samchain/econo-pairs-v2 huggingface dataset:
task that will never be complete, since the financial system evolves – in response to technology and innovation, but also in response to regulation itself. it is important for australia not only to keep abreast of the developments and implement the key elements of global regulation here, but also to continue to play our own part in helping to develop them, and refining them in light of experience. bis central bankers ’ speeches

there were still lessons to be drawn for australia and the regulators here have given careful thought to them and to the associated global reforms. apra finalised its prudential standards to implement the basel iii capital standards in late 2012. australia, along with 10 other jurisdictions, adopted the capital elements of basel iii as from 1 january this year. some major jurisdictions – the eu and the us in particular – are a little behind, though all the bcbs member jurisdictions had at least released draft regulations by mid - february. australia is considered an “ early adopter ” of the basel iii reforms. given the relatively healthy capital positions of authorised deposit - taking institutions ( adis ), apra is requiring adis to meet a number of the main capital measures two or three years earlier than the rather extended timetable required under basel iii and it is not using the discretion available under basel iii to provide a concessional treatment for certain items in calculating regulatory capital ( e. g. deferred tax assets ). 1 apra has also moved ahead on the liquidity standard, in conjunction with the reserve bank. we have established the committed liquidity facility ( clf ) – a mechanism by which the basel iii liquidity standard can be met, in a world in which government debt in australia is relatively scarce compared with other jurisdictions. let me say a little about this facility. it is not a “ bail - out ” fund for banks. “ bail - outs ” usually mean stumping up public funds to inject capital to an institution whose solvency is in question. the clf does no such thing. it is a facility, for which the institutions concerned will pay a fee, which would provide cash against quality collateral pledged by institutions that the bank and apra judge to be solvent. the fee structure is designed to replicate the cost the institutions would incur if there were sufficient ordinary high quality collateral – i. e. government debt – for them to hold to meet the basel liquidity requirements – which, of course, there is not. if we are to meet the global standards, we either have to have a facility like this, or have the government issue a few hundred billion dollars in extra gross debt so as part of international monitoring implementation of basel iii, australia will undergo a so - called level 2 assessment conducted by the bcbs later this year, which will assess the regulatory consistency of australia ’ s implementation of the basel iii minimum requirements. bis central bankers ’ speeches the banks can hold it. the
asset relief and funding guarantees, which altogether corresponds to around 23 % of euro area gdp. i thank you for your attention.

structure becomes more diverse and the potential for spillovers between countries and financial structures grows larger. if insufficiently managed, this interconnectedness can exacerbate business cycle misalignments between countries, thus reducing the traction of the single monetary policy. during the crisis, this theoretical observation became viscerally real. the incomplete nature of emu led to a debt crisis - related recession in 2012 - 13, which was unique to the euro area economy. it complicated the monetary policy process and contributed to the need for specific, non - standard, monetary policy instruments to address fragmentation. 5 the ecb rose to this challenge and fulfilled its mandate, stabilising inflation in the euro area. in the process, it supported economic growth and job creation : since the start of its recovery in 1 / 4 bis central bankers'speeches 2013, the euro area economy has created over 11 million jobs. and according to some estimates, about one third of the 5 - percentage - point increase in the employment rate observed in the euro area as a whole since mid - 2014 is due to the ecb ’ s measures6. significant steps were also taken to make the emu architecture more resilient, by creating joint banking supervision, a common system to deal with failing banks and the european stability mechanism to help countries in need. but, as we can see from recent developments, more needs to be done. inflation is still below the governing council ’ s aim, and while growth is showing signs of stabilisation, it remains modest. against this background, the euro area economy will continue to require support from our monetary policy for as long as necessary to ensure the robust convergence of inflation to our aim. the incomplete nature of emu is a part of this story. monetary policy has been insufficiently flanked by support from fiscal and other policies. this, in turn, has conceivably led to lower growth and inflation than would otherwise have been the case. accelerating the deepening of economic and monetary union critically, risk - sharing between countries remains lower in the euro area than in other economic regions. it is estimated that, since the start of emu, around 80 % of a country - specific shock to gdp growth has remained unsmoothed in the euro area, thus amplifying fluctuations in citizens ’ consumption, which, ultimately, worsens their welfare. by contrast, in the united states, less than 40 % of a shock to state - specific gdp was not smoothed over the same period
at 4 1 / 4 per cent. the current level of the policy interest rate is judged, at this time, to be consistent with achieving the inflation target over the medium term. mr. chairman, paul and i will now be happy to answer your questions.

david dodge : brief overview of the canadian economy opening statement by mr david dodge, governor of the bank of canada, to the standing senate committee on banking, trade and commerce, ottawa, 2 may 2007. * * * good afternoon, mr. chairman and committee members. we appreciate the opportunity to meet with your committee, which we usually do twice a year, following the release of our monetary policy report. we believe that these meetings help us to keep members of the senate and, through you, all canadians, informed of the bank's views on the economy and about the objective of monetary policy and the actions we take to achieve it. when paul and i appeared before your committee last october, we noted then that the outlook for growth in the canadian economy had been revised down slightly from earlier expectations. in our latest monetary policy report, which we released last thursday, we noted that canada's economic growth did indeed slow, but recently, inflation has been higher than expected. after considering the full range of indicators, the bank now judges that the canadian economy was operating just above its production capacity in the first quarter of this year. we expect that, over the projection horizon, domestic demand will continue to be the main driver of growth in canada. with the u. s. slowdown now expected to be somewhat more prolonged than previously projected, net exports should exert a slightly greater drag on canada's growth in 2007. the canadian economy is now projected to grow by 2. 2 per cent in 2007 and 2. 7 per cent in both 2008 and 2009. this would return the economy to its production capacity in the second half of 2007 and keep it there through 2008 and 2009. core inflation should remain slightly above 2 per cent over the coming months, given pressures on capacity and the impact of higher core food prices. but with the economy projected to return to its production capacity in the second half of this year and with further easing of pressures from housing prices, upward pressure on core inflation is expected to moderate, bringing the core inflation rate back to 2 per cent by the end of 2007. total cpi inflation is projected to rise above the 2 per cent inflation target in the second half of this year, peaking below 3 per cent near the end of 2007 before returning to the target by mid - 2008. we at the bank continue to judge that the risks to our inflation projection are roughly balanced, although there is now a slight tilt to the upside. last tuesday, the bank left its key policy rate unchanged
conclusion 3 / 4 bis central bankers'speeches i am confident that our efforts under the cci will help usher us towards a more inclusive, sustainable and resilient future. let us make use of the next 5 years to cement financial integration between china and asean, so that we emerge stronger from the covid - 19 crisis. 4 / 4 bis central bankers'speeches

central banks. india has a stake in the on - going debate by virtue of its increasing importance in the global capital flows. more generally, in india, we have been seeking comfort in respect of the nature of investment associated with capital inflows through hedge funds channels and participatory notes. similar issues could also be relevant in respect of private equity flows. while it is essential to recognize the public sector nature of the stabilisation funds and swfs that may be investing in india, it is also useful to study the evolving global practices of investee countries ’ approaches to these funds. at this moment, as mentioned in the foregoing, circumstances in india do not seem to warrant a serious consideration of establishing either a stabilisation fund or a swf. however, if and when such a consideration is given, it would be essential to put in place sound governance, transparency and accountability standards that would provide necessary comfort to the domestic fiscal and monetary authorities and, additionally, to the investee countries. i would like to thank the organizers for giving me the opportunity to share some of my views on a subject of emerging importance and in regard to which we have just begun the learning process. i wish the fedai ’ s golden jubilee celebrations a grand success. on the occasion of fedai's golden jubilee, i have the pleasure of presenting to fedai, on behalf of rbi, a set of commemorative coins brought out on the occasion of the 50th anniversary of india's independence. thank you.
much greater confidence that the market is functioning appropriately. interest rate benchmarks let me now turn to interest rate benchmarks. in light of the issues around libor and other interest rate benchmarks, there has been a global reform effort also under the aegis of the fsb to improve the functioning of interest rate benchmarks. 6 interest rate benchmarks are integral to the plumbing of the financial system. many financial contracts reference interest rate benchmarks. the interest rate on a corporate loan is often a spread to an interest rate benchmark. derivative contracts generally are based on them, as are most asset - backed securities. i will focus on the local market, where the primary interest rate benchmark is the bank bill swap rate ( bbsw ). bbsw as you may be aware, a few weeks ago, the council of financial regulators issued a consultation paper on possible reforms to bbsw. 7 i will run through the motivation for doing so as well as the possible options we canvassed in the consultation paper. given its wide usage, bbsw has been identified by asic as a financial benchmark of systemic importance in our market. 8 hence it is important there is ongoing confidence in it. as you may know, bbsw was calculated for a number of years by, each day, asking a panel of banks to submit their assessment of where the market was trading in prime bank paper at a particular time of the day. while it was a submission - based process, it was different from see the fsb ’ s report on reforming major interest rate benchmarks released in july 2014, available at : http : / / www. financialstabilityboard. org / wp - content / uploads / r _ 140722. pdf ; and the july 2015 update on progress, available at : http : / / www. financialstabilityboard. org / wp - content / uploads / ossg - interestrate - benchmarks - progress - report - july - 2015. pdf. the consultation paper is available at : http : / / www. cfr. gov. au / publications / consultations / evolution - of - the - bbswmethodology /. see asic ’ s report on financial benchmarks, report 440, released in july 2015, available at : http : / / download. asic. gov. au / media / 3285136 / rep440 - published - 8 - july - 2015. pdf. bis central bankers ’

not expect these to have any material impact on the calculated outcome for the cash rate. responses can be sent to bbswconsultation @ rba. gov. au. bis central bankers ’ speeches conclusion let me conclude. you ’ ve probably heard more today about benchmarks than you ever really wanted to hear. but benchmarks are a very critical part of the plumbing of the financial system. it is important that market participants have a reasonable awareness of how they are calculated rather than simply taking them for granted. but even more importantly, market participants need to have confidence in their robustness and integrity. to help ensure that is the case, a number of reforms to benchmarks have been undertaken. but the process is still ongoing to make sure this part of the market gets to a better place than where it has been in the past. bis central bankers ’ speeches
need to put aside savings for future generations rather than to spend for current consumption. • the communication strategy is also important to counter misinformation and misperceptions, for example, by explaining the rationale behind the transfers to the fund and withdrawals from the fund, when they become necessary. • it is important, for instance, that the public understand the procedures behind the selection of external managers so as to underscore transparency and avoid the perception of special deals. • we need to manage expectations in line with market realities, since there are going to be questions about whether we are taking too little or too much risk, or whether the fund is earning enough. experience elsewhere has shown that open communication could serve to maintain support for the fund and its objectives in good times, but particularly in difficult times. the fact is, that this is not the central bank ’ s fund, it is the country ’ s fund – for you and for your children ’ s children. in addition to ensuring that the purpose and the operations of the fund are well understood, it is important that the public feels social ownership for the fund, as this will foster vigilance and ensure accountability, transparency and compliance. in the final analysis, this is a pre - condition for the fund ’ s success.

per se requires the fundamental ingredient of instilling trust and confidence. supervisors and authorities responsible for financial stability are presently contemplating the best options for strengthening of the risk sensitivity of the prudential framework, in the expectation of the emergence of a new financial architecture. one area remains that in the best interest of one and all, there should be increased trust - based cooperation between the financial service provider and the oversight authority. this basic ingredient is no doubt key to a continued successful development of an efficient and secure market infrastructure that meets the fast - changing needs of our financial sector. mutual cooperation can but benefit our financial system. while hsbc bank is engaged in marketing its custodian service provider role, our economy shall certainly gain in the process – our jurisdiction is projected in the global business arena as a credible international financial centre. allow me to congratulate this initiative of hsbc group and convey my best wishes to the management and staff of hsbc bank ( mauritius ) limited. i thank you for your attention. bis central bankers ’ speeches
be at stake nowadays, with the conjunction of three main trends that have a disruptive effect on the market : new solutions, new behaviors and players, new regulations. first, innovative payment solutions based on sepa schemes are very likely to emerge. one prime example of this possible groundswell is the preparation, under the impulse of the euro retail payments board ( erpb ), of a pan - european instant payments scheme by the european payments council ( epc ), based on the existing sepa credit transfer scheme. this new scheme, which should be finalized by the end of 2016 and operational before the end of 2017, will serve the development of further innovative products, especially via smart devices, for proximity and mobile payments. this is a relevant example of how the harmonisation and standardization work done in the context of the so - called “ sepa 1. 0. ” for legacy payment instruments ( direct debit and credit transfer ) may serve as a basis for market players to develop new innovative real time and paperless payment solutions, what i would call “ sepa 2. 0. ”. secondly, we observe the emergence of new payment behaviors and new market players, in relation with further technological innovations. this is mostly led by the rising prominence of e - commerce, which has fundamentally changed payment usages in the last few years. the bis central bankers ’ speeches search for a payment instrument adapted to these evolutions has first led to a wider usage of payment cards, beyond proximity transactions. these card - not - present payments over the internet now account in france for nearly 7. 5 % of all card based - transactions in volume, and for 11. 6 % of the overall value of these transactions. nevertheless, new technologies are gaining traction, by capitalizing on devices such as smartphones and tablets and allowing to get rid of “ plastic ” payment cards through virtual wallets. these general changes, which are already affecting traditional actors, are reinforced by the introduction of new players, either the much talked about “ gafa ” ( google, apple, facebook and amazon ) or the smaller actors concentrating on niche payment services, that capitalize on these new technologies to enter the payment cards market. to be fair, this move “ out of plastic ” is a bit slower than forecasted some years ago : but it shall probably accelerate. lastly, in europe, the third trend that is also deeply influencing the payment cards market is the current regulatory renovation that is taking place, notably through the implementation of the

and signs of defragmentation are starting to appear ( target balances for instance have declined by almost 300 billion euros or 25 % from their peak ). we must now pursue the efforts already initiated and do our utmost to ensure that these improvements feed through to the real economy so that economic growth can return and unemployment can reverse its rising trend. thank you. bis central bankers ’ speeches
is as it should be. bis central bankers ’ speeches

sabine mauderer : us senate democrats ’ special committee on the climate crisis opening remarks by dr sabine mauderer, member of the executive board of the deutsche bundesbank, at the meeting, washington dc, 17 october 2019. * * * chairman schatz, members of the committee : thank you for inviting me to this important meeting with central bankers. the bundesbank is a proud founding member of the ngfs, the central banks and supervisors network for greening the financial system. the work being done by the ngfs demonstrates that combating climate change is a key factor for the financial system. climate change can have long - term impacts on economic structures and activities, productivity and other key macro variables, such as prices. even if mitigation strategies are put in place, societies and economies are likely to face increasing climate change - related disruptions and supply - side shocks. apart from climate change itself, policy responses will affect macroeconomic activities as well, with implications for the financial system. we therefore look at climate change as a source of financial risk, both from the micro - and the macroprudential perspective. the u. s. senate democrats ’ special committee on the climate crisis also made this strong point in its letter to the fed. as frank elderson from de nederlandsche bank has already covered the banking supervisory perspective, i would like to focus on financial stability. from a financial stability perspective, the bundesbank has a clear mandate to take into account a potentially systemic impact of climate - related risks on the financial system. in this regard, we need a sound understanding of how physical and transition risks arising from climate change affect financial stability. to achieve this understanding, we need more data on individual and systemic climate risk exposures, prudent methods of measuring vulnerabilities to climate risks, and analytical frameworks with longer horizons. at present it is not entirely clear to what extent market participants adequately price climate - related risks. if the general market assessment changes, for example as a result of a natural disaster or unexpectedly drastic policy measures, this could have a significant impact on market dynamics. if many market participants sell at the same time, this could rapidly drive down the prices of affected assets, with spill - overs to other financial market segments. the result could be a broad decline in asset prices, with repercussions for the entire financial system. while such a chain reaction cannot be ruled out entirely, its probability and impact are difficult to estimate.