samchain/econo-pairs-v2 huggingface dataset:
public and private sector balance sheets. they include reducing the still high rates of unemployment for the long - term unemployed and the young. and they include restoring the functionality of the banking sector, so that it supports rather than hinders the domestic economy as it emerges from the crisis. oecd economic surveys : germany 2012 ( february 2012 ). lusine lusinyan and dirk muir, “ assessing the macroeconomic impact of structural reforms : the case of italy ”, imf working paper, january 2013. ramon gomez - salvador, alberto musso, marc stocker and jarkko turunen, “ labour productivity developments in the euro area ”, ecb occasional paper, no. 53, october 2006. bis central bankers ’ speeches conclusion let me conclude. the challenges the euro area is facing today to raise its growth potential are not new. since the 1990s we have known that supply conditions in the euro area needed to be reformed. this was the aim of the failed lisbon agenda. and indeed, it was the context for a famous quote about the apparent inconsistency between reform and re - election. what is new today, however, is the urgency for action. we are facing the risk of a structural set back in growth. we can therefore no longer afford to delay, nor should we over - burden monetary policy. structural reforms are a must. for this reason, the apparent contradiction between reforms and re - election may now be moot, simply because citizens want growth, and without reforms it will not materialise. there is no country in the euro area that has delayed reforms and achieved economic outcomes with which their citizens are content. when i think of the euro area today, i am reminded of winston churchill ’ s line about “ always doing the right thing … after exhausting all the alternatives ”. we have spent two decades exhausting all the alternatives in europe – and so now i trust that the only path left to us is the right one. bis central bankers ’ speeches

identify possible inconsistencies at a global level4. conclusion let me conclude [ slide 8 ]. the trend towards more central clearing is welcome and needed as it helps to manage risks better than bilateral clearing could. however, the greater use of ccps concentrates and redistributes risks and may even create new risks. much progress has been achieved by ccps, banks and authorities to ensure high risk management standards of ccps and enable clearing members to conduct due diligence. it strikes me however that further efforts are needed to be able to cope with ccp default, to address risks associated with changes in market structures, and to remove cross - border differences in regulation where needed. i thank you for your attention. see “ cpss : implementation monitoring of standards ”, http : / / www. bis. org / cpss / cpssinfo2 _ 5. htm. bis central bankers ’ speeches
as well as to the balance sheets of the banks you are running! happy banker ’ s day, dear colleagues!

under christine lagarde, focusing particularly on the key issue of our inflation target. stabilisation of regulations too, for banks and insurers. this is important for you, as it is for me, even though we do not always understand it in exactly the same way. we mustn ’ t get carried away – there will not be a basel iv –, or backtrack : we must transpose in europe the basel iii international agreement concluded in december 2017. i repeat, this agreement was and remains the best possible one for france and for europe. i recall that the removal of internal models was a key element in the negotiations. we fought hard to gain the lasting recognition of these models while committing ourselves to further improving their comparability. the application of basel iii will not require a dedicated capital increase for any french bank. the implementation of this agreement will not have a negative impact on the financing of our economy. this concern traditionally voiced by the banking industry has always proved unfounded : on the contrary, credit growth in france remains very robust at 7 % per year. but we are fully aware, as is bercy, of the negotiations that remain to be conducted. and france will fight for a transposition that is both fair and reasonable. fair because there would be no question of transposing it in europe if the united states did not apply the agreement. 1 / 3 bis central bankers'speeches reasonable in terms of managing capital requirements under basel iii. firstly, i believe it is necessary to apply the output floor at the consolidated level of the banking groups. the basel requirements will also have to be intelligently integrated with the capital buffers that are already applied in europe under pillar 2 2020 will also be the year of the solvency ii review. we had expressed our reservations about the document circulated for consultation by eiopa. i am delighted that the discussions with several of our key partners are taking forward our main concerns : the review must not lead to an increase in capital requirements for the european insurance sector ; the calculation of the risk margin must be less penalising ; the convergence of national practices must be enhanced. we are also continuing discussions on how to improve the financing of our firms – reducing the equity shock is one of the levers – and investments, particularly for the ecological transition. 2 – a year of adaptation i will now turn to the subject that concerns you most. low interest rates, let alone negative ones, are not an end in themselves. i had
other elements of our legislative framework are similar, if not more antiquated. our credit union legislation dates back to the co - operative societies act of 1971, when credit unions were small, truly cooperative, societies handling paltry sums ; legislation on pensions was embedded in the 1980 insurance act ; and even now, there is no legislation governing mutual funds, just guidelines for institutions licensed under the fia ). in 2004, the government adopted a white paper on financial sector reform, implementation of which is currently in progress. as noted, parliament recently approved a new fia, which is the centerpiece of our financial legislation. a new securities industry act ( sia ) is close to being presented to parliament. we are fairly advanced in the preparation of a new insurance act and new credit union legislation is not too far around the corner. after these we plan to concentrate on new pensions legislation next year. we will also need to turn our attention to legislation to address some unregulated intermediaries such as, the business of bureaux de change and money transfer companies, which are institutions of more recent vintage. we are also working on designing a regulatory regime for two “ statutory corporations ”, the hmb and the utc. the central bank has been given an expanded regulatory mandate to include the insurance companies and pension funds and the credit unions. the bank has been taking steps to adapt its regulatory methodologies to the requirements of these new institutions and has been upgrading its personnel to cope with the rapidly evolving financial environment – an environment that requires a new regulatory approach to deal with conglomerate structures, consolidated supervision, cross - border holdings and ownership, a whole new emphasis on governance and an assessment of institutions own risk management frameworks. it will take time for any regulator to get on top of all these new challenges ; and it is taking time for us in the central bank to do so. but we are doing so fast. notwithstanding the legislative and regulatory challenges, i could state emphatically that, by all international indicators, we have a robust banking system. • in aggregate, the banks ’ capital ratios are very high ( 18 per cent compared with a statutory minimum of 8 per cent ) • in aggregate, the level of non - performing loans is low ; about 2 per cent, which would be the envy of banking systems in most developing countries and not too far from the level you find in most developed countries. some would argue that the low level of nonperforming loans reflects, in part, the banks ’ ultra

i also believe that your education will, in the end, make each and every one of you in this graduating class. hence my plea that you pursue lifelong learning as it would serve you in good stead. one last thing, my kids warned me not to be too long and i sincerely hope that i have not been. thank you again for inviting me to share in your celebration. i wish each and every one of you all the best in the future.
banks have responded to these challenges by reaching out through new branches. however, banks need to be mindful of the fact that the many of our people who need these services most of all are not able to bear the heavy charges that are sometimes levied, and the goal of inclusion will stand to be compromised if this matter is not addressed. the bank of zambia is in the process of engaging the banks with a view to finding a solution to the high cost of banking which is often cited as the main hindrance to access to finance. i therefore appeal to all the banks operating in zambia to critically assess the level of their charges and to continue playing the supportive role to development that they have in the past. in this regard, i am particularly pleased to make mention of the spirited efforts that standard chartered bank continues to make in financing sme ’ s and micro - finance. the experiences of many economies show that these sub sectors have the capacity to create a middle class and to emancipate both rural and urban dwellers from their poverty trap. zambia has many promising entrepreneurs whose only constraint is affordable funding. as you explore the opportunities that this new venture will bring you, i urge you to focus on the customers who may appear small today, but could grow with the bank if they are given the right support. i wish you every success as you embark on this journey into north western province.

therefore wish to urge all of you participants to take this workshop seriously and participate fully in the various activities that have been lined up. ladies and gentlemen, i now wish to conclude by informing you that we now have draft microfinance regulations in place, which are being circulated to all stakeholders and interested parties for comments before they are finalized. these regulations can also be downloaded from the bank of zambia website : www. boz. zm. finally, chairperson, allow me to pay tribute to afraca and our co - host, micro bankers trust, for bringing this workshop to our country. i therefore wish all the participants a very good stay in our country and i hope that you will all have a chance to visit our city of lusaka. thank you.
s story. as the german playwright friedrich hebbel said, “ drama should not present new stories, but new situations ”. many thanks for your attention. 1 stokes, b., wike, r. and manevich, d., “ post - brexit, europeans more favorable toward eu ”, pew research center, june 2017, available at www. pewglobal. org 2 raines, t., goodwin, m. and cutts, d., “ the future of europe : comparing public and elite attitudes ”, chatham house research paper, the royal institute of international affairs, june 2017, available at www. chathamhouse. org 6 / 6 bis central bankers'speeches

liquidity at favourable conditions may end up propping up banks that are unable to fulfil their funding needs, even under normal market conditions. this may give rise to concerns about whether the necessary adjustments and restructuring in the banking system have taken place. some considerations can also be made with regard to the collateral framework and to certain practices on collateral use that have emerged over the past two years. as mentioned earlier, the eurosystem has always accepted a broad range of public and private securities, including unsecured bank bonds and asset - backed securities ( abs ), as collateral in its refinancing operations. having an extensive definition of eligible collateral has proven very useful during the crisis to mitigate refinancing risks for several classes of assets. indeed, in the course of the crisis counterparties have made active use of the refinancing opportunities provided by the eurosystem ’ s refinancing operations and have deposited as collateral some eligible assets for which market liquidity had basically dried up. in particular, many abs transactions have not been placed in the public market, but have been retained onto the balance sheet of the originator and / or privately placed to be used as collateral in central bank facilities. at the same time, banks have economised on the use of the most liquid categories of assets ( such as central government bonds ) in order to save them for private repo transactions. as market conditions normalise, banks will need to make efforts to overcome the present large - scale use of self - originated abs as collateral in eurosystem credit operations, and instead place these securities with investors. this requires efforts to meet investor standards, in particular by improving the transparency, simplicity and the degree of standardisation of transactions. the eurosystem is prepared to contribute as far as it can to the reactivation of the abs markets. the eligibility criteria and risk control measures of the eurosystem ’ s collateral framework are an important tool in this respect. reactivating abs markets would be, first of all, in the interest of banks as it would restore a major source of funding. it would also benefit the eurosystem, as it would reduce the extra financial risks resulting from the inevitable links between counterparties and the self - originated abs submitted as collateral. the ecb is aware of these risks, and has already mitigated them through a number of specific measures, such as the prohibition of some types of close link, the raising of the rating threshold for abs
. the world's first issuance of wholesale cbdc on a regulated third - party platform underscores our commitment to facilitating technical progress while acting prudently and responsibly. thank you for your attention. 1 tokenisation means the digital representation of claims on financial assets on a programmable platform which typically relies on distributed ledger technology. it promises a more secure, more efficient and more transparent financial system. 2 cf. thomas j. jordan, introductory remarks at the event'towards the future monetary system ', zurich, 8 april 2024. 4 / 4 bis - central bankers'speeches

##dc. economically and legally, the wholesale cbdc used in helvetia iii is equivalent to sight deposits on the snb balance sheet. access to wholesale cbdc is restricted to banks and financial institutions which participate in the swiss real - time gross settlement system, or rtgs system for short. legally, wholesale cbdc is an alternative representation of sight deposits at the snb. a key difference to sight deposits is that the 1 / 4 bis - central bankers'speeches pilot makes tokenised central bank money available on the same third - party platform where the tokenised assets are held. this approach eliminates barriers in today's siloed financial market infrastructures. at present, financial assets and central bank money are usually held on separate systems that are linked in order to synchronise payments and asset transfers. with wholesale cbdc as piloted in helvetia iii, assets and central bank money are instead closely integrated. this reduces the need for synchronisation and reconciliation and facilitates programmability. this approach aims to realise the benefits of tokenisation, but also poses challenges. i would like to discuss two challenges relevant for central banks – governance questions and fragmentation of central bank money – and share with you how we address these in helvetia iii. let me start with governance. issuing wholesale cbdc on a third - party platform entails a public - private partnership. the central bank delegates certain tasks related to the issuance and use of central bank money to the platform provider. this means that roles and responsibilities must be clearly defined, as must rights and obligations. in helvetia iii, the snb delegates certain contractually agreed tasks to sdx. at the same time, the snb retains control and monitoring capabilities over the use of its wholesale cbdc. such capabilities are made possible by operational and technical means on the sdx platform. let me now turn to the second challenge, the fragmentation of central bank money. wholesale cbdc creates an additional pool of central bank money, which needs to be managed. if wholesale cbdc were to be issued on multiple third - party platforms, central bank money would be fragmented even further. measures to mitigate such fragmentation are needed. in helvetia iii, participating banks tokenise sight deposits and de - tokenise wholesale cbdc through the swiss rtgs system in a standardised, automated process. for this to work seamlessly, the operating hours of the swiss rtgs system and sdx are
, the plan envisions 60 per cent by 2020 and 65 per cent by 2030, up from the estimated 56 per cent today. 3 we don ’ t have to achieve a world - beating performance to arrive at these sorts of numbers. mexico has a 65 per cent labour force participation rate right now. brazil is at 70 per cent. meanwhile, world average unemployment rates are at about 5, 5 per cent currently, and a little lower in emerging markets. 4 in other words, the goals of the national development plan are perfectly sensible. by world standards, they are normal, or even a little worse than normal. but if we ’ re going to get there, we ’ re going to need to create 11 million new jobs given the population growth. at the moment, however, we are going in the wrong direction. both the quarterly employment statistics and the quarterly labour force survey have recently shown declines in the number of people working – the first negative numbers since the global financial crisis. our forecasts suggest that this trend will continue, as the public sector achieves financial sustainability and the private sector only slowly recovers from the current lows. the private sector remains the major employer in this economy, providing around threequarters of all jobs. and while we have seen higher employment in service sectors such as finance and trade, catering, and accommodation since the crisis, private - sector job growth stalled a few years ago. the mining sector is grappling with lower commodity prices and a difficult investment environment ; it now employs about 80 000 fewer people than it did at its peak in mid - 2012. the manufacturing sector continues to shed workers, persisting on a multi - decade trend. we need to get private - sector employment going again. the public sector employs far fewer people than the private sector does, but it has been the prime source of new jobs in the post - crisis period. since 2009, public - sector employment has grown by about 300 000 people. the share of the budget spent on compensation has also risen markedly ; south africa ’ s government wage bill is now one of the highest among emerging markets – not so much because the state employs an unusual number of people, but because it pays them comparatively well. 5 our national finances can no longer bear this national planning commission, our future – make it work : national development plan – 2030, p. 118. the labour force participation data are drawn from the organisation for economic co - operation and development database ; see https : /

we need to find ways of talking to each other that ultimately solve problems instead of merely emphasising our differences. we are all partners in this country and its future. we have a shared responsibility to make that future better. thank you. bis central bankers ’ speeches
factor in industrial location ; inefficient regulation can therefore be as useless as no regulation. now the central bank ’ s almost 1400 staff are a multiple of what can be accommodated in the dame street building, and of course we can ’ t imagine adding floors to the already notoriously over - high building. staff in fact are now scattered across six locations as far apart as spencer dock and the top of harcourt street ( in addition, of course to the currency centre in sandyford ). as you have heard, the central bank is currently looking for a new home in the city. no firm decision has been taken, but it looks as if the clock is ticking for our occupancy of the dame street tower. we won ’ t go suddenly, and we won ’ t board it up. there could be scope to retain some central banking activities here for a number of years, if it takes that long before a suitable purchaser emerges. we have some ideas here and are open to others. bis central bankers ’ speeches a new development on dame street has been the arrival of the occupy movement. while not everyone is happy with their being there, several people have said to me that their presence symbolises, albeit in a rather ambiguous and even incoherent way, the feelings of a large part of society in regard to what has gone wrong in the financial sector and with the banks. we don ’ t welcome their presence, but – as long as no - one is harmed or put in danger by them – we are not at present inclined to take action to have them moved away. all of this serves to remind us that the financial landscape in which we live – and transact – changes all the time. this publication provides us with an insight into the development of a fine architectural tradition. and valuably it chronicles how the evolution of trade and commerce has left its mark through the bank architecture around the city. i would like to congratulate michael and the city council on a fine publication. bis central bankers ’ speeches

a staff team from pdr, res and whd, approved by mark allen and michael deppler ( 29 june ). post adjustment even harsher. that is the experience of the gold standard, the last world currency. in sum, a new world monetary order – that is, a framework for payments between residents of different countries which ensures smooth trading in goods, services and financial assets – requires a mechanism to keep imbalances in check. key elements of such a mechanism include a prominent role for the imf in two essential areas : strong and effective surveillance in crisis prevention, and responsible lending, with appropriate limits and conditionality, to countries in need. this was the consensus prevailing until just before this crisis. there is a risk that the short - term objectives pursued to resolve the current crisis will change this consensus. a new monetary order must first and foremost aim to prevent crises, not to postpone them.
a group is appropriately regulated and supervised. 2 / 3 bis central bankers'speeches let me conclude by posing the question : what will the international monetary and financial system look like in 2043, when the central bank of ireland celebrates its centenary? no doubt, this question will be settled by the end of this afternoon ’ s symposium. regardless of how the future unfolds, i am certain that the central bank of ireland will pursue with great dedication our mandate to safeguard stability and protect consumers. 3 / 3 bis central bankers'speeches

gov / news / stories / morris - worm - 30 - years - since - first - major - attack - on - internet - 110218 2 prasad, eswar s, " the future of money ", harvard university press, 2021. 6 / 6 bis - central bankers'speeches