samchain/econo-pairs-v2 huggingface dataset:
on biodiversity has decreased in 2022 compared with 2021, which is good news. it is a forceful demonstration of banque de france ’ s strong commitment on environmental matters, and of the concrete impact of the decisions taken to reallocate accordingly the amounts we invest. it is a first step, but every journey has a start. let me strongly commend emmanuelle assouan and marc reinke, the two cochairs of the task force and all its members for this decisive step. thanks to them, the ngfs has laid the foundations that will allow central banks and supervisors to start taking into account operationally the degradation of nature in our mandate. their work can give us confidence that we will address six challenges and next steps ahead of us : 1 ) some stress the need for more certainty in methodologies to kick off, saying that this topic is new, too complex, because of the intricacies of natural processes, their strong local dimension, or the absence of a single nature - related metric akin to co2 equivalent. and we must honestly acknowledge what we don ’ t know yet, as i did last year, and our gaps on page 3 sur 5 data and scenariosv. but uncertainty shouldn ’ t and cannot mean inaction. we can capitalise on our climate work to leapfrog some steps. 2 ) some sceptics would also have us believe that there is a trade - off between nature action and climate action. obviously, climate remains the number - one priority ; previous work of the ngfs has firmly established the relevance of climate - related risks for central banks and supervisors. despite the growing impact of climate change, i have some concerns that this priority is at risk of fading away, as observed in the most recent g20 and international discussions, due also to the increased polarisation of political debates around climate and environmental issues in the united states. europe is ahead ; the rest of the world shouldn ’ t lag behind. but as central bankers and supervisors dealing with financial stability and price stability, we know complex and interrelated problems between climate and nature should be managed jointly : the framework elaborates on that in its “ phase 1 ” about the identification of physical and transition risks. 3 ) to correctly assess nature - related risks, financial practitioners then need the right data and metrics, the choice of which will require further work ; beyond the mean species abundance per square kilometre currently used, we need to go further as not all nature - related risks are

time as the annual report. this first edition will be updated yearly.
3 1 / trend component extracted by hodrick - prescott filter. * / first quarter. source : own calculations with data from haver analytics. graph 2 the united states and germany : interest rate spreads1 basis points 3 - month 5 - year 10 - year - 40 june 2 - 80 jan - 16 apr - 16 oct - 15 jul - 15 jan - 15 apr - 15 jul - 14 oct - 14 jan - 14 apr - 14 oct - 13 jul - 13 apr - 13 jan - 13 jul - 12 oct - 12 jan - 12 apr - 12 jul - 11 oct - 11 apr - 11 jan - 11 jul - 10 oct - 10 apr - 10 jan - 10 - 120 1 / u. s. treasuries minus german bunds. source : bloomberg. bis central bankers ’ speeches graph 3 the united states : volatility in the options market ( vix ) 1 % june 3 may - 16 jan - 16 sep - 15 may - 15 jan - 15 sep - 14 may - 14 jan - 14 sep - 13 may - 13 jan - 13 sep - 12 may - 12 jan - 12 sep - 11 may - 11 jan - 11 sep - 10 may - 10 jan - 10 1 volatility implied by s & p 500 index over the next 30 days, calculated by taking a weighted average of the implied volatility of eight call and put options. source : bloomberg. graph 4 net portfolio capital flows to emerging economies1 billions of dollars - 40 q1 q2 q3 q4 q1 q2 q3 q4 q1 q2 q3 q4 q1 q2 q3 q4 q1 q2 q3 q4 q1 q2 q3 q4 q1 q2 * 1 / net purchases by non - residents of stocks and bonds in emerging economies. emerging economies are argentina, brazil, chile, china, colombia, the czech republic, egypt, hungary, india, indonesia, south korea, lebanon, malaysia, mexico, nigeria, the philippines, poland, russia, saudi arabia, south africa, thailand, turkey, ukraine, the united arab emirates, and venezuela. * / includes estimates for april and may. source : iif. bis central bankers ’ speeches graph 5 emerging economies and the united states : 10 - year interest rate % emerging economies1 june 2 united states jan - 16 apr - 16 oct - 15 jul - 15 jan - 15 apr - 15 jul - 14 oct - 14 jan - 14 apr -

still in need of an answer.
bis central bankers ’ speeches

for the federal funds rate by 1 / 4 percentage point at both our march and june meetings, with the range now standing at 1 to 1 - 1 / 4 percent. and, in october, the committee began its balance sheet normalization program, which will gradually and predictably reduce our securities holdings. the committee set limits on the pace of balance sheet reduction ; those limits should guard against outsized moves in interest rates and other potential market strains. indeed, there has been little, if any, market effect associated with the balance sheet runoff to date. we do not foresee a need to alter the balance sheet program, but, as we said in june, we would be prepared to resume reinvestments if a material deterioration in the economic outlook were to warrant a sizable reduction in the federal funds rate. changes to the target range for the federal funds rate will continue to be the committee ’ s primary means of adjusting the stance of monetary policy. at our meeting earlier this month, we decided to maintain the existing target range for the federal funds rate. we continue to expect that gradual increases in the federal funds rate will be appropriate to sustain a healthy labor market and stabilize inflation around the fomc ’ s 2 percent objective. that expectation is based on the view that the current level of the federal funds rate remains somewhat below its neutral level — that is, the rate that is neither expansionary nor contractionary and keeps the economy operating on an even keel. the neutral rate currently appears to be quite low by historical standards, implying that the federal funds rate would not have to rise much further to get to a neutral policy stance. if the neutral level rises somewhat over time, as most fomc participants expect, additional gradual rate hikes would likely be appropriate over the next few years to sustain the economic expansion. of course, policy is not on a preset course ; the appropriate path for the federal funds rate will depend on the economic outlook as informed by incoming data. the committee has noted that it will carefully monitor actual and expected inflation developments relative to its symmetric inflation goal. more generally, in determining the timing and size of future interest rate adjustments, the committee will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. thank you. i would be pleased to answer your questions. 2 / 2 bis central bankers'speeches
ravi menon : building talent in the financial sector opening address by mr ravi menon, managing director of the monetary authority of singapore, at the institute of banking & finance annual conference, singapore, 22 june 2011. * * * ms kate sweetman, fellow council members of the ibf, ladies and gentlemen, good morning. the financial crisis has triggered a fundamental shift in the global financial landscape. there has been much discussion globally on levelling up regulatory standards to meet the risks of an increasingly complex and inter - connected financial services sector. but there has been less discussion on the competencies that need to be levelled up in financial services – competencies in risk management, corporate governance, and financial supervision. only if competency standards are raised, will the ongoing financial regulatory efforts bear fruit. since its inception, the institute of banking and finance ( ibf ) has been playing a critical role in raising the standards of the financial sector in singapore. today, this has become more relevant than ever. let me give an update of ibf ’ s efforts. in 2005, ibf launched the financial industry competency standards ( or “ fics ” ). this is a set of competency standards developed by the industry, for the industry. it provides a practice - oriented approach and a clear roadmap for people working in the financial sector to attain the competencies they need to do their jobs. fics has taken off quite well. as at end - 2010, some 360 training / assessment programmes have been accredited under the fics framework. in total, more than 6, 000 individuals have been trained under fics, with about 2, 600 of them assessed. we now have more than 300 individuals certified under fics. every craft has its master craftsmen. the financial industry is no different. to this end, ibf introduced the distinguished financial industry certified professional, or ficp. the distinguished ficp represents the highest certification standard under fics : it is bestowed on those in the industry who are the epitome of professional stature, integrity, and achievement. ibf is proud to have added another 15 senior industry veterans to its cadre of distinguished ficps in october last year. over the years, we have developed a growing network of fics - certified professionals. this is an invaluable resource : a community of professionals whom we can actively tap upon as partners in our learning journey – participating at industry events or in fics working groups. it has been about five years since

##turing, and developing talent must therefore be the number one priority of every financial industry ceo. ibf has been organising these annual conferences – to bring together industry leaders to deliberate on how we can do better in building talent for the industry. today's conference will focus on leadership development – how we can build a robust pipeline of leaders in our organisations and develop our talent base. i wish you a fruitful session ahead and i look forward to your continuous partnership in our common journey of learning and growing in the year ahead. thank you. bis central bankers ’ speeches
##c ) from 2002 to 2018, the longest - serving governor of 1 / 2 bis central bankers'speeches the pboc. dr zhou became one of the most respected central bankers on the international circuit. in february this year, dr zhou was awarded the lifetime central banking award by london - based publication central banking, a most fitting recognition of his contributions to the chinese economy and financial sector. from a bilateral perspective, during dr zhou ’ s tenure, the pboc and mas forged close ties and deepened financial and regulatory cooperation. we collaborated successfully in several areas over the years, particularly in promoting the greater use of rmb in the region. pboc ’ s decision in 2013, under dr zhou ’ s leadership, to appoint the industrial and commercial bank of china as singapore ’ s rmb clearing bank was a significant milestone and spurred the growth of singapore as a key rmb offshore centre. in 2016, mas announced that rmb assets would be included as part of our official foreign reserves, three years ahead of the inclusion of chinese bonds in key global bond indices. at the personal level, i have had the pleasure and privilege to interact with xiaochuan at many international and bilateral meetings. i have always found his views insightful. at our bi - monthly meetings of central bank governors in basel at the bank for international settlements, i would sometimes ask xiaochuan some rather inconvenient questions – about risks related to shadow banking or industrial overcapacity in china. xiaochuan would always answer these questions, as well as those from other governors, with a disarming candour and clarity, never avoiding the hard issues. this not only helped to build trust among his counterparts in the international community but also endeared xiaochuan to many of us as someone we could count on for insights into the complexities of the chinese economy and financial system. today, dr zhou will speak on “ the rise of technology in finance – opportunities and challenges for central banking ”. many of us are familiar with dr zhou ’ s views on financial and economic reforms. but not many of us know that that when it comes to technology, dr zhou was ahead of the curve amongst his peers. in 2014, before the words “ fintech ” and “ digital currencies ” became popular, dr zhou set up a digital currency research institute within the pboc to explore how new technologies like the blockchain and digital tokens could improve and strengthen china ’ s financial system

. today, china is a leading fintech player and there is even speculation that pboc may become the first central bank in the world to issue its own digital currency – a topic that dr zhou will probably touch on, and if he does not, one of you i am sure will ask him about! and now, ladies and gentlemen, please join me in welcoming dr zhou xiaochuan to deliver the tenth mas lecture. 2 / 2 bis central bankers'speeches
available at < www. legislation. gov. au / details / c2020c00322 >. 2 the treasurer and the governor of the reserve bank, ‘ statement on the conduct of monetary policy ’, 19 september 2016. available at < www. rba. gov. au / monetary - policy / framework / stmt - conduct - mp - 7 - 2016 - 0919. html >. 3 reserve bank act 1959 ( cth ) s 11. available at < www. legislation. gov. au / details / c2020c00322 >. 4 / 4 bis central bankers'speeches

be encouraging as many payments as practicable to move onto that system. the next major frontier is to reduce the settlement risks of australian banks in their international transactions. this will be, if anything, more challenging than domestic rtgs has been, but some progress is being made internationally. i suspect that there is as much to be done to improve the efficiency of the australian payments system and the “ fairness ” of access arrangements to retail payments streams. the accc has recently found wanting the basis on which smaller players may negotiate participation in the eftpos system. i should emphasise that it will be the rba ’ s intention to adopt as light a regulatory touch as possible over the payments system. there has, after all, been a good deal of recent progress in reforming that system without the bank having explicit powers. we hope such progress will continue - - through the australian payments clearing association and other industry - based bodies. only where payments arrangements fall short of our efficiency and safety benchmarks - - and there are no serious attempts by the industry to rectify that position reasonably quickly - - will we embark on the path of prescriptive regulation. end piece it is a truism that change is always with us. but i suspect that banks face more than their fair share of it in coming years. i hope my remarks will be useful background for your speculation about the details of this change over the next couple of days.
can best be delivered without overburdening further monetary policy, and so as to limit any destabilising spillovers. this is not a preference or a choice. it is simply the new reality we face. for a discussion on the interaction between demand - and supply - side policies at the global level see cœure, b. ( 2015 ), “ paradigm lost : rethinking international adjustments ”, egon and joan von kashnitz lecture, clausen center for international business and policy, berkeley, 21 november 2015. bis central bankers ’ speeches

the first half of 2007, as a whole, was in line with potential growth. data on activity in the third quarter – from various confidence surveys and indicator - based estimates – remain favourable overall and support the assessment that real gdp is growing at sustained rates. in particular, the latest data on unemployment are favourable and the levels of all confidence indicators to august were high. global economic activity is expected to remain robust, as the likely slowdown in the united states is expected to be largely offset by the continued strong growth in emerging markets. this will continue to provide support to euro area exports and investment. in addition, consumption growth in the euro area should strengthen further over time, in line with developments in real disposable income, as employment conditions improve further. that said, in view of the overall potential impact of increased financial market volatility and the re - pricing of risk on the real economy, appropriate monitoring of the economy ’ s evolution is necessary. this outlook is also reflected in the september 2007 ecb staff macroeconomic projections for the euro area, which for the first time include cyprus and malta. the projections foresee average annual real gdp growth in a range between 2. 2 % and 2. 8 % in 2007, and between 1. 8 % and 2. 8 % in 2008. in comparison with the june eurosystem staff projections, the range projected for real gdp growth in 2007 has been revised slightly downwards, mainly reflecting the assumptions of somewhat higher oil prices and slightly tighter market financing conditions due to higher average risk premia. in the view of the governing council, the ranges presented serve as a good reminder of the general uncertainty surrounding economic projections, which it is worthwhile emphasising given the current volatility in the financial markets. the risks to these projections for economic growth are judged to lie on the downside. these downside risks relate mainly to a potentially broader impact from the ongoing reappraisal of risk in financial markets, global imbalances and protectionist pressures, as well as further oil and commodity price rises. with respect to price developments, according to eurostat ’ s flash estimate, annual hicp inflation was 1. 8 % in august 2007, the same rate as in the previous month. however, over the remainder of this year, inflation rates are likely to increase again to above 2 %. in the september 2007 ecb staff projections, annual hicp inflation is projected to lie between 1. 9 % and 2. 1 % in 2007,
to achieve and maintain price stability. furthermore, the bank is the only body responsible for conducting monetary policy. in addition, credits extended to the treasury and other public institutions are now illegal and the bank shall not purchase debt instruments issued by the treasury or by public establishments and institutions in the primary market. amendments to the central bank law constitute an important institutional step taken on our way to the european union. all of these mean the bank determines the monetary policy and the policy instruments to be used at its own discretion. as a natural consequence of this discretion, the bank is also required to establish the highest possible level of accountability and transparency. according to its law, each year in april and in october the governor appears before the council of ministers to explain monetary policy and operations. we also make presentations to the parliament twice a year. similarly, the central bank gives utmost importance to transparency. evidently, transparency and accountability cannot be considered separately from the communication policy. good communication appears to be an unquestionable condition for the effectiveness of monetary policy. only in that way, the central bank can manage to be correctly understood by economic agents and shape expectations the way it desires. besides, good communication plays an important role in reducing uncertainties and enhancing confidence by rendering the central bank ’ s policies more understandable and predictable. the insulation of the public communication from political pressures constitutes one of the most important aspects of good communication. in this context, the central bank ’ s informing the public about the economic situation and risks, using various communication channels, must be viewed as a significant part of its independence. in the last four years, our central bank has experienced a historical transformation in terms of its communication policy. it all started with carrying out a new organizational arrangement within the bank, founding a separate department. this department has the responsibility of preparing documents and booklets, and organizing meetings and conferences to explain monetary policy as well as improving the information set provided through the web page of the bank. what we have achieved next was to elucidate the newly established conceptual framework of monetary policy. to this aim, we have tried to explain to the public concepts such as ‘ inflation targeting ’, ‘ price stability ’, ‘ floating exchange rate regime ’, ‘ good governance ’, and ‘ sustainable growth ’, standard elements of textbooks and generally known only in academic circles. to make economic agents familiar with these concepts, the communication policy of the central bank has effectively been used on every occasion through lectures and speeches across the country. now,

factors now need to be brought to bear on the goal of ensuring protein security for the indian economy. once again, my best wishes to prof. parikh and thank you all for listening to me.
they were before the crisis. competitive pressures will be further intensified on the funding side when we deregulate current and savings accounts next year. this is due to take place at the end of june 2001, and will only be postponed if the prevailing economic and financial conditions are clearly unfavourable, which we do not expect to be the case. the banks therefore need to prepare for the pressure on margins that this will cause and to be able to quickly introduce new deposit products like interest bearing current accounts. if they do not do so, their competitors will. how do the local banks need to respond to these challenges? most obviously, the challenges raise the issue of consolidation of the banking sector, through either merger or take - over. this is the trend we have seen happen in other financial centres, including in japan. it has been slow to take off here, but it is going to come, sooner rather than later, as competition gathers pace. events such as the sale of the chase retail banking business, the restructuring of the bank of china group and the renewed interest of some foreign banks in acquiring an increased presence in hong kong will help to alter the competitive balance and could act as catalysts for change. banks also need to respond by properly harnessing the power of new technology, including the internet, to bring down costs and increase their ability to cross - sell a wider range of products. they may find it easier to finance the necessary investment, and obtain the skills and human resources they need, as part of larger units - which is a further argument in favour of consolidation. finally, i strongly believe that banks in hong kong and elsewhere must become more aware of, and responsive to, consumer needs. this not only means supplying the products that customers want but also providing them with easy to understand information about the terms and conditions of these products, including the fees and charges that attach to them. hong kong banks have not been sufficiently transparent in this respect, as a recent consumer council report on credit card charges has demonstrated. this is something that we will be aiming to put right in the current review of the code of banking practice. what does this mean for the hong kong monetary authority? clearly, we also have to upgrade our own skills and methods in our role as banking regulator to try to ensure that we can keep up with developments in the market. this is most obviously the case with the new technology that requires us to devise new policies on innovations like virtual banking and internet security. this means that

i am sure that you will continue to demonstrate your commitment in the years to come.