samchain/econo-pairs-v2 huggingface dataset:
transformation, the bsp will continue to play an instrumental role by staying committed to its mandates of price and financial stability, and by topping this up with the pursuit of additional game - changing financial sector reforms. thank you very much for your kind attention. 5 / 5 bis central bankers'speeches

orderly fashion, will restore trust in the rules of the game. unfortunately, the crisis has revealed a significant lack of suitable instruments for effectively dealing with failing financial institutions. existing insolvency laws have proven inadequate in many countries, especially when it comes to firms that operate on a global level. thus, new resolution tools, and credible tools at that, are needed. some progress has already been achieved in this regard. a year ago, the g20 leaders endorsed a new international standard : the key attributes of effective resolution regimes for financial institutions. these key attributes set out for the first time essential features of national resolution regimes on a global level. for instance, in future every g20 country is to entrust restructuring and resolution functions to appointed authorities. so - called crisis management groups are already in place for nearly every global systemically important financial institution. recovery and resolution planning will become mandatory for both financial institutions and authorities. in addition, firm - specific, cross - border cooperation agreements are to be put in place, setting out roles and responsibilities of home and host authorities. the key attributes represent quite a step forward. implementing them will gradually align national resolution regimes, thus ensuring smooth interaction between the different frameworks. i am hopeful that this will significantly curtail financial institutions ’ ability to blackmail the taxpayer. it is now up to governments to transpose the key attributes into national law and legislation. in europe, the draft directive for the restructuring and resolution of credit institutions and securities firms, which was published in june by the eu commission, is an important step in the right direction. it is necessary to continue on this path. bis central bankers ’ speeches 3. paying greater attention to consistency when setting the rules for the financial system, one main challenge is that regulation has been geared towards a sector - specific approach. this is reflected, for example, in the way regulatory standards and principles applying to the banking, insurance and securities sectors have developed largely independently of one another. however, this entails the danger of losing sight of the financial system as a whole. we need to be aware of this risk and focus our attention more on the systemic aspects of regulation. one of the most important reasons for this is the prevention of regulatory arbitrage. this applies not just to the relocation of business activities from one jurisdiction to another, but also to shifts between different sectors of the financial system. for instance, as already mentioned, tightening banking regulations may well push activities towards the shadow banking system. besides regulatory arbitrage
org / publ / work692. pdf 5 / 5 bis central bankers'speeches

philip r lane : the " culture report " and the macro financial outlook introductory statement by mr philip r lane, governor of the central bank of ireland, before the joint oireachtas ( national parliament ) committee on finance, public expenditure and reform, and taoiseach ( head of parliament ), dublin, 4 october 2018. * * * chairman, committee members, i welcome the opportunity to meet with you this morning for our regular engagement. i am joined today by derville rowland, director general for financial conduct, and ed sibley, deputy governor for prudential regulation. i divide my introductory statement into two parts. in part a, i provide an update on the tracker mortgage examination and the outcome of our recent report into the behaviour and culture of irish retail banks ( the ‘ culture report ’ ). in part b, i turn to a broad overview of the macrofinancial outlook and outline the main issues and risks we see on the horizon, including nonperforming loans and brexit. the culture report the culture report builds on our conviction that consumers are best protected if firms not only comply with our regulatory requirements but also invest in organisational cultures that reward consumer - focused behaviour and penalise harmful behaviour that seeks to skirt around the duty to treat customers fairly. conduct and tracker mortgage examination the last decade has uncovered financial misconduct scandals in many countries. at home, the mistreatment by banks of so many tracker mortgage customers has shown that financial misconduct is a substantial risk to households and firms that rely on the domestic system for the provision of financial services. the central bank launched the tracker mortgage examination – the largest, most complex and significant customer protection review we have undertaken to date – to ensure that lenders identified those customers harmed by this mistreatment and paid appropriate redress and compensation. as of august 31st, lenders have identified circa 38, 400 affected customers ( including cases resolved pre - examination following central bank intervention ), and paid €580 million in redress and compensation. the redress and compensation phases of the examination are now significantly advanced : 93 percent of affected customer accounts already identified and verified had received offers of redress and compensation by august 31st. four of the five main lenders are close to completing their redress and compensation phases, and we are exerting significant pressure on the remaining lender to finish its process. our bank - by - bank supervisory review of conduct of the examination is also significantly advanced, but will not conclude until lenders
situation will not impede timely tightening. the trajectory of the federal budget is a serious economic issue that must be addressed to promote sustained and balanced economic growth. but a large and growing federal deficit will not stop the federal reserve from exiting from current policies when that ’ s needed to keep prices stable and the economy on a path to sustained high employment. the alternative of letting inflation rise would be inconsistent with our mandate and would only cause greater volatility, uncertainty, and inefficiencies that would reduce the growth of our economy over time. higher interest rates could complicate an already difficult fiscal trajectory, and this possibility further underscores the critical importance of maintaining federal reserve independence from short - term political pressures. third, because monetary policy typically acts with long lags on the economy and price level, the choice of when and how to exit will depend on forecasts. we will need to begin withdrawing extraordinary monetary stimulus well before the economy returns to high levels of resource utilization. the fomc has been clear that its expectations for the stance of monetary policy depend on economic conditions, including resource utilization, inflation, and inflation expectations. accordingly, the judgment as to when to begin initiating steps to withdraw stimulus will depend on the outlook for these variables. finally, it is well to remember that we are still in uncharted waters. we do not have any recent experience with financial disruptions of the breadth, persistence, and consequences of those that we have experienced over the past several years. and we have no experience with most of the sorts of actions the federal reserve has taken to counter the shock. the calibration of our exit from these policies is complicated by a paucity of evidence on how unconventional policies work. we will need to be flexible and adjust as we gain experience. financial stability and asset prices. the past few years have illustrated two lessons about the relationship between macroeconomic stability and financial stability. first, macroeconomic stability doesn ’ t guarantee financial stability ; indeed, in some circumstances, macroeconomic stability may foster financial instability by lulling people into complacency about risks. and second, some shocks to the financial system are so substantial, especially when they weaken a large number of intermediaries, that decreases in aggregate demand can be large, long lasting, and not quickly or easily remedied by conventional monetary policy. given the heavy costs that have resulted from the financial crisis, the question naturally arises as to whether the circumstances that caused the crisis could have been avoided.

monetary stabilization policy at the zero lower bound : consequences of limited foresight, ” nber working - 10 paper series 27521. cambridge, mass. : national bureau of economic research, july, https : / / www. nber. org / papers / w27521.
ultimately abandoned. the other place where common sense might usefully prevail over doctrine is in recognising that, despite the very strong pressures for uniformity of rules and regulations internationally ( in thomas friedman ’ s terminology, adoption of the “ golden straitjacket ” ), there is still some opportunity for tailoring the set of rules to the particular needs ( and political consensus ) of a country. just to give one example, it would be a mistake to think that the full minutiae of bankruptcy laws have to be translated precisely and uniformly across all countries. the particular balance between debtor and creditor which is seen in anglo - saxon law is a product of the particular social values of these societies. other countries have come up with different relationships – i have heard it said that one important reason why creditors have traditionally been in a weak position in indonesia is the conscious recognition that creditors would often be chinese businessmen and money - lenders, and the societal judgment was that it was not going to give powerful legal remedies to these creditors. the forces tending to push people towards a rather uniform golden straitjacket are powerful indeed, but individual countries can assess to what extent they can and should modify these rules, to make them more palatable to their societies, without at the same time making them more costly. this debate has yet to be joined, or even defined, but it is nonetheless important. the central point here is that thomas friedman ’ s golden straitjacket is not an axiom of market economics, but rather is a set of rules which have emerged to meet the needs of current - day developed - country markets. the role of banks one of the lessons commonly drawn from the crisis experience is that countries should quickly diversify their financial institutions, to become less dependent on banks and foreign bank inflows. chairman greenspan has referred to the need for a “ spare wheel ”, which he envisages to be alternative forms of funding when bank financing dries up. there may well be a good case for developing new financial markets, particularly in bonds. but one of the intrinsic problems is shortage of knowledge, particularly commercial intelligence. in a world where information is scarce and at a premium ( where the “ model ” is not well defined ), markets which are continuously repricing assets will tend to be very volatile, as small accretions or revisions to information are absorbed by the market. it would seem to me to be a mistake to shift quickly away from the

the main task is in the hands of the policymakers of these countries. central to this is to work much harder on prudential supervision, to create a set of rules which is both feasible of application and thoroughgoing in keeping the banking system as a whole safe. it is a formidable task, which will take dedication and the persistent application of common sense. i wish them well.
central banks ’ goals is the key issue for proper coordination between fiscal and monetary policies. this does not imply, though, that central banks should be stripped of their independence. over the long run, the distribution of resources owes mostly to fiscal, structural and institutional factors. fresh criticisms against central bank independence have come to the fore recently. these are politically motivated and their dissemination across both advanced and emerging market economies is alarming. they are again the result of developments following the financial crisis and have found widespread support among those disenchanted with globalization. this is particularly worrying in emerging markets, since their institutional frameworks are more vulnerable to tensions. failing to protect central bank independence would cost the economy dearly, especially in emerging markets. their central banks ’ primary mandate — price stability — would be jeopardized. it could entail a return to time - inconsistent monetary policies, with potentially severe macroeconomic and financial implications. many arguments support central bank independence. to deal effectively with price pressures, institutions need a long - term perspective, insulated from political considerations. they should be able to respond quickly to changing conditions, and have the technical competence and credibility to do so. central bank independence has been key to stabilizing long - term inflation expectations and overcoming episodes of distress in many countries. destroying the institutional framework that has made these achievements possible would be irrational. granted, central bank independence must be accompanied by checks and balances. clear and transparent goals must be in place, and central banks must be held accountable. existing concerns cannot be ignored. this is a time to reflect on what actions are needed to improve public understanding of the role of these institutions and the importance of their independence. elected officials usually define central banks ’ mandates and the mechanisms to ensure accountability. however, central banks should guarantee that policies implemented are fully consistent with their mandates, and continuously evaluate means to enhance their transparency and accountability.

great strides in this area, but much remains to be done. and finally, in our inner circles we will need the support of our nearest and dearest. so, let me end by thanking my wife for being such a rock of support in my life, my parents for teaching me that things should be done properly or not at all, and my kids for being such a joy every time i am with them. thank you. bis central bankers ’ speeches
enterprises. and the idea is that through these programs, through these projects, through these windows, to change the structure of the economy in the country. in order to have as many manufacturing enterprises. in this way, i believe that kosovo would address the two challenges it has consistently faced, namely unemployment and the high trade deficit. for the end, thank you very much, i wish you good work, health and success.

dear mrs. olmstead, honorable ambassador rohde, dear mr. berisha, it is a special pleasure to be part of this ceremony that marks a very important step in the launch of the green recovery and opportunity window, where through the kosovo credit guarantee fund, access to finance for businesses investing in renewable energy and in energy efficiency will be facilitated. the launch of this project designed and funded by the millennium challenge corporation and the millennium foundation kosovo, and with the capital donated by kfw shows the continued support of our international friends for the development of the kosovo credit guarantee fund and in general for the development of kosovo's economy. the kosovo credit guarantee fund within a relatively short period of time has managed to become a very important institution for increasing the facilitation of financing for the country's economy. financial institutions play a very important role in financing the green economy, so this project will significantly help promote and further stimulate the green transition. this project will also enable the increase of the guarantee potential of this institution, making possible the increase of the number of beneficiaries from the guarantees issued by this institution. in other words, a large number of businesses with difficulty in accessing finance will be able to provide easy access to this source of funding. bank lending continues to be a very important and sustainable source of private sector financing in kosovo. the value of bank loans with data of april 2022 has reached 4 billion euros, or an annual increase of 17. 9 %. however, despite the satisfactory trend of increasing bank lending, it is considered that the level of financial intermediation in kosovo continues to be below the average of countries in the region, which indicates the possibility that this window and the kcgf is giving to increase the rate of financial intermediation in kosovo. the opening of this window also plays an important role. in this context, we expect that in addition to supporting the growth of credit financing in general, the kcgf portfolio is increasingly reflecting the growth of credit support for sectors with greater difficulties in accessing credit financing, but which have potential to make a significant contribution to the economic development of the country. for this reason, the opening of this window and many other windows within the kcgf, have to do with the fact that we need to support businesses, which have difficulty accessing finance. today, if we look at the structure of the country's economy in kosovo, we have a structure of the economy that is mainly dominated by commercial
say that deposit insurance systems constitute an important element of the financial safety net having the twin objectives of protecting the interest of small depositors and promoting financial stability. adequate funding of deposit insurance systems is crucial to achieving these objectives. indeed, the theme of the conference is apt and the agenda for discussion has been drawn - up very thoughtfully – my compliments to the organisers and best wishes for success of the conference. thank you. thailand ( up to 10. 08. 2011 ), hong kong, malaysia, singapore & taiwan ( all up to 31. 12. 2010 ).

credit outstanding to the sector, availability of timely and affordable credit is still one of the issues for the msme sector. recognizing the important role played by msmes in economic development and its sizeable contribution to employment and gdp, and realizing that financial access is critical for msmes growth and development, government and reserve bank of india are taking the lead in supporting initiatives that improve access to finance. 20. a number of measures have been taken by the reserve bank to facilitate credit growth to the sector. as the level of financial exclusion is high in the micro and small enterprises sector ( 93 % as per the fourth census of small enterprises ), drive to universal financial access, including msme finance, is no longer a policy choice but a compulsion. with an objective of ensuring uniform progress in provision of banking services in all parts of the country, banks were advised to draw up a roadmap to provide banking services through a banking outlet in every unbanked village having a population of over 2, 000 by march 2012. banks have successfully met this target and have covered 74398 unbanked villages. in the second phase, roadmap has been prepared for covering remaining unbanked villages i. e. with population less than 2000 in a time bound manner. about 4, 90, 000 unbanked villages with less than 2000 population across the country have been identified and allotted to various banks. the idea behind allocating villages to banks was to ensure availability of at least one banking outlet in each village. the reserve bank advised banks that such banking services need not necessarily be extended through a brick and mortar branch but could be provided also through any of the various forms of information and communication technology ( ict ) – based models, including business correspondents ( bcs ). 21. the government of india also set up an inter - ministerial committee to boost exports from the msme sector6 ( chairman : shri r. s. gujral, finance secretary ). the committee has since submitted its report which is being examined by the government. 22. as the incidence of sickness in the sector is high, timely identification of sick micro and small enterprises and their rehabilitation is critical. in order to hasten the process of identification of a unit as sick, early detection of incipient sickness, and to lay down a procedure to be adopted by banks before declaring a unit as unviable, the revised guidelines for rehabilitation of sick units in the mse sector have been issued for rehabilitation of sick units in
, on the basis of current futures prices for oil, headline inflation is likely to remain around current levels in the coming months. in these conditions, we can be more assured about the return of inflation to our objective than we were a few years ago. at the same time, measures of underlying inflation remain low and have yet to show convincing signs of a pick - up, as domestic cost pressures, including wage growth, are still subdued : although compensation per hour worked is rising, compensation per employee remains flat. this divergence goes back, at least in part, to the increased fragmentation of labour time. in the labour market technological advance, in particular the use of the internet allows for more services being offered with less intermediation at lower prices. underlying inflation in the euro area is expected to rise only gradually over the medium term, supported by our monetary policy measures, the continuing economic expansion and the corresponding gradual absorption of economic slack. also broad money ( m3 ) continues to expand at a robust pace, with an annual rate of growth of 1 / 2 bis central bankers'speeches 5. 0 % in may 2017, after 4. 9 % in april. as in previous months, annual growth in m3 was mainly supported by its most liquid components, with the narrow monetary aggregate m1 expanding at an annual rate of 9. 3 % in may 2017, unchanged from april. the recovery in the growth of loans to the private sector observed since the beginning of 2014 is proceeding. the annual growth rate of loans to non - financial corporations remained stable at 2. 4 % in may 2017, while the annual growth rate of loans to households increased to 2. 6 %, from 2. 4 % in april. the euro area bank lending survey for the second quarter of 2017 indicates that credit standards for loans to enterprises and loans to households for house purchase have further eased and that loan growth continues to be supported by increasing demand. the passthrough of the monetary policy measures put in place since june 2014 continues to significantly support borrowing conditions for firms and households and credit flows across the euro area. the cross - check of the outcome of the economic analysis with the signals coming from the monetary analysis confirmed the need for a continued very substantial degree of monetary accommodation to secure a sustained return of inflation rates towards levels that are below, but close to, 2 %. in order to reap the full benefits from our monetary policy measures, other policy areas must contribute decisively to strengthening the longer - term growth potential and reducing vuln

##sco, 22 july. 7 see www. ecb. europa. eu / press / pr / date / 2013 / html / pr131010. en. html. 8 see knight, f. ( 1921 ), “ risk, uncertainty, and profit ”, mifflin, boston, new york. 9 dow jones euro stoxx 50 volatility index. 7 / 7 bis central bankers'speeches