samchain/econo-pairs-v2 huggingface dataset:
tarisa watanagase : asian banking – coping with risks and seizing opportunities luncheon talk by dr tarisa watanagase, governor of the bank of thailand, at the 27th asian pacific bankers council ( apbc ) general meeting and conference, bangkok, 31 october 2008. * * * chairman of asian pacific bankers council, distinguished speakers and guests, i would like to thank the asian pacific bankers council for inviting me to join this meeting today. with great uncertainty ahead, actions of each and everyone – banks, regulators, central bankers – can have significant impact at home and abroad. at this time, confidence and trust forged by candid and opened communication between key stakeholders is of paramount importance. therefore, this meeting offers an immense opportunity for us to foster this dialogue. just over a month ago, the global economic and financial market condition was at a much different place from today. since then, the magnitude of market adjustment, volatility, and contagion across markets, types of institutions, and countries have proven that risk diversification is easier said than done. this is especially as markets and institutions seem to correlate in a crisis as a result of risk - aversion and fear of counterparty risk. nevertheless, the positive factor that has emerged is that governments of major economies and financial centres are now addressing this with comprehensive package. the aims are chiefly to restore “ main street ’ s ” confidence by deposit guaranty ; to shore up “ wall street ’ s ” confidence with adequate liquidity ; and to mitigate counterparty risk through interbank guaranty. the rescue package also spans injecting capital into systemically important players, and neutralizing short - term market impact of valuation of toxic assets by underwriting those risks themselves. ladies and gentlemen, up to now, banks in asia have been less affected by the direct impact of the global financial turmoil. at this juncture, subprime - related losses have been lower in asia than elsewhere. the estimated write down and credit loss, as recoded by bloomberg on 28th october, is about 27 billion us dollars for asia, compared with 430 billion us dollars in the u. s. and 221 billion us dollars in europe. while this may be the case, the impact on regional capital markets, including the prices of bank stocks and widening credit spread, signals a much deeper concern. events in the recent weeks reflected market worries of the second round impact via expected slowdown in the global economy, trade,

to thank the australian - thai chamber of commerce for the invitation. thank you.
as startups, corporates and behavioural research centres, to create innovative products that incentivise prevention, healthier living and greater quality of life. at the same time, traditional intermediaries will also have to consider how the evolving nature of partnerships would affect their business practices and pivot accordingly to remain competitive. closing so, let me now conclude. much like how boundary spanning individuals became a focal point for innovation shaping the post - wwii era, the insurance and takaful industry is well positioned and empowered to lead today's innovation forward. in fact, the impact of boundary spanning individuals expands beyond just innovation benefits. an entry in the stanford science social innovation review last year highlighted how boundary spanning individuals are also powerful change makers in engendering trust and promoting equity, particularly among underserved communities, given the expertise and understanding of the communities they serve. in the same way, i believe that all here today will carry the role of innovators not just with commercial interest in mind but also in pursuit to benefit the communities we serve. this calls for a stronger role by industry leaders to collectively identify challenges, propose solutions and invest in ecosystem enablers. with this, i also hope to see more'by the industry, for the industry'efforts to shape the development landscape in malaysia that you would like to operate within. the bank has laid out the future vision for the insurance and takaful sector under the recent financial sector blueprint. the challenge now is for industry leaders and collaborators to forge on from here. we look forward to work with you to transform these aspirations into reality. thank you and i wish you a successful conference ahead. 1 idc website, nov 2020, " idc predicts 65 % of apac gdp will be digitalized reaching us $ 1. 2 trillion in spending by 2022 " 5 / 6 bis - central bankers'speeches 2 digital news asia, feb 2021, " swiss re study : increase in digital platforms, covid - enforced mindset is changing malaysia's insurance landscape " 3 in social science and organisational psychology, boundary spanning is a term to describe individuals within an innovation system who adopt the role of linking internal networks with external sources of information. the term is now widely used to describe any situation where an individual crosses the boundaries of a network to enable knowledge exchange, translate language, and share values among various networks. 4 centre for insurance and policy and research website, feb 2022, " parametric disaster insurance " 5

hyperon, apr 2022, " how parametric insurance is reinventing the industry ". 6 / 6 bis - central bankers'speeches
, 12 may 2015. panel remarks by vitor constancio at the annual congress of the european economic association, university of mannheim, 25 august 2015. 4 / 4 bis central bankers'speeches

panayotis thomopoulos : anti - inflationary exchange rate policy in greece in the 1990s speech by mr panayotis thomopoulos, deputy governor of the bank of greece, at the euromediterranean seminar, eurosystem and mediterranean country national central banks, organised by the bank of italy and the european central bank, naples, 14 - 15 january 2004. * * * i would like to thank the ecb and the bank of italy for the successful organization of this meeting. greece has been for more than three thousand years at the cross - roads between north, south and eastern mediterranean countries and, we greeks have been able to enrich our culture and ideas from our relationship with all the nations around the table and i am sure that to - day ’ s exchange of experiences will be to the mutual benefit of all present. i look forward to an even closer cooperation in the future between the eurosystem, with the ecb taking the appropriate initiative, and the rest of the central banks from the other regions of the mediterranean. when the maastricht treaty was signed, greece was meeting all the criteria of a country in crisis. stagflation, with mounting macro - economic imbalances, were the main characteristics of the economy. in the 15 years up to 1993, average inflation was almost 17 %, gdp growth was barely 1 % per annum, while the fiscal deficit was creeping upwards reaching some 13, 5 % of gdp by 1993 and pulling up the debt - to - gdp ratio to over 110 %. it was, therefore, not surprising that the government ’ s commitment to prepare greece for the satisfaction of the maastricht criteria in 1999 and membership of the euroarea by 2001 ( 2 years after its creation ) was received with disbelief by almost all foreign and domestic observers. from the beginning of 1994, when the new stability oriented policy was initiated, a managed exchange rate was a key policy plank in the stabilization process and contributed importantly to disciplining economic agents and setting in motion wage and price restraint, which brought the rate of inflation down to some 2 % on average in the twelve months to early 2000 thus making possible our euroarea membership. between end 1994 and early 1998, i. e. in the period preceding our erm i membership, the bank of greece and the government had decided to follow a policy of managing the exchange rate by not allowing the drachma to depreciate as fast as was needed to compensate for
in the asean region. thank you. 1 / 1 bis central bankers'speeches

and put in place cohesive reforms to safeguard the philippine financial system from the impact of climate change and other environment and social risks. indeed, the financial sector holds a unique position in advancing the sustainability agenda. clearly, we can no longer afford to ignore climate change or sustainability issues as a governance priority. by deciding to finance sustainable projects, you create more value for the company ’ s stakeholders while preserving the environment and humanity. the current covid - 19 pandemic also offers a window of opportunity for re - shaping the industry ’ s 3 / 4 bis central bankers'speeches future. let ’ s not put this crisis to waste and build a climate - resilient, green, and sustainable economy. thank you and good afternoon! 4 / 4 bis central bankers'speeches
lending to the economy even if truly adverse scenarios materialise, as shown by the ecb ’ s vulnerability analysis published in july 2020. this shows that in the field of banking regulation, we did not waste the previous crisis and learnt our lessons well. my second point relates to regulatory response. the relief package that the ecb banking supervision announced in march was designed to ensure that banks can keep lending to the contracting economy. for instance, banks were allowed to temporarily operate below the level of capital defined by the bank - specific pillar 2 capital requirements, namely pillar ii guidance. 1 / 2 bis central bankers'speeches in lithuania, macroprudential policy was a key domain of the regulatory response package. prior to 2020, critics would say that our macroprudential set - up was perhaps too wide - ranging. but this crisis showed, i believe, that our policy stance was the right one. first, it helped prevent a deterioration in lending standards and a build - up of systemic risk in the run up to the covid - 19 shock. and second, when the time came, we implemented countercyclical policy decisions in line with the intended functioning of the framework. for instance, in mid - march, the bank of lithuania fully released the counter - cyclical capital buffer from 1 % to 0 %. overall, the relaxation of various requirements has increased the lending potential of banks in lithuania by €2 billion, or by a third, compared to 2019. of course, we are talking about potential here, not the real world. but the real - world data has been encouraging, at least in terms of lending to households, which has broadly returned to the pre - pandemic levels. going forward, policymakers should not “ waste a good crisis ” this time as well, and take a fresh look at the existing macroprudential framework. we could even consider novel ways of applying macroprudential tools – such as the application of borrower - based measures during the cycle, e. g. relaxing the loan - to - value or debt - service - to - income requirements in times of crisis. finally, i would like to make a point on the long - term issues of the european banking sector. the first issue here is inadequate bank profitability. in this regard, there is a need for consolidation via mergers and acquisitions to make the european banking sector leaner. completing the banking union by creating a european deposit insurance scheme ( edis ) would open doors for true

cross border consolidation in europe. the second issue is non - performing loans ( npls ) – a long - standing problem in the european banking sector. to tackle the potential rise in npls, the next round of government support should put more emphasis on solvency rather than liquidity support. in my opinion, the eu should return to the idea of establishing a european solvency support instrument. there is also a great need of convergence of various insolvency frameworks across the member states. tackling these issues would allow banks to keep lending for a sustained recovery. thank you for your attention! 2 / 2 bis central bankers'speeches
of longer - term challenges and are keeping up our efforts to address the existential crisis of climate change. as part of our action plan to incorporate climate change considerations in our monetary policy framework, we decided to tilt corporate bond holdings towards issuers with better climate performance, through the reinvestment of redemptions starting in october 2022. our climate - related financial disclosures showed last month that this effort was helping reduce the carbon footprint of our corporate sector portfolios. in addition, we are adjusting the collateral framework, introducing climate - related disclosure requirements, and enhancing risk management practices. recently, we have also issued statistical indicators for climate - related analysis. moreover, tackling climate - related and environmental risks is one of the ecb's key supervisory priorities for 2023 - 25. supervisors have set institution - specific remediation timelines for achieving full alignment with supervisory expectations by the end of 2024 and will follow up on the deficiencies identified in stress tests and thematic reviews performed in 2022. the investigation phase of the digital euro project is on track. in the autumn, we expect to decide on the next project phase, in which the appropriate technical solutions and business arrangements necessary to provide a digital euro would be developed and tested. while a digital euro would focus first on the domestic retail payments market in europe, we are already discussing at the international level the potential of crosscurrency and cross - border payments made in retail central bank digital currency ( cbdc ). there is agreement that cbdc should eventually contribute to improving cross - border payments. as global work on cbdc accelerates, international cooperation in this field will become even more important. 4 / 4 bis - central bankers'speeches

of a coordinated regional response undermines our ability to dialogue effectively with the ifis on appropriate regional standards. we are indeed fortunate to have assembled here today a group of people who could articulate the various dimensions of the issue. i would hope that our discussions today would clarify the role of the fsb and the other g20 institutions and advance the discussion on a regional reform agenda, perhaps developed with the technical support of these global bodies that has been placed on offer. this is the surest way of helping the region in “ the race to the top ”. bis central bankers ’ speeches
already been. i wish you well in your deliberations.

low, although not as remarkably so, as they do not capture the large fall in oil prices over recent years. 2 / 13 bis central bankers'speeches this third graph ( graph 3 ) shows inflation rates for australia. the two measures shown are headline cpi inflation and the trimmed mean measure. we too have now joined the club of countries with headline inflation noticeably below the medium - term average, although we are a more recent member than many others. headline inflation here is 1 per cent and measures of underlying inflation are running at around 1½ per cent. 3 / 13 bis central bankers'speeches these low inflation outcomes globally and in australia are coexisting with low wage outcomes. in many industrialised countries, wage growth has been close to multi - decade lows and below what historical relationships with the unemployment rate would suggest. so why has this been happening? there are three main factors at work. the first – and the most conventional – explanation is that the low inflation reflects the economic slack in the global economy. economic growth has generally disappointed since the global financial crisis, weighed down by an overhang of debt. the result is that excess capacity exists in many parts of the global economy. broad measures of labour utilisation continue to suggest ongoing slack, despite unemployment rates in some industrialised economies being the lowest in some decades. and in parts of asia, there is considerable overcapacity in some manufacturing industries. this collective economic slack has reduced upward pressure on both prices and wages. the second factor is a self - reinforcing dynamic originating from the decline in headline inflation caused by the fall in commodity prices, including oil prices. with headline inflation rates so low, many workers have agreed to smaller wage increases than would have otherwise been the case, especially where expectations of future inflation are also low. the low wage increases have in turn reinforced the low inflation outcomes. 4 / 13 bis central bankers'speeches the third factor is that there has been a shift in the perceived pricing power of many workers and businesses. this could simply be the consequence of the increased economic slack but, in my view, there is something more structural going on, driven by the globalisation of markets and technology. perhaps the strongest effect of globalisation is that it increases competition. this is one reason why open markets can be such a positive force for our collective good. but, in many cases, increased competition means less pricing power, which means a lower level of prices. open markets and advances in technology mean that more businesses
i. minister chee hong tat had previously shared that the review group is looking at companies which are already based in singapore, as well as companies from emerging markets and in areas such as fintech, innovation and sustainability. 3 / 5 bis - central bankers'speeches ii. in addition to this, the review group, informed by market feedback, is studying how we can better position our equities market to attract high quality mid - cap growth companies that are likely to be less visible on larger exchanges in the us, china and japan, but can benefit from being listed on sgx due to brand familiarity with investors in the region. iii. by being clear with the profile of companies we want to attract, we can better design our incentives for these companies to consider singapore as a listing venue, as well as for fund managers to launch products that invest in the local equities market. b. second, on the demand side, we need to not only jump start interest but also make it sustainable. this will require a range of measures to attract capital and sustain post - ipo liquidity and trading volumes, so that listee companies have confidence to list, market interest is raised, and trading liquidity is maintained. i. while it is inevitable that a sizeable proportion of liquidity will be concentrated in a number of well - known counters, we must aim to broaden liquidity beyond these counters. this will be especially critical for smaller counters, for example those with market cap between $ 500 million and $ 3 billion. ii. we must also crowd in commercial capital on a sustained basis, such as institutional wealth, individual investors and family offices. while there have been suggestions to channel sovereign monies into our equities market, it is not practical to rely on sovereign monies alone to sustain these funds and to support the equity market. instead, any use of public funding has to catalyse commercial capital for trading interest in our equities market to be sustained over the long term. iii. to this end, i note that the review group is studying how we can make optimum use of seed capital to draw in more commercial capital to ensure that government developmental capital is deployed on a fiscally prudent basis. iv. we must also strengthen the larger ecosystem to build a stronger pipeline of quality listings, catalyse investor interest and sustain liquidity. for example, we can explore enhancing research coverage into the types of pre - ipo growth companies we want to

for development of retail payments are in the process of implementation on our domestic payments market. a still open question is whether the changes in the people ’ s payment habits will stay as a permanent feature and will set a direction for the forthcoming technical developments in the payments sector. in this very dynamic area the eu regulators will continue playing an active role. i wish interesting and productive work to all the participants in today ’ s financial forum. 2 / 2 bis central bankers'speeches
the supervisory review and evaluation process which the supervisory board initiated on the basis of independent expert advice. generally, if we identify weaknesses, we need to use the full range of supervisory tools in a timely and effective manner. this year, we will intensify the use of escalation mechanisms to ensure that supervisory findings are addressed and deficiencies are remedied by banks. for example, for climate - related and environmental risks, we have established clear supervisory guidance and follow - up procedures, setting deadlines for 2 / 3 bis - central bankers'speeches banks to progressively meet all supervisory expectations by the end of 2024. we also envisage the use of periodic penalty payments should supervised entities fail to comply with the requirements. moving forward, we need to continue our efforts to complete the banking union given the challenges and structural changes that lie ahead, completing the banking union is more important than ever. europe needs a strong and resilient banking sector to withstand shocks and promote growth. a truly integrated single market for financial services, with a complete banking union at its heart, would ensure that businesses and households have access to sufficient and affordable funding. as stress in the system may increase, we need to close the remaining gaps in our crisis management framework as soon as possible. strong supervision and credible resolution are indeed closely connected and reinforce each other. the crisis management and deposit insurance review will give authorities a more flexible toolkit to ensure that failing banks are able to exit the market in an orderly fashion, making the european banking system more resilient to shocks. to be able to apply these tools in practice, it is crucial to have access to adequate funding, including from existing industry - funded pools such as deposit guarantee schemes. in addition, we need further progress with regard to the third pillar, a european deposit insurance scheme that would ensure high and uniform levels of depositor protection. this would increase the resilience and integration of the european banking system. completing the banking union and building a genuine capital markets union should go hand - in - hand. financing the green transition and innovation requires both bank and capital market finance. moreover, well - functioning capital markets can foster crossborder activities by banks and ensure better risk sharing. conclusion let me conclude by underlining that accountability to european institutions is essential for us. supervisors need to continuously and transparently connect with all stakeholders to explain what risks we see and how we are addressing them. building on what we have achieved together, i look forward to working with the

european parliament over the next parliamentary term to complete the banking union and support your work to further strengthen the regulatory framework. 3 / 3 bis - central bankers'speeches