samchain/econo-pairs-v2 huggingface dataset:
today. i very much look forward to the discussions ahead. thank you. 3 / 3 bis central bankers'speeches

skills to confidently make responsible financial decisions at key stages of their lives. we need to promote healthy attitudes towards financial management. and in kofi annan ’ s words, we need to build a bridge to hope for every malaysian who has been affected by the pandemic crisis – not just to tide over the immediate challenges that they face, but to provide for their future financial security. with this in view, this community of practice aims to help fen members and the broader financial education community develop effective responses to meet the challenge of delivering lasting and impactful financial education to society. the community of practice agenda today focuses on two key areas. the first is the measurement and evaluation of financial education and its effectiveness. strengthening measurement and evaluation is a key pillar of fen ’ s strategies to increase the impact of initiatives implemented by fen and its members. this would enable fen members to design more effective and tailored financial education programmes, that also optimises resources, to achieve sustainable behavioural change. by strengthening the focus on outcomes and impact, we can reinforce effective practices and support the continuous improvement of programmes. with this in view, fen is committed to develop and execute an annual measurement and evaluation process for financial education programmes that support the national strategy for financial literacy – to be implemented from 2022. 2 / 3 bis central bankers'speeches the second area of focus today is on opportunities to make better use of data and behavioural insights to advance smarter financial education. a key challenge that we face today is the misalignment between information and resources made available to financial consumers, and the way in which they consume, process and act on such information. behavioural insights can help us close this gap to make better use of the tools at our disposal to bring about positive change. advances in technology are also opening up new opportunities to leverage on behavioural insights to achieve more effective financial education interventions. the ability to gain much deeper and richer insights into consumer behaviour are now possible, and could completely change the way we think about and deliver financial education interventions. the community of practice enables us to tap into a reservoir of knowledge and expert resources to explore new opportunities and ideas, and strengthen existing collaborations to take the financial education agenda forward. as fen continues to grow, we hope to further expand the community to provide thought leadership and strategic insights that will benefit all fen members and partners in our joint efforts to raise the level of financial literacy in malaysia. on this note, let me thank everyone again for taking the time to share your perspectives
) ( washington : board of governors, july 2020 ). 5 / 5 bis central bankers'speeches

light of the importance of the treasury market to many other financial markets as well as to monetary and fiscal policy, this further heightens the need to think about additional steps addressing vulnerabilities in short - term funding markets. in addition, we have to ask : what can be done to improve treasury market functioning over the longer term so that this market can withstand a large shock to demand or supply? i will simply raise that question, but not attempt to answer it here. a third, broader lesson from this event is that the regulatory framework for banks constructed after the gfc, with the refinements and recalibrations we have made over the last few years, held up well. we did not see a recurrence of the problems faced by the banking sector during the gfc, and the financial system and the economy would have been much worse off if we had seen it. instead, banks have been a source of strength. i also believe that this conclusion is entirely consistent with the significant emergency measures undertaken by the fed. almost all of these measures were targeted towards financial markets, nonbank financial institutions, and the real economy. moreover, the unprecedented and in many ways unimaginable nature of the shock posed by the covid event made it appropriate to take these steps when we did, to backstop the functioning of markets essential to the financial system. their creation was an unmistakable signal to market participants of the capability and willingness of the fed to restore market functioning, and the fact that this functioning was restored so quickly, with relatively little borrowing, shows this message was received, and believed. the system worked. looking across the areas in which strains suggest a need for further reforms, i am struck at the prominence of the continued need to focus on vulnerabilities associated with short - term funding. in some sense, this should not be surprising. vulnerabilities associated with short - term funding have always been at the heart of financial crises and central banks ’ efforts to promote financial stability. such vulnerabilities led to walter bagehot ’ s 19th century dictum that central banks need to stand ready to lend freely against good collateral during periods of financial strain. such vulnerabilities triggered the panic of 1907 and led to the establishment of the federal reserve. 4 / 5 bis central bankers'speeches such vulnerabilities led to runs on banks in the great depression and a series of reforms, including the establishment of deposit insurance. and such vulnerabilities
pacific region. the cpc shanghai committee, shanghai municipal government, financial regulatory institutions in shanghai, and policy and commercial financial institutions have always supported the pbc in carrying out its work, which guaranteed the effective operation of the institutions of the pbc in shanghai. the newly founded pbc shanghai head office will also need attention and support from all of you. by making continued efforts to improve financial services, the pbc will seek to make new contributions to economic development and financial stability. thank you!

marketbased development of the micro credit business. 4. training will be intensified for both the managers and working staff involved in micro credit business to enhance their effective technical support to the loan projects. meanwhile, efforts will be made on a continuous basis to foster a sound credit environment. with only a short history of successful development, micro credit business remains in its infant stage in the global sense, facing risks and challenges of various kinds. however, in our opinion, the introduction of micro credit scheme marks a revolutionary transformation of china ’ s poverty reduction policy from relying on relief support to that focusing on development and serves as an important way to aid the vulnerable groups in their strive to achieve prosperity. micro credit scheme has inspired the whole society to be involved in the effort of poverty reduction and is warmly received by the vulnerable groups as well. therefore, i am confident of the success of micro credit business in china as it enjoys both solid policy support from the government and wide participation by the society. we firmly believe that micro credit business will have a promising prospect in china, and will continue to develop in a rapid and healthy way. we are also looking forward to more participation by the private sector in foreign countries and the multilateral institutions in china ’ s efforts to reduce poverty, by helping us improve the organization and management of micro credit and explore useful experiences to promote its sustainable development, thus making valuable contributions to poverty reduction in china and in the world. thank you!
to constrain an asset bubble would certainly not be flavour of the month because everyone loves a bubble on the way up. still, central bankers are required to think - long term and sometimes that means taking decisions that won ’ t be welcomed at the time but, in the longer - term, are in the public interest. ( assistance in the preparation of this text was provided by nils bjorksten, david archer and other rbnz staff. )

john mcdermott : how the bank formulates and assesses its monetary policy decisions speech by dr john mcdermott, assistant governor and chief economist of the reserve bank of new zealand, to the manawatu chamber of commerce, palmerston north, 13 july 2016. * * * introduction thank you for the opportunity to meet with you this afternoon. my comments today will focus on the process of making a monetary policy decision. i do not intend to send any particular messages about upcoming monetary policy announcements. seven times a year, the bank announces a decision to set the official cash rate ( ocr ). four of these announcements are accompanied by a monetary policy statement. each ocr decision and statement publication is a complex process involving many staff from across the bank. the significant amount of background work reflects the uncertainty we face when setting monetary policy to achieve the objectives of the policy targets agreement ( pta ). as one example of this uncertainty, major economic data are often released with a significant lag, and remain subject to revision for some time. this makes interpreting even the current economic environment difficult. inflation - targeting central banks have adopted some common features in their decision making to deal with uncertainty. these include policy discussions within a committee environment, consideration of a wide set of information, a focus on transparency and clear communication to stakeholders, and generally modest moves in policy settings with the chance for regular review. today i want to focus on the bank ’ s approach to two of these elements – committee decision making and reviewing our forecasts. my comments summarise some recent and upcoming bulletin articles. 1 making a monetary policy decision the bank has used committees in its monetary policy decision making process for many years. historically, their use has been most prevalent in policy discussion and advice. 2 in 2013, the bank maintained the advisory role of its committees, and strengthened the role of committees in making a monetary policy decision. 3 these changes mean the bank now relies less on the single decision maker model. the governing committee was formed, with this committee responsible for reaching a decision see : lees ( 2016 ), ‘ assessing forecast performance ’, reserve bank of new zealand bulletin, vol. 79. no. 10. june 2016 ; reid ( forthcoming ), ‘ evaluating the reserve bank ’ s forecasting performance ’, reserve bank of new zealand bulletin ; and richardson ( 2016 ), ‘ behind the scenes of an ocr decision in new zealand ’ reserve bank of new zealand bulletin, vol. 79. no. 11. july
- makers and business leaders cannot ignore. conclusion we know that the challenges facing our economy will not be easy to meet. we know that tough choices will have to be made to secure an economic framework that enhances ontario ’ s efficiency and its flexibility. we know that the burden of adjustment will fall disproportionately on some individuals and groups and that we have a collective responsibility to help with that adjustment. but we also know that canadians and ontarians have made tough choices in the past that have proved right. these choices have yielded an economy that is resilient, and capable of competing with the best in the world. that tradition must continue. the choices ontarians make in the years ahead will determine our ability to meet the challenges thrown at us by this changing world economy, and to seize the opportunities that growth in world markets will bring. this province has tremendous human and natural advantages. i am confident that it also has the will to make the choices that will help ontario thrive in this new world economy.

, there is good reason to be optimistic about the canadian economy. these are exciting times. new opportunities, new technologies and new industries are all waiting right around the corner. the students here today will be the ones who will shape the future, with the tools developed through their imagination and ingenuity. i cannot wait to see how it turns out. i would like to thank russell barnett for his help with this speech. 6 / 6 bis central bankers'speeches
##zing between objectives. let me elaborate on the “ opportunities ” and “ challenges ” provided by each set of objectives. as regards efficiency, there is little doubt that the financial system needs to meet the expanding and increasingly complex requirements of a rapidly growing economy ; more so, it needs to meet them in as cost - effective a manner as possible. given the imperatives of speed, a number of factors can be brought to bear on this. new capacity combined with greater competition is clearly one way to achieve this objective. new ways of addressing specific needs, for example, through the development of new markets and new products is another. however, it is important to recognize that the efficiency of the financial system cannot be viewed in isolation. there must be a concrete link between the development of the economy and the capacity and the capability of the financial system. clearly, as we think about rapid increases in both capacity and capability, the role of foreign institutions needs to be considered with reference to their ability to bring both capital and knowledge to the table. however, the benefits that greater foreign participation may generate have to be balanced against their potential to increase risks. this brings us directly to the second principle, stability. financial stability, explicitly or implicitly, has always been an objective of both governments and central banks and this was quite vividly demonstrated in the response to the crisis on 2008. since then, what was perhaps more implicit than explicit is now sought to be formalized and institutionalized in many countries, including india. the mechanisms needed to both pre - empt and deal with systemic risks and their materialization are being seriously debated. from a broad emerging market perspective, the question of how the significant presence of large foreign players contributes to systemic risk is a critical one as regulatory and prudential strategies are designed in the post - crisis environment. how do we exploit the benefits that they offer with respect to the broad developmental objectives without making our own systems vulnerable to shocks that emanate outside and over whose transmission we have little or no control? a balance needs to be maintained between ownership, governance and prudential norms that satisfy reasonable systemic safety requirements and commercial viability, which will make it worthwhile for these institutions to expand or set up business. i would like to emphasize that the stability principle is not confined exclusively to foreign presence. systemic risks can originate in domestic financial players as well. an effective safeguard mechanism must identify all possible sources of such risks and put in place appropriate measures. transparency is a critical requirement of a

banks or homeowners. the danish mortgagecredit system is far too stable for that. * * * thank you for your attention. bis central bankers ’ speeches
##eficiary accounts, philpass emerges as a safer, faster, and more efficient option for remitting overseas workers. another highlight of this project is the agreement by participating banks to charge a significantly lower standard back - end processing fee of 50 pesos per remittance transaction. the back - end processing fee normally charged ranges from a low of p100. 00 to a high of p550. 00 per transaction. in other words, overseas filipinos will be saving at least p50 to p500 per transaction in remittance fees whenever abroi members forward the money to beneficiary accounts in other banks. estimates indicate that remittance transactions average 66 million per year, of which transmission through “ credit - to - other banks ” accounts for 8 % or an average of more than 5, 000 transactions daily. this means savings of at least p75 million in annual remittance fees for overseas filipinos. at least p75 million. for our overseas workers, this represents additional money that can benefit their families and other beneficiaries. for the bangko sentral and our banks, this represents yet another way for us to express our support for our overseas workers who continue to play a pivotal role in keeping our economy sound and stable. i understand that systems integration of abroi member banks with the bangko sentral ’ s philpass will be completed before the end of this year, with test runs expected to begin in january 2010. given this timeline, the philpass - abroi linkage should be fully operational by late february or early march next year. once again ladies and gentlemen, i thank everyone involved in this important undertaking that will benefit millions of our overseas filipino workers and their families. let us consider this as our joint christmas gift to them. mabuhay ang ating overseas workers! mabuhay ang pilipinas! maraming salamat sa inyong lahat.

insights to contribute and i would like to conclude by sharing some from slovenia. 1 / 2 bis - central bankers'speeches at banka slovenije, in cooperation with the imf, we have developed a tool for monitoring and predicting cyber risks in the banking sector. my colleagues, in collaboration with the esteemed slovenian institute of science, have also developed an ai tool for assessing money laundering and terrorism financing risks. for both tools, some basic information is available through the qr codes you have received. of course, if this happens to pique anyone's interest, do not hesitate to get in touch with my colleagues that will gladly provide you with more details. before we start to enjoy the dinner, let me take this opportunity to express my sincere appreciation to the organizational teams of banka slovenije and the ecb for their efforts in facilitating this meeting. when everything works seamlessly, it can mask the complexity and effort behind the scenes. thank you very much for your dedication. finally, for a few hours tonight, let us shift the focus from the digital realm to the richness of in person connection. let's enjoy each other's company and tonight's dinner at the ljubljana castle. thank you! 2 / 2 bis - central bankers'speeches
decent majority in order punish a misbehaving minority would be like cracking a nut with a sledgehammer – and breaking the table it is on in the process. finally, the fintech alliance promises that, with its innovative digital - payment solutions, it can ease the conduct of financial transactions. customers would no longer need to carry wads of cash or search for atms. but it is an open question whether the still highly fragmented digital - payment sector will help customers more than the companies offering the payment solutions. there is one more major problem with the arguments for a cashless society : most people, at least in the eurozone, don ’ t want it. according to an as - yet - unpublished european central bank survey of 65, 000 eurozone residents, almost 80 % of all point - of - sale transactions are conducted in cash ; and, in terms of value, more than half of payments are made in cash. as is often the case in europe, the differences among member states are pronounced : the share of cash transactions ranges from 42 % in finland to 92 % in malta. but, overall, the public ’ s commitment to cash remains strong – and is becoming stronger. 1 / 2 bis central bankers'speeches in fact, growth in overall demand for cash is outpacing nominal gdp growth. in the last five years, the average annual growth rate of euro banknotes was 4. 9 % by value and 6. 2 % by piece. this rise includes denominations that are predominantly used for transactions, rather than for savings. these findings confirm the appropriateness of the ecb ’ s neutral stance on payments, which allows for both cash and cashless payments. this approach is based on four principles : technological safety, ( 2 ) efficiency, ( 3 ) technological neutrality, and ( 4 ) freedom of choice for users of the respective means of payments. the ecb ’ s supreme objective is to ensure price stability. to support that objective, it supplies safe central - bank liquidity, in the form of both bank - held central - bank reserves and banknotes ( the latter being the sole notes with the status of legal tender in eurozone ). if europe were to abolish cash, it would cut off people ’ s only direct link to central - bank money. in a democracy, such a link helps to foster public acceptance of central - bank independence, by reinforcing the trust and support of the people in the conduct of effective monetary policymaking. the

ecb will continue to provide banknotes. we will also facilitate the further development of an integrated, innovative, and competitive market for retail payment solutions in the eurozone. if, one day, cash is replaced by electronic means of payments, that decision should reflect the will of the people, not the force of lobby groups. 2 / 2 bis central bankers'speeches
( 1966 ) monetary policy and the development of money markets, allen & unwin. bis central bankers ’ speeches

for this effort, and a staff working paper with early research findings from the data. one great benefit of this is that rather than tasking an unfortunate analyst with the herculean endeavour of mapping all the thresholds, we are able to use a pra robot to do the job instead. 3 the pra competition robot has returned from its daunting mission with interesting findings. first, there are 53 thresholds for deposit - takers, spread across all the main policy areas but with a concentration in capital ( 17 ), reporting ( 11 ) and remuneration ( 8 ). 4 second, 13 unique metrics are used to set thresholds. the most common, unsurprisingly, is simply assets – 26 of the 53. but even within these asset - based ones 16 different values are used to set the actual threshold. third, 20 of the thresholds result from eu regulations and / or basel definitions. the other 33 are things we have done ourselves here in the uk. fourth, if we crudely translate non - asset thresholds into an asset equivalent in order to be able to map all thresholds on one scale, then most are concentrated in the area below a size corresponding to £50b in assets or deposits. this bears out the prediction made last year by former pra executive director james proudman that the pra would soon develop a form of ‘ cyborg supervision ’ involving humans and machines working closely together. to identify thresholds, the robot ran a series of textual searches on the dataset. the search combined quantitative values ( £, € ), expressions related to thresholds ( eg. less / more than, greater / smaller than, up to ) ; and typical metrics used for thresholds ( eg. assets, balance sheet, deposits, accounts ). it also included thresholds, such those on executive pay and exposures, that are only indirectly linked with size. the results were then cross - checked and cleaned by subject matter specialists. all speeches are available online at www. bankofengland. co. uk / news / speeches one could make various observations about these findings. but one obvious question to ask is whether or not this is too complicated a picture. while it is a good thing for small firms that we exempt them from various bits of regulation, is there a case for making the gradient a bit easier to discern and climb as they grow? should we rationalise and harmonise any of these thresholds