samchain/econo-pairs-v2 huggingface dataset:
, making rules and technical standards and determining our general policy approach, as distinct from taking supervisory decisions regarding individual firms. 6 solvency ii review : unlocking the potential - speech by gareth truran 6 / 6 bis central bankers'speeches

. 5 trillion in infrastructure investment alone every year for decades. 3 all forms of finance : public, private and blended finance will play a part. public finance to support a fair and inclusive transition across our economies. development and blended finance to support adaptation and resilience. and mainstream private finance to help all companies realign their business models for net zero. the objective for the private finance work for cop 26 is simple : ensure that every financial decision takes climate change into account. 1 the full list of current tcfd supporters is available at : https : / / www. fsb - tcfd. org / tcfd - supporters /. see https : / / www. unpri. org / signatories, http : / / www. climateaction100. org / investors, https : / / www. unepfi. org / net - zero - alliance /. https : / / www. iea. org / news / deep - energy - transformation - needed - by - 2050 - to - limit - rise - in - global - temperature. all speeches are available online at www. bankofengland. co. uk / news / speeches to do so, we will work with you – the private sector – to put in place the frameworks so that you can do what you do best – allocate capital to manage risks and seize opportunities across the economy. determining who ’ s ready for the transition and who ’ s not requires : 1. disclosure of climate financial risk to become comprehensive ; 2. climate risk management to be transformed ; and 3. investing for a net - zero world to go mainstream. on the road to glasgow, we will focus on the three rs : reporting ; risk management ; and return - to help unlock the private financial flows that are vital to the transition. this will support a wider shift to paris alignment and be underpinned by public finance efforts to deliver $ 100bn. to succeed we will need your support and your action. we will publish the strategy and how you can get involved when i formally assume my new roles, but following sir david ’ s lead, i wanted to offer you an exclusive preview today. reporting : improving the quantity and quality of climate - related disclosures by implementing a common framework built on tcfd an old adage is that which is measured can be managed. for cop 26 we want you to help refine and implement tcfd disclosure ; and we will work with
memorable one. thank you all, ladies and gentlemen.

y v reddy : central banking and academia talk by dr y v reddy, governor of the reserve bank of india, on the occasion of the conferment of the degree of doctor of civil law by the university of mauritius, port louis, 3 december 2007. * * * honourable chancellor, sir ramesh jewoolall, respected pro - chancellor professor jugessur, respected vice - chancellor, professor fagoonee, governor bheenick, distinguished academics, and friends, it is a great honour and privilege to accept, gratefully, the conferment of the degree of doctor of civil law, honoris causa from the university of mauritius. i deeply appreciate and thank the governor of the bank of mauritius and honorary professor rundheersingh bheenick for presenting me for the conferment. this event is of special significance because the university commands immense prestige and has collaborations with several globally renowned academic institutions across the continents. the well known indian institute of technology, kanpur, india, is an example. the university is held in high esteem in india as exemplified by the visit to the university by dr. a. p. j. abdul kalam, as president of the republic of india, for an interactive session. the session was held on 13th march 2006 in this auditorium in the university. the conferment of this degree, in my humble submission, signifies the recognition of historical, cultural and economic ties between mauritius and india. it also signals the shared desire to improve and reinforce our relations in the sectors that are critical in the rapidly developing world, such as knowledge based economy and services sector, especially financial sector and tourism. it is noteworthy that professor fagoonee has his current interests in information technology, management and environment. contextually, this event invites a focus on interaction between central banks and academia. it is well known that practice of central banking has been drawing very heavily from the academic contributions on the subject. apart from theoretical foundations, academia provides guidance in the conduct of policy, both in terms of research inputs in collaborative work and in terms of participation in decision making process. while academics are often on the boards or committees of central banks, it is not uncommon for the governors to be drawn from the academia – the current well known examples, to mention a few, are professors ben bernanke in usa ; mervin king in uk, axel weber in germany, stanley fischer in israel and, of course, professor bheenick in mauritius. no doubt,
. as central bankers, it's critical that we remain focused on carrying out our responsibilities, while keeping pace with the world around us. and that's what brings us here today. this workshop is an important part of learning and understanding the challenges and opportunities that lie ahead so that we can be prepared for and successful in the future. thank you all for participating in what will surely be thought - provoking and constructive discussions. president's working group on financial markets, the federal deposit insurance corporation, and the office of the comptroller of the currency, report on stablecoins, november 2021. board of governors of the federal reserve system, overnight reverse repurchase agreement facility, january 3, 2018.

speech the song remains the same june 01, 2022 john c. williams, president and chief executive officer remarks at the new york fed and columbia sipa monetary policy implementation workshop, new york city as prepared for delivery good morning, everyone. i'd like to give my thanks to columbia university's school of international and public affairs for partnering with the new york fed once again and for hosting us today. it's wonderful to be here and to see so many colleagues who have traveled from near and far to attend this workshop. we'll have many important conversations over the next two days. to kick us off, i'm going to share some observations on the digital transformation of money and payments. i'll also discuss the potential implications for monetary policy implementation and for central banks more broadly. before i begin, i must give the standard fed disclaimer that the views i express here are my own and do not necessarily reflect those of the federal open market committee ( fomc ) or anyone else in the federal reserve system. i will get to payments technology in a minute. but first allow me to take you back to the year 1877. you're amazed at the sound of music coming out of a new inventiona€ ” the phonograph. fast - forward a century, and you're listening to your favorite band on a cassette tape. in the 1980s, it's a cd. in the 2000s, you're scrolling through the greatest hits on your ipod. and today, perhaps even on your way here, you listened to a streaming service on your phone or watch using voice commands. there's been much innovation over the years, and many improvements in terms of convenience and costs, but at the most basic level we are still doing the same thing : enjoying music. it's how we're doing it that's changed. the same is true with money and payments. both are fundamentally changing through technological transformations. as happened with the delivery of music, the pace of technological advancement is accelerating, and it's clearing the way to do things faster or more efficiently. on top of that, the development of digital currencies has boomed. this includes cryptocurrencies that are not fully backed by other assets. it also includes stablecoins that are fully backed by safe and liquid assets, and central bank digital currencies ( cbdc ). both stablecoins and cbdc that are fully backed by safe assets have the
to a low two - digit inflation in the first half of the 1990s, and then to a low one - digit inflation at the turn of the century. in this respect we have joined a worldwide trend and to - day there is no meaningful inflation differential between israel and the developed world. - in the first half of last year, 2002, inflation rose temporarily to 6 % for the period, but then declined practically to zero in the second half of the year. in this sense we returned to the record set in the years 1999 - 2001, when the annual pace of inflation was set in the range of zero to 1. 5 %. hence we can, and should, devote all our energy to follow one major target : stop the contraction of the economy and start growing again. employment and growth what, then, are the policies required to change course in terms of employment and growth : 1. fiscal consolidation, by which we mean : - reduce the deficit to redirect downward the government debt ratio, to reduce long - term interest rate, to promote investment. special care should be taken that the 2003 budget will indeed result in a deficit no higher than 3 %, as the government decided. - restructure government spending to increase infrastructure investment, cut the government wage bill, arrest the increase in defense spending, and implement series of programs to divert potential employees from welfare to work. the most promising way to reduce poverty is to upgrade programs to increase the overall employment rate, were we lag very much behind the world. - follow scrupulously, if not expedite, the program to cut the individual income tax rate, to reduce the marginal rate, including social security, to 49 %. we ought to remember that our ability to compete with the world depends also on our tax regime. 2. foreign workers change track in dealing with the urgent need to reduce significantly the number of foreign workers in israel. foreign employment in israel has reached a level of 11 % of the labor force, almost the highest in the world. the number of foreign workers in israel exceed the number of the unemployed. the new track should aim at equalizing, at least, the cost of employing a foreign worker to that of employing an israeli one. the difference now may amount to 40 % in favor of the foreign worker. immigration police is indeed necessary, but far from being enough. 3. social pact the government should reach an understanding with the labor union and the employers association regarding a new set of rules governing wage determination

depends, among other things, on how employment develops in arab society in the next few years. if we know how to maximize the potential for increased growth and how to reduce the gaps, we will all – jews and arabs – be able to enjoy the fruits of this process. if we can ’ t manage to do this, then in my estimation, we will pay a heavy economic and social price in the years to come. later in the conference, there will be an in - depth discussion of the details, solutions and plans on the agenda. i wish us all an interesting and productive conference. bis central bankers ’ speeches
hence offset an increase in demand stemming from additional fiscal measures. under such circumstances, the output gap will not improve and prices will not rise. that said, whether or not a central bank can control bond prices depends not on its intention but on market judgment. it is for that reason too that i emphasize the importance of fiscal consolidation. see sims ( 1999 ), christiano and fitzgerald ( 2000a, b ), leeper ( 1991 ), cochrane ( 2000 ), and woodford ( 1996, 2001 ) for details regarding the fiscal theory of price level. bis central bankers ’ speeches concluding remarks a. government ’ s commitment for fiscal consolidation now, let me sum up. in my speech today, i have repeatedly emphasized the importance of fiscal consolidation. indeed, the japanese government has already said that it will halve the deficit in the primary balance relative to gdp by fiscal 2015 from the level registered in fiscal 2010. furthermore, it is committed to turning the primary balance from a deficit to a surplus by fiscal 2020. those moves constitute an important part of the government ’ s commitment to fiscal consolidation and are now widely accepted by the international community. accordingly, the government decided to raise the consumption tax from 5 to 8 percent in april ; moreover, the tax rate is scheduled to be raised to 10 percent in october 2015. down the road, we may hear more discussion concerning whether the consumption tax of 10 percent is enough to make the fiscal structure sustainable. whatever the discussion might be, it is important to acknowledge that the government will take a crucial first step toward fiscal consolidation, given mounting social security spending. there is no question about that, and financial markets understand the government ’ s intention on that. b. qqe based on fiscal consolidation recent long - term rates have been stable in light of signs of overcoming deflation. that is not just due to the effects of the bank ’ s jgb purchases. it also hinges on the fact that market participants and businesspeople have full confidence in the government ’ s strong commitment to fiscal consolidation. that enables the bank to conduct massive jgb purchases without being trapped in fiscal dominance. the bank offers full support to the government ’ s commitment. the commitment for fiscal consolidation by the government is imperative so that the qqe – which is designed to overcome deflation – should not be perceived as the means for “ financial repression ”. at the same time, a problem will arise if the government creates a fiscal cliff, as epitomized by the enforcement

and most people will see their budgets stretch further. consumer price inflation is projected to slow in the coming years and run slightly above 2 percent at the end of 2027. unemployment is projected to increase a little, albeit slightly less than we envisaged in september. 2 / 2 bis - central bankers'speeches
opening remarks by francois groepe, deputy governor of the south african reserve bank, at the launch of the project khokha report sandton convention centre, johannesburg 5 june 2018 good afternoon, ladies and gentlemen. on behalf of the south african reserve bank ( sarb ), i would like to extend a sincere and warm welcome to everyone here today on the occasion of the launch of the report on project khokha, which had as its scope the trial of interbank wholesale settlement using distributed ledger technology ( dlt ). this was our first dlt initiative ; its aim was to contribute to the global initiatives that assess the application and use case for dlt. i am pleased to confirm that project khokha was successful in that it proved that the typical daily volume of the south african payments system could be processed in less than two hours with full confidentiality of transactions and settlement finality. this was done using iso1 20022 standard messages within two seconds across a network of distributed nodes and with the requisite resilient distributed consensus. the sarb is pleased that so many of you have taken the time out of your busy schedules to join us today. we appreciate that there is great interest in this work, both locally and from abroad. 1 international organization for standardization page 1 of 4 i will make brief introductory remarks and then hand over to the governor of the sarb, mr lesetja kganyago, to deliver the keynote address. my remarks centre around three observations. barely six months ago, i could not have imagined that we would successfully trial the use of dlt to process high - value transactions. this was in part because i am acutely aware of the challenges involved in building wholesale payments capabilities and appreciate that, and proofs of concept can be both complex and take time to develop. as an example, the requirements for such an endeavour need to be carefully defined, prioritised, and mapped into functional and technical specifications. furthermore, the coding, development and testing required is an intense and laborious exercise. add to that the challenge of integration between multiple participants one comes to an appreciation why such initiatives are often multi - year projects. the design, building and delivery of project khokha happened in less than three months. this is a noteworthy achievement. it is evident that the pace of innovation and technological development requires a shift to this new ‘ agile design approach ’ which demands fast turnaround. after all, the mantra of financial technology, or ‘ fintech ’

to incorrect pricing and, in turn, improper allocation of resources. a lack of confidence in the financial system generally means rising counterparty risk, requirements for higher risk premiums, and raising the overall cost of capital in the economy. without sound values and proper conduct, we will not be able to restore trust, and this will affect confidence. and when there is little or no confidence, there are risks to stability, growth, jobs, and development. thank you. bis central bankers ’ speeches
tiber - eu framework 8 european commission, digital operational resilience framework for financial services : making the eu financial sector more secure, consultation document. 3 / 3 bis central bankers'speeches

system i will finish with an update on progress on regulatory reforms and supervisory actions to strengthen the financial system. in october, the federal reserve board proposed a rule to strengthen the liquidity positions of large and internationally active financial institutions. 1 together with other federal agencies, the board also issued a final rule implementing the volcker rule, which prohibits banking firms from engaging in short - term proprietary trading of certain financial instruments. 2 on the supervisory front, the next round of annual capital stress tests of the largest 30 bank holding companies is under way, and we expect to report results in march. regulatory and supervisory actions, including those that are leading to substantial increases in capital and liquidity in the banking sector, are making our financial system more resilient. still, important tasks lie ahead. in the near term, we expect to finalize the rules implementing enhanced prudential standards mandated by section 165 of the dodd - frank wall street reform and consumer protection act. we also are working to finalize the proposed rule strengthening the leverage ratio standards for u. s. - based, systemically important global banks. we expect to issue proposals for a risk - based capital surcharge for those banks as well as for a long - term debt requirement to help ensure that these organizations can be resolved. in addition, we are working to advance proposals on margins for noncleared derivatives, consistent with a new global framework, and are evaluating possible measures to address financial stability risks associated with short - term wholesale funding. we will continue to monitor for emerging risks, including watching carefully to see if the regulatory reforms work as intended. since the financial crisis and the depths of the recession, substantial progress has been made in restoring the economy to health and in strengthening the financial system. still, there is more to do. too many americans remain unemployed, inflation remains below our longer - run objective, and the work of making the financial system more robust has not yet been completed. i look forward to working with my colleagues and many others to carry out the important mission you have given the federal reserve. thank you. i would be pleased to take your questions. see board of governors of the federal reserve system ( 2013 ), " federal reserve board proposes rule to strengthen liquidity positions of large financial institutions, " press release, october 24. see board of governors of the federal reserve system, commodity futures trading commission, federal deposit insurance corporation, office of the comptroller of the currency, and securities and exchange commission ( 2013 )
, the board is not required to include a person regulated by a state insurance regulator or a regulated foreign subsidiary or affiliate of such person engaged in the business of insurance. 6 / 6 bis central bankers'speeches

2015 in the june tankan, with corporate profits increasing to a historical high. in the household sector, despite the effects of irregular weather, private consumption has been resilient, reflecting steady improvement in the employment and income situation, as seen in, for example, the continued improvement in the active job openings - to - applicants ratio. in addition, housing investment has started to pick up. given these developments, a virtuous cycle from income to spending is expected to continue operating steadily in both the corporate and household sectors. with regard to prices, the year - on - year rate of increase in the consumer price index ( cpi ) for all items less fresh food had slowed toward the end of fiscal 2014, due in part to the effects of low crude oil prices. excluding the direct effects of the consumption tax hike, the rate has been about 0 percent recently. 2. outlook japan ’ s economy is expected to continue recovering moderately. on the price front, the year - on - year rate of increase in the cpi is likely to be about 0 percent for the time being, due to the effects of the decline in energy prices. nevertheless, as the underlying trend in prices steadily rises and the effects of the decline in crude oil prices dissipate, the rate is likely to accelerate toward 2 percent – the price stability target. risks to the outlook are those that primarily stem from overseas factors. specifically, these include developments in emerging and commodity - exporting economies, the prospects regarding the debt problem and the momentum of economic activity and prices in europe, and the pace of recovery in the u. s. economy. the bank compiles and releases the policy board members ’ forecasts for economic activity and prices on a quarterly basis. looking at the medians of the members ’ forecasts released in july 2015, the real gdp growth rate is projected to be 1. 7 percent for fiscal 2015, 1. 5 percent for fiscal 2016, and 0. 2 percent for fiscal 2017. the year - on - year rate of increase in the cpi ( all items less fresh food ), excluding the direct effects of the consumption tax hikes, is projected to be 0. 7 percent for fiscal 2015, 1. 9 percent for fiscal 2016, and 1. 8 percent for fiscal 2017. the bank projects that the timing of the rate reaching around 2 percent will be around the first half of fiscal 2016, assuming that crude oil prices will rise moderately from the recent level. bis central bankers ’ speeches 3.