samchain/econo-pairs-v2 huggingface dataset:
there can be necessary exceptions, it is not a good idea for central banks to give overly - clear, explicit indications about the future policy stance. policy decisions are made in an uncertain environment. should an unforeseen event arise, a central bank would be forced to surprise the markets unpleasantly.

chris salmon : remarks given at the first meeting of the working group on sterling risk - free reference rates remarks by mr chris salmon, executive director for markets of the bank of england, at the first meeting of the working group on sterling risk - free reference rates, london, 18 march 2015. * * * over the past two and a half years, the bank of england has been firmly committed to benchmark reform. much has already been achieved by regulators, administrators and market participants. those achievements include the wheatley review of libor, the development of iosco principles for financial benchmarks, the fsb ’ s recommendations on interest rate benchmark reform, and most recently the extension of the uk regulatory framework to cover additional critical benchmarks – including the interest rate benchmarks, sonia and ronia. but there is still much to do. the way ahead was signposted in the july 2014 financial stability board report, “ reforming major interest rate benchmarks ”. that report recommended a “ multi - rate ” approach involving the strengthening of existing “ ibor ” rates ( such as libor ) by using, to the greatest extent possible, transactions data ; and developing alternative near risk - free reference rates ( rfrs ) for use in derivatives contracts. the fsb ’ s recommendation to develop alternative reference rates alongside libor recognises that there are, broadly speaking, two main applications for benchmark interest rates : ( i ) as reference rates in credit products, including bank loans, thereby helping banks to hedge their unsecured funding costs ; and ( ii ) as reference rates in derivatives contracts, whose users are likely to be seeking to hedge exposure to the general level of interest rates, or to hedge secured funding costs. libor originated as a reference rate for bank loans, and became the dominant reference rate in interest rate swap contracts because it was already the major established reference rate at the time the swap market developed. however market participants ’ input to the fsb report suggested that many users of derivatives would prefer not to have exposure to banks ’ term funding costs through libor swaps, and would instead prefer those contracts to reference a near risk - free rate. this change will not happen spontaneously – liquidity in long - dated swaps is firmly concentrated in contracts referencing libor and no individual player can change that situation. what is required is a collective effort to change market practice. that is why we have initiated the working group on sterling risk - free reference rates. it will be tasked with identifying a
new monetary policy framework : a robust evolution, ” speech delivered at the peterson institute for international economics, washington d. c. ( via webcast ), august 31, https : / / www. federalreserve. gov / newsevents / speech / clarida20200831a. htm.

on to describe, the whole point of the balance sheet framework that we are proposing is that it will allow the size of the balance sheet to be determined independently from the quantity and composition of qe and qt. adding back the current level of banknotes and other non - reserves liabilities to the pmrr, and assuming nothing else changes, suggests that a steady - state balance sheet after qt of £275 - 375bn ( 12 - 18 % of gdp ) would be needed to deliver the bank ’ s monetary policy and financial stability policy objectives. that ’ s materially higher than pre - crisis levels. but it ’ s roughly half where we are today ( chart 10 ), and narrower than we ’ ve previously indicated, reflecting the more detailed information available from the discussion paper feedback. 18 as one cross - check, the required reduction in reserves to get to the pmrr is proportionally similar to that estimated for the united states by the federal reserve19. https : / / www. federalreserve. gov / data / sfos / files / senior - financial - officer - survey - 201809. pdf and https : / / www. federalreserve. gov / data / sfos / files / senior - financial - officer - survey - 201902. pdf no attempt is made to estimate any potential future rate of return effect. http : / / data. parliament. uk / writtenevidence / committeeevidence. svc / evidencedocument / treasury - committee / bank - of - england - inflationreports - hearings - session - 201516 / oral / 29584. html an april 2019 speech by lorie logan, senior vice president of the new york federal reserve cites an estimate for the us ‘ lowest comfortable level of reserves ’ of $ 800 - 900bn, which is around 30 % of peak reserves ( $ 2. 8tn ). by comparison, our pmrr estimate is 30 - 50 % of current uk reserves. see https : / / www. newyorkfed. org / newsevents / speeches / 2019 / log190417 for details of the us estimate. all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx chart 10 : estimated range for steady - state post - qt balance sheet source : bank of england at the same time, it is worth underscoring how uncertain this estimate
andreas dombret : cutting the gordian knot or splitting hairs – the debate about breaking up the banks speech by dr andreas dombret, member of the executive board of the deutsche bundesbank, at the ilf ( institute for law and finance ) conference “ too big to fail iii : structural reform proposals – should we break up the banks? ”, frankfurt am main, 21 january 2014. * 1. * * introduction ladies and gentlemen thank you for inviting me to speak at today ’ s conference. it is a pleasure and an honour to be here. the story goes that at some point in history the kingdom of phrygia was without a king. the priests therefore consulted an oracle to determine who should fill the vacant position. the oracle decreed that the next man to enter the city in an ox cart should become the new king. that man was gordias, a peasant. gordias became the king of phrygia and, out of gratitude, his son dedicated the ox cart to the gods. the gods in turn tied the cart to a pole with a complicated knot – the famous gordian knot. this knot was so complex that for centuries no one was able to untie it. hence, the cart was still tied to its pole when alexander the great entered the scene in 400 bc. meanwhile, it had been prophesied that whoever untied the knot would become king of asia. alexander, full of ambition, took on the challenge. unable to find the loose end of the knot, he drew his sword and sliced the knot in two, thereby undoing it. since then, the gordian knot has become a symbol for solving seemingly insoluble problems by thinking outside the box and then taking bold action. the insoluble problem in our case is how to secure financial stability. and after six years of crisis, more and more people are, understandably, looking for a gordian solution. to some, the solution would be to break up the banks – with one bold stroke of the sword, as it were. broadly speaking, the dividing line would run between those parts of a bank engaged in commercial banking and those parts engaged in investment banking. in my speech today, i will address the question of whether this is a sensible approach. as i speak first at this conference, my objective is to give an overview of the issue, discuss the pros and cons of the proposal and try to draw a tentative

, we have to make banks resolvable to name just a few. bis central bankers ’ speeches breaking up the banks might shield commercial banking and thereby the real economy to a certain degree. but it cannot, on its own, ensure financial stability. and when it comes to implementing a system of segregated banking functions, attempts to cut the gordian knot might mutate into a tedious exercise of splitting hairs. thank you very much. bis central bankers ’ speeches
it - for compliance " failures " related to fatf recommendations that are yet to have a proven impact on crime and of little relevance to most countries in our region. we must ensure that resources and knowledge are shared, and a common pacific voice heard as these affects the livelihoods of our people. on that, perhaps, rather sombre note, i welcome you to our country, with the all the generosity, and warmth of spirit that this country, and our pacific region is known. it is my honour to declare this in person inaugural pacific financial intelligence community plenary open. i hope this meeting leads to the deepening of friendships between participants and ties between our countries. 2 / 3 bis - central bankers'speeches may god bless you all. 3 / 3 bis - central bankers'speeches

l wilson kamit : papua new guinea ’ s new banknote series speech by mr l wilson kamit, cbe, governor and chairman of the board of the bank of papua new guinea, on the release of the new series k20 banknote, port moresby, 8 november 2007. * * * i wish to extend a warm welcome to all of you attending this evening ’ s launching of the new series k20 banknote. the bank of papua new guinea has timed the release of the new k20 banknote to coincide with our 34th birthday, which is today. on 02 november 1973, a young michael somare, chief minister unveiled a plaque at our douglas street building and the country ’ s central bank - the bank of papua new guinea was opened for business. over the years we have sought to celebrate important events on our birthday. we opened our new office, the torobert haus on 1 november 1991 and we released the new k100 banknote on 02 november 2005. ladies and gentlemen, papua new guinea first introduced its own currency, the kina and toea, thirty - two ( 32 ) years ago on 19 april 1975, our ‘ kina & toea day ’. the first issue of our banknotes were in the 2 kina, 5 kina and k10, a little later k20 banknote all in paper substrate. the banknotes designs depicted the national crest on the front and our various traditional forms of money on the back. the design of the national parliament was later added to the k10 banknote. prior to 1991, all our banknotes were in paper substrate. in keeping with developments in the banknote security printing world, papua new guinea became the second country outside of australia to move into using polymer ( plastic ) for banknotes, through the introduction of the commemorative south pacific games k2. 00 banknote in 1991. this was the first major shift in our quest to identify a cost efficient solution to cash handling. we found that the polymer notes were more durable and they lasted longer. our economy is predominantly a cash - based one where the majority of our people continue to use cash ( coins and banknotes ) as the main form of payment in settling their transactions. there is the need to ensure we issue an acceptable quality of banknotes with longevity, given our humid / tropical conditions and the frequent and rough handling of currency by the public. we also need to provide currency that enhances modern security features against counterfeiting. with continuous
appetite to facilitate discussions at all levels of the organisation. this, too, they must change. these are a few of my thoughts on the topic of governance and the role of supervisory boards. now i am looking forward to having a discussion with you. thank you for your attention. 3 / 3 bis central bankers'speeches

and relatively low unemployment rate and inflation at target. by the standards of most other countries, this represents a very good outcome and a high degree of internal balance. remarkably, we have achieved this balance despite experiencing the biggest boom in business investment and the largest rise in the terms of trade for over a hundred years ( graph 1 ). in the past, much smaller investment and terms of trade booms caused outbreaks of inflation and the emergence of other imbalances in the economy. on this occasion this has not happened. the investment boom has not led to a large increase in the current account deficit. there has not been an explosion in credit. increases in asset prices have generally been contained. and the average level of interest rates has been below the long - term average, despite the very significant additional demand generated by the record levels of investment and the terms of trade. bis central bankers ’ speeches graph 1 there are a number of factors that are important to understanding how domestic or internal balance has been maintained, with generally low interest rates, despite the very large shocks experienced by the australian economy. this morning, i would like to focus on just two of these. the first is the flexible exchange rate. the high levels of investment and commodity prices have been associated with a high value of the australian dollar. this has clearly caused some difficulties for parts of our economy, including the manufacturing, tourism and education sectors. but from an overall macroeconomic perspective, the appreciation of the exchange rate has played an important stabilising role. had we not experienced the sizeable appreciation over recent years, it is highly likely that the economy would have overheated and that we would have had substantially higher inflation and substantially higher interest rates. this would not have been in the interests of the community at large or, i might add, in the interests of the sectors currently being adversely affected by the high exchange rate. it is also worth adding that, in any case, it is unlikely that we would have avoided a substantial real exchange rate appreciation, with it coming through the more costly route of higher inflation. this, of course, does not mean that, at each and every point in time, the exchange rate is at its ideal rate from a domestic balance perspective. we should not forget that exchange rates are relative prices between two countries ’ moneys. this means that they are determined both by what is happening domestically and by what is happening abroad. this has been obvious over recent years, with the very accommodative
william c dudley : the us economic outlook and the implications for monetary policy speech by mr william c dudley, president and chief executive officer of the federal reserve bank of new york, at the bank indonesia – federal reserve bank of new york joint international seminar, bali, 31 july 2016. * * * it is a pleasure to have the opportunity to speak here in bali. today i plan to provide a brief summary of the u. s. economic outlook, incorporating recent u. s. economic data and global and financial market developments. i will then discuss the implications of the outlook for u. s. monetary policy, and explain how international and financial market developments influence my thinking. i will emphasize two key points. first, financial market conditions matter in determining the appropriate stance of monetary policy. financial conditions affect households ’ and firms ’ decisions, so that the transmission of u. s. monetary policy to the real economy depends, to a large extent, on how changes in monetary policy help deliver the appropriate financial market conditions to support our objectives of price stability and maximum employment. but financial conditions also evolve in response to domestic and international events. thus, when i reiterate that u. s. monetary policy is data dependent, that includes not just the information gleaned from important economic releases such as payroll employment and retail sales, but also how financial market conditions react to economic and financial market developments in the global economy. second, external events – such as brexit – can have effects that go beyond just their impact on global trade. conversely, what we do in the united states has an impact far beyond our borders, and we need to take that into consideration in how we conduct and communicate monetary policy in the united states. put simply, monetary policy is a two - way street, and we all need to be cognizant of that. as always, what i have to say today reflects my own views and not necessarily those of the federal open market committee ( fomc ) or the federal reserve system. 1 the us economic outlook despite the many twists and turns in the road so far, my baseline outlook for growth and inflation in the united states has not changed much in recent months. after a weak first quarter, real gdp continued to grow sluggishly in the second quarter. on the positive side, consumer spending rose more quickly during the second quarter. on the negative side, business fixedinvestment spending continued to disappoint, residential investment was weak and inventory investment was a

the historic kintai bridge, which harmonizes beautifully with its surrounding natural landscape. efforts are proceeding to draw on these ample resources for tourism, mainly by the prefectural government and cities, and thereby promote the tourism industry. i expect that by coordinating its regional characteristics and strengths, the tourism industry will generate further momentum. bis central bankers ’ speeches
economists. more practically they will be of immense help to administrative authorities like governments, central banks, and financial supervisory institutions and to financial players like banks, insurers and securities companies. in this respect i have great anticipations of this conference.

of immediate difficulties, we will pay a higher price in the future. fellow members of the bank of korea! i would like to talk now about some of the things that our bank will have to focus on carrying out from the second half of this year. in our monetary policy operations, we will work to ensure that stable growth is sustained and inflation converges to its target over a medium - term horizon, while paying close attention to financial stability. considering that uncertainties about external factors have heightened significantly, especially with respect to the us - china trade dispute and the semiconductor 1 / 3 bis central bankers'speeches industry, we will act appropriately depending on changes in economic conditions while closely examining the related trends and impacts. to this end, we should formulate policy implementation strategies for various scenarios so that we can cope with changes in domestic and external conditions in a timely manner. we will also take into consideration financial stability risk factors as well, such as household debt and capital flows. we will also need to work even harder to enhance the effectiveness of our policy communication. with uncertainties growing more and more, markets are reacting sensitively to changes in economic conditions. we will accordingly need to provide more detailed explanations about the background to our monetary policy decision - making and also about changes in major risks. as inflation has remained far below its target level, we will need to examine on a regular basis how the inflation target is managed and explain in detail to enhance economic agents ’ understanding of inflation conditions. we will have to make ourselves fully prepared to cope with changes in the monetary policy environment over a longer - term horizon. major country central banks and academia have recently focused on changes in the traditional causal relationships among economic variables and monetary policy transmission channels, which have been caused by changes in the economic structure. wide - ranging discussions are also taking place about how to improve monetary policy frameworks to enhance the policy effectiveness the in the current low inflation and low interest rate environment. while looking at ongoing research and discussions in major countries, we should think carefully about which measures are applicable to korea. we will also have to devote special attention to financial and fx market stability. mounting concerns about global economic growth are keeping long - term interest rates at low levels at home and abroad. stock prices and exchange rates are also highly volatile. we will have to closely monitor changes in domestic and external risks as well as developments in financial markets, and if necessary, we should actively carry out market stabilization measures. we will also need to respond to the rapid
significant toolbox in their hands, that can help in containing these risks. 1 " macroprudential analysis of residential real estate markets ", duca et al., ecb macroprudential bulletin, 2019. 2 other explanatory variables included are the year - on - year growth on gdp and the 3 - month euribor rate, as well as past observations in the growth rates of housing loans and house prices. the starting date of the estimation sample of the countries examined ranges between 2003q1 and 2011q3, with the last observation being 2021q3 for all countries. 3 frederic s. mishkin, housing and the monetary transmission mechanism, nber working paper 13518, october 2007. 4 the period of quantitative easing is defined according to the speech by vitor constancio, vice - president of the ecb " past and future of the ecb monetary policy " and starts in july 2014. 5 data from the household finance and consumer survey, 2017. 3 / 3 bis - central bankers'speeches

as a portal for an ongoing and constructive dialogue on innovative products and services. the innovation hub is open to new firms as well as incumbent institutions. it is also an important milestone that enables the cbc to achieve its supervisory objectives and priorities relevant to digital operational resilience and cybersecurity. let me now conclude. digitalisation is transforming society in ways that would have been difficult to conceive only a few years ago, with profound effects expected in the near future on the way banking and payment services are offered. emphasizing transparency and efficiency is 4 / 5 bis - central bankers'speeches crucial, while shaping an ecosystem where ease of use, transaction speed and costeffectiveness are priorities. at this significant turn of history, both the central bank of cyprus and the ecb are acting promptly and proactively, in order to ensure that that they are well poised to embrace the future. 5 / 5 bis - central bankers'speeches