samchain/econo-pairs-v2 huggingface dataset:
yandraduth googoolye : importance of corporate governance at icsa mauritius graduation ceremony speech by mr yandraduth googoolye, governor of the bank of mauritius, at the icsa mauritius graduation ceremony, port louis, 15 november 2018. * * * mr ambrish maharahaje, icsa president, mauritius branch mr john heaton, icsa president for united kingdom, republic of ireland and associated territories mr simon osborne, icsa chief executive for united kingdom, republic of ireland and associated territories council members and staff of the icsa mauritius association dear graduates ladies and gentlemen good afternoon. thank you for making me part of the celebration of your success. your hard work is being rewarded by earning an internationally - recognised qualification that icsa confers upon you. i congratulate you for the academic commitment you have displayed and for the passion within you to contribute to the business community and the country ’ s progress. the companies act makes provision for a company secretary in both private and public sector companies. section 166 of the act states that “ the duties of a secretary shall include but shall not be restricted to ( a ) providing the board with guidance as to its duties, responsibilities and powers ; ( b ) informing the board of all legislation relevant to or affecting meetings of shareholders and directors and reporting at any meetings and the filing of any documents required of the company and any failure to comply with such legislation ”. this clearly demonstrates the importance of such a function in an organization. and the board of directors of a company have to ensure that the secretary has the requisite knowledge and experience to discharge his / her functions. the role of a company secretary is also visible in the 2016 national code of corporate governance, where it is explicitly mentioned that “ all organisations should have a company secretary. the company secretary acts as a vital bridge between the board and the executive management. the company secretary must have access to board members ( executive, nonexecutive, ceo and chairperson ). the board should consider assigning the tasks of applying and implementing the principles in the code to the company secretary. boards should ensure that the company secretary be competent to carry out his or her duties. ” ladies and gentlemen, your functions are already well defined and you have the duty to ensure that you comply with them. gone are the days when a company secretary was merely taking “ notes ” or “ minutes ”. the dynamics of the boardroom are constantly evolving. chairpersons and directors recognize such changes and

programme, and its ultimate objective of the african monetary union, hold considerable appeal for us. on what better note could i end my address than by re - dedicating the bank of mauritius to this noble cause? i thank you for your attention.
the crisis and the evolving financial innovations, in the last decade central banks have played an increasing role in the coordinated activities of the national policymakers tilted 2 / 3 bis central bankers'speeches towards financial education and inclusion. hence, central banks are active participants and promoters of the financial education process in almost all countries. the benefits are apparent : educated entities estimate risks and understand monetary policy stance better, the better the understanding of the economy and finances, the smoother the functioning of financial markets ; the more efficient financial markets ; the stronger monetary policy transmission and the credibility of the central bank. in this context, let me briefly touch upon several activities our institution has embarked on in this area. financial education and financial inclusion have formally become part of our agenda. we have widened the scope of educational activities, by wider portfolio of educational articles, more inclusive approach to financial education and closer cooperation with other regulators. the national bank supported the organization of the european money quiz for teenagers with educational activities for the teaching staff, and has been proud of our high school students who won the second place in europe. very importantly, there is an ongoing process of preparation of the national strategy for financial education and inclusion, which we believe will pave the way for more educated and more inclusive society. dear guests, this workshop proves that apart from national initiatives to elevate and promote financial knowledge, regional initiatives are on board as well. i think this approach provides synergy ; employs joint resources and enables more efficient achievement of the vision that we all share. i am pleased that we will formalize our commitment and readiness for joint action with the first memorandum of cooperation in the field of financial education and financial inclusion in southeastern europe. we must all strive to be strongly committed, not only to declare, but also to enable efficient implementation in practice. no doubts i have, that this will be the case. at the end of my address, on behalf of all the stakeholders, i would like to express sincere gratitude to infe - oecd and efse for their support all these years. it is unquestionable that many of the activities we have taken so far would have been difficult to carry out without their support. i truly hope that we justify the trust given to us. the mission that we have is important, as by supporting financial literacy, we support provision of public good. in doing so, we must not forget that “ financial literacy is not an end in itself, but a step - by - step process.

it begins in childhood and continues throughout a person ’ s life all the way to retirement ” – george karl. therefore, we must be consistent, inclusive, committed and patient while playing our role in the financial education of our society. i wish you a successful and fruitful meeting. thank you. 3 / 3 bis central bankers'speeches
the driving force behind open banking. this trend benefits both relatively small players ( fintechs ) and technology giants whose business model is based on the monetisation of data ( gafams and batx, whose entry into the european market is more recent ). these changes are the natural result of a process of creative iteration, and promise to simplify practices by diversifying them. nevertheless, they have significant consequences for the structure of markets, with a substantial impact on our ability to impose and control our public policy choices regarding financial services, in particular in terms of legal, technological and operational certainty. for instance, which law is applicable, when the provision of services involves players established in different jurisdictions with sometimes contradictory legal requirements? the united states in particular is characterised by a broad definition of extraterritoriality. besides the identification of the legal framework, there is also the question of the ability of a judicial authority to enforce the law, given the size of financial groups, the large number of 1 / 4 bis central bankers'speeches intermediaries, or the location of their various activities. the digitisation of financial services also introduces a new form of dependence on physical ( mobile phones and connected objects ) as well as digital ( search engines, mobile applications ) entry points and on the non - european technology companies that control and dominate them. yet, competition law, created in the 19th century in a period when the state took a stand on monopolies, is proving to be ill - equipped to deal with these technology companies. lastly, the dematerialisation of activities, by increasing the number of interconnections and system entry points, makes them more vulnerable to potential “ cyber - attacks ” and to their use for money laundering and terrorist financing purposes, and makes them more dependent, to counter this, on non - european players who also operate outside the regulated financial sectors. b - in the area of payments, digitisation is likely to have additional consequences, which also pose major challenges in terms of sovereignty. here, i would like to highlight two that deserve special attention : the first is the development of new types of settlement assets. the operation of our payment systems currently relies heavily on the largely complementary use of two types of settlement asset that can be exchanged at any time at par : central bank money, the only legal tender settlement asset, which is the money for the settlement of transactions between financial intermediaries, and commercial bank money, which is generally preferred for the settlement of retail transactions

develop a robust and resilient european ecosystem, capable of ensuring the continued sovereignty of our monetary and financial system. to achieve this, we will not hesitate to deploy our full range of actions and expertise, a range that we have enriched by recognising the importance of experimenting with the ecosystem. 4 / 4 bis central bankers'speeches
sarah bloom raskin : downturns and recoveries – what the economies in los angeles and the united states tell us speech by ms sarah bloom raskin, member of the board of governors of the federal reserve system, at the federal reserve bank of sand francisco business and community leaders luncheon, los angeles, california, 12 april 2012. * * * good afternoon. i appreciate this opportunity to speak with you today. i ’ m not sure when you last found yourself in a planetarium. at the start of my most recent visit, i was handed a brochure that said “ sit anywhere. all seats provide equal viewing of the universe. ” i took the brochure but instead of contemplating the stars, i contemplated my job as a governor on the federal reserve board. and it occurred to me that the brochure was wrong. completely wrong. all seats do not provide equal viewing of the universe. some seats are better than others. it ’ s not just that the big dipper is clearer than ursa minor from certain seats. if you want, for example, to see the economy, you don ’ t necessarily want to always be sitting in washington. that is not a seat that tells you everything you need to know about the economy. you have to break out, set free, and hightail it out of the beltway to los angeles. it ’ s critical to appropriate policymaking that we get a multidimensional view of the so - called economic universe. from that perspective, it is an understatement to say that these are profoundly challenging times for millions of americans. many families have suffered significant declines in their net worth over the past several years, especially as the value of their homes and other assets has plummeted. many households have faced job losses or large reductions in the number of hours worked, events that have reduced family income and well - being. while i ’ m not happy to bear witness to households trying to navigate these difficulties, we would be poor policymakers if we consistently avoided the seats that give us this view. in short, i ’ m very pleased to be here, but i ’ m here on a mission. it ’ s a quest to understand what the seat from los angeles tells us about the economy, and more generally, how the path of the economy in a recovery may depend on the path of the economy in a recession. to rewind and review : the u. s. economy recently endured a financial crisis rival

the most effective feature of the law – its flexibility. any new regulatory structure should also be clear about the problem we are trying to solve, it should determine who is in the best position to solve the problem, and it should be transparent and designed to ensure that community benefit is maximized without placing excessive regulatory burden on financial institutions. if we follow these principles, i am sure that, together, we can determine the most effective way to improve upon a regulation that has had demonstrated success in making credit available to low - and moderate - income communities, and we can further determine the most effective way to strengthen its role as we meet the challenges ahead.
insistence on a raft of standards and codes, rating agencies in not only the financial sphere, but also in governance in democracy, the environment, etc. on the other hand are the insistent demands of our populations, a large section of which experiences poverty and unemployment, for education, health and social services. it must also be borne in mind that standards of living are relative and ours is not that of bangladesh or sub saharan africa, but that of the americas. the weighted, undemocratic voting systems as well as the lack of participation in the decision making process of major international institutions introduce significant biases into international decision making, which on many occasions presents difficulties for developing countries. these, however, while they are current givens, should not be permanent showstoppers for our development process. this is contingent on how we approach the solutions to our domestic and regional economic, social and political problems. these approaches should be based on our vision, our technical capacity and a broad societal consensus on the goals of our societies and how to achieve them. with respect to the vision, the broad outlines are fully accepted. that is, the solution to our problems lies in the closest possible integration of the caribbean countries. this vision is devalued by raising it to utopian proportions and stating that it would not be possible in our own lifetimes. this, one could posit, in fact represents a clear disjuncture between the fact of political authority where it now resides, and the recognition of economic efficiency, which requires a larger contiguous economic space. consideration of the economic benefits to the mass of people is in a sense not a primary objective, to the extent that there is no clear articulation of the economic benefits of such a wide space. a recent opinion survey in jamaica revealed that 61 % of the population were not, so to speak, averse to a federal arrangement. a similar poll in that country some time ago, revealed some uncomfortable views on the issue of independence. these two results in the largest and probably best - endowed country in the region poses significant questions for us as caribbean citizens at the beginning of the 21st century. the answer to one of the unspoken questions is that independence is a necessary, but not a sufficient condition for economic and social progress. independence gives us the capacity but then we must exercise policy choices which lead to sustainable economic and social progress. we have never doubted that a collective regional approach is also a necessary condition for social and economic progress. the impediment

with that summary, the senior deputy governor and i would be pleased to take your questions. 3 / 3 bis - central bankers'speeches
speech breaking the persistence of inflation speech by christine lagarde, president of the ecb, at the ecb forum on central banking 2023 on “ macroeconomic stabilisation in a volatile inflation environment ” in sintra, portugal sintra, 27 june 2023 inflation in the euro area is too high and is set to remain so for too long. but the nature of the inflation challenge in the euro area is changing. we are seeing a decline in the inflation rate as the shocks that originally drove up inflation wane and our monetary policy actions are transmitted to the economy. but the pass - through of those shocks is still ongoing, making the decline in inflation slower and the inflation process more persistent. this persistence is caused by the fact that inflation is working its way through the economy in phases, as different economic agents try to pass the costs on to each other. and while it has been anticipated for some time in our staff projections, we have revised our assessment as new data have come in. monetary policymakers need to address this dynamic decisively to ensure that it does not lead to a selffulfilling spiral fed by a de - anchoring of inflation expectations. so, the key question we face today is : how can we break this persistence? in the ecb ’ s governing council, we have been clear that two elements of our policy stance will be key : we will have to bring rates to “ sufficiently restrictive ” levels and keep them there “ for as long as necessary ”. both elements are affected by uncertainty about the persistence of inflation and about the strength of the transmission of monetary policy to inflation. setting the right “ level ” and “ length ” will be critical for our monetary policy as we continue our tightening cycle. in my remarks today, i will explore why the inflation process has become more persistent and what this implies for our policy stance. my intention is not to signal any future decisions, but rather to frame the issues that monetary policy will face in the period ahead. the inflation shock the euro area economy has faced a series of overlapping inflationary shocks since the end of the pandemic. [ 1 ] since the beginning of 2022, these shocks have both raised the price level by 11 % and led to us transferring more than €200 billion to the rest of the world in the form of a terms of trade tax. in an environment such as this, the natural reaction of every economic agent is to try to pass on these price increases to other actors in the economy

services and the pmi for manufacturing output remains large. 10. there is heterogeneity across euro area countries, however, with some seeing a decline in the share of homeowners still paying a mortgage. 11. keller, h. ( 1903 ), “ my future as i see it ”, the ladies ’ home journal, vol. xx, no 12, philadelphia, p. 11.
##ion intensify. on the upside, the banking sector, globally, is much better capitalised than it was in 2008 and has become more resilient to shocks. however, central banks have to guard against continued volatility in financial markets while ensuring that they keep to their mandate of price stability. thank you. 1 details are available at https : / / www. state. gov / u - s - relations - with - south - africa / 4 / 4 bis - central bankers'speeches

in inviting you to be a part of our publication, labour markets and social frontiers, we acknowledge that we have heard your cry - we are prepared to take you seriously and we embrace you as we join together to make a concerted effort in making a meaningful difference to all south africans. thank you.
whole. our work in response to the fpc ’ s recommendation typifies this ; but we will continue to work with firms, government and cyber experts to learn and evolve our approach. http : / / www. bankofengland. co. uk / financialstability / fsc / documents / wakingshark2report. pdf. bis central bankers ’ speeches

flood re in the uk is one way of mitigating the risk of a shock to supply of insurance. but we should be mindful of the risk of moral hazard and of crowding out private capital. to return to the example of cyber risk, the industry is now able to provide explicit cyber cover for those aspects of the risk that are insurable such as recoverability, physical damage and the cost of notification of lost records. and we know there is appetite in the market to keep the insurance business model relevant and seek out alternative sources of profit by underwriting new risks. as investors in longer - term, illiquid assets, insurance companies are well suited to support the uk ’ s economic recovery as this audience will be well aware, the industry ’ s contribution to the economy goes further than transfer and pooling of physical and financial risk. the life insurance sector plays important roles : first, providing the security of income in retirement not only to current retirees – via in payment annuities – but also to future retirees – via deferred annuities and savings products ; confidence in security of income both current and prospective supports spending and demand for goods and services in the real economy. secondly, life insurers channel savings into long term investment. through these functions the life sector also has a crucial role to play helping the economy to emerge from the pandemic and adapt to potentially profound structural change. whilst covid - 19 has created new financial risks on both the asset and liabilities sides of insurers ’ balance sheets, there are also opportunities for insurers as investors in a wide range of long - term high quality illiquid assets, such as infrastructure, which are key to supporting recovery and adaptation. these may extend to the even bigger structural change of transition to a zero carbon economy necessary to avoid the worst impact of climate change. this, by the way, is another example of how providing financial services to the wider economy – in this case financing low carbon alternative technologies, has a positive feedback to balance sheet strength by reducing risks on both the asset and liability sides. 2 see speech by anna sweeney ( 2020 ) : paving the way forward : managing climate risk in the insurance sector all speeches are available online at www. bankofengland. co. uk / news / speeches and @ boe _ pressoffice following the crisis some companies will enter the recovery phase with more highly leveraged balance sheets, some from a starting point that was arguably itself over
tiff macklem : opening statement before the standing senate committee on banking, trade and commerce opening statement by mr tiff macklem, governor of the bank of canada, before the standing senate committee on banking, trade and commerce, ottawa, ontario, 27 april 2022. * * * good evening. i ’ m pleased to be here with senior deputy governor carolyn rogers to discuss our recent policy announcement and the bank of canada ’ s monetary policy report ( mpr ). we published our mpr as russia ’ s unprovoked invasion of ukraine entered its eighth week. the war is causing tremendous human suffering, and our hearts go out to the ukrainian people. the war has also injected new uncertainty into the global economic outlook. it is boosting already high inflation in many countries, including canada, and it is disrupting the global recovery from the covid - 19 pandemic. against this backdrop we have three main messages. first, the canadian economy is strong. overall, the economy has fully recovered from the pandemic, and it is now moving into excess demand. second, inflation is too high. it is higher than we expected, and it ’ s going to be elevated for longer than we previously thought. third, we need higher interest rates. our policy interest rate is our primary tool to keep the economy in balance and bring inflation back to the 2 % target. two weeks ago, we raised our policy rate by 50 basis points to 1 %. and we indicated canadians should expect further increases. let me expand on each of these three themes. canadians have been through a lot in the past two years. everyone has been touched by the pandemic, through illness or the loss of loved ones, fear and uncertainty, job loss or business closure. we experienced the sharpest and deepest recession on record. and repeated waves of the virus have made the recovery bumpy. thanks to exceptional monetary and fiscal stimulus, effective vaccines and a willingness to adapt and innovate, the economy has bounced back remarkably quickly. it has been the fastest and sharpest recovery ever. and now demand is beginning to run ahead of the economy ’ s productive capacity. the labour market shows this clearly. before the pandemic, canada ’ s unemployment rate was 5. 7 %. when the pandemic hit, it quickly soared to 13. 4 %. and now, two years later, it is at a record low 5. 3 %. job vacancies are elevated,

out of increasing competition, as well as agency problems between management, owners and other stakeholders are inducing banks to look at newer avenues to augment revenues, while trimming costs. consolidation, competition and risk management are no doubt critical to the future of banking but i believe that governance and financial inclusion would also emerge as the key issues for a country like india, at this stage of socio - economic development. once again, let me thank governor husain for his kind invitation and the audience for their patient hearing. thank you.