samchain/econo-pairs-v2 huggingface dataset:
declare southern credit banking corporation ’ s mastercard debit card officially launched into the kenyan market. thank you.

means we can incorporate better security features. it allows for see - through panels, coloured foils, detailed metallic images, and a new advance : tactile features. in fact, i can announce today that tactile features will be present on all the other denomination polymer notes, leaving the new fiver identifiable by their absence. this all means safer banknotes, with the tactile feature helping the visually impaired to recognise our different notes, ensuring the nation ’ s money is as inclusive as possible. by adopting polymer, we ’ re aligning with international best practice, alongside australia, new zealand, and canada. as churchill did, we may have to wait a while for the americans to join up. we have exploited polymer ’ s possibilities in the new fiver ’ s design. it features churchill ’ s portrait, captured in ottawa by yousuf karsh. the famous glower of the war - time hero prompted, in this case, by the photographer ’ s decision to take churchill ’ s cigar away from him. 1 behind the portrait is an illustration of the houses of parliament by abigail daker, viewed from the south bank, looking across westminster bridge. the hands on the great clock on big ben are set to the time on 13 may 1940 when churchill made his inaugural speech to the house of commons as prime minister. karsh described taking the photograph thus : “ i stepped toward him and without premeditation, but ever so respectfully, i said, ‘ forgive me, sir ’ and plucked the cigar out of his mouth. by the time i got back to my camera, he looked so belligerent he could have devoured me. it was at that instant i took the photograph. the silence was deafening. then mr churchill, smiling benignly, said, ‘ you may take another one. ’ he walked toward me, shook my hand and said, ‘ you can even make a roaring lion stand still to be photographed. ’ ” bis central bankers ’ speeches his declaration then – “ i have nothing to offer but blood, toil, tears and sweat ” – is quoted beneath the portrait. let ’ s take a look at some of these features with a video. conclusion “ a gigantic historical figure during his own lifetime, superhumanly bold, strong, and imaginative, one of the two greatest men of action his nation has produced, an orator of prodigious powers, the saviour of his country, a legendary hero who belongs
fully exploit the gains from increased specialization, enhanced productivity, and greater competitiveness. these four principles can be likened to the four legs of a chair. the chair is steadier when all four legs are the same length. similarly, an economy is more stable when progress is made on all four policy fronts. but what should we be doing during periods of unexpected, pronounced economic turbulence? the latest worldwide economic slowdown has increased pressures on policy - makers to take action on a number of fronts. some of them are being encouraged to erect trade barriers in order to protect favoured national sectors from foreign competition. but experience shows that such beggar - thyneighbour policies not only impose costs on the rest of the domestic economy, they also undermine global economic welfare. other policy - makers are being advised to forget about structural reforms in the short term, for fear of exacerbating economic weakness. unfortunately, this approach virtually guarantees suboptimal performance in the future and maximizes the long - term costs of dealing with the structural problems – in many cases, sowing the seeds of future crises. in many countries, weak economic growth, coupled with rising government expenditures, has recently led to a deteriorating fiscal position, reversing the hard - won gains made over the past decade. to the extent this result is driven by the automatic stabilizers in place, it is unavoidable and desirable in the short run. but policy - makers should be very careful about calls for more extensive, discretionary fiscal measures taken for stabilization purposes. such measures typically take effect long after the need for additional stimulus has passed, and they are often difficult to reverse. in the end, they often simply weaken a country's structural budget position. without a doubt, the most suitable tool for dealing with any short - term cyclical problems in the economy is monetary policy. it is flexible, easily reversible, and general in scope. if monetary policy is allowed to perform this function, then there will not be inordinate pressure on other, less appropriate, instruments and policies. but let me be clear : this is not to say that we should use monetary policy to allow us to avoid taking the necessary steps on the other three fronts. for example, it is inappropriate to erect trade barriers and then say we need more monetary stimulus. it is inappropriate to allow rigidities to build in the economy and then call on central banks to provide stimulus. the right thing to do is to continue working on steadying

near - term challenges that we face may seem daunting, it would be unfortunate if, in attempting to deal with them, we impaired the prospects for future growth and improved economic performance. canada is committed to staying the course. the same is true, i hope, of all other countries gathered here today. we all have an important responsibility to make sure that the lessons we have learned, and our continuing strong commitments to prudent policies, are understood more broadly.
operating at world class standards and synergistically reinforcing the real economy. we are actively working at a pace to achieve this goal, and despite the current economic challenges, we are confident that we will succeed. bis central bankers ’ speeches

financial market developments on site. through their physical presence at financial centres, they gain access to additional market information and benefit in other ways through having local contacts. the deutsche bundesbank ’ s markets department condenses this information and makes it available internally through its daily market reports from new york. the bundesbank expects the trading desk to strengthen contacts with local banks and institutions. a physical presence on site and a network of contacts will contribute in many respects to a better understanding of financial market developments both in and beyond japan. the bundesbank will benefit from this, not only with regard to the management of its foreign reserves. the provision of regular market bis central bankers ’ speeches reports and the establishment of contacts will also benefit the bundesbank ’ s internal bodies. this will strengthen the bundesbank ’ s hand when contributing its expertise to international committees ( bis, imf, g7 ) and when fulfilling its role in the eurosystem. in addition to business relationships with local market participants, the trade contacts will provide a “ springboard ” for making new contacts. experience gained operating our trading desk in new york shows that a physical local presence intensifies contacts with market participants for both the trading desk itself and the representative office. particularly during the current crisis, the bundesbank has benefited from an enhanced flow of information. 4. business case for an asian trading desk in tokyo looking at the time difference, it is clear that the positive experience in new york is an equally convincing argument for an office in asia. the trading day in tokyo ends when european trading hours begin. there was no doubt over which location would be most suitable in asia, as the bundesbank already has a representative office in tokyo. the enlargement of our tokyo office bears witness to the increasing economic and political importance of asia. maintaining and strengthening contacts with japanese market players and the bank of japan – the central bank of asia ’ s traditional economic centre – will strengthen the bundesbank ’ s role in the eurosystem and in international cooperation. one particular argument in favour of a local presence is the japanese market, which has a high proportion of domestic investors and influences. the bundesbank has now had an office in tokyo for 25 years. japan is one of the largest economies in the world. germany and japan are closely connected. most importantly, the investment of foreign reserves in japan has forged a strong link between the bundesbank and the bank of japan. the japanese yen is an important reserve
future – and all at the same end of the rope. and we must seize the moment before it is lost. this moment is the economic upswing which germany and europe are currently experiencing. if we want this moment to be a basis for future success and not just disappear in a puff of smoke, we have to look ahead and rise to the great challenges of the future. and this we can do best together. 5 / 5 bis central bankers'speeches

that is a key question of this conference – one that will be addressed by a panel discussion and also by bank of england governor mark carney in his keynote speech this afternoon. from an economic point of view, digital finance can deliver a wealth of benefits. first of all, digital financial services can bring about significant efficiency gains. digitalisation can also stoke competition within the financial system and raise the contestability of financial markets. some 2 / 6 bis central bankers'speeches commentators even argue that digitalisation has the potential to revolutionise financial services and infrastructure. the key buzzword here is “ disruptive ". and many believe the most disruptive potential is to be found in blockchain or distributed ledger technology, which promises to allow payment transactions and securities settlement to bypass banks and central counterparties altogether. originally developed for the bitcoin virtual currency, this distributed ledger technology, it would appear, has turned out to be a multi - purpose tool. and even central banks – which aren ’ t typically known for being early adopters of new technologies – are currently doing experimental research on the potential use of blockchain. the bundesbank, for example, has recently launched a joint project with deutsche borse to develop a blockchain - based prototype of a securities settlement system. but even apart from radically transforming the payments and securities settlement infrastructure, digitalisation enables newcomers to mount a challenge against incumbent market players. data - driven technologies can boost the transparency of the financial system and thus reduce information asymmetries. big data analysis, for example, can improve the estimation of default risks even in the absence of a longstanding bank - customer relationship. an increasing number of suppliers of financial services is particularly good news for households and enterprises lacking access to traditional sources of finance. in the end, this might drive up the number of projects that receive financing. online crowdfunding or peer - to - peer lending platforms might enable investment projects which would otherwise be too risky or too small for traditional banks, to go ahead. in general, digital finance facilitates access to financial services. and this benefit is not confined to tech - savvy consumers in advanced economies. indeed, digital technologies can be key drivers of financial inclusion in less developed countries, too. in kenya, for example, the share of people with a financial account rose from 42 % in 2011 to 75 % in 2014. over the same period, the respective global figure rose from 51 % to 61 %. in tandem with the mounting ubi
nominal domestic anchor, such as a money supply or inflation target ; and it will need an institutional structure – typically an independent central bank – to reinforce the credibility of the commitment to that nominal anchor. at the other extreme a fixed rate regime may be more attractive to smaller, more open, economies or where a credible domestic macro - economic framework is difficult to establish, for example, for historical or political reasons. but in this case it is crucial to recognise that domestic policy must be totally and unreservedly committed to maintaining the fixed exchange rate. it is an extremely demanding regime but one which can work well – as we have seen in hong kong – where there is a high degree of supply - side flexibility to act as an alternative external shock absorber. it has become increasingly fashionable recently to exclude anything between these two extreme positions – an actively managed float or a pegged rate regime – as an unviable middle ground. it is argued essentially that because they do not exert a sufficient discipline on policy in either direction, or therefore represent a sufficiently clear policy framework, they tend to intensify market tensions when a divergence between the policy needs of domestic and external stability does in fact arise. i am reluctant to accept that so - called “ corner ” view in any absolute sense. when tension does arise between external and domestic objectives, you cannot avoid the impact on domestic policy altogether even with a floating exchange rate regime – as i explained in the context of our own recent experience. it may help to reduce that tension to attempt to manage the float to some degree, by supporting appropriate domestic policy action with exchange market intervention, though i agree that such intervention may serve as little more than a signal where a currency is internationally widely traded and held. similarly there can, i believe, be circumstances in which domestic discipline may be reinforced by an exchange rate peg, but it is vital in that case that the authorities should identify a clear exit strategy before serious tensions are allowed to emerge. that – i know from our own experience – is much easier said than done! mr chairman, these dilemmas are certainly not new. but clearly they are liable to be accentuated by the massive increase in global capital flows over recent years, which has not only complicated the choice between alternative possible exchange rate regimes but also made the management of any of those regimes substantially more difficult. so there is a further question we need to address which is whether there is anything we can do to reduce the volatility of these massive capital flows

’ s house museum, for hosting today ’ s event. elizabeth, over to you. bis central bankers ’ speeches
rates may work smoothly in an economic model, i am less certain how the general public would react, particularly after millennia of positive nominal rates. not only would such rates be deeply unpopular, there may also be unintended changes in behaviour that could dampen the effectiveness of the measure. the fact that banks do not pass negative rates on to most depositors, 3 and notably not to households, is a warning sign for central banks of how people may react if attempts were made to extend the lower bound of rates downwards by replacing cash with some form of remunerated digital currency. what assets the central bank ought to hold against these widely held liabilities driving bank disintermediation and deleveraging? a potential decision to issue a central bank digital currency ( cbdc ) needs to be assessed in relation to the impact on the financial system. in an extreme case, during a systemic banking crisis, holding risk - free central bank - issued cbdc could become vastly more attractive than 1 / 5 bis central bankers'speeches bank deposits. there could be a sector - wide run on bank deposits, magnifying the effects of the crisis. even in the absence of a crisis, readily convertible cbdc could crowd out bank deposits – putting the two - tier banking system at risk. then, the efficient flow of credit to the economy would likely be impaired. the central bank – now holders of deposit funding – would have to decide which projects to finance, either directly, by replacing commercial banks, or indirectly, by deciding which banks would receive funding. this would lead to a situation in which the central bank pretends to know better than the established system of the decentralised allocation of credit. overall, there is currently no convincing motivation for the eurosystem to issue cbdc to the general public. it is unnecessary and appears to be disproportionate to the aims put forward by its proponents. there is no need to fix something that is not broken. if anything, one could imagine a digital representation of cash that replicates the features of cash in the reasonably distant future, if people demanded it. and i have not even mentioned the insufficient robustness or reliability of some technologies like dlt, or their energy insufficiencies and dependencies. how does technological change affect the monetary transmission mechanism and monetary policy? technological change has multifaceted effects on the transmission mechanism. it is important not to jump to conclusions, for example that, because the phillips curve has become flat

rostagno, m., altavilla, c., carboni, g., lemke, w., motto, r. and saint guilhem, a. ( 2021 ), “ combining negative rates, forward guidance and asset purchases : identification and impacts of the ecb ’ s unconventional policies ”, working paper series, no 2564, ecb ; and altavilla, c., lemke, w., linzert, t., tapking, j., von landesberger, j. ( 2021 ), “ assessing the efficacy, efficiency and potential side effects of the ecb ’ s monetary policy instruments since 2014 ”, occasional paper series, no 278, ecb. 2 / 2 bis central bankers'speeches
ensure that our monetary policy is being implemented effectively, we will subject the instruments used to regular review. further adjustments may be made if necessary. page 2 / 2

news conference 22 september 2022, 10. 00 am introductory remarks by andrea m. maechler as thomas jordan has indicated, i will now discuss some important aspects of the implementation of our monetary policy in the money market. with today ’ s interest rate decision, we are bringing a period of a negative snb policy rate to an end. to ensure that the secured short - term swiss franc money market rates remain close to the snb policy rate in a positive interest rate environment, we are adjusting our implementation approach. our approach now consists of the following two elements. the first is a tiered remuneration of the sight deposits that banks and other financial market participants hold at the snb. we remunerate sight deposits up to an individual threshold at the snb policy rate. sight deposits above this threshold are remunerated at an interest rate of zero percent. the individual thresholds are based on the calculation of exemption thresholds in a negative interest rate environment used to date. 1 the tiered remuneration of sight deposits creates an incentive for account holders to carry out money market transactions with each other even in a situation of liquidity surplus. these transactions contribute to a robust basis for the calculation of saron. the second element is the absorption of liquidity by way of open market operations. with these operations, we reduce the sight deposits and thereby the liquidity supply in the money market. in this way, we ensure that saron and the other secured short - term money market rates remain close to the now positive snb policy rate. to absorb liquidity by way of open market operations, we will use two proven monetary policy instruments : snb bills and repo transactions. participants in the swiss franc money market are familiar with both instruments. we have used repo transactions regularly in previous years. snb bills are debt certificates issued by the snb, typically with a term of up further information is available in the ‘ instruction sheet governing interest on sight deposits ’. page 1 / 2 zurich, 22 september 2022 andrea m. maechler news conference to one year. we last used snb bills for the implementation of monetary policy in 2011 and have since conducted tests to ensure operational readiness. we expect the volume of snb bills issued to increase within a short period of time on the back of the weekly auctions. the new interest rates on sight deposits apply as of tomorrow. the open market operations to absorb liquidity are being conducted with immediate effect. to
” fever, but this is a larger phenomenon across the globe. studies actually show women entrepreneurs conducting small businesses are the driving force and are, by far, more successful than men – and, dare i say it, with such empowerment at this level, they are said to contribute more to gdp. bis central bankers ’ speeches indeed there is one micro finance institution operating in fiji, and in other parts of our pacific region, that will only lend to the ladies, for the very reason that women are more likely to pay back the loans with interest! south pacific business development currently has nearly 3, 900 lady clients under its fijian micro loan portfolio and a repayment rate in excess of 95 percent. clearly we men need to step up to the plate and be counted. so, while i am not a judge for the awards, ( and i would not wish to influence anyone ), hopefully we may see a change this year when the prizes are handed out – if just to prove all those studies wrong! it would be remiss of me not to mention a great example of one of our small businesswoman entrepreneurs who is riding the path of success. makereta matemosi was the overall winner of the 2007 fiji development bank small business awards. a $ 35 manual sewing machine was her initial investment. she started sewing bags using mats as the base material. then the opportunity from the makers of mokosoi products gave her a break – she was asked to make traditional packs for their products. with product engineering, masi was blended with the mat bags. with three more electric sewing machines donated to her, her business flourished and she was able to attract more orders from as far as new zealand. the assistance from her community also assisted her in the production process so that she was able to meet her customers ’ orders. today, makareta ’ s masi designs are recognised internationally – her masi design is fiji airways ’ brandmark. it epitomises fiji and enhances the new name of our national carrier. the new symbol in the brandmark brings fiji ’ s culture and heritage to life by linking the name “ fiji airways ” with this highly respected and traditional art form that has been a part of fijian culture for several centuries. from humble beginnings, makareta has shown us that there is light at the end of the tunnel and if you persevere, work hard and believe in your dreams, everything will turn out right, eventually. i have no doubts that she will

lend support to the ongoing economic recovery. we are now at your disposal for questions.