samchain/econo-pairs-v2 huggingface dataset:
the features underpinning a desired end state will be essential if a program of this scale is to succeed. once a consensus has emerged here, a roadmap with milestones can guide industry progress toward the ultimate objective. now let me share with you some of the feedback we have heard so far : 1. there has been insufficient industry coordination, planning and certainty regarding the transition. this in turn has had made it difficult for industry participants to press on with their individual plans, including those who will have a key role in ensuring the ongoing competitiveness and safety of the system. 2. there is scope for the needs of end users to be given more prominence in industry discussions on the future of account - to - account payments. becs is the payment rail used to make the majority of essential payments to millions of australians, so any replacement must be capable of reliably meeting end user needs. 3. a solution for the processing of bulk payments will be important. 4 key end users need confidence that bulk payments will be supported into the future, recognising that many have integrated systems that manage the initiation and reconciliation of payment instructions. the npp and the fast settlement service ( fss ) will need to have capacity to handle a much higher volume of payments. r e s e r v e b a n k o f au s t r a l i a 4. the cost of the transition and per transaction costs in the future system are a concern for some stakeholders. end users, including those who do not have advanced functionality requirements, understandably want options that represent value for money. the rba is working to better understand the pricing of account - to - account payments. 5. many stakeholders have expressed a desire for resilience to feature prominently in future account - to - account system arrangements. becs outages have typically been low ( graph 4 ). contingency arrangements in the future system will need to ensure that end user needs can continue to be met even when operational issues are experienced. 5 this suggests resilience will need to be built into the solution from the outset. as mentioned earlier, the rba and the australian prudential regulation authority ( apra ) are stepping up their focus on operational resilience in the financial system, including payments. 6 6. end users will be unable to move payments from becs until all customers can receive payments via an alternative channel. some banks using becs are yet to connect to the npp, and

elections, and it is preferable to make these decisions right at the beginning of the government ’ s term. we must remember that there may also be security challenges, and it is the supreme responsibility of the government to protect its citizens. bis central bankers ’ speeches
of the time, it is a very good indication of the health of the economy. the reasoning is something like this : if the economy is doing well, companies abroad will want to invest in the country. but we ’ re not living in normal times. most companies in the west are themselves struggling with their domestic markets. would they then consider investing abroad in another country and assume all the risk that entails, especially in times like these? as business leaders, you know the answer better than i do. so where does this leave us? the market opportunities in developing nations are still there. but fdi flows from industrialized nations have been falling. that is where emncs have emerged to fill in that vacuum. and that is where our companies should expand. it ’ s time for reverse capital flows. outward fdi ( ofdi ) is a metric that has been largely forgotten and relegated to just a number in most developing countries ’ balance of payments two decades ago. now, it is increasingly becoming a measure that signifies the health of the country ’ s corporations and their competitiveness abroad. last fiscal year that number was $ 63 million for pakistan. that is very small by any standard and it is a challenge we should undertake to change. i have also noticed that there seems to be some apprehension surrounding outward fdi in pakistan. we have fallen prey to a mindset where inward fdi is good, and outward fdi is bad. from a strictly balance of payments perspective, that is very true ; and it is my job to be concerned about that and at the same time to manage it in a prudent and disciplined manner. the flows of fdi, both inward and outward, reflect something deeper. inward fdi reflects the potential in the domestic economy. outward fdi reflects the willingness and ability of domestic corporations to compete in the international market. the two are not inversely proportional. one of more does not imply less of the other. there is another distinction to be made here. fdi does not include investments in financial assets, such as investments in stock or bond markets. fdi is investment in tangible assets in the real sector. that means that money and capital flows through fdi are not very volatile. and it is the volatility in such flows that keeps any central banker awake at night. let me digress here. the point that i hope to communicate is that our economy should move away from a persisting fascination with inward fdi as a metric of the

to you. so, ladies and gentlemen, you have arrived. but there is, as i have said in my talk, that other frontier that still needs to be conquered. and i am confident that your leadership skills and your vision are more than sufficient to achieve that ambitious but reachable goal. after all, a man ’ s reach should exceed his grasp or what ’ s a heaven for. that is what will usher this country into a new age of economic growth and prosperity. thank you! bis central bankers ’ speeches
place to help borrowers affected by income shocks caused by the pandemic and that lenders continue to seek to sustainably resolve borrowers ’ longer term distress. we have made our expectations clear on how borrowers should be treated and how lenders should engage constructively with distressed borrowers to ensure appropriate and tailored solutions to the borrower ’ s circumstance are put in place. we expect all lenders to have appropriate strategies, the necessary financial and operational resources, and a suite of appropriate sustainable solutions to resolve distressed debt, whether it arose before or as a result of the pandemic. we are also continuing to engage with a range of stakeholders on this issue and have been listening closely to borrower representatives such that our work continues 1 / 3 bis central bankers'speeches to evolve. culture the culture of firms is important in delivering our aspiration of a financial system that sustainably serves the needs of the economy and its consumers. the failures of the last decade or so, notably relating to the tracker mortgage scandal, demonstrate this importance and also highlight that more progress is required. we expect to see boards taking responsibility for the culture of their firms ; overseeing product development and usage ; actively promoting diversity and inclusion at all levels to improve decision - making ; and ensuring robust internal systems are in place to drive effective cultures, including well developed risk management frameworks. where this does not occur, we will take appropriate supervisory action and where serious or egregious breaches occur we take enforcement action. we are also seeking to strengthen the regulatory framework. we are currently working with the department of finance to progress the individual accountability framework. this seeks, among other things, to enhance the accountability of senior individuals in banks. resilience for the consumer and the taxpayer, safeguarding financial stability is one of the most important ways in which the central bank works to protect their interests – including in seeking to ensure that the banking system operates in a safe, sound and sustainable way. banks need to be in a position to absorb shocks, and have the ability to build buffers to withstand future shocks, so they can serve the economy and consumers over the long term. the irish banking system entered this crisis with substantial buffers of loss - absorbing capital, and considerably more robust business models, less risky loan books and better operational resilience than compared with the situation before the global financial crisis. this ensured that they have been better able to continue to support their customers and the real economy through the pandemic. changing

brexit has already led to a significant growth in the size of the internationally focused banking sector in ireland. looking forward we will be increasing our work on climate change, which is relevant to all banks operating in ireland. thank you. i very much look forward to our discussion on these and other important issues and developments in the banking sector. 3 / 3 bis central bankers'speeches
much trust in the absolute figures regarding caps. for me there is only one objective : to maintain price stability. that means we both need to have the credible prospect of returning to our objective of close to but lower than 2 per cent inflation, and we must ensure that expectations are not disanchored. if, thanks to the fall in the oil price, inflation, which was already very low, were to remain too low for too long, we would need to act to continue to ensure the credibility of our goal. there doesn ’ t seem to be a consensual view in the governing council? c. n. on all new measures, there has always been a lot of prior discussion, after which we have always managed to make a decision. the debate is not only about whether we should do it at all but also about when we should do it. some believe that should have started buying bonds months ago, others think that we should do it maybe later or that we should do it straightaway. there are not two opposing camps ; it is much more complex than that. and many of us have held certain views but have changed their minds over time, wondering whether quantitative easing was the only way to maintain price stability. whatever we do, it bis central bankers ’ speeches must be a common eurosystem programme, in which all national central banks take part, with clear rules and coordinated by the governing council. no one should be excluded, no one should be allowed to purchase more than others. we have had negative inflation figures last week. isn ’ t that an argument to start now? c. n. this is not about negative inflation figures at a point in time, but rather about the risk of having either negative of very low inflation for a too long period of time. expectations could then change, resulting in less consumption and less investment. the credibility of the ability of the ecb to keep price stability must not be jeopardised. should the ecb limit its purchases to highly - rated bonds? c. n. it is too early to answer your question. but if we were to step in, we would have to be very attentive not to disturb the way the market values the various risks and spreads. one way to avoid this would be not to buy too many bonds in the same market segment. has the french government done enough do reduce the fiscal deficit and to improve the conditions for growth? c. n. social contributions must be reduced, which is

. is it sad to leave at a time when central banks have become such important players? c. n. it is not good that we are seen as the only game in town. we cannot replace governments, simply because they are not seen to be acting quickly enough. we have created in the euro area many new institutions and new rules. they must now be used. it is up to the parliaments and governments to decide the reforms to be made, but they have to take their responsibilities. mr noyer, thank you for this interview. bis central bankers ’ speeches
rajeshwar rao : no more a shadow ( of a ) bank remarks by mr rajeshwar rao, deputy governor of the reserve bank of india, at the nbfc summit 2024, organised by confederation of indian industry, mumbai, 9 february 2024. * * * ladies and gentlemen! it's a pleasure to be here at cii nbfc summit 2024. at the outset, let me thank mr. abhimanyu munjal, chairman, cii national committee on non - banking finance companies ( nbfcs ) for extending the invitation to me for delivering this inaugural talk at the 6th edition of the nbfc summit organised by cii. i recall that it was at this forum, in earlier speech1 at cii nbfc summit held in october 2021, i had dwelt upon the introduction of scale based regulatory ( sbr ) approach in the nbfc sector. much water has flown under the bridge since then. sbr framework has since been rolled out for the nbfc sector and nbfcs have seamlessly transitioned to the revised regulations. while i had previously discussed the detailed contours of the sbr framework, today i propose to discuss the broad regulatory approaches behind nbfc regulations, including sbr framework and then focus on few specific issues pertaining to nbfc sector. role of nbfcs in the financial sector in december 2023, financial stability board ( fsb ) released its annual publication'global monitoring report on non - bank financial intermediation2 '. it has noted that globally, the size of the non - bank financial intermediation ( nbfi ) sector has decreased by 3 per cent in 2022, which is the first notable decrease since 2009. however, economic function 2 ( ef2 ) entities i. e., entities undertaking lending activities, which are akin to nbfcs in india, have exhibited a growth of around 10 per cent which is the highest among all five economic categories of the nbfi sector monitored by the fsb. the report also notes that india accounts for third largest share of ef2 assets after the united states and the uk. at individual country level, india has the highest contribution coming from lending entities in its total financial assets of nbfi sector. this report also mentions that over a five - year period between 2017 and 2022, the share of total financial assets held by the nbfi sector in half of the

id = 1135 2 https : / / www. fsb. org / 2023 / 12 / global - monitoring - report - on - non - bank - financial - intermediation - 2023 / 3 https : / / www. rbi. org. in / scripts / publicationreportdetails. aspx? urlpage = & id = 1254 4 nbfc - infrastructure finance companies ( nbfc - ifcs ) and nbfc - investment and credit companies ( nbfc - iccs ). 7 / 7 bis - central bankers'speeches
beverly hirtle : opening remarks - heterogeneity blog series webinar opening remarks by ms beverly hirtle, executive vice president and director of research of the federal reserve bank of new york, for the heterogeneity blog series webinar, federal reserve bank of new york, new york city, 4 march 2020. * * * as prepared for delivery i am delighted to be here today to introduce this webinar about our liberty street economics blog series on heterogeneity in labor market outcomes. these blogs describe several ways that the forces shaping u. s. labor markets cause the experiences of workers to vary for different cohorts of individuals, including for women as compared to men ; for high - wage versus lower - wage workers ; and for workers who face more or less stringent constraints on their ability to borrow. these posts are based on research and analysis being conducted by new york fed economists, part of continuing efforts by our economists to understand how economic outcomes vary for different groups in the economy. this series follows our inaugural set of posts on heterogeneity in october of last year, in what we hope will be an on - going discussion of work being done at the new york fed and elsewhere to understand these important topics. in recent years, we have devoted considerable time and resources here at the new york fed to develop data and analytical approaches to gain deeper insights into the experiences of workers and consumers. for instance, we sponsor the consumer credit panel, or ccp, a quarterly report on household credit based on a large sample of credit data from equifax. we have also developed the survey of consumer expectations, or sce, a monthly survey of consumer expectations about inflation, the labor market and household finance. these reports and summary data are available from the new york fed ’ s center for microeconomic data, which can be accessed on the bank ’ s website, newyorkfed. org. aside from producing these public reports, new york fed researchers also use the underlying data to do detailed econometric analysis, some of which forms the basis of the blog series you ’ ll hear about today. in some cases, we are able to link the ccp, sce and other data sets to derive insights into a wider set of factors affecting workers and consumers, such as educational attainment, student debt burden, job satisfaction, job transitions, access to credit and housing choices — and consumer expectations about many of these factors

- placed to understand what the important questions are, to generate the data needed to answer them and to speak to diverse audiences about the results. this webinar and blog series are important parts of our strategy for communicating about our work and for advancing thought about the critical role that heterogeneity plays in our economy. thank you. 2 / 2 bis central bankers'speeches
, and • to avoid procyclicity. for the financial sector as for regulators and supervisors, these principles will encourage a reversion to the role of a service industry. on the one hand, supervision is intended to protect creditors, on the other hand, however – when it comes to standards and regulations – it also serves the real economy indirectly by creating a framework allowing the financial industry to fulfil its role as an intermediary.

. [ 5 ] heimberger, p. ( 2020 ), “ does economic globalisation affect income inequality? a meta - analysis, the world economy 43 ( 11 ) : 2960 - 2982. [ 6 ] grossman, g. et al. ( 2021 ), “ supply chain resilience : should policy promote diversification or reshoring?, nber working paper no. 29330. [ 7 ] makhlouf, g. ( 2021 ), “ managing risk, rebuilding resilience ”, remarks at the european financial forum, 11 february [ 8 ] council of the european union ( 2022 ), “ council conclusions on the eu's economic and financial strategic autonomy : one year after the commission's communication, brussels. [ 9 ] for a comprehensive discussion, see baldwin, r. and r. freeman ( 2022 ), “ risks and global supply chains : what we know and what we need to know ”, nber working paper no. 29444. [ 10 ] organisation for economic cooperation and development ( 2020 ), “ shocks, risks and global value chains : insights from the oecd metro model ”, paris. [ 11 ] for an overview of the estimated effects from various studies, see aiyar, s. et al. ( 2023 ), “ geoeconomic fragmentation and the future of multilateralism ”, imf staff discussion notes no. 2023 / 001. [ 12 ] clancy, d. et al. ( 2023a ), “ the macroeconomic effects of global supply chain reorientation ”, mimeo [ 13 ] caldara, d. et al. ( 2023 ), “ do geopolitical risks raise or lower inflation? ”, mimeo. [ 14 ] clancy, d. et al. ( 2023a ), “ the macroeconomic effects of global supply chain reorientation ”, mimeo [ 15 ] arriola, c. et al. ( 2020 ), “ efficiency and risks in global value chains in the context of covid - 19 ”, oecd economics department working papers no. 1637 [ 16 ] o ’ grady, m. et al. ( 2017 ), “ global and domestic modelling of macroeconomic shocks : a gvar analysis of ireland ”, central bank of ireland, research technical paper, vol. 2017, no. 9. [ 17 ] wosser, m. et al. ( 2019 ), financial stability
the strength of some key sectors of our economy ; the result is that paris now stands as the first stock market capitalisation in europe, ahead of london. 2 and as the bloomberg article points out, despite some political unrest earlier this year, paris is true to its motto : fluctuat nec mergitur, it is rocked by the waves but does not sink. this motto also perfectly suits french institutions – we have a very strong constitution – and the french economy, which has proved remarkably resilient. our growth performed better than most expected in the first quarter, at 0. 2 % 3. the likelihood of a recession in 2023 can now be excluded, and prospects have been revised upwards : this confirms our forecast for 2023 of 0. 6 %, thanks to stronger than anticipated external demand and a quicker than expected 1 / 3 bis - central bankers'speeches slowdown in energy prices, before rebounding to 1. 2 % and 1. 7 % respectively in 2024 and 2025. furthermore, despite the recent turmoil in the united states and in switzerland, from which we can already draw out some first lessons, 4 financial stability has been preserved in the eu. our banks are robust, with substantial capital and liquidity buffers : they are all subject to stringent basel requirements – and to single and strong supervision within the banking union, which makes a big difference with many us banks. what is more, in general french and european banks benefit from rising interest rates thanks to their diversified model, their broad deposit base and their large loan portfolio. we have in the euro area no " sorgenkind " or " problem child ", such as credit suisse. as president of the french prudential authority ( the acpr ), i can in particular attest to how solid french banks are nowadays. whatever your field of activity, you will therefore find in paris a convenient and safe harbour, with all facilities and fast connections to other major cities, in europe and beyond. it has also attracted regulatory bodies, which can only be viewed as comforting neighbours after recent turmoil elsewhere. the eba ( european banking authority ) moved to paris in the wake of brexit, thereby joining esma ( european securities and markets authority ). having a " regulatory hub " will facilitate cooperation between european agencies, in a world that requires such enhanced cooperation between authorities. allow me to conclude with two topics you'll touch in your discussions this afternoon. as regards technology / innovation in the

of central banks in the " macroeconomics of climate change ", speech, 24 april 2023 3 / 3 bis - central bankers'speeches