samchain/econo-pairs-v2 huggingface dataset:
rate below 4 percent, the rise in aggregate demand arising from rising per capita incomes, the monetary expansion policy pursued since 2001, the oil price spike and the food shortages have all combined to intensify inflationary expectations in this fiscal year. the state bank is already tightening the monetary policy and raising interest rates. a bumper wheat crop is expected this year and oil prices are beginning to slide downward. these factors should be able to dampen inflationary expectations in the coming months.

core business and therefore set out to develop the expertise required to finance the smes successfully. fairly often the discussion on sme financing is reduced to two diametrically opposed positions. on one hand, smes are considered by banks as representing a high risk and therefore, should be avoided or only dealt with cautiously and at a premium price. on the other hand, banks are accused of being inflexible and risk averse and consequently irrelevant to the sector. it is important to understand where the truth lies in these two statements in order to advance the cause of sme financing. firstly, it is a fact that smes present higher credit risk than well - structured corporate entities. smes may not have proper accounting records, may have severe governance issues which undermine accountability, have poor access to markets, poor skill levels including financial illiteracy by promoters, lack collateral which the lender can rely on in the event of failure, may not even exist in an appropriate legal form and even the assessment of the viability of a project might be difficult. lending to smes can be a lenders nightmare for bankers. but it is also true that banks which are structured to deal with corporates are risk averse and inflexible when they deal with smes. often when they bring inappropriate risk assessment tools, they may focus too much on collateral rather than project viability. they may even regard sme financing as peripheral to their business. because of their limited knowledge of smes, they experience failure which itself reinforces the notion that smes are risky. what we want are financing institutions that are structured to respond to the unique characteristics of smes. specialised sme lending institutions are more likely to handle the risk problem presented by smes as a challenge to be overcome with appropriate products and credit risk management strategies and not as a basis for inaction or avoiding the sector altogether. in short, lending strategies which ensure success with corporates do not necessarily ensure similar success with smes. appropriate sme financing institutions must at the very least make lending to smes the core business. the second area of reflection that i would urge this meeting to consider is that of building appropriate financing models that have been shown to work in africa or other developing countries so that we all benefit from the best practices available. in south africa, for instance, franchising which allows the use of brand names and building capacity have been an bis central bankers ’ speeches important driver of sme financing since it reduces the perceived
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should avoid unnecessary destruction of value. 1 / 4 bis - central bankers'speeches in view of these considerations, the post - crisis resolution frameworks seek to combine the preservation of systemic stability and the continuity of financial services with market discipline and the avoidance of taxpayer - funded bailouts of failed banks. this is also the main idea behind the bank recovery and resolution directive. in europe, the adoption of the bank recovery and resolution directive, which introduced a harmonised set of rules for the resolution of banks across the union, was followed two months later by the adoption of a very closely related instrument specifically aimed at the euro area, namely, a regulation establishing the second pillar of the euro area banking union, the single resolution mechanism. the first pillar of the banking union, the single supervisory mechanism, contributes significantly to enhancing bank resilience by applying very high prudential standards in a consistent manner to all supervised institutions operating in the euro area and by reducing risks to the system. however, despite enhanced regulation and supervision, bank failures will inevitably occur. the responsibility for preparing for and dealing with this eventuality lies with the second pillar, the single resolution mechanism. as we all know, this is an integrated, multi - level administrative mechanism, comprising a central component, the single resolution board based in brussels, and the national resolution authorities of the member states of the banking union ( including, by the way, the bank of greece ). the single resolution mechanism is responsible for both resolution planning and the actual implementation of resolution measures once a bank is deemed to be failing or likely to fail. to finance its resolution actions, it has access to a single resolution fund, which is pre - funded with contributions from the banking industry. the creation of the single resolution mechanism was a bold and decisive step towards the integration of european banking markets. subsequent events, including the handling of the failures of banco popular and sberbank, have confirmed its value. at the same time, through the efforts of the single resolution mechanism, banks in the union have become more resolvable and thus safer. not only have they built up their loss - absorbing capacity, but they have also developed their skills in all aspects of resolvability. moreover, the single resolution fund is now fully funded and mutualised, having reached its target amount. but this does not mean that all is well and that we should rest on our laurels. as last year's unfortunate events in the us, the uk and switzerland have shown, there is
june 21, 2016 ), www. federalreserve. gov / monetarypolicy / files / 20160621 _ mprfullreport. pdf. 2 / 2 bis central bankers'speeches

. these processes have positive implications for domestic banks incorporated in the mainland and for foreign banks, including banks incorporated in hong kong. for the domestic banks, expanding business and the challenge of foreign competition provide an impetus for reform and innovation. the banking reforms currently in progress in china are proceeding well. these include, among other things, the establishment of asset management companies to carve out the bad assets inherited from the days of policy lending. they also include the full introduction of commercial principles and market - based credit policies, and improvements in accounting standards. there will also be a profound impact on the governance and culture of the commercial banks, in terms of much better transparency and accountability, especially if these banks are to be floated as intended. to meet foreign competition, they will also put much more emphasis on recruiting good people, including those studying abroad, and giving them proper training. a good example is the recent joint venture between qinghua university and harvard business school to provide extensive training for bank managers in the mainland. they will also need a much clearer business and it strategy, which could include the need for consolidation. wto entry will mean a phased opening of china ’ s banking market to foreign banks. restrictions on foreign banks ’ operations, in terms of the scope of business, clients and geographical coverage, will be gradually relaxed. there is therefore a strong need for china ’ s banks to gear up and gird themselves for the challenges that will be posed by their sophisticated foreign competitors. for foreign banks, the opportunities brought by financial liberalisation on the mainland, in the context of wto, are immense. in two years ’ time, foreign banks will be able to conduct rmb business with chinese enterprises in shanghai, shenzhen, tianjin and dalian. within five years, they will be able to deal with all chinese enterprises without any geographical restriction. the obvious advantages for hong kong ’ s banks in this process are the same advantages that have taken hong kong ’ s other industries into the mainland. hong kong ’ s banks were among the first to open branches on the mainland, especially in the southern cities : they know china well, speak the language, have extensive branch networks, and maintain strong relationships, some of which have grown up over more than a generation. there are niches in which hong kong ’ s banks should maintain and extend their competitive advantage. for example, they should be able to continue to derive substantial business from the extensive involvement of hong kong companies in the manufacturing and retail sectors in china, in the
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a whole. but on the other hand, prioritising risk reduction alone is likely to lead to the opposite problem : excess saving and fragile growth as countries are forced to self - insure by running persistent surpluses. the solution to the famous “ paradox of thrift ” is institutions. good institutions exist to ensure that people are not forced into actions that are rational at the individual level but self - defeating collectively. so, completing emu is about finding the right trade - off : enough protection against moral hazard to discourage under - saving, but enough mutual insurance to prevent over - saving. in this way, we could tap into new sources of growth that would otherwise be suppressed. and, in the spirit of this conference, that would truly represent a “ new approach ” for europe. 4 / 5 bis central bankers'speeches conclusion let me conclude. we face a global environment that is marked by uncertainty. but i believe that, if we approach this challenge in the right way, it can also be a moment of opportunity. we have a unique possibility to respond to a changing and challenging world by investing in our future, strengthening our common institutions and empowering the world ’ s second largest economy. all of this would be a game changer, not just for our own stability and prosperity, but for that of the global economy, too. it does require us to think differently about europe. it will almost certainly not be easy. but as st francis of assisi once said, “ start by doing what ’ s necessary ; then do what ’ s possible ; and suddenly you are doing the impossible ”. 1 september 2019 ecb staff projections. 2 see ecb ( 2017 ), “ china ’ s economic growth and rebalancing and the implications for the global and euro areaeconomies ”, economic bulletin, issue 7. 3 since the onset of the financial crisis, domestic demand growth in the euro area has averaged 0. 5 %, compared with average growth of 2. 3 % in the decade before 2008. 4 internal ecb analysis. 5 see anderton, r., aranki, t., bonthuis, b. and jarvis, v. ( 2014 ), “ disaggregating okun ’ s law − decomposing the impact of the expenditure components of gdp on euro area unemployment ”, working paper series, no 1747, ecb, frankfurt am main, december. 6 see lane, p. ( 2019 ), “ europe ’
in the next two days. in the meantime, i urge you please to spare time to visit our beautiful city and sample what nairobi has to offer. thank you for your kind listening.

zeti akhtar aziz : building human capital for emerging challenges speech by dr zeti akhtar aziz, governor of the central bank of malaysia, at the 9th bank human resources conference 2008 organised by the indian institute of banking and finance ( iibf ) : " building human capital for emerging challenges ", kuala lumpur, 29 february 2008. * * * let me first of all extend a warm welcome to the participants of this 9th bank human resource conference organised by the indian institute of banking and finance ( iibf ). it is our honour to host this conference that is being held outside india for the first time. this is one of the concrete outcomes of the alliance that has been entered into between the indian institute of banking and finance and the international centre for leadership in finance following the mou that was signed about three months ago between the two organisations. the development of human capital has to be a constant undertaking in an environment of constant change. as recent as ten years ago, we have seen the economic and financial environment dramatically transformed. there has therefore required a corresponding change in the knowledge, skills, competencies and capabilities that are now required, in particular, by the banking industry, which is a highly knowledge - intensive and skills based industry. new challenges have also emerged in this environment arising from the rapid globalisation and internationalisation of the financial system and the significant advancement in technology. these developments have led to a rapid pace of innovation and enhanced international interdependence and inter - linkages. this has generated an environment that is increasingly more complex, competitive, uncertain and ambiguous. the recent episodes of financial turmoil, have shown that even financial systems in developed and advanced economies continue to be vulnerable to financial stress. this more difficult operating environment demands new skills and the ability to manage these new challenges. indeed, the role of leadership has changed. it is essential to have the talent that are not only able to see the new emerging opportunities, but also to be able to deal with the high level of unpredictability and navigate through turbulent conditions. the industry leaders need to be visionary and comprehend future trends, chart strategic directions and adapt to changes to stay competitive and relevant. effective leaders in this era, will be those who are continuous learners, who are on the cutting edge of excellence, who have strong convictions, and yet, having humility to recognise the need to reinvent themselves and inspire their organization to adapt to the new environment. such attributes are vital if the financial services sector is to
iii ) coordination of examinations ; and, most importantly, ( iv ) your unwavering moral support. to this end, we, at the bank do sincerely believe that although this mou will expire in september 2005, its legacy shall linger on and that the signing of this mou will further cement the cordial relations existing between the embassy of france and the bank. i thank you.

xiang junbo : deepening financial reform to create a favorable environment for enterprises speech by mr xiang junbo, deputy governor of the people ’ s bank of china, at the euro finance china conference 2005, shanghai, 9 november 2005. * * * ladies and gentlemen, good morning. it ’ s a pleasure to be here today to participate in the euro finance china conference. in recent years, china has been enjoying a rapid economic growth, gradually pushing forward its financial reform, and continuously pursuing the opening - up policy. against this background, there have been significant changes in the business environment of multi - national enterprises. it is of vital importance for us to discuss the issues regarding cash, treasury and risk management, which is the theme of this conference to facilitate an improved business pattern and efficiency for multi - national enterprises. as we know, economy and finance serve complementary to each other. an equilibrium and rapid development of national economy is needed to create a favorable external environment for the deepening of financial reform. while the introduction of various financial reform measures contributes to a better business climate for micro - economic participants. china has been maintaining a stable and rapid economic development momentum in recent years, and has achieved marked success in many sectors ; new progress has been made in the course of opening up, which guaranteed a smooth conduct of financial reform. first and foremost, national economy witnessed a steady and quality growth. with the gdp growth of 2005 expected to register at 9. 4 %, china ’ s annualized gdp growth rate during “ the tenth 5 - year plan period ” is likely to average at 8. 8 %, representing an acceleration of 0. 5 percentage points over that of “ the ninth 5 - year - plan period ”, while the volatility of economic growth is likely to be controlled within a band of 2 percentage points, 0. 5 percentage points lower compared with that recorded for the “ ninth 5 - year plan period ”. generally, china has enhanced the capability for economic growth, and is much more resilient against fluctuations with heightened economic stability. secondly, employment continued to scale up. employment has become an increasingly pressing issue for china due to its large population. during “ the tenth 5 - year plan period ”, newly created jobs in the urban areas increased from 7. 89 million in 2001 to 9. 8 million in 2004. and the figure is expected to exceed 9 million this year, which to certain extent will ease the unemployment pressure. thirdly, consumption has been steadily upgraded. during
the background of israel ’ s relatively good macroeconomic situation, low unemployment, and moderate ( but positive ) growth, we are not required, as many other countries are, to deal with an immediate crisis. therefore, we have the ability, but the obligation as well, to focus on dealing with the longer term challenges to the economy. as i have shown, they are many and complex, but dealing with them is critical to the success of the economy and to the welfare of the general population in the coming years. bis central bankers ’ speeches

only in the field of economics. now in particular, when the economy is stable and on a path of growth, we must constantly examine what potential situations could harm or weaken it, and what we must do to deal with them. underlying all the above is the continuation of the macroeconomic policy based on the one hand on long - term fiscal policy, and on the other hand on monetary policy that acts directly to underpin price stability and support financial stability. the long - term path that the government decided upon - within the framework of the legislation that determines the maximum real increase in government expenditure ( 1 percent a year ) and the budget deficit ( up to 3 percent of gdp ) - serves, together with the privatization policy, as bellwether to the required fiscal policy. in this context, the tax program recently adopted by the government also incorporates a component that supports a reduction of government debt. this fiscal arm of policy will contribute to economic growth. in the monetary area, it is essential that the bank of israel be able to continue acting, like other modern central banks, to preserve price stability in the long run, in line with the government's decision. obviously i am referring to a new, up - to - date bank of israel law. this is a vital issue to the bank, and i will revert to it in greater detail further on. in addition to the macroeconomic strategy that i have described, the microeconomic sphere offers challenges too, of no less importance. i will refer specifically to an area currently on the agenda of the knesset, and that is the reform of the financial markets, or the recommendations of the bachar committee. the reform is aimed at a ) reducing the concentration in the financial system and boosting competition in the capital market, and b ) lowering the chances of conflict of interests in the system. the bank of israel supports this reform. it comes together with several other structural reforms and instances of privatization that have taken place with the intention of giving households and the business sector greater freedom and flexibility. alongside all the above, it is very important that we give attention to welfare policy. in the last few years the research department of the bank of israel has invested considerable resources to formulate recommendations in this field, and i intend this to continue. there is close cooperation with the prime minister's office and with the ministry of finance, but not only with them. it is clear to us all that we must make a concentrated effort in the social area. welfare policy
only helping to create a more integrated financial market but is also contributing to greater financial stability by ensuring a strong and efficient european market infrastructure ; bis central bankers ’ speeches • looking to the future, the eurosystem remains committed to these objectives and will seek to exploit technological advances and innovation while maintaining safety, reliability and, ultimately, confidence and stability. bis central bankers ’ speeches

##2p mobile payments is the so - called standardised proxy lookup ( spl ) service ; • this is a database service that can link the mobile number of the payment recipient to the iban ; • this would greatly add to the convenience of mobile payments as it would free users from having to know and use the ibans of the payment recipients ; • such database services are already available at the national level ; • the euro retail payments board has called on the market to develop a pan - european solution. c ) new ( non - bank ) market entrants • the digitalisation of financial services opened the doors for a wave of new market entrants ; • there are two categories of new market entrants ; • first, there are start - ups making use of new information technology applied to financial services ( “ fintech ” companies ) ; • second, there are established internet companies ( large us social media or ecommerce platforms ) ; • in most cases, they do not offer banking services other than the initiation of payments or access to account information ; • these new product and service providers might present a challenge to the traditional market incumbents ’ revenue streams ; • their impact on the underlying financial market infrastructure will be more limited as the clearing and settlement of payments and securities transactions still take place between the account - holding entities. d ) distributed ledger technology ( dlt ) • what may have a much more profound impact on the financial market infrastructure in the years to come is distributed ledger technology ( dlt ) ; • dlt allows the verification of financial transactions in a decentralised way ; • thus, they have the potential to reshape the mechanisms for making transactions ; • the eurosystem needs to reflect on the possible impact and use of dlt in its three capacities as operator, catalyst and overseer ; • as the discussion on dlt is proceeding at great pace, i would like to point out that in the meantime, we have established an organisational structure within the ecb and launched dedicated work streams on dlt around the central bank roles of operator, catalyst and overseer in the field of market infrastructures : [ operator role : ] • we study the potential impact on the eurosystem market infrastructure, i. e. target2 and t2s ; bis central bankers ’ speeches • work is conducted in the context of our strategic reflections around “ vision 2020 ”, on which i will elaborate in a minute ; • adopting dlt for the eurosyst