samchain/econo-pairs-v2 huggingface dataset:
christian noyer : presentation of the european central bank annual report introductory statement by mr christian noyer, vice - president of the european central bank, to the committee on economic and monetary affairs of the european parliament, brussels, 17 april 2000. * * * it is my pleasure to present today the second annual report of the european central bank ( ecb ). even though it is the second annual report to be drawn up under the ecb ’ s responsibility, it is also a “ first ” in that it gives an account of the eurosystem ’ s activities during the first year since responsibility for monetary policy in the euro area was conferred upon the eurosystem on 1 january 1999. accordingly, it will come as no surprise to you that the substance of this second report is fundamentally different. the focus is no longer on blueprints for an efficient operational and institutional set - up of the eurosystem and the european system of central banks ( escb ). rather, it comments on the effective implementation of instruments and procedures as well as on the actual pursuit of the various tasks of the eurosystem, notably the conduct of a single monetary policy for the euro area. indeed, for the first time, this annual report gives a comprehensive account of the effective conduct of policies under the responsibility of the eurosystem. it complements, as a specific instrument of accountability, the regular quarterly hearings before your committee. however, at variance with this regular dialogue, its main focus is not on topical issues, but rather on past developments. indeed, the annual report provides a comprehensive account to the european parliament, as the only directly elected european institution, and to the other addressees, including the eu council, the european commission and, more generally, the wider public. it covers the full range of activities that the eurosystem carried out in 1999 with regard to the fulfilment of the tasks assigned to it by the treaty establishing the european community ( the treaty ), with the maintenance of price stability within the euro area at its core. accordingly, the report comments in detail on the achievement of this primary objective and the monetary policy pursued to this end under the prevailing overall economic conditions. moreover, it reports quite extensively on the other tasks and responsibilities of the eurosystem, for instance in the fields of payment and security settlement systems, financial stability and prudential supervision, the preparation of the introduction of euro banknotes and the eurosystem ’ s role in european and international cooperation.

https : / / www. resbank. co. za / content / dam / sarb / publications / financialmarkets / committees / mpg / mpg - ralated - documents / 2024 / update - onthe - jibar - transition - plan. pdf ( accessed 10 august 2024 ). 5 / 5 bis - central bankers'speeches
non - resident issuers into the ringgit capital market, thereby contributing towards broadening and deepening the market. such issues will have far reaching advantages for the domestic bond market. let me once again, congratulate the world bank and the joint lead managers cimb and abn amro, for a successful issuance of the ibrd bond debut in malaysia. thank you.

zeti akhtar aziz : growth and stability – implications and priorities for asia keynote speech by dr zeti akhtar aziz, governor of the central bank of malaysia, at the iif annual membership meeting 2012 : “ growth and stability – implications and priorities for asia ”, tokyo, 12 october 2012. * * * introduction it is my honour and great pleasure to speak at this 2012 annual membership meeting of the iif here in tokyo. these continue to be times of great uncertainty, with financial institutions being very much at the centre of the global efforts to restore stability and growth. confidence in financial institutions however continues to remain fragile in several parts of the world. this is a time when strong and responsible leadership in the financial industry has never been more important. the iif is well - positioned to lead this charge through its role in advocating the industry standards and best practices, drawing on the collective experience of its broad membership. indeed, it has performed this role most commendably. the common theme during the meetings throughout this week has been centred on growth and stability. i appreciate this opportunity to speak on the global economic and financial developments from the perspective of asia. my remarks will also include a view of asia ’ s development priorities to firmly anchor our future growth and stability prospects. finally, i will conclude with a few words on the implications of the evolving financial regulatory landscape for large international financial institutions from the view of a host country, given that many of the world ’ s largest financial institutions have a presence in our financial systems. part 1 half a decade into the global financial crisis, the world economy continues to be significantly challenged by the inability to hold a sustained recovery. this clearly has important implications for asia. while continuing to register positive economic growth, the momentum of the growth in 2012 has begun to moderate in most of emerging asia. in addition, global policy spillovers and the deleveraging activities in us and europe have contributed to increased and more volatile capital flows with its consequential implications on the financial markets in asia. while the extraordinary policy actions taken, in particular, by central banks have been important in averting a major global economic recession, it has proven to be insufficient to support a sustained recovery. in the recent months, the global economy has again experienced a broad based moderation in growth from an already modest pace. the most pressing challenge confronting policymakers in the crisis - affected economies is to develop an optimal policy mix that will address the fiscal imbalance and impaired financial sector
. we can set entry and licensing conditions to make it difficult for those who are dishonest or incompetent to set up firms or to work in the industry. we can require firms to have adequate financial resources to back the promises that they make, and adequate control systems to ensure that they can properly identify and manage the risks that they are taking. we can also mandate training and competency requirements for staff who deal directly with a firm ’ s customers. however, a regulator cannot be everywhere at once. nor should we aim to be. to a very large extent, maintaining public confidence in financial firms is the job of the firms themselves and their employees. as regulators we cannot set rules that ensure that people will behave honestly and with integrity. those are values that must come from within, they must be part of a firm ’ s culture. only an industry that takes seriously the need for ethical standards will be able to grow and prosper and to offer its customers the services they require. bis central bankers ’ speeches for this reason, i am very pleased that the cisi has chosen the subject of “ integrity at work ” for its first interactive seminar in bahrain. by encouraging participants to debate real life case studies, to consider their responses to them, and to suggest ways to deal with these problems, this learning environment will encourage participants to think more deeply about the ethical implications of their work place actions. as i mentioned earlier, bahrain is on course to have the largest cisi membership outside the uk. this fact demonstrates the already strong emphasis that firms in bahrain place on the importance of integrity and trust. it also illustrates one of bahrain ’ s many continuing strengths as a financial centre, our deep pool of qualified and experienced financial sector professionals. factors such as these will ensure that we can move on from recent events and remain at the forefront of financial centres in the mena region. thank you for your attention. bis central bankers ’ speeches

holders, who bear many of the risks of shareholders, but without the same control rights that a shareholder would enjoy. this means that ensuring high standards of corporate governance is even more important for islamic financial institutions than for their conventional peers and it is perhaps the single most important lesson that the crisis has for the islamic financial industry. with that thought, let me conclude by congratulating the organisers on having assembled such a distinguished team of panelists and discussants. i am sure the next two days will produce many new ideas and a lot of interesting debate and i wish every success to the 7th summit of the islamic financial services board. thank you for your attention.
consequently government ’ s savings capacity. a prolonged weakness of oil prices would inevitably erode the financial wealth accumulated in the stabilization fund with a correlative reduction in international reserves ; • a reduction in the yields on the investment of international reserves, as a consequence of low interest rates in international markets.

mohammed laksaci : investment financing in algeria speech by dr mohammed laksaci, governor of the bank of algeria, at the japan - arab economic forum, tokyo, 7 – 8 december 2009. * 1. * * recent economic and financial developments the deep and synchronized recession in advanced economies, which resulted from the deepening financial crisis during 2008 and which rapidly spread to many emerging and developing countries, appears to recede. indeed, the second and third quarters of 2009 recorded the first signs of stabilization and even some signs of improvement in the global financial situation. the massive public interventions in many countries have contributed to reducing systemic risks and uncertainties in the financial markets. however, signs of malfunctioning in the financial sector remain and commercial banks are still dependent on exceptional budgetary support and central banks, in the context of gradual recovery in some advanced countries. ensuring sustainable growth anchored to financial stability remains a major challenge. the spill over of the impact of the global financial crisis and recession to emerging and developing countries is well established in the first half of 2009, especially in countries affected by sudden capital outflows in the context of high exposure of their banking sector to international financial markets. in response, recovery plans focussed on supporting domestic demand have been implemented in a number of emerging countries, particularly in asia, thereby contributing to stimulating commodity export recovery in latin america and the middle - east. with limited exposure to international financial markets, algeria has not been directly affected by the global financial turmoil. however, the sharp decline in oil prices over the second half of 2008 significantly impacted export and budget revenues. despite this external shock, macroeconomic performance remained robust in 2009 with : – strong external financial position with comfortable international reserves ( us $ billion146, end september 2009 ) equivalent to 3 years imports of goods and services, and low external debt ; – the real effective exchange rate around its equilibrium level ; – continued high growth in the non - oil sector, expected to exceed 9 % in 2009 against 6. 1 % in 2008 ; – sizeable savings in the stabilization fund despite the expected first budget deficit for several years ; – contained inflation, notably on account of continued absorption by the bank of algeria of the excess liquidity. the strong economic performance in 2009, in line with the performance of the past several years, reflects continued prudent financial policies, sustained efforts to anchor monetary stability, and progress in strengthening the resilience of the banking sector, which have supported macroeconomic stability since 2000
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education must be part of the digital transformation. the g20 italian presidency aims to promote infrastructures as a way to foster social inclusion, reduce geographical disparities, and improve environmental sustainability. actions to address climate change and environmental degradation are paramount to promoting sustainable growth and protecting the most vulnerable. we need to favor energy transition, prioritize green transport and sustainable urban systems, invest in resilient infrastructures and their long - term maintenance, promote climate - smart agriculture techniques, and protect biodiversity. deep, structural economic transformation requires significant financial resources at a time when countries are facing fiscal constraints and debt overhang. therefore, there is a need to mobilize all sources of finance and use them effectively. this includes domestic resources, development financing, and private sector capital. we call on the w b to continue supporting partner countries in reshaping their tax systems and reforming expenditures and subsidies in order to raise domestic revenues and increase public expenditure efficiency. the w b must remain committed to providing high net positive financial flows, in particular to low - income countries. what has been done in the past months is remarkable, but more can be achieved in extraordinary times with extraordinary measures. the w b and other mdbs could temporarily stretch lending volumes and implement further balance sheet optimization measures while preserving their rating. we also reiterate the importance of mobilizing more private sector capital in low - income countries to close their financing gaps and support sustained long - term growth. to this end, the sustainable finance study group, re - established by the g20 italian presidency and just upgraded to a working group, will explore ways to enhance the role of the financial system in supporting the achievement of the objectives envisaged by the un 2030 agenda and the paris agreement, ensuring a just transition towards a low - carbon and more inclusive economy. we also urge ifc and miga to take stock of the covid - 19 crisis and to reflect on 3additional actions and tools to respond effectively to the huge challenges faced by the private sector in developing countries. in recognition of the critical role of the international development association ( ida ) to address growing financing needs in ida countries, we welcome the decision to advance ida20 by one year. it will be an opportunity to strengthen ida ’ s financial capacity and to better support its clients, in particular african and fragile countries. we call for a reinforced use of ida ’ s own balance sheet to unlock additional resources for ida countries. we look forward to a successful completion of
peter pang : hong kong mortgage corporation retail bond issues opening remarks by mr peter pang, deputy chief executive of the hong kong monetary authority and executive director of the hong kong mortgage corporation limited, at the signing ceremony for the retail bond issue under the hkmc's retail bond issuance programme, hong kong, 1 september 2006. * * * good afternoon ladies and gentlemen, on behalf of the hong kong mortgage corporation, i welcome you all to this signing ceremony for the new retail bond to be offered to the public next monday. five years ago, in october 2001, the hkmc introduced a mechanism to offer retail bonds through placing banks. this move received very warm welcome from both the banking sector and retail investors. so far, we have issued eight retail bonds for a total amount of hk $ 11 billion. two major factors are behind the success of the hkmc's retail bond issues. first it is our strong credit rating. in fact, our credit rating has recently been upgraded by s & p ’ s to aa with stable outlook and by moody's to aa3 with positive outlook. secondly, the hkmc meets the needs of retail investors through continual product innovation. on this occasion, we again bring some new features to our retail bond issuance. apart from issuing two - year notes in hong kong dollar and in us dollar, we are introducing a new 10 - year hong kong dollar zero coupon bond. this is the first time that a zero coupon bond product is offered to the retail public in hong kong. it is also the first time we are issuing retail bond with a ten - year tenor. " zero coupon " bonds are intended for investors who wish to save up funds for longer - term use. they do not need the cash flow from the interest payments on conventional bonds, but they would wish to save up the principal and interest for future retirement or children ’ s education. by investing around hk $ 32, 000 in this zero coupon bond, the investor will receive hk $ 50, 000 after ten years. if investors should find a need to sell the bonds prior to maturity, they are free to do so. we have a market making arrangement with our placing banks to provide quotes to buy such bonds to ensure secondary market liquidity. apart from the zero coupon bond, the hkmc is also issuing two - year us dollar retail bond, following our successful, inaugural issue of retail us dollar bond last year. we are now offering two - year retail bond den

. i hope that these thoughts on basel ii have been of interest, and possibly have brought out some aspects that may not have been picked up on before. from what i have said it should be clear, at the very least, that basel ii is not some abstract regulatory compliance issue of no real value to the banking industry. on the contrary, it ’ s based very much on emerging best practices in the risk management arena globally, and the objective is to try to encourage the wider spread of these best practices around the banking community worldwide. as regards hong kong, embracing the new accord can only further strengthen our position as one of the world ’ s leading international financial centres.
s reaction function with real - time data, bank of finland research discussion papers, 29 / 2017. 3 for further discussion on the state of the phillips curve, slack in the economy and inflation expectations, see e. g : www. bofbulletin. fi / en / 2018 / 1 / reports - of - the - phillips - curve - s - death - are - greatly - exaggerated / 3 / 3 bis central bankers'speeches

in the value of currency than those to which the standard itself is subject, and, at the same time, to carry on the circulation with a medium the least expensive … ”. he also noted that : “ experience, however, shews, that neither a state nor a bank ever had the unrestricted power of issuing paper money, without abusing that power : in all states, therefore, the issue of paper money ought to be under some check and controul ; and none seems so proper for that purpose, as that of subjecting the issuers of paper money to the obligation of paying their notes, either in gold coin or bullion. ” the same concepts are to be found some hundred years later in irving fisher. the success of the gold standard was due, among other things, to the broad consensus on metallism and the classical model ; one of the latter ’ s key features is the self - adjusting ability of the economy. the restoration rule, which required the gold parity to be re - established after a period of suspension due to exceptional circumstances, was an essential part of the gold standard. short suspensions of convertibility made it possible to overcome temporary difficulties. the system allowed discretion to be exercised only within very rigid limits. gold acted as an anchor both for the monetary system and for the economic system by making maintenance of the parity a constraint on economic policy. a commodity standard, however, is not without its weaknesses, owing to the impossibility of controlling the money stock in the face of exogenous fluctuations in the quantity of metal. given the short - run non - neutrality of money, countries suffered substantial welfare costs in deflationary periods, as in the closing decades of the 19th century. during the heyday of the gold standard several proposals were put forward to overcome this difficulty : jevons ’ s revival of the tabular standard, marshall ’ s symmetallism and fisher ’ s compensated dollar. wicksell even suggested cutting the link with precious metals altogether, thus anticipating by a quarter of a century keynes ’ s radical approach in the tract on monetary reform ( 1923 ). england ’ s ephemeral return to gold in the first half of the 1920s and, just a few years later, the terrible impact of the great depression greatly affected economic and political thinking. the discussion on monetary reform ceased to be confined to the purely academic domain. the advocates of reform ( including, albeit with different approaches, economists such as keynes, fisher,
bogota. thank you very much. 2 / 2 bis - central bankers'speeches

t measure credit risk although they represent a crude proxy for such risk within broad categories of banking assets. * finally, the capital standards give insufficient consideration to hedging or mitigating risk through the use of credit derivatives or effective portfolio diversification. these shortcomings of the regulatory capital standards were beginning to be understood even as they were being implemented, but no consistent, consensus technology existed at that time for invoking a more sophisticated standard than the basle norms. to be sure, more sophisticated standards were being used by bank supervisors, during the examination process, to determine the adequacy of capital at any individual institution. these supervisory determinations of capital adequacy on a bank - by - bank basis, reflected in the camel ratings given to banks and the bopec ratings given to bank holding companies, are much more inclusive than the basle standards. research shows that camel ratings are much better predictors of bank insolvency than “ risk - based ” capital ratios. but, a bank - by - bank supervision, of course, is not the same thing as the writing of regulations that apply to all banks. it is now evident that the simple regulatory capital standards that apply to all banks can be quite misleading. nominally high regulatory capital ratios - - even risk - based capital ratios that are 50 or 100 percent higher than the minimums - - are no longer indicators of bank soundness. meanwhile, however, some of our largest and most sophisticated banks have been getting ahead of the regulators and doing the two things one must do in order to properly manage risk and determine capital adequacy. first, they are statistically quantifying risk by estimating the shape of loss probability distributions associated with their risk positions. these quantitative measures of risk are calculated by asset type, by product line, and, in some cases, even down to the individual customer level. second, the more sophisticated banks are calculating economic capital, or “ risk capital, ” to be allocated to each asset, each line of business, and even to each customer, in order to determine risk - adjusted profitability of each type of bank activity. in making these risk capital allocations, banks are defining and meeting internal corporate standards for safety and soundness. for example, a banker might desire to achieve at least a single - a rating on his own corporate debt. he sees that, over history, single - a debt has a default probability of less than one - tenth of one percent over a