samchain/econo-pairs-v1 huggingface dataset:
In a joint pilot project with FINMA, the SNB is currently identifying the concentrations of risk of Switzerland’s largest two banks in respect of sectors exposed to higher transition risks, i.e. possible implications of future amendments to laws. With regard to our investment policy, in connection with the issue of climate change, we have decided to make an adjustment to our exclusion criteria. Since 2013, we have already been excluding investments in companies that cause severe environmental damage, violate human rights or produce condemned weapons. With these exclusion criteria, we ensure that our investment policy reflects the fundamental and broadly accepted values held in Switzerland. We are now expanding the exclusion criterion pertaining to the environment by additionally taking climate-related issues into consideration. In Switzerland, a broad consensus has formed in recent years in favour of phasing out coal. We have therefore decided that we will from now on exclude all companies primarily active in the mining of coal from our portfolios. Ladies and gentlemen, thank you for your attention. It is now my pleasure to give the floor to Fritz Zurbrügg. Page 4/4

Jean-Claude Trichet: Fostering sound financial globalisation – the role of Europe Speech by Mr Jean-Claude Trichet, President of the European Central Bank, at the Paris Europlace Financial Forum “The Paris Marketplace Contribution to the Global Economy”, Paris, 2-3 July 2008. *  *  *  Ladies and Gentlemen, Mesdames et Messieurs, Je suis très heureux d’intervenir aujourd’hui à l’occasion du Forum financier de Paris Europlace. En premier lieu, permettez-moi de préciser que mon discours intervient durant la « purdah period » précédant une réunion du Conseil des gouverneurs. En conséquence, aucun de mes propos ne saurait être interprété en termes d’intentions du Conseil des gouverneurs sur l’orientation de la politique monétaire et le niveau des taux directeurs. Je me concentrerai aujourd’hui sur le rôle de l’Europe dans les marchés financiers globalisés. Il est en effet particulièrement opportun de procéder à une évaluation de la contribution, au sein de l’économie mondiale, des marchés de capitaux européens. Les événements observés sur les marchés de capitaux depuis plusieurs mois nous ont rappelé à quel point le système financier mondial était devenu étroitement intégré. La mondialisation financière est un facteur important du dynamisme économique mondial et de la stabilité, car elle favorise une allocation efficace du capital et accroît les possibilités de partage et de diversification des risques. Il convient toutefois que son développement se déroule dans un environnement caractérisé par l’efficacité et la discipline. Pour cela, il nous appartient à tous d’assumer notre part de responsabilité pour garantir un fonctionnement sûr et efficace du système financier mondial.
Small wonder that I delighted when President Clinton asked me to become deputy U.S. trade representative and help implement NAFTA – even if it meant matching wits with formidable negotiators like Luis de la Calle and Herminio Blanco! Small wonder that as president of the Federal Reserve Bank of Dallas, I have delighted in working closely with Guillermo Ortiz and Agustín Carstens. Small wonder that at meetings of the Federal Open Market Committee or in U.S. banking circles, I have often argued Mexico’s case. Or taken sheer pleasure in pointing out to U.S. congressmen and senators, and in speeches and media interviews, that the Mexican government – unlike my own government – actually can agree on a budget, keep deficits under control, bring about structural change and resist interfering with the workings of an independent central bank. BIS central bankers’ speeches  1  I am full of pride for Mexico. I am full of pride that this country, the country of my happiest childhood years, would now choose to honor me with the Order of the Aztec Eagle. The citation for this honor speaks of my being a fierce defender of price stability. In the parlance of central banking, I am referred to as a “hawk.” Well, it may not surprise you to learn that taxonomists place the eagle and the hawk in the same bird family.

It starts with a boy being taught the history of the Olmecs, Mayans, Toltecs and Aztecs; of the Grito de Dolores of Don Miguel Hidalgo – the real “Zorro”; and of La Reforma of Don Benito Juárez. It starts with a boy who spent Saturdays at las charreadas, cruised the then-clean waters of Xochimilco, water skied on Lake Tequesquitengo, and whose mother took him on Sundays to La Villa to the Basilica of Our Lady of Guadalupe. It starts with a boy laughing at Cantinflas and weeping for Marcelino Pan y Vino. It starts with a boy playing Little League baseball for los Tigres and later, los Leones, coached by a man named Norman Borlaug. On weekends, Mr. Borlaug would take that wideeyed boy on tractor rides through corn and wheat fields, where at the end of the day they would eat paletas while the coach analyzed samples from the fields. Those samples became the basis for the Green Revolution that he started in Mexico and that ended up feeding billions of people around the world. Well, I think by now you know that the boy I’m speaking of is me. I may be the only central banker on the planet whose Little League baseball coach went on to win the Nobel Peace Prize! My fondest childhood memories are from Mexico.
Goh Chok Tong: Building a brighter future for Asia together Keynote address by Mr Goh Chok Tong, Senior Minister of the Republic of Singapore and Chairman of the Monetary Authority of Singapore, at the Nomura Asia Equity Forum 2007, Singapore, 4 July 2007. *  *  *  Welcome to Singapore. I thank Nomura for holding its fourth Asia Equity Forum here, and for bringing together this diverse group of companies, financial institutions and investors. I hope that this forum will serve as a platform for forging new business relationships and conceiving new growth opportunities. Last week, the World Economic Forum on East Asia hosted more than 300 leaders from business, politics, government, civil society and media in Singapore. The mood was upbeat. The overall feeling was that 10 years after the Financial Crisis, Asia has emerged stronger and its growth built on firmer foundations. The belief was that despite some challenges ahead, Asia would continue to rise. As leaders of governments and companies, we have to anticipate the future. I am not suggesting that we do this with a crystal ball but we should have a mental road-map of the terrain ahead. This will help us position ourselves to seize the opportunities, manage the risks and devise strategies for growth. This morning, I would like to share with you how I see Asia’s regional architecture evolving, and how we are building a brighter future. I will take a medium term timeframe as I believe this is more relevant to business planning.

The 1990s also began with a depreciation of the Swedish krona amounting to 20-25 per cent when we abandoned the krona peg to the European ecu in autumn 1992. Unlike the 1980s, inflation was afterwards pressed down to the same level as Germany (see Figure 1). We have even continued strengthening our competitiveness through strong productivity growth and moderate wage increases (see Figure 2). Why did we not succeed in bringing down inflation to the same level as other countries during the 1970s and 1980s? The most important explanations are the history of repeated devaluations, insufficiently tight fiscal and monetary policy, an overheated labour market and deregulation of the credit market with ensuing credit expansion. An important difference compared with the present situation with a clear inflation target is that monetary policy under the regime of that time, with a fixed exchange rate, could not help subdue the overheating as it was detailed to maintain the fixed krona exchange rate. During the 1990s, on the other hand, we succeeded in bringing down inflation to the same level as other countries. However, this required drastic measures. The 1990s began with the most severe crisis in the Swedish economy since the 1930s. Open unemployment rose to a high point of 9 per cent in 1993. This had a dampening effect on prices and wages. In addition, fiscal policy and monetary policy were very tight. The budget consolidation in the mid-1990s was very extensive and interest rates were kept at a very high level during a transition period.
Climate change has been among the focus areas of management since 2006. Our work on financial risk as a result of climate change is incorporated in the investment strategy and the financial objectives of the GPFG. The Ministry of Finance is now working to introduce a new behavioural criterion for companies’ climate emissions in the guidelines for observation and exclusion. Such a criterion must then be managed in line with the highest defined threshold for exclusion. BIS central bankers’ speeches  1  It is important that the overriding principle for Norges Bank’s investment management continues to be that the GPFG is a responsible investor with a financial objective. If the GPFG is increasingly used as an instrument for pursuing objectives other than financial ones, it may reduce the clarity of the GPFG’s role as a financial investor. If the GPFG investment scope is subject to considerable restrictions, it may entail increased risk or lower returns. The management of the GPFG has been successful to date. The total return since the establishment of the GPFG amounts to more than NOK 2 500 billion, or about 40 percent of GPFG capital. Through its management, Norges Bank will continue to promote its overriding objective: to safeguard the Fund’s assets over time. Thank you for your attention. 2  BIS central bankers’ speeches

5 / 11  BIS central bankers' speeches  By introducing proportional regulation, we envision that it will stabilise small banks and enhance the solvency of their business models. I would like to highlight that while proportional regulation limits the risks that small banks can take on, but they will be subject to simpler regulation. This will ensure a fairer competitive environment. The second innovation we also announced a year ago here at the congress is the transition to a new bank resolution mechanism and the creation of a fund for banking sector consolidation. We are now ready, both from a legal point of view and in terms of management, to apply the new bank resolution mechanism. We hope that, as the market progressively clears and there is improved early detection of problems, there will be more cases where it is more beneficial to try to recover banks’ solvency than simply revoke their license. Moreover, the new bank resolution mechanism itself could promote the development of competition in the banking sector: consolidation will allow relatively large banks to return to the market. We are currently observing the lowest competition rate among the largest banks. Thus, we have made progress in two of the three major objectives we announced at last year’s congress. The third objective we spoke about last year was establishing qualitative supervision over financial groups – we have prepared a draft bill that is being discussed in the government. We hope this innovation will be introduced next year.
Major attractions include the Victoria Falls (one of the seven natural wonders of the world) and the Kariba Lake (one of the largest man-made lake). Specific areas of investment in this sector include: •  Game ranching;  •  Provision of accommodation (i.e. high quality five and four star hotels, Lodges and Camp sites near the popular tourist areas);  •  Transport service – Investment potential exists in air charters in form of helicopters and/or small planes to service game areas;  •  Adventure holiday packages;  •  Organised tours;  •  Out door sports facilities (golf courses and stadia); and  •  Zambia’s cultural heritage. 3.6  Construction and real estate  The construction sector is yet another area of investment as the economy expands. A lot has been done in the recent past in construction with housing schemes coming up in various parts of the country. However, there is still a large deficit in terms of housing in Zambia. This deficit in housing provides an opportunity for further investment in the construction of more houses. 4.0  Conclusion  Looking ahead, the achievement and maintenance of a low and stable inflation rate, remains key to enhancement of investment, business planning, confidence in the economy, maintaining external competitiveness and stabilising people’s incomes. In the medium-term, Government continues to pursue market and structural reforms in partnership with the private sector with the view of consolidating the gains so far attained for sustained economic growth and development.

Kevin Stiroh: Opening remarks - Community Bankers Conference Opening remarks by Mr Kevin Stiroh, Executive Vice President of the Financial Institution Supervision Group of the Federal Reserve Bank of New York, at the Community Bankers Conference, hosted by the Federal Reserve Bank of New York, New York City, 4 April 2019. * * * As prepared for delivery Welcome to the 17th Annual Community Bankers Conference. We are very glad that so many of you from community banks in the Second District joined us today for our conference about what’s “On the Horizon for Community Banks.” I am also pleased to welcome my colleagues from other regulatory agencies, including Doreen Eberley from the FDIC, who is our keynote speaker. Before proceeding, let me emphasize that my remarks are my own and do not necessarily reflect those of the Federal Reserve Bank of New York or the Federal Reserve System.1 It has been more than 10 years since the financial crisis, and over that time we have seen the industry change in material ways. Ten years ago there were 7,479 community banks nationwide. Today that number is 5,320, a 29% decline. Some of this decline was due to failure, and some through consolidation or acquisition. Your financial institutions remain today as a result of prudent risk management practices, resiliency, and the ability to successfully weather those stormy years. Today, the data show, on average, strong metrics for the balance sheets of community banks in the Second District.
Yet the regulatory response to the crisis has largely been based on the level of thinking that created it. The Tower of Basel, like its near-namesake the Tower of Babel, continues to rise. An alternative point of reference when regulating a complex system would be to simplify and streamline the control framework. Based on the evidence here, this might be achieved through a combination of five, mutually-supporting policy measures: de-layering the Basel structure; placing leverage on a stronger regulatory footing; strengthening supervisory discretion and market discipline; regulating complexity explicitly; and structurally re-configuring the financial system. (a)  Reconstructing the Tower of Basel  The quest for risk-sensitivity in the Basel framework, while sensible in principle, has generated problems in practice. It has spawned startling degrees of complexity and an  14  BIS central bankers’ speeches  over-reliance on probably unreliable models. The Tower of Basel is at risk of over-fitting – and over-balancing. It may be time to rethink its architecture. A useful starting point might be to take a more sceptical view of the role and robustness of internal risk models in the regulatory framework. These are the main source of opacity and complexity. With thousands of parameters calibrated from short samples, these models are unlikely to be robust for many decades, perhaps centuries, to come. It is close to impossible to tell whether results from them are prudent. One simple response to that concern may be to impose strict limits, or floors, on model outputs. These would provide a binding regulatory backstop.

But the effects have undoubtedly been felt most severely by manufacturing. The frustration felt by those who have built up efficient and competitive businesses, only to find their market position threatened by a rise in the exchange rate over which they have no control, is entirely understandable. In our judgments on interest rates, we consider it extremely important to take account of differences in the conditions that different sectors of the economy, and different regions of the country, may be facing. For that reason, our 12 Agents, located around the country, keep closely in touch with local business and provide us with a continuous and very up-to-date feedback on local business conditions. Visits like my own today provide valuable opportunities for MPC members to supplement at first hand the feedback we get from our Agents. The message we get - that the rise in sterling has been, and is, causing severe strains, comes through loud and clear and we give that considerable weight in our judgments about interest rates.
We must therefore first do our utmost to stop the slow erosion of basic skills observed in the various international surveys (PISA, TIMSS). We must then ramp up the recent takeoff, since the 2018 Avenir Pro law and the 2020 1 jeune 1 solution plan, of apprenticeships, a fantastic tool for training and professional integration. The record number of close to 700,000 new contracts signed in 2021 must be just a starting point, from which to rethink the financing of work-study programmes. Page 11 sur 15 As regards seniors, France lags behind in terms of the employment rate and this gap widens as people approach retirement. This is another economic reason – in addition to ensuring the smooth financing of the old age insurance scheme – why it is necessary to reform our pension system. This reform must be fair, and companies will have to make more room for older workers. There remain three measures in order to raise the supply of labour for all workers: - beyond apprenticeships for young people, vocational training for all. The Personal Training Account, resulting from the 2018 reform, has proved a great success (demands for training have increased by 40% compared to 2019)xv. However, it will have to be optimised, in order to control its costs and above all to better steer it towards skill needs, in particular in the digital and industrial professions of the future. I have noted that, on the key issue of skill enhancement, France is still among the European laggards.

Confidence in the Swedish financial system could have been seriously damaged if a failure like the one at Lehman Brothers had been allowed to occur. The Riksbank’s assessment was that the two banks were experiencing temporary liquidity problems, but that their solvency was not threatened. Finansinspektionen later revoked Carnegie’s licence to conduct banking activities owing to serious deficiencies in the company’s risk management and violation of the law concerning asset management. The decision to revoke the licence thus had nothing to do with Carnegie’s liquidity problems or with the Riksbank’s loan. Carnegie is now owned by the Swedish National Debt Office and the Riksbank’s liquidity assistance has been repaid. The Riksdag (the Swedish parliament) has also introduced a new act concerning support to credit institutions, which will give the government the opportunity to take the necessary measures to strengthen stability in the financial system. For instance, a government guarantee programme has been presented to support the banks’ and mortgage institutions’ medium-term funding, and a stability fund has been established to manage potential future solvency problems in Swedish institutions. The current situation Despite the crisis in the global financial markets and the increasingly gloomy economic prospects, the assessment is that the Swedish banks still have good resilience to facing the situation that has arisen and future developments. 1 The losses arising from the international crisis have so far been limited, not least in an international perspective, and the Swedish banks have good financial strength.
However, its effects can be mitigated by monetary, fiscal and financial policy actions. Although the negative scenarios dominate, it is possible that Eurozone policy makers succeed in building a set of measures and reforms that soon restore market confidence. In any case, in such a scenario, given the required fiscal adjustments, the developed economies would continue to lag for a long period and would hold on to their loose monetary policies for some time. This would intensify the dichotomy between growth in advanced and emerging countries. In this context, a resurgence of capital inflows to emerging economies is a possibility. Domestically, one risk that cannot be ruled out are stronger effects from the higher external uncertainty, hitting harder the local financial markets, confidence, and consumption and investment decisions. Notwithstanding the capacity of economic policies to mitigate the effects of a more adverse external environment, it is important for the private sector to properly administer financial risks. Worth noting are the favorable financial indicators of the corporate sector (figure 10). In addition, currency mismatches continue to be stable and bounded, despite the increasing role of external debt as a source of funding. Still, it must be pointed out that financial intermediaries would be wise to keep a watchful eye on credit risk, considering its negative effects on external demand implied in the risk scenarios. 4  BIS central bankers’ speeches  As for households, on average the financial situation has not deteriorated. The recent increase in private consumption has evolved hand in hand with labor income.

Also, as discussed in depth in our Financial Stability Report, our financial system is well prepared to deal with more adverse conditions abroad without becoming an additional source of unrest. But as I said before, there are important risks. We are attentive to the evolution of the external scenario and its effects on our economy. We have the tools necessary to deal with adverse situations, and, most importantly, we have the firm determination to act to mitigate the impact of external environment on the Chilean economy. Now let me describe in detail the current macroeconomic scenario, our projections, the risks that remain and where our economy – particularly its financial system – stands, to address them. Macroeconomic scenario As I just said, economic and financial developments of the past few months have been dominated by events from abroad. The crisis of the Eurozone has widened and deepened as distrust builds up with respect to the region’s fiscal, banking and economic situation. All this has reflected in high volatility in global financial markets, increases in risk premiums and liquidity, falling prices of financial assets and commodities, an appreciation of the dollar and a downward revision of global growth projections (figure 1). The transmission of the global crisis to the emerging world has proceeded through the financial channel – via higher debt premiums and net capital outflows –, falling commodity prices – especially for metals and agricultural products –, and a reduction in manufacturing exports.