samchain/econo-pairs-v2 huggingface dataset:
take the same positions at the same time. such herding could then enforce current trends, creating bubbles or bursting them. and then there are threats of a more technical kind : cyber risks. cyber risks affect everyone – banks, fintechs and their customers. arguably, fintechs are more exposed to cyberattacks and data theft. their it platforms are small and interconnected, and they often use public cloud solutions and outsource data storage. that said, fintechs are digital natives and are very aware of the risks. ladies and gentlemen, it is hard to predict where the fintech journey will take us. it is obvious, however, that the train has left the station and is speeding up. customers want to extend their digital life to banking ; they want banking services anytime and anywhere. those who can satisfy their needs will become dominant players. there is a chance that fintechs will deeply transform the banking business. it is up to regulators and supervisors to ensure that this does not come at the cost of stability. the issue is, of course, that fintechs often operate outside the regulated banking sector. with that in mind, policymakers should follow the general principle of “ same business, same risks, same rules ”. that is important. as banking supervisors, we focus on risks related to banks. in that regard, we are working on a number of projects. take bank licences, for example. we see a rising number of applications related to fintechs. in response to this, we have teamed up with the national supervisors to work on a joint policy approach. it will ensure that applications are treated in the same manner across the entire euro area. risks that are specific to fintechs will be assessed appropriately and proportionately. we are also seeing more and more supervisors exploring and setting up mechanisms to facilitate the authorisation process for fintech banks. innovation hubs and sandboxes are two of the key words here. and we too are seeking to implement a euro area - wide hub for fintechs. we are also assessing the risks that might arise when banks or fintechs outsource data or even entire it systems. we already carried out some work in this regard ; in 2015, we did a cybercrime survey, which was a unique project at the global level. as a follow - up we implemented a data base to track and analyse cyber incidents in large euro area banks. and last but not least, concerning the

. we are living in very vivid and exemplary national democracies and in a european union where the ultimate judge is the people. we have to convince our public opinion at large that each individual would be better off - with more growth and more jobs - if we could deliver the reforms of the lisbon agenda. the ecb will do all what it can to help improving pedagogy in this respect. and five, i confirm here that we, in the governing council of the ecb, know that structural reforms are not easy to work out, that it needs much courage and determination from governments, parliaments and social partners. we will back in the future as we have in the past this courage and this determination.
host of not only the first ever conference on climate risks and supervision, but also the first ever conference of the central banks and supervisors network for greening the financial system. we hope and are convinced it won ’ t be the last.

##s to commodities, a wide array of malaysia ’ s exports have gained international 4 / 6 bis central bankers'speeches recognition. a recent case in point is the palm oil industry, which also marks its 100th year of industrialisation this year. since the introduction of the roundtable sustainable palm oil ( rspo ) standards, our major palm oil players have redesigned their plantation strategies to comply with the strict rspo standards. we have also gone a step further by introducing the malaysian sustainable palm oil ( mspo ) certification to elevate the standards of smallholders. malaysia ’ s economic and business policies are agile and pragmatic. our world is increasingly fast - paced, with ever changing challenges. to remain competitive and relevant, policies must be agile and efficient. malaysia ’ s policies have been flexible and pragmatic. time and again, we have demonstrated the courage to take bold and unconventional measures to protect the economy and the interests of genuine investors. time and again, our policies have become even more liberalised than before, as we move forward to make the market more competitive, more transparent and more dynamic. seven months ago, we took swift and pragmatic actions to implement foreign exchange market development measures to stabilise the foreign exchange market. i am pleased to report that these measures are successful, where the 1 - month implied volatility has halved. onshore foreign exchange have recovered to a stable daily average volume of usd10 billion, an increase of 1. 25 times before the measures. daily foreign exchange turnover remains 5 times higher than equity trades. another policy that merits attention is the global phenomenon of rising inequality. markets are not always the best arbitrator for the distribution of jobs, wealth and income. in the era of rapid globalisation, advancement in technology and consequently, the creation of a new economy, there are many winners and losers. as responsible policymakers, we need to reconcile the benefactors of the new economy with those who have been excluded or dislocated during this era of transformation. cognisant of the urgent need to improve our social safety net, the minimum wage was implemented in 2013. many have benefitted from this, including migrant workers. the b40 group was also given cash assistance to cope with the rising cost of living. in the near future, the protection and wellbeing of workers will be enhanced through the introduction of unemployment insurance. i urge businesses to take a broader view of these policies and not purely from a cost perspective.
##eficiary accounts, philpass emerges as a safer, faster, and more efficient option for remitting overseas workers. another highlight of this project is the agreement by participating banks to charge a significantly lower standard back - end processing fee of 50 pesos per remittance transaction. the back - end processing fee normally charged ranges from a low of p100. 00 to a high of p550. 00 per transaction. in other words, overseas filipinos will be saving at least p50 to p500 per transaction in remittance fees whenever abroi members forward the money to beneficiary accounts in other banks. estimates indicate that remittance transactions average 66 million per year, of which transmission through “ credit - to - other banks ” accounts for 8 % or an average of more than 5, 000 transactions daily. this means savings of at least p75 million in annual remittance fees for overseas filipinos. at least p75 million. for our overseas workers, this represents additional money that can benefit their families and other beneficiaries. for the bangko sentral and our banks, this represents yet another way for us to express our support for our overseas workers who continue to play a pivotal role in keeping our economy sound and stable. i understand that systems integration of abroi member banks with the bangko sentral ’ s philpass will be completed before the end of this year, with test runs expected to begin in january 2010. given this timeline, the philpass - abroi linkage should be fully operational by late february or early march next year. once again ladies and gentlemen, i thank everyone involved in this important undertaking that will benefit millions of our overseas filipino workers and their families. let us consider this as our joint christmas gift to them. mabuhay ang ating overseas workers! mabuhay ang pilipinas! maraming salamat sa inyong lahat.

##t at mabuhay ang pilipinas! 1 fintech ( financial technology ) refers to the integration of finance and technology in a manner that drives the transformation or disruption of the traditional processes in financial service delivery. new business models driven by fintech can create new risks in different segments of the financial system, or accentuate some existing risks. 4 / 4 bis central bankers'speeches
r basant roi : improving loans quality in mauritius address by mr r basant roi, governor of the bank of mauritius, at the opening of ioib branch, curepipe, 25 may 2006. * * * hon. deputy prime minister and minister of finance and economic development chairman of the board of directors and chief executive of ioib ladies and gentlemen good afternoon i am extremely happy to be here with you on this special occasion marking the opening of the curepipe branch of the ioib. may i, to begin with, express my personal appreciation to the board of directors of the ioib and the sbi team for having successfully met the various challenges that confronted them at the time of the take over of the bank last year. the new management of the bank was faced with the task of putting in place a robust policy framework including solid internal control systems and procedures and filling gaps in the overall management structure of the bank. declining level of deposits, advances and profitability, skewed asset level with low yielding investments accounting for more than 60 per cent of the asset book, high cost of funds with fixed deposits accounting for over 65 per cent of total deposits, absence of investment friendly products, extremely high level of non - performing assets and total absence of any system of target setting and performance review. these were conditions in which the bank was operating in the very recent past. worst, a constellation of obscure forces, known only to a few, militated against those who were really determined to bring the bank to safe haven. the regulator and a few faithful board members of the bank sailed against the strong wind. i am personally very happy to see that the board of directors of the bank and the sbi team have brought about a dramatic improvement in the balance sheet of the bank in the first year of its operation. on an annual basis, the deposit base of the bank grew by 21 per cent, advances by 55 per cent and its total assets by 50 per cent. profit before tax rs34 million ; profit after tax rs24 million. the ratio of gross npa to gross advances fell from nearly 27 per cent in june 2005 to nearly 17 per cent in march 2006 – that is, by 10 percentage points. the ratio of net npa to net advances has fallen from 16 per cent to 9 per cent and is expected to go down to around 3 per cent by march 2007. without an iota of doubt, this is really an impressive performance. i have found it appropriate to mention these figures for

' speeches
in order to carry on with real convergence, romania has to exploit its growth potential and to get as close as possible to full employment. with a view to achieving these goals, we should focus on a number of issues related to real convergence which were less debated in the first ten years. the demographic problem : the equivalent of approximately 30 percent of the labour force in romania and of 13 percent of the total population work abroad ( from 3 percent in 2005 ). this is romania ’ s lost gdp. moreover, even now, when romania ’ s economy reports above potential growth rates, the country continues to record negative birth rates. the ageing of the population affects potential gdp ; and it is not only about ageing – ageing is doubled by a high rate of people at risk of poverty ( around 40 percent in 2016 ). according to in - house studies that refer to a panel of 6 central and eastern european countries and cover the period from 2005 to 2016, a 1 percent increase in the share of population aged 65 and above triggers a 1. 3 percent decline in potential gdp. real convergence is measured not only in quantitative terms, in cold figures, but also in qualitative terms. for instance, over 90 percent of the population owns a house, but housing quality is the lowest in europe ( about 30 percent of the individuals have no access to basic sanitary facilities and around 70 percent live in overcrowded dwellings ). the living standards and the wage differential further account for emigration waves even amid the high economic growth. this is a deeply uneven growth at both interregional and intergenerational levels, which is unbalanced in terms of structure and which reinforces inequalities within the society ( the gini coefficient stood at 38 percent in 2015 ). the growth potential should be enhanced also by an increase in capital flows and stock, the absorption of eu funds and a better allocation of resources via investment prioritisation. achieving convergence is not enough, as convergence should be sustainable, balanced and equitably distributed. real convergence should be pursued not only in terms of income, but also in terms of output structure, by means of the level and composition of budget revenues and expenditures. good european practices should be used to fight tax evasion and strengthen financial discipline. in the medium run, a balanced primary budget should be ensured and the mto ( medium - term objective ) should be again pursued ; public debt should be maintained at sustainable levels and inappropriate incentives leading to over - ind

##ao. i wish the cross - boundary wealth management connect pilot scheme a great success! thank you! 2 / 2 bis - central bankers'speeches
surprising given the relatively healthy profit situation, the high level of business confidence and the expected growth in spending. these more buoyant conditions may also encourage businesses to attempt to rebuild profit margins, which will be a factor underpinning inflation over the next year or so. thus, we believe that if monetary policy maintained its present stance for too much longer, there is little risk of a serious slowdown, but a high risk that the economy in time would overheat. this provides the basis for our view that monetary policy should be returned to a more neutral setting. i think there is widespread agreement with this assessment of the situation, but inevitably there will be people who do not agree. one doubt you sometimes see expressed is the fear that any rise in interest rates will “ choke off the expansion ”. not surprisingly, we feel that this fear is misplaced. at one level, it amounts to saying that the expansion is so fragile that it can only be continued if monetary policy is kept permanently at an expansionary setting. we also care about continuing the expansion, but feel that the least risky way of doing so is with a more neutral interest rate setting. at another level, the fear may be that we at the reserve bank will err on the tight side. of course, that is possible, but our track record does not support this view. over the past decade or so, the thing that stands out about our monetary policy is the fast rate of economic growth it has permitted compared with other comparable countries, not any tendency to over - achieve with inflation reduction. where we differ from some observers is that we are mainly interested in the medium run, i. e. we want to sustain the expansion rather than to maximise its speed over the next year. we have been consistent in this approach for the best part of a decade, and it has served us well. i would now like to change to a subject that was highlighted by this committee in its press release announcing today ’ s hearing, namely credit card reform. the reserve bank released its consultation document in december last year. in it, we proposed, subject to further consultation, three major changes to the four party credit card schemes that operate in australia : – first, a new and transparent standard for setting the interchange fees on credit card transactions which would lead to a reduction in those fees, and thus in the merchant service fees paid by businesses ; – second, the ending of the prohibition imposed by the card schemes that prevents merchants from passing the

by loan to income ratios in increments of 0. 25. excludes remortgages with no increase in principal. all speeches are available online at www. bankofengland. co. uk / speeches chart 5 : net lending to the household sector by lender type ( a ) source : bank of england and bank calculations ( a ) calculated as the 12 - month moving average of the net flow of lending to households. all speeches are available online at www. bankofengland. co. uk / speeches
with ourselves as central bankers. finally, fellow governors, i once again want to reiterate that it is a great privilege to host you in our beautiful city, kampala, the city of undulating hills. i invite you to enjoy the sites and savour the cuisine in this part of the world. bis central bankers ’ speeches

a financial crisis, in a manner which avoids systemic disruption. we will hear a presentation on financial stability by officials of the imf late this morning. secondly, during the transition to east african monetary union ( eamu ), we need to strengthen coordination of macroeconomic policies among each of the partner states. this is especially important for monetary and exchange rate policies, which will have to become progressively more closely aligned as we move towards the irrevocable implementation of the eamu. the macroeconomic convergence criteria, which will be enshrined in the eamu protocol, provide the framework for macroeconomic policy harmonisation. thirdly, i would like to emphasise the need to accelerate the integration of payment systems within the eac. there are several ongoing initiatives in this field, among which is the bis central bankers ’ speeches east african payments systems ( eaps ). the eaps project aims to interlink all the real time gross settlement systems in the region to enable cross border transactions to be processed in an efficient manner, which is essential for boosting intra - regional trade. fellow governors, before we begin our deliberations, i would like to make a few remarks about the lessons to be drawn from the ongoing crisis in the euro zone. as central bankers we have naturally been keen observers of the unfolding events in the euro zone, such as the recent bail out of cyprus and its banking system. the problems of the euro zone have direct relevance for the east african community because the eamu is analogous in many respects to the european monetary union. hence it is imperative that we draw the right lessons from the euro zone crisis and avoid the mistakes made in the euro area if we are to build a single currency in east africa on sustainable foundations. one of the key lessons which i draw from the euro zone crisis is the need for a very robust institutional framework. this is especially relevant in two areas, that of fiscal policy and bank regulation. the euro zone crisis is simultaneously both a sovereign debt crisis and a crisis of fragile banking systems, both of which reflect, to some extent, institutional weaknesses in the euro zone. this has prompted reforms in the euro zone such as the fiscal compact and the ongoing efforts to create a euro area wide banking union. the fiscal framework of the eamu, including the rules for fiscal balances and public debt, is the responsibility of the eac ministers of finance, but the responsibility for ensuring that our banking systems remain sound and are resilient to shocks lies
- off subsidised by the fscs in order to provide continuity of cover to policyholders, rather than being wound - up at the point it becomes technically insolvent ( the value of its assets is less than the value of its liabilities ). this should still be considered firm failure. 2 pcc sixth assessment reportopens in a new window 5 / 5 bis central bankers'speeches

axel a weber : from academic to policy maker speech by professor axel a weber, president of the deutsche bundesbank, at the cepr – cepremap lectures on policy making, paris, 29 may 2007. * * * introduction ladies and gentlemen kenneth galbraith once remarked that “ economics is extremely useful as a form of employment for economists ”. in monetary policy, a new observable trend seems to be to delegate the decision - making powers to people who have a strong academic background. let me give you some examples : • otmar issing – who became the bundesbank ’ s chief economist already in 1990. • mervyn king and charlie bean from the bank of england ( or, formerly, willem buiter, charles goodhart, stephen nickell ). • ben bernanke, frederic mishkin and randall kroszner from the board of governors of the federal reserve system. in fact, half of the current board members are persons who have spent most of their professional career as academics. • charles plosser, bill poole and janet yellen from the fed ’ s regional reserve banks. and there seems to be an unbroken trend as the developments over the past couple of months have shown : lars svensson became a member of the executive board of the swedish riksbank only a week ago and athanasios orphanides is the new governor of the central bank of cyprus. sending academics to politics clearly solves a problem inherent in academic policy advice : getting the message across to do the right thing. policy makers and their academic advisors typically face different problems. the question is : is the ivory tower not managing to get its message across in clear and accessible terms? or is the political field per se unwilling to accept advice that does not take account of political restrictions and interests? so, why are there so many academics in monetary policy? what explains this trend in central banking? is there something special about monetary policy compared with other fields of public policy? i want to highlight one aspect : monetary policy is indeed remarkably different from other fields of public policy in that it is conducted by independent institutions. this is true of the euro area, but the independence of central banks is now a global phenomenon. independence means that monetary policy is shielded from the day - to - day conflicts and power struggles that characterise other areas of policy. this state of affairs may make it easier to delegate the decision - making power to “ technocratic experts in macroeconomic and monetary matters