samchain/econo-pairs-v2 huggingface dataset:
burkhard balz : the european payment industry in challenging times speech by mr burkhard balz, member of the executive board of the deutsche bundesbank, at the payments association ( pa ) eu " payments tomorrow " – annual conference 2022, madrid, 14 october 2022. * * * 1 introduction : changing payment habits ladies and gentlemen, thank you very much for your warm welcome and for inviting me to speak at this conference. it is indeed a pleasure to be back in the spanish capital. i cannot imagine a better place to talk about the impact of technology and digitalisation than madrid. it is probably one of the most connected cities in europe and, according to studies, one of the cities with the highest fibre optic availability in europe. 1 and thanks to modern rail technology, madrid's railway connection to barcelona is fast and convenient. while the distance of 621 kilometres is longer than the 550 kilometres between frankfurt and berlin, the train takes two and a half hours here, but nearly 4 hours in germany. so you know how to use technology to connect people! madrid and barcelona are also the most important competitors in spanish football. and even in football, technology is coming increasingly into play. even as we speak, the santiago bernabeu is being modernised for the future. the installation of a designated area for e - sports and a spectacular 360 - degree video display panel are in the planning. with the help of technology such as today's possibilities for real - time game analysis, real madrid might soon even stand a chance of winning a possible encounter with hannover 96 – the club from my part of the world – considering that the last encounter ended three - nil for hannover. but that was nearly ten years ago and it was only a preseason friendly we are seeing this trend towards more and more technology not only in football but also in payments – my professional field of expertise. one obvious example is the trend towards cashless payments. if we look at germany, for instance, the bundesbank found in a recent survey on payment behaviour that the share of cash transactions has fallen to 58 %. 2 the trend is obvious : in the previous studies from 2020 and 2017, cash payments accounted for 60 % and 74 %, respectively. cash usage has experienced a remarkable decline, reinforced by covid - 19. in germany, one of the main effects we saw was the growing popularity of contactless payments – in particular in the form of card payments. while roughly 20 % of

under srep ( eba - gl - 2017 - 05 ) ( 2017 ). [ 15 ] european banking authority : guidelines on ict risk assessment under srep ( 2017 ). [ 16 ] european central bank : tiber - eu. [ 17 ] central bank of ireland : financial stability review 2019 : i ( 11 july 2019 ). [ 18 ] central bank of ireland : financial stability review 2019 : i ( 11 july 2019 ). [ 19 ] see www. rte. ie [ 20 ] mcevoy, grainne : culture and consumer protection : the role of compliance, address to the association of compliance officers ireland 2018 conference on culture conduct and compliance ( 8 november 2018 ). ©2019 central bank of ireland
to take further regulatory measures. the snb, for its part, will regularly assess whether an adjustment of the countercyclical capital buffer is necessary. bis central bankers ’ speeches

jean - pierre roth : implications for business of the new international monetary order address by mr jean - pierre roth, chairman of the governing board of the swiss national bank and chairman of the board of directors of the bank for international settlements, at the annual conference of the international business academy, university of fribourg, fribourg, 8 december 2006. this address has been prepared with the help of mrs maria rueda maurer, international research and technical assistance unit, swiss national bank. * * * it is a pleasure for me to be here discussing one of the most important issues of our times : financial globalisation and its implications for international business. globalisation, the landmark of the dawn of the 21st century, has opened up new opportunities for growth and prosperity on the planet. it has created fantastic investment perspectives to those firms that can compete internationally. but it has also changed the rules of the game and brought about new challenges. today, the success and the survival of international business are determined more than ever at the private level. because goods and capital are free to move across national borders, protection from risks emanating from globalisation can be a matter for private strategy only, rather than public policy. this, i think, is the main difference between the globalised world of today and the partitioned world of separated nations in the past. let me share with you my views on how the globalisation of financial markets and the concomitant emergence of a new monetary order have changed the playing field for international business, and on what roles you, the private sector, and we, the central banks, are now called to play. what is the new international monetary order? the globalisation of finance has led to important changes in the ways monetary authorities implement their policies. over the last decades we have witnessed the reorganisation of the world monetary order, with choices polarised around two extremes : at one extreme the flexible exchange rate regimes such as the ones in the usa, the uk and in switzerland, and at the other extreme very fixed regimes, such as the monetary union chosen by the countries belonging to the euro area. pegs still exist, especially in asia, but they are less numerous than in the past. let me talk first about how different national monetary choices meet the challenges of financial globalisation. we have left behind us a time where international monetary relationships, based on the bretton woods system of fixed exchange rates, gave us a nice feeling of order and security. the keepers of
depend importantly on how incoming information on economic activity and inflation affect our assessment of these risks.

prices since late 2003 probably reduced the growth of real gdp between 1 / 2 percent and 1 percent per year. one important change in the economic landscape that has limited the current effect of an energy shock compared with the effects in our earlier experience is that energy costs today are not nearly as important as they were during the 1970s, when the energy intensity of u. s. production was significantly higher. after taking into consideration the unusual factors that have been influencing the pattern of economic activity of late, most forecasters are projecting that, after a sizable increase in the first quarter, production and spending will return to a moderate and sustainable pace over the remainder of the year. several fundamental factors support that view. first, although longer - term yields have begun to move up recently, they remain low by historical standards, and financial conditions remain favorable. second, business balance sheets are strong, and corporate earnings have been robust. third, household credit quality has shown few signs of stress. finally, households'real income has been receiving a boost from the recent strong gains in employment, and the ongoing increases in house prices and gains in the stock market have kept the ratio of wealth to income at a high level. all told, prospects for ongoing gains in consumer spending and business investment appear good, and the recent indicators are positive. this morning's report on retail sales, together with the information on motor vehicle sales released last week, points to a solid rise in real consumer spending in march and a very strong reading for the first quarter as a whole. the outlook for moderate increases in personal consumption expenditures in the near term is consistent with the latest readings on consumer sentiment. in addition, the continued low level of new claims for unemployment insurance bodes well for further net gains in employment and, thus, income. a survey of businesses'capital spending plans conducted by the national association of business economists at the end of last year pointed to another solid year of spending on plant and equipment. and, through february, backlogs of orders for nondefense capital goods were still moving up. another important factor in the outlook for the united states is the likelihood of a continued solid expansion in economic activity abroad. notably, the japanese economy has strengthened, and economic activity in emerging asian economies has continued to rise at a brisk pace, while the outlook in canada calls for sustained moderate growth. domestic economic activity should also continue to receive a boost in coming quarters from reconstruction in the gulf region. in part, the reconstruction represents some temporary federal fiscal
##gies that this common - path creates is my own greatest lesson from the exercise we have concluded : together is better. thank you!

reserves. as a result, the country ’ s economic potential was on the decline and investor confidence was badly shaken. there was a need to reform policies and systems which could be instrumental in reversing the meltdown and add to the well being of pakistanis. i believe that the government took the right step to enter the imf program at that crucial juncture. furthermore, its sincere efforts and commitment have been instrumental in driving the program to a successful completion. indeed, the government and state bank of pakistan have worked hard together to achieve this goal, and restored the much needed stability and stakeholder confidence in doing so. before i go on to highlight the achievements of this program, let me make two things clear : one, no imf program is an easy program. this explains why pakistan has never in the past completed an imf program. the fact that we have completed one also shows the state bank of pakistan seriousness towards reform. two, having completed the imf program, one should not be complacent about what remains to be done. specifically, on the continuous consolidation of the macroeconomic stability gains we have made and the reforms that remain to be done. let us briefly look at some evident achievements made during the program. under the program, establishment of an independent monetary policy committee and publication of minutes of the monetary policy committee meetings, besides enhanced sbp autonomy, is expected to bring further transparency in monetary policy decision making. in plain words, these reforms provide us with a superior and structured decision – making technology. similarly, strengthening of the internal operations of sbp, improvement in capital adequacy of banks, enactment of credit bureau act, amendments to anti money laundering act, promulgation of deposit protection corporation act, and amendment to financial institutions recovery ordinance, are the major reforms that would increase financial sector resilience against any domestic and external shock. indeed, these reforms directly address bank runs and related financial crisis. further, amendments in fiscal responsibility and debt limitation act to enhance fiscal prudence, removal of federal board of revenue ’ s powers to grant exemptions through issuance of statutory regulatory orders and removal of tax exemptions are critical reforms that will go a long way to support a sustained increase in tax revenues. these reforms and range of other actions taken by the government have produced concrete results. these have not only helped the country to build the foreign exchange reserves and provide stability to foreign exchange market – a direct consequence of the program, but also supported a sustained increase
index, or cpi, was 1. 7 in august, down from 2 percent in july. that broke a four - month streak of inflation at or above the 2 percent level. the fed ’ s preferred measure of inflation is the year - over - year change in the price index for personal consumption expenditures, or pce inflation. in december 2013, inflation stood at 1. 2 percent. the most recent reading for august 2014 was 1. 5 percent. compare that with the december 2013 sep estimates for 2014, and you will find that we are currently in line with the fomc ’ s central tendency of 1. 4 to 1. 6 percent for pce inflation. in the september sep, fomc participants left their assessment of inflation unchanged with a central tendency for pce inflation by the fourth quarter of 2014 to between 1. 5 and 1. 7 percent. the philadelphia fed ’ s most recent survey of professional forecasters also increased its average estimate of headline pce inflation to 1. 8 percent in 2014, up from 1. 6 percent in the last survey. the survey also increased the estimate of pce inflation to 2. 0 percent in 2015, up 0. 1 percentage point from the previous estimate. the fomc has stated that it expects the inflation rate to gradually rise to the 2 percent target, and i agree with that assessment. since last year, the economy has moved closer to the committee ’ s goals and has done so more quickly than anticipated. yet, the stance of policy and its projected path provided by the committee have not changed. bis central bankers ’ speeches monetary policy so, let me turn to some thoughts on monetary policy, including why i departed from the majority view at the july and september fomc meetings. the fed has taken extraordinary monetary policy actions, keeping the federal funds rate near zero for nearly six years and expanding its balance sheet to more than $ 4. 5 trillion. yet, the recovery began over five years ago, and the unemployment rate has declined from 10 percent in october 2009 to 5. 9 percent now. whether you believe that the labor market has fully recovered or not, it is clear that we have made considerable progress toward full employment and price stability. we are no longer in the depths of a financial crisis nor is the labor market in the same dire straits it was five years ago. in its july and september statements, the fomc reaffirmed its highly accommodative stance. the statements noted that “ in

##ended consequences for financial stability. if monetary policy is to be truly data dependent, then our stance of policy must begin to change. i ’ m not suggesting a rate increase now, but changing the forward guidance would at least afford us the flexibility to gradually raise rates beginning earlier than currently anticipated. bis central bankers ’ speeches
ecb. europa. eu / pub / pdf / other / report _ on _ a _ digital _ euro ~ 4d7268b458. en. pdf 5 www. bis. org / publ / othp33. pdf 4 / 4 bis central bankers'speeches

mandate and the modified framework of its operations. the most important structural changes were triggered by • the establishment of the eurosystem, • the functional transformation of the international financial markets, and bis central bankers ’ speeches • the growing importance of emerging market economies for global economic developments. in particular, our international cooperation within the g20 and the financial stability board made it a matter of urgency for us to adapt our representative network. at the same time, our view of gathering necessary information has changed – alongside macroeconomic aspects, micro - as well as macroprudential issues have become increasingly important central bank activities. furthermore, national and international financial markets have gained in significance. 2. the job of bundesbank ’ s representatives the bundesbank ’ s network of international representatives is there to comprehensively observe economic developments and the expected evolution of financial markets from within key countries and regions. our representatives ’ main tasks include observing and analysing the financial system, and not least detecting financial crises early on, should they arise. even minor flaws confined initially to the local economy can rapidly take their toll on any national financial system in an interconnected global economy – and potentially engulf the entire economy. an important lesson learned from the global financial crisis is that isolated national efforts cannot safeguard the stability of our financial system. our representatives are expected to promote the exchange of expertise and nurture fruitful personal networks with central banks, financial authorities, supervisory authorities, banks etc. in their host countries. by the way, a bundesbank representative ’ s place of work is not necessarily in the host country ’ s capital city. in countries where the capital city is not the national financial centre, we chose to base our representatives in the latter, eg new york, sao paulo, mumbai and istanbul. the decision on where to locate each representative and whether to base them at german embassies or consulates general is based on technical criteria, the interests of the bundesbank and an agreement with the german foreign office. this raises the question of why our new representative to south africa is located in pretoria, and not in your financial centre johannesburg? the reason for this decision makes sense at first glance : johannesburg is in the vicinity of pretoria, and the german embassy is located in pretoria. what is more, the headquarter of our colleagues from the south african reserve bank are also in pretoria. i shall come to this point in a moment to show why this aspect is so important for our representative. 3. why
that investments made translate to better infrastructure, employment generation and sustainable inclusive growth. the bsp continues to review its procedures to further refine and facilitate the process of securing an mb opinion, as well as to address issues concerning the length and the validity of the mb opinion. these efforts constitute bsp ’ s support for lgus in delivering critical economic and social services to your constituents. in addition, the bsp continues to develop an inclusive financial system that supports sustainable inclusive growth. this covers economic and financial education, consumer protection, as well as access to credit through microfinance or the credit surety fund program. as of january this year, there were 45 operational credit surety funds across the country. together, they have granted more than p2 billion in loans to micro, small and medium enterprises or what we call msmes. under this program, collateral - challenged msmes that are members of cooperatives gain access to bank loans with credit guarantees issued by the credit surety fund. in some provincial csfs, certain municipalities share in the pooling of contributions of cooperatives, banks and ngos to provide surety cover or guarantees for credit - worthy msmes. you will also be happy to know that the bsp and 12 other government agencies are now working together to implement the national strategy for financial inclusion, a common platform to reach out to the unbanked and the underbanked sectors of our society so that they can benefit from being part of the formal financial system. we hope to partner with the lmp and its members to make this a truly successful grassroots program. for your constituents and your municipalities, financial inclusion means being part of the mainstream where financial services such as deposits are safer and where loans are infinitely more affordable ( from 15 to over 20 % ), compared to informal lenders who charge as much as over 1, 000 percent in interest per year. this should generate tremendous benefits for those who remain outside our financial mainstream. finally, we seek the support of the lmp to continue to inform your constituents about our demonetization program. that while the old banknote series can no longer be used to pay for goods and services, they can still be exchanged for the new generation banknotes at banks or at the bsp branches and regional offices across the country until december 2016. bis central bankers ’ speeches ladies and gentlemen of the lmp. sustaining the momentum of the philippine economic success story lies on the decisions we make and the actions we take today ; they provide the foundation

on which to sustain economic activities that generate jobs and improve the lives of filipinos. the task before us therefore is to secure this position of strength and deliver on our commitment to our constituents, amidst continuing change and challenges. let us continue to work on our common goal : to promote sustainable inclusive growth and good governance in 2016 and beyond. marami pong salamat sa lmp. mabuhay ang ating mahal na bansang pilipinas! mabuhay po tayong lahat! bis central bankers ’ speeches
continuing reform agenda geared toward further strengthening the financial sector and improving overall confidence in the banking system. ladies and gentlemen of the bmap, we are counting on your support in reaching this goal. we can do no less in ensuring the continuous development of our country and in improving the quality of life of all filipinos. again, my congratulations to bmap. maraming salamat po sa inyong lahat. mabuhay!

products are consumed. central banks could use artificial intelligence and big data to improve their economic forecasts and enhance the quality of official statistics. the eurosystem and the euro area authorities have worked extensively on new projects involving highly granular data. the anacredit, i. e. the analytical credit dataset on individual bank loans in the euro area, and the eu - wide derivatives data collected under the emir, european markets infrastructure regulation initiative, are good examples of these. the impact of fintech and bigtech challengers 1 / 3 bis central bankers'speeches let me move to financial technology companies, or fintechs, that are especially agile in deriving value from data. they have had an opportunity to start from scratch and design their information architecture based on modern principles of collaboration, connectivity and iteration, without having to bear the burden of legacy systems. modern data architecture gives these fintechs an advantage in data processing. in this context ‘ platform economics ’ is particularly intriguing. the bank of international settlements has recently paid special attention to large technology firms with established user bases that enter finance. the crucial question is, how the entry of these large technology companies, or the so - called bigtech companies, is going to affect competition, financial inclusion, data protection and financial stability? will their entry pave a way to more resilient financial markets? or will the bigtech companies ultimately exploit their efficiency on data collection and processing to gain market dominance and a monopoly position? however, while these new entrants are efficient in processing data, it is premature to declare the beginning of the end of traditional financial intermediation. banks will continue to be challenged by new entrants, and, thus, they need to invest heavily into new technology. this may compress profitability in the short - term. however, banks and other traditional financial intermediaries still have a long - term competitive advantage over new entrants that do not have long operating histories, and who may have less skills in business expertise, such as credit and risk management. new forms of interconnectedness and systemic risk when regulators say they worry about financial stability, they usually mean that they are concerned about how resilient the banking and financial system is to shocks. for instance, how would the market react if a large financial institution would encounter a breakdown that would make it unable to fulfill its promises to its clients and other relevant parties? how would the weakness in this financial institution impact functioning of the financial markets or