samchain/econo-pairs-v2 huggingface dataset:
our communications with firms, including being more timely and clearer in our feedback ; • improve collaboration with home and other host supervisors ; and, • make supervisory colleges more effective, by promoting more robust discussions and more direct feedback to firms. thank you for your attention today. i look forward to continuing to work with you on these issues as we seek to enhance our supervisory programs. bis central bankers ’ speeches

’ s simply not enough to understand tone at the top in the u. s., if the top is really somewhere else. three things that supervisors can do • first, improve communication with firms. the counterpart to asking you to improve your communications with us is raising the expectation that we do the same. we need to be timelier in our communication of relevant findings in our supervisory efforts, and we need to shorten the time between the conclusion of supervisory work and our feedback to firms. more timely communication should also include sharing information in the earlier stages of our work, before all issues have been confirmed or facts sorted out, but at the point at which we suspect there ’ s something not quite right. this is important not just in the context of formal supervisory efforts like examinations, where we may have an early read on an issue, but also in areas where we see something or something has been flagged through other means and we raise it with you for discussion and attention as needed. our communication needs to be more candid and direct. too often i hear that our communication has too much “ nuance ” and that firms struggle to understand exactly what we are looking for. to be clearer in our communication, though, we also need to better understand the businesses you are in and how your businesses operate. as i indicated earlier, we need more context to understand your operations – and your sharing more global information with us does provide that necessary context. • second, improve collaboration and communications with other supervisors – both u. s. and foreign. for true consolidated supervision to work, information has to flow bis central bankers ’ speeches freely among supervisors. we need to eliminate the legal impediments for supervisors on the ground to be able to share information in a more routine and natural way. there are many efforts underway, through such venues as the fsb and the senior supervisors group, to promote enhanced information sharing and collaboration among supervisors. we also need to work more collaboratively together. this means sharing concerns about issues and agreeing on work necessary across the global firm to address the issues. this means jointly conducting examinations, as well as concurrently conducting work with similar scopes so that the full picture of the firm can be drawn, and we can capture all the relevant insights of these globally managed businesses. finally, it also means leveraging the results of work from other supervisors and not undertaking duplicative work. • third, enhance supervisory colleges, which were designed to improve the exchange of information among supervisors with the
. the supervisory council which wields the ultimate financial powers over the bank is a parliamentary body separate from the government ministries. it has proven to give a high priority to the financial soundness of the bank of finland, and has not reflected the occasional pressures arising from the ministry of finance for example. • institutional support by the ecb. the ecb ’ s opinions give powerful support to the financial independence of the national central banks of the eurosystem. for instance, when there was political discussion in finland in 2003 about extracting capital from the central bank, the institutional support from the ecb was important in avoiding that action. ultimately however, all of these pillars of central bank financial soundness are dependent on the general understanding of the tasks and responsibilities of the central bank, and on a broad trust and acceptance on its activities and operations. if these are undermined, the provisioning and distribution rules, governance structures and other safeguards of central bank soundness are not on a durable basis. the central bank must therefore strive to demonstrate by acts and words that it serves a public purpose. bis central bankers ’ speeches

the dollar – it would be about building a more stable global financial system. it would also be about providing an additional channel for foreign investors to invest in europe, including into sustainable finance and the green bond markets. there are major challenges involved in taking the cmu forward. for that, we need a clear vision and persistence. we need to revitalise the action plan. with this in mind, in my view it would be useful to reassess the narrative attached to the cmu. a new concept – “ growth and investment union ” for example – might put a more positive drive on the project. dear colleagues, the current global headwinds underline the importance of boosting the economic revival of europe through structural reforms, public and private investment in research and innovation, and a revitalisation of the single market. we need to complete the emu financial architecture to enhance capital allocation and improve private risk sharing. only in this way can we reap full benefits of the single market. and, crucially, europe ’ s economic revival needs to be combined with the greatest challenge of our generation : tackling and mitigating climate change. it calls for a consistent strategy from the eu on how to pursue economic and ecological transformation of our societies and enterprises. in this challenging task, the financial system will need to play an important role in managing risks and mobilising capital for green investments. let me wish you most productive discussions and enjoyable days in helsinki! – many thanks for your attention. 1 see padoa - schioppa 3 / 3 bis central bankers'speeches
february. speyer, b. ( 2006 ), “ credit derivatives – short - term challenges and long - term implications ”, journal of financial transformation, volume 16, pp. 143 - 152. zhu, h. ( 2006 ), “ an empirical comparison of credit spreads between the bond market and the credit default swap market ”, journal of financial services research, volume 29, no 3 / june, pp. 211 - 235.

yves mersch : china – progressing towards financial market liberalisation and currency internationalisation speech by mr yves mersch, member of the executive board of the european central bank, at the renminbi forum luxembourg, luxembourg, 26 february 2014. * * * ladies and gentlemen, it is a pleasure to be the keynote speaker at the first - ever luxembourg renminbi forum. i would like to thank luxembourg for finance for this opportunity to say a few words on the recent, rapid emergence of the renminbi as an international currency. its new - found status is the result of china ’ s economic performance and part of a wider ongoing reform process in the country. so how will the internationalisation of the renminbi affect china, as well as the rest of the world? these are the issues i will address now. china ’ s economic rise the opening - up of china and the reforms pursued by its leaders since 1978 have brought about astonishing economic progress. the chinese economy has become the third largest in the world, after the us and the euro area. china ’ s gdp per capita in real terms has undergone an 18 - fold increase, massively reducing poverty and increasing purchasing power. but economic development has brought its own challenges, such as income inequality and environmental degradation. the authorities are increasingly responding to the concerns stemming from these problems and have made their resolution a policy priority. china ’ s domestic development has taken place in parallel to its growing economic integration with the rest of the world. its goods trade has increased about 20 - fold over the last 20 years. cross - border investment is growing again after retreating during the global financial crisis. flows are also becoming more balanced : the current account surplus last year was slightly over 2 % of gdp, a far cry from the surplus of more than 10 % recorded in 2007. in addition, since 2012, investment coming from china has caught up with investment flowing into china, accounting for 15 % and 17 % of gdp respectively. as its economic importance has grown, china has taken on a larger role in global institutions. notably, it joined the world trade organization in 2001. the imf has also agreed on an increase in its quota, although this still has to be implemented. bilateral relations between the eu and china are also intensifying. following on from the eu - china summit in beijing on 21 november 2013, the european commission and the chinese ministry of commerce started talks last month on a comprehensive investment agreement to increase market access and provide better protection for investors
of fmos on its launch today. 3 / 3 bis - central bankers'speeches

for businesses. this is especially true for innovative small and medium scaled enterprises whose value tends to be more closely linked to intangible assets. to a large extent, this is because ip issues are still not well understood. the financial industry has not devoted enough resources to this increasingly critical sector for future growth. frameworks within financial institutions for lending against ip are consequently not well - developed. this is quite surprising when one considers that way back in the 1880s, ip was first used as collateral to secure funding by thomas edison with the incandescent electric light bulb. it was ground - breaking. it was a feat ahead of its time. ip is an ownership over an innovation. innovation reflects an investment in a knowledge assets with an opportunity to make profits. thus, understanding ip makes good business sense and offer fund providers a good opportunity for business growth and opportunities. greater recognition of ip as a relevant factor in financing decisions is therefore a proven concept. different financial players harness the potential of ip in different ways. the varying business models and risk appetites within the financing ecosystem will determine how ip fits bis central bankers ’ speeches into financing considerations. for example, banks have to prioritise depositors ’ interests and would not be expected to finance ventures with high risks. however, this is not true in all cases. smes with proven track records should be within banks ’ sights, in such cases the value - add of ip should be more effectively leveraged. indeed, in other emerging economies, progress has been evident. the thai sme bank, chinese bank of communications and the federal development bank of brazil already take ip into consideration for financing. malaysia ’ s financial services industry should also take this opportunity created by this new growth industry. therefore, it is an opportune time that the boards and senior management of the financial service fraternity in malaysia to begin to actively explore pragmatic approaches to assimilate ip into existing financing considerations. an important starting point is building a stronger knowledge base of ip issues within financial institutions. this includes identifying staff within your institutions to learn about these issues and providing them with local and international opportunities for training or exposure in ip. the industry, working together with relevant authorities, agencies and trade associations, should also come together to agree on specific initiatives to overcome barriers to the more effective use of ip assets in financing considerations. this includes developing practical guidance for both businesses and financial institutions in identifying, managing and valuing ip assets, and a way to include such assets within an institution ’
that the crb commands the confidence of bank customers. the legal framework should deal with data protection, dispute resolution and the timely sharing of data between lenders. we have begun to put this framework in place, but the task is not yet complete. thank you.

emmanuel tumusiime - mutebile : foreign reserve management welcome remarks by mr emmanuel tumusiime - mutebile, governor of the bank of uganda, at the third bis meeting on reserve management in africa co - hosted by the bank of uganda, kampala, 18 march 2010. * * * the bis meeting chairman – mr louis de montpellier ( deputy head of banking department, bis ) distinguished resource persons and participants from central banks in africa ladies and gentlemen i would like to begin by extending to you all a very warm welcome to this meeting : the third bis meeting on reserve management in africa. i would also like to welcome our foreign guests to uganda, especially those who are visiting this country for the first time. i hope that this meeting will prove very productive and that your visit to uganda will be a memorable one. i would also like to thank the bank for international settlements for granting uganda the honour of hosting this meeting. the bank of uganda is very pleased to co - host this meeting with the bis because it comes at a critical time for central banks in africa, which are still grappling with the myriad consequences of the global economic crisis. foreign reserves management is a core function of central banks all over the world. it is particularly important for developing countries. many developing countries have suffered balance of payments crises, often as a result of large terms of trade shocks or “ sudden stops ” in the capital account. many african countries suffered bop crises in the 1980s while the 1990s saw bop crises in emerging market economies ; in latin america, east asia and the former soviet union. the costs of bop crises, in terms of lost output, bankrupt firms and foregone budget revenue, are usually very high. the lesson we have learned from past episodes of external shocks is that it makes sense to put in place a strategy to protect our economies from the risk of a bop crisis. one arm of such a strategy comprises sound macroeconomic policies ; including sustainable fiscal, monetary and exchange rate policies. the other arm is to maintain a substantial buffer of international reserves, which can be used to support the bop in the event of an adverse external shock. this motivated many developing and emerging market economies to build up their international reserves to record levels in the 2000s. uganda was part of this trend. our gross international reserves have increased almost fourfold in the last 10 years : from $ 760 million at the end of 1999 to nearly $ 2. 8 billion today. the countries of sub - saharan africa increased their
up with orders. with high demand, businesses felt they could pass on more of their cost increases than usual, and more rapidly. what we learned is that, in some contexts, businesses can dramatically change their pricing behaviour. 2 our economic models and forecasts need to reflect this reality. and finally, we learned - or perhaps relearned - just how much people hate inflation. all of a sudden, people couldn't afford the things they need to live. and while inflation is low once again, many prices are still a lot higher than they were before the pandemic. so people feel ripped off. and that erodes public trust in our economic system. the spike in inflation in 2022 was a reminder that even though inflation was relatively low and stable for 30 years leading up to the pandemic, central banks cannot take public trust for granted. we need to earn that trust, by being clear about our objectives, accountable for our actions, and humble in the face of uncertainty. preparing for the future 3 / 7 bis - central bankers'speeches that brings us to the future. unfortunately, it looks more uncertain than it did before the pandemic. big structural changes are already underway. deglobalization, demographic shifts, digitalization and decarbonization are all having significant effects on jobs, growth and inflation. trade protectionism and economic fragmentation are rising, and the appetite for global cooperation is waning. shifting international relationships are adding uncertainty and costs and altering investment plans. aging populations and changes in immigration policies will also affect the supply and cost of labour. new technologies, including artificial intelligence ( ai ), will disrupt existing industries and create new ones. and the impacts of climate change and the transition to low - carbon economies are becoming more pervasive. monetary policy cannot eliminate any of this uncertainty. but by keeping inflation low and stable, monetary policy can avoid making it worse. so how do we prepare? for 2025, we have set three priorities to help us deliver for canadians in a more uncertain world. we need to work with our international partners to try and shape the future. canada's g7 presidency next year is an opportunity to lead. we also need to improve our analysis, using richer information and better tools to respond to inevitable shocks. and finally, we need to ensure our monetary policy framework is fit for purpose. let me take each of these in turn. work with our international partners we often focus on negative international spillovers - the

november 26, 2024 ) ; and t. macklem, " the bank of canada's response to post - covid inflation, and some lessons learned, " in b. english, k. forbes and a. ubide ( eds ), monetary policy responses to the post - pandemic inflation, centre for economic policy research press ( february 2024 ). 2 see n. vincent, " understanding the unusual : how firms set prices during periods of high inflation " ( speech delivered to the chamber of commerce of metropolitan montreal, montreal, quebec, october 3, 2023 ). 7 / 7 bis - central bankers'speeches
than it was when i started my career at the reserve bank nearly twenty - two years ago. that is fair enough, in that decisions taken in the rba board room are important in the life of the nation ’ s economy, and the rba operates independently of the political process, albeit within clearly agreed goals. a requirement for an official organisation to have a fairly transparent process and to communicate the basis for decisions is part and parcel of operating in a free society. yet sometimes the discussion about monetary policy proceeds as if there is a degree of mystery about the process, and it has to be admitted that in times past, central bankers cultivated this to some extent. what i have tried to do today is to de - mystify the process, and show that it involves what most people would expect : it examines data and evaluates competing hypotheses about the economy ’ s current and likely future performance. with due consideration for the uncertainty surrounding these assessments, it tries to develop a sense of the balance of risks, so as to provide a basis for coming to an informed decision on interest rates each month. the analysis comes into public view on a regular basis through the published statements, and is based overwhelmingly on data which is known to everyone. all of this is in the context of a framework for monetary policy – a medium - term inflation target – which is i think well understood. you may, as i suspected at the outset, have found all of this terribly dull. if so, i have achieved my objective of making clear that the process is what common sense would expect, with no mystery. no one would claim that all our processes are perfect. we are always, of course, on the lookout for ways of improving them. i ’ m sure you will have plenty of suggestions in the question time.

et 25 octobre 2002, frankfurt am main. • smaghi bini lorenzo, society, state, market : a european answer, international forum economia e societa aperta “ uscire della crisi ”, organised by bocconi university and corriere della sera in cooperation with university carlos iii de madrid, madrid, 25 november 2008. publications from monetary authorities • ecb, financial stability review, june 2007 ; http : / / www. ecb. eu / pub / pdf / other / financialstabilityreview200706en. pdf. • ecb, opinion of 10 september 2008 at the request of the banque centrale du luxembourg on amendments to the draft law improving the legislative framework for luxembourg as a financial centre and amending the law of 23 december 1998 on monetary status and on the banque centrale du luxembourg, ( con / 2008 / 42 ) ; http : / / www. ecb. int / ecb / legal / pdf / en _ con _ 2008 _ 42. pdf. • hong kong monetary authority, quarterly bulletin, december 2008 ; http : / / www. info. gov. hk / hkma / eng / public / qb200812 / qb _ all _ index _ new. htm. • imf, global financial stability report, april 2006 ; http : / / www. imf. org / external / pubs / ft / gfsr / 2006 / 01 / index. htm.
of the ing - finex cfo of the year! who will it be? is she or he in this room? a member of finex or not? let ’ s wait and see. again, congratulations to finex and ing! thank you all and good evening. mabuhay po ang bansang pilipinas!

side to the past 17 months is not easy, but the crisis has given us a unique opportunity to see the big picture and consider our place in it. this is a historical inflection point, and this generation of students is in a position to turn its lessons into profound tools of change. and i hope some of you will use those tools in public service. the students here today are the policymakers and legislators of the future. your teachers are the ones with the daunting task of preparing you for that future. you will see the world differently than your predecessors. you have been forced, sooner than most people, to consider what in life is truly important. you have seen a world upended, but you have also seen a world that is rapidly changing — sometimes more in one week than some of us have experienced over the course of decades. i hope this will cause you to think about how you want to make your mark, knowing that things do change, and sometimes they change quickly. this is an extraordinary time, and i believe that it will result in an extraordinary generation. as long 1 / 2 bis central bankers'speeches as we continue to have extraordinary educators to guide them there. education is the foundation of our economy, indeed, of our society. teachers have always been tasked with nurturing and overseeing our most valuable national resource. it is the highest call within the higher calling of public service. i want to thank all of the teachers — those here today and the rest across the country — as well as the parents and students who have come together to make it through the past year and a half. thank you, and i look forward to your questions. 2 / 2 bis central bankers'speeches