samchain/econo-pairs-v1 huggingface dataset:
Ensuring diversity of market segments and individuals is explicitly considered when identifying members for roles on our external-facing committees, including the London Foreign Exchange Joint Standing Committee. Further expanding our intelligence network to embrace all the benefits diversity can bring to our understanding of financial market developments. And engaging more actively at events like this, where diversity is an explicit theme or topic of discussion. But I would say this: finding new and insightful contacts across the market is not always easy. So we need your help as we ramp these efforts up over the coming year: to identify people earlier in their careers, and the new generation of up-and-coming leaders of tomorrow, and bring them to our attention so we can ensure their views help support our policymaking for the whole of the country. Conclusion  The foreign exchange market is one of the biggest, most geographically dispersed, efficient and technologically advanced financial markets in the world. It touches every economy and financial system. And it’s changing fast, with new products and players appearing every day, drawing in some of the smartest people, working to develop better ways to meet customers’ needs. The culture and working patterns are changing too – not just because there is a moral imperative to do so, but because it makes hard business sense. Diversity is not an option in FX – it’s an imperative.

And actually that’s what gives me greatest optimism that we will succeed – because if I had to choose one market to epitomise that hard-edged business instinct, it would be foreign exchange, where ultimately good ideas thrive and objective results speak louder than anything else. So to all of you interested in a career in the FX markets, I say: come and get involved. It’s exciting, important and changing fast. The things that might have put you off in the past are being dismantled – and what’s left is a vibrant and vitally important market where you can really make a difference, both in shaping the future, and in supporting the vital underlying economic activity that relies on it. We need your talent and your skills to help drive change further. I look forward to meeting many of you later, and to hearing from some of the great role models speaking in the later panels. Thank you. 10  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  10
Jahn sent a telegram to Brofoss where he recommended that Norway devalue the krone to the same extent as the UK. By then the Ministry of Trade and Industry had already been informed of the UK decision through official channels. Then, without first consulting with the other members of the government, Brofoss decided that the Norwegian krone should be devalued by 30.5 per cent. After being instructed by Brofoss, Gunnar Jahn informed the IMF of the decision on behalf of the Norwegian government in a letter dated 17 September. See Gunhild J. Ecklund (2008): “Creating a new role for an old central bank: The Bank of Norway 1945–1954”, Series of Dissertations 2/2008, BI Norwegian School of Management, pp. 141–143 and William Jansen (1975): “Devalueringen i 1949” [The devaluation of 1949], History thesis, NTNU, Trondheim. 14  For more on the background for these decisions, see Gunnar Jahn, Alf Eriksen and Preben Munthe (1966): Norges Bank gjennom 150 år, [Norges Bank through 150 years] Norges Banks seddeltrykkeri, Oslo and Nicolai Rygg (1950): Norges Bank i mellomkrigstiden, [Norges Bank in the interwar period] Gyldendal Norsk Forlag, Oslo. 15  In 1965 the former director of Statistics Norway Odd Aukrust assessed the successes and mistakes in Norwegian economic policy since the Second World War. Concerning the devaluation decision in 1949 he writes: “This devaluation was probably the most important single economic decision made in this country since 1945, with a greater impact on prices and income distribution than any wage settlement.

In other areas of society, it is not always the case that those who are qualified to make good decisions also have the power to implement them. In the interest of democratic governance there may be good reasons why this is so, but the decision-making process will then require considerable attention. We can concentrate on promoting an understanding of the decisions we make. We must be transparent about what we do, and explain premises, economic relationships and results. Our decisions must be well communicated and understood. If we are unsuccessful in this respect, our reputation may be impaired. Independence, transparency and good decisions are intertwined. Independence is a precondition for keeping promises. Keeping promises was the topic of my lecture here two years ago. 38 We must also communicate and explain interest rate decisions to the public so that they have confidence that we are discharging our duties properly. Transparency is a precondition for accountability and that was the topic of my lecture here last year. 39 Today I have been speaking about how we can arrive at decisions that are good ones. Adequate institutional arrangements, high-quality professionals and appropriate routines are important elements for doing just that. Hans Rasmus Astrup died in 1898, twelve years after this building was completed. Astrup’s two daughters sold the house to the Norwegian Academy of Science and Letters a few years after their father’s passing. They gave the Academy a gift of 106,000 kroner to go towards buying the house. The remaining funds were raised from donations.
—POLICY REVIEW Radev, was circumspect regarding recent calls for a review of the ECB’s monetary policy strategy. He also expressed caution in response to suggestions the institution should lower its mandated medium-term inflation rate target from close to but below 2% to around 1%. "There may be reasons to start thinking if an overhaul needs to be considered,” he said. But he added: “Whatever, if anything, the ECB decides in this regard should be shaped into a carefully communicated process. I cannot but fully agree with a recent comment by Peter Praet who warned that such public announcements may be misread and, furthermore, interpreted as the ECB admitting to having failed on its mandate, which is not the case." The ECB has “plenty of instruments” at its disposal in the event of a severe economic downturn, he said, adding: “The door is not closed to asset purchases, and there is no rule-set limitation on moving rates such as those on the standing facilities or the regular open market operations. "We know there may be varying degrees of support within the Governing Council for certain especially non-standard measures, if those are to be considered. Hence it is also true that the effectiveness of any firepower of the ECB ultimately depends on its determination and leadership rather than variety or size of the tools."

Offsetting the negative effects of sub-zero interest rates has been a key topic for discussion since March, when remarks made by ECB President Mario Draghi in Frankfurt led to speculation he was considering the introduction of a tiered central bank deposit rate. —NEGATIVE RATE CONCERN 1/2  BIS central bankers' speeches  "There are good reasons to be concerned about the very low or negative rates, particularly if they persist. Banks may be less motivated to improve efficiency, given their low funding costs. At the same time, the asset side of their balance sheets may erode and is exposed to a future turn of the cycle, and this risk needs to be adequately priced." Bulgaria, which joined the European Union in 2007, already meets key criteria for adopting the euro, and its national currency is expected to enter the EU’s Exchange Rate Mechanism II later this year. Nevertheless, the country is unlikely to enter the currency union until at least mid-2022, Valdis Dombrovskis, EU Commission Vice-President for the euro said in January, with Radev agreeing that obstacles to accession remain. "We need to speed up the process of real convergence,” he said. “The challenges we face are structural, rather than fiscal or monetary ones. More needs to be done also on the institutional front. While the institution of public financial management is exemplary, as evidenced by results, some other institutions need major improvement."
In addition, the single currency creates a further dimension in the opportunities for bringing about a truly integrated financial market in the countries that have adopted the euro, in that it is more efficient to build up systems that can be used on a larger market than within smaller, individual currency areas. In order to benefit fully from this dimension, it is necessary to strengthen the incentives for making the infrastructure more efficient, in order to conduct cross-border trading in financial services, e.g. with regard to payments, clearing and settlement between operators in different countries. Less detailed government rules and regulations for financial services The political system, which has power over the rules and regulations for the financial sector, thus has important tasks with regard to ensuring that effective competition can be maintained and to reducing uncertainty regarding financial transactions. A number of initiatives are also being taken to strengthen financial integration. This involves the delicate task of prioritising between removing obstacles to cross-border operations and ensuring a fundamental consumer protection that does not have a discriminating effect. Ten years after the white paper on the single market was to be realised, there are new action plans within the EU with the aim of removing the remaining obstacles to borderless trading in financial services.

In this paper the commission described a total of almost 300 different directives that should be adopted in order to realise full mobility for goods, services, capital and persons within the European Community. Twentyfour of these directives concerned financial activities, including the liberalisation of capital movements. Almost all of these directives also came to be decided within the set time period, and a number of favourable conditions were created for bringing about more vigorous competition between the different EU member states. A lot has also happened in this field and contributed to strengthening developments within the EU with regard to both supply and demand for financial services. The most important driving force behind this development relates to the general internationalisation process, the new communication technology and the deregulation of parts of the government rules and regulations. When the euro was later introduced as the single currency in twelve EU member states, it provided the ‘finishing touch’ that abolished uncertainty over exchange rate developments in a large part of Europe. At the same time, there is some disappointment that it has not been possible to create a market completely without borders for all types of financial activities within the EU even more quickly, and that some obstacles still remain. These obstacles are partly linked to the rules and regulations governing financial activities - and it is therefore in principle possible to influence them. The EU is now working on implementing a financial services action plan, which should be implemented by 2005.
Thank you very much. BIS central bankers’ speeches  7

We need more investment in health, in education—especially in the earliest years—in infrastructure, and in training and skills for well-paying jobs. There is so much work that needs to be done to make sure that we are fostering an equitable recovery and ensuring that everyone is able to fulfill their economic potential. That’s why at the New York Fed and across the Federal Reserve System, a key area of focus is to better understand what contributes to economic inequities and to finding solutions.3 Our economic research and analysis, which my colleagues will share shortly, highlights many of these stark disparities.4 In addition, hosting conversations like this one creates dialogue around these issues and builds connections between those working for change. 1/2  BIS central bankers' speeches  Another important role the Federal Reserve plays in promoting economic equity and access is supervising banks with respect to the Community Reinvestment Act. This law requires banks to lend, invest, and offer services to low- and moderate-income communities in areas where the banks operate. To emphasize all of our work in this space, the New York Fed recently published a statement reinforcing our commitment to fostering a more equitable economy and society:5 The New York Fed stands in unity with all those who oppose racism, hate, and violence. We join them in a shared desire to root out the intolerable inequities and injustice grounded in systemic racism that persist in our society.
In this section, I will explain why the Federal Reserve was able to lift rates off zero without requiring large-scale “reserve draining.”3 Next, what do the new data on money market trading say about how this new framework is affecting market conditions? As part of this discussion, I’ll walk through the enhanced data that, starting in March, the New York Fed will use to calculate the effective federal funds rate.4 Finally, what questions remain, and what can be done to learn more about the issues they raise? These include the level of capacity required in the Federal Reserve’s reverse repo operations and the consequences of changes in the regulatory rules for banks and money funds. BIS central bankers’ speeches  1  As always, these views are mine alone and do not necessarily reflect those of the New York Fed or the Federal Reserve System. A new approach for policy implementation Why are we following a new approach to implementing monetary policy? Before the financial crisis, the Federal Reserve followed a well-worn playbook for monetary policy implementation that was based on scarcity of reserves. Reserves left at the Federal Reserve earned zero percent interest.

8  When the Desk conducts a reverse repo transaction, it sells securities held in the System Open Market Account (SOMA) under an agreement to repurchase the securities at a predetermined price. The difference between the sale price and the repurchase price, together with the length of time between the two legs of the transaction, implies a rate of interest (the reverse repo rate) paid by the Federal Reserve to its counterparty. The transaction leaves the size of the SOMA securities portfolio unchanged but shifts some of the liabilities on the Fed’s balance sheet from bank reserves to reverse repos while the trade is outstanding. A repo (as opposed to a reverse repo) is the opposite. Before the crisis, repos were more common than reverse repos. The eligible collateral for the Desk’s repo and reverse repo operations is set forth in the FOMC’s Authorization for Domestic Open Market Operations. 9  Autonomous factors are those components of the Federal Reserve’s balance sheet that affect reserve balances but are not directly under the central bank’s control. The largest of these, by far, is currency in circulation. Others include U.S. Treasury deposits, Federal Reserve Bank “float,” and overnight reverse repos conducted with foreign central banks. See, for example, Hilton (2008). 10  The 2005 speech by then-Governor Bernanke that I noted earlier provides great detail on a day in the life on the Desk prior to the financial crisis.
One cannot rule out the possibility that investors might reduce their holdings or perhaps no longer wish to own Swedish mortgages through covered bonds when housing prices are falling heavily. Although the risk of direct loan losses on the banks’ mortgages is initially small, investors who perceive the uncertainty to be great and who have poor knowledge of the credit risk might wish to sell their holdings. If a general expectation of increased sales pressure also builds up, a large number of more well-informed investors 4  BIS central bankers’ speeches  might choose to sell their holdings of Swedish covered bonds to avoid large falls in value. This type of herd behaviour could create very negative price fluctuations on the bond market and perhaps even disrupt the functioning of the market. The stress tests carried out by both the Riksbank and other analysts indicate that the Swedish banks would be able to cope with a large fall in housing prices without the earmarked collateral declining significantly. But regardless of this, we can be sure that the uncertainty regarding the covered bonds would increase if housing prices were falling and it is always international confidence in the Swedish housing market that is important here. However, it is difficult to predict at what loan-to-value ratio the Swedish covered bonds would begin to be perceived as less safe by the market. Perceptions of what is acceptable may suddenly change.

It is, however, important for the Swedish krona's status as an independent and internationally viable currency that it is not perceived to be more complicated, expensive or unsafe to make payments in Swedish krona than in other currencies. 9  Denmark has not taken a stance on TIPS, but uses the Eurosystem's pan-European platform for securities settlement, T2S. 6 [8]  This means that the settlement services offered by the Riksbank to financial institutions must be at least as safe and efficient as those available abroad. From this perspective, too, it would appear a good idea to share a technical platform with the euro countries. How will RIX and TIPS co-exist? If the Riksbank begins using the TIPS platform to offer settlement of instant payments, RIX needs to change its form and function. It is not appropriate to go into all the details here and now, so let me just describe the arrangement on a general level. The current RIX system (hereafter referred to as RIXRTGS) will remain in place. When RIXRTGS closes for settlement at the end of the working day, the Riksbank will implement its monetary policy transactions, just as it does today. But RIXRTGS will additionally be equipped with some new features. For instance, a participant in RIXRTGS will have access to intraday credit almost 24 hours a day, compared with today when it is only available during RIX's normal opening hours. In addition to RIXRTGS, settlement will be available 24/365 via the TIPS platform (hereafter referred to as RIXINST).
The outcome of your academic development will obviously have a positive impact on your family, society, culture and country at large. MAKE SURE YOU TAKE FULL ADVANTAGE OF THIS OPPORTUNITY. It sets the stage for the rest of your future. If you graduate from here with poor grades will mean you have limited your access to top notch institutions, should you, for example, wish to get an advanced qualification. You are limited even to apply for scholarships. And in situations of competition, the best will be selected. ZCAS is one of the renowned institutions in Zambia. One thing you must realise is that not everyone has the opportunity to be enrolled in an institution of higher learning to obtain an academic or professional qualification. Therefore, you must make the best of this opportunity to be here at ZCAS and indeed, be thankful to God. Many of your friends are not able to have this opportunity. I am also aware that for quite a good number, it is a great sacrifice by your parents to send you here. You should ensure that this investment pays off by putting in your best. DISCIPLINE For many of you, this may be the first time that you have experienced so much freedom in your lives. It is the beginning of taking responsibility for your own lives. The importance of being disciplined in both your academic and social life cannot be overstated. I believe there are no capitaos at ZCAS. You must be your own capitao.

Going back to what I said earlier about maintaining high morals, keep away from abusing alcohol, drugs and sex as these are the ingredients that are likely to lead you into high risk behavior  2  BIS central bankers’ speeches  such as unprotected sex and cause you to contract the HIV/AIDS. Abstinence is the only 100% effective way to avoid getting infected. WHAT EMPLOYERS WANT Employers want to see in you potential to be a high flyer and willingness to learn new things. Employers want a demonstration of productivity. Employers want to receive a good reference, a transcript that reflects goods results and a qualification from an institution of repute, a qualification that is relevant to their needs. You therefore need to be forward looking even as you select your subject. PLAN YOUR LIVES. Do not have the attitude of FIKAISOLVA. Have a recipe for a successful life. It is never too early. I had decided when I began to study law that I wanted to specialize in commercial law. That path has brought me to where I am today. I must make mention that you are fortunate in that the environment of the college is ideal for learning. I had the opportunity to be taken around the college and I observed that you have modern facilities and equipment that support your learning. Your classrooms have the necessary furniture, the computer laboratory has access to internet and the physical building conditions are solid.
Mr. King examines the impact of the recent turbulence in international financial markets on the UK economy Speech by Mr. Mervyn King, a Deputy Governor of the Bank of England, to the National Council of Building Material Producers in London on 21/10/98. Few industries have suffered more from volatility of the British economy than yours, and the past few months have been more volatile than most. “The times they are a-changing” would be an appropriate theme tune for all of us. What has changed the economic climate over the past two to three months? Here at home the most obvious sign has been a sudden decline in business and consumer confidence. The fall in the CBI’s measure of business optimism over the last two quarters is the largest seen since the early 1980s. The level of consumer confidence appears more robust, but it too has also fallen since the middle of this year. What has changed the economic climate over the past two to three months? Here at home the most obvious sign has been a sudden decline in business and consumer confidence. The fall in the CBI’s measure of business optimism over the past two quarters is the largest since the early 1980s. The level of consumer confidence appears more robust, but it too has fallen since the middle of this year. Away from home, the major development has been increased fragility in the international economy.

Dimitar Bogov: We will need foreign loans also in the coming years Interview with Mr Dimitar Bogov, Governor of the National Bank of the Republic of Macedonia, in Utrinski Vesnik, conducted by Ms Nina Nineska-Fidanoska and published on 22 August 2013. *  *  *  Mr. Bogov, in June, lending grew by only 3.7 percent, which is considered a very low rate. Few months ago, businessmen called for an annual credit growth rate of 8 to 10 percent. Is there a chance to reach that goal and when? It is usually considered that credit growth should be two times the nominal growth of the gross domestic product. This means that if we want to achieve long-term real GDP growth of some four to five percent and inflation of two to three percent, then certainly I would say that credit growth of 10 to 15 percent is normal and desirable. But we were in a period of slower economic growth, so that the credit growth rate was relatively low in the last year. This year it continued, and in June we had an annual credit growth rate of 3.7 percent. It is low, but in line with our projections. For the entire year we expect credit growth of 7 percent and we believe we will achieve that rate. In June and July we already have a more intensive monthly credit growth compared to the previous months and we expect that trend to continue.