samchain/econo-pairs-v2 huggingface dataset:
that nurture its development.

kevin greenidge : let hard work be your guiding principle remarks by dr kevin greenidge, governor of the central bank of barbados, at the barbados youth advance corps graduation, 25 august 2023. * * * good day graduands. today, i focus my remarks on being the best you can be. many years ago, i was like you. i was about to finished secondary school having spent one year in fifth form and not entered for any cxc course, and therefore would have left with no certification. i appealed to the principal of my school for a second chance, and he gave it to me. i grasped it, and as they say, the rest is history. back then, i committed to becoming the best i could be, envisaged the possibilities, applied myself, worked hard, and today, i am at the pinnacle of my career as the governor of the central bank of barbados. you can do the same. the programme from which you graduate today gave you that second chance. over the past four months, the national transformation initiative ( nti ) helped the barbados youth advanced corps ( byac ) to school you in letter and report writing. nti exposed you to various experiences and projects to prepare you for the technical and vocational training opportunities you will pursue next. and of major significance, you have designed your vision board, which i hope you will use to guide your career and help you attain success. the transitional literacy course has equipped you with the skills necessary to pursue higher learning at the samuel jackman prescod institute of technology, the barbados community college, the barbados institute of management and productivity ( bimap ), or the vocational training board. to become the best at whatever career path you choose, you must build on the foundation that the national transformation initiative and the barbados youth advanced corps laid for you. what is required, though, to solidify that foundation? the answer is simple. you must do a few things to be the best carpenter, cosmetologist, or artisan. topping the list are setting goals to achieve your vision, working hard, remaining focused, and avoiding distractions. you've drafted your vision boards already. that's a great start. now, you must set your goals to achieve those visions. goal setting helps you to chart a path and to map out how you will travel that road to your desired destination. having goals motivates you, gives you a sense of purpose, and helps you
mainly on domestic markets right now. however, we should not disregard the potential that cbdcs may have for enhancing cross - border payments. they could be used to process instant payments and should also help to extend their reach. in many countries, one of the reasons for pursuing cbdcs is to increase financial inclusion. furthermore, cross - border payments made in central bank money may contribute to lower risk. however, increased involvement of central banks entails its own risk : the risk of crowding out private competitors. cbdcs should therefore be designed around the principle of " do no harm ". they should also continue to rely on services provided by the private sector to the greatest possible extent, including for a significant portion of the cross - border chain. 3 / 4 bis - central bankers'speeches even if interlinked cbdcs were to become a reality, central banks would still have to rely on private actors for certain tasks. one example is currency exchange, since this is typically a market - based business, including managing and dealing with the inherent exchange rate risk. project icebreaker, an experiment conducted by the bank of israel, the bank of norway and the bank of sweden in cooperation with the bis innovation hub in the nordics, has shown that banks still have a place in a world of interlinked cbdcs. and, just like interlinked faster payment systems, a solution based on interlinked cbdcs would still rely on private actors to provide attractive front - end solutions. 5 closing remarks all of this shows that, in order to enhance cross - border payments, we need cooperation, not only between banks and central banks, but also with other players as well. regulators will have to coordinate efforts to harmonise regulation. central banks will have to be active in two different roles. as operators of payment systems, we may have to adjust our systems and communicate with the market on how best to expand their services. as leaders, we will have to continue to support and coordinate the actions resulting from the roadmap. ultimately, all stakeholders will have to come together to find solutions that are beneficial for all parties and work together to improve the global payments landscape. which brings me back to nelson mandela : with close collaboration on a global scale, which might be hard to imagine today, this may become a reality in the future. 1 financial stability board, g20 roadmap for enhancing cross - border payments, october 2021. 2 committee on payments and market infrastructures

the right thing and ensure a quick and fair resolution for these customers. we have communicated this to their ceos. thank you, i will now take your questions.
an overview of the follow - up measures taken by the ecb. i thank you for your attention. i am now at your disposal for questions.

should be a clear separation between supervisory decision - making and monetary policy. under the european commission proposal, a separate supervisory board within the ecb would take most supervisory decisions, under the ultimate authority of the ecb governing council. third, the ssm is necessary for the euro area but it may be desirable for other european countries as well. arrangements are being worked out on the basis of article 127. 6 of the treaty to allow them to participate and be fairly involved in the decision - making process. i am confident that european leaders can agree in december on the final features of the ssm and confirm that it will start legally in january 2013 and operationally in 2014. let me add a final remark. the ssm will turn the ecb into the home supervisor of all euro area banks. but there cannot be a lasting situation with one single supervisor and 17 ( or more ) uncoordinated resolution authorities. as mervyn king once noted, “ global banks are global in life but national in death ”. european banks should be european in death. i look forward to the european commission proposing a single resolution mechanism as soon as possible in 2013. european banking authority : final results of the eu capital exercise, 3 october 2012. bis central bankers ’ speeches global perspective on financial regulatory reform i would like to conclude my talk with some general remarks on the global perspective on financial regulatory reform. concerning the global policy response to the crisis, the g20, the financial stability board and the basel committee for banking supervision ( bcbs ) are all playing a key role in defining and prioritising the global regulatory reform agenda, coordinating the ongoing work on standard setting, and monitoring the implementation of measures that have already been agreed upon. also, the committee for payment and settlement systems ( cpss ) and the international organisation of securities commissions ( iosco ) are playing a leading role in the crucial field of financial market infrastructures. 5 while the regulatory framework is currently undergoing a complete overhaul, the work is often perceived as being quite technical and difficult to follow by non - experts. this is why it is important that ongoing efforts are well understood and supported by all stakeholders, including the general public. policy - makers should therefore clearly explain how the global regulatory reform measures are linked to the lessons drawn from the crisis and how these policy measures may promote global financial stability and, ultimately, economic growth. these reform efforts enjoy unequivocal support in europe. let me briefly recall in this regard that the eu has been one
financial technologies, such as big data, artificial intelligence and blockchain, are expected to play an increasingly important role in supporting green finance. i am happy to see many fintech firms attending this virtual event. the pboc will continue to work with all partners in mobilizing more private funds to support low carbon and sustainable development. thank you. 2 / 2 bis central bankers'speeches

the expected rate of inflation, in part to compensate for what had been very narrow yield spreads and readily available credit. we did not know how quickly markets would recover, the extent to which credit terms and standards would be tightened, or precisely how households and businesses would respond to recent or forthcoming financial developments. but, pending further evidence, a 50 basis point easing was not an unreasonable first approximation of what might be required to keep the economy on a sustainable growth path. in addition, i thought that economic performance would be better served by the federal reserve taking its chances on responding too much, or too rapidly, to the turmoil in financial markets rather than acting too little, or too slowly. sluggish or inadequate easing risked a weaker real economy that might cause lenders to pull back even more, leading to a deteriorating situation that could prove difficult to reverse. with the news on inflation relatively favorable of late and with inflation expectations seemingly well anchored, i believed that we would be able to offset the cut in the federal funds rate – if it turned out to be larger than needed – in time to preserve price stability. since the september fomc meeting, we have seen some signs of improvement in some markets that were severely disrupted. for example, investors appear to be differentiating more among risk characteristics of asset - backed commercial paper programs ; term funding has become a little more readily available to banks and commercial paper issuers ; and the run - off in commercial paper outstandings has slowed. but spreads in these markets are still quite high by historical standards and funding maturities are very short, leaving many markets vulnerable to unpleasant surprises. in mortgage markets, spreads for rates on jumbo prime mortgage loans over those on conforming, agency eligible, loans have come down a bit, but are still elevated. indeed, it may be a while before market participants regain enough confidence to price and trade certain types of assets and more normal liquidity conditions are restored. our policy action will not be able to avert all of the weakness in the economy that may be in train for the next several months. monetary policy works with a lag, and the effects of our easing action will have their maximum effect only after several quarters. in particular, housing markets are likely to remain depressed in coming months as housing demand is restrained by the difficulty in obtaining mortgages and perhaps also by spreading expectations on the part of buyers that house prices will fall, as they already have in a number of markets. and, although builders have reduced housing starts
www. federalreserve. gov / monetarypolicy / fomccalendars. htm ( quoted text in paragraph 3 ). 6 / 6 bis - central bankers'speeches

to take this opportunity, on behalf of the monetary authority of macao, to express our heartfelt gratitude for the continued guidance and support from mr. francis tam ; for the care and support from mr. zhou zhikui ; and sincere thanks to the practitioners of our financial sector for their hard work in the past year. i would also like to congratulate you on the results achieved by you ladies and gentlemen in the past year. at the same time, i would also like to thank the colleagues of amcm for their hard work. there are new challenges ahead at the beginning of the year. there is a shadow hanging over the global economy right at the start. the us subprime crisis appears to be deteriorating which adds uncertainty to the international financial markets. financial risk has increased. against such an international economic and financial backdrop, it is possible that macao will be adversely affected to a certain degree. it is likely that the macao economy will experience a slow down after rapid growth. therefore, financial institutions should put risk mitigation as their primary objective this year. with the support of the msar government and market participants, amcm will continue to enhance and strengthen risk management based on the concept of risk - based supervision to ensure the stability and development of our financial industry. simultaneously, we shall strive to maintain the opening up, diversification and internationalization of our financial sector to create a healthy financial environment conducive to the sustainable prosperity of macao. last but not the least, i sincerely wish you success and good health. thank you.
g & levine, d s ( 2012 ), guardians of finance. making regulators work for us, mit press, cambridge. 6 / 6 bis central bankers'speeches

is the correct measure? what constitutes a proportionate intervention? what regulations are appropriate and which are disproportionate? as i have already explained, i firmly believe that we have embarked on an effective and, at the same time, balanced path over the past few years. the reform packages are making banks significantly safer : as a result of more stringent capital requirements, by the introduction of the leverage ratio, by the introduction of not one but two liquidity minimum requirements, by the introduction of capital buffers and by further elements. more than that : we are also tackling the problem of bubble formation. through prudential requirements and through stress tests, for example, institutions are being placed under an obligation to conduct a more cautious risk management at an early stage. there has also been a microprudential upgrade, say, as a result of stricter requirements for systemically important institutions and instruments designed to prevent the emergence of bubbles – think, for example, of possible cyclical capital add - ons for mortgage loans. and, not least, the creation of the banking union has very much strengthened regulation and supervision of the financial system in the euro area. in total, the reforms have all been concerned with restoring the equilibrium of the market economy. you can tell that, in particular, by an additional, quite important new instrument – the way in which bank distress is treated. during the financial crisis, there were a number of bank rescues. mr thiele has already referred to this “ fall of the market economy ”. a resolution regime has now been established in europe. the failure of a major spanish institution five months ago demonstrated that the rules work and that investors can indeed be bailed in. other, less satisfactory cases have shown, however, that gaps still exist, and these have to be closed. all things considered, i nevertheless regard the reforms as important instruments with which the fall - out and costs of financial crises can be distributed more fairly among those responsible. you can see, therefore, that we are not relying on a single solitary instrument or a single solitary approach – rather, we have a toolbox with complementary instruments. in total, this toolbox – i firmly believe – makes our financial system much more stable. other proposals presented today go even further. their common denominator, however, is that the causes of the financial crisis can supposedly be eliminated only by even more radical approaches. i think that such a debate is very important : in my opinion,
rundheersing bheenick : launch of the monetary policy committee at the bank of mauritius opening address by mr rundheersing bheenick, governor of the bank of mauritius, at the launch of the monetary policy committee at the bank of mauritius, port louis, 23 april 2007. * * * in the presence of deputy prime minister and minister of finance and economic development, former governor sir i. ramphul, directors of the bank of mauritius, distinguished guests and other dignitaries it is a great honour and indeed a pleasure for me to add my own words of welcome and to address you today on the occasion of the launching ceremony of the monetary policy committee as a statutory committee of the bank of mauritius. it is a landmark move. it is eloquent testimony of our determination to rid our structures and processes of remaining outdated practices, loopholes, and bottlenecks in our quest for excellence. it is designed to leverage our economy to its next level of excellence and it is all happening in the year when the bank is gearing up to celebrate its 40th anniversary. it has a touch of history. it is fitting, therefore, that former governor, sir indur ramphul, and so many of you associated with the bank ’ s early days should be with us this morning. you will forgive me if i read some more history in today ’ s event. it was exactly 13 years ago, on 22nd april 1994, that the national economic development council – of which i was the founder - chairman, – published its report entitled improving efficiency in the financial sector in mauritius. the report recommended “ some major structural changes for a more efficient and dynamic financial sector, which can support and sustain the other sectors of the mauritian economy to stay globally competitive ”. the objectives are no less pertinent today than they were 13 years ago. if i may be allowed to plagiarise myself, the nedc was set up as a tripartite, high - level, policy review and policy advisory body to the government of mauritius, with an open - ended remit in all matters related to the economic development of mauritius. it provided a forum for informed debate on vital economic issues to contribute to the development of consensus regarding ways of improving economic performance and national competitiveness. a laudable objective, indeed, and one, i may add, that is being so ably pursued today under the baton of my friend mohamed vayid. what the nedc did not have, at least in

indonesia and romania. all other countries have an inflation rate lower than that of mauritius. a big effort is required to bring back our inflation rate in the ranks. a continuous effort should be considered by everyone to control all sources of inflation. the second table that we will circulate will show that the monetary policy stance of the bank of mauritius is not different from that of other central banks. the table will show you what other central banks have been doing in recent months in terms of monetary policy and interest rates. these two tables will allow you to situate mauritius vis - a - vis other countries, as it is important to gauge the differential between us and other countries. bis central bankers ’ speeches
you fear a “ secular stagnation ”, a long period without growth? i ’ m not sure and i think nobody can be sure. certainly there is a trend to a continuous decrease of real interest rates that has been visible in the advanced economies in the past decades. in this context, it is very important to increase potential growth. therefore a lot of different policies are needed. we must hope that this period will not last too long and that we will be able to increase potential growth in our economies again. bis central bankers ’ speeches

not happen and there is no reason to believe that it will happen now. and also in 2010 there had been fears about potential losses. if anything, the eurosystem made a very significant profit with these acquisitions. but the feeling is that the ecb is more and more deviating from the stability - oriented monetary policy of the bundesbank in its former days. this feeling even increases if bundesbank president jens weidmann is opposing ecb decisions. i find it difficult to say that the ecb is deviating from a stability - oriented policy when inflation rates are at 0. 3 %. you could say so if inflation was at 3 % or 4 %. our primary mandate is price stability and we will not embark in policies that may create dangers to the upside in this regard. another big fear is new bubbles in the financial system. our mandate is price stability regarding products and services, not the level of asset prices. this is the mandate politicians have given to us in the treaty. if we are talking about asset prices we need macroprudential instruments, not the use of the interest rates. some instruments were given to the ecb in the ssm regulation – a limited set. i would like to have more instruments of that nature. bis central bankers ’ speeches for example? in the uk, the government recently gave to the bank of england the instrument of loan - tovalue - and debt - to - income - ratios, especially to prevent bubbles in the housing and real estate market. in the us, the fed can declare non - banks systematically important and then have the supervision over them. these are some good ideas. in the euro area the situation of the banks is still a big concern. they are still seen as undercapitalized. what do you think, especially after the ecb ’ s comprehensive assessment comes close to its conclusion? first of all : since last year banks have already frontloaded a lot of decisions in anticipation of the comprehensive assessment. they have raised new capital and increased provisions. all in all since june 2013 the 128 banks that will be under ecb supervision in the future have strengthened their balance sheets by €197 billion. this also means that the ecb ’ s check is already a big success. so the fears are unjustified? such concerns were in general based on the assumption that some assets in the banks ’ balance sheets were wrongly valued. this is exactly where the asset quality review comes into play. we are confident that
, it will enable malaysian investors to invest in foreign securities deposited with international and regional central securities depositories institutions. moving forward, myclear will continue to expand its horizon to other regions across the world. another infrastructure development that is taking shape in the international islamic financial system is the establishment of the international islamic liquidity management corporation ( iilm ). launched in october 2010, the iilm has begun its operations in kuala lumpur on the 1st of february. its main task is to issue short - term multi - currency liquidity instruments to facilitate the cross - border liquidity management between financial centres and at the same time enhance the financial inter - linkages. the iilm is scheduled to roll out the issuance of liquidity instruments later this year. this will allow for more efficient management of financial flows across borders and thus contribute towards the efficient internationalisation of islamic finance. as the islamic financial community significantly grows in size, it is congruent that this enhanced islamic finance platform being launched today has widened its outreach to the subscribers globally and from contributors of data and information from institutions around the world. to support this new enhanced islamic finance platform, bank negara malaysia and the other community members under the mifc initiative is pleased to be one of the contributors. the mifc page in the enhanced platform provides insights on shariah, mifc business opportunities and key developments. it also hosts the extensive network of islamic financial community in malaysia. on this note, i wish to congratulate bloomberg, aibim, bursa malaysia and the many teams that worked on this initiative to serve the islamic financial industry. bis central bankers ’ speeches

successful seminar. 3 / 3 bis central bankers'speeches