samchain/econo-pairs-v2 huggingface dataset:
, will mark a milestone in the development of the foreign exchange market in seychelles and that we will see an improvement of the interbank market in foreign exchange, as well as the introduction of new foreign exchange - denominated products, as we align ourselves with the target of improving access to foreign exchange. to the participants, i would say let us make the most of this exposure. i would like to reiterate my pleasure for being at todaya€™s forum and i look forward to the fruitful deliberations that are to follow. i now declare the official launch of the africa financial markets index research in seychelles. thank you.

particularly extend my appreciation to the international finance corporation ( ifc ) for its support throughout the development of the financial leasing legislative framework, its unwavering assistance throughout the organisation of the forum and its contribution to the funding of this project. ifc remains one of our key committed partners in the development of leasing in seychelles since 2013, in line with its mandate. may i also acknowledge our local partner, the seychelles investment board which has assisted with the organisation of the forum and all other stakeholders which have contributed in one way or another to realise this event. a warm thank you to the team of panelists who have gracefully accepted to be here with us today to share their knowledge and experiences. i would urge all participants to engage actively with them and make the most of their knowledge. let us all contribute to create a dynamic financial leasing sector in the seychelles. ladies and gentlemen, i would like to thank you for your attention and i wish you all fruitful deliberations over the course of the two days. to our international guests, may your stay in the seychelles be a memorable one. thank you.
country. this is something truly worth celebrating, and i thank the famous 5 foundation for inviting me to join you on this occasion of the 75th anniversary of the persons case.

council meeting we took the first step to lowering rates from their all - time highs. we cut the key ecb interest rates for the first time in almost five years ( since september 2019 ). however, our monetary policy remains in restrictive territory, and it will continue to be restrictive for some time into the future. financing conditions, especially at the long end, have tightened significantly since the beginning of the year, and will remain tight even after several rate cuts. the ongoing decline in our balance sheet, i. e. the aggregate balance sheet of the central banks that comprise the eurosystem, due to the run - off in our asset purchase programmes and the repayment of tltros over the course of this year, will also represent an additional tightening of financing conditions. the challenge ahead is to ensure that inflation continues to fall and approaches our objective in a timely way, while at the same time growth strengthens to reach sustainable levels ensuring full employment. in these circumstances, the governing council faces a balancing act : 3 / 7 bis - central bankers'speeches we want to bring inflation to our objective by the end of next year. this will call for policy restraint in the months ahead. but we don't want to undermine the incipient economic recovery and risk bringing inflation to levels below our 2 % target. indeed, according to the june projections, inflation is expected to undershoot our target in every quarter of 2026. i will not comment on possible further rate cuts this year other than to say that, first, we need to wait and see how the data develop and, second, even with additional rate cuts, monetary policy will remain well in restrictive territory. in this journey, maintaining gradualism and flexibility will remain key in mitigating unwarranted economic volatility and financial stability risks, while ensuring the efficiency and proportionality of monetary policy measures and preserving our credibility. we will continue to be data - dependent, assessing all incoming information in each of the forthcoming monetary policy meetings. amid elevated economic and geopolitical uncertainty, we will remain cautious and vigilant to adjust our policy stance in stepwise cuts of our interest rates as warranted. 3. global uncertainty challenges and geopolitical developments no one could have predicted the series of supply shocks that struck the euro area economy in the past few years. therefore, no one could have predicted – and no one did before the fact – the rise in inflation that followed. some 40 years ago, nobel laureate james
the hierarchy of claims in some member states, while in others the deposits rank alongside any other senior unsecured creditor of the bank in insolvency. this may imply different treatment of depositors depending on the location of their deposits and lead to further market fragmentation. introducing harmonised depositor preference for eligible deposits in the eu would lower the risk of bank runs as it reduces the incentive for uninsured depositors to withdraw deposits. in addition, it would aid the resolvability of banks, since it avoids the cumbersome task of splitting the eligible deposits into covered and uncovered parts. it would also enable uninsured deposits to be transferred or sold along with the insured deposits and thus increase the franchise value of the bank under resolution and its essential parts. nevertheless, it should be acknowledged that depositor preference may lead to increasing secured lending and decreasing maturity of the funding of banks. however this can be limited ( i ) by introducing a minimum requirement for bail - in - able instruments, calibrated to provide an adequate buffer of loss absorbency as foreseen in the draft eu framework ; as well as ( ii ) by the introduction of the net stable funding ratio that banks will have to fulfil. another argument often raised against deposit preference is that it may also raise the cost of senior unsecured funding for banks. this is a discussion that we need to take seriously. however i would make here two observations. first, one has to recognise the change in the liability structure of banks that is brought about by the deleveraging of the system. with generally lower loan to deposit ratios in the future relative to the pre - crisis period, and a clearer priority ranking of bank creditors, the role of senior unsecured wholesale funding for banks has evolved and will likely continue to evolve. if we accept that a smaller and less leverage banking system is desirable, then this evolution is not to be feared or resisted. second, the overall effect on funding costs of banks is not straightforward, given the potential offset provided by cheaper deposit funding. currently, more than half of the g20 countries already have depositor preference, among them the us, with no appreciable cost difference to banking systems without depositor preference. furthermore, deposit preference can in principle reduce the probability of default of financial institutions. depositor preference could further strengthen the incentives of unsecured creditors to exercise more effective discipline over banks ’ risk - taking. this implies that while the loss given

., freier, m., maier, s., garcia - miralles, e., pidkuyko, m., ricci, m. and riscado, s. ( 2023 ), " inflation, fiscal policy and inequality : the distributional impact of fiscal measures to compensate consumer inflation ", occasional paper, ecb, forthcoming. 4 / 4 bis - central bankers'speeches
further underlining the need in europe to lift the financing obstacles for the dynamic technology sectors.

out in order to understand how vulnerable the system is to a specific shock and the extent to which the shock will be contagious. the input of research has been invaluable in guiding central banks and the output of the macroprudential research network ( or mars as it was known ) was surely vital in helping central banks get macroprudential regulation up and running. at the same time as research has been progressing, the institutional structure of regulation and supervision has also undergone considerable reform. the european systemic risk board was created in the wake of the global financial crisis following the recommendations of the high level group chaired by jacques de larosiere. the de larosiere report focused on the need to move beyond microprudential supervision and give due attention to ensuring the stability of the financial system as a whole. as part of the process of implementing its recommendations, macroprudential regulation became a central bank core task. the research conducted in fora such as this one provides valuable inputs to this work. we have also seen major changes in the area of microprudential supervision with agreement on 1 / 2 bis central bankers'speeches the goal of european banking union and the creation of the single supervisory mechanism and the single resolution mechanism. the single supervisory mechanism seeks to provide a consistent method of supervising 120 significant european banks. once again research input is crucial to building up that method. to reap the full benefits of these institutional changes, it is important that the banking union be completed by creating a common deposit insurance scheme and setting up a credible common fiscal backstop to the single resolution fund that underlies the single resolution mechanism. perhaps strengthening the financial resources of the esm could provide a way forward in this respect. research clusters were only recently set up by the heads of research in order to encourage interaction and collaboration between escb researchers working on fields of common interest. it is planned that each research cluster will have an annual workshop where papers, selected on the basis of academic quality, will be presented and discussed. the workshops will provide an opportunity for researchers from national central banks and the ecb to get together and discuss advances in their respective fields – something that will have particular benefits for researchers who work in smaller central banks. i trust that you will find the atmosphere at the first workshop of this cluster conducive to encouraging such cooperation in order that policy in this area can move forward. if the global financial crisis has taught us anything it is surely that we, as central bankers,
play an even greater role in maturity - matched refinancing of mortgages in switzerland in the future. in addition, banks can improve their liquidity by holding portfolios of swiss mortgage bonds themselves. mortgage bonds could be converted into liquidity quickly and simply, as required, by means of repo transactions – either in the swiss franc interbank market or at the snb.

we spend public resources is critical, as i will explain later in this talk. 2. what should be our strategy for agriculture? the goal of agricultural strategy should be to support the modernisation of agriculture. modernisation entails farmers adopting good agricultural practises, employing productivity enhancing farm inputs, making decisions about input use and choice of crops or livestock to maximise their profit and selling more of their output on the market. it will bring about a switch towards the production of higher value crops, as well as raising yields per acre and yields per worker. a feasible strategy for agricultural development in uganda must have at its centre support for smallholder farmers. smallholders comprise 96 percent of uganda ’ s farmers. it is unrealistic to expect that uganda ’ s agricultural performance can be turned around by ignoring smallholders and focussing instead on large farms. furthermore, small farms generate higher value added per acre than medium sized farms which in turn are more productive than bis central bankers ’ speeches large farms. although large farms market a higher share of their output than small farms, the former are not very efficient. on average, crop income per acre is four times higher on small farms than on large farms in uganda. 1 with constraints on land availability tightening in uganda, it is imperative to implement a strategy which makes more productive use of land, and this is most feasible by strengthening smallholder farming. smallholders in uganda face a raft of constraints to commercialisation, including poor access to markets and lack of commercial and technical information, but with adequate support from government policies to alleviate these constraints it should be possible to generate substantial improvements in productivity, output and incomes ; improvements which will help to insulate agriculture from the negative impact of oil. how government can best support agriculture is the question i turn to next. 3. policy measures to support agricultural modernisation research carried out by lawrence bategeka and john matovu of the eprc, using a computable general equilibrium model of the ugandan economy, examined how agriculture would be affected by the spending of oil resources. in their baseline scenario, under which oil revenues are simply used to fund an expansion of government, the real appreciation of the exchange rate leads to a significant reduction in agricultural production, especially production of the traditional agricultural exports. however, bategeka and matovu find that, if additional budgetary resources are targeted at the agricultural sector, in ways which improve agricultural productivity, the negative impact of oil on agriculture can be mitigated, enabling
took employees on a journey through the “ cyber jungle ". this might seem a bit gimmicky to some employees, but it is absolutely crucial that they know what to do, and what not to do, as they navigate the digital world each day. this brings me to another topic : the risks not only affect existing institutions, but also newcomers. they are not immune to problems. let us briefly look at the story of fintechs so far. the wave of digitalisation coincided with a great deal of dissatisfaction among customers with “ banks ". that is why fintechs presented themselves as a counterpoint to traditional institutions, dressed in hoodies rather than a suit and tie, and claiming to be “ small, no - frills outfits ” rather than “ too big to fail ". but does a sense of a new dawn breaking and a customer - centric culture alone really make such a huge difference? does the image which fintechs have of themselves really justify supervising them less strictly? in my view, it is concrete evidence of safety and reliability that counts. there have been news of problems and failures at fintechs companies, combined with isolated cases of fraud at fintechs around the world. they show that mishaps and misconduct cannot be eliminated through technology and a fresh appearance alone. that is why, in germany, we have so far had good experiences with the principle of “ same business, same risks, same rules ". if, for example, you ’ re engaged in banking business – that is, you take in deposits and grant loans – you ’ re going to be treated as a bank by supervisors. you ’ ll need a licence and be expected to satisfy supervisory standards. it doesn ’ t matter whether a bank only appears on a smartphone screen and most of the standardised processes run automatically, or whether it is a well - established high street bank. so if a fintech in germany remains exempt from supervision, that is simply because its business 4 / 5 bis central bankers'speeches model contains nothing which, from today ’ s perspective, presents a risk that must be regulated and supervised. 4. conclusion ladies and gentlemen what, then, can we say today about the future of banking? my speech has hopefully made clear that we can ’ t just look at simplistic scenarios. the future of banking is not only about innovation, it is also about doing things right. therefore, in my view, digitalisation will reward not those who “ reinvent

the wheel ” but those who are generally more competent at what they do. this also means keeping the risks of digitalisation in check, what should also be the benchmark for institutions. it is not individual ideas we are talking about, but a bank ’ s overall package – including risk management. thank you. 5 / 5 bis central bankers'speeches
concerning the global systemic risk landscape. thank you very much for your attention. 6 / 6 bis - central bankers'speeches

among member states ; * promote the development of human resources ; * promote the development, transfer and mastery of technology, and * improve economic management and performance through regional co - operation. the treaty provides for other political, social and cultural objectives which are not of direct relevance for the enhancing of financial co - operation in the region. south africa has been given the task to manage the finance and investment sector of sadc, and the south african reserve bank was given the important role to co - ordinate the functions of the central banks of the twelve member states in the promotion of the sadc objectives. for this purpose, a committee of governors of central banks of sadc was created, with a small secretariat in the south african reserve bank, and a research unit to provide assistance to the governors ’ committee. in drafting its mission statement, the committee of governors designed a model for financial co - operation that was described as a “ bottom - up ” approach. this approach is based on building financial co - operation by first laying an appropriate foundation in the form of an effective institutional framework for the financial system in each country. more ambitious schemes for the harmonisation or integration of macroeconomic monetary policies can be considered at a later stage, i. e., once central banks, competitive private banking sectors and financial markets have been established on a firmer basis, and are functioning effectively in most of the participating countries. in its work programme, the committee of governors has made good progress with the following projects : * the development of a monetary and financial statistical data base, captured in the computer of the reserve bank in pretoria, with the intention of providing real - time on - line access to the information to all participating central banks ; * the development of an information bank on the policies, structures and functions of the 12 sadc central banks ; * the harmonisation of the development of national payment, clearing and settlement systems within each one of the twelve sadc countries, and the eventual provision for a network of cross - border settlements in the region ; * the co - ordination of exchange controls, and the gradual removal of exchange controls, in the region. south africa is now relaxing its exchange controls still applicable to foreign capital investment by south african residents in respect of investments in other sadc countries faster than for the rest of the world ; * the co - ordination of training of officials of all sadc central banks. the south african reserve bank has introduced a specialised training institute for central banking, and is now providing specialised courses
. if so, it would be a win for wall street.

thomas m hoenig : are community banks important? speech by mr thomas m hoenig, president of the federal reserve bank of kansas city, at the american bankers association government relations summit, washington dc, 18 march 2010. * * * as a federal reserve bank president, i am occasionally asked outrageous questions regarding central banking and commercial banks. “ is the federal reserve owned by a european banking cabal? ” “ how much ownership of the federal reserve do the rockefellers hold? ” but over the past few days, the questions have become truly outrageous : “ will the regional and community bank model survive in the future? ” are community banks important? “ shouldn ’ t the federal reserve supervise only the very largest banks and not community banks? ” what ’ s more, it is particularly bothersome to me that these last two questions are most often asked by individuals who have not been in or know what a community bank does. so let me answer the question. whether you are here today representing jp morgan or the first state bank of hometown, kansas, the answer is the same. when you cut through the fog, there is no question as to the need for and the importance of community banks in our nation ’ s financial system. the maps on the screen behind me show that banks with less than $ 10 billion in total assets hold substantial market share in much of the united states and hold the majority of deposits in 16 states. bank subsidiaries of bank holding companies with less than $ 50 billion hold the majority of deposits in 26 states. as you can see from these maps, regional and community banks serve local markets, and in turn, support local economic growth. these banks rely on knowing their customer, and managing those relationships to work with borrowers through good times and bad. regional and community banks are also typically locally owned and managed, which means they have an immediate and vested interest in the success of their local communities. yes, regional and community banks also are under pressure from this crisis, and it will be a struggle for them to regain their footing ; but, certainly no more so than that for our largest institutions that received significant government support. commercial real estate will be a drag on earnings for some quarters yet, and there will be bank failures. but this segment of the industry will recover and its model, with its focus on relationship banking, will prosper as the economy recovers and expands. interestingly, looking at preliminary data, i suspect future analysis of this crisis will find that regional and