samchain/econo-pairs-v2 huggingface dataset:
uganda, which in turn will enable more resources to be mobilised for the investment needed for the development of our economy. thank you for listening.

booms. over the last decade new entry and regional economic integration have combined to spur competition in the financial services industry in uganda. furthermore, banks are embracing information technology to offer innovative financial products, such as mobile money, as well as improve the efficiency of their operations. several new banking products are on the market. innovation and growth in the banking market are essential for meeting the needs of consumers and businesses for financial services, but they also generate new sources of risks. bis central bankers ’ speeches traditionally credit risk was the major type of risk facing banks in uganda. the adoption of it increases the importance of operational risk, while the increasing integration of the uganda financial sector into global financial markets, through cross border banking and capital flows, also creates new sources of risk. the evolution of technology has made possible the issuance and innovation of many varied banking products including the visa, mastercard, online banking, mobile money and e - commerce. all these facilitate modern banking. it is a key driver of new banking products like mobile money transfers. today, it innovations have influenced our ways of living in many fields including banking industry and we all benefit from the new technologies. however, the growth of it investments and sophisticated products as well as advanced services in the banking industry comes with a concern on “ security ” and new risks which is the challenging key to propel the sustainability of such growth. what is the role of the central bank in the financial sector? the primary responsibility of the bou is to regulate the financial sector. regulation has two objectives. the first is to protect the interests of depositors. we do this by imposing prudential requirements on banks, under the framework of the financial institutions act ( fia ), 2004 such as minimum capital requirements and liquidity requirements and restrictions on risk taking such as limits on large loan and foreign exchange exposures. we also intervene in distressed banks, again under the framework of the fia, to ensure that banks do not collapse with insufficient funds to repay their deposits. the second objective of regulation is to preserve financial stability ; to prevent financial crises. this also involves ensuring that banks comply with the prudential regulations in the fia. but we are also intending to introduce additional regulatory measures, which are informed by the macroprudential approach that i mentioned earlier, which are aimed specifically at mitigating systemic risks. lessons learnt from the past crises have taught and reminded us not to ignore what adverse effects may come afterwards. admittedly, bou is just catching up with
spreads have remained narrow even as we have been removing policy accommodation. my purpose today has not been to interpret or forecast risk premiums or the specific way in which they will affect the future path of monetary policy. rather, i have taken advantage of a captive audience of researchers on this topic to try to impress on you the importance to the central bank of research along these lines. by outlining how we use estimates of risk premiums and the complications we have encountered, i hope i have given you a sense that we are a ready market for work that improves our understanding of the topic. any such improvement will help us interpret financial developments as we conduct monetary policy in pursuit of our goals of economic growth and price stability.

rate by 1 percentage point, all else being equal. 4 / 4
environment for fintech, we have awareness there are several industry regulators with oversight over multiple players. there are multi - layered relationships. we are mindful to guard against policy inconsistency, conflicts and gaps. otherwise, there is a danger of regulatory arbitrage or a failure of oversight. we know that the best way to prevent this is through constant engagement with fintech innovators, financial sector players, regulatory agencies and experts. collaboration and cooperation are required for us to have a deeper understanding of risks inculcate appreciation for financial inclusion goals and to communicate market conduct expectations. indeed, collaboration and cooperation is very important. these are values you too – dear grad 3 / 4 bis central bankers'speeches students – can apply. you will find that your professors and your classmates will contribute to your success and will multiply the possibilities of your hard work. these connections are very important not just as you pursue your studies. you will find these indispensable in your personal lives as well. relationships, discussion, the expertise and guidance of others will matter and add value. even harvard studies confirm that true success and happiness is not determined by material possessions, but by friendships, good communication and camaraderie. even in this, sticktoitiveness is also needed. in closing as i end, allow me to remind you to consider yourselves blessed to be part of this elite group of graduate students. congratulations to all of you. embrace this challenge, persevere in it! i realize that i shared a lot of thoughts and information with you. but i hope, if anything that you remember the main idea i shared this evening. take the word to heart sticktoitiveness. i promise, it will help you. i wish you all the best and godspeed. 4 / 4 bis central bankers'speeches

to 6 % per year. at the next meeting of the high council for financial stability ( hcsf ) in june, we shall look at whether we need to introduce additional measures. to sum up, we have not yet finished exploring the issue of non - bank finance and i am certain that today ’ s event will make a valuable contribution to the debate. i would like to pass the floor now to aurelia end, who will host the round table, and wish you all an excellent morning. 3 / 3 bis central bankers'speeches
philosopher socrates. he viewed that any state should be led by wise, noble and exemplary ‘ guardians '. these guardians will “... unite themselves in philosophy and spirit and swiftness and strength... and they ought to be wise and efficient. " as bankers and guardians, let us aspire to exemplify these traits ; to pursue professionalism, agility and wisdom. thank you and congratulations again to all the graduates. a bright and exciting future awaits you. 4 / 4 bis central bankers'speeches

muhammad bin ibrahim : bankers as guardians of the financial system remarks by mr muhammad bin ibrahim, governor of the central bank of malaysia ( bank negara malaysia ), at the aicb graduation ceremony 2018 " bankers as guardians of the financial system ", kuala lumpur, 12 may 2018. * * * thank you for inviting me to speak at this commencement ceremony. i hope today marks a meaningful milestone for you in your journey as a banker. for those who will receive an aicb award today, congratulations! do wear it with pride and keep up the good work. you make us proud. at last year ’ s ceremony, i pointed to the parallels between the conduct of the banking industry and the hippocratic oath. behind the oath, to do no harm, are three principles bankers can learn : competence, character and the deep sense of calling. i will aim higher this year and outline the case for bankers as guardians of the financial system. as guardians, bankers are to exhibit professionalism, wisdom and agility. guardians of public trust, a responsibility to safeguard integrity of the system bankers have gained notoriety over the past few decades over their role in the great financial crisis. derogatory terms were used to insinuate excessive wealth, power and undue influence of bankers over the economy. this reflects everything that is wrong with the banking system. reputation lost is not easy to regain. it is an uphill task to win back trust and confidence once it is lost. the spotlight on bankers is not entirely misguided. there is a strong case to place them to a higher level of responsibility. this is understandable. banking, or credit in particular, is deemed to be the lifeblood of the economy. through provision of credit to businesses and consumers, the banking system spurs productive economic activities. lack of trust and confidence in the banking system might lead to disintermediation and cause slower economic growth, rise in unemployment and decline in wealth generation, just to name a few. the consequences are dire, and the stakes are high. since the financial crisis, more than usd $ 240 billion have been levied on banks for various cases of misconduct and breach of trust. as recent as three weeks ago, a major bank was fined usd $ 1 billion. both of these are astronomical amounts. in malaysia, over the past three years, bank negara malaysia has imposed close to rm110 million in penalties. to strengthen the system against these abuses and breaches of rules and regulations, a
of housing built up over the boom of the previous decade has been worked off, and both home prices and rents suggest that the supply of housing is not keeping pace with demand. this has allowed supportive financial market conditions, spurred, in part, by a very accommodative monetary policy, to shine through. as a result, aggregate household net worth has climbed relative to income and consumer balance sheets are healthier. on the business side, financial markets conditions suggest that risk aversion has subsided, leading to some firming in business investment spending. all of these developments help boost the confidence of consumers and businesses that this consensus forecast will in fact unfold. of course, as with any forecast, there is some meaningful chance that growth will be either weaker or stronger than the point forecast. while i believe that the risks around this consensus forecast are reasonably well balanced, i also believe that the likelihood that growth will be substantially stronger than the point forecast is probably relatively low. several factors lead me to this conclusion. first, despite the fact that the household deleveraging process appears to be largely over and aggregate household net worth has been restored to pre - crisis levels, consumer spending is not as strong as one might expect given these conditions. as a result, the personal saving rate is currently significantly above what the historical relationship between household net worth and personal saving would suggest. there are several potential explanations for this development. access to credit, while certainly improved, is probably still not fully restored, particularly for those with less than sterling credit histories. it is also quite likely that, in the wake of the deep recession and relatively sluggish growth of the past five years, households have higher than normal levels of precautionary saving. another reason for seeing less than normal upside risk for consumer spending is that the growth stimulus from the consumer durable goods cycle is likely to weaken going forward. for example, sales of light - weight motor vehicles have steadily recovered from a low of 9. 4 million units ( annual rate ) at the depths of the recession to an average of nearly 17 million units over the three months ending in september. the fastest pace of sales in the previous business cycle was 17 million units for all of 2005. while there may be some additional upside potential to these sales given the quite long period over which they were depressed bis central bankers ’ speeches relative to fundamentals, it seems unlikely that they will continue to grow at the rate they have over the past few years. housing is another area where

. thank you for your kind attention and i would now be happy to take some questions. bis central bankers ’ speeches
the rt hon sir edward george : shafts of light amidst the general gloom of the global economy speech by the rt hon sir edward george, governor of the bank of england, at the bankers club / guild banquet, london, 4 february 2002. * * * president, my lord mayor - locum tenens, excellencies, my lords, aldermen, sheriff, ladies and gentlemen i'm sure you've noticed that time passes more quickly as you get older. i explain it with my own pet theory of relativity based on the fact that each year that passes is a smaller proportion of what's gone before. but i must confess i'm beginning to have my doubts. it seems much more than 12 months ago that we last came together for this great annual gathering. the fact is, it's been a very long, hard, year, not just for policy - makers around the world but also for many of you in the financial services industry - particularly the international financial services industry. we've had to cope with the synchronised global economic slowdown ; the extension of the fall in equity prices - with dotcoms spreading to telecoms and beyond - even now to enron ; with increasing credit risks ; and then with the vicious terrorist attacks of 11th september and their aftermath, and, finally around the turn of the year with the very sad climax to argentina's long drawn out crisis. i could easily go on. it really has been a long, hard, year. but there have been shafts of light amidst the general gloom - and i prefer to focus on those this evening. in terms of the global economy there are now tentative signs that the worst may soon be over, with the prospect of gradual recovery as we move through this year. that should provide some support for global equity markets. with inflationary pressures subdued, monetary policy generally can, for the time being at least, afford to remain reasonably supportive - though i make no predictions as to what that may mean for interest rates. and crucially, for all of us, the international financial system has so far and i recognise that problems are often slow to surface but it has so far - stood up well to the successive shocks. much more broadly, i am encouraged that - as with the asia crisis a few years ago - the recent pressures have not generally called into question the real benefits of the market economy, in terms of growth, and employment, and rising living standards, but have rather contributed

to many of the positive developments we have seen - through their own example in promoting community involvement, including their support for the heart of the city campaign ; through their own role in maintaining security and co - ordinating the " public " infrastructure - both vital to all our contingency plans ; and through their support for the fundamentally international character of the city, not least in opening the way to the guild. i am profoundly grateful to them for all the help and support they give to us all. it is in that context that i ask you now to rise and join me in a toast to " the rt hon the lord mayor, the corporation of the city of london and the sheriffs. "
their mortgage. and insurance companies know their solvency won ’ t be judged at prices in highly illiquid markets. we must be just as bold in loosening requirements when the economy turns down as we are in tightening them in the upswings. boldness in the upswing to strengthen the system creates the space to be bold in the downturn and allow that strength to be tested and drawn on. macroprudential fortune favours the bold. conclusion to conclude, boldness is needed in general to set policy while the practice is so far ahead of the development of the theory – the playbook. we are many years from having rules to guide macroprudential policy. but the absence of the playbook doesn ’ t excuse an absence of clarity about what is guiding macroprudential policy setting. the principles i have outlined aim to provide a little more clarity ; to begin to fill in the ‘ how to ’ guide for macropru. all speeches are available online at www. bankofengland. co. uk / speeches and i hope you will respond to my call to arms for your research to aid the development of that guide, because we are a very long way from the last word. we are not even at the first words of the last chapter. how to : macropru, is at best reaching the last words of its first chapter. i look forward to helping to write the rest together. thank you. all speeches are available online at www. bankofengland. co. uk / speeches references bahaj, s., bridges, j., malherbe, f. and c. o ’ neill ( 2016 ) : “ what determines how banks respond to changes in capital requirements? ”, bank of england staff working paper 593. http : / / www. bankofengland. co. uk / research / documents / workingpapers / 2016 / swp593. pdf bahaj, s. and a. foulis ( 2016 ) : “ macroprudential policy under uncertainty ”, bank of england staff working paper 584. http : / / www. bankofengland. co. uk / research / pages / workingpapers / 2016 / swp584. aspx bank of england ( 2015a ) : “ record of the financial policy committee meetings 25 and 30 november ”, 19 - 21, 9 december. http : / / www. bankofengland. co. uk

, more active policy. all speeches are available online at www. bankofengland. co. uk / speeches
effect this will have on our economy. looking ahead we hope to develop our repo market to grow beyond the borders of ghana to improve intra african trade. it is my firm belief we would one day be here again for another launch but this time for whole of the african continent. 6. learning and challenges ahead as with any new journey it will come with its own challenges but with the lessons learned from developed markets we hope to surmount any challenge. to my fellow african governors, i encourage you to share with us for those who have more developed repo markets and to those who are now starting, let ’ s come together and work to make the african financial markets the next destination of global investors. to our partners, your technical assistance is invaluable. we will continue to rely on your support to build capacity and achieve similar milestones in our markets. in conclusion i will like to say a thank you for honouring our invitations. i would also like to encourage all of us to use this platform to engage with each other to discover what mutual opportunities there are to share.

impactful for our nation, continent, and the world at large. 26. i have no doubt at all that our university will grow from strength to strength and glory to glory in the decades and centuries to come, as it harnesses technology for resilience and delivers inclusive and humancentred educational and training programs. 27. i thank you all for your kind attention and pray for god's continued blessings on all of us, on our university of ghana, and on our beloved ghana. thank you.
miguel fernandez ordonez : presentation of the 2011 annual report address by mr miguel fernandez ordonez, governor of the bank of spain, to the governing council of the bank of spain on the presentation of the 2011 annual report, madrid, 8 june 2012. * * * ladies and gentlemen, the presentation of the annual report for 2011 is taking place in an extremely difficult setting for europe in general, and for spain in particular, marked by the acute euro area sovereign debt crisis and the double - dip recession in the spanish economy. the year 2011 was characterised by the worsening of the euro area sovereign debt crisis. initially affecting a small number of countries in a situation of relative vulnerability, it spread to others with sounder economic fundamentals, duly turning systemic. the fresh downturn in the euro zone not only detracted from the area ’ s recovery but was also one of the main determinants of the halt in the ongoing pick - up in world growth begun a year earlier. two main factors lay behind the crisis. first, the insufficient adaptation of domestic economic policies to the demands of monetary union membership, which translated into a build - up of major imbalances that placed some economies in a position of vulnerability. and second, the lack of political consensus at the european level to tackle the weaknesses of the euro ’ s institutional design, which largely explains the spread of the tensions to countries whose misalignments were on a lesser scale. throughout 2011 and in 2012 to date, positive steps have been taken. several countries have launched ambitious fiscal adjustment programmes and undertaken banking system recapitalisation and restructuring processes. and structural reforms in the labour market and in the services sectors have been approved. also, on a europe - wide scale, debt - ceiling monitoring mechanisms have been reinforced, as have the procedures to sanction non - compliance. further, under the new treaty on stability, coordination and governance, there have been moves to promote the explicit recognition of the commitment to budgetary stability in national legislations. along with this progress in the fiscal realm, a new framework has been established to prevent and correct macroeconomic imbalances. this excessive imbalance procedure, as it is known, should be instrumental in the early detection of vulnerability and in setting in place the necessary corrective measures. with the establishment of the european stability mechanism, there has likewise been headway in creating a permanent crisis - management mechanism. in sum, there has been significant progress. but frequently these changes have, as the

and learn from our mistakes. institutions, much like the people they comprise, must not only be independent, they must also retain an open, approachable attitude. this mindset, combined with our integrity and spirit of public service, will be crucial if we are to continue working to make the banco de espana a respected, trustworthy, impartial institution committed to the well - being of the society in which we live. thank you. 4 / 4 bis - central bankers'speeches
notably by g20 members, have been able to bolster confidence and improve financial market sentiment. conditions in the banking sector, and in financial markets more generally, have significantly improved since the summer of last year. this is manifested by rising global equity prices and a decline in financial market volatility and global risk aversion. global capital flows have picked up again. spreads on sovereign and corporate bonds are narrowing. but we have to remain prudent. we should continue to press ahead with reforms to avoid abrupt changes in financial market sentiment. and we can only acknowledge that for some of the g20 members this improvement in financial markets has not yet found its way through to bis central bankers ’ speeches the real economy. the key responsibility for us, economic policy makers in the g20, is therefore to continue our action based on the three pillars : commitment to the policy goals that we have set out consistency in their implementation, across time, across countries and across policy domains and collaboration among all of our constituencies. i have no doubt that the g20 will, under the russian presidency, contribute to restoring growth and job creation for the global economy. thank you. bis central bankers ’ speeches

press ) – they have described the'this - time - is - different syndrome'showing how unrealistic optimism has afflicted bankers, investors and policy makers in the periods leading up to financial crises over the past 180 years. 3 as has been evidenced for example by dnb research titled " the carbon footprint of bitcoin " ( 2021, dnb analysis series ) or the cambridge bitcoin electricity consumption index. 4 see for example the bis annual economic report ( 2022 ), chapter iii. 5 for a full overview of the vulnerabilities that have been identified in relation to crypto - assets, please refer to the fsb report " assessment of risks to financial stability from crypto - assets " published in february 2022. 6 full report can be found here. 7 full report can be found here. 5 / 5 bis - central bankers'speeches