samchain/econo-pairs-v2 huggingface dataset:
7. structure and culture : the final area, or challenge, i wanted to touch on is organizational structure and culture. firms need to ensure their internal structure, strategy and culture are aligned to successfully operate locally, which may require a large investment in infrastructure. today, many fbos are structured so that they are aligned to their foreign parent company. however, in the wake of the ihc requirements, firms will need to restructure themselves as stand - alone u. s. regulatory reporting entities in order to provide information that is aligned to the ihc structure. once needed structural changes are in place, the internal culture comes into play. culture can be a complex topic, but we know it is an important one. when we talk about culture, we talk about it from a number of different perspectives. the culture within the organization will bis central bankers ’ speeches guide the behavior of employees. therefore, if the organizational values conflict with the rules / guidance you are required to follow, the organization is headed for trouble. it ’ s important for firms to understand “ why ” certain regulation are in place and appreciate the value of following them, even when the rules may seem to be inconsistent with a home country ’ s position. if a clear understanding and appreciation of the “ why ” is lacking, it is more likely that staff may look to loopholes. as tom baxter, our general counsel says, “ this failure to correlate the rule with the value is the root of real mischief. ” as firms continue to work on improving their culture, there are a number of themes that should drive their efforts. first, culture starts at the top of the organization – and when i say top, i mean all the way at the top, not just in a particular jurisdiction. senior leaders and boards of directors around the world must lead by example and demonstrate to local leadership the firm ’ s underlying values through their actions, not just their words. ( practice what you preach. ) incentives within the firm should be designed to set the right expectations for behavior, and recognition programs should clearly reward desired actions, not just financial performance. at the end of the day, culture is fundamentally about people, and we shouldn ’ t forget that. having the right culture in place is not a “ nice to have ” in a firm, it is a “ must have. ” some say that the financial industry is late to recognize the need to address culture – i say we can ’ t wait any longer. we are spending a

##ilience of the euro area economy. strengthening economic and monetary union 2 / 3 bis central bankers'speeches remains a priority. the governing council welcomes the ongoing discussions on further enhancing the institutional architecture of our economic and monetary union. we are now at your disposal for questions. 3 / 3 bis central bankers'speeches
one hand and the eurozone on the other as is popularly supposed. it is in fact much more difficult to affect the exchange rate - directly through our domestic monetary policy than you might imagine. of course we do take full account, in our forecasts and in our policy judgements, of the implications of the exchange rate, and of the international environment more generally, for our own economy. that was why we moved aggressively to cut interest rates a year or so ago. sterling did not then fall against the euro as you might have expected - it actually rose. even though we could not change the international environment, we were able to cushion its negative effect on the economy as a whole by providing an offsetting stimulus to the domestic economy. had we not done so, we might well have suffered recession in the uk. but the situation now is very different with the economy as a whole has strongly recovered and is now once again, operating close to capacity and apparently continuing to grow at above trend. so, even supposing we could influence the exchange rate in the direction we would no doubt all like to see - the hard question for us in current circumstances is could we - and should we - attempt to do so, in order to try to shelter internationally - exposed businesses, if that were to mean putting our objective of sustained low inflation at risk. in fact i ’ ve not heard anyone argue openly for that - and i would be surprised if they did. the reality is that if we were to put the economy as a whole at any significant risk of accelerating inflation - notwithstanding our mandate - we would not succeed in providing the intended protection even to the internationally - exposed sectors, except possibly in the very short term ; and we would jeopardise the prospect of sustained growth in the economy as a whole further ahead. that very clearly was what happened when we sought to hold the exchange rate down against the dm for a time in the 1980s. there is no simple solution to this very real dilemma. and while i really do understand the pain that many internationally - exposed businesses are suffering, i ’ m afraid my vote must go with those who voted yes on the first ballot. now let me turn to the second - and quite distinct question - which relates to the practical operation of monetary policy. even if we could agree on the consistently low inflation objective of monetary policy, we can all perfectly well nevertheless disagree about the appropriate stance of policy - the appropriate level of interest rates - to deliver that objective. you

. the debate is about just how strong the growth and just how low the rate of inflation. but we will be keeping that prospect under continuous review and be ready to respond to the evidence that emerges in the real world - in either direction. you will have noticed that, although i disclosed my hand on the first ballot, i have not done so on the second. i will leave you to discover from the minutes of our future monetary policy committee meetings how i vote in the real thing! and that, mr chairman, is as clear a steer as you are ever likely to get from a central banker on the likely future interest rate path!
is because the bank presented a time frame of achieving the price stability target at the earliest possible time with a time horizon of about two years, and made a clear commitment to doing whatever is necessary to achieve that target. in reality, prices change due to various factors. a slowdown in the inflation rate in japan since last summer is mainly attributable to the decline in crude oil prices, and it is common to many countries. the rate of decline in crude oil prices since last summer was very large – about 60 percent within about six months. it has been taken for granted among major central banks that the inflation rate would deviate for some time from the price stability target as a result of changes in commodity prices, such as crude oil prices. in fact, the year - on - year rates of change in the headline consumer price index have become zero or even slightly negative in economies such as of the united states, the united kingdom, and the euro area, and the timing of reverting to 2 percent inflation is projected to be two or three years from now in these economies. in japan, as i have described, the underlying trend in inflation has improved steadily, and as the effects of the decline in crude oil prices dissipate, the year - onyear rate of increase in the cpi is projected to accelerate toward the price stability target of 2 percent. we believe that this forecast is consistent with the commitment to achieving the price stability target at the earliest possible time, with a time horizon of about two years. that said, if there are changes in the underlying trend in inflation and it is deemed necessary to take action in order to achieve 2 percent inflation, the bank will make adjustments as appropriate without hesitation. concluding remarks so far, i have reflected on the progress made in the two years since the introduction of qqe, and with this in mind, i also have discussed the developments in economic activity and prices and the bank ’ s monetary policy. lastly, i will conclude today ’ s speech by sharing my thoughts. in implementing economic policies, many things can happen, expected or unexpected. looking back at the two years since the introduction of qqe, there have been expected developments and unexpected events. during the first year – in fiscal 2013 – most of the developments were judged as expected or as better than expected, as the economy experienced a positive turnaround and the inflation rates increased steadily. exports, however, had been lacking momentum, and this was below my expectations. the effects

economy forward, and to proactively position the banking system to become sound and reliable catalysts of development. realizing this objective is a daunting task and would require all hands to be on deck. the cbn will remain focused in reducing the risk of systemic banking crisis, and promoting general economic and financial sector development. we shall continue to enlist the co - operation and partnership of the bankers ’ committee in accomplishing this objective. i look forward to a cordial working relationship with all of you and i thank you for your kind attention.
mit dem meine kollegen und ich den vertrag von maastricht verhandelt haben. heute genieße ich das privileg, mit der bundesbank als mitglied des eurosystems zusammenzuarbeiten, das in vollem umfang zum erfolg des europaischen wahrungsteams und zur erfullung unseres auftrags, die preisstabilitat zu gewahrleisten, beitragt. funfzig jahre mag von einigen als fortgeschrittenes alter empfunden werden, aber fur eine erfolgreiche institution wie die bundesbank ist dieses jubilaum kein grund zur wehmut, sondern stellt eine auszeichnung dar. die werte und beitrage, die die bundesbank in das eurosystem einbringt, sind jung wie eh und je. herzlichen gluckwunsch! ich mochte dir, axel, und deiner institution meinen dank und meine freundschaft aussprechen!

janvier 1994 comme etant moins de 2 % - associe a la pleine independance, nous permettaient au bout de quatre ans de supprimer toute prime de risque entre le franc francais et le deutschemark. c ’ etait, avec les resultats egalement remarquables des autres banques centrales nationales, une contribution decisive a la creation de la monnaie unique. independence from executive branches is an essential feature of the institutional framework for a successful monetary policy as it allows the central bank to pursue its primary objective and to take full responsibility for its actions. the legal and institutional framework of the bundesbank has been decisive in this respect, but equally important has been the quality of its staff and leadership. i have had the very great privilege to know and work closely with five of the bundesbank ’ s presidents – karl - otto pohl, helmut schlesinger, hans tietmeyer, ernst welteke and axel weber – and with board members, in particular otmar issing and jurgen stark at both the bundesbank and the ecb, as well as with the many excellent professionals committed to fulfilling the mission of this important institution. the clear objective of price stability and the independence from executive branches, however, only necessary conditions for the success of the bundesbank as an institution. the additional and decisive condition has been the credibility it gained with the german people and with global financial markets. credibility is not something that can be installed by decree, it has to be earned. the strong determination of the german people to keep the value of their money stable on a lasting basis had initially provided the bundesbank with a broad constituency that shared this conviction about importance of price stability and its task “ to safeguard the currency ”, or “ die wahrung zu sichern ” as it says in the bundesbank act. as the vivid memory of the hyperinflation faded and price stability was achieved, the bundesbank ’ s credibility – fostered by a broad - based and intensive communication with all parts of society – was essential to protect its independence and rebuff any temptations to relax the notion of price stability. ich mochte sie daran erinnern, dass preisstabilitat und zentralbankunabhangigkeit tatsachlich tag fur tag verteidi
by the eurosystem on inflation persistence tends to show that the degree of inflation persistence in the euro area is quite moderate while the degree of price stickiness is considerable and higher than in the united states. this finding may provide another justification for a gradualist monetary response to cost - push shocks as : first, the impact of an inflation shock will be small as agents anticipate a low persistence of this shock and therefore will reduce their expectations of future inflation ; in turn, the negative response of the output gap will be limited implying a less persistent response of the real rate. 5. as a result, the eurosystem monetary policy has won european citizens ’ confidence in and acceptance of the new currency finally, the euro has been readily accepted by economic agents and is now part of european consumers ’ daily lives. surveys confirm that the general public has confidence in the euro, as a solid currency, and in the eurosystem as their central bank. however, there remain two causes for concern : - one is the natural difficulty in moving to an entirely new set of price references – and it may take a number of years before this switch is fully made by the public at large. - and the second, probably related to the first one, is the feeling in the public that there have been excessive price increases linked to the cash changeover. indeed, the public ’ s attention has focused on on average, central banks of industrialised countries changed their policy rates every 5 months both in the 1980s and the 1990s, which is close to the actual frequency of the ecb interest rate ’ s changes ( 4, 8 months ). ( source clerc et yates ( 1999 ) : “ interest rate stepping : some puzzles and facts ”, mimeo bank of england ). a small number of goods and services in which abnormal increases occurred at the time of this event, leading to a misperception of the real rate of inflation. this gap between perceived inflation and real inflation has however been narrowing progressively and should hopefully disappear in the near future. concluding remarks to conclude, let me emphasise that seven years after its adoption, the euro has lived up to all of our expectations. after the unprecedented challenge of a continent - wide cash changeover, the euro almost instantly replaced the legacy currencies without any disruptions. it has fostered both price and macroeconomic stability through its credibility and has shielded many euro area countries from significant exchange rate volatility and financial market turmoil. it is all the more

system risks as the markets remain fragile and uncertainty remains. singapore is not insulated from pressures in other parts of the world. we need to understand the changes and anticipate how they would affect us in order to take the right actions. mas will continue to build on our key pillars of having sound financial institutions, ensuring well functioning markets and maintaining confidence of investors. building on such strong fundamentals and adapting to new challenges, we can ensure we emerge stronger. thank you.
2012 ), ‘ internationalization of the rmb and historical precedents ’, journal of 4 / 5 bis central bankers'speeches economic integration, 27 ( 3 ), pp www. hks. harvard. edu / fs / jfrankel / rmbintnztnjei2012pg329 ~ 365. pdf. 329 – 365, available at 3 these data can be found on the statistical tables page of the rba website ( table b20 ). 4 stevens g ( 2015 ), ‘ address to the boao forum for asia financial cooperation conference ’, audio address, reserve bank of australia, sydney, 30 july. chinese gross portfolio flows were equivalent to a little less than 1 per cent of gdp in 2015. 5 / 5 bis central bankers'speeches

guy debelle : the fx global code speech by mr guy debelle, deputy governor of the reserve bank of australia, at fx markets usa, virtual conference, 27 july 2021. * * * thanks to matt boge for his incredible assistance over my term as chair, as well as grigoria christodoulou and the other members of the gfxc secretariat. tonight i will talk about the recently completed review and update of the fx global code. the updated code was released on 15 july. 1 tonight i will remind you about the important role the code plays in the foreign exchange ( fx ) market. i will summarise the parts of the code that have been updated and talk about the accompanying papers on pre - hedging and last look. fx global code the fx global code was launched in may 2017. it was a direct and important response to the lack of trust the foreign exchange industry had been suffering on the back of a number of instances of misconduct in the market and the associated multi - billion dollar fines. this lack of trust was evident both between participants in the market and, at least as importantly, between the public and the market. the lack of trust was impairing market functioning. the market needed to move toward a more favourable and desirable location, and allow participants to have much greater confidence that the market is functioning appropriately. it is also important to remember what the alternative was in the aftermath of the scandals. there was a decent chance that authorities could conclude that a substantial regulatory response was necessary to generate the desired improvement in market structure and conduct. but the code provided the opportunity for the fx market to address the lack of trust and market dysfunction. the code was developed through a public sector – private sector partnership. it was a joint effort of central banks and market participants drawn from all parts of the markets : from the buy side, including corporates and asset managers, and the sell side, along with trading platforms, ecns and non - bank participants. the membership was also from all around the world, drawing from the various foreign exchange committees ( fxcs ) across the globe comprising all the top 15 fx markets by turnover, both advanced and emerging markets. the global foreign exchange committee ( gfxc ) that maintains the code has since expanded to 20 members. the code set out global principles of good practice in the fx market to provide acommon set of guidance to the market. the 55 principles in the code cover ethics, information sharing, aspects of
’ s make use of the architecture for international cooperation that we have built up. and ensure the post - pandemic financial system is resilient, and stays strong enough to meet future challenges. thank you. 4 / 4 bis central bankers'speeches

effect that continuing to work would have on the level of a pension would be less if this pension were subject to tax. however, our research shows that, on balance, funding state pensions from public resources would stimulate older workers to stay on. in addition to funding state pensions from public resources, there are conceivable measures to reward older workers for continuing to work. in part, the current system already contains such features. owing to the fixed accrual of pensions, the years leading up to the age of 65 are relatively lucrative. and the earned income tax credit is higher for employees over 57. nonetheless, this now gives older workers who prolong their careers no more than eur 500 a year. one possibility would be an incentive in the form of a considerable hike in this earned income tax credit. helping older people find work besides older people who are already employed, there are of course those who have lost their job through, say, a reorganisation. many of them would like to keep working but find it difficult to find a new job. in this respect, we need to look at older workers ’ salary and productivity. older workers are often more expensive than their younger colleagues, because their salary has increased over the years. however, their expertise is often less up - to - date. in part, the wider experience of older workers makes up for their perhaps outdated expertise. however, this experience often proves to be most useful for the organisation in which it was acquired. it is also difficult for employers to assess the precise nature of experience gained in other enterprises. to what extent do the tasks and corporate culture resemble those in their own company? how much responsibility did the job applicant actually hold? how well did he perform? all too often there is no satisfactory response to such questions, prompting employers to choose the safer option of a younger, cheaper candidate. [ this means that older job seekers have often been job hunting for some time when they file job applications. existing prejudices about older people, generous severance payments and overestimation of their own employability make it harder to find work. the longer older people seek work, the worse their labour market position becomes. ] to enable older workers to actually stay in the workplace, it is hence not enough to gradually raise retirement age and increase financial incentives. employers and employees will need to make a joint effort. employees will need to continue developing their skills to strengthen their labour market position. and employers will have to be prepared to give older workers a