samchain/econo-pairs-v1 huggingface dataset:
Third, it is timely for financial regulators to engage non-financial regulators such as telecommunication authorities at a global and national level, in order for regulation to keep abreast with the latest developments in financial inclusion solutions. Technology plays a significant role in rapidly scaling up financial inclusion by lowering the cost of delivery as well as increasing convenience and quality of services for the masses. Technology enables us to bypass legacy systems and constraints. For example mobile banking, where banks partner with mobile network operators to offer banking services anywhere, any time and in real time, that has enable reach beyond traditional boundaries without the need for a huge investment in infrastructure. Importance of the Global Symposium to galvanise action This leads on to why we are gathered here at this symposium. The Global Symposium will discuss and highlight the detailed next steps to implement proportionality in practice. This Symposium uniquely brings together the relevant key stakeholders to deliberate the issues of proportionality in practice. The AFI’s Working Group members on Digital Financial Services, SME Finance and Global Standards will share their perspectives on regulatory and supervisory matters. The private sector banks and remittance service providers share practical realities in the market to comply with international standards. In addition, we have international experts from the SEACEN, Toronto Centre and World Bank, who have a pivotal role in implementing effective projects to advance Proportionality in Practice.

Of importance, this Symposium will culminate in an Outcome Statement that captures the actionable recommendations from deliberations among subject matter experts and key stakeholders over the next two days. It is my hope that the Outcome Statement will at least identify 5 practical and easily implementable suggestions and the statement will be adopted by all participants, and provide us with a clear way forward to execute and deliver the recommendations on “Proportionality in Practice” that make it a reality and make a difference for the 2 billion individuals that remain unbanked. BIS central bankers’ speeches  3  Finally, I would like to also convey my sincere appreciation to our co-host, the Alliance for Financial Inclusion and Toronto Center, for all their contributions to this Symposium. 4  BIS central bankers’ speeches
One way to manage growth or variability in demand, and the associated impact on demand for reserves in the banking system, could be to impose limits on how much of a CBDC individuals or institutions could hold. Some central banks are actively considering such limits.13 However, these could also diminish the use cases for CBDC and reduce the potential for consumers and businesses to take advantage of the payment benefits. Stablecoins may not have the same types of holding limitations, which could lead to faster growth or more variability in demand. At least one jurisdiction is considering the potential use of holding limits or transaction limits on stablecoins on a temporary basis, to manage the possible shift from commercial bank deposits during a transition to new forms of digital money.14 Central banks could also contemplate putting some limits on balances at the central bank associated with stablecoin issuance to manage the unpredictability associated with these flows. I have spent some time discussing the potential need for greater supply of liquidity; however, the direction is not all one-way. As payments become faster, the demand for some central bank liabilities may decline. For example, in some jurisdictions, payment innovations have led to a substantial decline in the amount of currency in circulation.15 Banks may also find that more efficient payment systems bring about liquidity efficiencies, and could reduce their own demand for reserves in response.

Along with the Central Bank, the Committee is composed of the Banking Regulation and Supervision Agency, the Capital Markets Board of Turkey, the Savings Deposit Insurance Fund and the Undersecretariat of Treasury. In the international arena, Turkey became a member of the Financial Stability Board (FSB) in 2009. It will take part in G20 Troika in 2014 and assume the Annual Presidency of the G20 in 2015. Moreover, Turkey’s representative from the Undersecretariat of Treasury will join the FSB Steering Committee during the 2014–2016 period when Turkey will be in G20 Troika. Moreover, Turkey became a member of the Basel Committee on Banking Supervision (BCBS) and the Group of Governors and Heads of Supervision (GHOS) in 2009. The Central Bank of the Republic of Turkey will take part in the FSB Steering Committee during the period 2013–2015 when Turkey will be chairing the FSB Regional Consultative Group for the Middle East and North Africa (MENA). As part of the governance reform of the International Monetary Fund (IMF), a New Constituency was established with the countries Turkey, Austria, Hungary, Czech Republic, Slovak Republic, Slovenia, Belarus and Kosovo. According to this agreement, the Executive Director position will rotate among Austria, Hungary, Czech Republic and Turkey. This is perhaps a symbolic but, in my personal view, a very significant step in the right direction regarding the future of the Turkish-Austrian relations. Distinguished Guests, At this point, I would like to exemplify increasing commercial and economic relations between Austria and Turkey.
The slowdown is also considered healthy, given a degree of irrational exuberance seen in asset markets in the past couple of years. Indeed, inflation this year will slow down further to 5% from 5.8% in 1997, with the unemployment rate staying low and the current account remaining broadly in balance. Thus the Hong Kong economy will not be too much affected by the devaluation of the exchange rates of our competitors. This is understandable for a highly service-oriented economy which Hong Kong now is 8. One Country, Two Currencies 11. Perhaps I should digress a little here and address a related issue which has been the subject of some attention, with considerable apprehension amongst observers. This concerns whether the currency of the Mainland of China, the RMB, would be forced into devaluation by the Asian financial turmoil and if so what would be the implications for the Hong Kong dollar’s link to the US dollar. The Chinese 7 As an illustration, residential mortgage loans, which account for roughly 25% of total domestic loans extended by the  banking sector, have been of very high quality, helped by the prudent lending policy of the banks, including for example a maximum loan to valuation ratio of 70%. As at the end of September 1997, the actual average of this ratio was only 52%. The delinquency ratio, measured by loans overdue for more than 90 days as a percentage of total outstanding loans, stood at only 0.1% as at end-September 1997.

But I think that, at least in some areas, Basel II will act as a kind of catalyst for action. Under the new framework, internationally active banks will use systems whose recognition and on-going validation will indisputably require vastly increased collaboration among supervisors. Co-operation is a key word, but so too are convergence, communication and confidence. Communication is vital not only between supervisors or between supervisors and the industry but also, and very importantly at this stage, within banking groups so that all units are aware and understand the implementation plan. Additional co-operation and communication among supervisors will enhance confidence, reliance and convergence of supervisory practices. And some reliance and convergence will be necessary if we want to avoid redundant work, inefficiencies in the use of supervisory resources and an excessive burden for the industry. We are placing great emphasis on all these issues in our “Accord Implementation Group”, which is working together with many supervisors on what we call “real” case studies, and which is making good progress. 8. Conclusion  Let me take a few moments to draw some conclusions. What I have tried to do today is to highlight the anticipatory and forward-looking elements of Basel II. But, as with many things, I think that the real value of Basel II will be best evaluated with the benefit of perspective. This brings me back to our author of 2046. It may be that Basel II does not cover all the areas and refinements that are necessary to complete the framework for financial stability.
08.04.2022  Sustainability and climate change: measurement and management challenges* “Private capital: investment with an impact” / Annual congress of the Asociación Española de Capital, Crecimiento e Inversión (ASCRI) Pablo Hernández de Cos Governor *iEnglish translation from the original in Spanish. Good morning. I should like to begin by thanking the Asociación Española de Capital, Crecimiento e Inversión (ASCRI) for inviting me to participate in their annual congress. This congress is today going to address environmental sustainability, one of the main challenges facing our society, as we have very recently been reminded by the Intergovernmental Panel on Climate Change (IPCC). As you know, the IPCC has just published the third part of its Sixth Assessment Report, which stresses that we are still in time to limit the temperature increase by the end of the century to 1.5ºC, although immediate and decisive measures are required.1 In particular, the transition to a more sustainable economy (one that generates lower emissions) requires a very significant volume of economic resources. In the European Union alone, according to European Commission estimates,2 complying with the emissions reduction target set for 2030 requires investing approximately an extra € billion per year over the current decade. The financial sector clearly needs to be involved in mobilising this enormous volume of resources. Given our mandate to preserve financial stability, the contribution of supervisors and financial regulators to the achievement of these targets involves ensuring that intermediaries identify, measure, manage and disclose the financial risks associated with climate change.

To ensure that the relative prices of financial instruments change, and thus to help internalise the consequences of climate change, it is essential that financial market players identify climate risk factors and their transmission channels, measuring their economic and financial impact appropriately, and that they disclose their exposure to these risk factors and define and develop possible measures to mitigate and reduce them. This is necessary to supplement the fiscal and environmental instruments required to achieve the environmental targets. Allow me to finish by emphasising the global nature of this strategy. Climate change is a phenomenon that affects the whole planet. Globally coordinated action is needed to address it, including, of course, in the financial sphere. This is the perspective that informs the Banco de España’s firm commitment to do its utmost to contribute, within the scope of its responsibilities, to this common task of combating climate change. 18  “The value of housing and ecological degradation: the case of the Mar Menor”, Box 3.2 of the Financial Stability Report, autumn 2021, Banco de España. 8
Philipp Hildebrand: The international monetary system Opening remarks by Mr Philipp Hildebrand, Chairman of the Governing Board of the Swiss National Bank, at the High-Level Conference on the International Monetary System, Zurich, 10 May 2011. *  *  *  Good morning, Ladies and Gentlemen. I am pleased to welcome you to the second joint SNB-IMF conference on the international monetary system. It is a privilege for the Swiss National Bank to cooperate with the IMF and contribute to this important debate by yet again bringing together such a distinguished group of policy makers and experts. The IMF Managing Director, Dominique Strauss-Kahn, is once more honouring this event with his participation. The reform of the international monetary system is subject to an ongoing debate. The global financial crisis put a sudden end to a near decade of seemingly healthy growth widely distributed across the globe. The crisis rocked the system to its core. It has brought forth concerns about the stability of an increasingly complex and interconnected global economy. It has also refocused attention on the potentially destabilising effects of unprecedentedly large and, at times, extremely volatile cross-border financial flows. Globalisation has led to dramatic changes. Emerging economies have been steadily moving to the fore of the international scene. It is imperative that the international monetary system adapts itself to these rapid changes. A thorough reassessment and reform of the system have become a priority among policy makers.

This would imply formal, systematic coordination between the different facilities to allow synchronised provisioning of liquidity during crises. Apart from the fact that any significant transfer of power from national to supranational authorities is extremely difficult to achieve, I am not yet convinced that a global financial safety net of this kind is necessary or even desirable. First, concerns about moral hazard must be taken seriously. Second, we have to be careful not to undermine established mechanisms at the national level. Finally, let us not forget that it is only the central banks that can create liquidity as needed. And their cooperation has proven to be very effective during the recent crisis. Let me now shortly outline the topic of the five panels of today’s conference. The first panel will discuss policy discipline and spillovers in an interconnected global economy. It will assess proposals for improving the surveillance of the system and global policy cooperation. The second panel will deal with global liquidity provision in systemic crises. It will evaluate the adequacy of currently available facilities and proposals on expanding them. The third panel focuses on capital flow management. It will follow up on the recently initiated discussion about a new, more uniform and balanced approach. The fourth panel will discuss the desirability and feasibility of a multi-polar currency and reserve system, and the fifth panel will wrap up and outline realistic objectives for 2011 and beyond. I am looking forward to a lively discussion and open exchange of views.
It is the only way forward to resolve the tension between solidarity and responsibility. Last, on the crucial issue of economic governance for the EA, France and Germany have not always seen eye to eye. In Germany, “economic government” as advocated by Pierre Bérégovoy in the early ‘90s, was originally seen as a threat to ECB independence and is now viewed as a new trick to avoid implementing domestic reforms. To be fair, the French call for Germany to support coordination, and the German doubt about French reforms, have been and are still both well-founded. A weak outcome would be that nothing would happen before the French and German elections of 2017. But even in this case, 2016 can and must be a year of intense preparation. B. Why this remains a necessary debate and why we must make the economic case  We know there is deep political resistance to sharing fiscal resources and sovereignty, as well as Euroscepticism and lack of a sense of national ownership of European matters. The sad example of the refugee crisis illustrates how European countries so far have displayed little solidarity to find a common solution. From a political economy perspective, this can be seen as tension between national preferences and common interest. This is why we need to make the economic case. If we are to promote a stronger governance of the euro area, it cannot be a purely institutional case out of blind belief in ever closer integration.

News conference  Zurich, 17 December 2020 Fritz Zurbrügg  Introductory remarks by Fritz Zurbrügg In my remarks today, I will begin with the developments in the Swiss banking sector environment. I will then provide an assessment of the current situation at the two globally active big banks, Credit Suisse and UBS, as well as at the domestically focused banks. Finally, I will talk about the impact the coronavirus pandemic is having on the use of cash. Banking sector environment  Economic conditions for the Swiss banking sector continue to be difficult. As already mentioned by my colleague Thomas Jordan, while global GDP has recovered somewhat since the downturn in the second quarter, in most countries economic activity remains well below its year-back level. As a result, credit risks in particular have increased worldwide, with ratings of corporate bonds deteriorating significantly over the course of the year. In comparison with the real economy, the situation on the global financial markets has eased considerably more since the spring. Risk premia on corporate bonds rose markedly after the outbreak of the pandemic, but have since largely declined again. Stock prices have also recovered from their downturn in February and March. The steep recession has thus far had very little impact on the Swiss credit and real estate markets. Lending volume in the mortgage market and prices in the residential real estate market continued to rise in the second and third quarters of 2020. Furthermore, the number of bankruptcies and value adjustments on existing loans has remained low.
Concluding, I would like to thank you all for the insofar cooperation and avail myself of the opportunity to invite all the participating institutions to continue and intensify the cooperation in the future, in the commitment to contribute to the future generations and the Albanian society. 2/2  BIS central bankers' speeches

Quite in line with this subject, I would like to stress the quality of the work that has been done recently by the Working Group Risk Assessment, to compare the various European central Banks’ Internal Credit Risk Assessment Systems: this is a very topical issue which is a good example of what your Committee can bring to all of us. Second, information on non-financial companies is important for analyses on a macro level, e.g. by using aggregated company data to perform economic analyses or stress testing experiments. On a macro level, the analysis of the non-financial sector is essential both for policymakers and for central banks. From a central bank’s perspective, these analyses help to ensure financial stability, e.g. through performing different kinds of economic analyses and stress tests, the latter having gained dramatically in importance in the course of the crisis. The work performed by the working groups has thus several major fields of application. Be it by trying to fathom new accounting standards, building databases, or working on the model development and default definitions, the different working groups contribute greatly to enhancing our models and procedures and also, more generally our micro economic intelligence. Thus the publications of the different working groups, especially on the ECCSBO website can play an important role in consolidating our knowledge but also supporting works in other instances within all participating institutions and beyond, because we can only gain in keeping an open mind.
These price control schemes coupled with the price support projects outlined above mean that the market mechanism is not well-functioning. Distorted prices in the spot market may have also discouraged foreign players from participating actively in our futures markets. A freely traded spot market is a necessary condition for a successful futures market. Ladies and Gentlemen, I would urge the board of directors of AFET and AFTC, the Ministry of Commerce, the government, all members of AFET and key players in our main agricultural products to be totally committed to making AFET a highly successful futures market - an exemplar to our neighbours and one where global trading is benchmarked. We need to be strategic, prioritising our products and evaluating needs of different participating groups. I pledge my full support to this cause. I have spent a great deal of time talking about the AFET, I would now like to briefly touch on its siblingTFEX. TFEX is launching its very first product SET50 futures in the next few months and from the road shows to date, I hear that it has been very well-received. As the next step, the Stock Exchange Commissioner and the Bank of Thailand are currently working on launching the much-anticipated bond futures or interest rate futures. I hope that once Thai financial market has been complemented by these interest rate futures, our players will be able to make much progress in the area of risk management, financial product innovation and trading.

This is not only the case for economies like ours here in Hong Kong where financial services constitute a substantial proportion of GDP, but equally for economies that rely on other sectors, be they manufacturing, mining, or agriculture, for the bulk of economic activity. There are many reasons for this. First, a well-functioning financial system helps allocate capital to the most productive individuals, firms, and sectors through the process of intermediation between households that engage in savings and entrepreneurs who require funds to carry out investment projects. Second, broad financial markets permit risk sharing and diversification, thereby reducing the exposure of investors to idiosyncratic risks. Third, structured financial products allow the transfer of risk to entities that are most capable of bearing it. This makes it possible for economic agents to offload risks that they are not well equipped to deal with and specialize in activities which constitute their comparative advantage. Last but not least, a financial system makes it possible to shift purchasing power across time as individuals build up financial assets while they are working to sustain a comfortable living standard in retirement. Considerable progress has been made by many regional economies in revamping and strengthening the financial markets since the Asian financial crisis. However, there is still a general lack of diversity in the channels of financial intermediation, with a significant over-reliance on the banking system.