samchain/econo-pairs-v2 huggingface dataset:
and underscores the importance of forward looking planning and preparation. on this final note, i would like to extend our appreciation to the world bank for the opportunity for bank negara malaysia to co - host this event. i hope you will find the subsequent discussion on the world development report 2014 to be productive and beneficial. bis central bankers ’ speeches

olli rehn : global economy - fragmentation, decoupling or slowbalisation? keynote speech by mr olli rehn, governor of the bank of finland, at a conference coorganised by the european central bank, hong kong institute for monetary and financial research and bank of finland institute for emerging economies, hong kong, 13 january 2025. * * * presentation accompanying the speech distinguished guests, ladies and gentlemen, dear friends, let me start by thanking the hong kong monetary authority for hosting this topical and thought - provoking conference. discussing the changing global economy in " asia's world city " is, of course, very appropriate. i would also like to thank the representatives of the european central bank for their involvement in putting together the programme for this excellent event. this conference is a good example of fruitful cooperation between central banking authorities from different parts of the world, and certainly a tradition worth preserving. as the title of the conference implies, the global economy is undergoing a transformation. in my talk today i would like to address a key aspect of this transformation, namely decoupling and fragmentation in the global economy. is there evidence of geoeconomic fragmentation in the global trade and investment data? or is global trade simply following the same trajectory as global economic output? there is, of course, an important difference between the paths of global trade and global output. slide 2. a period of normalisation after hyper - globalisation? we can, in my view, reasonably start the analysis of any decoupling or fragmentation with a slide like this, which shows the value of the global goods trade in relation to the global gross domestic product ( gdp ). we can observe how this percentage climbs in the late 1990s and 2000s, pushed by the integration of china and former socialist countries into the global economy and global value chains. in the early 1990s global trade was roughly 30 % of the global gdp, and by 2008 this had increased to over 50 %. as the graph shows, the global financial crisis marked a clear turning point. since then, the level of global trade in relation to global gdp has fluctuated between 45 % and 50 %. should we call it'slowbalisation '? 1 / 4 bis - central bankers'speeches there are of course many reasons for this relative stagnation, but here in hong kong we should note at least one factor. whereas in the early 2000s many value chains in east asia were international, by the 2010s a larger share of production had
remarks at the event to commemorate thirty years of banca d ’ italia in japan speech by ignazio visco governor of the bank of italy thirty years of banca d ’ italia in japan : anniversary celebration tokyo, 11 june 2019 governor kuroda, ambassador starace, distinguished representatives of japan ’ s authorities, of the financial and corporate sectors, of academic and research institutions, and members of the italian, european and international communities in tokyo, i am delighted to welcome you all this evening, and to see several personal friends among you, as we celebrate the 30th anniversary of the establishment of banca d ’ italia ’ s tokyo representative office, which was officially inaugurated on january 27, 1989 by governor carlo azeglio ciampi, in the presence of the bank of japan ’ s governor, satoshi sumita. a special word of welcome goes to those of you who also attended that event. like the bank of japan and other central banks around the world, the bank of italy has long recognised the value of a stable presence in major international financial centres, for liaising with local authorities, disseminating information on and analyses of the respective economies, and for closely monitoring market developments. the bank ’ s first ‘ delegation ’ – as our foreign offices were, and still are formally called – was opened in london in 1917, soon to be followed by the new york office. our interactions with japan ’ s monetary and financial authorities had, of course, been under way well before the opening of our tokyo office. as governor kuroda recalled, in 1962 paolo baffi, then senior deputy governor ( direttore generale ) of the bank of italy, came to japan to deliver a series of lectures on international monetary policy, widely followed by officers from asian central banks, thus setting strong foundation to future closer relations between our two institutions. what i would like to remember today, however, is another episode that significantly enhanced this relationship. in late 1971, giorgio carducci and tommaso padoa - schioppa – two young bank of italy officers working in our research department – were dispatched to japan for a study mission by the then governor guido carli, and at the suggestion of the head of the research department, carlo azeglio ciampi – later to become through the years, governor of the bank, prime minister, minister of finance and president of the republic. their task was to analyse the financing model of japanese industrial expansion, and especially the role played

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progressed over the year, and a broad consensus has emerged regarding its implementation. the ecb ’ s new president, christine lagarde, has indicated her willingness to conduct such a review. in my view, a successful implementation of the strategy review would deepen the researchbased knowledge underpinning the monetary policy strategy and thereby enhance the common understanding on policy stance within the governing council. the review process should thus contribute to better monetary policy decision making and likewise support consistent communication on the monetary policy stance. next, i shall discuss two particular policy issues that play a major role in relation to monetary policy and the ecb decision - making. first, macropudential policy ; second, the policy mix with fiscal policy. macroprudential policy as the second pillar of central banking post - crisis, macroprudential policy has become the second key pillar of central banking today, alongside monetary policy. its guiding principle is that every country must find a macroprudential policy toolkit that is suitable for performing purposeful and well - targeted policies, and in general these toolkits should be made more comprehensive and wide - ranging than today. however, macroprudential toolkits are insufficient in many countries due to ongoing structural changes, like the growth of the non - bank financial sector and non - traditional loan products. for instance, the traditional dominance of banks as providers of credit and finance has started to weaken. the growth of the non - bank financial sector has taken different speeds and forms in different countries and regions. a case in point is china, where the size of the non - bank financial sector was about 10 % of annual gdp a decade ago. now its size is over 100 %. furthermore, we should not neglect the effects of certain global megatrends on macroprudential risks. for instance, rapidly expanding urbanisation is widening the regional differences in local housing markets and creating house price bubbles in some of the fastest growing cities. digitalisation is creating previously unknown challenges to macroprudential policies. with the emergence of new players like fintech and especially bigtech companies, new types of credit channels and changes in interconnectedness are affecting systemic risks in finance. and one of the even too “ hot ” topics in the macroprudential field is the long - term impact of global warming on 2 / 3 bis central bankers'speeches financial stability. these will call urgent and focused attention by macroprudential policymakers. meanwhile, i find the debate on

thanks for your attention. 3 / 3 bis central bankers'speeches
decisions one at a time. the past few years were unlike anything we ’ d experienced before, and none of it was easy. but we believe inflation will once again fade into the background as it settles back at 2 %. this will allow canadian consumers and businesses to spend and invest with confidence and the economy to work better for everyone. thank you.

realistic approach to regulation. competition in the provision of innovative payment solutions, especially where such solutions are turned into practical products that are responsive to the needs of the financially excluded, is healthy. although we expect banking institutions to continue to serving as the core of the payment system, it is non - banking institutions such a nam - mic payment solutions that will be contributing to the competitive environment in the establishment of payment methods and delivery channels thus serving as an impetus to innovation. bis central bankers ’ speeches electronic payment solutions and thus mobile payment solutions is one of many initiatives that the bank is promoting to increase financial inclusion. in this connection, this initiative of enabling money to be transferred across the country from person to person through a mobile solution at affordable costs will go along way in increasing access to financial services in line with broader national objectives. in conclusion, director of ceremonies, ladies and gentlemen we have come a long way in establishing a safe, sound and efficient payment system in namibia. the challenge is to make them accessible, affordable and inclusive. payment systems issues are perpetual on the bank ’ s agenda and we all need to contribute to achieving the twin goals of financial inclusion and provision of speedy, efficient, robust, accessible, safe and affordable modern payment methods. let me once again congratulate nam - mic payment solution for coming up with this innovative mobile payment services for their members. at this juncture, i now declare the “ nam - mic cellcard ” officially launched. i thank you for your kind attention. bis central bankers ’ speeches
my view, the cmu project is an important step forward to reach the goal of correcting some structural deficiencies of the eu capital markets in terms of their relative underdevelopment and fragmentation. cmu action plan was launched in 2015 by the european commission by setting out a list of over 30 actions and related measures to establish the building blocks of an integrated capital market in the european union by 2019. so far the implementation of these measures has been slow. in any event, in recent years the role of european capital markets as a source of funding for firms has increased. for example, the ratio of financing through fixed - income securities to total debt financing has grown from 8 % in 2007 to 12 % in 2017. a similar trend has also been observed in other advanced economies including the united states. understanding the driving forces of this trend is important in order to assess its main implications. some factors are possibly of a transitory nature. among these factors are the post - crisis monetary policies and their implementation. in particular, the introduction in mid2016 of the corporate sector purchase programme ( cspp ) as part of the ecb asset purchase programme, has contributed to lower the cost of firms ’ financing through the issuance of fixed - income securities relative to the cost of bank funding, thus encouraging see bentolila, s., jansen, m., and jimenez, g. ( 2017 ) " when credit dries up : job losses in the great recession ", journal of the european economic association, 16, 650 – 695, and martinez - pages, j. ( 2014 ) “ impact of restructuring plans on lending to non - financial corporations ” economic bulletin banco de espana, july – august 2014. see special feature a “ financial integration and risk sharing in a monetary union ”, in financial integration in europe, ecb, april 2016 and box 1 “ what could enhance private financial risk sharing in the euro area? ” in financial integration in europe, ecb, may 2018. see also asdrubali, p., sorensen, b. and yosha, o., ( 1996 ) “ channels of interstate risk sharing : united states 1963 - 1990 ”, quarterly journal of economics, 111, 1081 - 1110 ; athanasoulis, s. and van wincoop, e. ( 2001 ) “ risk sharing within the united states : what do financial markets and fiscal federalism accomplish? ”, review of economics and statistics, 83, 68

available options, that of redesigning their operating cost structure, at this point in time, seems unavoidable. however, this action alone will not be enough to overcome the pressures which affect and will continue to affect their income statements. at times it will be necessary and appropriate to turn to processes which take a step further and help institutions to exploit synergies and economies of scale. thank you.
’ s perspective on the importance of … science. all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx

charles bean : polymer banknotes remarks by mr charles bean, deputy governor for monetary policy of the bank of england, at the bank of england, london, 10 september 2013. * * * good morning and welcome. one of the bank ’ s most visible responsibilities is the issuance of banknotes. it is a long - standing responsibility that dates back to shortly after our founding in 1694 and over the past three centuries, our objective has remained the same, namely to supply good - quality, genuine banknotes that command the people ’ s trust. meeting that objective helps us to achieve one of our core purposes, which is to maintain confidence in the currency. following a three - year research programme, we are today announcing the launch of a public consultation regarding the possible introduction of polymer as the basis for the next generation of banknotes. polymer banknotes are made from a durable, yet thin and flexible plastic film. design features of the banknote are printed on the film, meaning these notes can look very similar to notes printed on paper. if the public reception to the proposal is supportive, then the recently announced sir winston churchill £5 and jane austen £10 notes would be issued on polymer. this change would happen in 2016 and 2017 at the earliest. the bank ’ s research programme has been wide ranging, investigating the impact of the introduction of polymer notes along several dimensions, including : security, durability, costeffectiveness, the impact on stakeholders in the cash industry, environmental considerations, and the likely impact on noteholders. in undertaking the research, we have worked closely with external stakeholders from the cash industry and have already engaged with the public through several independently - managed focus groups. and we have consulted other countries that have undertaken research into different banknote materials, of which several have already switched to the use of polymer, including australia and canada. based on this research, we are confident that printing our banknotes on polymer would bring several benefits : first, polymer notes are more secure. polymer notes are harder to counterfeit and allow for the inclusion of “ windows ” or clear portions in the design, which considerably enhances counterfeit resilience. such features also allow users to check whether notes are genuine quickly and easily. second, polymer notes are more durable and resistant to damage. as a result, polymer banknotes last at least two - and - a - half times longer than notes printed on paper. and because polymer banknotes last longer, they don ’ t need to be replaced
cent ) bis central bankers ’ speeches figure 5 loan - to - deposit ratio in selected countries ( per cent ) bis central bankers ’ speeches

of the investments and implementation of the reforms, could raise potential annual growth of the italian economy by a little under 1 percentage point on average over the next decade, enabling our economy to deliver levels of gdp growth not recorded for years. the importance of ensuring that the nrrp promotes investment, employment and productivity over the longer term is underlined by the expected reduction in the working - age population in the next twenty years ; combating its unfavourable impact, in addition to tackling unemployment, will require higher labour market participation rates among women and young people, who remain 13 and 14 percentage points below the eu average, and the gradual lengthening of working lives in accordance with the current legislation. one contribution could come from mechanisms which reward firms that hire young people and women and from resources dedicated to bolstering childcare services. the phase of stagnation in productivity that has inhibited the economy's development for so long must also be interrupted. at the end of this year, the debt - to - gdp ratio will be close to 160 per cent, a level not recorded in italy since the end of the first world war and almost 60 percentage points above the euro - area average. the high public debt constitutes a structural vulnerability : it exposes italy to the risk of financial shocks, creates underlying uncertainty that impacts on borrowing costs and discourages private investment. all the more reason that the european funds must deliver considerable and lasting progress. banca d ’ italia the governor ’ s concluding remarks annual report 2020 thanks to an average residual maturity of more than seven years, average borrowing costs will continue to benefit well into the future from the exceptionally low interest rates registered in recent years. even with a pace of economic expansion close to that recorded in the decade preceding the financial crisis, the gap between growth and average borrowing costs should remain positive for several years. in these conditions, a progressive improvement of budget balances, such as to deliver a primary surplus of a little over 1 per cent of gdp, would enable the debt - to - gdp ratio to return to 2019 levels in the space of a decade. faster growth is within our reach and would enable us to speed up the reduction of the debt - to - gdp ratio. the banks and the financial system in 2020, banks ’ balance sheets continued to strengthen. in the last five years, the common equity tier 1 ratio ( cet1 ) rose by more than 3 percentage points, to 15. 5 per cent. the ratio of non - performing loans
adv. shirley avner, who led the legal aspect. i would like to relate to a number of main points that arose during the discussions in this committee : 1. protection of privacy : the bank of israel attributes tremendous importance to the protection of privacy, and we are aware of the responsibility placed upon the bank in the context of establishing and operating the database. we are certain that the supervisor of privacy protection, whom i will appoint in accordance with the bill, will fulfill the role in the best way possible, and will assist us in ensuring maximum protection of privacy as part of the credit database. 2. “ consumer protection ” : the bank of israel attributes great importance to giving the proper attention to the protection of the rights of consumers regarding whom information will be held in the database. for this purpose, the bill sets out, inter alia, that i am to appoint a credit information supervisor, whose roles will include maintaining the interests of customers and ensuring the proper actions of the credit information bureaus and other entities. the supervisor will also constitute the address for clarifying and handling public enquiries regarding the activity of the credit bureaus, sources of information sent to the database, credit information users, paid representatives, and any other entity involved in the database. in addition, as part bis central bankers ’ speeches of the bill, the supervisor will be given control and supervision authorities over the activity of the credit bureaus, including concerning the statistical models, among other things. by the way, the consumer supervision standard that will be implemented regarding the database, similar to the existing standard at the banking supervision department, is worthy of being implemented for customers of all financial entities, both those already existing and those that will be established. 3. the sources of information and entities that will be required to provide information for the database : in determining the scope of information to be found in the database, a balance will be struck between the various objectives of establishing and operating the database. it is important to us that the information appearing in the database will be comprehensive and broad, but at the same time, we do not want to collect information that is not relevant or that is not of sufficiently high quality. it is important to note that the value of the information in the credit database for increasing competition and improving the customer ’ s status will increase as the financial literacy of the public becomes deeper, because the consumer ’ s ability to derive benefit from the solution to the information problem i outlined depends first of all on his own financial

behavior. it is therefore important that the government act to advance actions that will help increase financial literacy among the public. bis central bankers ’ speeches