samchain/econo-pairs-v2 huggingface dataset:
. possible advantages such as safety and efficiency improvements in everyday payments, productivity gains by promoting money which could be used in programmable environments, or the availability of new services must clearly outweigh the potential risks with regard to monetary policy or financial stability. in any case, it must be properly designed so as to mitigate all of those risks. the eurosystem is taking a comprehensive approach to addressing these challenges. as part of a high - level eurosystem task force, my colleagues and i identified possible scenarios that would require the issuance of a digital euro and published them last october in the ecb ’ s “ report on a digital euro ” 4 the governing council of the ecb has not yet reached a decision on whether to introduce a digital euro. we must first be sure that there is a need to issue cbdc and, if so, that we are able to manage the accompanying risks. in the digital age, time is of essence. but we also have to take the time to do our homework. therefore, the eurosystem has started to engage widely with citizens, academia, the financial sector and public authorities to assess in detail their needs, as well as the benefits and challenges they expect from the issuance of a digital euro. in mid - january, a public consultation on the digital euro came to an end with record levels of participation from european citizens. experimental work supports the analysis of possible technical designs and their implications. 2 / 4 bis central bankers'speeches further outreach to the market and exchange with other international central banks leading the work on central bank digital currencies will follow. and this brings me to my last point. 4 international dimension will be key international cooperation will be key in shaping the future ecosystem for central bank digital currencies. as the bis and other central banks have rightly emphasised in their report5 regardless of the final design, there are certain core features and common standards that are valuable in guiding a central bank when deciding to issue a digital currency for the public. the features i consider most relevant in this context are convertibility, interoperability and international standards. convertibility is essential to ensure trust in a currency. people must be sure they can exchange the form of the money they hold at par at any point in time. interoperability is required to ensure a smooth exchange of money between different kinds of payment systems. in a digitalised world, this is an absolute prerequisite to ensure an efficient financial system. finally, appropriate

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
rasheed mohammed al maraj : gulf executive development programme speech by his excellency rasheed mohammed al maraj, governor of the central bank of bahrain, at the gulf executive development programme graduation ceremony, manama, 30 april 2007. * * * members of the steering committee, distinguished guests, programme graduates, ladies and gentlemen : good evening. it gives me great pleasure to welcome you all here this evening, and to publicly acknowledge both my own support and that of the central bank of bahrain for the gulf executive development programme. this graduation marks the 9th such programme to have been completed – its continued popularity, in my view, clearly shows the inherent strengths of its offering, and the commitment of all its sponsoring organizations. let me begin, however, by first acknowledging the success of tonight ’ s graduates. all study programmes which have to be combined with full time employment represent unique challenges, in terms of time - management and commitment. these challenges are all the more acute when the programme is at an advanced level, such as the gedp. congratulations, therefore, are richly deserved for all of you graduating tonight, for your hard work and perseverance. of course, armed with your new qualification, even more will be expected of you. but i am confident that, having successfully completed this challenge, you will move on to even greater professional success in the years to come. i am sure that after your studies, you appreciate that true education isn ’ t so much about knowing all the answers, but knowing what questions to ask ; and that true leadership requires the exercise of responsibility, not just of authority. remember also that success is measured as much in how we achieve something, as in what we achieve. of course, many others have also been involved in making gedp 9 a success this year, and i should also like to acknowledge them publicly. in particular, the sponsoring employers, faculty members, and business leaders, who have so graciously given their time, have all contributed enormously to this programme. i would like in particular to thank, as always, the faculty of the darden graduate school of business administration at the university of virginia, the members of the gedp 9 steering committee, and khalil nooruddin of the bibf and all his staff. let me finish by wishing this programme continued long - term success. our economy needs an educated workforce in order to develop, and in turn the current high growth and continued expansion of our economy translates into a strong need for

well educated professionals. you will all have seen, for instance, the startling numbers which were published recently, showing that financial sector employment alone grew by nearly 19 % during 2006. programmes such as the gedp demonstrate that we have the capacity, together with our partners, to develop our human resources, and give me the confidence that together we will continue to move forward and meet tomorrow ’ s challenges. thank you for your attention.
equipped to face the challenges ahead. as you strive to enhance the well - being and dignity of your members and improve their professional status, you also magnify the values essential in attaining the bsp vision and mission. let us therefore join hands as we embrace the changes in the way world - class central bankers perform their tasks! thank you and good day!

banks, the fed was reluctant to explain its policy decisions or otherwise engage with the public, partly based on a belief that this approach increased the effectiveness of monetary policy. however, this lack of openness became increasingly out of step with other institutions in our democratic society ; it also reduced the effectiveness of fed policies by inhibiting public understanding and discussion of policy goals and strategies. this approach began to change in the 1990s, when the federal reserve began to regularly provide more information about how it saw the economic situation and how it would respond. increasing the fed ’ s transparency, openness, and accountability has been one of my top priorities as chairman. a more open fed, in my view, is both a more effective and more democratically legitimate institution. indeed, the complex challenges we face as a nation are best addressed in an environment of informed public discourse, which is only possible when policy decisions are made in as transparent a way as possible. the centennial may be just an accident of the calendar, but any time is a good time to help more people learn about the fed and what it does to enhance the economic well - being of americans. it is often said – alas, accurately – that teaching is a thankless profession, so let me close by thanking you for what you give to your students. our country and our economy need informed citizens who can think independently and critically. more pertinent to today ’ s meeting, let me also thank you for your interest in teaching your students about the history and role of the federal reserve. as many of you have discovered, the federal reserve has a variety of classroom tools available through our education portal, federalreserveeducation. org. notably, the system ’ s economic and financial education staff is introducing today a set of three lesson plans that examine the past 100 years of central banking. i hope they will provide practical help in your classes. thank you for participating in today ’ s event. i look forward to your questions and to an interesting discussion of the federal reserve ’ s past, present, and future. bis central bankers ’ speeches
the statement of commitment is in annex 3 of the code. 5 the banking and finance oath has a very similar motivation www. thebfo. org / home. 6 see www. bis. org / press / p170525. htm. 7 see www. globalfxc. org / consultative _ process. htm 4 / 4 bis central bankers'speeches

domestic books. payments system issues the second area that i would like to touch on is the rba ’ s payments system work. here, there are two issues of particular focus over the year ahead. the first is the industry efforts to develop a new 21st century payments system for australia. these efforts are, to a significant degree, in response to the rba ’ s strategic review of innovation in the payments system that was concluded in 2012. while some aspects of australia ’ s payments system rank relatively well by global standards, the underlying architecture for some of our systems has aged and is limiting innovation. one example of this that many of you may be familiar with is that when you send a payment from your online bank account to another person or business you are limited to just 18 characters in describing the payment. the reason for this restriction is that the entire payment instruction – including the bsb, the amount, the banks involved etc. – is limited to just 120 characters. and the origin of this limit is the capacity of the magnetic tapes that were used to exchange information between banks and, before that, the capacity of computer punch cards with their 80 columns. in effect, our payments system in 2015 is still being constrained by the technology of earlier generations. so it is difficult to argue that this renewal of our payments system is before time! the new system will allow australians to transfer money to one another almost instantly, no matter where they bank. it will also remove the need to know somebody ’ s bsb to make a payment ; just a phone number or email address will be needed. and we will no longer be limited to just 18 characters in describing the payment ; instead we will be able to send a wealth of information. the industry is working hard on building this new system. it is a very significant piece of work, involving many hundreds of millions of dollars, and the timeline is relatively tight. but when finished, it is likely to form the backbone of many of our payment systems over the next few decades. the rba is closely involved in all of this work. it has played a major role in establishing the broad direction of the industry ’ s efforts. it is building a core piece of infrastructure that will allow payments to be settled in real time. and it is also building the capability for our own customers – primarily the australian government – to use this new payment system. the second area of focus over the next year is the ongoing review of the regulation of the card payments system. earlier in 2015
the ecb ’ s monetary policy during the coronavirus crisis – necessary, suitable and proportionate ”, speech at the petersberger sommerdialog, frankfurt am main, 27 june. 5 empirical evidence corroborates this view. new research by the international monetary fund ( imf ) finds that, in periods of high uncertainty, an increase in public investment by 1 % of gdp could lift real gdp growth by up to 2. 7 %. see imf ( 2020 ), “ public investment for the recovery ”, fiscal monitor : october 2020, chapter 2. 4 / 4 bis central bankers'speeches

them. contributing to the functioning of the money market and preventing a liquidity crunch therefore has been crucial to forestall a breakdown of the transmission of monetary policy and a systemic crisis. as a consequence of our measures, the eurosystem ’ s consolidated balance sheet has grown by two thirds from summer 2007 until most recently, or by 6 % of euro area nominal gdp. to put these numbers into perspective, the size of our balance sheet has grown from 13 % of euro area nominal gdp in 2007 to over 20 % most recently. by providing unlimited funds in our refinancing operations we have ensured that banks facing difficulties raising funds in the market are always able to fulfil their liquidity needs. but we need to be realistic about what we, as a central bank, can achieve. in my view, we cannot expect to see the money market functioning the way it did before august 2007. what is certainly encouraging is that recently the volumes allotted in our refinancing operations have come down slightly. the same is true for the number of banks participating in these operations. spreads between secured and unsecured interest rates at term maturity have gone down somewhat. but they have remained high. the turnover in unsecured interbank lending, especially at longer maturities, still remains low. to be clear : the problem is not a lack of liquidity in the market. it is the lack of trust among the banks themselves. unless trust in the solvency of banks is re - established, there is hardly any chance that conditions in the money market will normalise. as already mentioned, financing conditions have not eased exactly in line with key ecb interest rates. so will key ecb interest rates have to be cut to even lower levels? in principle, even after last thursday ’ s decision the ecb could still contribute to easing credit conditions by cutting its key interest rates further. but this will not fundamentally solve the problems that have caused the financial crisis. the contrary could be the case. if maintained for an extended period of time, too low or very low interest rates might in fact aggravate them. they have the potential to weaken the incentives for banks to clean up their balance sheet of troubled assets and monitor their credit risk carefully. this in turn may reinforce the very problems that currently impair the functioning of the financial system. too low interest rates tend to foster lending to unprofitable business. this would harm the growth potential of the economy and thereby prepare the ground for ana
continues to be characterised by relatively high liquidity levels. furthermore, a major strength of the domestic banking bis central bankers ’ speeches system is its prudent approach towards credit, where loans are fully covered by deposits, while loan - to - value ratios, which were already at relatively prudent levels at the time of the global financial crisis, declined further to around 70 %. another major strength of the domestic banking sector is its strong capital base. capital adequacy ratios improved further from already healthy levels, with the core capital adequacy ratio rising to 12. 4 %. this ratio is significantly higher than the present statutory requirement of 4 %. the debt crisis has highlighted the importance of risk diversification. encouragingly, the investment portfolio of the domestic banks has limited exposure to securities issued by countries in financial distress. it is equally important for the banks to diversify risk in their loan portfolio. most of the troubles of banking systems overseas, particularly in ireland and spain, stemmed from their relatively large exposure to the construction sector, especially the housing market. while the latest update of the central bank of malta ’ s financial stability report6 provides a generally central bank of malta, financial stability report update – june 2011, 17 october 2011. bis central bankers ’ speeches favourable assessment of the situation in the domestic banking sector, it notes that credit and concentration risks remain elevated, mainly due to corporate borrowers in construction and real estate activities. however, on the positive side, the share of lending to these sectors has now eased slightly since before the crisis to around 10. 5 % of total assets as at september 2011, and domestic banks are encouraged to continue on this path to reduce concentration risk. in the same vein, i would also like to stress that the sovereign debt crisis has also highlighted the importance of prudent credit standards and for banks to improve the institutional capacity to appraise risk, not only as it relates to the individual borrower but also from a sectoral and economy - wide perspective. the central bank of malta also continues to urge banks to expand loan loss provisioning levels, especially related to the construction sector, and also to strengthen further the capital buffers through the adoption of prudent dividend policies. such measures are also needed for banks to eventually implement the stringent basel iii regulatory requirements. i must stress that there is never room for complacency, especially at a time of uncertainty in the global financial system, and also because economic growth in our main

crockett, to deliver the fourth hkma distinguished lecture. mr crockett, please.
the undervaluation of the krona in 2022 was between 4 per cent and around 15 per cent in trade - weighted terms, see external sector report : external rebalancing in turbulent times, july 2023, imf. since the start of 2023 the krona has weakened about 7 per cent against both the euro and the dollar. 2 a review of the research literature regarding segmented international financial markets with different types of friction can be found in, for instance, m. maggiori, ( 2022 ), " international macroeconomics with imperfect financial markets ", chapter 5 in handbook of international economics vol. 6, elsevier. 4 / 4 bis - central bankers'speeches

" that adapts to variations in the supply of and demand for kronor following on from economic developments in sweden in relation to those in other countries. the exchange rate rate can vary in the short and also slightly longer term in a way that has only a weak link to developments in the real macroeconomy, for instance, it may weaken over a relatively long period of time. good economic base will strengthen the krona eventually however, the krona cannot drift away indefinitely. the longer it is undervalued and the weaker it becomes, the stronger the forces will become that protect against further weakening and work towards strengthening. we are a small open economy that has a lot of trade with our neighbours. when the krona is weak, it becomes profitable to invest in sweden. swedish equities, bonds, property, etc. should therefore ultimately appear attractive to foreign investors. in addition, exports will benefit and imports will be disadvantaged. increased tourism and the purchase of more expensive capital goods by foreign private individuals, such as cars and boats, also favour demand for the krona. when many factors eventually move in the same direction, the krona will strengthen and this could go quickly. but it is difficult to say exactly when and how much the krona will strengthen. if speculations of a continued decline for the krona have contributed to recent developments, the krona may strengthen relatively quickly once the turnaround occurs and investors take up new positions on the basis of the trend having been broken. the riksbank has no target for the exchange rate 2 / 4 bis - central bankers'speeches so what is the riksbank's role in this – what can and should we do? it is the riksdag that decides which exchange rate system sweden should have and it has chosen a system with a floating krona. the riksbank's responsibility in this system is to hold inflation low and stable. we therefore have a target for inflation, not for the exchange rate. but the krona is of course an important variable for us. it is always important for monetary policy, because the exchange rate affects the outlook for inflation. there is also research showing that the impact of the exchange rate on prices may be greater when inflation is high. in this way, it can be said that developments in the krona's exchange rate have become more important for the analysis work at the riksbank recently. when the krona is weak, it becomes more difficult to
to embed this preferred habitat mechanism in their macro - economic models so as to explicitly incorporate this transmission channel of qe. 5 franco modigliani and richard sutch, “ innovations in interest rate policy, ” american economic review, vol. 56, pp. 178 – 197, 1966. gauti eggertsson and michael woodford, “ the zero bound on interest rates and optimal monetary policy, ” brookings papers on economic activity, no. 1, pp. 139 – 235, 2003. there are a number of empirical studies that attempt to decompose long - term government yields into the expected path of short - term interest rate and premium components. for japanese government bonds, see kei imakubo and jouchi nakajima, “ estimating inflation risk premia from nominal and real yield curves using a shadow - rate model, ” bank of japan working paper, no. 15 - e - 1, 2015. james tobin, “ a general equilibrium approach to monetary theory, ” journal of money, credit and banking, vol. 1, pp. 15 – 29, 1969. han chen, vasco curdia, and andrea ferrero, “ the macroeconomic effects of large - scale asset purchase programmes, ” the economic journal, vol. 122, pp. f289 - f315, 2012. bis central bankers ’ speeches second, forward guidance, which is another element of unconventional monetary policy, is generally supported both in theory and in practice. in theory, forward guidance could pin down the future expected path of policy rates by clarifying the central bank ’ s policy reaction function and thereby reducing the volatility of financial markets. in fact, forward guidance, together with a strong commitment to policy objectives, has been used effectively in various policy settings across jurisdictions. third, let me discuss the “ quantitative ” aspect of quantitative easing. does the size of the central bank ’ s balance sheet matter in itself and, if so, why? some theoretical economists argue that qe is effective from the viewpoint of monetary financing of the government budget. however, this is the opposite case of ben bernanke ’ s quote : it works well in theory but cannot be applied in practice. monetary finance is widely understood to run the risk of eroding the credibility of the central bank and thereby potentially increasing risk premiums rather than reducing them. furthermore, recent experience in the united states and the united kingdom has demonstrated that an unconventional monetary policy works even in the midst

economy is full of uncertainty, including over geopolitical factors. that being said, our commitment to achieving the 2 percent inflation target will never be compromised. with our unwavering determination, i am confident we can achieve that goal. thank you. see, for instance, haruhiko kuroda, “ what we know and what we do not know about inflation expectations, ” ( speech at the economic club of minnesota ), april 19, 2015. bis central bankers ’ speeches