samchain/econo-pairs-v2 huggingface dataset:
of money to shape the international system. what matters is the depth, openness and interconnectedness of product and financial markets. ultimately, the geopolitics of trade and finance will determine the future. bis central bankers ’ speeches

and monetary policy independence. indeed, all reserve currencies today have fully flexible exchange rates. the second condition may be even more stringent. ultimately, what makes a reserve currency is the ability to serve unconditionally as a store of value. the country must therefore develop deep, liquid and unfettered financial markets. it also entails an ability to offer “ benchmark ” safe assets that keep their value in all circumstances, and may serve as vehicles for reserve accumulation. typically, only government debt will be used as a reserve asset. so, being a reserve currency also means that “ foreigners ” will permanently hold a large part of government debt and their judgment will ultimately prevail as to the true solvency of the government. being a reserve currency therefore implies constraints as much as it brings benefits. that may be the reason why countries, including china, would proceed cautiously on the road towards full reserve currency status. there is a distinction between being a reserve currency, on the one hand, and a global currency, on the other. the first concept refers to the currency as a store of value ; the second may concern only its role as a medium of exchange. these are two different attributes. a currency may be widely used in transactions without being considered for reserve accumulation. this distinction maybe relevant when looking at the composition of the special drawing rights ( sdr ). as you know, this is the “ basket currency ” that serves as a unit of account for the imf and, to a limited extent, as medium of exchange between its member countries. the composition of the sdr is due for review at the next annual meeting of the fund and experts are currently working on its preparation. this is a highly technical work. and so should be the decision. while the symbolism may be strong for some observers, the decision – whatever it is – should not be seen as politically inspired or motivated. conclusion : a longer - term perspective looking further into the future, will there be monetary “ spheres of influence ”? a lot will depend on whether the world will – or not – stay financially integrated. financial and regional fragmentation may lead to monetary fragmentation and some currencies being dominant in some parts of the world. another possibility is that financial integration will progress and the capital market becomes truly global. in that case, several major currencies could coexist with none having a dominant position in any part of the world or any segment of the financial system. there are limits to the power
. let me conclude by wishing the graduating students all the best in their future careers, and to wish you all a very successful conference.

zeti akhtar aziz : strengthening malaysia ’ s financial system speech by dr zeti akhtar aziz, governor of the central bank of malaysia, at the launch of the finance accreditation agency, kuala lumpur, 6 september 2013. * * * it is my great pleasure to join you this morning on the occasion of the launch of the finance accreditation agency. the establishment of the finance accreditation agency ( faa ) is part of the efforts to strengthen the financial system as it continues to evolve in a rapidly changing environment. the change in our financial system in this recent decade since the asian financial crisis has been transformational. it has encompassed major structural reforms in the banking sector, the development of a deep and vibrant securities market which has now assumed a key role in financial intermediation, the growth of islamic finance and the modernisation of the insurance sector. the regulatory and supervisory structure and approach has also evolved to become more risk - focused, more aligned with efficient capital and financial markets, and less reliant on prescriptive and direct controls. this has fostered greater innovation and competition in our financial system, while preserving strong incentives for prudent risk - taking. this has been reinforced through the supervisory oversight and increased market transparency. the evolution of business and distribution models has followed, with significant gains achieved in efficiency, greater financial inclusion and a more dynamic and responsive financial industry to better serve the economy. in addition, our financial system has become more global in its orientation, in turn lifting malaysia ’ s economic potential. the strategic importance of human capital has been central to this transformation. the quality of human capital has become a key driver and enabler of the change in this recent decade, with greater emphasis on productivity, and on elevating the skills and competencies of the talent pool in the financial industry. today, the financial sector workforce in malaysia has the highest total - factor productivity growth relative to other sectors of the economy. employment growth in the financial sector has also been in the higher skilled roles. this accounts for the higher level of wages in the financial sector which is more than one and half times the national average. financial services employees are also generally educated to a higher level, with higher expectations for individuals in key and senior - level positions within the industry to hold post - graduate or professional qualifications, in addition to relevant work experience. going forward, the human capital imperative will increase in importance – for the financial industry to sustain and reinforce the strong foundations that have been built, and to take
. the fund ’ s efforts to modernise its surveillance practices is welcome. adopting a “ multilateral perspective ” towards bilateral surveillance which systematically analyses inward and outward spillovers is one of the “ surveillance priorities ” 6 identified by the fund for the 2008 – 2011 period. other surveillance areas targeted for improvement include the analysis of exchange rates and external stability risks, risk assessment, and financial sector surveillance and real - financial linkages. as far as europe is concerned, the ecb has recently put forward a number of proposals 7 to reinforce the economic governance of the euro area. these include : i ) strengthening surveillance over budgetary policies and more effective prevention / correction of excessive deficits and debts, inter alia through the quasi - automaticity of excessive deficit procedures and sanctions ; ii ) an improved framework for competitiveness surveillance and the correction of economic imbalances ; and iii ) the design of an appropriate euro area framework for crisis management. these proposals will be taken up by the taskforce chaired by european council president van rompuy which is looking at economic governance in the european union. the taskforce is expected to report to ministers by october 2010. the recent experience in the euro area also shows that surveillance cannot be “ outsourced ” or delegated to markets. markets can be very erratic and move in a discontinuous fashion. the trends in euro area bond markets before, during, and after the crisis suggest that markets tend to undervalue risk in “ good times ” and overvalue it in “ bad times ”. this is why market surveillance can usefully complement, but not replace, enhanced surveillance by policy - makers themselves. peer - reviewed frameworks as a way to achieve longer - term objectives in the aftermath of the crisis, peer - reviewed frameworks could help to steer policy - makers ’ choices away from objectives which may appear beneficial in the short term but are ultimately unsustainable in the long term. in this context, the mutual assessment process ( map ) for sustainable growth launched by the g20 is promising, as some weaknesses are better seen “ from the outside ”. in addition, peer - reviewed frameworks can also help countries to pool strengths and resources so as to better tackle common vulnerabilities, as european cooperation to solve the greek crisis clearly demonstrated. a new paradigm for international cooperation a successful exit from the crisis requires not only an enhanced role for policy cooperation but also a new paradigm. for example, even if regulation and supervision are consistently strengthened at

die zukunft europas ”, speech given on 3 april 1992. bis central bankers ’ speeches
government policies to drive structural changes. 2 / 2 bis - central bankers'speeches

money supply are announced at the beginning of each year on what growth in the money supply will be good or tolerable in the south african economy. for 1996, guidelines were set at between 6 and 10 per cent, providing for real growth of 3 to 4 per cent, and inflation of 6 to 7 per cent. pure monetarists would have required growth in the money supply of not more than 4 per cent ( the growth in the real economy in a similar situation ). the money supply guidelines set by the reserve bank should not be seen as targets that must be achieved at all cost. they only serve as guidelines and contribute towards making monetary policy more transparent. as long as the actual growth in the money supply exceeds the guidelines, monetary policy must remain restrictive. scope for an easier monetary policy develops only as and when actual growth in the money supply moves to within the guideline range. as previously indicated, money is created in south africa mainly through the actions of private banking institutions. when they give credit to their clients, they create money. the reserve bank ’ s obligation to control the money supply, therefore, extends to a control over the total amount of new credit extended by banking institutions. the rate of increase in the total amount of bank credit outstanding is determined by two sides of a market formula : the amount of credit that banks can supply at any time, and the total demand of funds emanating from the borrowers of funds. the supply side of the formula depends on how much liquidity the banks have at their disposal for funding their lending operations. the reserve bank therefore has a vested interest in influencing or managing the amount of liquidity available to the banks. the reserve bank has a number of instruments at its disposal to influence the liquidity of the banking system, such as open - market operations, discount window facilities, and cash reserve requirements. the demand side of the formula is very much interest rate driven. higher interest rates will depress the demand, and lower interest rates will increase demand. the level of interest rates is to an important extent determined by forces of demand and supply operating through financial markets, but can also be influenced by the reserve bank ’ s own intervention in the markets. to meet its obligation of controlling the money supply, the reserve bank must ensure that the amount of liquidity available in the banking system and the level of interest rates will be such that there will be no excessive increase in the money supply. excessive increases in the money supply will eventually, after a
further reforms could be significant. according to the oecd and the commission, they could raise potential gdp by up to 6 % on average. another priority is a further reduction of public debt, which now stands at 96 % of bis central bankers ’ speeches gdp in the euro area as a whole. countries should strive to return below the 60 % threshold of the maastricht treaty. this will probably take many years for most countries, but will significantly improve the stability of emu. for the european level, many elements needed to repair the design flaws in the monetary union are now in place. but the effectiveness of these new governance measures depends crucially on their application in practice. a strict implementation is absolutely necessary. this not only holds for the stability and growth pact and the macroeconomic imbalances procedure, but also for macro prudential policies and the asset quality review of bank balance sheets. should any problems in the application arise, european policymakers will need to continue to forcefully tackle them. this enables us to keep the monetary union stable also in the long run. bis central bankers ’ speeches

my lord mayor, i ’ m not sure how much comfort that message will bring to the merchants and bankers of the city of london here this evening. but they will certainly have enjoyed, as i have, your very generous hospitality, which has been in the very best tradition of the occasion. and on behalf of all your guests i thank you - and the lady mayoress - for that. i thank you, too, for your sterling efforts throughout your mayoralty - in support of the city, in its civic affairs, in its business activity, and in its increasing engagement with our neighbouring communities. and i thank you not least for the role that you have played - on behalf of all of us - in helping to celebrate so splendidly her majesty ’ s golden jubilee. i invite all your guests, now, to rise and join me in a toast to your good health. my lords, ladies and gentlemen, the toast is : “ the lord mayor and lady mayoress - michael and sally oliver ”
of our nation. i challenge our young college freshmen here to develop their love and enthusiasm for statistics, for with this goes the development of their critical thinking. on this note, the bsp unites with the philippine statistical community and the academe in honoring this year ’ s finalists and in congratulating the winners and their mentors. thank you very much.

mbm ) to please join me on stage for the ceremonial toast, mbm bruce tolentino, mbm anita aquino, mbm. rosalia de leon. mbm. romeo bernardo, and mbm benjamin diokno. mabuhay po tayong lahat and enjoy the evening. 3 / 3 bis - central bankers'speeches
( imf ), global growth for this year is projected to decline somewhat to 3. 1 percent, but for 2016, it is projected to moderately accelerate on the whole and register 3. 6 percent ( chart 2 ). in this situation, japan ’ s exports and production are expected to remain more or less flat for the time being, but after that they are likely to increase moderately. nevertheless, taking account of the decline in growth expectations for and excess capacity in emerging and commodity - exporting economies, risks for the time being seem to continue to skew to the downside, and this warrants close attention. bis central bankers ’ speeches b. developments in domestic private demand despite the lackluster developments in exports and production i have outlined, corporate profits are at record high levels ( chart 3 ). the improvement in corporate profits is partly due to a fall in commodity prices – particularly crude oil prices – and to the rise in repatriated income from overseas business through dividends and interest, which has accelerated partly as a result of the correction of excessive appreciation of the yen. in addition, what can be pointed out as a characteristic of the recent economic recovery is the fact that the recovery of the nonmanufacturing sector has been marked on the back of the resilience in domestic demand. in the past economic recoveries, the general course of events was an increase in exports leading to a rise in production and rises in corporate profits and business fixed investment in the manufacturing sector ; this time, however, different developments are being seen. according to the september tankan ( short - term economic survey of enterprises in japan ), the diffusion index for business conditions in the nonmanufacturing sector improved to a level exceeding that seen during the economic recovery period in the mid - 2000s, while some cautiousness has been observed in the manufacturing sector. an improvement in corporate profits is producing a virtuous cycle that is spreading to domestic private demand through the corporate and household sectors. first, the corporate sector is maintaining its positive fixed investment stance. this can be confirmed by the high year - on - year rate of growth in fixed investment plans for all enterprises and industries for fiscal 2015 ; namely, 6. 4 percent, as shown in the september tankan. turning to the household sector, the employment and income situation has been improving steadily. labor market conditions have continued to tighten and the active job openings - toapplicants ratio is at a high level last seen in 1992. the unemployment

downside risks pass and the economy begins to recover. bis central bankers ’ speeches
european countries, the developments of the economy itself have, on the whole, exceeded expectations. economic growth has remained above average and the utilisation of production capacity no longer resembles a crisis situation. though unemployment is still high, it is decreasing and the indicators of the industrial and service sectors are posting quite high results from the historical perspective. if we add here the fact that global price rise pressures have been annoyingly enduring and do not show any signs of abatement, the risk of a persistently higher inflation rate in the euro area has increased. therefore, at the press conference after the most recent meeting of the governing council of the european central bank it was pointed out that, to withstand this threat, the eurosystem might increase the price of money in the markets earlier than expected, maybe already in april. the mandate of the euro area ’ s central banks is clear on this subject and there is no reason to think that some other stray thoughts would let us deviate from our key goal. it should be stressed that the governing council of the european central bank is monitoring the economic situation very carefully and will not commit to future decisions in a form that would render the council a prisoner of their own words. public discussions include two extraneous arguments, based on which it has been claimed that the hands of the euro area ’ s central banks are tied and therefore they cannot fulfil their primary goal properly. firstly, it has been presumed that banks ’ situation in europe is so weak that we cannot abandon the extraordinary monetary policy measures that made money supply easier for banks during the crisis. secondly, it is claimed that until the fiscal situation of some euro area countries is not firmly under control and the new financial control mechanisms have not been implemented, central banks do not dare to focus on the threat of inflation. i do not wish to underestimate either argument. the situation in global money markets, including europe, is not entirely risk - free yet and the leaders of europe ’ s public financing are struggling to ensure that the amended fiscal framework would help avoid crises in the future. however, upon fulfilling their main goal, the euro area ’ s central banks are not limited by these concerns to the extent that they could or should ignore the price stability goal. the prevention of excessive inflation and the alleviation of inflation fears is the best that a central bank can do to support long - term economic growth. as for money market liquidity and extraordinary crisis measures, they do not hinder the purs

necessary to reinforce the principles of open economy and market flexibility and to ensure the stability of the national economy. in order to meet these goals, the best state support is the resumption of investment in the private sector and using the new possibilities that accompany every crisis. thank you for your attention!
board members or those aspiring to be board members may want to strengthen their understanding of the laws and philosophy governing credit unions, their ability to read and interpret financial statements and to acquire some knowledge of risk management ; and four, the recent passage of the anti - money laundering legislation also applies to credit unions. as such, credit unions are expected to put measures in place to ensure compliance with the aml / cft. i hope these few ideas help you to plan your activities. i also hope we could continue to work together to bring the credit union legislation and the regulatory framework into operation this year. as you know, we are awaiting government ’ s approval of the policy framework after which we would proceed rapidly to the preparation of the draft bill. work is proceeding, in parallel, on the amendment to the present co - operative societies act. it is my firm conviction that the new legislation is in the best interest of the credit union movement and ultimately will strengthen the contribution that the sector could make to the economy. i end by reiterating my earlier statement that the central bank strongly supports the credit union movement which has made a significant contribution to the economy over the bis central bankers ’ speeches past decade and which i am sure will continue to play a major part in our attainment of long term sustainable growth and improvement for our entire population. i wish the league and its membership, the best for 2011. bis central bankers ’ speeches

, i wish to make one thing abundantly clear. we cannot regulate virtue. financial stability must reside in the hearts and minds of those who work in finance : bankers, bis central bankers ’ speeches investment analysts, insurance agents, insurance executives, brokers, and financial advisors. financial stability must reside in the hearts and minds of our university students who eventually enter the financial workplace. financial stability must also reside in the hearts and minds of our politicians and policymakers, who are called upon to make life - changing financial decisions. we need a change of culture. the financial rakhshas ( demons ) who believe “ greed is good ” must be conquered. only then would we see a financial system that is a true servant to the needs of the real economy. subscribing to this notion is perhaps the most important step towards crafting the financial system we all want to see. i thank you. bis central bankers ’ speeches