samchain/econo-pairs-v2 huggingface dataset:
for financial markets to function with riskfree assets. so, if we start considering government bonds as risky, that is good in terms of discipline for banks, but it can also create systemic fragility and have an impact on the functioning of capital markets. that is no excuse not to discuss the issue. but we need to understand all the consequences and in all likelihood it will lead to a process that will be phased in over a very long period so that the consequences can be managed and anticipated more closely by governments, banks, and market participants. the ecb published a legal opinion last week saying that the deposit insurance scheme should not be conditional on issues whose solution in uncertain, as would seem to be the case with this discussion on sovereign risk. what happens if germany asks for edis to be put on hold until the sovereign risk issue is solved? the two discussions will continue in parallel. what the ecb has argued in its legal opinion 1 is that in the event of a conditional phasing - in of edis, any milestone on risk - reduction would https : / / www. ecb. europa. eu / ecb / legal / pdf / en _ con _ 2016 _ 26 _ f _ _ sign. pdf bis central bankers ’ speeches have to be precisely defined ex - ante. banks and depositors need to know what the timeframe and conditions will be. i expect the two discussions to take time, as there are many unresolved questions. the dutch presidency has already made clear that it will be passing this dossier to slovakia next semester. in amsterdam, there was also a discussion on greece, with an agreement that the government should adopt contingency measures to be triggered if it fails to reach the targets set out by the programme, but no immediate progress on debt relief. are we in for another long, hot summer of greek drama? on greece, i am cautiously optimistic. there has been good progress in recent weeks, and in the few days before amsterdam ’ s eurogroup meeting. the greek government has been committed in moving towards a solution that delivers on the programme agreed last august. the review is about implementation. the greek government has moved closer to the institutions : there is near agreement on the measures to be taken, including in the difficult areas such as pension reform and personal income tax. that is promising. we are not 100 % there yet, but we are close. it ’ s time to discuss the next step : the fiscal path until and beyond

will discuss, so that we can all go away with ideas on how to do our jobs better. thank you all for coming and enjoy today ’ s deliberations. bis central bankers ’ speeches
benjamin e diokno : opening statement - hearing of financial institutions strategic transfer bill opening statement by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the senate hearing of financial institutions strategic transfer bill, manila, 2 september 2020. * * * we thank the senate committee on banks, financial institutions, and currencies for giving bangko sentral ng pilipinas ( “ bsp ” ) the opportunity to share its insights and position on the legislative measures relating to the enactment of financial institutions strategic transfer act ( “ fist bill ” ). bsp appreciates the time and effort this committee has poured into the fist bills in order to facilitate the timely enactment of this economic recovery intervention. bsp recognizes the objectives of fist bill to help financial institutions ( “ fis ” ) in their bad debt resolution and non - performing assets ( “ npa ” ) management in response to the adverse impact of the covid - 19 pandemic on their financial operations. bsp supports the laudable objectives of fist bill to induce economic activity and improve the liquidity of the financial system, enabling fis to respond to the looming increase in npas, and therefore, propel economic growth. the enactment of the fist law will assist the financial system perform its role of efficiently mobilizing savings and investments for the country ’ s economic recovery as well as its sustained growth and development. the banking system has built - in buffers which provide it with the capacity to internalize losses on their exposures as well as continue with their lending and investment activities. there is, however, a limit to this risk - bearing capacity of fis ; thus, the establishment of resolution frameworks, such as the fist law, will ensure that distressed fis have a mechanism to strengthen their balance sheet. the enactment of the fist law can help ease banking system stress through a jointgovernment and private sector undertaking. it encourages the private sector, government financial institutions and government - owned - or - controlled corporations to help in the rehabilitation of distressed businesses. through the sale of npas : a. banks will not have to incur costs related to the management and administration of npas, activities that are best left to asset management companies ; b. liquidity within the banking system will increase since this will no longer be tied up in npas ; and c. bank capital will be freed - up, thereby increasing the system ’ s risk -

end with a panel on electronic commerce in which we will discuss the availability of electronic payments facilities and what measures would be most useful in promoting e - commerce. bis central bankers ’ speeches
pension system. in particular, if the proportion of the population of working age that is employed were to rise, this rise could help offset some of the fall in the working - age population. unfortunately, even here the news is not favourable. the employment rate is projected to rise modestly, but not enough to raise the level of employment. in fact, the level of employment is projected to decline by some 13 per cent between 2005 and 2050. to sum up what i have said so far, thanks to advances in health care, people will be living longer, so that there will be a large increase in the proportion of the population aged 65 or more in the years ahead. at the same time, there will be fewer people of working age and fewer people actually working. what, then, are the implications of these demographic projections? for one thing, they imply a sharp fall in greece ’ s potential gdp growth, perhaps more than halving potential growth between now and the 2030s and 2040s. with more people, and fewer producing goods and services, there will be less output for each of our citizens. for another thing, the projections, if realised, would put enormous strains on our public finances. to give you an indication of the magnitude of these strains, according to projections prepared in 2002, pension expenditures in greece will rise from 12. 4 % of gdp in 2005 to 22. 6 % of gdp in 2050, i. e. by 10. 2 percentage points of gdp. the net increase in total old age - related expenditure ( excluding spending on long - term care, for which no official figures are available ) is projected to be 11. 5 percentage points of gdp, reaching 32. 7 % of gdp in 2050. this situation compares with rises in pension expenditures of slightly more than two percentage points of gdp in both the eu25 and the eu15 over the same period, reflecting the implementation of important pension reforms in many of these countries since the 1990s. consideration of this set of facts yields the conclusion that pension reforms, public expenditure, employment, and growth are interdependent. pensions constitute a major share of public expenditure and that share is projected to rise sharply in the years ahead. moreover, pension systems and labour - market performance have close ties, and these ties have important implications for economic growth. pension systems embed incentives that affect the labour supply of, and demand for, mature workers, while a high level of employment also ensures high levels of contributions into the

if we are to enjoy the type of growth in our living standards that we have become used to over the past 20 years or so. thank you for your time this evening. bis central bankers ’ speeches
speeches to use your training in economics, banking and finance. thank you and congratulations in advance to the winners who will later emerge. again, just by making it this far … you are all # lodis. a pleasant day and to everyone! 3 / 3 bis central bankers'speeches

, leadership is the acceptance of responsibility rather than the assumption of power. true leadership is not an end in itself but rather as a means to accomplishing a worthwhile goal. these are lessons that some in financial services have had to re - learn in recent years. an industry of the scale and importance of finance needs social capital as well as economic capital in order to operate, innovate and grow. to maintain social capital, finance ultimately needs to be seen as a vocation, an activity with high ethical standards, which in turn conveys certain responsibilities. those responsibilities recognise that finance is not an end in itself but a means to promote investment, innovation, growth and prosperity. as quoted in barton, d ( 2017 ) p. 11 big innovation centre ( 2016 ) p. 19 big innovation centre ( 2016 ) figure1. 2 ( p. 23 - 33 ) all speeches are available online at www. bankofengland. co. uk / speeches reforms of the financial system, particularly the senior managers regime and industry - led codes of conduct, are helping to embed purpose in financial services including by making culture the responsibility of the ceo and the chair and tasking industry with devising standards that take into consideration the needs of the system as whole. 3. clarity the third essential quality of leadership is clarity. clarity starts with the clarity of mind and sound judgment that arise from emotional awareness and control. a good leader is contemplative, meaning they can be present in the moment and find meaning in experience. leaders will always find themselves facing multiple problems at the same time, but they have to be careful not to bring all those problems with them during every interaction. part of a leader ’ s job is to absorb the stress so the rest of the organisation can focus. and they need to remember that each of their ( many ) meetings each day is probably the most important for the others involved. clarity also means clarity of thought and communication : the ability to reduce complex problems to their essentials and then communicate them clearly. say it straight. say it simply. say it over. leaders often use narratives to inspire people to act. consider the difference between an exhortation “ to implement cop21 ’ s nationally determined contributions in a determined fashion ” with president macron ’ s simple statement, “ make no mistake on climate : there is no plan b because there is no planet b. ” when leaders speak, they get the balance right between realism and optimism, by acknowledging uncertainty, mistakes
more reliable, data. cautious central bankers only change the status quo in monetary policy when the signs of an assumed change in the development of key macroeconomic variables become more apparent. the problem of data uncertainty suggests that we should not rely on one single indicator when we have to assess risks to price stability. instead we should analyse a broad range of information variables. however, when following such a broad approach, we have to take into account that the extent of measurement problems differs from one indicator to the other. very generally speaking, and that ’ s my third point, i ’ d like to emphasise that indicators from the monetary and financial sphere are far less affected by the problem of data uncertainty than real economic variables such as output and the output gap. against this background, it comes as no surprise that a monetary policy approach should be as robust as possible against different forms of data and model uncertainties. in the past few years, a number of simulation studies have been carried out to assess which monetary policy approach achieves good results under various assumptions about the transmission process. these studies take into account model uncertainty. however, they largely disregard the problem of data uncertainty. consequently, their value for practical monetary policy is rather limited. i think, the search for a robust strategy in monetary policy could be broadened to include the kind of measurement problems that we will discuss here at this conference. taking this broader perspective, and that ’ s my fourth and final point, a monetary policy would be considered robust if it performed well in the face of different forms of data and model uncertainty. research in this direction has only just begun. 1 i hope that this research will give further support to the ecb ’ s strategy. let me conclude by emphasising that research on real - time data is of utmost importance for central banks. that ’ s why i am very much interested in the papers that you will present here today and tomorrow. i wish you thought - provoking discussions and a pleasant stay at our conference facilities. thank you very much for your attention. see, for instance, walsh, c ( 2003 ) : “ implications of a changing economic structure for the strategy of monetary policy ”, federal reserve bank of kansas city ”.

resting on its laurels but rather aiming for long - term success. bis central bankers ’ speeches
governors, may 2022 ), https : / / www. federalreserve. gov / publications / files / financial - stability - report - 20220509. pdf. better or worse, you can ’ t program confidence. that question doesn ’ t always have a clear answer, and it involves real and difficult tradeoffs. but it ’ s a question that every new and fastgrowing financial product must address if it wants to last very long. thank you.

year, as firms replaced aging equipment and as the demand for their products and services expanded. in contrast, in the housing sector, the overhang of vacant and foreclosed homes continues to weigh heavily on both home prices and residential construction. overall, however, improving household and business confidence, accommodative monetary policy, and more - supportive financial conditions, including an apparent increase in the willingness of banks to make loans, seems likely to lead to a more rapid pace of economic recovery in 2011 than we saw last year. while indicators of spending and production have, on balance, been encouraging, the job market has improved only slowly. following the loss of about 8 – 1 / 2 million jobs in 2008 and 2009, private - sector employment showed gains in 2010. however, these gains were barely sufficient to accommodate the inflow of recent graduates and other new entrants to the labor force and, therefore, not enough to significantly reduce the overall unemployment rate. recent data do provide some grounds for optimism on the employment front ; for example, initial claims for unemployment insurance have generally been trending down, and indicators of job openings and firms ’ hiring plans have improved. even so, with output growth likely to bis central bankers ’ speeches be moderate for awhile and with employers reportedly still reluctant to add to their payrolls, it will be several years before the unemployment rate has returned to a more normal level. until we see a sustained period of stronger job creation, we cannot consider the recovery to be truly established. on the inflation front, we have recently seen significant increases in some highly visible prices, notably for gasoline. indeed, prices of many commodities have risen lately, largely as a result of the very strong demand from fast - growing emerging market economies, coupled, in some cases, with constraints on supply. nevertheless, overall inflation remains quite low : over the 12 months ending in december, prices for all the goods and services purchased by households increased by only 1. 2 percent, down from 2. 4 percent over the prior 12 months. 1 to assess underlying trends in inflation, economists also follow several alternative measures of inflation ; one such measure is so - called core inflation, which excludes the more volatile food and energy components and therefore can be a better predictor of where overall inflation is headed. core inflation was only 0. 7 percent in 2010, compared with around 2 – 1 / 2 percent in 2007, the year before the recession began. wage growth has slowed as well, with average hourly earnings
business and sustainable development commission ( 2016 ), ‘ valuing the sdg prize in food and agriculture : unlocking business opportunities to accelerate sustainable and inclusive growth. ’ ibid. all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx

to climate, history repeats not as farce but as tragedy, with growing frequency. despite the sophistication of insurers, there are some gaps in their risk management. the bank is increasingly focused on cognitive dissonance in some insurers whose careful management of climate risks on the liability side of their balance sheets is not always matched by similar considerations on the asset side. with that in mind, we expect firms to consider stress testing and scenario analysis as part of their assessment of the impact of climate risk on their balance sheet and broader business strategy. this will also be reflected in our own market - wide insurance stress test exercises. for banks, the financial risks from climate change have tended to be beyond their planning horizons. the pra ’ s recent survey of 90 % of the uk banking sector found that these horizons averaged four years – in see ipcc ( 2018 ), ‘ global warming of 1. 5 °c, ’ http : / / www. ipcc. ch / report / sr15 / as estimated at the time of the paris accord. according to the un emissions gap report ( 2017 ), full implementation of the unconditional pledges of the paris agreement is consistent with a temperature increase of 3. 2° by 2100, relative to pre - industrial levels. implementation of the conditional ndcs would lower the projected warming by 0. 2°. ipcc ( 2018 ). see pra ( 2015 ), ‘ the impact of climate change on the uk insurance sector ’, september 2015. all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx other words, before risks would be expected to be fully realised and prior to ambitious climate policies taking effect. 7 our latest report finds that the majority of banks are starting to treat the risks from climate change like other financial risks – rather than viewing them simply as a corporate social responsibility issue. for some firms, oversight of the financial risks from climate change and overall responsibility for setting the strategy, targets and risk appetite relating to these risks is beginning to be considered at the board level. banks have begun considering the most immediate physical risks to their business models – from the exposure of mortgage books to flood risk, to the impact of extreme weather events on sovereign risk. and they have started to assess exposures to transition risks where government policy is already pulling forward the adjustment. this includes exposures to carbon - intensive sectors, consumer loans secured on
amando m tetangco, jr : championing microentrepreneurship speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( the central bank of the philippines ), at the citi microentrepreneurship awards ( cma ) 2013 media launch, bangko sentral ng pilipinas, manila, 8 july 2013. * * * good afternoon everyone and welcome microentrepreneuship awards or cma. to the launching of the citi in the ten years of cma, we have met many microentrepreneurs who lifted themselves from poverty, transformed into net savers in banks, and served as catalysts for development in their respective communities. today, as we launch the 2013 cma, we look forward to hearing more inspiring stories of how access to collateral - free credit can be so empowering. indeed, we have witnessed the power of microfinance to improve lives across the country. as a member of the cma board of judges for 8 years now, i have witnessed how this awards program has also evolved. for instance, in response to the increasing difficulty of the board of judges to select the winners from such a rich field, the cma made a simple win - win decision - it developed new award categories. in addition, cma has made the prizes more meaningful : aside from cash rewards, winners also get insurance coverage, entrepreneurship training, and support for expanding their partnership networks. in other words, cma keeps pace with the developments in the microfinance industry. the development of the philippine microfinance industry has been phenomenal. ten years ago, microfinance was limited to microcredit provided by leading ngos, cooperatives and a handful of banks. since then, there has been a significant increase and diversification of microfinance players, products and services, as well as delivery channels. the bangko sentral ng pilipinas provides leadership in the development of the microfinance sector through appropriate policies, regulations and programs. so far so good. in fact, the philippines has been cited to have the best regulatory framework for the development of microfinance for four consecutive years now. as of march 2013, there were 186 banks with microfinance operations reaching out to more than 1 million clients. their combined savings have reached 8. 2 billion pesos, higher than the 8 billion pesos they have borrowed. this is

. again, my congratulations to everyone involved in cma : citi and the citi foundation under the leadership of country officer batara sianturi, the micro finance council of the philippines headed by chairperson mila bunker, my fellow members in the national selection committee, my colleagues at the bangko sentral ng pilipinas and our special guests from the media who help spread the good news about microfinance in our country. mabuhay ang microfinance! mabuhay ang ating mahal na bansang pilipinas! maraming salamat sa inyong lahat! bis central bankers ’ speeches