samchain/econo-pairs-v2 huggingface dataset:
and finance experimental zone, and optimize the payment services environment of beijing winter olympics with all our strength. a moment ago, party secretary cai qi elaborated on arrangements for the financial work of beijing in his remarks. i fully agree with him and will pledge full support for the work. i wish this year ’ s annual conference of the financial street forum a complete success. thank you. 4 / 4 bis central bankers'speeches

xiang junbo : deepening financial reform to create a favorable environment for enterprises speech by mr xiang junbo, deputy governor of the people ’ s bank of china, at the euro finance china conference 2005, shanghai, 9 november 2005. * * * ladies and gentlemen, good morning. it ’ s a pleasure to be here today to participate in the euro finance china conference. in recent years, china has been enjoying a rapid economic growth, gradually pushing forward its financial reform, and continuously pursuing the opening - up policy. against this background, there have been significant changes in the business environment of multi - national enterprises. it is of vital importance for us to discuss the issues regarding cash, treasury and risk management, which is the theme of this conference to facilitate an improved business pattern and efficiency for multi - national enterprises. as we know, economy and finance serve complementary to each other. an equilibrium and rapid development of national economy is needed to create a favorable external environment for the deepening of financial reform. while the introduction of various financial reform measures contributes to a better business climate for micro - economic participants. china has been maintaining a stable and rapid economic development momentum in recent years, and has achieved marked success in many sectors ; new progress has been made in the course of opening up, which guaranteed a smooth conduct of financial reform. first and foremost, national economy witnessed a steady and quality growth. with the gdp growth of 2005 expected to register at 9. 4 %, china ’ s annualized gdp growth rate during “ the tenth 5 - year plan period ” is likely to average at 8. 8 %, representing an acceleration of 0. 5 percentage points over that of “ the ninth 5 - year - plan period ”, while the volatility of economic growth is likely to be controlled within a band of 2 percentage points, 0. 5 percentage points lower compared with that recorded for the “ ninth 5 - year plan period ”. generally, china has enhanced the capability for economic growth, and is much more resilient against fluctuations with heightened economic stability. secondly, employment continued to scale up. employment has become an increasingly pressing issue for china due to its large population. during “ the tenth 5 - year plan period ”, newly created jobs in the urban areas increased from 7. 89 million in 2001 to 9. 8 million in 2004. and the figure is expected to exceed 9 million this year, which to certain extent will ease the unemployment pressure. thirdly, consumption has been steadily upgraded. during
tellez, m. ( 2022 ), “ fiscal policies to mitigate climate change in the euro area ”, economic bulletin, issue 6, european central bank. 10. darvas, z. and wolff, g. b. ( 2021 ), “ a green fiscal pact : climate investment in times of budget consolidation ”, policy contribution, issue no 18 / 21, bruegel, september. 11. latest data point q2 2022. based on the methodology described in the report on “ financial integration and structure in the euro area ”, april 2022, european central bank.

speech monetary policy in a new environment speech by christine lagarde, president of the ecb, at the european banking congress frankfurt, 18 november 2022 it is a pleasure to speak to you this morning. when the former british prime minister harold macmillan was asked what the greatest challenge was for a statesman, he is said to have replied : “ events, dear boy, events ”. and indeed, as policymakers, we are constantly faced by unpredictable events and shocks. but what makes the situation we face today especially challenging is that we are not only facing a sequence of ill - fated events – the pandemic, the energy crisis, russia ’ s unjustifiable invasion of ukraine and high inflation – but that as a result, the environment around us is also changing. some of the major trends that characterised the past few decades are shifting or even reversing. in particular, we can no longer assume, at least in the near future, that global supply will gradually expand or that global demand will act as a shock absorber. and this has implications for the focus of macroeconomic policy in the years to come. today i will argue that three themes will matter : ensuring price stability as the different shocks play out ; lifting constraints on growth in the areas where they have emerged ; and safeguarding a resilient financial sector which can support the transitions we will face. for the ecb, displaying our commitment to our mandate is vital to ensure that inflation expectations remain anchored while inflation is high. we are committed to bringing inflation back down to our mediumterm target, and we will take the necessary measures to do so. but in order to overcome the ongoing challenges, other public and private players will need to help accelerate the transition to a greener, more digital and more productive economy. the changing environment one of the most important macroeconomic stories of the past 30 years has been the rising interconnectedness of the global economy and its implications for global supply and demand. china ’ s entry into the global economy led to a massive increase in global labour supply. global supply chains became more unbundled and efficient, lowering inventory levels and reducing costs. and energy markets changed fundamentally as new producers emerged, notably us shale oil and gas, making global oil and gas supply significantly more elastic. at the same time, globalisation allowed growth to become less beholden to swings in domestic demand, as countries could rotate demand towards the rest of the world when faced with domestic slumps. this proved especially
. • make clear, time bound and practical recommendations on how the barriers identified can be overcome. we look forward to receiving the report of your proceedings this morning and remain open to further consultations on this topical agenda. it is now my pleasant duty and honour to declare the banking and finance conference officially open. i wish you fruitful deliberations in this conference.

njuguna ndung ’ u : the role of banking and finance in regional integration address by prof njuguna ndung ’ u, governor of the central bank of kenya, at the banking and finance conference, nairobi, 18 august 2008. * * * chief executives of commercial banks here present ; john wanyela, executive director, kenya bankers association ; representatives of the east african business council and east african development bank ; conference facilitators ; distinguished guests ; ladies and gentlemen : i am delighted to be here this morning and let me hasten to thank the organisers of the conference for the invite. i am informed that the overarching theme of the conference is mainstreaming banking and finance issues in the integration process of the east african community. this is indeed a subject that is near and dear, not just to the central bank of kenya, but also to our counterparts in the region. i was therefore pleased to be advised that similar forums have already been held in uganda, rwanda and tanzania. i am further informed that a regional forum that will bring together all the east african key banking and finance players is scheduled for arusha in the course of next month. the role of banking and finance in regional integration cannot be overemphasised. at the most basic level, banks facilitate trade and flow of funds and investments across the region. however, with the global trends towards regional integration, banks will increasingly play a pivotal role in providing capital that will make this vision come true. i have in mind the move towards private - public partnerships in the financing and implementation of key regional infrastructure projects. we would like to see our banks playing an increased role in such initiatives. commercial banks must therefore facilitate long term financing projects. it would be apt at this juncture to commend the kenyan banking sector that is well represented here today for expanding its footprint across the east african region. regional banking is a relatively “ virgin ” service that should be encouraged. your institutions will, however, require to be well capitalised to take advantage of emerging regional opportunities. in this regard, raising capitalization in the commercial banks will facilitate flexibility and innovations in their market niche. i would also like to commend kenyan banks and the kenya bankers association for their efforts in the recent safaricom ipo. all the banks came out of it unscathed and this self discipline and focus is commendable. of course, the central bank had to walk the path with them. allow me to
thomas jordan : monetary policy in the financial markets crisis summary of a speech by mr thomas jordan, member of the governing board of the swiss national bank, at an event for banks and pension funds, berne, 2 april 2008. the complete speech can be found in german on the swiss national banka€™s website ( www. snb. ch ). * * * the origin of the turbulence on the international financial markets which has persisted since august 2007 is mainly to be found in the us housing market. on the one hand, a long period of low usd interest rates had boosted the demand for residential real estate in the us. on the other hand, the structure of the us mortgage market with the associated rapid increase in mortgage debtors with poor credit ratings, and the subsequent securitisation of their mortgages, had proved to be problematic. between 2001 and 2006, residential real estate prices in the us doubled. at the end of 2006, there was a reversal in the price trend which triggered crises in both the real estate and mortgage markets. the substantial expansion in sub - prime and alt - a mortgages, and a deterioration in the credit ratings of debtors within these segments, led to a rise in the level of overdue payments and defaults. as a result, even securities that gave the appearance of being gilt - edged, but were backed by us sub - prime mortgages, lost considerable ground. since the banks themselves have massive investments in this market, they were obliged to make writedowns which, in some cases, were hefty. there is still uncertainty about the volume of additional bank writedowns that will be needed, so that the situation on the international money markets remains tense. in this crisis, central banks have reacted fast and flexibly in order to secure the supply of liquidity to banks and counter distortions on the money market. by means of various measures, the swiss national bank was able to stabilise the three - month libor within the target range, thereby keeping fluctuations in the relative restrictiveness of monetary policy low by comparison with other countries. however, it is not possible to solve the fundamental problems in the banking sector through the flexible deployment of an expanded range of monetary policy instruments ; neither can they be resolved by means of coordinated actions on the part of central banks alone. the banks themselves must make a substantial contribution to solving the problems which triggered the current crisis. in this respect, the most urgent matters are transparency with regard

| thomas j. jordan | © swiss national bank 23 november 2017 university of basel, faculty of business and economics | thomas j. jordan | © swiss national bank 23 november 2017 university of basel, faculty of business and economics | thomas j. jordan | © swiss national bank 23 november 2017 university of basel, faculty of business and economics | thomas j. jordan | © swiss national bank 23 november 2017 university of basel, faculty of business and economics | thomas j. jordan | © swiss national bank 23 november 2017 university of basel, faculty of business and economics | thomas j. jordan | © swiss national bank
central banks. all central banks must have the same interest : to reduce the risk stemming from our operations. if there is a loss it is a loss for all of us. moreover, the governing council of the ecb regularly reviews the adequacy of the risk control measures in the collateral framework. but critics say that it is not only market players trying to circumvent rules but also national central banks using loopholes to support their domestic banks. cœure : i wouldn ’ t cast the blame on national central banks. one proof of the common will of the governing council is the fact that it has agreed unanimously to create a compliance unit at the ecb and a network of collateral experts to check any inconsistency and any factual error in the eligible asset database, and report back. nagel : there are around 40. 000 items of eligible collateral in our database which have to be valued on a daily basis. there are also historical reasons for this : the idea behind a broad collateral framework was to ensure that banks from all participating countries could participate in the eurosystem ’ s refinancing operations. it is not a big secret that this is a big challenge. especially in a crisis this might become extremely difficult. however, i still think our track record over that period is good – with a very few exceptions. and what about simplifying the system? cœure : in the future we should aim at simplifying it to the extent possible, not forgetting, that good availability of collateral to our counterparties across the euro area allows proper implementation of our monetary policy. this is why the system became even more complex during the crisis times. bis central bankers ’ speeches so for the time being there will be errors? cœure : we will do what we can to avoid errors. what is important to know is that none of these errors have led the eurosystem to lending too much to financial institutions. all operations are over - collateralised. nagel : in cases where errors were made, we have eliminated them. in cases where loopholes emerged, we have closed them. we are constantly learning lessons from our experiences. on lessons : what will the collateral framework and the framework for monetary policy operations in general look like after the crisis? cœure : it is too early to say. on one hand, we are not yet in the exit mode. on the other hand, we have to see how markets and regulation will look like in the

trust in the euro and therefore it should not happen. bis central bankers ’ speeches
luis m linde : spain and the issues facing europe speech by mr luis m linde, governor of the bank of spain, at the dinner of the sixth high - level seminar of governors of the eurosystem and latin american central banks, santiago de chile, 8 december 2012. * * * dear president vergara, dear vice - president constancio, dear colleagues, ladies and gentlemen, it is for me a real pleasure to participate in the 6th edition of this seminar of governors of the eurosystem and latin american central banks and to be given the opportunity to address this speech to you. the banco de espana has been co - organizing this high - level seminar with the ecb since its first edition, in 2002. also, when the seminar has crossed the atlantic – to brazil, in 2004, to mexico, in 2009, and now to chile – we have had the pleasure of collaborating with our latin american colleagues ; on this occasion with the central bank of chile. so, as a co - organizer, i would like to welcome you all, too. [ sean bienvenidos. sejam bemvindos. ] a dinner speech is expected to be both light or, at least, let ’ s say, not very heavy and, in any case, brief. this should be the case, especially because this has been a long day for many of us, just arrived from far away to this marvellous country. to be light is not going to be easy. the circumstances in the eurozone - and particularly in some member countries, spain among them – would make it rather artificial for me to skip in my address to you tonight, the hard issues we are facing in europe. but i ’ ll try, at least, not to be too long. when this series of seminars started a decade ago, things among the countries gathered here today were very different. latin america was going through yet another episode of regional financial stress – in the aftermath of the argentinean crisis – and the euro area was still benefiting of the smooth start of the euro and the brilliant prospects offered by the monetary union. at present, the euro area is entangled in a serious crisis, whose roots – with hindsight – were already taking hold by 2002. the strong push towards economic and financial integration that accompanied the process of accession and the setting up of emu triggered a period of intense economic convergence among member countries. this was especially the case in countries such as spain, which

santiago de chile. muchas gracias a todos. muito obrigado. thank you very much for your attention. bis central bankers ’ speeches
occur in the shadow - banking sector – notably, short - term collateralized claims such as broker - dealer repurchase agreements ( repos ) – bank deposits are noteworthy because, in the modern institutional environment, they are highly sticky and not prone to run at the first sign of trouble. in its simplest terms, our story is as follows : there are different private technologies for creating safe money - like claims. the “ banking ” technology involves meaningful amounts of capital as well as deposit insurance and thus leads to deposits that are both safe and relatively stable. the “ shadow banking ” technology uses less capital and manufactures safety by, instead, giving repo investors collateral and the right to seize the collateral on a moment ’ s notice. so shadow banking money is much more run prone than bank money. given its relatively stable nature, the banking model is better suited to investing in assets that are illiquid and subject to interim price volatility – that is, to fire - sale risk. these assets can be loans that involve significant amounts of monitoring, or they can be securities that require less monitoring. what is essential is the synergy between issuing stable types of money claims and investing in assets that have some degree of exposure to fire - sale risk. that synergy, in our view, is at the heart of the business of traditional banking. we have developed a simple theoretical model that captures the main ingredients of this story and makes some further testable predictions. it ’ s probably ill - advised over lunch, but i will take a crack at sketching this model for you here. however, let me start with three stylized facts to motivate the theory. stylized facts the first fact, and the one that i suspect will surprise you the least, is the strong homogeneity of the liability side of banks ’ balance sheets : banks are almost always and everywhere largely deposit financed. for example, in the cross section, and using year - end 2012 data, a bank at the 10th percentile of the distribution had a ratio of deposits to assets of 73. 6 percent, while a bank at the 90th percentile had a ratio of 88. 9 percent. 6 a similar homogeneity is apparent in the time series : over the past 115 years, deposits have averaged 80 percent of bank assets, with a standard deviation of only 8 percent. these patterns are in sharp contrast to those for nonfinancial firms, for which capital structure tends to be much less determinate, both

back to. practically everything we need is in there. and it ’ s a respectful document. it gives each of us the responsibility of exercising good judgment. and more importantly, it says that we trust each other to do so. i ’ m really proud to be in an institution where we can operate that way. and the fact that we can is something i believe each of you should take pride in. because, let ’ s face it, it ’ s not something that happened by itself. it ’ s not a coincidence. it was your ideas that shaped the compass. and it ’ s no coincidence that the compass is even more relevant today than when we put it together. so, congratulations not only for creating it, but for living by it.
, these financial innovations will only succeed if : • infrastructure is in place for investors to build on. mobile banking and branchless banking requires transport, power, and communication infrastructure. eg. the namatanai sub - branch of a bank closed down due to communication and power problems despite transport linkages ( road and sea ). there is no communication between dogura and alotau for an ordinary mobile phone call, so how can one undertake mobile ( branchless ) banking without communication infrastructure. • law and order / security issues are a serious concern. the law and order problems have caused the banks to reduce the size of their representations throughout png. over the years, banks had to close down in provincial centres. the closure of branches in popondetta twice in the last few years is a topical illustration. • an alarming law & order issue is the threat to staff of financial institutions. officers and families of staff employed in the financial system should not be placed in situations of psychological stress and anxiety caused by unsavoury elements of our society. the cases of kidnapping and threatening staff and their families is a problem that must stop. bank staff must be allowed to contribute to the development of our nation without threat or intimidation whilst carrying out their duties. ladies and gentlemen, let me spend a few moments on the anz bank. the reason why we are here today. anz bank is a significant corporate citizen contributing to the development of papua new guinea ( png ). it employs papua new guineans, it pays its taxes and meets the bank of papua new guinea requirements. the opening of the new office complex is an apparent reflection of determination of anz bank to take on the banking challenges offered in the advent of global financial crises, the fast pace of private lending growth, development of the lng project and a changed risk landscape of png. in an environment where many banks and financial institutions around the world affected by the global financial crises are contracting, it is pleasing to note that we in papua new guinea are still expanding. the opening of the new office complex reminds us that the anz bank is here to stay and take on those challenges in providing efficient and affordable banking services. it has been a partner in development in the past, and on hindsight stands ready to take on new opportunities that are available in png. i would like to congratulate anz bank on this achievement. i particularly wish to acknowledge the contributions made by mr garry tunstall to the banking

and financial system, and to the png institute of banking & business management and png to which he is a codirector. i also acknowledge the great contribution by mrs desley tunstall for her tireless assistance to the under privilege in the community especially the children ’ s ward at the port moresby general hospital. i also welcome the new managing director mr vishnu mohan and his wife mrs bubby mohan. i wish everyone at anz bank all the very best here in their new harbour city home. it now gives me great pleasure to cut the ribbon and officially open anz harbour city. thank you.