samchain/econo-pairs-v2 huggingface dataset:
fluctuations in the krone rate. chart 7 swedish krona and danish krone vis - a - vis the euro sek, dkk / eur 7. 0 7. 5 8. 0 8. 5 9. 0 9. 5 10. 0 10. 5 jan - 99 ju l - 99 sek jan - 00 jul - 00 jan - 01 jul - 01 jan - 02 ju l - 02 jan - 03 dkk chart 8 real effective exchange rate in sweden and denmark 1980 = 100 dkk sek note : the real effective krone rate is based on consumer prices. most recent observation is june 2002. this implies that the decision - making body should be ready to take interest - rate decisions at more or less any time, and therefore the structure of the decision - making process is quite different from that of a central bank pursuing an inflation target. moreover, the possibility of more or less real - time evaluation of the success of danmarks nationalbank ’ s monetary policy, i. e. whether the exchange rate stays within the band, implies that there is no ambiguity with regard to fulfilment of the target. accordingly the word transparency implies something different under a fixed - exchange - rate system and an inflation - targeting regime, cf. storgaard ( 2002 ). chart 9 erm ii band and the danish krone vis - a - vis the euro dkk / eur dkk / eur cent ral rat e fluct uat ion band chart 10 key monetary policy interest rates in denmark and the euro area per cent 6. 0 5. 5 5. 0 4. 5 4. 0 3. 5 3. 0 2. 5 2. 0 jan - 99 jul - 99 jan - 00 jul - 00 jan - 01 dk lending rat e jul - 01 jan - 02 jul - 02 jan - 03 euro main ref inancing / minimum bid rat e euro marginal rat e in main ref inancing operat ion it is evident from chart 8 that the exchange rate against the euro is far more stable than allowed by the fluctuation band of + / – 2. 25 per cent against the euro. in the years preceding the breakdown of erm i in 1992 - 93 many exchange rates, including the krone, fluctuated widely within the narrow band, while primarily the dutch guilder, the belgian franc and the austrian schilling generally fluctuated little within the bands. obligatory intervention at the margin was not a

tender in denmark until 31 may 2025 and that it's held by many honest danish citizens. we must ensure for their sake that the recall is well organised and that it's being conducted in a good way. i'm therefore very pleased with the statement from finance denmark that you will take good care of your customers, while also complying with the anti - money laundering rules. i would like to acknowledge that. i would also like to thank you for the good and constructive collaboration i've had with the financial sector during my initial period of just under a year as danmarks nationalbank governor. 5 / 6 bis - central bankers'speeches we have many important tasks ahead of us. i look forward to working with all of you. thank you for your attention. 6 / 6 bis - central bankers'speeches
bis central bankers'speeches

operation and available to the banking sector next month as planned. the last pillar of the cfi is the professional development programme, a training and certification programme for the cybersecurity professionals. a six - week consultation with the cybersecurity professionals and industry associations was conducted in the summer. the industry in general welcomes the programme and has suggested the need to recognise certain equivalent qualifications in the market for conducting the cybersecurity assessment and testing. we agree with this suggestion, and have already formed an industry expert panel with the task of identifying equivalent qualifications and working out the implementation details. the programme will be rolled out next month as planned. all in all, with the support of the banking industry and the stakeholders, the cfi implementation is on track and on time. 5. second, the hkma has commissioned astri to carry out a comprehensive study on distributed ledger technology ( dlt ). the very fact that dlt allows information or records to be transferred and updated by network participants in a trustworthy, secure and efficient way, carries enormous potential in its application. however, while the value proposition of dlt is gradually crystallising, the use of dlt in financial services may bring about new risks and challenges in its application. as a regulatory authority, the hkma needs to have a better understanding of these issues before dlt can be adopted for wide application in the banking sector. 1 / 2 bis central bankers'speeches 6. in this connection, i am pleased to announce that the first stage of this research project is completed and a white paper is published by astri today. while the white paper affirms the good potential of dlt for application in financial services, it also highlights a number of possible issues which need to be carefully dealt with if dlt is adopted by the banking sector. for example, the decentralised model may pose some challenges for constructing an effective governance structure and oversight mechanism. some legal issues have yet to be thoroughly examined, such as the application and enforceability of laws for the crossborder dlt models, mechanisms for handling liability and dispute resolution if there is no centralised party administrating the dlt platform, and compliance with personal data protection principles in relation to data sharing and perpetual storage. also, traditional cybersecurity issues still apply to dlt, including denial of access attacks and other cyber attacks. 7. the next stage of astri ’ s study will deliver more detailed findings from a number of the
##territorial impact on fbos. with respect to foreign banks, there are at least a few places where we would like to revisit the application of the final rule based on concerns raised by market participants and others over the past four years of implementation. in particular, there are certain foreign funds — funds that are organized outside the united states by foreign banks in foreign jurisdictions and offered solely to foreign investors — that are subject to the volcker rule due to bank holding company act control principles. last summer, the banking agencies, in consultation with the securities and exchange commission and the commodity futures trading commission, issued guidance that effectively stayed enforcement of the volcker rule to these foreign funds in light of the technical and complex issues they raise. 8 i expect we would continue this period of stay while we continue to consider these important issues. 4 / 6 bis central bankers'speeches the statute also contains exemptions for fbos to allow foreign banks to continue trading and engaging in covered fund activities solely outside the united states. the regulation again has a complex series of requirements that a foreign bank must meet to make use of these exemptions. we have heard from a number of foreign banks that complying with these requirements is unworkable in practice, and we are considering ways to address this impracticality. one possibility that has been suggested by market participants is a simple approach that focuses on the risk of the booking location. of course, we would have to consider whether this is possible in light of the language of the statute and principles of competitive equity, but the suggestion is illustrative of the possibility of a more workable approach. as a final but no less important matter, we are considering broad revisions to the volcker rule compliance regime. we would like volcker rule compliance to be similar to compliance in other areas of our supervisory regime. as i noted earlier, we appreciate the broad extraterritorial impact of the rule in its current form on foreign banks ’ operations outside of the united states. accordingly, we will be looking for ways to reduce the compliance burden of the volcker rule for foreign banks with limited u. s. operations and small u. s. trading books. conclusion as i have described previously, the federal reserve is actively reviewing post - crisis financial reforms in an effort to better understand which reforms are working well and which ones can be improved to reduce regulatory burden and improve the efficiency, transparency, and simplicity of the regulatory framework without compromising a safe and sound financial system. in

to come, we are turning again to many of the same voices we heard from earlier to learn how the covid pandemic has affected your communities and what lies ahead. 1 / 1 bis central bankers'speeches
shocks shook the world ’ s economies. we are living in even more interesting times today. 27. the institute has gathered an impressive collection of talent here today. i wish you fruitful discussions. thank you. bis central bankers ’ speeches

beneficial, as it brings forward their effects and thus helps to stabilize the economy. for the same reason, providing information about the likely course of the balance sheet could be desirable. in fact, such communication might be particularly important in the current circumstances, because financial market participants have no history from which to judge the fomc ’ s approach and anticipate its actions. fifth, how much flexibility should the fomc retain to change its policy approach? the original asset purchase programs specified the amount and distribution of purchases well in advance. 9 however, the fomc would be learning about the costs and benefits of its balance sheet changes as it implemented a new program. this might call for some flexibility to be incorporated into the program, providing some discretion to change course as market conditions evolve and as more is learned about the instrument. conclusion i hope that my remarks today have offered some insight into the recent balance sheet programs undertaken by the federal reserve. adjustments to the size of the federal reserve ’ s securities holdings are a new policy instrument for the fomc. that presents challenges, both to policymakers in terms of determining how to use the instrument and to market participants in terms of anticipating that usage and understanding its effects. given these challenges, i believe it is important for the federal reserve to communicate effectively about the factors affecting its balance sheet decisions and the implementation of those decisions. in my view, the evidence suggests that the expansion of the securities portfolio to date has helped to foster more accommodative financial conditions, and further expansion would likely provide additional accommodation. of course, whether the fomc decides to take such a step will be determined by its assessment of whether the benefits of additional policy stimulus outweigh the perceived costs of expanding the balance sheet. some flexibility was incorporated into the program because the directives from the fomc specified the amount of purchases “ up to ” the stated thresholds. that flexibility was used to stop the agency debt purchases at around $ 175 billion instead of the originally stated maximum of $ 200 billion. however, this flexibility was not used more broadly.
needs were under $ 25, 000. lastly, about 80 percent of firms do not sell online or export their wares or services. firms see this as a growth opportunity, ranking programs in support of increasing sales — to the federal government, via online commerce and through exports — as their top training need. we hope that the survey will provide useful insights into a key economic sector and help inform policy to support puerto rico ’ s recovery. thank you for your kind attention. i would be happy to take a few questions. 4 / 4 bis central bankers'speeches

every day. our outreach and community development team is actively engaged with people and leaders around the second district through regional visits, advisory councils, and frequent events. and our researchers study economic conditions and trends in the region and make their findings widely available. this is a pivotal time for our city. we are excited to be back here, and we will continue this important work in forums similar to this one. i hope you'll partner and engage with us, because our collective efforts will make a difference. let's take advantage of this opportunity - this new york moment - and together shape a bright future for this great city. 2 / 2 bis - central bankers'speeches
our societies and communities based on sharing and communal support is a challenge to the conference theme. i believe it takes a change in the mindset of our people. it requires a paradigm shift in our view about creating a better tomorrow through sacrificing today ’ s spending and enjoyment for a secured ‘ tomorrow ’. our people need to be educated to know why they need to save and the expected sacrifice that will pay off in the future. the development of the microfinance industry in png through the png - adb microfinance project is a long - awaited news. in line with the project ’ s scope of work, the establishment of the microfinance institutions ( mfis ) is a relief that, at last, there is now in place a kind of financial institution with which they can save. the progress todate of the wau microbank in morobe and the png microfinance limited in port moresby can attest to this development. government policy initiatives in response to the harsh reality of lack of effective developments in the rural areas where 80 % of the people live, the government of png had developed a number of policy papers aimed at mapping out the path to addressing the problem. these papers include medium term development strategies ( mtds ), the national dialog, sme and microfinance policies. in these policy papers, the government had expressed that private sector development is paramount for the future of png. in the sme - policy, the government had expressed the important role of small and medium enterprises as contributors to the long - term sustainable development of the private sector. perhaps these initiatives can be modeled by our pacific neighbors in their endeavor to develop their microfinance sectors given that many of our features are similar. regulatory and supervisory developments microfinance is a new and fast growing industry in png, and i believe in the other pacific countries as well. for png, there is no legal framework currently in place to regulate and supervise the industry. however, the bank of png ( “ bank ” ) is in the process of establishing a legal framework for the microfinance industry and will soon announce broad guidelines on the licensing requirements for microfinance institutions or microbanks. although the bank is expected to contribute to the development of microfinance, this will eventually be phased out so that the bank can revert to its core roles as supervisor & regulator of the financial system. whilst contributing to the development of the microfin

, isidro, the floor is yours. 3 / 3
, " an historical perspective on the crisis of 2007 - 2008, " nber working paper series 14569 ( cambridge, mass. : national bureau of economic research, december ). a discussion of such issues and their implications for macroprudential regulation can be found, for example, in markus brunnermeier, andrew crockett, charles goodhart, avinash d. persaud, and hyun shin ( 2009 ), " the fundamental principles of financial regulation, " preliminary conference draft, geneva reports on the world economy ( geneva, switzerland : international center for monetary and banking studies, january ). ( note : this paper is a preliminary version of a forthcoming report in the geneva reports on the world economy series ; the paper was prepared for presentation at a conference in geneva on january 24, 2009 ).

rates in monetary policy analysis : a quantitative exploration, " journal of monetary economics, vol. 54 ( 5 ), pp. 14801507 ; matthew canzoneri, robert cumby, behzad diba, and j. david lopez - salido ( 2008 ), " monetary aggregates and liquidity in a neo - wicksellian framework, " journal of money, credit and banking, vol. 40 ( 8 ), pp. 1667 - 98 ; and lawrence j. christiano, roberto motto, and massimo rostagno ( 2009 ), " financial factors in economic fluctuations, " paper presented at " financial markets and monetary policy, " a conference sponsored by the federal reserve board and the journal of money, credit and banking, washington, june 4 - 5. for examples of studies that emphasize bank capital as a constraint on financial intermediation, see cesaire a. meh and kevin moran ( 2008 ), " the role of bank capital in the propagation of shocks, " bank of canada working paper 2008 - 36 ( ottawa, ontario, canada : bank of canada, october ) ; and mark gertler and peter karadi ( 2009 ), " a model of unconventional monetary policy, " manuscript, new york university, june. for an example of a study that allows for heterogeneity among banks and thereby interbank borrowing and lending, see gregory de walque, olivier pierrard, and abdelaziz rouabah ( 2009 ), " financial ( in ) stability, supervision and liquidity injections : a dynamic general equilibrium approach, " cepr discussion paper dp7202 ( london : centre for economic policy research, march ). proliferation of macroeconomic models that flesh out the interconnections between risks, liquidity, and capital in the financial system and their implications for the real economy. research on the credit channel and developments within the financial sector should be paired with work on asset prices and their role in the transmission of economic shocks and monetary policy. in neoclassical models, asset prices affect spending and investment decisions through substitution and wealth effects. but these channels fail to capture the multiplicity of interactions among asset prices, credit, and real activity that became so important in the current crisis, and in particular, how fluctuations in asset prices can affect the availability and terms of credit to different types of borrowers. this failure to capture all of the elements in play is most apparent by looking back at the course of
failure of the empirical literature to identify clear gains from financial openness likely also reflects that countries have struggled to effectively manage sizable flows of capital. notably, a separate literature that considers the link between domestic financial development and growth finds somewhat stronger evidence for such a relationship. 5 this research finds that countries with stronger domestic financial systems grow faster, partly because firms are better able to access financing from sources besides their own retained earnings. 6 this finding suggests that the benefits of greater financial openness among countries may be larger than has been identified to date. see obstfeld ( 2008 ) and kose and others ( 2006 ) for a survey of the empirical literature. one example of a paper using cross - country data that finds little evidence of a connection is edison and others ( 2002 ) ; an example of a paper using firm - level data that finds a more substantial effect is chari and henry ( 2004 ). see levine ( 2005 ) for a survey of research on the link between financial development and growth. recently some researchers have argued that the financial sector can become so large relative to the size of the economy that it begins to harm growth. see arcand, berkes, and panizza ( 2011 ) for an example. bis central bankers ’ speeches managing capital inflows despite the practical challenges associated with managing capital inflows, we should be careful not to conclude that limiting capital mobility is a first - best policy outcome. the recent financial crisis certainly highlighted the fact that financial markets are prone to speculative excesses and behavior that may exacerbate systemic risk. but, as central bankers and supervisors, we must remain humble about our ability to preempt market forces in ways that predictably enhance welfare. an alternative to limiting capital mobility is for countries to rely on more - standard policy tools as an initial line of defense against the challenges posed by capital flows. for example, the effects of undesired capital movements prompted by variations in the business cycle can be addressed directly with the mix of fiscal and monetary policies. countries facing overheating, with strong capital flows being attracted by rising interest rates, may consider a tighter fiscal policy to reduce both the extent of overheating and the related strength of capital inflows. and some countries facing strong capital inflows may help alleviate pressures by lifting controls on capital outflows. exchange rate flexibility can also play a crucial role in helping modulate the effects of capital flows, as exchange rates appreciate in response to an inflow ( or

. financial trilemma is the term for noting that it is impossible to pursue the following three policy objectives alongside one another : financial stability, global financial integration ( free movement of capital across borders ), and domestically oriented financial policy. for a more detailed explanation, see d. schoenmaker ( 2011 ), " the financial trilemma, " economic letters, 111, pp 57 - 59.
weforum. org ) 2 / 2 bis - central bankers'speeches

sufficiently. faced with a multitude of issues, board members are likely to prioritise headline issues that are more pressing or more directly related to the core business of the financial institution. more often than not, the cyber security agenda gets side - lined. supervisors have an important role in encouraging boards to strengthen their oversight over cyber security risks. in fact, because of its importance, a mandatory requirement ought to be the norm. in the digital era, cyber security demands a more strategic and specific focus and should be properly understood at all levels within the financial institution. supervisors need to ensure that cyber security becomes a permanent agenda in the board ’ s engagements with senior management. there should be on - going dialogue about emerging trends and vulnerabilities, and the measures in place to address them. this would raise awareness of security concerns and ensure that existing cyber security risk management practices are effectively integrated with the firm ’ s wider business strategy and risk appetite. it is equally important to ensure that the board of directors ’ of the financial sector invests adequately in cyber security infrastructure systems and procedures. the amount of funds allocated should commensurate with the nature and scale of an institution ’ s business activities, and its strategic direction. 65 % of respondents in an ernst and young survey in 2013 cited an insufficient budget as the primary challenge for information security functions to meet the demands of the business. as supervisors of the financial system, we should require financial institutions to continuously benchmark infrastructure and systems against leading best practices in cyber security. this includes the application of security testing measures to identify key potential vulnerabilities in a financial institution ’ s information security system. financial institution ought to take a long term view on this matter. supervisors can do more to encourage financial institutions to improve the response to evolving threats by ensuring continued access to external and internal expertise necessary to rapidly develop controls and defences that protect critical assets and operations. today, the lack of skilled resources remains a key barrier to value creation in regard to information security. financial institutions must be convinced that there is a long term gain by hiring cyber risk specialists, including in - house specialists that can develop timely and customised solutions based on a deep understanding of the institution ’ s operating systems, business needs and organisational culture. there is also substantial scope for the financial bis central bankers ’ speeches industry to work more closely with telecommunications firms, internet service providers and other vendors to ensure that cyber criminals do not take advantage of external vulnerabilities to penetrate the security perimeter. in