samchain/econo-pairs-v1 huggingface dataset:
I would like to draw your attention to the following issues: í  first, the euro area will have to face up a number of challenges to confirm its initial success;  í  second, the success of the euro will make a contribution towards encouraging a balanced international monetary situation. I believe that in the current overall economic situation, the success of the euro will help not only Europe but also the rest of the world which will benefit from European prosperity and growth as part of a healthy world economy. This would help facilitate the current accounts adjustments of the countries affected by the crisis. The success of the euro will be complete if a number of challenges are taken up A few years ago, it was necessary to convince a great deal of sceptic people that the euro was a viable project. Many of them pointed to its presumed contradictions and its alleged inconsistencies: for example, the impossibility of achieving an efficient policy mix without a political federation; the impossibility of avoiding some “asymmetric shocks”; the lack of sufficient flexibility of the economy and real mobility of the labour force in the European countries, etc. The result was that the euro would never exist! BIS Review 81/1999  4  These criticisms proved wrong as to the introduction of the euro. But they are useful to help answer the question of what are the conditions for ensuring that the euro is a complete success.

*** To sum up, the global economy is on the recovery path although there is still a long way to go towards sound and sustainable growth. Reshaping of the banking and financial sector will definitely contribute in this regard and the contribution in the same direction is expected from the fiscal sector, too. The central banks worldwide have proven their flexibility, but the monetary policy must not be overburdened in the long run and should get back to its primary function. A sustainable growth needs sound policies and accelerating reforms towards building more competitive and more flexible economies. Ladies and gentlemen,  2  BIS central bankers’ speeches  I hope I have already triggered many issues to be discussed in details later on, during this conference. Considering the eminent keynote speakers that we have in the first session and the high quality research papers to be presented in the next sessions, I have no doubt that all together we will enlighten this complex “package” of issues related to the recovery in the aftermath of the crisis. Thank you so much for attending our conference and thank you for your attention! BIS central bankers’ speeches  3
Prasarn Trairatvorakul: Thailand in the new regional and global financial landscape Speech by Dr Prasarn Trairatvorakul, Governor of the Bank of Thailand, at the International Chamber of Commerce (ICC) Thailand General Council and Networking Dinner, Bangkok, 30 September 2014. *  *  *  Good evening distinguished guests, ladies and gentlemen. I am delighted to be here today, to address honorable members of Thailand International Chamber of Commerce. Thailand International Chamber of Commerce has made an important contribution to our nation in two main ways. At home, the organization helps develop awareness among members on future trends of business. In the international arena, the International Chamber of Commerce ensures member’s participation in the formulation of trade and investment policies. On this occasion, I would like to express my appreciation for the hard work that you have done throughout the past fifteen years and the strategic function that your organization will continue to serve in a more dynamic environment going forward. Today, I would like to share with you my perspective on how Thailand could prosper in the new regional and global financial landscape. Let me offer an analogy. Imagine yourself embarking on an important challenge, perhaps a new job with demanding responsibilities. Naturally you may feel a little nervous, since there is no guarantee that the new venture will be a successful one. A transition to a successful career consists of three stages.

The Exchange Fund Notes have a transparent and efficient price discovery system – up-to-date prices and yields can be easily found in newspapers and the financial media. But we all should not forget, of course, that the prices of Exchange Fund Notes can go up as well as down, depending on the level of interest rates. End of commercial. Thank you. 2  BIS Review 31/2005
Whatever the eventual outcome, both the Bank’s macroeconomic policy-making committees will continue to set policy to manage risks, ensure resilience and maintain monetary and financial stability. 13  All speeches are available online at www.bankofengland.co.uk/news/speeches  13

•  The number of electronic payment transactions increased from only 440 million transactions per month a year and a half ago to almost 700 million transactions in May of 2019. Many value-added digital payment services have been developed on top of our faster pay infrastructure to meet the needs of digital economy. 1  •  The Thailand Blockchain Community Initiative, with 22 financial institutions participating, has started executing electronic letters of guarantee through blockchain, one of the very first to do so in the world. •  Many cross-border payment platforms were introduced to lower the cost of international fund transfers and improve financial connectivity in ASEAN, many of which will be showcased here throughout our two-day event. •  Project Inthanon, our central bank digital currency, has completed its second phase, and is recognized as a leading central bank digital currency initiative. You will also hear more about Project Inthanon and other central bank digital currency initiatives later on today. •  Lastly, a number of laws and regulations were introduced to facilitate digital payment and digital finance, including the new Payment Act, the Electronic Transaction Act, Digital Asset Law, as well as regulations on peer-to-peer lending platforms. These developments are results of our shared visions and collaborative efforts undertaken by all stakeholders to advance our digital finance ecosystem.
Krzysztof Rybiński: A day in the life of Homo Sapiens Globalus Address by Mr Krzysztof Rybiński, Deputy President of the National Bank of Poland, at the 11th Teleinformatics Forum, Legionowo, 21 September 2006. *  *  *  Ladies and Gentlemen, Today, I would like to present a vision of the citizen of the world in the year 2026. Homo sapiens globalus will be found almost everywhere on the globe, and his traits will be identified by his ability to capture the benefits brought by the global financial market, global labour market, and global knowledge market. He will work, obtain information, establish and foster his professional relations as well as arrange his leisure activities primarily with the aid of the Internet. Homo sapiens globalus has mastered the fine art of capturing the benefits of the (continuously improved) functions available on the Internet. He is able to absorb frequent changes, and he turns them to his advantage. This makes him increasingly effective, knowledgeable, and capable of pursuing activities he finds interesting. Let us now consider a typical example of homo sapiens globalus, namely John Global. I would like to introduce him to you, but in order to do so, I have to take you on a short journey. This will be time and space travel. Just imagine that by the time I will have finished the previous sentence, twenty years have passed. This means that we are now in the year 2026.

Here, everything was well thoughtout, consistent and done so as to fulfil a clear vision of e-government that was supposed to be citizenfriendly and to make their life easier. And Global was not in the wrong. He is still satisfied with his choice. It is worth mentioning that he hesitated over the decision to move. The final straw was an argument at Warsaw district office where Global had gone to in order to obtain some certificate. The certificate was ready, but Global – who had paid the stamp duty by an online transfer – had no proof of  BIS Review 90/2006  1  payment. Without such confirmation the officer would not issue the certificate. The argument reached its climax when the officer shouted out his anger: ‘If only you had paid in cash at the counter here, there would be no problem now!’ Today, in September 2026, John Global recalls this situation with a tint of amusement. How things have changed since that day, and how much easier life is now. Today, administrative issues take him only several minutes monthly, because all these are handled via the Internet, regardless whether located in Asia or Europe. And officers are doing their utmost to provide services to John Global efficiently, as the contract for these services will only be renewed when customers are satisfied with them. Needless to say, customer satisfaction surveys take place via the Internet. As for Global's satisfaction with his metabolism, he can measure it himself.
These include Thai banks’ aim to reduce cash usage and payment cost, leading to collective investment in the new faster pay infrastructure; banks’ and non-banks’ leveraging on the interoperability of our open infrastructure and common standards to compete and expand the range of products and services; and regulators’ and policy agencies’ active roles in promoting financial innovations and digital adoption. FinTech and digital finance have been and will continue to be among the top policy agenda of the Bank of Thailand. We need to further develop digital finance infrastructure, promote innovation, enable dynamic competition, and enhance adoption by the Thai people and businesses. Ladies and gentlemen, While technology advancement and technology adoption will remain crucial, there is another important aspect of financial services that we must not forget as we move on with our FinTech agenda: the value of financial network. Unlike other products and services, financial services will serve the people and the society best only when money—either in the form of physical cash or digital money—can freely flow without cost and friction. In today’s digital world, it is equally important that individuals and society can benefit from financial transaction  2  data. Therefore, preserving and strengthening the value of financial network will be imperative in advancing the development of our financial system. On the opposite end of a strong financial network is fragmentation, whereby financial systems and payment services become fragmented by the use of different core infrastructures or different standards that are controlled by a few dominant players.

We must push for building a forward-looking approach of the impacts of climate risks through the development of comprehensive climate stress tests. Third, green finance should mature and upgrade its professional standards. Financing needs for energy transition are huge; in Europe alone, it is estimated that an additional EUR 177 billion per year will be necessary over the period 2021-2030 to reach the EU’s energy and climate objectives for 2030. i The European Green Bond Standard proposed by the TEG should ultimately help to further develop the green bond market and channel more investments towards green projects. Let me add that France has strengthened its role as leader in green finance. Last week, Paris Financial Centre players have committed themselves to adopt a carbon exit strategy by mid-2020. ** To conclude, let me quote John F. Kennedy: “the New Frontier of which I speak is not a set of promises – it is a set of challenges. […] I believe the times demand new invention, innovation, imagination, decision. I am asking each of you to be pioneers on that New Frontier.ii” Today, almost 60 years later, we face other challenges. But let us keep the same energy. Let us not think that the battles have already been lost. Let us break limits and invent new practices taking into account both digitalisation and climate change. Thank you for your attention.
The IMF just stressed it in its latest “radar” in the GFSR [slide]. On both sides of the Atlantic, we should pay greater attention to non-banks and leveraged debt, and not be shy of activating macroprudential tools, and go beyond the old “separation principle” between monetary policy and financial stability: I advocate a smarter coordination1. 2/ Furthermore, the euro area has an abundant resource at its disposal: a savings surplus towards investment of more than 300 billion euros. The top priority on the European growth agenda should be a Union for Savings and Sustainable Investment to achieve two major objectives, as proposed by the “Next CMU report” published last week by the Ecofin Council: (i) offering saving products to serve citizens’ needs and allocating capital to value creating 2/3  BIS central bankers' speeches  investments in the real, innovating and sustainable economy; (ii) building/strengthening an integrated, competitive, deep and liquid European Capital Market, to maintain the EU as one of the top 2 financial centres of the world [slide]. To achieve this, it is now high time to give the Banking Union and the Capital Markets Union a significant push forward, let us at last, walk our talk!

François Villeroy de Galhau: Causes of and answers to the European slowdown Speech by Mr François Villeroy de Galhau, Governor of the Bank of France, at the New York University, New York City, 16 October 2019. * * * Accompanying slides of the speech. Ladies and Gentlemen, dear students, I am very pleased to be with you today. Dear Thomas, both sides of the Atlantic benefit from your skills in economics. The high quality education you students receive here at the NYU Stern Business School will give you the tools to understand and address global challenges. In my introductory remarks today, I will address one of these, the current European slowdown, and quickly elaborate on 3 paradoxes: 1- the causes of the slowdown are mainly outside the euro area, but its effects are very acute on its biggest economy; 2 – the recent monetary policy controversy is of little interest for the future; 3 – the euro area has more policy room than others in the non-monetary domain, but under-uses it. **  I. The causes of the slowdown are mainly outside the euro area, but its effects are very acute on the region’s biggest economy The causes of the slowdown are mainly external to the euro area: uncertainty is undoubtedly the most important; it is mostly man-made, and must also be fixed by man.
Now there is also the worsening of geopolitical tensions surrounding Iran which could significantly affect the oil price, with negative effects on world growth and stronger pressures on inflation. In Chile, the persistence of strong domestic spending may alter the baseline scenario in two ways. On one hand, it may intensify the inflationary risks now perceived, and increase the propagation of supply-side shocks, like those in oil or fresh fruits & vegetables. It is also possible that the velocity at which core inflation has increased is associated with tighter output gaps than assumed in the baseline scenario. On the other hand, the sustained growth in domestic demand may trigger a widening of the current account deficit and amplify the effects of shocks from abroad on the Chilean economy, especially if accompanied by a falling copper price. Let me share with you some final thoughts. Final thoughts The macroeconomic environment just described has opposing effects, as there are significant risks from different fronts. As I said, the baseline scenario uses as a working assumption that the MPR will follow a path comparable to the one that can be derived from the prices of financial assets observed at the statistical cutoff of this Report. Any deviations away from this trajectory will depend on the implications of domestic and external macroeconomic developments on the inflation outlook. As I also said at the beginning, while risks for short-term inflation have increased, the risks from abroad are still important and may cause significant damage to the Chilean economy.

However, there are risk scenarios which, if materialized, may alter the macroeconomic outlook, with implications on monetary policy. On this occasion, after assessing the alternative scenarios, the Board estimates that the risk balance for both output and inflation is unbiased. Although the risks in the international scenario are similar to those in previous Reports, their possibility of occurrence is smaller. Still, structural issues persist in the Eurozone, so the regained confidence in financial markets is yet to be consolidated. Repeated or intensified financial stress episodes, in a context where banks are more cautious in their lending decisions and capital requirements have increased, could deepen credit constraints, complicating the growth outlook for the region and the world at large. There are also persistent doubts about how China’s slowdown will be. If more intense, its effects will not only hinder world growth, but also pull down commodity prices, especially for copper. Conversely, other economies could well perform better than expected, and offset part of these effects. The calmer external financial markets and the renewed appetite for risk have revived concerns about how to accommodate the new capital flows into emerging economies. Prolonging the strong monetary stimuli in the developed world, particularly in the U.S., may foster an extension of global imbalances. Public indebtedness is elevated in the U.S. and the high oil price hinders the resolution of its external deficit.
16 For example, approximately two-thirds of the world’s FX reserves are in U.S. dollars (See International Monetary  Fund Currency Allocation of Foreign Exchange Reserves (COFER) database), and the dollar also plays a preponderant role in international debt issuance and FX turnover. The Federal Reserve’s provision of safe, confidential, and reliable services in dollars helps to support and promote the international role of the dollar and of foreign official holdings of U.S. Treasury securities. The provision of basic custodial services in U.S. government debt securities is consistent with broader U.S. official sector encouragement of foreign official investment in U.S. capital markets. Foreign official investments in U.S. capital markets and the broader 7/8  BIS central bankers' speeches  international roles of the dollar are generally believed to be a net positive for the U.S. economy through seignorage revenue and reduced funding costs for the U.S. government, households, and corporations. To the extent that these services help foreign official investors to access U.S. capital markets, they support the dollar’s continued international role and are beneficial for the U.S. economy. 17 See Gene Logsdon, “The Barn Raising”, in Amish Roots: A Treasury of History, Wisdom, and Lore , ed. John A.  Hostetler (Baltimore: Johns Hopkins University Press, 1989), 78. 8/8  BIS central bankers' speeches

Moreover, some definitions are also derived from the concept of instability. In recent years, globalization of financial markets, increased richness in financial instruments, financial deepening and structural changes have caused the system to become much more complicated, thus enhancing the significance of financial stability. Any fluctuation that may occur in foreign markets may rapidly spread to other countries. As a matter of fact, recent developments in international financial markets were also reflected on Turkey. I can say with great pleasure that the strengthened financial structure of Turkey has minimized the unfavorable effects of recent fluctuations. This case, once again, has proven the significance of a sound financial system with risk sensitive policies, which is reinforced by effective monitoring and supervision. It is a widely known and accepted fact that the primary objective of central banks is to achieve price stability. Monetary policy is conducted via operations carried out in financial markets and its success depends on the flawless operation of financial institutions and markets. Therefore, financial stability is a sine qua non for effective monetary policy. Besides, the responsibility of central banks for the operation and supervision of payment systems oblige them to monitor financial stability. The fact that financial instability may pose serious risks to macroeconomic targets such as sustainable growth and price stability enhances the significance of financial stability for central banks.
In addition to the provisions of the BFSA, there are a number of regulations in place that are aimed at enhancing corporate governance for the Financial Service Providers regulated by the Bank of Zambia, some of which are listed below;   The Prohibition and Prevention of Money Laundering Act of 2001 (PPMLA) and the Anti-Money Laundering Directives obligate the board of directors to formulate anti  BIS central bankers’ speeches  3  money laundering policies and ensure senior management implement these policies.   The Corporate Governance Guidelines for Financial institutions issued in November; 2006. These guidelines set forth a broad framework of fundamental corporate governance principles to guide the actions of the directors and managers of the institutions operating in Zambia. (Infact, in every letter authorizing the appointment of directors of financial institutions, the Registrar of Banks and Financial Institutions makes reference to these guidelines). Chairperson, we are also aware that the mission of the Institute of Directors is to ensure the highest professional and ethical standards amongst directors and the boards on which they serve. Similarly, the Bank of Zambia scrutinises all persons proposed for appointment as directors and senior management as a way of ensuring that only people who are credible, fit and proper are allowed to manage affairs of financial institutions. In cases where a serving director or senior manager of a financial institution falls short of the expected standards of conduct, the Bank of Zambia has powers to cause their removal from such positions.

The second part of my remarks will touch on the key imperatives to best prepare us for the new global landscape, so as to be better positioned to succeed and survive in this new environment. Policy-makers in the world economy have continued to be confronted with policy challenges since the onset of the global financial crisis. While the policy responses have focused on addressing the origins of the crisis – on the extensive build-up of excesses, the over-leverage and over-indebtedness of the private and public sectors, the breakdown in the functioning of financial markets, the loss of competitiveness, and the loss in confidence in the financial system and the economy, the concern now is on achieving a sustained economic recovery that is accompanied by job creation. Half a decade into the crisis, and this has yet to be achieved. In the recent months, the global economy has again experienced a broad-based moderation in growth from an already modest pace. This has stemmed largely from the renewed weakness of the economic recovery in several of the major advanced economies. In the United States, the significant monetary accommodation, reinforced by the large scale financial market interventions and the significant fiscal stimulus during the early stage of the crisis, has averted an economic depression, but it has not, however, brought about a sustained recovery. In Europe, an economic contraction is being experienced, resulting from the combination of fiscal austerity, tight credit conditions, and the continued uncertainty and volatility in the financial markets.