile.” We are no longer in denial about our national economic plight. Our great country now finds itself in a very difficult predicament. It is true that the situation here in Texas is relatively better than that of the nation; Texas is an oasis in a national economic desert devoid of lifegiving job creation. We went into the Great Recession last and were one of the first to come out. As we have for the past 20 years, we continue to outpace the rest of the United States in employment growth by a significant margin. Since the Great Recession officially ended in June 2009, only North Dakota (a plucky state whose hearty population totals less than that of Collin or Denton counties) has seen faster job growth than Texas.1 As I speak, Texas has almost as many people employed as we did before the recession began. Our banks are in better shape than those in the rest of the country; we are benefiting from the blessings of nature, with copious amounts of oil and gas and abundant agricultural production; our fellow citizens have seen to it that our Legislature continues to hew to a tax, regulatory and legal environment that attracts job-creating investment and encourages business formation and growth.

And the consensus view – usually conveyed with confidence all the way out to three places to the right of the decimal point – is almost always wrong, even within short time periods. I asked my interlocutor to recall the presidential election of 1948. The consensus view called for a landslide victory by Gov. Dewey. Indeed, an early edition of the Chicago Daily Tribune on the very night of the election announced in the boldest of headlines that Dewey had won. Before going to sleep, an overconfident Dewey is reported to have turned to his wife and said, “Just think about it: Tomorrow night, you are going to be sleeping with the president of the United States!” The next morning at breakfast, Mrs. Dewey asked, “Am I going up to Washington this evening or is Harry Truman coming to our house?” Carol Reed would love to have reported that story! Thank you, Rotarians. You are the embodiment of what makes this country great. Carry on with your good works. BIS central bankers’ speeches  5
This cooperation has already 6  become a reality thanks to the CNIL's (National Commission for Information Technology and Civil Liberties) presence in the Artificial Intelligence Task Force led by the ACPR, which will publish a report in the coming months. I hope that this cooperation will deepen further in the coming years. As a result, data are more than ever a strategic asset. In these circumstances, faced with the risks of cybercrime, it is imperative to ensure security. The digital revolution has been accompanied by the emergence of IT attacks, which have been increasingly publicised. The insurance industry, where information systems play a major operational role, has not been immune to such cyber-attacks. Insurers now need to manage and guard against this risk, which, in their case, is increased by the criticality of data (medical, personal, financial, etc.) handled and stored in their information systems. Public authorities are seeking to address these challenges and have undertaken major initiatives to raise awareness among insurers as to this new type of operational risk, as the IT systems of the insurance sector are still too vulnerable. It is primarily up to the market to design efficient security schemes compatible with the opening-up of information systems and innovation. This is a huge challenge, but it is in this spirit that the ACPR works.

Insurance players, of all sizes and risk exposures, are facing the digital revolution, which is inescapable as the developments in other business sectors such as travel, tourism or catering show. To remain competitive in terms of customer relationships, insurers will need to raise their customer experience to the highest levels. This will require them to fundamentally review their processes, tools and information systems. It also calls for an upgrade of their human resources policies. The risks associated with the digital revolution are numerous, but I would like to stress the bigger risk associated with procrastination. This risk seems particularly important to me and it will be an essential focus of attention for supervisors. The digital revolution has other ramifications that require the attention of supervisors. One of them is the increasing inclusion of insurance products within package deals. This is particularly the case for affinity insurance products. These often involve the multiplication of intermediaries in the value chain. This phenomenon can blur responsibilities and the intrinsic economic value of these products, and we are therefore vigilant as consumer protection is especially important in a strengthened European regulatory framework for product governance (via the Insurance Distribution Directive in particular). Another one is the access and use of data. To remain competitive in the customer relationship and risk management, access to data and the ability to efficiently use them will be essential. These developments will involve further cooperation between the personal data protection authorities and the insurance supervisory authorities.
The ECB operations during winter contributed to boosting liquidity and reducing risk premiums in the European banking system and in the sovereign debt market. 2  BIS central bankers’ speeches  Financial market turbulence has flared up again recently, with particular focus on the macroeconomic situation and budget developments in Spain and other countries in southern Europe. The political unrest in Greece and growing fears of a Greek government debt default have curbed risk appetite in the markets. Yields on Italian and Spanish government bond have increased, while US, UK and German government bond yields have fallen to historically low levels. International equity indices have declined, particularly in Europe. BIS central bankers’ speeches  3  Despite a prolonged downturn abroad and financial market turbulence, activity in the Norwegian economy is remains robust. Capacity utilisation has been close to normal over the past year. GDP for mainland Norway expanded by 2.4 per cent in 2011 according to preliminary figures. Prices for Norwegian export goods are favourable relative to import prices. The oil and construction industries are booming and both employment and the supply of labour are on the rise. Unemployment is low and fairly stable. At the same time, house prices are moving up and household debt is still rising faster than household income. On the other hand, some segments of the export industry are feeling the adverse effects of developments in Europe and a strong krone.

The key policy rate was kept unchanged at the June meeting, but the interest rate forecast implied a likely interest rate increase after summer. Norges Bank did, however, underline the risk of a possible appreciation of the krone and inflation that might become too low as a result of economic divergences between Norway and other countries. In the course of summer and autumn, international growth prospects worsened considerably. Financial market tensions heightened, and market participants’ key rate expectations were lowered appreciably. Yields on government bonds in countries with weak public finances jumped, while equity prices declined. Money market premiums moved up and banks’ funding costs rose. BIS central bankers’ speeches  1  The turbulence and weaker growth prospects abroad fed through to the Norwegian economy. At the monetary policy meetings in August, September and October, the Executive Board decided to leave the key policy rate unchanged at 2.25 percent. Around the turn of the year, financial turbulence intensified and the risk of a downturn increased, particularly in Europe. The debt crisis in the euro area made it more difficult and expensive for European banks to procure market funding. Norwegian banks were also affected. With a view to countering the higher premiums in the money market and curbing the effects of weaker developments abroad on the Norwegian economy, the key policy rate was reduced to1.75 percent in December. The situation in international financial markets improved in the course of winter. The krone appreciated.
Public expenditure and taxes that vary in relation to oil prices would result in an unstable economic environment. Financial markets would be marked by uncertainty and turbulence, with an increase in the risk premium on Norwegian securities. This would have resulted in  6  BIS Review 20/2002  higher and more variable interest rates. The risk of financial crises in Norway would also have increased because the cyclical fluctuations in the Norwegian economy would have been more pronounced. It is therefore an advantage that fiscal policy is now predictable and anchored in a longterm strategy. The future size of the Petroleum Fund depends on oil price developments. The guideline ensures that we only use the return on wealth that has already been accumulated. This makes policy robust to changes in oil prices and ensures that petroleum wealth will be of benefit both today and in the future. The guideline provides a framework that contributes to making the central government budget an appropriate tool for setting political priorities. It sets a limit on the share of petroleum revenues that the government can use each year and does not distinguish between domestic and foreign spending. This eliminates the waste of resources that two separate budgets would necessarily entail. The government invests petroleum wealth in foreign securities through the Petroleum Fund. Government wealth is thereby more diversified. These investments have no impact on the Norwegian capital market. Both mainland private saving and business fixed investment have been high in recent years.

Developments towards the end of last year were marked by lower demand for oil. In December, the OPEC countries together with Russia, Mexico and Norway decided to limit oil production. This may have contributed to increasing the oil price during the last months. The risk of war in the Middle East and the decline in commercial oil stocks in the US may also have contributed to increasing the oil price. Oil prices plunged by around 40 per cent between autumn 2000 and the end of 2001. Developments towards the end of last year were marked by lower demand for oil. In December, the OPEC countries together with Russia, Mexico and Norway decided to limit oil production. This may have contributed to increasing the oil price during the last months. The risk of war in the Middle East and the decline in commercial oil stocks in the US may also have contributed to increasing the oil price. BIS Review 20/2002  1  2  BIS Review 20/2002  The global slowdown started to have ripple effects on the Norwegian economy during autumn and winter. Prices for important Norwegian export products fell, and markets for many export industries have weakened. Salmon prices dropped by close to 20 per cent in 2001, after reaching record levels the previous year. The trade policy in the EU stipulates a minimum price for salmon exports, to the benefit of ineffective and high cost producers. The volume of traditional exports fell in autumn last year.
In response to these developments, with the aim of halting this deterioration both in inflation and inflation expectations and of attaining medium-term targets, the Central Bank of Turkey has effectively used the short-term interest rates that are the main policy instruments of the Bank and has exercised strong monetary tightening, by raising policy rates by 425 basis points to 17.5 percent. After this strong monetary tightening, the fluctuations in financial markets started to settle and the medium and long-term inflation expectations started to improve. Thus, in August, inflation expectations over the next 12 and 24 months declined to 7.94 and 6.02 respectively. It should be borne in mind that the impact of interest rate decisions on economic activities and inflation can be observed only with a time lag. It is advisable to take this fact into account while making the analysis and evaluations. As for the future inflation outlook, we foresee that the negative effect of the depreciation of the New Turkish lira on inflation will gradually diminish as was the case in August. BIS Review 89/2006  3  Although we have achieved rapid recovery and relative stability, the environment created by the fluctuations observed in financial markets in the May-July period are expected to weaken domestic demand in the second half of the year. Meanwhile, analyzing recent data such as those pertaining to investor confidence and to the expectations for domestic sales and orders for the next quarter, it is foreseen that the decline in domestic demand will not be a very sharp one.

It is to be hoped, therefore, that our countries’ considerable efforts to integrate successfully and without undue delay into EMU will receive a sympathetic response and not be perceived as a potential source of instability. 4  BIS Review 16/2004