samchain/econo-pairs-v2 huggingface dataset:
was rebranded as investors in industry, commonly known as 3i. in 1987, the entity went public as 3i group. this was not a flop. arguably, 3i and its predecessors were one of the largest feathers in the bank ’ s post - war cap, helping support generations of new businesses and start - ups. and those macmillan gaps? regrettably, the crisis has re - opened them. today, small firms are once more starved of finance, including many here in northern ireland. once again, the quest is on for a new financial infrastructure to help close these gaps. through the 1980s and 1990s, there were further examples of the bank stepping in to close structural financial gaps. when the uk ’ s high - value payment system started creaking in the early 1980s, the bank designed and built a new, bullet - proof system. given the bank ’ s somewhat chequered record on gender diversity up to that point, it was rather unfortunately named chaps. and indeed still is. in 1993, the bank stepped - in to rescue a flagging project to upgrade the securities settlement process in the uk. the bank designed and built a new, safety - first, system which again exists to this day. fortunately, we did not call this one blokes, but rather the gender - neutral crest. most recently, in the light of the crisis, the bank has been at the forefront of the debate about re - organising the structure of banking, with a ring - fence or firewall between the basic retail and investment banking sides of the business. this structural approach is increasingly finding favour both in the uk ( through the proposals of the vickers commission ) and internationally ( for example, through the volcker proposals in the us and the recent liikanen proposals in europe ). sayers ( 1976 ). sayers op cit. bis central bankers ’ speeches for the past half - century, the bank ’ s structural agenda has become a central feature. but at the time it marked a radical departure from the bank ’ s past. designing what are in effect financial public goods is a front - foot activity. the bank had grown a new limb, augmenting its crisis - management right arm with a crisis - prevention left arm. stitching it all together so far, i have made no real mention of monetary policy. that is because, for much of its life up to the early 1970s, monetary control at the bank of england was pretty simple. it came care of

, but so far we have not seen anything. 5 / 5 bis central bankers'speeches
cost savings for banks as customers can conduct many of their bank business at home on their computers. at the same time, as we learned the hard way from the deposit flight in the united states a little over a year ago, increased digitalisation may also make banks more vulnerable to liquidity risks. sooner or later, new technological advances, such as artificial intelligence and quantum computing, will bring profound changes to the functioning and structures of economies, finance and society in general. it is essential that we understand the relevance of these technologies and the use of big data in relation to systemic risks. the vulnerabilities and risks from the climate and nature crises can no longer be categorised as long - term issues ; they require our immediate attention. cybersecurity is also a challenge for banks, as geopolitical tensions take cyber risks to a new level and present hybrid and physical cyber risks. a recent prominent example of this is the damage to telecommunications cables in the baltic sea. 4 / 6 bis - central bankers'speeches these factors should also be properly taken into account in our own analysis of systemic risks. a lot of work has already been done, but there is still a lot of room for improvement, especially on potential macroprudential tools in these areas. [ slide 7 priorities in developing the esrb ] given the constantly evolving environment, the esrb's mandate and set - up need to be reviewed from time to time. the european commission is currently tasked with reporting on the review of the esrb to the european parliament and to the council of the european union. for this purpose, the esrb has established a high - level group to identify what changes to the esrb's mission or framework might be necessary, and to provide insights to the eu's co - legislators prior to the review process. i have the honour of chairing this group. the high - level group will soon publish a report on the future of the esrb. let me highlight a few priorities that i consider important for developing the esrb and that are likely to be reflected in the report. first of all, it is important that the esrb's focus should move towards a holistic assessment of systemic risks in the eu financial system. given its large and diverse membership, including national supervisory authorities, national central banks, the ecb, the european supervisory authorities ( esas ), the commission, etc., the esrb has a unique ability to examine cross - sectoral,

stability is the core contribution of central banks to enhance a sound environment for the vast investments needed in the digital transformation and greening of our economies. to sum up, this is no time for small talk. instead, it is indeed the moment for big - time action for economic reforms and productivity growth, for innovation and investment. that's'a challenge worth striving for, both for us europeans and for our closest partners, allies and friends in the united states! thank you for your kind attention! 5 / 5 bis - central bankers'speeches
has been updated to regain momentum on this front by prioritising the building blocks with the greatest impact. indeed, some projects could be quickly implemented with the aim of achieving results in the short and medium term, such as the project nexus. it aims at making people able to pay instantly across borders by connecting several fast payment systems from around the world, which are made interoperable through the nexus gateway software. this ongoing interlinking of domestic payment systems could form the basis of a longer - term approach based on the use of wholesale cbdcs : indeed, the emergence of dlt has been identified as a promising channel for improving cross - border payments. the use of wholesale cbdcs has the potential to address a number of friction costs and issues regarding deadlines and their opacity. this potential can be unlocked if the various wholesale cbdcs are properly designed to interoperate from the outset, for example by using common platforms based on common standards. let us avoid the mistakes of the past so that we don ’ t end up with different standards, as happened with real - time gross settlement systems. ex ante interoperability is always easier than ex - post interoperability : as we are in the early stages of tokenisation, there is still room to develop international standards and ensure the future interoperability of wholesale cbdcs. * * let me now put these two purposes ( tokenisation and cross border payments ) together. international bodies such as the bis iii and the imf iv are actively thinking about integrated platforms. such platforms would bring together tokenised central bank money, tokenised deposits and tokenised financial assets such as tokenised bonds and securities. they could make domestic cbdcs natively interoperable, in order to significantly ease cross - border payments and avoid further fragmentation. page 4 sur 6 because europe needs to build its digital money sovereignty, and is attached to building a more multilateral monetary system, the eurosystem should and could here have a new ambition to enrich its financial services offer. i would like to invite all of you – representatives from public as private entities – to reflect further and consider building an integrated european platform. this would provide european players with the most efficient payment and settlement system, while also helping the euro to play a greater role internationally. a european platform would be subject to specific european standards and governance rules, but interconnected with other regional or global platforms from the outset. together with a wholesale and / or retail cb

banque de france, whole sale central bank digital currency experiments with the banque de france, new insights and key takeaways, july 2023. i
monetary affairs. we are now at your disposal for questions.

may is a case in point. some observers noted that instead of repeating that we would be cautious about future policy adjustments, we said that we would take a gradual approach to raising interest rates. in fact, this shift in language represented increased confidence that the economy was performing as we expected, and that higher interest rates will indeed be warranted. financial markets understood our message. let me stress that the bank ’ s decision not to offer routine forward guidance does not mean we want to keep markets in the dark. indeed, we want markets to understand very well the relationship between how the economy is evolving and the likely future of monetary policy. economists call this the policy reaction function. economic models will not work without one. our model specifications are documented on our website, and our policy reaction function is a form of what economists call a “ taylor rule, ” named for the economist john taylor. according to the taylor rule, the policy interest rate depends on projected inflation and economic growth. our version is calibrated for the canadian economy. we use it each quarter to calculate a path for interest rates that is predicted to keep inflation under control within our economic model and given the numerous assumptions we must make. but this exercise gives us only a starting point for our interest rate deliberations. we cannot mechanically follow the rate path provided by our models because there is simply too much uncertainty in the world. we consider it misleading to pretend that uncertainty does not exist. there is always a degree of uncertainty when using economic models, but these days there is a litany of things we simply do not know. these include the degree to which uncertainty about trade policy is holding back business investment, how new guidelines for mortgage lending are affecting the housing market, and how sensitive the economy is to higher interest rates given the accumulation of household debt. with all these uncertainties, setting monetary policy is a matter of risk management. we need to understand the upside and downside risks to the outlook for inflation and determine how best to manage and balance those risks. over time, we learn more about some of these issues as we receive new data. this is why we say that the bank is particularly data - dependent right now. providing routine forward guidance in such a setting would not, in my view, enhance our credibility. rather, it would put it at risk. we have taken many steps to be more transparent about our decision making. we explain in detail the reasons for our interest rate decisions, both in statements following the publication of our mp
further underlining the need in europe to lift the financing obstacles for the dynamic technology sectors.

this program is highly important for the central bank of bosnia and herzegovina, because it will provide the assessment of situation in seven areas and compare them with the standards of european system of central banks. in the same time, the program is important for bosnia and herzegovina as a whole, because by its implementation we mark the strengthening of economic and financial cooperation between the european union and bosnia and herzegovina. all citizens of bosnia and herzegovina have a wish to join the european union. on this road it is necessary that each institution should make a lot of efforts in order to reach the european standards. my pleasure is even larger, because the central bank of bosnia and herzegovina is among the first going in that direction. i sincerely hope that this is only a first step in cooperation of the central bank of bosnia and herzegovina and the european central bank. to everybody with whom we will cooperate in the realization of this program during the following six months, i wish a pleasant stay in sarajevo, thank you.
era in indian banking. i trust that corporation bank with its time - tested track record would convert these challenges into opportunities and emerge as a talent management trend - setter. on this momentous occasion, i wish you all every success in all your future endeavours.

years and the deliberations have proved useful in identifying the common problems and developing best practices in regard to government finances. between november 1997 and november 2001, nine such conferences have been held. a number of important initiatives relating to ways and means advances, approach to market borrowing programme, investment of surpluses, ceilings on state guarantees, apart from changes in the content and format for reporting have emanated and taken shape as a result of interactions in these meetings. major issues minimum balances requirements in government the rbi is authorized to provide ways and means advances to central and state governments in terms of section 17 ( 5 ) of the rbi act. until 1994 - 95, the needs of government were accommodated through automatic monetisation by issuing ad hoc treasury bills at 4. 6 per cent. considering the ill effects of automatic monetisation of government deficit, the reserve bank and the government agreed mutually in september 1994 to restrict the issue of ad hocs for the year - end and also within the year and for scrapping the issue of ad hoc treasury bills from 1 april 1997. accordingly the issue of ad hoc treasury bills was discontinued with effect from 1 april 1997. simultaneously, a scheme of granting ways and means advances by the reserve bank to government of india has been introduced to accommodate temporary mismatches in government receipts and payments, interest on which was initially concessional, is presently at bank rate. currently, central government is required to maintain a minimum balance of rs. 10 crore on a daily basis and rs. 100 crore on fridays. the limit for ways & means advances for 2001 - 2002 to central government has been fixed at rs. 10, 000 crore for the first half year and at rs. 6, 000 crore for the second half year. when the government utilizes 75 per cent of the wma limit, the reserve bank considers fresh floatation of market loan depending on market conditions. state governments were expected to match the outflows with inflows very carefully so as to avoid recourse to ways and means advances from rbi. if a state government allowed its account to emerge in overdraft, this would have been regarded with extreme disfavour and also as reflecting on the competence and ability of the state government to manage its own finances. over the years, the state governments resorted increasingly to wma and overdraft. the wma limits were fixed as a multiple of minimum balance of states. however, while the multiples increased, the minimum balances required to
##visaged that more than 90 % of the spanish banking system, measured by volume of assets, will be supervised by the ssm. bis central bankers ’ speeches prior to the ecb effectively taking over supervisory responsibilities, a bank asset review and valuation is planned which will give rise to the requirement of a level of capital to be met by all banks subject to the review and, where necessary, to the setting up of additional coverage. it is worth noting that our banks are starting from a very reasonable level, both from the perspective of the accounting classification of their assets, and from that of asset coverage and provisioning, the result of the review conducted last year under the stress tests and of the above - mentioned recapitalisation processes. recently, banks ’ review of refinanced loans has also concluded, a process which contributes to shoring up their position ahead of the forthcoming evaluation of the quality of their assets. likewise, and once more with a view to reinforcing the solvency of our banking system, the banco de espana has recommended that banks moderate the distribution of dividends during 2013 and that, in any event, the cash dividends paid out should not exceed 25 % of attributable consolidated profit. naturally, all banks are following this recommendation. the solvency position of spanish banks has clearly improved in 2013. average core capital in our banking system will stand at around 10. 5 % as at december 2013, more than 1 pp up on the same figure a year earlier. further, since the start of 2013 liquidity conditions at spanish banks have improved, and there has been a re - balancing of their funding sources. this is the outcome of the diminished tensions on the sovereign debt markets and of improved confidence, along with the lesser fragmentation of euro area money and capital markets. in this respect, retail deposits, which fell, especially in the summer months of 2012, have since been faring better. since early 2013, they have been posting positive rates of change. the pick - up in deposits has seen the retail funding gap – i. e. the percentage of credit that banks cannot cover with deposits – narrow. that allows them to reduce the need to resort to less stable funding sources, such as the wholesale markets. against this backdrop, the resort to eurosystem funding, though holding at still - high levels, has diminished most significantly from its peak last summer, registering a decline of 31 % in the first eight months of 2013. in terms of profitability,

seek to achieve both objectives. thank you and i look forward to your questions. references evans, charles, 2011, “ a risk management approach to monetary policy, ” remarks delivered at the ball state university center for business and economic research, muncie, indiana on december 5. friedman, milton, and anna jacobson schwartz, 1971, a monetary history of the united states, 1867 – 1960, princeton, nj : princeton university press. bis central bankers ’ speeches
the problem has been exaggerated or misdiagnosed ). and the communications issues are more challenging than the finely - honed practice of monthly announcements by inflation targeting central banks. bis central bankers ’ speeches

: so this is a problem with fixed but adjustable exchange - rate regimes, for example. floating exchange - rate regimes with inflation targeting ( or some variant of it ) are quite different in this respect – and i think that this is one important reason why their adoption has become relatively widespread. with inflation targeting ( any variant, soft or hard ), the sudden surprise announcement is not a prominent part of the policy arsenal. instead the market ’ s expectation of official action ( on policy interest rates, for example ) is gently nudged towards the policymakers ’ intentions by small steps, speeches, hints and graduated open market operations. a very different policy environment where, instead of dissembling before major actions, the whole aim of policy communication is towards having no surprises at all. perhaps the most extreme example of this is the federal reserve pre - commitments of recent months. let ’ s think of the two major recent ecb policy surprises : the smp in may 2010 and the 3 - year ltros in december 2011. how do we rate them considering the lessons that have been proposed above. the smp announcement occurred at a time of great market tension. sovereign risk contagion from greece had just begun, and there was the additional background of the unnerving flash crash. the danger that sovereign spreads would spiral away, undermining monetary transmission as well as a lot of other things, seemed real, especially as the funding firewall that was quickly agreed at political level would take several months to become a reality. ecb intervention in secondary debt markets looked like a sensible and urgent action needed to nip things in the bud. a moment analogous to that seized by jp morgan in 1907, if you will. for some, the smp may have looked like something close to the dreaded monetary financing, but the treaty is pretty clear on these matters, and buying plainly in the secondary market is not monetary financing. ( any student of the history of central banking knows how often central banks have been loaded up with unremunerated paper by spendthrift governments. if central bank dealings with government paper might be portrayed as lying along a spectrum, the smp lies well over to one end. ) the action was prompt – the jp morgan moment was not missed – and the spike of yields was removed. ( cf. lesson 1 ) and what about the longer run? well there have been consequences, but not those imagined at the outset. sovereign spreads widened again and, though the program was used again with
##ised capital control measures, but that is a topic for another day. 4. conclusion in conclusion, i would like to reiterate the imf ’ s views on the importance of maintaining sound policies and strong frameworks, including monetary policy and exchange rate flexibility, as the first line of defence against excessive capital flows. robust macroprudential measures as well as capital flow management measures can serve as a supplementary defence mechanism, where warranted. the macroeconomic environment should encourage domestic savings and the deepening of financial markets so that capital flows can be effectively absorbed and channelled towards productive investment. the work on capital flow management by the imf and the oecd, which forms part of the g20 agenda on the reform of the international monetary system, under the international financial architecture working group, is crucial in the construction of a macroprudential framework and policy tools currently under consideration by various countries. therefore, a more consistent global approach to capital flow management issues among various international frameworks and agreements should be facilitated, including addressing data gaps. we therefore welcome and support the current collaboration between the imf, the oecd, the g20 and the bank for international settlements in this area. thank you.

. no doubt, future challenges lie ahead in what remains an unusually uncertain global financial environment. yet i trust that the spirit of co - operation that we have developed in our financial markets over the years will help us to successfully meet these challenges. i also would like to extend thanks to my own colleagues, the management and staff of the financial markets department. their hard work and dedication during a rather challenging year for the department has been exemplary. they continue to make the reserve bank and the country proud. i would also like to thank colleagues from other departments within the sarb, many of which are present tonight, who work closely with the financial markets department on a daily basis. thank you also to the staff of the reserve bank ’ s conference centre for once again arranging this function for us. thank you. bis central bankers ’ speeches