natgillin/translations-raw huggingface dataset:
The aim of this framework is to help manage the transition from crisis response to a strong, sustainable and balanced pattern of global growth as well as to address the global imbalances that contributed to the financial crisis.
The aim of this framework is to help manage the transition from crisis response to a strong, sustainable and balanced pattern of global growth as well as to address the global imbalances that contributed to the financial crisis.
It is now important that all G20 members fully live up to their commitments, now embodied in the Cannes Action Plan
It is now important that all G20 members fully live up to their commitments, now embodied in the Cannes Action Plan
Under the French Presidency this year, a lot of work has been done to strengthen the functioning of the International Monetary System.
Under the French Presidency this year, a lot of work has been done to strengthen the functioning of the International Monetary System.
We achieved progress inter alia on strengthening surveillance, on devising coherent conclusions on capital flow management as well as on the monitoring and assessment of global liquidity.
We achieved progress inter alia on strengthening surveillance, on devising coherent conclusions on capital flow management as well as on the monitoring and assessment of global liquidity.
I regard it as important achievements that G20 countries have agreed that both areas (capital flows and liquidity) should become – together with exchange rate matters and drivers of reserve accumulation – a regular part of surveillance, given the potential externalities that countries’ policies in these areas can have on others.
I regard it as important achievements that G20 countries have agreed that both areas (capital flows and liquidity) should become – together with exchange rate matters and drivers of reserve accumulation – a regular part of surveillance, given the potential externalities that countries’ policies in these areas can have on others.
As far as the issue of global liquidity is concerned, I would emphasize that it is indeed important to start a regular process of monitoring and assessment and that central banks are best placed to monitor global liquidity developments in the context of the central bank cooperative structures of the BIS in Basle.
As far as the issue of global liquidity is concerned, I would emphasize that it is indeed important to start a regular process of monitoring and assessment and that central banks are best placed to monitor global liquidity developments in the context of the central bank cooperative structures of the BIS in Basle.
With regard to liquidity provision, agreement was reached to further strengthen the IMF’s lending toolkit through the creation of the Precautionary and Liquidity Line.
With regard to liquidity provision, agreement was reached to further strengthen the IMF’s lending toolkit through the creation of the Precautionary and Liquidity Line.
Also, G20 Leaders endorsed the key building blocks for the global regulatory reform, including the work done by the Basel Committee and the FSB.
Also, G20 Leaders endorsed the key building blocks for the global regulatory reform, including the work done by the Basel Committee and the FSB.
It is now crucial for G20 members to make further progress on implementing the agreements reached and to lead by example in living up to the commitments made.
It is now crucial for G20 members to make further progress on implementing the agreements reached and to lead by example in living up to the commitments made.
Key issues include: (i) fully implement Basel II and III along the agreed timelines; (ii) implement the BCBS framework for Systemically Important Banks and extend the framework to encompass all SIFIs; (iii) agree on recommendations to strengthen oversight, supervision and regulation of shadow banking system; (iv) full and consistent implementation of OTC derivative recommendations.
Key issues include: (i) fully implement Basel II and III along the agreed timelines; (ii) implement the BCBS framework for Systemically Important Banks and extend the framework to encompass all SIFIs; (iii) agree on recommendations to strengthen oversight, supervision and regulation of shadow banking system; (iv) full and consistent implementation of OTC derivative recommendations.
Other important areas include reducing the over-reliance on credit rating agencies while strengthening their regulation and supervision as well as strengthening the governance and resources of the FSB.
Other important areas include reducing the over-reliance on credit rating agencies while strengthening their regulation and supervision as well as strengthening the governance and resources of the FSB.
Importantly, the G20 has also taken on board the social dimension of globalisation, recognizing the importance of social protection floors adapted to national situations and of the ratification and implementation of ILO core Conventions.
Importantly, the G20 has also taken on board the social dimension of globalisation, recognizing the importance of social protection floors adapted to national situations and of the ratification and implementation of ILO core Conventions.
This is a preliminary but important step to improve the sustainability of globalisation.
This is a preliminary but important step to improve the sustainability of globalisation.
How do you see the ECB's role in banking supervision in the future?
How do you see the ECB's role in banking supervision in the future?
The establishment of the ESRB, as a new body responsible for macroprudential supervision of the EU financial system, and the parallel strengthening of the EU coordination framework among national authorities for micro-prudential supervision through the setting-up of the European Supervisory Authorities, represent an important step forward to address the challenges and the lacunae shown by the financial crisis.
The establishment of the ESRB, as a new body responsible for macroprudential supervision of the EU financial system, and the parallel strengthening of the EU coordination framework among national authorities for micro-prudential supervision through the setting-up of the European Supervisory Authorities, represent an important step forward to address the challenges and the lacunae shown by the financial crisis.
The new legislative framework entrusts the ECB with an important role in the new framework, as it provides the analytical, statistical, administrative and logistical support to the ESRB, including the Secretariat of the ESRB.
The new legislative framework entrusts the ECB with an important role in the new framework, as it provides the analytical, statistical, administrative and logistical support to the ESRB, including the Secretariat of the ESRB.
This contribution will be underpinned by the activities of the ECB and ESCB in the various central banking areas (financial stability analysis, macro-economic analysis, collection of statistical information) and by the overall synergies in terms of expertise, resources and infrastructure of the EU NCBs.
This contribution will be underpinned by the activities of the ECB and ESCB in the various central banking areas (financial stability analysis, macro-economic analysis, collection of statistical information) and by the overall synergies in terms of expertise, resources and infrastructure of the EU NCBs.
The development of macroprudential surveillance within a consistent analytical framework will be a key challenge in the years to come.
The development of macroprudential surveillance within a consistent analytical framework will be a key challenge in the years to come.
Macroprudential surveillance should be consistent with the macroeconomic surveillance led by the Commission.
Macroprudential surveillance should be consistent with the macroeconomic surveillance led by the Commission.
The excessive imbalances procedure actually allows to trigger in-depth analysis based on a recommendation of the ESRB.
The excessive imbalances procedure actually allows to trigger in-depth analysis based on a recommendation of the ESRB.
Finally, the ECB participates in the meetings of the EBA and will bring its contribution to the technical discussions in that forum.
Finally, the ECB participates in the meetings of the EBA and will bring its contribution to the technical discussions in that forum.
Furthermore, as you know, the ECB provides legal opinions on all EU (and national) initiatives that may affect financial stability, and of course CRD IV and other relevant initiatives rank high in terms of priority.
Furthermore, as you know, the ECB provides legal opinions on all EU (and national) initiatives that may affect financial stability, and of course CRD IV and other relevant initiatives rank high in terms of priority.
The new legislative framework does not provide for any involvement of the ECB in microprudential supervision.
The new legislative framework does not provide for any involvement of the ECB in microprudential supervision.
Looking forward, further integration in microprudential supervision is inevitable but it remains to be seen whether this would lead to consider translating at EU level the process emerging at national level whereby in an increasing number of Member States microprudential supervisory responsibilities are attributed to the central banks.
Looking forward, further integration in microprudential supervision is inevitable but it remains to be seen whether this would lead to consider translating at EU level the process emerging at national level whereby in an increasing number of Member States microprudential supervisory responsibilities are attributed to the central banks.
In your view, should the different responsibilities of Board members change with time, in line with the changes happening in the ECB's tasks and priorities?
In your view, should the different responsibilities of Board members change with time, in line with the changes happening in the ECB's tasks and priorities?
In defining the responsibilities of the ECB’s Executive Board, the Statute as well as the ECB Rules of Procedure emphasise the collegiality of the Executive Board as decision-making body.
In defining the responsibilities of the ECB’s Executive Board, the Statute as well as the ECB Rules of Procedure emphasise the collegiality of the Executive Board as decision-making body.
The current extraordinary demanding and economically very difficult environment prove the wisdom and appropriateness of this approach.
The current extraordinary demanding and economically very difficult environment prove the wisdom and appropriateness of this approach.
Of course, each member of the Executive Board contributes to the decision-making as effectively as possible according to his/her background and professional expertise.
Of course, each member of the Executive Board contributes to the decision-making as effectively as possible according to his/her background and professional expertise.
In this sense, the distribution of portfolios among the members of the Executive Board facilitates the day-to-day operation of the ECB, but clearly is of secondary importance in terms of decision-making.
In this sense, the distribution of portfolios among the members of the Executive Board facilitates the day-to-day operation of the ECB, but clearly is of secondary importance in terms of decision-making.
Naturally, the joining of new members of the Executive Board provides an opportunity to review the administrative allocation of responsibilities, without however altering the collective responsibility of the Executive Board.
Naturally, the joining of new members of the Executive Board provides an opportunity to review the administrative allocation of responsibilities, without however altering the collective responsibility of the Executive Board.
What system do you think is appropriate to ensure an equitable rotation of membership on the ECB-executive board also in terms of nationalities and gender?
What system do you think is appropriate to ensure an equitable rotation of membership on the ECB-executive board also in terms of nationalities and gender?
Diversity is an asset and each system propagating an environment of diversity therefore deserves support.
Diversity is an asset and each system propagating an environment of diversity therefore deserves support.
For the ECB, however, the Treaty is very clear in the sense that it exclusively requires professional expertise and experience stating that the members of the ECB’s Executive Board ‘shall be appointed among persons of recognised standing and professional experience in monetary or banking matters’.
For the ECB, however, the Treaty is very clear in the sense that it exclusively requires professional expertise and experience stating that the members of the ECB’s Executive Board ‘shall be appointed among persons of recognised standing and professional experience in monetary or banking matters’.
Considering the ECB’s mandate to deliver price stability for all citizens of the euro area and that consequently analysis and decision-making always have to take a euro area perspective, the wording of the Treaty consciously refrains – rightly so in my view – from establishing any additional criteria.
Considering the ECB’s mandate to deliver price stability for all citizens of the euro area and that consequently analysis and decision-making always have to take a euro area perspective, the wording of the Treaty consciously refrains – rightly so in my view – from establishing any additional criteria.
What is your view on the need to recruit "the best team" (ie the best functioning collective) of Executive Board members as opposed to simply more narrowly speaking "the best individual"?
What is your view on the need to recruit "the best team" (ie the best functioning collective) of Executive Board members as opposed to simply more narrowly speaking "the best individual"?
I see no contradiction between “best individual” and “best functioning collective”.
I see no contradiction between “best individual” and “best functioning collective”.
Outstanding reputation and achievements in a given domain combined with diversity of educational, professional and national backgrounds, should lead to a good functioning collective.
Outstanding reputation and achievements in a given domain combined with diversity of educational, professional and national backgrounds, should lead to a good functioning collective.
What is your view on the need to increase the diversity of backgrounds represented in the ECB board rather than relying solely on central bankers?
What is your view on the need to increase the diversity of backgrounds represented in the ECB board rather than relying solely on central bankers?
No legal basis to this end can be found either in the Treaty or the Statute.
No legal basis to this end can be found either in the Treaty or the Statute.
A wide range of relevant professional expertise and experience as well as diverse educational backgrounds are always assets stimulating reflections, enriching the opinion-building and ultimately leading to sound and solid decision-making.
A wide range of relevant professional expertise and experience as well as diverse educational backgrounds are always assets stimulating reflections, enriching the opinion-building and ultimately leading to sound and solid decision-making.
Therefore it is in the ECB’s own interest that its decision-making bodies consist of individuals with in-depth knowledge and high-level expertise, i.e. “persons of recognised standing and professional experience in monetary or banking matters”, irrespective of where they earned their standing and gained their experience.
Therefore it is in the ECB’s own interest that its decision-making bodies consist of individuals with in-depth knowledge and high-level expertise, i.e. “persons of recognised standing and professional experience in monetary or banking matters”, irrespective of where they earned their standing and gained their experience.
In other words, I believe the ECB board could only benefit from wider recruitment, in particular from financial markets or from the academia, as is the case in other monetary policy committees such as the Bank of England MPC or the US FOMC.
In other words, I believe the ECB board could only benefit from wider recruitment, in particular from financial markets or from the academia, as is the case in other monetary policy committees such as the Bank of England MPC or the US FOMC.
What will be your personal approach of the social dialogue at the ECB?
What will be your personal approach of the social dialogue at the ECB?
I consider staff as key stakeholders within an organisation.
I consider staff as key stakeholders within an organisation.
As a manager of the French Treasury, I have participated in many meetings with staff representatives, either on a formal or on an informal basis.
As a manager of the French Treasury, I have participated in many meetings with staff representatives, either on a formal or on an informal basis.
Therefore, I look forward and I am keenly interested in participating in the dialogue with the staff of the ECB.
Therefore, I look forward and I am keenly interested in participating in the dialogue with the staff of the ECB.
I believe the most effective way to engage in a fruitful dialogue with staff is to ensure that the relevant information is shared timely and transparently and to seek their opinions on the relevant issues.
I believe the most effective way to engage in a fruitful dialogue with staff is to ensure that the relevant information is shared timely and transparently and to seek their opinions on the relevant issues.
In this respect, the staff representatives play an important role and should be consulted on changes to the employment conditions and related policies.
In this respect, the staff representatives play an important role and should be consulted on changes to the employment conditions and related policies.
I know that this is already an established practice at the ECB and that, in addition, Executive Board members meet staff representatives directly during an annual meeting and on other occasions, depending on the responsibilities and circumstances.
I know that this is already an established practice at the ECB and that, in addition, Executive Board members meet staff representatives directly during an annual meeting and on other occasions, depending on the responsibilities and circumstances.
I welcome this direct contact and I am eager to contribute to this dialogue.
I welcome this direct contact and I am eager to contribute to this dialogue.
I am also aware that the ECB conducts a dialogue with the staff representatives at ESCB level, in order to inform them on decisions to be taken by the ECB's decision-making bodies that may have a major impact on the employment situation in the central banks.
I am also aware that the ECB conducts a dialogue with the staff representatives at ESCB level, in order to inform them on decisions to be taken by the ECB's decision-making bodies that may have a major impact on the employment situation in the central banks.
These meetings should offer the opportunity to exchange views and ideas and, at the same time, to strengthen the cooperation among the national central banks which are part of the ESCB / Euro system.
These meetings should offer the opportunity to exchange views and ideas and, at the same time, to strengthen the cooperation among the national central banks which are part of the ESCB / Euro system.
Would you be in favour of a confirmation procedure by the European Parliament (notwithstanding the constitutional issues that such a change would raise)?
Would you be in favour of a confirmation procedure by the European Parliament (notwithstanding the constitutional issues that such a change would raise)?
The appointment procedure for members of the ECB Executive Board is laid down in article 283 (TFUE).
The appointment procedure for members of the ECB Executive Board is laid down in article 283 (TFUE).
It prescribes that the European Council shall appoint the Executive Board members among persons who are regarded as experts in the field of monetary policy and banking matters.
It prescribes that the European Council shall appoint the Executive Board members among persons who are regarded as experts in the field of monetary policy and banking matters.
However, the European Council may only do so “after it has consulted the European Parliament”.
However, the European Council may only do so “after it has consulted the European Parliament”.
For this consultation, the Committee on Economic and Monetary Affairs (ECON) organises a public hearing with the person(s) that were previously proposed by the Council.
For this consultation, the Committee on Economic and Monetary Affairs (ECON) organises a public hearing with the person(s) that were previously proposed by the Council.
Past appointments have corroborated that this arrangement is adequate.
Past appointments have corroborated that this arrangement is adequate.
It has warranted the appointment of “persons of recognised standing and professional experience in monetary and banking matters”.
It has warranted the appointment of “persons of recognised standing and professional experience in monetary and banking matters”.
Since the establishment of the ECB, its members of the Executive Board have acted with responsibility and adhered to the mandate given by the Treaty.
Since the establishment of the ECB, its members of the Executive Board have acted with responsibility and adhered to the mandate given by the Treaty.
Therefore, a formal confirmation procedure would in my view not have changed the outcome of the selection process.
Therefore, a formal confirmation procedure would in my view not have changed the outcome of the selection process.
However, it is the liberty of the Treaty parties to reconsider this.
However, it is the liberty of the Treaty parties to reconsider this.
Could you elaborate on your views on the concept of democratic accountability with regards to the ECB and central banking in general?
Could you elaborate on your views on the concept of democratic accountability with regards to the ECB and central banking in general?
The independence of central banks has established itself over the past few decades as an important element of the monetary policy regimes.
The independence of central banks has established itself over the past few decades as an important element of the monetary policy regimes.
The decision to grant monetary policy and hence central banks independence is firmly grounded in economic theory and empirical evidence.
The decision to grant monetary policy and hence central banks independence is firmly grounded in economic theory and empirical evidence.
This arrangement is conducive to maintaining price stability.
This arrangement is conducive to maintaining price stability.
At the same time, in democratic societies any institution entrusted with a public function must be accountable to citizens and their elected representatives.
At the same time, in democratic societies any institution entrusted with a public function must be accountable to citizens and their elected representatives.
Accountability is therefore an important counterpart of central bank independence.
Accountability is therefore an important counterpart of central bank independence.
In order to retain legitimacy, a central bank must report regularly and extensively to the democratic sovereign.
In order to retain legitimacy, a central bank must report regularly and extensively to the democratic sovereign.
The concept of democratic accountability is the guiding principle of the ECB’s relations with the European Parliament, as the institution directly representing the European people.
The concept of democratic accountability is the guiding principle of the ECB’s relations with the European Parliament, as the institution directly representing the European people.
The ECB goes well beyond its statutory reporting obligations.
The ECB goes well beyond its statutory reporting obligations.