irs market without any underlying exposure in the fixed rate long - term loans, then they will obviously be paying overnight and receiving ois fixed rates and, therefore, they lose both on the floating rate side as also on the fixed rate side because during the same period, five year ois rates also increased, though only, by 0. 6 %. we thus see if they have speculated in interest rate markets, rather than hedge, they have lost both ways any which way one looks at it! what i have said about management of rupee interest rate risk applies just as much to floating rate libor - linked long - term foreign currency loans as well and i would, therefore, strongly commend to business and industry to go in for interest rate swap - enabled fixed rate longterm financing both in domestic and foreign currencies. 9. as regards commodity prices, business and industry can use international commodity exchanges to hedge dollar price risk, and domestic commodity exchanges to hedge rupee price risk. in fact, whenever some commodities, like crude oil, are in backwardation ( the futures price being lower than the current spot price ), in addition to buying price protection, business and industry also earn what is known as “ rolling ”, or “ convenience ”, yield. bis central bankers ’ speeches 10. by now, i am sure this learned audience must have got a fairly good sense of the repertoire of derivatives to choose from in management of financial risks business and industry need to contend with day in and day out. however, as regards derivatives, i would like to quote financial times columnist wolfgang munchau and warren buffett who famously described derivatives “ as probably the most dangerous financial products ever invented ” and “ financial weapons of mass destruction ”, respectively. i would beg to differ because, to my mind, they are as strong statements as saying that cars and driving are most dangerous because they might lead to accidents! the problem is not so much with derivatives, or with cars, for that matter, but with how we use them!! in this context, as this distinguished audience is well aware, there have reportedly been massive derivatives - related losses incurred by business and industry in india. these losses arose primarily because derivatives were used by business and industry not for hedging, but for speculative, purposes. as reported in the media, huge losses were sustained by business and industry on account of complex structured and synthetic, but so much less transparent, derivatives. in other words, business and industry must

the hard information they need, leaving more time for qualitative or soft information, such as plans and assessments. clearly, the significant benefits of reducing the burden on respondents would have to be carefully weighed against the potential problems of data confidentiality that might discourage firms from participating in the survey. these are just some examples of the potential evolution of business surveys. understanding whether and how new technologies and tools could be integrated into survey production processes will surely be a challenge, but one that i think is worth taking on. t. cajner, l. d. crane, c. kurz, n. morin, p. e. soto and b. vrankovich, ‘ manufacturing sentiment : forecasting industrial production with text analysis ’, feds finance and economics discussion series, working paper no. 2024 - 26, may 2024. m. a. gosselin and t. taskin, ‘ what can earnings calls tell us about the output gap and inflation in canada? ’, bank of canada, staff discussion paper, 29 june 2023 ; t. taskin and f. u. ruch, ‘ global demand and supply sentiment : evidence from earnings calls ’ bank of canada, staff working paper, 30 june 2023. in this sense, random forests seem to offer some improvements over traditional logistic regression for the complex response model. see t. d. buskirk and s. kolenikov, ‘ finding respondents in the forest : a comparison of logistic regression and random forest models for response propensity weighting and stratification ’, survey methods : insights from the field, 2015. conclusions this conference has provided an excellent opportunity to exchange experiences on methodological and applied issues. it has fostered scientific debate on core topics for monetary and economic policy, facilitated dialogue between institutions, and explored future avenues for research and innovation. going forward, it is essential to build on the momentum generated here. in an increasingly interconnected world, strengthening our networks and increasing our cooperation could improve the quality and reliability of business surveys and our ability to identify emerging phenomena. given the busy agenda of this two - day meeting and the growing number of participants, we might consider following up on this event with additional online meetings throughout the year, focusing on specific areas of interest, such as survey design, data collection and data analysis, perhaps with an effort to include the suggestions we have just discussed. individual institutions often lack the resources to tackle these challenges alone. by working together