samchain/econo-pairs-v2 huggingface dataset:
zdenek tuma : the role of the ebrd in the transition process towards fully fledged market economies statement by mr zdenek tuma, governor of the czech national bank and ebrd alternate governor, at the 15th annual meeting of the ebrd board of governors, london, 22 may 2006. * * * mr chairman, mr president, governors, ladies and gentlemen, it is an honour to address the annual meeting of the board of governors in london and i wish to express my appreciation also to the government of united kingdom and to the city of london for their hospitality. we are today participating in the fifteenth annual meeting of the board of governors and we can look back on these years with considerable satisfaction regarding the role of the ebrd in the transition process towards fully fledged market economies. many countries - including my country, the czech republic – have witnessed significant and considerable political and economic transformation. i am glad to say that the european bank is one of those successful institutions that have significantly contributed to this process. the board of governors has today approved the bank's strategy for the period 2006 – 2010 – the capital resources review 3. the new strategy reflects the successful transition achieved in the “ advanced countries ” and the bank's activities are being focussed towards the south - eastern and eastern countries of its operations. we support this move. in central europe the bank focuses on just a few sectors today. this is in line with ebrd strategy of graduation and the graduation of eu 8 countries from ebrd operations can be envisaged. the czech government has already given approval that discussions with the bank's management on the graduation of the czech republic from ebrd operations can begin. we believe that october 2007 - which would be the date of the regular consideration of ebrd strategy for the czech republic could be considered an appropriate for this debate. this time - frame should be sufficient for the bank, the czech authorities and investors to make the necessary arrangements. we understand that the bank's management will make their decisions regarding the supervision of its portfolio in the czech republic, including decisions concerning the future of the bank ‘ s representative office in prague. the mandate of the ebrd in the czech republic is thus approaching its conclusion, and i would like to express our gratitude and appreciation to the bank for its support during the ups - and - downs of the transition process in my country. our sincere thanks go to the management and all those numerous members of staff who

for years and sometime in difficult circumstances brought many successful projects to the czech republic. we wish the bank much good fortune for fulfilling its mandate. thank you for your attention.
bis central bankers ’ speeches before i end my remarks, allow me to say a few words about this magnificent building, sasana kijang. designed to be a nexus for thought leadership and collaboration in central banking, “ sasana ” is a sanskrit word that describes a site, centre, building or arena where communities gather for meetings, while the kijang is a small yet very intelligent animal that is depicted in bank negara malaysia ’ s logo. the architectural concept of sasana kijang is inspired from the shape of the cowrie shell, a popular form of money in the malay peninsula during the 3rd century with its building facade derived from the geometric patterns of traditional malaysian songket motifs, reflecting the hand woven fabric designs. sasana kijang hosts a learning centre with state - of - the - art training facilities for local and foreign participants and provides opportunities for the exchange of views and experience towards promoting capacity building in central banking. in addition to training facilities, offices and conference halls, sasana kijang also houses the bank negara malaysia knowledge management centre and the bank negara malaysia ’ s museum and art gallery which is open to the public. i hope all of you will take the opportunity to explore the bank ’ s collection displayed at the museum and art gallery and to enjoy the activities in the knowledge management centre. as visitors to malaysia, your stay here is not complete unless you have treated yourself to the variety of food, traditional and modern, that the country has to offer. on that note, i wish you all a productive engagement and a pleasant stay in kuala lumpur. bis central bankers ’ speeches

time. as the bank looks forward to the future, we trust that this exhibition would be the rbi ’ s mite to the cause of financial literacy in india. we trust it will evoke interest and take banking and finance not only to bankers and students of economics but also to the common person.
calls for leveraged actors and mark - to - market losses for all holders of the assets. since multiple firms were relying on similar marketable assets as a ready source of liquidity, extreme price declines could ensue, engendering a negative feedback loop that, if unchecked, would threaten the solvency of firms operating on the assumption of liquidity through asset sales or borrowings secured by such assets. in the cases of the 1987 stock market crash and the 1998 implosion of long term capital management, the damage was contained by quick emergency actions initiated by the federal reserve. by 2007, unfortunately, the now familiar perils of poorly underwritten assetbacked securities, liquidity strategies based on asset prices, and high leverage had pervaded the financial system. systemic risk arose not because the illiquidity or insolvency of one firm would directly bring down another, but because of parallel hedging or funding strategies practiced by highly leveraged firms with substantial short - term liabilities that threatened large segments of the market. this " interplay of complexity and tight coupling " 3 in funding practices poses a fundamentally different set of hazards from those conjured up by the image of a row of dominoes. the more apt metaphor is of a dense network whose connections are often obscure to many participants, in which the risk is not simply of counterparty exposure, but of the potential for liquidity problems at a firm with which they have no relationship to affect their own balance richard bookstaber ( 2007 ), demon of our own design at 145. sheets and liquidity positions. the characteristics of this market - based liquidity system have been explicated by commentators writing from both biographical 4 and theoretical 5 perspectives. although some regulatory attention was devoted to these risks following the earlier - mentioned market events, there is clearly the need for a comprehensive approach to analyzing and, where appropriate, taking action to address them. framing a post - crisis regulatory program how, then, should we respond to the shortcomings of the current financial regulatory system, shortcomings so plainly highlighted by the most serious financial crisis experienced by our country since the depression? let me state at the outset that i do not believe the answer lies in an effort to recreate the regulatory system of the 1960s. capital market developments of the last several decades are not going to be fundamentally reversed, nor should we want them to be. reform by nostalgia is not usually an effective approach, since it tends to forget

manages the complexities of resource raising and liability management. thank you. - - - - - * * * * - - - - -
- director - general - derville - rowland - 30 - september - 2020 4 see : https : / / www. centralbank. ie / news / article / blog - understanding - finance 6 / 6 bis - central bankers'speeches

noted, building financial education into the school curriculum would allow children to acquire valuable knowledge and skills that will help them throughout their lives - particularly as some parents may not be well - equipped to pass on these skills. 4 early financial education also helps build financial resilience by enabling people to devise short and long - term strategies to cope with financial shocks, alongside the public policy actions to lessen the effects of the shock on households and firms. in the central bank, we have engaged directly with schools in various ways over a number of years in order to build knowledge of financial and economic concepts. currently, we are piloting a programme that encourages central bank staff to visit their local schools, and are also exploring enhancements to our public exhibitions and visitor centre that would be beneficial to schools. pensions research if financial education must start young, it is also, of course, a life - long focus - necessary to empower consumers to manage, save and invest their money in a way that meets their needs. pensions are an example of where financial literacy and education play a vital role. in order for consumers to effectively plan and make the best decisions they can to support their living standard and secure their interests after retirement, they need to have knowledge and access to information concerning their own pension arrangements. 4 / 6 bis - central bankers'speeches research published by the central bank today highlights some significant challenges that consumers encounter with pensions. our research shows that pensions are a remote and distant income goal for many consumers. competing financial commitments, cost - of - living pressures and a lack of understanding on how best to plan for the future will affect many consumers'ability to prioritise pension saving and retirement income. financial literacy and awareness of one's pensions needs are necessary for consumers to overcome these challenges. consumers need the tools to determine what their postretirement income will be and to understand whether this is adequate for their individual situation. if the expected pension income is not adequate, consumers need to understand the actions they can take to increase it and the supports that may be available to them. given the evidence of this research, i believe that there is a real opportunity for the broader financial sector and other stakeholders to work together in this space to make a difference for consumers in planning for their long - term financial wellbeing through the provision of information and initiatives to support all consumers. in this regard, the government's introduction of auto - enrolment, the new retirement savings system for employees, from january 202
born from present changes are unpredictable. ” ladies and gentlemen, thank you for your attention.

a good deal of deregulation and liberalisation of previously sheltered sectors has taken place, there is still plenty of scope for further measures to increase the level of competition and stimulate entrepreneurial initiative. let me now shift the focus from structural to more conjunctural issues and briefly discuss the current economic situation. the first message i should like to convey is that there is good reason to remain confident that strong growth will be sustained in the euro area. euro area real gdp has been growing at an annualised rate of around 3½ % for four consecutive quarters, including the second quarter of 2000. some monthly indicators, which extend into or cover the third quarter of this year, point to some moderation of these high growth rates. in particular, the pace of growth in industrial production appears to have declined somewhat and some survey data showed signs of moderation. at the same time, however, confidence remains high, underpinned by positive factors such as high employment growth. the extended period of high and rising oil prices has certainly increased the uncertainty surrounding the sustainability of recent growth trends in the world economy. however, by contrast with previous periods of strong and prolonged increases in oil prices, the world economy is now less dependent on oil and inflationary pressures are still being contained. this should help to ensure that the impact of high oil prices on growth remains moderate over the medium term. all in all, the outlook is for the continuation of robust growth in the foreseeable future. turning to monetary developments, m3 growth has been deviating from the reference value of 4½ % since the beginning of 1999. the three - month average of the annual growth rates of m3 covering the period from july to september stood at 5. 4 %. over recent months, however, a moderation in m3 dynamics has taken place, as is visible in shorter - term growth rates. for example, the seasonally adjusted and annualised growth rate of m3 stood at 3. 6 % in september. at the same time, the recent increase in the growth rate of loans to the private sector should not be overrated. this was considerably influenced by the financing of the payments for umts licences by telecommunication companies. this does not imply high risks to price stability in the medium term as long as the proceeds are used, as expected, to redeem government debt. in sum, recent developments seem to indicate that, following the series of interest rate increases by the ecb, monetary developments are currently settling down at a more moderate
central bankers'speeches

mandate and the modified framework of its operations. the most important structural changes were triggered by • the establishment of the eurosystem, • the functional transformation of the international financial markets, and bis central bankers ’ speeches • the growing importance of emerging market economies for global economic developments. in particular, our international cooperation within the g20 and the financial stability board made it a matter of urgency for us to adapt our representative network. at the same time, our view of gathering necessary information has changed – alongside macroeconomic aspects, micro - as well as macroprudential issues have become increasingly important central bank activities. furthermore, national and international financial markets have gained in significance. 2. the job of bundesbank ’ s representatives the bundesbank ’ s network of international representatives is there to comprehensively observe economic developments and the expected evolution of financial markets from within key countries and regions. our representatives ’ main tasks include observing and analysing the financial system, and not least detecting financial crises early on, should they arise. even minor flaws confined initially to the local economy can rapidly take their toll on any national financial system in an interconnected global economy – and potentially engulf the entire economy. an important lesson learned from the global financial crisis is that isolated national efforts cannot safeguard the stability of our financial system. our representatives are expected to promote the exchange of expertise and nurture fruitful personal networks with central banks, financial authorities, supervisory authorities, banks etc. in their host countries. by the way, a bundesbank representative ’ s place of work is not necessarily in the host country ’ s capital city. in countries where the capital city is not the national financial centre, we chose to base our representatives in the latter, eg new york, sao paulo, mumbai and istanbul. the decision on where to locate each representative and whether to base them at german embassies or consulates general is based on technical criteria, the interests of the bundesbank and an agreement with the german foreign office. this raises the question of why our new representative to south africa is located in pretoria, and not in your financial centre johannesburg? the reason for this decision makes sense at first glance : johannesburg is in the vicinity of pretoria, and the german embassy is located in pretoria. what is more, the headquarter of our colleagues from the south african reserve bank are also in pretoria. i shall come to this point in a moment to show why this aspect is so important for our representative. 3. why
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this corresponds to about one - third of the world ’ s total private wealth managed abroad. last, but not least, the banking and the insurance sectors combined employ approximately 185, 000 people, the equivalent of 6 percent of total swiss employment, whereas the fiscal contribution of the banking sector alone amounts to about 13 percent of total tax revenues. under the circumstances, it should come as no surprise that switzerland fully supports the imf in attaching the highest priority to stability and crisis prevention. the main tool in this endeavour is clearly surveillance. surveillance remains the most important activity of the fund as its first line of defense against turmoil. however, this activity is hardly known to the wider public. unlike an agreement on a multi - billion rescue package, efforts to prevent a financial crisis never hit the headlines. surveillance is relatively unknown, probably also because it is a very complex animal, hard to explain, and with dozens of connotations. i have neither the time nor the desire to elaborate on all the elements of present - day fund surveillance. however i believe that some points are worth emphasizing. in the first part of my presentation i shall begin with some remarks on transparency, both in the context of the fund and with regard to its role in promoting market discipline. i shall then elaborate a bit on surveillance in financial markets. in the second part of my presentation, i shall take up issues linked to crisis resolution. however, much effort goes into crisis prevention, crises cannot be completely ruled out in an open and dynamic global economy ; the imf, therefore, needs to be and to remain an efficient “ fire - fighter ”. i shall elaborate on this “ fire fighter ” role of the fund, on the limits of its action, and on what is necessary to preserve efficiency and credibility in this context. 2. surveillance and crisis prevention let first me turn to crisis prevention. i shall start with a general remark. surveillance is the backbone of crisis prevention. however, for surveillance to be effective, it must not only be correct, it must also be implemented. implementing stability - oriented policies and efficiently monitoring domestic markets and institutions is the primary responsibility of the member country. the fund can only help countries that are willing to help themselves. as any argentinean would say, it takes two to tango. the fund ’ s role is limited to providing the best possible objective advice built upon the best possible analytical expertise. this is not to say, of course, that fund advice is always correct or appropriate. though fund staff is
publicly that the decision to reduce purchases did not reflect any change in the committee ’ s plans for holding the federal funds rate at its current level. the september decision not to reduce purchases clearly took some market participants by surprise. for me, the decision was a close call, and i would have been comfortable with a small reduction in purchases. however, as the minutes of the september fomc meeting reflect, there were legitimate concerns about the strength of incoming economic data, the economic effects of tighter financial conditions and of tighter fiscal policy, and the prospect for disruptive events on the fiscal front. 7 i supported the decision as a reasonable exercise in risk management. events since the september meeting suggest that the concerns regarding fiscal matters were well founded. i would like to push back against the narrative that the decision at the september meeting has damaged the committee ’ s communications strategy. in its communications, the committee seeks to influence market conditions over the medium term in a way that is consistent with its policy intentions. as i suggested earlier, as we navigate this unprecedented transition back to more normal policy, there may be volatility in the short run. and we will continually strive to improve our communications and avoid surprises. but, at the end of the day, my own judgment is that market expectations are now better aligned with committee assessments and intentions. the september decision underscored the committee ’ s intention to determine the pace of purchases in a data - dependent way based on progress toward our objectives. moreover, the modest net tightening in financial conditions since the june meeting has likely reduced the prevalence of highly leveraged, speculative positions. i believe that the market is now prepared for a reduction in purchases when the economic outlook and the broader situation support it. see board of governors of the federal reserve system ( 2013 ), “ federal reserve issues fomc statement, ” press release, september 18. decomposing federal funds futures into components representing the true expected path of the federal funds rate and term premiums is difficult. staff models suggest that a portion of the upward revision in the federal funds futures curve over this period was associated with a pulling forward in the expected date of liftoff in the federal funds rate. see board of governors of the federal reserve system ( 2013 ), “ minutes of the federal open market committee, september 17 – 18, 2013, ” press release, october 9. bis central bankers ’ speeches short term rates have fallen back since the september meeting, and are now better aligned with the committee ’ s forward

some day allow statistical agencies to tap into a great many economic transactions on a basis close to real time. more generally, i am certain that the possibilities for creatively harnessing technology for the improvement of economic measurement are much broader in scope - although, as in many other areas of endeavor, the precise directions those advances will take are difficult to predict. if we had the appropriate database, of course, who knows?
, 2009. i ii

new rules. * * * before handing the floor to daniele nouy, secretary general of the autorite de controle prudentiel, i would like to conclude with a few words on recent developments in europe. you are aware of my commitment to full harmonisation in europe : this “ single rule book ” is the only way to achieve a truly efficient single market. you are also aware that the negotiations between the european council and parliament might reintroduce the national options that the commission had removed. they may also, under a compromise text, render partly redundant and ineffective the responsibilities of supervisors of home and host countries, as well as those of micro - prudential and macro - prudential supervisors. in this context, i believe that the creation of a banking union is to be supported. it would be a major development for banking supervision in europe, which would bring numerous benefits and would enable us to efficiently address the current difficulties. such a development would most likely have very positive consequences in that it would be a step towards greater european harmonisation. naturally, the benefits of such a reform would be more far - reaching but such questions go beyond the scope of today ’ s conference. questions regarding the impact and stakes of basel iii will already give ample food for thought in the rich debates and discussions this morning. i wish you all a fruitful conference. bis central bankers ’ speeches