samchain/econo-pairs-v1 huggingface dataset:
These include both an improved regulatory framework for the Libor fixing, as well as enforced oversight by the relevant authorities. The aim is to make the Libor more representative and to restore the trust of market participants. Aside from these regulatory  2  BIS central bankers’ speeches  steps, what is also vital for the continued existence of the Libor is that an adequate number of banks participate in the Libor fixing, and that the money market upon which the Libor fixing is based recovers its importance. Credible and representative reference interest rates are of major importance for the financial markets. They serve as benchmarks in the pricing of loans, financial products and derivatives. In Switzerland, approximately 80% of banks use the Libor as a benchmark for loans, especially for mortgages. The responsibility for the provision of reference interest rates therefore lies primarily with the market participants. They should be aware of this responsibility, and become involved, where necessary, in exploring alternative reference interest rates. The SNB is playing a supportive role in this regard, in that it is participating in discussions with market participants, as well as with Swiss and foreign authorities. Future of the repo market infrastructure in Switzerland With regard to repo market infrastructure, it is important that we are well prepared for the future. A functioning, secure and efficient repo market is vital for the implementation of monetary policy, as well as for market participants’ access to central bank liquidity.

Switzerland has a long tradition of organising its core financial market infrastructure as a joint enterprise, according to the ‘user-owned, user-governed’ principle. In the case of the repo market, the current solution has proven its worth. Nonetheless, due to changes in the stock market and regulatory environment, the SNB has undertaken a reassessment of the situation. In the light of this, the SNB has decided to conduct its monetary policy operations via a new trading platform, provided by SIX Group Ltd, as of May 2014. In this way, the repo market will be based on an integrated solution, in which the trading platform, securities settlement system and payment system are covered by a single source. Moreover, further developments will also be possible, for example the expansion of trading to incorporate further products. Since the new trading platform will resemble the existing Swiss franc repo system (Eurex Repo), access for market participants will entail only minimal adjustments. We are confident that an integrated solution is the best means of ensuring a robust repo market infrastructure. BIS central bankers’ speeches  3  Charts  4  BIS central bankers’ speeches
In this respect, the CBT has delivered sizeable cuts in policy rates, while providing liquidity support to facilitate the smooth operation of credit markets. Accordingly, policy rates were cut by 1025 basis points between November 2008 and November 2009. Considering the favorable developments in credit markets and the moderate recovery in economic activity, the Monetary Policy Committee (the Committee) has kept policy rates constant since December 2009 (Table 1). Following the policy rate cuts implemented by the CBT since November 2008, market rates have plummeted to historic lows since the second quarter of 2009 (Figure 18). The stable course of market rates had implications on medium-term real rates in this period (Figure 19). Lower policy rates and stabilizing liquidity measures continued to be effective on money and credit markets during the first quarter of 2010. In this context, while consumer loan rates remained at historic lows, commercial loan rates continued to decline in the first quarter as  well (Figure 20). With the easing of financial conditions, the expansionary impact of CBT’s monetary policy has become more pronounced in this period. As I have just mentioned, the pronounced elevation in inflation since the last quarter of 2009 had adverse effects on inflation expectations. Therefore, taking account of the adverse effects of the high inflation levels on expectations, albeit temporary, the Central Bank signaled the transition to a more cautious stance as of March.

Both private consumption and investment provided an important stimulus to the growth rate in the first quarter of this year. More up-to-date indicators point towards continued expansion in the second quarter, albeit at a possibly more moderate pace than in the first quarter. The outlook on consumption is supported by higher real earnings growth and declining unemployment, and is reflected in consumer confidence. The evidence for the corporate sector is perhaps more mixed. As compared to the first quarter of 1998, industrial production figures show a somewhat slower rate of increase in the period from April to May, but capacity utilisation has continued to increase and this, combined with low interest rates, should underpin investment. European Commission survey data, such as confidence indicators and the assessment of order books, bear witness to relatively high levels, both with respect to their longterm averages and recent peaks. This can also be taken as a favourable indicator for continued growth in the short term, although some indicators have not improved further since the spring. Unemployment has also been declining, but at a modest pace, and from a high level. In discussing the cyclical uncertainties, one should not forget that work on badly needed structural reforms has not so far made much progress. Considering recent price developments, HICP inflation for the euro area as a whole remained stable at 1.4% between May and July. Both domestic and external factors still appear to be favourable, suggesting that euro area inflation may be expected to remain subdued in the future.
William C Dudley: Fixing wholesale funding to build a more stable financial system Remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York and Chairman of the Committee on the Global Financial System (CGFS), at the New York Bankers Association’s 2013 Annual Meeting and Economic Forum, New York City, 1 February 2013. *  *  *  As prepared for delivery. Thank you for having me here to speak today. As you all know from daily experience, the financial system plays an essential role in modern economies. Because financial intermediation is critical to economic activity, disruption to it can cause severe damage to the economy. The experience of recent years revealed serious flaws in the system. Risk was mispriced and there was a build-up of excesses before the crisis. Structural weaknesses in the financial system then amplified the effect of the bursting of the bubble in U.S. house prices, and the result was a widespread financial crisis. One critical factor was the extensive use of short-term wholesale funding in the years leading up to the crisis. Not only did this aspect of our financial system create the potential for a firm to fail in an extraordinarily rapid manner when faced with a loss of market confidence, but it also served as a channel through which the effects of those failures were widely propagated throughout the broader financial system.

In short, good governance works and we should all simply try it! In conclusion therefore, I would like on behalf of Bank of Zambia and indeed on my own behalf to commend the Zambian commercial banks, international banks and development finance institutions that have participated in this syndication. This is not only testimony of their confidence in Celtel Zambia plc but confidence in the Zambian people and the economy as well. I thank you. 2  BIS Review 126/2006
For example, in 2013, the ratio between fixed and variable for material risk takers at major UK banks was around 1:3 – meaning three quarters of remuneration was at risk from individual misconduct. The next year, when firms first had to apply the bonus cap, that ratio had fallen to around 1:1, with the overall level of remuneration unaffected. Prompted by the ESRB, the FSB is now examining the impact of various compensation tools on misconduct, and if appropriate, it will recommend improvements to next year’s G20 summit. Reforms to compensation are necessary but not sufficient. ESRB reports have rightly stressed that more should be done to hold senior individuals to account. Prompted in part by the ESRB, the FSB members will share experiences on the role of bank regulatory powers to address misconduct and on approaches to enhancing individual accountability. In the UK, we are implementing a new regime to ensure senior managers right across the financial system are held directly accountable for failures in their areas of responsibility. That will be buttressed by clear code of conduct, designed by practitioners, to ensure high standards are understood by all. 4. Conclusion  All member states, and more fundamentally all EU citizens, have a stake in EU financial stability. The ESRB helps deliver this foundation of prosperity. The financial crisis starkly illustrated how quickly risks could spill across borders, the need for wide-ranging reforms, and a new approach to addressing risks.

Up to autumn 2008, it appeared that capacity utilisation in the Norwegian economy would most likely decline to a normal level, inflation would stabilise around 2½ per cent and the key rate ahead could be held at what we consider to be a normal level – between 5 and 6 per cent. But the outlook was regarded as uncertain. Commodity prices rose and pushed up inflation in many countries. At the same time, wage growth in Norway had become high and productivity growth was slowing. On the other hand, the financial turbulence, if it gained momentum, could have a severe impact on the global economy and our exports. In September 2008, the turbulence in financial markets erupted into a full-blown global crisis. The failure of Lehman Brothers on 15 September last year triggered a confidence crisis in financial markets. The turnaround hit hard, with synchronised effects on virtually all financial and goods and services markets, not only in the US but also in Europe, Asia, Latin America and Oceania. The crisis abroad rapidly fed through to the Norwegian economy. Our banks and the flow of credit and funds are tightly interwoven with foreign markets. Banks’ foreign funding became expensive and almost dried up. In response, banks increased interest rates on loans to businesses and households, and they tightened the lending tap. As autumn progressed, an increasing number of business sector segments were feeling the impact of contraction. In August 2008, manufacturing enterprises in our regional network reported that they expected growth to remain high.
Thank you. 13  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  13  References Abel, A. B. 1983. “Optimal investment under uncertainty”. American Economic Review, Vol. 73, No. 1, pp. 228-233. Bank of England. 2018. “Agents’ survey on preparations for EU withdrawal and results from the Decision Maker Panel survey”. Available at: https://www.bankofengland.co.uk/report/2018/agents-survey-onpreparations-for-eu-withdrawal. Bank of England. 2019. “Agents’ update on business conditions”. Box 5 in the May 2019 Inflation Report. Available at: https://www.bankofengland.co.uk/inflation-report/2019/may-2019/demand-and-output#agents. Bar-Ilan, A. and Strange, W. C. 1996. “Investment lags”. American Economic Review, Vol. 86, No. 3, pp. 610-622. Bernanke, B. 1983. “Irreversibility, uncertainty, and cyclical investment”. The Quarterly Journal of Economics, Vol. 98, No. 1, pp. 85-106. Bloom, N., Bunn, P., Chen, S., Mizen, P., Smietanka, P., Thwaites, G., and Young, G. 2019. “Brexit and uncertainty: insights from the Decision Maker Panel”. Bank of England Staff Working Paper No. 780. Available at: https://www.bankofengland.co.uk/-/media/boe/files/working-paper/2019/brexit-and-uncertaintyinsights-from-the-decision-maker-panel.pdf. Boyarchenko, S. and Levendorskiĭ, S. 2007. “Irreversible decisions under uncertainty: optimal stopping made easy”. Springer-Verlag, Berlin. Dixit, A. and Pindyck, R. S. 1994. “Investment under uncertainty”. Princeton University Press. 14  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  14

The unemployment rate has decreased close to its record lows, while the number of vacant jobs has approached its record high. To fill the new jobs, we need either an inflow of labour migrants, or a redistribution of the current labour force among regions, industries, and enterprises. This process is objectively slower than the return of the available labour force to work during the period of the recovery growth. A higher competition for specialists between employers is promoting the conditions for an increase in wages. It is essential that a rise in wages is consistent with the growth of labour productivity in the relevant sectors. Otherwise, it will entail higher costs which enterprises will pass on to consumers, and the rise in nominal wages will be ultimately absorbed by inflation. We keep our GDP forecast unchanged for the next year and further on. An additional tightening of monetary policy aimed at returning inflation to the target is coherent with the positive contribution of external demand and investments from the National Wealth Fund made to aggregate demand. GDP will increase by 4–4.5% this year and by 2–3% further on, which is in line with the sustainable growth path. Monetary conditions have changed only slightly after the September meeting. An increase in market rates following the rise in the key rate currently has only a limited effect on them. This is largely associated with the impact of higher inflation expectations.
It is a part of the Bank’s public mission that is afforded little attention in everyday life. And that is how it should be. When interbank settlement is not something people talk about, we know it is working as it should. The uptime requirement cannot be lower than 100 percent. Technological advances have not stopped at online banking, card terminals and the forms of contactless payment we are familiar with today. New means of payment are being created and new financial motorways are evolving. But stability and confidence will also be essential elements of future payment systems – not only for the individual user, but also to prevent a collapse of the financial infrastructure. A central hub is still needed to guarantee that the payment system is subject to the necessary control. That hub is the central bank. Throughout the Bank’s two hundred years of history, one of its most important tasks has been to ensure stability in the value of money. The Bank has performed this task with varying success. The pendulum swings back and forth. In some periods, price stability has admittedly been below par. In other periods, the Bank has been criticised for being too “oneeyed”. And Norges Bank’s room for manoeuvre in terms of keeping inflation in check has also, at times, been limited. Today, this responsibility has been clearly and unequivocally delegated to Norges Bank.

Since the Bank was established in 1816, its position has been regulated through specific legislation. But confidence will always be essential for true central bank independence. That confidence is only on loan. Changing circumstances require the ability to adapt and think differently, and the same applies to central banks. What matters is results, and how they are achieved. Norges Bank’s first demanding objective – to restore confidence in the monetary system – was achieved and made an important contribution to the success of the nation building process of the 19th century. The Chair of the Bank’s first board of directors, Jacob Fredrik Oxholm, also enjoyed success in other arenas. He was an acclaimed amateur actor – right here in Trondheim. The institution he directed – Norges Bank – is not looking for acclaim and enthusiastic cheering. The Bank has a more sober objective – to be a useful public institution and a dependable guardian of Norway’s monetary system. But just tonight, we would not say no to a little applause. And let me wish Norges Bank many happy returns! BIS central bankers’ speeches  5
This is particularly important for capital markets, because a climate asset’s value will be determined far more by where it is going, than by where it has been. Faced with the choice between assets from two companies, one with relatively low current emissions but no investment plans, and another with relatively higher current emissions but aggressive and credible future plans to lower them, an asset allocation strategy based exclusively on current 24 25  Results drawn from https://mitsloan.mit.edu/ideas-made-to-matter/why-esg-ratings-vary-so-widely-and-what-you-can-do-about-it https://www.researchgate.net/publication/342550204_Mind_the_gap_Machine_learning_ESG_metrics_and_sustainable_investment 10  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  10  metrics would not only underperform an alternative strategy that takes account of forward looking information, it would also risk failing to fund the very investments needed to tackle climate change. The biggest rewards will fall to those who are first to spot a heavy polluting company on its way to becoming credibly green. Forward looking disclosures can take many forms. At the highest level, they may set out issuers’ climate targets, and their chosen strategies for meeting them. They may give specific descriptions of investment projects. Or they may involve model-based projections of future performance.

We at the Bank of England showed one such measure, of ‘portfolio warming potential’, when we published the first full disclosure of the climate risks on our own balance sheet earlier this year.26 The measure, based on the provider’s emissions projections for each issuer with corporate bonds held in the Bank’s Asset Purchase Facility (APF), suggested that if those projections were representative of the emissions performance of corporates globally, the world would experience 3.5 degrees of warming by end-century (Chart 5). So far, so dramatic. But similar measures based on alternative forecast assumptions for the same portfolio suggested a much wider range of possible outcomes, from <1.75 to 4 degrees: a huge variation given the consequences of missing a 2 degree warming target (Chart 6). The problem stems in part from different assumptions about how the world will evolve and how different industries will need to react. For a given temperature goal, investors need to know how much carbon can be emitted, over what timeframe, and by whom, in order to assess where companies sit relative to their required trajectory.
Niklaus Blattner: The euro - implications for Switzerland and for the monetary policy of the Swiss National Bank Speech by Professor Niklaus Blattner, Member of the Governing Board of the Swiss National Bank, at the Banking Studies Center Colloquium, Lugano, 22 October 2002. * 1. *  *  Introduction  Where do we stand more than three and a half years after the launch of the European Economic and Monetary Union (EMU) and almost ten months after the introduction of euro notes and coins? On the whole, from the perspective of the Swiss National Bank (SNB), the experience with the euro has been primarily positive so far, even though the Swiss franc has somewhat appreciated against the euro since 1999. First of all, Switzerland is now surrounded by a large currency area that pursues similar goals in terms of monetary policy, and, in particular, with respect to price stability. Competitive currency devaluations are no longer an option for members of the euro area, and the exchange rate volatility of the Swiss franc vis-à-vis the currencies of the European trading partners has declined considerably. For Swiss enterprises, foreign currency management has become easier. Apart from decreasing transaction costs, Swiss firms also benefit from enhanced price transparency and competition in Euroland. At the same time and despite some initial fears to the contrary, Switzerland has been able to retain its advantage of lower interest rate levels.

In sectoral terms, the sectors that benefited most from the economic growth are the services and construction ones, while the industry sector underwent a more problematic performance. The positive growth rate has been supported by the fiscal stimulus, while consumer demand and the contribution of external sector to the economy have been relatively stable. At the same time, private investments have declined. Consumer demand has been supported by a slight rise in employment and wages, while the mortgage and consumer credit contraction, as well as reduction of remittances have given the reverse effect. Private investments have been contracted, as a consequence of limited financing resources, reduced lending support by the banking system and limited access to international capital markets. Increased uncertainty, slowed progress of the final demand for their products and reduced capacity utilization rate have impacted on such performance. Effects of domestic economic slowdown and the global economic crisis have appeared even in the foreign trade. Foreign economic activity is characterized by a simultaneous decline in both, exports and imports of goods and services, thus impacting significantly on the economic growth for 2009. On the other hand, fiscal stimulus, injected mainly during the first half of the year, has contributed to rapid increase of budget spending and public debt. The economic growth below the potential has created an environment of generally reduced inflationary pressures. The annual inflation for December recorded 3.5 percent, while the average annual inflation rate was 2.2 percent. Both these indicators are in line with Bank of Albania’s target on price stability.