samchain/econo-pairs-v2 huggingface dataset:
work. thank you very much. page 8 of 8

group and its foreign exchange subcommittee, we have endorsed and adopted the global code. this endorsement of the global foreign exchange code implies that we are now committed to evolving our own institutions ’ foreign exchange practices to be consistent with the principles outlined in the code. this will include a review of the structure of our local foreign exchange committee over the next few months. we believe that this code is a big step in the right direction and will contribute to strengthening standards in foreign exchange markets around the globe. the global code contains principles of good practice that provide a common set of guidelines to the market, with the intention of promoting the integrity and effective functioning of the relevant financial markets without imposing legal or regulatory obligations on market participants ; the code is not a substitute for regulation. having endorsed the global code, the sarb will strive to adhere to it in its own market operations and, over time, we would also expect counterparties that we transact with in the foreign exchange market to confirm their commitment and adherence to the global code for them to continue to be eligible counterparties. conclusion i would like to conclude by saying that we are still some distance away from the finish line when it comes to inculcating the highest standards of conduct and market best practice. and it is not the job of the regulators alone to cross that line ; it is the job of the financial sector as a whole. we recognise the contributions that each of you makes towards strengthening the standards of market practice. in continuing to do so, i would like to appeal to you to take very seriously the challenge of aligning your current culture to the desired culture. there is definitely the need for a fundamental shift in the mind - set of the financial services industry on the issue of culture ; more regulation is not necessarily the best way to go about fixing problematic conduct. page 7 of 8 i am pleased to note that, following the launch of the global code last week, aci worldwide has announced that it has developed a new aci global foreign exchange code certificate aligned to the principles and practices of the new code. this initiative is certainly a step in the right direction to promote the integrity and effectiveness of the foreign exchange market. let me use this opportunity to ask for your cooperation with our current review of the standards and practices in the domestic wholesale financial markets. the committee that has been appointed to carry out this review will soon be on your doorsteps, seeking to engage with you on various aspects relating to the structure of the financial markets. together we can make it
michelle w bowman : welcoming remarks – “ fed listens ” welcoming remarks ( via livestream ) by ms michelle w bowman, member of the board of governors of the federal reserve system, at the fed listens “ helping youth thrive — a discussion with leaders ”, federal reserve bank of cleveland, cleveland, ohio, 18 march 2022. * * * when we started the fed listens initiative, we wanted input from the public on one big decision that the fed faced, which was making changes to our goals and strategy for monetary policy. after holding a number of public meetings in communities across the country, and after issuing a new statement on our goals and strategy that was enriched by what we heard, we decided that this kind of input could continue to inform and enrich the other important decisions we face. so the listening has continued, and the agenda has evolved to include pressing issues in the wake of the covid - 19 pandemic, such as today ’ s conversation on education and work opportunities for young people. i am pleased to continue the fed listens process for the board of governors because i believe that providing the public with greater access to policymakers and gathering a diverse set of perspectives will help us better understand how our decisions affect individuals, families, and businesses. it will help us better understand the challenges people face and consider how we can help address those challenges in our work promoting a healthy economy and financial system. one thing i know is that america can ’ t thrive economically or financially unless young people thrive. i have school - age kids, and like many other families, we have faced challenges the past couple of years, dealing with the impact of the pandemic, trying to make sure that our kids have every opportunity to succeed and that they don ’ t miss out on experiences outside of school to learn and grow. i know that this has been a very difficult period for young people and for parents, many of whom were forced to choose between work and caring for their children. i am hopeful that these difficult choices are behind us, and that the end of the pandemic will allow us to focus intently on what young people need most to succeed. their success is directly connected to the fed ’ s mission. educating young people and preparing them for the demands made on the 21st century workforce will have a huge impact on the productivity of the u. s. economy. rising productivity allows living standards to rise without contributing to inflation. so the fed ’ s goals for monetary policy — to

promote maximum, inclusive employment and price stability — are closely related to the topics that we will be discussing today. the decisions that we at the fed face on interest rates and other matters must be, and will be, informed by the perspectives that all of you bring to the table today about how to help young people thrive. those decisions will be better decisions after we have heard you and gained a better understanding of the challenges and possible solutions. thank you again for the opportunity to hear your views, and i am really looking forward to our discussion. 1 / 1 bis central bankers'speeches
model for expanded repo clearing will have to satisfy stringent regulatory requirements, regulators should be open to emerging clearing solutions where they provide substantial benefits and can meet these standards. this may be particularly true for repo trading in government and agency securities, since new regulations require financial institutions to hold such high - quality collateral under the assumption that it can be quickly while details vary, in a waterfall, to cover losses resulting from a defaulting member, a ccp typically first uses the financial resources of the defaulting member, including margin and default fund contributions. if losses still exist, then the ccp uses its capital ( skin in the game ), followed by the default fund contributions of surviving members. further losses could be absorbed by additional assessments on surviving members. principle 7 in the principles for financial market infrastructures, april 2012 ( pdf ). committee on payment and settlement systems and technical committee of the international organization of securities commissions. see financial accounting standards board interpretation no. 41, “ offsetting of amounts related to certain repurchase and reverse purchase agreements. ” repo ccps mainly exist in markets where the underlying flows provide large - scale opportunities for multilateral netting. for example, ccps play a large role in the european and the canadian repo markets, which are primarily interbank markets. bis central bankers ’ speeches converted to cash. it is therefore important to consider ways to support their continued liquidity where possible. bis central bankers ’ speeches bis central bankers ’ speeches

must be implemented to ensure that the opportunities of the single currency are achieved. monetary policy alone - however well designed and implemented - cannot solve europe ’ s economic problems. policy - makers in all areas must be determined to take proper account of the new environment of stage three of emu and its consequences when forming their policies.
impact of the policy rate on the economy. he concluded that the policy rate should be used with greater caution when uncertainty about its effect increases ( brainard ( 1967 ) ). this involves a trade - off that can be illustrated graphically. chart : monetary policy and uncertainty this chart describes a situation where the policy rate is used to counteract the effect of a negative shock to the real economy. two different interest rate paths are shown. the uncertainty is illustrated using bands around the expected paths for the policy rate, inflation and the output gap. in the scenario denoted by the blue line, the central bank does not take the uncertainty associated with the interest rate into consideration. in contrast, the yellow line represents a scenario based on a more cautious monetary policy response to the perceived uncertainty involved. the expected real economic costs of a more cautious response – as measured by the output gap – are somewhat higher, and inflation moves further from the target. in that respect, this is a less appropriate path for the policy rate. but there is also a benefit : uncertainty about the future path is substantially reduced. as you can see in the chart, the uncertainty bands around inflation and output have narrowed. when choosing between the two paths, the benefits must be weighed against the costs. in principle, a robust monetary policy should take account of uncertainty regarding the functioning of the economy. the policy rate in norway has come down to a low level, approaching a lower bound. this has increased the uncertainty about the effect of monetary policy. norges bank has taken this uncertainty into account over the past year and reacted somewhat less to new information, whether the information has pulled in the direction of a lower or a higher policy rate. it has been appropriate to respond with caution. low interest rates could be a precursor to financial instability a period of low interest rates can engender financial imbalances. there is a risk that growth in property prices and debt will become unsustainably high over time. with high debt ratios, households are more vulnerable to cyclical downturns. in the event of a reduction in household income, debt burdens may become heavy to bear, forcing households to reduce spending on consumption, with a deeper downturn as a result. for norges bank, the consideration of restraining the build - up of financial imbalances has long been an element of a robust monetary policy. the aim is to mitigate the risk of particularly adverse economic outcomes further ahead. chart : estimated path for consumption during recessions a

would function equally well or better if structural changes were to occur more rapidly in the future. nor do i see any reasons why the riksbank ’ s intellectual framework on monetary policy would need to be fundamentally changed if we were to have a period of strong growth in productivity. on the other hand, it would make greater demands of our analysis, in order to understand the various steps in an ongoing process of change, whether we put the label of ‘ new ’ or ‘ new and old ’ on parts of this process.
the operations of foreign banks in the united states. this network of partners requires a high degree of coordination. the regulatory authorities communicate constantly regarding bsa - related matters. for example, among bank regulators, there are a number of electronic systems in place that allow secure access to examination information. this allows regulators to monitor the status of organizations under their direct or indirect purview. it is also the federal reserve ’ s practice to notify relevant functional regulators when a supervisory action may have impact on an institution subject to their supervision. in addition, bank regulators collaborate in the development of consistent examination procedures and examiner training. the usa patriot act required a surge of rulemaking activity, and the federal reserve and its regulatory colleagues continue to advise treasury as it completes this important work. law enforcement coordination the federal reserve routinely coordinates with federal and state law enforcement agencies with regard to potential criminal matters, including anti - money laundering and financial crime activities. this coordination may occur when the federal reserve takes action to address matters that are also addressed in a criminal proceeding, when the financial condition of a bank is affected by a criminal matter, or when law enforcement draws on federal reserve staff expertise in its investigative work. the federal reserve maintains open channels of communication with law enforcement, whether through interagency working groups or informal staff level contacts. conclusion the federal reserve believes that banking organizations should take reasonable and prudent steps to combat illicit financial activities such as money laundering and terrorist financing, and to minimize their vulnerability to risks associated with such activity. for this reason, the federal reserve ’ s commitment to ensuring compliance with the bank secrecy act continues to be a high supervisory priority. the federal reserve has an important role in ensuring that criminal activity does not pose a systemic threat, and, as important, in improving the ability of individual banking organizations in the united states and abroad to protect themselves from illicit activities. thank you again for inviting me today to explain the federal reserve ’ s work in this important area.

that facilitates the recruitment and maintenance of high - quality staff. uwi has been a strong supporter of the ccms but the university may also have to do more if we are to maintain a high quality center for monetary research. and finally, the time may have come when we need to look to the private financial community - the banks, the insurance companies and so on - to contribute to the financing of the ccms, if even for paid research. let ’ s face it, we all stand to benefit from the work that could emanate from a well - staffed, wellresourced and high quality regional center for monetary and financial studies. with these few words, mr. chairman, i would like to wish all the participants a most stimulating and successful conference.
is initiatives by financial institutions to address climate - related financial risks. proper assessment and management of physical and transition risks through scenario analysis are becoming a more important challenge for financial institutions. it is necessary for them to understand both climate - related risks and opportunities appropriately and to conduct their business and risk management on that basis. the second perspective is financial intermediation and capital market development when addressing climate change. new investment and finance for the transition are essential in pushing ahead with decarbonization realistically without compromising social welfare. there is therefore likely to be substantial demand for funds in the corporate sector. to meet such demand efficiently, financial institutions and investors should be able to assess appropriately the risks and returns of their investments, taking the effects of measures to address climate change into account. as a basis for this, it is very important to work on information disclosure. i hope that discussions at this meeting will contribute to improving the effectiveness of financial practices in addressing climate change. concluding remarks in conclusion, i am confident that this meeting will facilitate vibrant discussions and valuable insights, allowing us to deepen our understanding of the challenges confronting the apac financial system. reflecting on history, we recognize the numerous financial crisis episodes that have occurred. the current stability of the apac financial system results from continuous efforts by relevant stakeholders, drawing from the lessons and experiences of past crises. now, our pivotal mission is to pass on these invaluable lessons and experiences from the present to future generations. i am certain that the apac financial system will remain a cornerstone of the region's economy, characterized by its significant growth potential. the bank of japan remains 4 / 5 bis - central bankers'speeches committed to strengthening coordination and collaboration with all stakeholders to ensure the stability and resilience of the financial system for the future. thank you for your attention. 5 / 5 bis - central bankers'speeches

- in stabilizers to work. how should we think about this point? in order to form a basis for a stable and sustainable growth of japan's economy, the bank of japan is determined to continue making every effort as a central bank including those efforts to deal with the non - performing problems. thank you very much for your attention.
they created a monetary framework within the emu which they regarded as serving the community ’ s citizens best. although iceland stands outside the emu, we have incorporated into our monetary policy implementation much of what the eu countries agreed that best served their interests. i am convinced that we will benefit from this.

price indexation. the negative effect that further depreciation would have had on consumption and investment would therefore have been stronger than the stimulative effect on the traded goods sector. the latter effect comes with a lag in any case, and the real depreciation of about one - third, which had already taken place, was sufficient for that. second, a large fiscal deficit had opened up and had to be financed domestically, as the sovereign was cut off from foreign markets. the capital controls facilitated this. third, the capital controls gave monetary policy more scope to focus on the domestic economy, as interest rates would otherwise have had to be higher in order to defend the currency. fourth, the capital controls provided the shelter needed to restructure domestic balance sheets, rebuild the financial sector, and develop a better framework for economic and prudential policies that would be suitable for a postcapital controls environment. these stabilisation gains of the capital controls were greatest to begin with but have faded with time as balance sheets have been repaired and iceland has recovered. the economic costs of the controls work in the other direction : they increase over time as lost business opportunities accumulate, as support to domestic asset markets begins to feed bubbles, and as risk diversification in domestic balance sheets decreases. in iceland ’ s case, this was partly mitigated through the liberalisation of capital inflows in october 2009 and legislative provisions that authorise the central bank to grant exemptions from the capital controls, bis central bankers ’ speeches provided that the balance of payments effects are not negative. but that does not change the big picture. furthermore, the potential distortion stemming from the combination of free capital inflows and restricted capital outflows has materialised recently, as carry trade and other forms of capital inflows have increased following the announcement and subsequent execution of the resolution of the old banks in a manner that fully mitigated the negative balance of payments effect. this has created appreciation pressures that are not counteracted by outflows, as would have occurred under normal conditions. finally, in the long run, comprehensive capital controls are inconsistent with iceland ’ s membership of the eea and thus the eu internal market. you might then ask : why have we not just lifted the capital controls? this is where the twist in the tale comes in. the problem is that our own success in preserving icelandic asset prices and fostering the recovery of the economy has created the conditions for a stronger currency but has
. there is clearly a need for internal auditors to keep well abreast of these developments in financial institutions so that you can play the role expected of you in contributing to good corporate governance and, thus, to improved prospects for financial stability. australia ’ s corporations and governments, not to mention savers and investors, rely heavily on your work and it is crucial that it is done well. today ’ s agenda suggests that you should finish the day even better equipped to meet this challenge. i wish you a successful day. bis central bankers ’ speeches

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
benjamin e diokno : philippine identification system - paving the way towards financial inclusion speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the roundtable discussion on " championing and accelerating good digital id for all " during the world bank group / imf annual meetings, washington dc, 17 october 2019. * * * good morning! it is a privilege and honor to be speaking before a chosen group of eminent dignitaries on a very important and growing topic across the globe. the innovation, development and advancement of technologies has ushered us to a new digital world, and reshaped mindsets, perspectives and decisions of government officials and regulators. technologies have greatly influenced the way we go about our normal ways and they continue to do so as we speak. the journey for a national id for the philippines started 30 years ago. but it failed to pass one congress after another. finally last year, the philippine id system act was past last year. and i am happy to announce that on 07 october 2019, we had a milestone as the central bank of the philippines signed the memorandum of agreement ( moa ) with the philippine statistics authority that starts the implementation of the “ philippine identification system ( philsys ) act. the law, which promulgates the policy of the state to establish a single national identification system, mandates the issuance of a unique, non - transferable card to all citizens or resident aliens registered under the philsys. the law is beneficial for all filipinos as it provides “ a means of simplifying public and private transaction ” through a reliable and nationally - accepted proof of identity. having this proof of identity has far - reaching benefits, particularly in promoting financial inclusion. with the “ philippine id ”, unbanked filipinos will have a proof of identity which is a key requirement in opening a bank account. it will be easier for unbanked filipinos to open bank accounts and avail of financial services — a win for our financial inclusion agenda. this will enable more of our marginalized countrymen to enjoy gains from and participate more actively in the country ’ s growing economy. as such, the central bank of the philippines is glad to take part in this game - changing reform as we join the other countries in providing a foundational platform for the delivery of services. the central bank of the philippines, as the national security printer for the philippine currency, has the

capability and integrity to produce high quality and secured materials. under the moa, the bsp shall produce one hundred sixteen million pieces of blank cards for the phil id for three years. we will print the id at less than $ 1 a piece – 60 cents to be exact. we will provide the needed equipment and space for the embedding of personal information onto the blank cards, which will be done by the philippine statistics authority. the card issuance will start in april 2020. i ’ ll stop here and i look forward to a meaningful conversation regarding the national id system for all. thank you. 1 / 1 bis central bankers'speeches