samchain/econo-pairs-v2 huggingface dataset:
the consequences of the drop in oil prices appear to be well understood, and that the possibility of a rate cut had begun to enter markets in the last couple of weeks. moreover, given the magnitude of the shock, we concluded that the benefits of acting now rather than waiting would outweigh the costs of any short - term market volatility that might arise. with that, carolyn and i would be happy to take your questions bis central bankers ’ speeches

anand sinha : financial regulatory reforms – not far enough or overkill opening remarks by mr anand sinha, deputy governor of the reserve bank of india, at the panel discussion on “ financial regulatory reforms – not far enough or overkill ” as part of the event “ global economic cooperation – views from g20 countries ”, organized by the indian council for research on international economic relations ( icrier ), new delhi, 7 – 9 october 2012. * * * a very good afternoon to you all. it is my privilege to chair the panel on “ financial regulatory reforms : not far enough or overkill? ” let me welcome the four very eminent panelists, mr jae - ha park, deputy dean adbi ; mr stephen pickford, associate fellow, chatham house ; mr paul bernd spahn, professor emeritus of goethe university, frankfurt am main, germany and ms susan thomas, assistant professor, indira gandhi institute of development research. the topic of the panel discussion is a subject of heated debate around the globe and i hope our discussions today would help set a balanced perspective on the issue involved. let me first try and flag the major issues and present both sides of the argument, without expressing my views at this stage. regulatory reforms undertaken as a policy response to the crisis have generated as serious a debate as the crisis itself. the crisis is still continuing and is unprecedented in terms of its coverage, impact and longevity. the policy response to the crisis, too, has been quite extensive and as some would say, onerous. going by the newton ’ s third law of motion ( every action has an equal and opposite reaction ), it is fair to expect that reaction ( policy response to the crisis ) matches action ( the crisis ), in magnitude. many, however, hold the view that this law has been violated inasmuch as the policy reaction is a case of overkill. the crisis has highlighted many gaps in the conceptual framework. some of the gaps are : the notion that macroeconomic stability ensures financial stability ; light touch regulation and supervision are adequate because financial markets are sophisticated and efficient, which can distribute risks to those who can handle these risks ; risk models measure risk accurately and all financial innovations are useful, etc. serious gaps have also emerged in macroeconomic modelling and, above all, in the understanding or lack of understanding of systemic risk and how to deal with it. the crisis has challenged the intellectual foundations of macroeconomic and financial policy making. new theories have been written debunk
. 4, pages 404 – 415. harrison, r, nikolov, k, quinn, m, ramsay, g, scott, a and thomas, r ( 2005 ), the bank of england quarterly model. hills, r, thomas, r and yates, a ( 2005 ), “ the impact of government spending on demand pressure ” bank of england quarterly bulletin, summer pages 140 – 151. large, a ( 2005 ), “ monetary policy : significant issues of today ”, speech to west london business. miles, d ( 2010 ), “ interpreting monetary policy ”, speech at imperial college, london. neiss, k and nelson, e ( 2005 ), “ inflation dynamics, marginal cost and the output gap : evidence from three countries ” journal of money, credit and banking, vol. 37. nelson, e and nikolov, k ( 2001 ), “ uk inflation in the 1970s and 1980s : the role of output gap mismeasurement ”, bank of england working paper no 148. trichet, j - c ( 2009 ), “ systemic risk ” clare distinguished lecture in economics and public policy, cambridge.

pressure is sustained at a higher level into the medium term, then it is clear what our mandate would require us to do. the mpc has the tools at its disposal to tighten monetary conditions, both in the form of raising bank rate and by selling the assets that we bought in 2009 as part of the quantitative easing programme.
jessica chew cheng lian : advancing environmental goals through sustainable finance initiatives in malaysia speech by ms jessica chew cheng lian, assistant governor of the central bank of malaysia ( bank negara malaysia ), at the launch of " nature nurtured / pameran lestari alam " exhibition, kuala lumpur, 19 january 2017. * * * malaysia attracts millions of tourists each year, many who come for the beautiful and unique attractions that nature has to offer in our country. today, we celebrate this through art, and by bringing art and nature together, we hope to draw more attention to both. this exhibition, ‘ nature nurtured ’, continues bank negara malaysia ’ s efforts to preserve our natural heritage, and follows closely on the heels of steps that we took in 2016 to restore the natural habitat of the grounds in shah alam where the bank ’ s brand new automated cash centre now stands. the region ’ s natural treasures have been a magnet for merchants and travelers for centuries. spices were what brought the european powers to southeast asia six hundred years ago, while the chinese came in search of fine food and medicine. almost exactly 200 years ago, general farquhar, the resident of malacca, commissioned a team of artists to paint every aspect of the peninsula ’ s wildlife. efforts to document nature through art had, however, existed long before. i should mention that women, too, counted among the talented observers of life forms who went on to capture nature in vivid artistic creations that have informed and inspired generations. maria merian, one such famous artist from the 17th century, was recently celebrated for her works at an exhibition at buckingham palace last october. merian ’ s work which featured detailed drawings of plants and insects are preserved to this day in private and academic collections all over the world. i confess i knew nothing about maria before this week. having now seen specimens of her incredible body of work, i can only imagine the sensation she would have created in her time with the quality and eye for detail that brought her drawings to life – and on a subject like insects, of all things, which were her passion. they are immensely, strikingly beautiful. we hope the artists of ‘ nature nurtured ’ will receive the same appreciation. the artists in this exhibition do much more than record what anybody with a handphone can manage these days. they immerse us in the natural wonders that surround us, from the bustling cities to the more distant hinterlands. whatever the setting, every

any for an art exhibition. this is the first time that i have had the distinct pleasure of launching an exhibition here at the gallery, and i am thrilled and honoured for it to be on this particular theme. 2 / 3 bis central bankers'speeches i am grateful to all who have taken the time to be here today – to share an appreciation of not just the artistic works exhibited, but also their message. i would like to thank in particular all the artists, dato ’ dino of the wwf and the team from the bank negara malaysia museum and art gallery who worked to put this exhibition together. 3 / 3 bis central bankers'speeches
the cbm constitutes an optimal communication mix to ensure a good reach of the public. this means research, advertising, direct marketing, public relations ( like this event today ) or addressing the vulnerable population. overall, around 500, 000 copies of publications will be distributed by the cbm or via multipliers – so more than the actual population. i am pleased to see that the recent euro barometer showed a steady progression in the satisfaction of the maltese with the adoption of the euro ( from 40 % in september 2005 to 64 % in june 2007 ). let me hand over the euro star to governor bonello to symbolically flag that the central bank of malta will join the eurosystem on 1 january 2008. we look forward to welcoming you wholeheartedly into the euro area. thank you very much for your attention.

achieve our mission for monetary and financial stability have been useful to today ’ s session and i look forward to the discussion. 1. transforming data collection from the uk financial sector : a plan for 2021 and beyond | bank of england 2. minutes of the special monetary policy committee meeting on 19 march 2020 and the monetary policy committee meeting ending on 25 march 2020 ( bankofengland. co. uk ), para. 34 in relation to consumer spending. 3. further information on the features of iso 20022 is available here : a new dawn for payments - speech by victoria cleland | bank of england 4. uk finance, 2021 annual fraud report : annual fraud report 2022 _ final _. pdf ( ukfinance. org. uk ) 5. for example where the purpose code is not matched to the account to which the payment is directed or there are other suspicions around the code allocated to the payment. 6. the fsb roadmap is here : enhancing cross - border payments : stage 3 roadmap ( fsb. org ). further detail on the bank ’ s renewed rtgs service in the context of cross border payments can be found here : victoria cleland : rowing in unison to enhance cross - border payments ( bis. org ) 7. the world bank has published figures indicating that banks in asia budget usd1. 5bn annually for this and globally the cost on firms is significant. 8. in india the introduction of a digital identity system reduced the cost of kyc verification from usd5 to usd0. 70 for each customer. 9. g20 roadmap for enhancing cross - border payments : first consolidated progress report ( fsb. org ) 10. machine learning in uk financial services ( bankofengland. co. uk ) 11. the ai public - private forum : final report | bank of england 12. further detail on the use of market intelligence in the mpc and fpc is set out here : navigating market signals : maps for policy makers – remarks by andrea rosen | bank of england
, one thing is of particular importance, and that is congruence. this means the congruence of sensible structures and regulations with sound internal practices and vice versa. and transparency can help achieve this. how gratifying it is, then, that jan hommen recently also marked these terms as overarching principles for the philips corporate policy. he did so, not only for financial reporting, but also, if i understand correctly, for the governance structure in general. and as you will understand from my speech, i would like to congratulate philips on these outstanding principles and jan hommen on his undoubtedly large contribution to their development. ladies and gentlemen, thank you very much.

keep in mind that a monetary union with ill - converging member states would be incapable of absorbing economic shocks. ultimately the tensions attending a malfunctioning emu would jeopardise the achievements of the single market. in my view, potential derogation countries should not even wish to take part in an emu which allows insufficiently converged member states to join. that brings me to the position of member states with a derogation. at present many member states are making desperate attempts to meet the convergence criteria for introduction of the euro. nevertheless we must make allowance for the fact that a number of them will not be able to participate when emu takes off on 1st january 1999. we should not make too much of their predicament. after all, a member state with a derogation is not excommunicated, but will be allowed to join at a later date. if they succeed in meeting the convergence criteria within the near future, some of these countries will be able to join the core group when the euro banknotes and coins are introduced in 2002. moreover, an exchange rate mechanism is presently being designed which seeks to ensure that the derogation countries retain close links with the core group. the mechanism will support their exchange rate policies. it aims to prevent unduly large exchange rate movements within the european union which might impede the workings of the single market. at the same time, efforts will have to be made to reinforce convergence between the so - called ins and outs in stage three in order to promote the accession of the derogation countries. here the pact for stability and growth can make a major contribution. under the pact, the eu member states, whether in or outside the euro area, commit themselves to strive for a near - balanced budget or even a budget surplus. in fact, the pact would bring about a return to the budgetary discipline adhered to before the deficits of many countries began to get out of hand in the 1970s and 1980s. a strong monetary union creates the right climate for low inflation. low inflation, i. e. price stability, is the overriding objective of the ecb. internal stability, meaning stable prices, is the principal aim. external stability, though not a primary objective, may ensue. there is after all a clear connection between a strong emu with low inflation and the external value of the euro ; it is in fact a precondition for a strong and stable euro. when
is not yet complete and effective to address all the different systemic risks within the financial system. moreover, we have to think about implementing the lessons from recent years, while also confronting new, upcoming risks like climate change and cyber risks. in that context, i very much look forward to your views on the development of the macroprudential framework, including the ongoing consultation for reform within europe. with that, i will give back the floor to you and wish you a great conference. thank you.

klaas knot : can intensive regulation and msme financing coincide? speech by mr klaas knot, president of the netherlands bank, at the conference on “ the future of banking ”, organized by the financierings - maatschappij voor ontwikkelingslanden n. v. ( fmo ), amsterdam, 12 november 2012. * * * your royal highness, ladies and gentlemen, i ’ m very pleased to be here today to speak on this important topic : the future of banking. today, we will exchange views on the changing banking sector and the role of regulation in that sector. and i will share some thoughts on how we can make the banking sector in this part of the world healthy again. the key question i will seek to answer is : “ can intensive regulation and micro -, small -, and medium - sized enterprise ( msme ) financing coincide? ” but before answering that question, let me first sketch how this intensive regulation came about. over the past few decades, banking in most developed economies has become increasingly complex, interwoven, innovative and international. furthermore, the focus of many western banks has gradually shifted away from what their core task should have been : namely, to service the real economy and its customers. instead, these banks increasingly engaged in the lucrative business of making money with money. this change of policy created unnecessary risks for their entire portfolio. risks that couldn ’ t be mitigated by the existing regulations. and we all know what problems arose as a result. one of the answers to those problems was more and intensified regulation. higher capital requirements, minimum liquidity requirements, extra buffers are but a few examples of the measures standard - setting bodies developed. most of these measures are currently being drafted in national legislation in many countries around the world. will intensifying regulation help solve some of the problems in the developed banking sector? yes, i believe so. for, indeed, there was a shortage of capital and liquidity in the banking sector. and the leverage was generally way too high, not just for large, international banks. increasing capital buffers ; establishing resolution regimes ; reducing systemic relevance of banks, are some of the important recent initiatives designed to make banks healthier. thanks to these measures, banks will be better positioned to absorb losses and become less dependent on government support. and thanks to these measures, trust in the financial sector will eventually be restored. i therefore wholeheartedly support these
lenza, h. pill and l. reichlin ( 2010 ), “ monetary policy in exceptional times ” cepr discussion paper no 7669 ; and p. donati ( 2010 ), “ monetary policy effectiveness in times of crisis : evidence from the euro area money market ” ecb working paper, forthcoming. see : j. - c. trichet ( 2009 ), “ the ecb ’ s exit strategy ” speech at the conference “ the ecb and its watchers xi ”, september 2009. however well - designed the macroeconomic policy framework, i am sceptical of the view that financial crises can be prevented with certainty. we need to prepare for such crises, even while we aim to avoid them. policy - makers must maintain a continuous state of alertness and a readiness to act decisively, so as to contain such crises should they emerge. this brings me to my third and final point : crisis management requires agility and innovation to meet the idiosyncrasies of a specific crisis, but at the same time respect for well - established principles to guide decisions in uncharted waters. in short – and as i have argued on previous occasions 18 – central bankers must continually maintain a posture of “ credible alertness ”, which would permit to counter at any time any unexpected threat to price stability and so contribute to a solid anchoring of inflation expectations. at the same time, being permanently alert, the central bank can take without delay the measures, including non - conventional, that might be required under unexpected and exceptional circumstances. it is what we have done ourselves in the exceptional circumstances that we have had to cope with since august 2007. but it is very important to stress that the non - conventional measures, taken to counter unexpected market disruptions should, in our view, never run against our primary goal, which is to deliver price stability over the medium term. it is the core of the so - called “ separation principle ”. this has been well understood by the observers and the market : our medium to long - term inflation expectations have remained well anchored since the beginning of the period of turbulences. to conclude, allow me to reflect again more broadly on how historical experience should inform policy - makers ’ decisions. almost a century ago, in the aftermath of the first world war and the deep psychological and physical scars it left on europe, the writer h. g. wells noted that : “ human history becomes more and more a race between education and catastrophe ”

potential ) high - volatility episodes ( * ) programs ( weekly follow - up ) spot ndf swap repo repurchase bank bonds 1 bank bonds 2 cc - vp dp fcic 1 fcic 2 november 2 3 4 december 1 2 3 4 january 2 3 4 february 1 2 3 4 lowest value of the series ( in clp ) march 2 3 april 3 4 50th percentile of the series may 2 3 june 3 4 july 2 3 august 1 2 highest value of the series ( in clp ) ( * ) each measure ( row ) is an independent sample to code the colors and shows the intensity of each measure by itself calculated using all the available numbers of the series.
to establishing a level playing field across banks with a constrained methodology while at the same time taking into account the specificities of some business models with a bottom - up approach allowing supervisory dialogue. 2. 2 eu - wide stress tests have helped improving market confidence in the eu banking sector ’ s resilience eu - wide stress tests have gradually and consistently improved market confidence in the eu banking sector ’ s resilience. this year, an eu - wide stress test was conducted on large european banks. starting from an already deteriorated macroeconomic environment at the end of year 2020, the exercise confronted banks with a very severe adverse scenario, which envisioned a protracted gdp contraction in a low interest rates environment. this exercise proved to be both very useful and reassuring : thanks to the improvement of banks ’ capital position with the implementation of basel 3, and despite the high level of uncertainty triggered by the ongoing pandemic, it shows that the european banking system is resilient to a very severe adverse shock. 2. 3 stress testing should also prove helpful for banks to assess and manage their exposure to climate change related risks the forward - looking perspective of stress tests should prove particularly helpful for banks and their supervisors to handle emerging risks such as climate change. building on the work carried out by the network of central banks and supervisors for the greening of the financial system ( ngfs ) : we, at the acpr and banque de france, have recently conducted such an exercise, with french banks and insurers. beyond helping us identify at an early stage their shortcomings and limitations that we will need to overcome, such stress test have provided us with initial 2 / 3 bis central bankers'speeches assessment of climate change - related risks, exposures of french financial institutions, which appears actually to be moderate. but may be more importantly, it has proved helpful to us in incentivizing financial institutions to give the proper level of priority and resources to the monitoring and management of climate - related risks. 2. 4 stress testing should also prove helpful in informing macroprudential policies while stress tests have become an important part of the microprudential toolkit, they have also taken a key role in macroprudential analysis in recent years for financial crisis prevention purposes, enabling central banks and macroprudential authorities to assess the vulnerabilities of the financial system as a whole. informing macroprudential policy with a comprehensive overview of the financial sector ’ s resilience is and will

remain an essential objective for the future of stress testing. in that regard, improving the accuracy and relevance of our top - down models is one of our priorities at banque de france, but also at the european level, to better use them in the macroprudential field. 3 / 3 bis central bankers'speeches