samchain/econo-pairs-v2 huggingface dataset:
ensure that our monetary policy is being implemented effectively, we will subject the instruments used to regular review. further adjustments may be made if necessary. page 2 / 2

##lity around the world. notwithstanding the turbulence of the global economy, asian economies had proven to be resilient in the face of negative external developments, with favourable macroeconomic performance and well - maintained stability during the past period, thanks to the region ’ s flexible policy framework, robust financial system, and improved risk management as lessons had been learned from the crisis of 1997. making headway towards sustainable growth ladies and gentlemen, the success of asian economies in weathering the global financial crisis is certainly commendable. but it would be a mistake to be lulled into complacency by this success of short - term volatility management. in particular, there remain important long - term challenges to the sustainability of growth in asia. indeed, latest economic indicators already pointed to a bis central bankers ’ speeches less upbeat growth trajectory of the asian region including china. the apparent slowdown in asia, despite gradual improvement of the advanced economies, lends support to the idea that asia also has its own structural bottleneck issues to deal with. the time is ripe for all parties involved to look beyond short - term fluctuations and give serious consideration to longer - term structural issues that are holding back asian potential growth. this is the second topic of my talk today : what can asia do to sustain its high pace of growth in the post - crisis world? since the onset of the global financial crisis, most policy responses in emerging markets have been focused on demand - side management, through monetary or fiscal policy stimulus. but boosting demand alone could only get us thus far. the real lift of potential growth of the economy must essentially come from supply - side progress. this refers to either the more abundance or the better use of capital and labor inputs in the economy. although asia ’ s potential growth remains higher than in other regions, recent studies pointed to a possible reduction in trend growth since the 2008 financial crisis. 1 in my reading of anecdotal evidence and through policy discussions, two common drags to long - term growth among emerging asia are the labor shortage and the decline in productivity growth. let me explain the labor market issue using the case of thailand as an example. the problem of labor shortage has been deep rooted in thailand for many years but has not received much attention until recently. this could be partly due to favorable economic expansion during the past years that has masked this problem and also because of the ability on the part of firms to employ immigrant workers. but now with protracted external demand slowdown coinci
ever. thank you for your attention. bis central bankers ’ speeches

that divergence among euro area countries is making it increasingly difficult to set a single monetary policy that fits all of them. he expressed concerns about the sustainability of ever - diverging trends. would you agree with him? there are no ever - diverging trends. there is the concrete case of italy, which is underperforming. but six or seven years ago the underperformers were spain, greece and ireland, and now they are overperformers. it ’ s changed quite a lot. for instance, now in 2019 germany is going to be one of the countries with a lower growth rate. and yet it was the euro area ’ s growth engine two or three years ago. there is not an accumulation of divergences, but situations change. some countries that were underperforming are now overperforming, and vice versa. and this is not going to depend on monetary policy. monetary policy has to take care of price stability and some real factors that can explain inflation levels across the euro area. but it ’ s exactly the same in the 3 / 4 bis central bankers'speeches united states. do you think a single currency area can work in the long term without having a single budget to address shocks, banking problems or competiveness issues? i think the institutional architecture of the euro area has not been finalised at all. we have made some progress with the creation of the european stability mechanism, and we have launched the banking union, but this project is not complete. we have to finish the european deposit insurance scheme ( edis ) and we need to complete the capital markets union. i am fully in favour of having an instrument with a stabilisation capacity. it can take different forms. of the kind french president emmanuel macron is proposing? if you look at what was agreed in the european council, it was a first step in the right direction. but that should not be the steady state of the instrument. it could grow and have a very clear purpose – countercyclical stabilisation. now it ’ s more like a sort of competiveness instrument. we have to share more risk, for sure, if we want to improve the performance of the euro area and reduce the burden of monetary policy because, as i said, monetary policy is not almighty. and there is one element that is going to be key to achieving these steps : trust. you have to trust other countries to behave. but when a country misbe
environment for fintech, we have awareness there are several industry regulators with oversight over multiple players. there are multi - layered relationships. we are mindful to guard against policy inconsistency, conflicts and gaps. otherwise, there is a danger of regulatory arbitrage or a failure of oversight. we know that the best way to prevent this is through constant engagement with fintech innovators, financial sector players, regulatory agencies and experts. collaboration and cooperation are required for us to have a deeper understanding of risks inculcate appreciation for financial inclusion goals and to communicate market conduct expectations. indeed, collaboration and cooperation is very important. these are values you too – dear grad 3 / 4 bis central bankers'speeches students – can apply. you will find that your professors and your classmates will contribute to your success and will multiply the possibilities of your hard work. these connections are very important not just as you pursue your studies. you will find these indispensable in your personal lives as well. relationships, discussion, the expertise and guidance of others will matter and add value. even harvard studies confirm that true success and happiness is not determined by material possessions, but by friendships, good communication and camaraderie. even in this, sticktoitiveness is also needed. in closing as i end, allow me to remind you to consider yourselves blessed to be part of this elite group of graduate students. congratulations to all of you. embrace this challenge, persevere in it! i realize that i shared a lot of thoughts and information with you. but i hope, if anything that you remember the main idea i shared this evening. take the word to heart sticktoitiveness. i promise, it will help you. i wish you all the best and godspeed. 4 / 4 bis central bankers'speeches

, good central banks are all about having good people. and you – ladies and gentlemen of the bangko sentral ng pilipinas – you are our most valuable assets. mabuhay ang bangko sentral! mabuhay ang pilipinas! happy anniversary to all.
the monetary board to please join me on stage … to our continuing partnership in making our banking industry a dynamic story of growth and development that benefits our people and our country. cheers!... mabuhay ang pilipinas! mabuhay po tayong lahat! bis central bankers ’ speeches

make our foreign exchange obligations more expensive but, this will be countered by a smaller oil ( import ) bill from lower oil prices. the drop in oil prices will also ease inflation and benefit consumers. nevertheless, we need to be mindful of the risk of a sudden reversal in the trend. if low oil prices persist, the economies of oil - producing countries may eventually weaken and adversely affect the global economy. for certain, there will be pluses and minuses. we could see sporadic market volatility in the interim. nevertheless, from our experience and track record, it can be said that we are equipped to deal and handle these issues. let us also remember that we start 2015 with a credit rating that is two notches into investment grade territory. higher state spending on infrastructure and the implementation of projects under the public - private partnership program should also provide stimulus for growth moving forward. i believe, therefore, that even as episodes of stormy weather develop, the philippine banking community can face 2015 with confidence given its strong balance sheet, solid capital base that exceeds global standards, product innovations, and adherence to international standards for governance and risk management. of course, we still need to continue working together on our reform agenda to achieve a more inclusive financial system that promotes inclusive growth, strengthen consumer protection, forestall emerging risks, and ensure financial stability at all times. this is the philosophy that underpins our reform program. together, let us craft the way forward to an even better, stronger and more inclusive banking system. only by doing so can we preserve the gains we have achieved so far. and we do have a long way to go, given that 25 % of filipinos still live in poverty. of course, there is so much more that our banks have empowered and continue to support – from the cities to the countryside. ladies and gentlemen. i have learned in my almost 10 years as governor of the bangko sentral that each year is different. while our mandate remains the same, our operating environment is constantly shifting and changing. sometimes, it turns on its head. so, how do we navigate in uncharted waters? well, with extreme care : we have to make sure that we are in shipshape condition, that we are properly equipped for the journey ahead, and that we remain watchful of possible risks. ladies and gentlemen, i believe we are ready to take on the challenges and opportunities that lie ahead. let us now offer a toast : may i request the members of
say this is bad news for the world economy and the financial sector. but perhaps in no area is the geopolitical threat so real and acute as in the digital domain. apart from the kyivstar case, there are many other examples to back this up. in late 2023, a russian hacker breached microsoft's corporate network by exploiting a legacy account. as a result, the security and confidentiality of the email accounts of many organisations around the world were potentially compromised. last year, the fbi discovered a dormant network of chinese hackers in the united states that had compromised hundreds of routers and that was on standby to launch an attack if called on. and recently, russian and chinese vessels were suspected of damaging subsea 1 / 4 bis - central bankers'speeches data cables. since state - sponsored cyberattacks are often very well concealed, we do not have reliable numbers on how often they occur. but anecdotal information from intelligence agencies, like the dutch general intelligence and security service, suggest their number is increasing. traditionally, the financial sector has been an attractive target for cyber criminals with financial motives. but with the changing geopolitical climate, nation - state cyberattacks have become a very real possibility. their main aim is to cause disruption and to steal sensitive information. nation - state actors possess more resources, sophistication, and endurance than other hackers. and many sectors of the economy have become more vulnerable to large - scale disruption due to increased complexity and digitalisation. this is certainly true of financial services, with their long outsourcing chains and interconnectedness. and many financial firms depend on the same third - party service providers, so if one of these suppliers is attacked, large chunks of the financial sector may experience the knock - on effects. as we showed in our latest financial stability overview, a quarter of all reported global cyberattacks can potentially affect the financial sector through a vital process run by a third party on which the financial system depends. so, to answer the questions i posed at the start : yes, i think a major state - sponsored cyberattack on the financial sector or one of its supporting sectors could happen. and frankly, i hope we would be able to recover as quickly as the ukrainians did. that is not because financial institutions haven't prepared. many financial institutions have taken big steps in recent years to boost their cyber resilience. i think it is fair to say the financial industry

h. and jimeno, j. f. and r. ramos ( 2017 ) the spanish public pension system : current situation, challenges and reform alternatives, banco de espana occasional paper no. 1701. 2 king, m. ( 1995 ), commentary : monetary policy implications of greater fiscal discipline, in budget deficits and dept : issues and options ( pp. 171 - 183 ), federal reserve bank of kansas city, jackson hole symposium. 3 / 3 bis - central bankers'speeches
##kusai ’ s great wave depicted on new 1, 000 yen note source : national printing bureau.

payment problems for other banks and their customers. secondly, the banks are often exposed to the same sorts of risk. this increases the probability that, for instance, a macroeconomic shock may affect more than one bank. problems can thus spread between banks as an indirect effect, through expectations that other banks may suffer similar problems to the one first affected, or via more well - founded suspicions of the banks'exposures to one another. the contagion risks thus mean that problems in one bank can easily lead to problems for the entire bank system. the costs to society of a crisis that affects the entire bank system may be substantial. the need for a " safety net " the shareholders can never lose more capital than they have invested and individual depositors find it difficult to monitor a bank with widespread operations. they therefore lack sufficient incentives to take protective measures against crises that affect the financial system as a whole. alongside the need to protect consumers, this is one of the crucial reasons why we now have a financial safety net in the form of special regulations, supervision and a deposit guarantee. it is also the reason why central banks have the possibility to provide various forms of liquidity assistance, that is to act as the “ lender of last resort ”. here i should mention that the safety net for financial operations does not have only positive effects. one of the less desirable effects is that it can also lead to less cautious risk behaviour. as the safety net can in various ways make the bank's funders immune to certain risks, it may be tempting to allow the bank to take greater risks than is optimal from the point of view of the economy as a whole. simply put, the safety net reduces the private costs of applying strategies associated with a higher level of risk ; the bank ’ s financiers gets the upside but not the downside of the increase in the level of risk. this phenomenon is usually called moral hazard. the design of public supervision and regulation is important in the effort to reduce the problems relating to moral hazard. not least, the conditions concerning aspects such as guarantees and liquidity assistance have a major impact on the possibility to counteract problems and reduce the costs they give rise to. if the state is forced to intervene and save a bank, it is important that the shareholders and other funders do not come out of the process unscathed. designing a public safety net for financial operations thus entails a number of difficult considerations. crises change the role of the authorities during the
andreas dombret : current developments in europe introductory remarks by dr andreas dombret, member of the executive board of the deutsche bundesbank, at the german embassy, paris, 11 december 2013. * * * ladies and gentlemen let me kick off the discussion by offering some thoughts on the current state of play in europe, and the euro area in particular. many challenges have by now been overcome, yet some still remain ahead. let me mention a few of them. first, the markets are still concerned about the quality of banks ’ balance sheets and possible forbearance policies. the lack of transparency about true asset quality is certainly an issue. price - to - book ratios of less than one testify to this. second, it is true that we have seen significant improvements in market access and funding costs during recent months. however, signs of fragmentation between the so - called periphery and other countries of the euro area are still evident. that is, financing conditions for sovereigns, banks and corporates continue to diverge along national borders. third, in many parts of europe the necessary deleveraging process still has to continue. the corporate and private household sectors in some european economies are still riddled with debt from previous exuberance. likewise, public deficits and sovereign debt levels are uncomfortably high in many countries. finally, growth, when measured on an annual basis, in the euro area remains subdued. the european commission expects euro area real gdp to shrink by 0. 4 % in 2013. and in 2014, growth may well amount to a mere 1. 1 %. this adds to the challenges facing bank balance sheets and public finances. so, is it all gloom and doom? far from it, i would argue, as long as policy makers take the right steps. let us take a short look at what has been done so far and what remains to be done. let me begin with the issue of monetary policy, as you would probably expect from a central banker. only few would dispute that the measures taken by the eurosystem have greatly reduced tail risks in the financial markets. however, i cannot conceal the concern that these measures come with diminishing rates of return. in fact, we may soon reach a point where their risks outweigh their benefits. in the end, monetary policy cannot solve the crisis. everyone agrees on this. all monetary policy can do is to buy time. and in doing so the eurosystem has entered unchartered and dangerous territory

reduce the risks of financial fragmentation and ensure the smooth transmission of monetary policy, which in turn would support our monetary policy action. for instance, public and supranational investment ( ngeu funds ) will only be able to meet a small proportion of the investment required in the energy transition, estimated by the european commission as more than €400 billion per year over the next decade.
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william c dudley : new york city's return from the brink remarks by mr william c dudley, president and chief executive officer of the federal reserve bank of new york, at the lotos club, new york city, 19 october 2016. * * * it is a great pleasure to have the opportunity to speak here this evening at the lotos club, one of america ’ s oldest and most distinguished literary clubs. i am, of course, very happy to participate in tonight ’ s public affairs dinner and to accept the lotos award of distinction. tonight i would like to take a moment to discuss some of new york city ’ s recent history and its return from the economic brink. aside from being a story of historical interest, i believe there are lessons embedded in new york city ’ s experience that are relevant to other cities and municipalities that find themselves struggling today. as always, what i have to say reflects my own views and not necessarily the views of the federal open market committee or the federal reserve system. 1 given the historical relevance of today ’ s date, it seems appropriate to start by recalling what happened on this day 29 years ago. in what has come to be known as “ black monday, ” the u. s. equity market suffered one of its steepest one - day drops in history, with the dow jones industrial average falling 508 points — a decline of more than 20 percent. this capped one of the worst weeks ever for the u. s. stock market. many feared the worst for the u. s. economy — and especially for new york city. after all, the stock market crash in 1929 was followed by the great depression. as a young economist working on wall street, i certainly was worried — the situation didn ’ t seem consistent with future job stability. i went out that evening and bought myself a leather jacket. if i lost my job, i wanted to leave with something on my back, something tangible. as it turned out, although the city ’ s economy and wall street did indeed sustain a steep downturn, both were able to recover and to prosper. not only was there no depression, the economy avoided falling into recession. and, importantly to me, i was able to keep both my job and my leather jacket. in retrospect, the 1987 crash was just a hiccup in what ultimately turned out to be a remarkable upturn in the city ’ s performance and prospects. however, to really understand this story of the city ’
developer of new products, the main source of innovation and the main employer of people. of course, the environment in which private businesses take and implement their decisions is heavily influenced by the public sector. as gary banks, the former head of the productivity commission, has pointed out, the public sector has an important influence on the incentives that firms face and on their ability to respond to those incentives. in effect, it helps set the “ rules of the game ”. 5 there is no shortage of ideas on how to boost our productivity. last year gary banks also provided us with a very useful “ to do ” list and the business council of australia has also recently contributed to the debate. 6 the difficulties are in deciding which ideas to pursue and in generating the political support for changes that are in the national interest but may disadvantage some sections of the community. investment in infrastructure rather than recite the long list of possibilities, i instead want to focus on just one issue – and that is infrastructure. this is not to imply that infrastructure is necessarily the most critical issue. but it is an important one and it is one that is quite closely connected to the world of finance. i also want to make it clear that my comments are primarily about the medium term, rather than being focused on the short - term cyclical situation. see banks g ( 2012 ), “ productivity policies : the ‘ to do ’ list ”, speech at the economic and social outlook conference, “ securing the future ”, melbourne, 1 november. see business council of australia ( 2013 ), action plan for enduring prosperity, july. bis central bankers ’ speeches i suspect few of you would disagree with the idea that improving our infrastructure is important if australia is to compete successfully in international markets in the years ahead. over recent times, we have done quite well in building the infrastructure needed to export resources to the rest of the world. but we need to do more if we are to achieve that same success elsewhere. in the years ahead, it is unlikely that australia ’ s comparative advantage will lie in the production of standardised mass - produced manufactured goods for the global market. instead, we have tremendous opportunities in a range of more specialised high value - added goods and services, where it is the quality of our ideas and the quality of our execution that is the key. whether or not we can seize these opportunities depends critically on our human capital and our infrastructure. looking back at our recent experience with infrastructure, i find it difficult to escape the conclusion that

lives. and it ’ s those things that, well attended to, will deliver our future prosperity and wellbeing. bis central bankers ’ speeches