samchain/econo-pairs-v2 huggingface dataset:
to around 1. 5 % before rising back to 2 % over time. without page 3 / 5 berne, 16 june 2022 thomas jordan news conference today ’ s snb policy rate increase, inflation would be clearly above the range consistent with price stability at the end of the forecast horizon. the new inflation forecast shows that further increases in the snb policy rate may be necessary in the foreseeable future to stabilise inflation in the range consistent with price stability over the medium term. the current environment is subject to great uncertainty, also with regard to exchange rate developments. if there were to be an excessive appreciation of the swiss franc, we would be prepared to purchase foreign currency. if the swiss franc were to weaken, however, we would also consider selling foreign currency. we will be observing the developments closely and are prepared to take the necessary measures in every situation to ensure price stability in switzerland over the medium term. ladies and gentlemen, thank you for your attention. it is now my pleasure to give the floor to fritz zurbrugg. page 4 / 5 berne, 16 june 2022 thomas jordan news conference page 5 / 5

philipp hildebrand : the global financial crisis – analysis and outlook summary of a speech by mr philipp hildebrand, vice - chairman of the governing board of the swiss national bank, at the nzz - podium, zurich, 5 february 2009. the complete speech can be found in german on the swiss national bank ’ s website ( www. snb. ch ). * * * we are currently experiencing the most severe and most complex financial crisis in several decades. it has affected many people around the globe, and finger - pointing and casting blame happen all too easily. yet only a careful investigation of the responsibilities is likely to point to ways in which our financial system, and ultimately our economy, can be made more resilient once this crisis has been overcome. financial markets react to incentives, and these incentives were misplaced in the past. it is in our power to start lobbying for clearly defined and risk - limiting conditions. if the responsible authorities wish to enact more stringent regulation, we ought to give them our unconditional support. the national bank is determined to employ all the means at its disposal to ward off an economic contraction.
for all participants, which is necessary to attract private sector investment on a large scale. good governance is also important for the corporate sector, as well as the public sector, not least because companies with good corporate governance are better able to mobilise finance for investment than those whose corporate governance is weak. bis central bankers ’ speeches conclusion to conclude, i would like to emphasise what i think are the key strategic policies needed for sub - saharan africa to sustain growth momentum over the medium to long term. first, policy buffers have to be rebuilt and maintained, to create more fiscal and macroeconomic space to enable governments to implement countercyclical macroeconomic policies in the face of negative macroeconomic shocks. second, if ssa economies are to sustain export led growth and diversify away from overdependence on primary commodities, they must maintain competitive real exchange rates. there is a plethora of empirical evidence to demonstrate how crucial real exchange rates are to sustainable export and economic growth. third, regional integration is crucial for many economies on the continent, especially those which are landlocked. it can provide markets for exports, allow traded goods industries to achieve more optimal economies of scale and strengthen competition in markets, thereby stimulating productivity growth. fourth, as i have just noted, strong institutions for economic governance are an essential foundation for economic development. thank you. bis central bankers ’ speeches

##ured liability holders while preserving orderly markets. such a resolution will be necessary to limit the moral hazard of any interventions that we are forced to undertake. market participants need to consider how they would settle contracts and work with troubled borrowers in a distress situation. more planning will reduce the rise in uncertainty in a crisis and the likelihood that fear will lead to precipitous actions that are in no one's best interest. in sum, there are good reasons to think that financial innovation over the past few decades, including the emergence and growth of the credit derivatives markets, has made the financial system and the economy more resilient. but it would be foolish to think that these innovations have eliminated systemic risk. both market participants and public authorities need to think carefully about how systemic risks might crystallize in the new world that credit derivatives have helped create. they need to identify the implications for risk management and ensure that risk - management practices are adapting to target new sources of risk. and they need to think about how they would respond to crises that sooner or later will emerge in that new world.
recent decade. these reform efforts have been reinforced by efforts to develop the financial markets and financial infrastructure. within this framework, the nature of intervention has been in the form of direct presence in the financial markets, the setting of rules and regulation, and in the resolution of problem financial institutions. such interventions were evident during the asian financial crisis in the late 1990s to restore stability in the financial markets. this in turn created conditions for the resumption of the financial intermediation process. while the efficient functioning of the financial system was vital for the economic recovery in asia, more important was the comprehensive set of policies that produced the recovery. within a year of the introduction of the pro - growth measures, most of the crisis affected economies experienced a strong recovery. more recently, the global financial crisis has seen several rounds of wide ranging direct market interventions to restore the smooth functioning of these markets. described as actions taken in the most extraordinary and exceptional circumstances, it demonstrates that this phenomenon of severe market dislocations has the potential to occur even in the most developed of the financial systems. as these massive interventions continue, primarily in the public and private securities markets, the concern is on its potential consequences on other parts of the world, in particular, to the emerging world. in the now more interconnected and interdependent world, these actions are already creating significant shifts in capital flows. important for the emerging world is the ability to intermediate such surges in capital flows and to manage the risks associated with such liquidity inflows and its potential to undermine the current recovery. a further element that has frequently been underestimated is the role of behaviour which has had a major influence on the dynamics of the financial markets. extreme forms of such behaviour are evident in asset and foreign exchange markets. while the former is prone to boom and bust, the latter is prone to overshooting. while several emerging economies have successfully relied on macro prudential measures to contain the formation of such asset bubbles, the foreign exchange market is not like any other market. with a daily transaction amounting to usd4 trillion, it is the most liquid and dynamic market in the world. the role of sentiment and expectations has resulted in a market that is frequently prone to excessive movements and overshooting. as highly open economies, disruptions and disequilibrium in the foreign exchange market have far reaching consequences in the real economy. intervention operations to maintain orderly market conditions reinforced by sterilisation operations have aimed at ensuring liquid

. on that note, i wish you highly productive and fruitful discussions over the next two days. 4 / 4 bis central bankers'speeches
##writing standards, in particular in real estate and leveraged finance. when will we see development in credit underwriting? this year. it ’ s in our supervisory priorities. we will have dedicated onsite inspections to assess the quality of specific asset class exposures. we are already starting on drafting a methodology. 2 / 2 bis central bankers'speeches

and out. on to monetary policy. inflation has been dipping since october. which we projected. so, nothing surprising. you wouldn ’ t say we ’ ve been overly dependent on quantitative easing? this is a little too much of a link to qe. we expected a dip in the inflation ratio. it was clear that with the base effects of the energy prices, the inflation rate would drop. that ’ s why we ’ ve always said that we need to see a sustained adjustment in the path of inflation ; not a change in the month that we just had but a sustained adjustment. the core inflation rate didn ’ t dip that much. 1 / 2 bis central bankers'speeches you said in november that you expect rates to rise this year. do you still think that? i ’ ll wait for the projections coming in march before i change my view. i ’ m data - driven in this, and i think that as we are still in the environment we projected. i do not feel disheartened yet and then you have to think where you will start with a rise in interest rates. we have different key rates, not only one. i wanted to ask you about the ecb jobs : has the appointment process become too political? there are appointment rules, they have to be complied with. it ’ s not in the ecb ’ s power to appoint. other people appoint. we have to accept the rules. but do you not have a view on it? for me, it ’ s important to have people proposed that can do their job because of their experience and their knowledge. that for me is the most important thing. soon, we ’ ll have a new european parliament, a new commission, and a new ecb president. what ’ s the next focus for supervisors and regulators? looking forward to the next five years, for sure we have to work further on getting the banks to clean up their legacy, to strengthen their resilience, not only in regard to capital and liquidity but also in regard to risk management. this is a very important issue. what we will do in the next two years, among other things, is to look at credit underwriting standards. this is very important when the sun has been shining for so long, with so much liquidity in a low interest rate environment. this is usually the environment where banks drop their credit underwriting standards, which then lays the ground for the next crisis. so, we will look into credit under
immediate priority is to deal with this downswing. the extraordinary measures we have taken in this country and others are having a positive impact but we may need to do more. we must also learn some lessons for policy in the medium term including the need for far better coordination of policy internationally and the need for some new policy instruments alongside interest rates to dampen the financial cycle. chart 1 : gdp and employment source : ons ( including labour force survey ) chart 2 : house prices and earnings source : halifax, nationwide, ons and bank calculations chart 3 : major uk banks ’ customer funding gap, household saving ratio and foreign interbank deposits source : bank of england, dealogic, ons, published accounts and bank calculations. chart 4 : cpi and households ’ inflation expectations for the year ahead ( scaled to match cpi on average ) sources : the alphamonitor : consumer, yougovalpha, bank of england, barclays capital, citigroup, gfk nop, research carried out by gfk nop on behalf of the european commission and yougov. chart 5 : sterling three - month interbank rates relative to future expected policy rates chart 6 : oil prices sources : bloomberg and bank calculations sources : bloomberg and thomson datastream chart 7 : cpi inflation projection based on market interest rate expectations

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 source : bank of england 2017 q2 credit conditions survey ( ccs ). ( a ) net percentage balances are calculated by weighting together the responses of those lenders who answered the question by their market shares. the blue bars show the responses over the previous three months. the red diamonds show the expectations over the next three months. expectations balances have been moved forward one quarter so that they can be compared with the actual outturns in the following quarter. ( b ) question : ‘ how has the availability of unsecured credit provided to households changed? ’ ( c ) a positive balance indicates that more unsecured credit is available. all speeches are available online at www. bankofengland. co. uk / 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

fabio panetta : protecting the european financial sector - the cyber information and intelligence sharing initiative introductory remarks by mr fabio panetta, member of the executive board of the european central bank, at the fourth meeting of the euro cyber resilience board for pan - european financial infrastructures, frankfurt am main, 27 february 2020. * * * it is a pleasure to welcome you back to frankfurt. as you may know, i recently became responsible for market infrastructures and payments at the ecb. as this includes the ecb ’ s work on the cyber resilience of financial market infrastructures, i have taken over chairmanship of the euro cyber resilience board for pan - european financial infrastructures ( ecrb ). i would like to take this opportunity to thank my predecessors for their efforts in taking forward the work of the ecrb. i look forward to following in their footsteps and contributing to the excellent work being undertaken on cyber resilience at the european level. protecting the integrity of the financial system, and maintaining confidence in it, is critical. specifically, financial market infrastructures are crucial for intermediation between market participants and end users. they are critical for the everyday livelihood of european citizens, for instance by transmitting salary and pension payments. they are also vital for the functioning of the financial system and the financing of the real economy, as they settle market transactions through a web of settlement banks, clearing houses, settlement systems and custodians. cyberattacks are already used to harm companies and to interfere with national and international politics. cyberattacks against financial market infrastructures would undermine confidence in the financial system, with repercussions on the economy as a whole. fending off these attacks is therefore a matter of european security. the range of motivations for compromising the financial sector includes financial gain, a desire to create havoc and disruption, and meticulously planned espionage. in any of the given scenarios, the impact can be severe. cyberattacks can threaten financial stability by disrupting the interconnected and interdependent operational network and its critical nodes. cyberattacks can result in the corruption or loss of data or the outright loss of systems and critical infrastructure. cyber risk is a danger which has the potential to trigger a systemic crisis. 1 in financial terms, while the total costs of cyber incidents are hard to establish, industry estimates range from usd 45 billion to usd 654 billion for the global economy in 2018. 2 according to
delisle worrell : credit unions have a competitive edge feature address by dr delisle worrell, governor of the central bank of barbados, at the awards ceremony of endeavour cooperative credit union ltd, bridgetown, 7 october 2013. * * * i very much welcome this opportunity to address your awards ceremony and to join with you in celebrating the endeavour credit union ’ s growth and contribution to its members ’ wellbeing to date. over the past four decades or thereabouts, credit unions in barbados, the us and elsewhere have grown in importance relative to other types of financial institutions. credit unions have been able to achieve this because of their competitive edge vis - a - vis banks, in serving the needs of individuals and households. let me elaborate. as you know, barbados now has no locally owned banks, a situation which is not unfamiliar to us. for most of our history our banks have been foreign owned, an inevitable consequence of the fact that barbados is such a small economy. by and large, very big banks tend to have a more solid foundation than small banks, because they are able to spread the risks that are inherent to banking over many activities, countries and regions. that offers a better chance of mitigating the effects of a downturn in any one activity, and the impact of loss of profits in one area may be compensated by gains in other areas. locally owned banks in small countries do not have the same range and scope, and they tend to be relatively unprofitable, compared with branches of foreign banks. as our banks have modernised their systems and controls, and as the international financial market has become more competitive, banks have become more impersonal and more inflexible in their approach to lending. this is not something that is welcomed either by banks or their customers, but it is an inevitable consequence of large size and increasing complexity. building relationships with your customers is the safest way to do banking. the most successful banker, in the long run, is the banker who has the largest portfolio of dependable borrowers, who are known to have the willingness and ability to service their borrowings on time. the best way to establish the borrower ’ s credentials is to build a relationship with them, so that they may establish a track record that speaks to their competence and prudence. however, big banks with wide networks find it difficult to do this in today ’ s dynamic world. instead they must rely mainly on rules of thumb, credit

. growth will come as a result of the structure that the private sector builds on that foundation. the challenges that face our economy are formidable, but students of history will recognise that they are far less so than the challenges barbadian society has had to overcome to achieve the highest living standard of any independent country in the caribbean. we may therefore be confident that we will win our way to a new era of growth and prosperity through the exercise of those virtues that have brought us this far. bis central bankers ’ speeches
payment process. three areas that are often identified are micropayments, ‘ programmable money ’ and cross border payments. the concept of micropayments – of, say, one - hundredth of a yuan or an australian dollar – is not new ( indeed, the concept has been around for decades ). in recent years, demand for a 3 / 5 bis central bankers'speeches micropayment service has typically been from internet content providers looking for alternatives to the advertising or monthly subscription - fee business models. but, looking ahead, the development of an ‘ internet of things ’ potentially greatly broadens the demand for the ability to make and receive very small payments at low cost. a challenge in addressing this gap has been how to recover costs – or even be profitable – when the value of each transaction is so small. ‘ programmable money ’, that is, payments that occur automatically if certain terms or conditions are met, could improve efficiency by minimising the need for human intervention. for example, online payments for goods could be held as a deposit with an independent third party and automatically released once goods are confirmed as delivered. other possible applications include payments that occur within business supply chains. cross - border payments are widely regarded as an area in which significant potential efficiency gains exist. current processes are slow and costly, involving significant compliance burden and a number of different financial institutions in different jurisdictions. new technologies and new business models could be used to address some of these frictions. while there are clearly potential efficiency gains from addressing some of these gaps, there are reasons for regulators to keep an eye on developments that might result in inefficient outcomes. some of these arise from the existence of network effects. a very large network that incorporates payments as one part of its services might be able to lock in the payments business, even if it is more costly than alternatives, because customers are unwilling to leave the ecosystem. the trend towards embedding payments in apps or other devices could also lead to inefficient outcomes. while automated payments are likely to be convenient for consumers and merchants, they might also make it more difficult for alternative payment methods to compete and reduce the sensitivity of users to changes in the relative prices of payment instruments. security with increasing commercialisation of consumer data, interest in people ’ s personal banking data ( including payments ) is likely to grow. for example, it has been suggested that if individuals could easily and securely share their personal banking information ( while retaining ownership

efficiency in the payments system. recognising this, regulators in australia and other countries are encouraging innovation. nevertheless, regulators need to keep up with this fast changing world and the implications for efficiency, and safety of the payments system. 5 / 5 bis central bankers'speeches