samchain/econo-pairs-v2 huggingface dataset:
on the commission ’ s consultation on the future of the eu macroprudential framework ” 8 see directive on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures and amending directive 2012 / 30 / eu. 9 see the giovannini report, the clearing and settlement fiscal compliance expert group fisco, the tax barrier advisory group ( t - bag ) as well as the ecb ’ s t2s advisory group. 10 the importance of financial market data standards and global identifiers has also been discussed in box 2 of last year ’ s ecb report on financial integration in europe. 5 / 5 bis central bankers'speeches

joachim wuermeling : artificial intelligence ( ai ) in finance - six warnings from a central banker intervention by prof joachim wuermeling, member of the executive board of the deutsche bundesbank, at the 2nd annual fintech conference, brussels, 27 february 2018. * * * 1 don ’ t miss out on the opportunities of ai in finance … ai in finance could impact on the functioning of our financial system in a profound way. some suggest that ai is enhancing the power of the human brain in the same way that electricity enhanced the power of the body 150 years ago. hence, it could become a big thing in finance. artificial intelligence and big data are currently the strongest and most vivid innovation factors in the financial sector. using ai in finance may trigger dramatic improvements in many businesses. ai elevates the role of data as a key commodity. used wisely, big data make outcomes more reliable and may improve financial mediation. process chains can be organised in new ways. “ the scope and nature of banks ’ risks and activities are rapidly changing, ” as a recent basel committee analysis puts it. this evolution towards increased use of non - human intelligence is not something that has just occurred in the last few years. the first invention of neural networks, a central pillar of most ai systems, dates back to the year 1943. until a few years ago, the main users of big data and ai in the area of finance were certain hedge funds and high - frequency trading firms. in recent times, the application of ai in finance has begun to spread widely, via “ normal ” banks, fintechs and other financial service providers, to the general public. since 2011, hft has accounted for about 45 – 50 % of all trading in us equities. the figures for the main european indices are in the same region ( with about 40 % for german dax futures ). taken together with all other “ normal ” algorithmic trading activities, we currently estimate the amount of algorithmic trading to be in the realm of 80 – 90 % of the entire trading volume for equities ( and somewhat less but still very high in other market segments ). a single normal trading day generates about 3 – 6 million data points about prices, order deletions and modifications in dax futures alone. no human can analyse these amounts of data simply by looking at them in an excel spreadsheet. more sophisticated and sometimes also ai - driven techniques are necessary to do the job. ai profoundly changes
a moderate inflation rate of 2 percent will be achieved. thank you. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

albeit with monthly fluctuations. with the year - on - year rate of increase in the cpi ( excluding fresh food ) continuing to exceed 1 percent, a shift is observed in firms ’ price - setting strategy, from a low - price strategy to one of raising sales prices while increasing value - added. as for wage setting, as seen in annual wage negotiations this spring, the rise in inflation is increasingly being taken into account in wage negotiations between management and labor. this improvement in the output gap and the rise in inflation expectations are expected to continue. therefore, the year - on - year rate of increase in the cpi, which is likely to be around 1¼ percent for some time, is expected to subsequently follow an uptrend again from the second half of this fiscal year and reach about 2 percent – the price stability target – around the middle of the current projection period from fiscal 2014 through 2016. iii. monetary policy management toward achieving the price stability target of 2 percent finally, let me discuss the bank ’ s monetary policy management. the bank has been pursuing qqe, aiming to achieve a state in which the 2 percent inflation rate is maintained in a stable manner. in this state, the inflation rate will be around 2 percent when the economy is at a normal level. that is, firms will be able to base decisions on an assumption of about 2 percent inflation when they consider how to set prices and when management and labor negotiate wages. if such an economy is achieved, economic entities will act based on an expectation that inflation will return to about 2 percent sooner or later – even if the economy faces temporary downward pressure on prices and wages due to, for example, a downturn in economic activity. therefore, the risk of falling into deflation, where prices and wages continue to decline, will be lowered. as i mentioned, japan ’ s economy has been on a path suggesting that the price stability target of 2 percent will be achieved as expected. we are only halfway there, however, and the bank will continue with qqe, aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner. if the outlook changes due to the manifestation of risk factors and it is judged necessary for achieving the price stability target, the bank will make adjustments without hesitation. i would like to conclude my speech today by assuring you that, through the bank ’ s monetary policy management, the prolonged deflation will be overcome and an economy based on
emergence of good luck by hard work, skilful management and good strategic choices.

always been a major source of social iniquity. in addition, it prevents the economy from functioning properly, by falsifying the signals which are given by prices. the speculative boom in the real estate markets in some of our countries at the end of the 1980s caused serious damage - and we are still paying the price. 2. once inflation has been brought under control, and once this control has been confirmed, monetary policy can guide short - term interest rates to a level which contributes to balanced growth. quite a number of eu countries are in such a situation already, with short - term interest rates at around 3 %. in others, where inflation has been brought under control more recently, rates have not yet reached this level but are approaching it gradually. the confirmation that inflation has been brought under control does, unfortunately, take time. finally, in one major country which has seen rapid growth for several years now and in which unemployment has fallen remarkably, short - term interest rates have been raised - applying the principle of preventive medicine. 3. now, what can we say about long - term interest rates, which also have an important role to play in stimulating growth - perhaps an even more important one than short - term rates? monetary policy does have an influence on the level of these rates, but its influence is not exclusive and we cannot even predict the direction of its influence with certainty. at this particular point in time, in the first group of countries to which i referred a moment ago, nominal long - term interest rates are at a historically low level - they are well below 6 % - but real long - term interest rates can be regarded, perhaps, as still being too high to put continental europe on the road to more vigorous growth. i am doubtful whether a further easing of monetary policy in this group of countries would be able to help move the yield curve in the desired direction. it could actually have the opposite effect - if investors perceived it as heralding a weak euro. in any event, given the current level of short - term interest rates, monetary policy ’ s margin for manoeuvre is extremely limited. it is possible that the level of real long - term interest rates in europe reflects, partially at least, that of real interest rates worldwide. europe has no influence over that effect. europe can, however, have an influence on the effect which comes from the constant increase in public sector indebtedness in our countries. as a reminder, between the end of 1991 and
growth and to foster job creation in an environment of high unemployment. we are now at your disposal for questions. bis central bankers ’ speeches

mario draghi : structural reforms in the euro area introductory remarks by mr mario draghi, president of the european central bank, at the ecb conference " structural reforms in the euro area ", frankfurt am main, 18 october 2017. * * * it is my pleasure to welcome you all to this conference on structural reforms in the euro area. as you know, “ structural reforms ” has become something of a contested term in recent years. for many, it describes a pragmatic policy agenda to raise long - term growth and accelerate adjustment to shocks, which is essential for countries in a monetary union. but for others, the term is viewed as a “ catch - all ” for a wide range of policies, some of which have potentially negative short - run costs and adverse distributional effects. in view of these discussions, it is important to assess – first – whether countries with more flexible structures and more resilient institutions do indeed recover more quickly from shocks and grow faster over the cycle. second, we should evaluate how the design of reforms and the overall policy mix affect the impact of structural policies, especially during a downturn. and third, we should assess the distributional effects of reforms, and consider how we can ensure that they benefit everyone in society. these are the themes i will focus on in my remarks this morning. economic structures, adjustment to shocks and long - term growth first of all, the crisis has helped us better understand a key question for the euro area : are economies that are more flexible also more resilient to adverse shocks, and do they experience faster recoveries and higher long - term growth? by and large, the experience of the crisis has shown the answer to be “ yes ”. what we have seen is that more economic flexibility and sound institutions do lead to more resilience and higher longterm growth, including when countries face a common shock. indeed, euro area economies that were more flexible at the start of the crisis – as measured by the world bank doing business indicator in 2009 – subsequently showed a stronger recovery. gdp per capita rebounded faster and unemployment fell more. 1 and looking at the last 15 to 20 years – so over the full cycle – euro area countries with sound economic structures at the outset have shown much higher long - term real growth. confirming this relationship, countries that reformed their product and labour markets during the crisis have also seen good results afterwards – and the full effects are still materialising. focusing just on the labour market, a
have been prepared thanks largely to the initiative of the european commission representation in estonia to celebrate the tenth anniversary of estonia ’ s accession to nato and the european union. in summary we can say that in ten years we have made estonia and the space where estonian people operate much larger. bis central bankers ’ speeches

##using many infrastructure loan assets, across various sectors and geographies. the business momentum is strong, leading to further opportunities for the corporation to continue accumulating a well - diversified portfolio and the necessary track record in managing this asset class, which are two essential requirements for future securitisation. 21. with respect to securitisation of infrastructure loan assets, it is not without its challenges. market conditions is certainly one such challenge, as we all just witnessed some roller coaster rides of yield volatility in the past months. and securitising a pool of highly bespoke infrastructure loan asset pool presents a vastly different proposition to traditional investors who are more used to investing in a highly homogeneous asset pool such as mortgage loans. for this reason, there are limited successful precedents in the market globally, presenting additional challenges for investor to benchmark a relevant issue. 22. notwithstanding these challenges, we do see that it is a meaningful market development opportunity. if successful, it will help mobilise capital market liquidity into an attractive alternative asset class and help fill the market gaps in infrastructure financing. 23. ladies and gentlemen, i notice from the agenda of this conference that there will be a lot more interesting discussions in the important subject of fixed income market generally and structure credit products specifically. such discussions are very important to further enhance the understanding of regulators and market practitioners alike about the opportunities and impediments relating to further development of these products. 24. we in hong kong are eager to work with you all to further enhance our financial services platform in order to offer more exciting opportunities for all. this is clearly demonstrated by our continuous efforts in making legislative and regulatory changes in the past few years relating to open ended fund companies, corporate treasury centres, aircraft leasing, limited partnership regime, and many more. so apart from the initiatives i touched upon, we also welcome your inputs on what more should be done to better capture the opportunities in the structured credit space riding on the conducive macro trends i mentioned earlier. 25. once again, i thank imn for having me here today. i wish you all a very successful summit. 1 1simmons simmons, “ synthetic securitisation : opening the basel toolbox in asia - pacific ”, 13 august 2020 3 / 4 bis central bankers'speeches 4 / 4 bis central bankers'speeches
more united aspiration from each of us to move forward together as a cohesive region. the opportunities ahead are apparent, if we can transform each member countries ’ strengths into regional competitiveness, these opportunities can be multiplied. by taking this conference today as a platform to share our common vision, i believe this is the initial important step that shall lead our region towards its sustainable and inclusive potentials. thank you. bis central bankers ’ speeches

closer cooperation on the part of home and host supervisors in line with the global regulatory reforms to ensure stability of the financial system, similar to enforceable international driving laws. last but not least, human resources are another key aspect that needs to be continually improved as without sufficient talent pool, the above milestones may not be achieved. this comes to the end of key milestones of our journey, but the actual action is just about to begin. although i end my address today, our journey towards a more competitive, inclusive, connected and sustainable banking system is not yet concluded. our journey will be a continuous one as it ’ s imperative for banks to constantly adapt to dynamic financial needs of the real economy. policymakers and regulators alike must also be proactively involved and adapt to the changing ecosystem. although much has been achieved domestically, regionally there is still much to be done. as such, reaching the destination will require dedication and cooperation from all travelers to arrive safely. the key message that i would like to leave with you today is that do not get stuck with maximizing short - term returns or past successes, but we must invest more for the future. i wish you all a safe journey. thank you. bis central bankers ’ speeches
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that need it most. to protect the continued flow of credit to the real economy, considerably more favourable terms will apply to all tltro iii operations1 outstanding between june 2020 to june 2021. in particular, this should benefit lending to small and medium - sized enterprises. we have also introduced additional longer - term refinancing operations ( ltros ) to ensure that there is sufficient liquidity in the financial system. this should support banks in the current phase of heightened uncertainty. finally, we have taken a number of collateral easing measures to ensure that banks have sufficient collateral to participate in the eurosystem ’ s liquidity operations. 2 we have increased our risk tolerance to support bank funding against loans to corporates and households. this will be achieved by expanding the use of credit claims as collateral and through a general reduction 1 / 3 bis central bankers'speeches in collateral valuation haircuts. the governing council is committed to doing everything necessary within its mandate to help the euro area through this crisis. it is fully prepared to increase the size of its asset purchase programmes and adjust their composition, by as much as necessary and for as long as needed. it will explore all options and all contingencies to support the economy through this shock. euro area banking sector developments thanks to the efforts made after the global financial crisis, euro area banks now have more robust capital and liquidity positions than they did in 2008, with sufficient capacity to absorb loan losses similar to those seen in the wake of that crisis. together with national authorities, we have also taken supervisory and macroprudential measures to enhance the euro area banking sector ’ s ability to absorb losses and provide necessary support to the real economy. the possibility of operating below the level of capital defined by the pillar 2 guidance, as well as the immediate implementation of rules on the composition of pillar 2 requirements under the new capital requirements directive v, will provide capital relief of €120 billion that will enable banks to finance loans to households, small businesses and corporate customers. through the release of countercyclical capital buffers, systemic risk buffers and buffers for systemically important institutions, macroprudential measures are contributing a further €22 billion of capital. we have also recommended that banks neither pay dividends nor buy back shares until at least october 2020, a move which would retain approximately €30 billion of capital. the current measures imply using the flexibility that is built into the existing framework in order to help the banking sector weather these difficult economic circumstances
gains and withholding taxes. more importantly, there should be a liberalised framework of capital flows across national borders within sadc. in order to carry out and clear cross border securities trade efficiently, electronic trading, clearing, and settlement systems must be synchronized. technology in use on the national exchanges seeking to integrate operations must be harmonized as the systems used across the exchanges are not identical, they must at least allow for an efficient, uninterrupted flow of information across borders. this requires an upgrade of technology used by smaller exchanges in particular. you will contribute to regional financial stability by fostering market discipline, resulting in sound and safe markets. we expect the committee of sadc stock exchanges to work creatively, proactively and effectively in assessing and addressing risk to the securities markets, the public and other market participants. the older and more mature markets should share their experiences and resources with the emerging partners in a spirit of equality and common destiny. the committee of sadc stock exchanges should also specifically advocate a regulatory framework for the region ’ s financial markets that conforms to international best practices. in ending, i thank you for your attention and wish you fruitful deliberations. i declare the 2008 first meeting of the committee of sadc stock exchanges open.

competition. the bank should therefore endeavour to keep its customers satisfied by offering superior products and delivering excellent service. today ’ s customers are becoming sophisticated and can only distinguish institutions through quality of service. i have no doubt that you will succeed in this endeavour. i would like to challenge banks in malawi to devise deliberate policies aimed at improving access to credit by our private sector, especially malawians, as this is the only way malawi can sustain its current level of social and economic development. in conclusion, the central bank, as a stakeholder will continue to complement efforts by banks to improve service delivery systems for the betterment of all stakeholders especially the less privileged rural masses who struggle to access banking facilities as most banks concentrate in the urban areas. our guest of honour distinguished invited guests ladies and gentlemen. i thank you all for your attention.
confront us.

the consumer price index, cpi, is to be 2 per cent. in addition, we have formulated a tolerance interval around the target of plus / minus 1 percentage point. the tolerance interval marks both the fact that monetary policy cannot achieve the target exactly all of the time and the fact that excessive deviations cannot be accepted if the target is to remain credible. to further enhance clarity, monetary policy is guided by a principle according to which the aim is normally to bring inflation back to target within two years after a deviation has occurred. the two - year horizon makes it possible to bring back inflation to the target gradually and in this way to avoid excessive fluctuations in the real economy. the target horizon thus allows flexibility in monetary policy, while helping to anchor inflation expectations. the policy rate ’ s path to inflation takes time the riksbank ’ s target is to maintain a low and stable level of inflation. we can influence inflation by means of our steering interest rate, the repo rate. through the steering system, the riksbank aims to keep the shortest market rate, the overnight rate, close to the repo rate. the overnight rate in turn affects the interest rates faced by the general public, and thereby activity and prices in the economy. so, the repo rate expresses the level at which the riksbank wants the overnight rate to lie. interest rates with a slightly longer duration, for instance 3 months, are determined in the financial markets, partly by expectations of what the repo rate will be on average during this period. banks ’ lending rates to households and companies and interest rates on securities with different durations are affected therefore by both the actual and expected repo rate. in the slightly longer term there is greater uncertainty and it may be difficult to form an opinion of the future repo rate. the long - term inflation expectations then play an important role. here we can mainly have an effect by conducting a credible monetary policy. long - term interest rates are also affected by the economic outlook and by long - term growth. the level of the repo rate is set so that inflation will be close to the target within a couple of years at the same time as inflation and the real economy should not show excessive fluctuations. what is known as the transmission mechanism is often described in terms of the different channels through which the repo rate has an effect on the real economy and inflation ; the interest rate channel, the credit channel and the exchange rate channel. according to the “ interest rate channel ”