samchain/econo-pairs-v2 huggingface dataset:
##ch, chair of the supervisory board, to mr eero heina¤luoma, mep, on banking supervision, 28 october 2024 4 / 4 bis - central bankers'speeches

euro has coincided with a remarkable deepening of financial integration. the financial landscape has already changed enormously in most market segments. well - integrated financial markets and diversified portfolios reduce the extent to which firms ’ and households ’ saving and spending decisions are dependent on economic and financial developments in a specific country, region or sector. as a result, credit and risk - sharing channels are increasingly helping to attenuate the impact of shocks in a specific euro area country or sector. this financial market - based mechanism essentially means that consumption does not need to follow movements in regional output. there are two reasons for this : first, consumers can borrow from abroad ; and second, their financial wealth is less dependent on local conditions thanks to well - diversified international portfolio allocation. this also gives rise to greater competition, resulting in more favourable financing conditions for consumers and firms. in this regard, there is a very interesting study looking at the united states that i like to cite. according to this study, the us capital markets smooth out 39 % of shocks to gross state product ( equivalent to our gdp ), the credit channel smooths out 23 % of such shocks, and the federal budget smooths out 13 %. 25 % of the shock is not smoothed out. thus, according to this study, financial markets and financial institutions absorb 62 % of idiosyncratic shocks in the united states : an effect much larger than that of the federal budget. the euro area is moving in this direction, and i am sure that financial market - based risk - sharing will become increasingly important over the coming years. c ) the third area of strength is the fact that the euro area as a whole has become more resilient to external developments than its individual member countries ever were before the launch of the euro. national economic policies have become better coordinated, and of course the risk of possible speculative attacks on national currencies has been removed. not so long ago, the impact of movements of the us dollar vis - a - vis major european currencies was significantly aggravated by big tensions inside the exchange rate mechanism namely between the currencies that have now merged to form the euro. this can no longer happen. this increasing resilience is illustrated by the fact that the major shocks of the last ten years have not played a significant role in the dispersion of output growth and have not contributed to economic divergence. * * * ladies and gentlemen, let me now conclude. although there is still some persistent diversity across euro area
banks have responded to these challenges by reaching out through new branches. however, banks need to be mindful of the fact that the many of our people who need these services most of all are not able to bear the heavy charges that are sometimes levied, and the goal of inclusion will stand to be compromised if this matter is not addressed. the bank of zambia is in the process of engaging the banks with a view to finding a solution to the high cost of banking which is often cited as the main hindrance to access to finance. i therefore appeal to all the banks operating in zambia to critically assess the level of their charges and to continue playing the supportive role to development that they have in the past. in this regard, i am particularly pleased to make mention of the spirited efforts that standard chartered bank continues to make in financing sme ’ s and micro - finance. the experiences of many economies show that these sub sectors have the capacity to create a middle class and to emancipate both rural and urban dwellers from their poverty trap. zambia has many promising entrepreneurs whose only constraint is affordable funding. as you explore the opportunities that this new venture will bring you, i urge you to focus on the customers who may appear small today, but could grow with the bank if they are given the right support. i wish you every success as you embark on this journey into north western province.

to restore the sustainability of the public finances, which were weakened by the bis central bankers ’ speeches deep recession. as regards this process, it is not at the end yet. the process is not even at the beginning of the end. but perhaps it is at end of the beginning ( churchill ). what can we do in our own countries? we manage to navigate through unchartered waters by simply keeping our house in order ; taking care of the competitiveness of our economies, not letting public finances deteriorate too much and by investing for the future. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches
mark carney : opening statement before the house of commons standing committee on finance opening statement by mr mark carney, governor of the bank of canada and chairman of the financial stability board, before the house of commons standing committee on finance, ottawa, ontario, 30 october 2012. * * * good afternoon. tiff and i are pleased to be here with you today to discuss the october monetary policy report, which the bank published last week. • the global economy has unfolded broadly as the bank projected in its july mpr. growth has slowed in all major regions. the economic expansion in the united states is progressing at a gradual pace. europe is in recession and recent indicators point to a continued contraction. • in china and other major emerging economies, growth has slowed somewhat more than expected. however, there are signs of stabilization around current growth rates. • notwithstanding the slowdown in global economic activity, prices for oil and other commodities produced in canada have, on average, increased in recent months. global financial conditions have improved, supported by aggressive policy actions of major central banks. sentiment, though, remains fragile. • in canada, while global headwinds continue to restrain economic activity, domestic factors are supporting a moderate expansion. following the recent period of belowpotential growth, the economy is expected to pick up and return to full capacity by the end of 2013. • the bank continues to project that the expansion will be driven mainly by growth in consumption and business investment, reflecting in part very stimulative domestic financial conditions. • housing activity is expected to decline from historically high levels. the household debt burden is expected to rise further before stabilizing by the end of the projection horizon. • there are upside and downside risks around the evolution of household imbalances. residential investment could regain momentum, thereby reinforcing existing imbalances. conversely, continuing high household debt levels could lead to a sharper - than - expected deceleration in household spending. in this context, canadian authorities are co - operating closely to monitor the financial situation of the household sector, and are responding appropriately. • canadian exports are projected to pick up gradually, but remain below their prerecession peak until the first half of 2014, reflecting weak foreign demand and ongoing competitiveness challenges. these challenges include the persistent strength of the canadian dollar, which is being influenced by safe haven flows and spillovers from global monetary policy. • after taking into account revisions to the national accounts, which had the effect of raising

. with that summary, i would be pleased to take your questions and begin our discussion. 2 / 2 bis - central bankers'speeches
are not purely voluntary or that have elements of compulsion. we call for the avoidance of any credit events and selection default or default. let me add that i am from time to time surprised by the narrow view of private sector involvement that is generally taken in the present debate. we should not forget that private capital is also mobilised when embarking on privatisation. privatisation is a good way of mobilising private capital and is something that we have encouraged considerably, particularly in the case of greece. it is an effective way of mobilising private capital and has positive consequences not only on the financing of the country, but also in terms of positive structural effects on growth and employment. finally, the private sector involvement that everybody is aiming at is to go back as soon as possible to private sector market financing. thank you for your attention. bis central bankers ’ speeches

ensure that this happens. norwegian legislation must be updated in line with the new directive. this will improve the pricing of risk in the banking system. we will not bail out the shareholders. ultimately, bank owners and management must ensure that banks are run prudently. it is crucial that they are aware of their responsibilities. we cannot regulate banks to death. i am confident that owners and managers of norwegian banks will act responsibly. at the same time, banks must be regulated. capital requirements must be high and we must ensure that banks are solid and well - run. this will reduce the risk of a systemic crisis. this will also give banks ’ owners a stronger motive to take account of long - term risk. banks themselves and finanstilsynet ( financial supervisory authority of norway ) have done a good job to ensure a solid norwegian banking sector, so that the authorities avoid having to bail out banks. bis central bankers ’ speeches
that nurture its development.

marion williams : fund management in the caribbean – rapid growth and regulatory challenges address by dr marion williams, governor of the central bank of barbados, at the caribbean centre for monetary studies ( ccms ) 11th annual policy level seminar, port - of - spain, 25 may 2007. * * * mr. chairman, dr. ramsaran ; minister sahadeo ; governor ewart williams ; deputy governors ; mr. kelvin sargeant. i wish to congratulate the caribbean centre for monetary studies centre ( ccms ) on the choice of the theme for this year ’ s seminar. the ccms is in the process of restructuring itself. as part of the restructuring it is intended that the ccms spreads the scope of its coverage beyond central banks and commercial banks to include investment banks, mutual funds and securities companies, as well as insurance companies, some of which currently fall under the jurisdiction of some central banks. the timing of this seminar is also in recognition of the fact that an increasing proportion of funds are now invested under management. regional issues also, in the glare of globalisation and regionalisation the region is facing both old and new challenges, among them is the need to increase the ratio of our savings and investment in order to fund development. some of the more pressing features and challenges include : • slow growth in some jurisdictions ; • rising fiscal debt burdens ; • sluggish and disproportionate job creation ; • loss of economic and human capital / potential ; • global competition from new economies – attacks on both the trade and service sectors ; • an increasingly ageing population - a threat to the subsistence of national social security systems. these challenges, however, also offer opportunities. there can be positive outcomes if the correct procedures and frameworks are put in place and these challenges can also serve to harness fully the growth enhancing potential of the financial sector and enhance its role in the region ’ s development. with increasing assets under management, the investment industry faces several challenges that must be addressed to ensure that the interests of both the investors and the asset managers are best served. in some jurisdictions growth of funds outside the banking system has been more rapid that the growth of deposits of commercial banks. this means that the funds management sector deserves increasing attention. in recent years, there has been an increase in investor interest and consequently, a rapid emergence of investment products being offered to both retail and institutional investors. there has been a spurt in the growth of investment vehicles such as mutual funds, pension funds
of a meeting like this one is a thorough exploration of the issues, rather than definitive answers. the world we live in is increasingly complex, and things are changing all the time. in order to do well in the modern world, we have to cope with uncertainty as a way of life. we must develop the insights that help us to adapt our strategies in light of changes, in order to keep in sight our goal of greater efficiency in everything we do. bis central bankers ’ speeches

delisle worrell : risk and efficiency opening remarks by dr delisle worrell, governor of the central bank of barbados, at the regional central banks information systems specialists ( rcbiss ) annual ( xxiii ) conference, bridgetown, 3 june 2013. * * * today i want to celebrate with you an outstanding success story of caribbean regional integration. for over two decades information specialists from central banks from across the region have met like this, to network among yourselves, share common experiences and take advantage of each others ’ expertise. similar networks now exist in almost every sphere of central banking activity in the region, to such a pervasive extent that we now take them for granted. we should commend ourselves on this achievement, and seek to use our networks ever more effectively, in attaining the objectives of our central banks. that is what this conference is about. how do we use the opportunities which new technologies offer us to deliver central banking services as efficiently as possible, without exposing the banking system to unacceptable levels of risk. we need to pay attention to all the elements in this statement. we should always bear in mind that the ultimate goal is to make our central banks more efficient in providing the services which are our responsibility. meetings like this one are an opportunity to ask ourselves how well we are performing in this regard. are our technologies being used to provide faster and more efficient banking services for the government, the commercial banks and other financial institutions that we hold accounts for? are our transactions in government securities, foreign currencies and securities, and other financial transactions increasing in efficiency as we improve our technologies. are we able to bring information more effectively to bear in the formulation of economic policy? and are we communicating more clearly and persuasively to the general public, with cogent analysis that is fully backed up with relevant data? is our oversight of the financial system keeping up with the world ’ s best regulatory guidance? the answers to these questions will tell us how effective our information technology strategies have been, and how we might need to adjust our strategies in pursuit of further gains. the second part of my statement above refers to maintaining risks at an acceptable level. the management of risk is a very complex matter, and i can make only a few observations about it in this morning ’ s address. first we have to determine what is an acceptable level of risk. that depends on the cost of the risky event, at every level of risk, and the availability of insurance against that
- generation opportunity : to build a safer banking sector ; to strengthen our monetary union ; and in the process to take forward the historical process of european integration. we are privileged to have this opportunity – and we need to take it. thank you for your attention. bis central bankers ’ speeches

available online at www. bankofengland. co. uk / news / speeches while same risk, same regulation may seem obvious, in many countries it will require changes to the regulatory framework. where stablecoins are used in place of money, they need to offer the same protections as money. problem 2 is how do you ensure the stability of the “ thing ” being transferred in the payments chain. existing systemic payment arrangements transfer money that is stable and reliable – in bad times and in good. this generally takes two forms : public central bank money - either reserves held at the central bank or cash ; or private commercial bank money – bank deposits. prudential regulation, access to central bank liquidity, and deposit insurance give holders confidence that underpins their willingness to receive commercial bank money as payment. this gives payment recipients – shops and businesses - confidence that when someone taps their card or phone to pay, the amount promised will arrive in their account. international standards explicitly call on payment systems to settle in central bank money when possible and where that ’ s not possible, to settle in commercial bank money and to strictly limit any credit and liquidity risk of the instrument being transferred and settled. however stablecoin arrangements propose to transfer new instruments that they will create themselves – and to settle most of their transactions across their own books. with the right regulation, stablecoins may be safe for use in systemic payments chains. but the protections these stablecoins would offer are currently big question marks. some major stablecoin proposals offer no legal claim for holders. none. this is significantly different from how we currently pay : when my parents pay for their groceries using their debit card, the shop ultimately receives an electronic deposit in the shop ’ s bank account - a promise from the shop ’ s bank to redeem the amount deposited in local currency on demand. when – pre - covid – my parents paid in cash, the shop got banknotes with a central bank promise to “ pay the bearer. ” were they to pay in the future with some proposed stablecoins, the shop would just get a bunch of stablecoins. if the shop can ’ t sell the stablecoin to get local currency or other goods in an amount equivalent to the price of the grocery order, tough luck. additionally many stablecoins propose backing in instruments that may have market and liquidity risk. while these risks might be acceptable for speculative investment purposes, payments are different. this is why the all speeches
borrowing limit for banks was also raised from 50 to 100 per cent of unimpaired tier i capital with option to swap with rbi. these schemes mobilised us $ 34. 3 billion. [ swap schemes were closed by end - november 2013. ] bis central bankers ’ speeches

less fresh food is projected to be in the ranges of minus 0. 6 to minus 0. 4 percent for fiscal 2020, 0. 2 to 0. 5 percent for fiscal 2021, and 0. 5 to 0. 8 percent for fiscal 2022. of course, this outlook entails extremely high uncertainties, since it depends on the consequences of covid - 19 and their impact on domestic and overseas economies. if the strict public health measures are reinstated, economic activity could be constrained significantly again. moreover, attention should be paid to whether the second - round effects of a shock from covid19 will significantly depress the economy. specifically, whether the liquidity problem will shift to a solvency one and affect the financial system, thereby further pushing down the real economy, should be monitored. it also matters whether firms ’ and households ’ growth expectations will decline, leading to cautious spending attitudes. at present, it seems possible to avoid these risks owing to the government ’ s and the bank ’ s responses, but future developments warrant attention. lastly, let me touch on the bank ’ s thinking on future conduct of monetary policy. the bank considers it important to continue providing support for financing and maintaining stability in financial markets by conducting the three measures, which have been effective. since the economic and financial impact of covid - 19 is highly uncertain, the bank, for the time being, will closely monitor this impact and not hesitate to do whatever it takes as a central bank if necessary. thank you. 2 / 2 bis central bankers'speeches
report further progress with this ambitious but essential set of reforms. bis central bankers ’ speeches

foster the catching - up process, mainly through trade and investment ( fdi ), together with lower interest rates. new member states will have to implement and enforce the “ acquis communautaire ” of the european union, which they have adopted in the course of recent years ( excluding, for the time being, those areas where transitional arrangements apply ). the eu has also been preparing intensively to make enlargement work. within the realm of central banking, the eurosystem has been engaged since 1999 in a constructive and ever more intensive dialogue with the central banks of the new member states. already since the signing of the eu accession treaty in 2003, the governors of the national central banks of acceding countries have been taking part as observers in the general council of the ecb. i would also like to recall the unanimous recommendation we submitted on the voting modalities of an enlarged governing council, which has been accepted by the eu council and is about to be ratified within these days by all member states. this will allow the ecb to maintain efficiency and timeliness of decision - making in an enlarged euro area. eventually, enlargement of the eu will lead to the extension of the euro area, as the new member states are expected to adopt the single currency at some point in the future. in fact, upon eu accession, they will be committed to striving towards the eventual adoption of the euro. the main aim of the eurosystem in the process towards euro adoption is to ensure that the monetary integration of each new member states proceeds in a smooth manner and in line with treaty provisions. in view of this challenge, at the end of last year the governing council of the ecb adopted a policy position paper on exchange rate issues relating to the acceding countries. the treaty foresees that at some point following accession, new member states will join the exchange rate mechanism ii ( erm ii ). to ensure a smooth participation in erm ii, however, it would be necessary that major policy adjustments - for example with regard to price liberalisation and fiscal policy - are undertaken prior to participation in the mechanism and that a credible fiscal consolidation path is being followed. as they differ greatly in terms of economic structure, exchange rate and monetary regimes, and in the degree of nominal and real convergence already achieved, no single path towards the euro can be identified or recommended to all of them. various strategies may be feasible, provided they are based on sound economic reasoning,