samchain/econo-pairs-v2 huggingface dataset:
lisa d cook : closing remarks - minorities in banking forum closing remarks by ms lisa d cook, member of the board of governors of the federal reserve system, at the minorities in banking forum, federal reserve bank of dallas, dallas, texas, 28 september 2023. * * * good afternoon! i am governor lisa d. cook. and it is a privilege to be able to say a few words to close out this important forum, now in its eighth year. 1 i am disappointed i couldn't be with you in person. but i am glad to have this opportunity to say why i believe your discussion these past two days is so important to the goal of promoting a healthy economy that works for everyone. the minorities in banking forum was started in 2016 by the federal reserve bank of kansas city but is now supported by all of the federal reserve's regional reserve banks because of a recognition of its important mission, which is to nurture the professional development of bankers and help ensure that the leaders of banks are representative of the communities they serve. if i tried to define the word " community, " i would start with trust - neighbors trusting neighbors and working together for the common good. successful banks also depend on trust - customers who believe their money will be safe, that they will be treated fairly, and that those making loan decisions and advising them understand their needs and their hopes. it is the same trust that drives economic decisionmaking throughout our economy. banks help build that trust when they are led by people who are truly representative of those they serve. the fed created the forum with a few mutually beneficial goals in mind. first, leaders from middle management through the senior level would have an opportunity to come together in an environment focused on the industry and your own professional development. secondly, we would do our best to connect you to the federal reserve and its work. and lastly, of particular importance to the federal reserve, this forum would help create and expand a pipeline and our network of diverse banking professionals. as we conclude this year's forum, i encourage each of you to continue the conversations from these last few days and carry forward the inspiration we've gained here. i encourage everyone to reach out to other participants. strong networks of peers and mentors will offer both support and advice as you advance in your career. i challenge you to expand your network and engage with and support others to pursue careers with a sense of purpose and deep engagement with the communities you serve. mentorship provides guidance and opportunities

to the next generation of professionals. as you identify this kind of talent, i hope they will be joining you for next year's forum. thank you and enjoy the rest of the day! 1 / 2 bis - central bankers'speeches 1 these remarks represent my own views, which do not necessarily represent those of the federal reserve board or the federal open market committee. 2 / 2 bis - central bankers'speeches
capital requirements regulation ( crr ) – also known as the " sme supporting factor ". capital requirements for smes are multiplied by this factor, which is 0. 7619 ; upper limit : loans with a total volume of up to €1. 5 million. the commission wants to expand the scope of application by assigning a sme supporting factor of 0. 85 to loans above the €1. 5 million limit. 4 / 4 bis central bankers'speeches

a higher level of structural convergence than the accession countries at the current stage. it seems unlikely that at the time of accession a sufficient level of structural or real convergence can be guaranteed in order to be able to commit to emu. therefore a higher degree of real convergence with focus on specific structural and administrative convergence issues after accession seems to be crucial. concerning monetary policy, at a very early stage - preferably even before joining the eu - the accession countries must adopt the community ’ s acquis communautaire. from the point of view of the escb this particularly concerns the legal underpinning of the central bank ’ s independence. at the same time, particular attention should be given to the stability of the banking system and the financial markets in the accession countries. even prior to accession, the economic policy of candidate countries must be geared towards stability - oriented monetary and budgetary policies coupled with the necessary structural reforms. on the other hand, no universally valid rules can be laid down for exchange rate policy prior to accession. the timetable from accession to the eu until the introduction of the euro must then be based on the individual progress made by each accession country. at present there is a broad range of exchange rate regimes in cee countries. in our view membership of erm ii is of crucial importance. under the terms of erm ii the accession countries are responsible for ensuring the stability of their currencies vis - a - vis the euro. pegs to currencies other than the euro or a crawling peg are incompatible with participation in erm ii. the goal is the stabilisation of the exchange rate ; in this system, adjustments of the central rate are the exception, not the rule. a more difficult question in this context is how currency board arrangements should be assessed. on the one hand, a successful currency board can indicate that fiscal and wage policy makers are prepared to subject themselves to the constraints of a single monetary policy and that necessary adjustments occur via the real economy. on the other hand, however, experience shows that inflation frequently remains higher in currency board countries than in the country with the anchor currency, thus resulting in a real appreciation of the currency. the task of setting the right exchange rate via a currency board is made harder by the fact that no role is assigned to the market. once such a country joins the monetary union, there is then a danger that its parity does not correspond to the fundamentals and that the country consequently joins emu at the “
insurance regulatory authority to offer shariah - compliant insurance services. although the concept of “ takaful ” has been in existence in the global arena for several decades, this product is now being offered for the very first time by an entity incorporated and licensed in kenya. ladies and gentlemen : first community bank ltd has again trail - blazed by introducing a shariah - compliant mutual fund. i am informed that the fund will be denominated in kenya shillings and the aim is to pool funds amounting to ksh. 1 billion. the fund will invest principally in sharia - compliant opportunities in kenya and other countries in the eastern africa region and may also undertake offshore investments. the bank intends to invest in money market instruments, equity, structured investments and other collective investment schemes that are all shariah - compliant. indeed, this fund will avail investment opportunities to many people, particularly those who could not invest in the available products on account bis central bankers ’ speeches of faith - based or other risk related restrictions. it is a welcome addition to deepening kenya ’ s nascent capital markets. this move is also a positive step towards not only attracting increased foreign direct investments into the country and the region at large, but also enhancing the capacity of the kenyan people to harness the available resources for national development. as you are aware, a key goal of the government of kenya, as espoused in vision 2030 is establishing kenya as a premier financial services hub in the region with a wide range of competitive products and services. one of the ways of achieving this goal is ensuring that kenya becomes the gateway for shariah - compliant financing, through establishment of an enabling environment that supports the development of shariah - compliant financial services and products. to this end, the central bank has in the recent past liaised with the shariahcompliant banks and established the main challenges that impede the achievements of this objective. some of these impediments are : inadequate shariah - compliant products. for example, the lack of shariah - compliant liquidity instruments places shariah - compliant banks at a disadvantage compared to the conventional banks ; uncertainty on the tax treatment of shariah - compliant financial instruments ; inadequacy of the requisite human capital with respect to shariah - compliant finance. ladies and gentlemen : the central bank is in this regard engaging other relevant arms of government to address these challenges in order to propel shariah - compliant finance to

the central bank of kenya
real economy and avoid a credit crunch. 2. a globally symmetric crisis calls for a globally coordinated policy response. it is a symmetric crisis in a global scale, affecting both advanced economies and emerging and developing countries. it is illustrative that the imf is flooded with emergency financing requests from a vast number of countries : by now 102 out of 189 members have requested imf emergency financing. in order to be able to help its members and safeguard global stability, it is imperative that the imf has sufficient resources. finland, as well as its nordic - baltic constituency at the imf, has always been a resolute supporter of a strong and adequately resourced imf, at the centre of the global financial safety net. given the high uncertainty about the length and severity of the crisis, [ and the external financing needs of the poorest countries with fragile health systems, ] we must keep the door open for 1 / 3 bis central bankers'speeches further measures. specifically, in my view, there is an evident case for a new general allocation of sdrs, as part of the imf ’ s crisis - fighting package. this would be in line with the actions of central banks in all main currency areas who have taken swift action to support liquidity and market functioning. the federal reserve quickly engaged in aggressive balance sheet expansion and established swap lines with several other central banks to support us dollar liquidity. the ecb has done the same to safeguard euro liquidity. as the larger central banks like the federal reserve and the european central bank are providing ample liquidity and preventing a credit crunch by their bold actions, why should we not amplify this liquidity - producing impact in the global context through a new sdr allocation? 3. in europe, the ecb and the eurosystem as a whole have launched a very substantial monetary stimulus and other credit - enhancing measures. it is imperative, as the euro area economies are estimated to contract roughly by between 5 – 15 % this year. last month the ecb started a new pandemic emergency purchase programme ( pepp ), buying both public and private sector bonds up to 750 billion euros to ensure favourable financing conditions. together with its other programmes, the ecb ’ s net asset purchases will amount to more than 1 trillion euros this year. furthermore, via a new targeted lending facility with substantially more favourable terms than previously, the ecb can provide liquidity to banks at a negative rate for up to 3 trillion euros. this

! thank you very much for your attention. 1 1 liaquat ahamed, lords of finance, william heinemann 2009. 3 / 3 bis central bankers'speeches
. aspx 2 swiss re group, 23 apr 2021. https : / / www. swissre. com / risk - knowledge / risk - perspectives - blog / climate - change - cost - asia - pacific. html 3 / 3 bis - central bankers'speeches

emmanuel tumusiime - mutebile : fostering price stability and a sound financial system in uganda speech by mr emmanuel tumusiime - mutebile, governor of the bank of uganda, at the end of year thanksgiving party, held at the bank of uganda, kampala, 9 december 2011. * * * our guest speaker, dr. steve ogan, members of the board, senior management of the bank, invited guests, members of staff of the bank, ladies and gentlemen. on behalf of the board, management and staff of the bank of uganda, i am pleased to welcome you all to this end of year thanksgiving celebration. as children of god, thanksgiving ought to be integral part of our lives. let us choose to praise god with songs and magnify him with thanksgiving as the psalmist did in psalm 69 : 30. we, at bank of uganda, have every reason to give thanks to the almighty god. he has given us amazing victories throughout the year 2011, amidst challenges of vast magnitude at global, regional, national, institutional and individual level. we can only be said to be alive in those moments when our hearts are conscious of our treasures. ~ ( thornton wilder ) out of god ’ s unmerited grace and favor, he has kept us alive and well throughout the year to work tirelessly towards our mission of fostering price stability and a sound financial system. we thank god for everyone within and outside the bank that has contributed to the pursuit of our vision and mission. we have witnessed outstanding victories which could never have been achieved without grace and favor from god. through the year, there has been a smooth and gradual transition from the old currency notes to the new notes which registered significant reductions in counterfeit crimes. we wish to thank the almighty god for enabling us win a global award, the first of its kind in africa, for the 50, 000 / = uganda currency note as the best bank note of the year for 2010 by international bank note society ( ibns ). bank of uganda also received an award for the best bank notes series in 2010 from international association of currency affairs ( iaca ). the twin awards were received by the bank of uganda deputy governor in singapore in september 2011. this came shortly after the bank of uganda governor was recognized as the best african central bank governor by the african banker awards 2011. we continue to thank god for his wisdom and guidance in streamlining monetary policy to positively impact on price stability. for the first
your attention. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

- border comparisons, for instance. such a body should be able to monitor the build - up of excessive risks and pinpoint them more easily and at an earlier stage. a single supervisory mechanism should also overcome the national bias of supervisors. but a single supervisory mechanism is not sufficient. to shield banks from weak public finances, it must be accompanied by a sound regulatory underpinning. such regulation should include upper limits for lending to governments and appropriate capital backing for sovereign bonds. finally, a banking union should comprise a european resolution and bis central bankers ’ speeches recovery mechanism to ensure that bank creditors – and not taxpayers – are the first in line to bear losses from a bank ’ s failure. such a comprehensive banking union will be an important element of the new institutional framework of the monetary union. it will bring about significant changes not only for banks and their stakeholders, but also for regulators and supervisors with functions being transferred from the national to the european level. 3. financial sector reforms changes will also be made through financial sector reforms. the financial crisis has highlighted weaknesses in financial sector regulation. as a response to this, the g20 heads of state or government set in train a comprehensive reform agenda in november 2008. in the meantime, we have passed a number of major milestones on that agenda. but to make the international financial system as resilient and robust as it should be, we still have a long way to go. one of the most pressing issues is the implementation of basel iii. what is most worrying is that doubts about implementation have been voiced with respect to countries that are home to global financial centres and systemically important institutions. i consider it of utmost importance that all g20 countries live up to their self - commitment of leading by example. the initial implementation timelines have been modified in the eu and the us. we need to make sure that such delays do not lead to a watering down of the measures that we agreed upon internationally. stricter banking regulation might set incentives to move business to less regulated entities. the regulation of the shadow banking system is therefore another pressing issue. regular monitoring exercises help us to gain a better understanding of the kind and scale of business conducted outside the regulated banking system. but its actors and activities still remain largely unregulated. i consider it particularly important to deliver a final set of integrated recommendations on regulating the shadow banking system to the g20 in september. and it is absolutely crucial to finally solve the too - big - to - fail problem. however, we
incentive to run up debt. their idea was that a combination of market discipline and fiscal rules would keep budgetary policymaking on a sound basis. as you know, the maastricht treaty contains a no - bailout clause prohibiting member states from assuming each other ’ s debts. the treaty also bans monetary financing of government debt by the eurosystem. together, these safeguards aim to ensure that investors themselves – and not other parties such as the taxpayer – bear the risks of investing in government bonds. in addition, the stability and growth pact includes rules to restrict government debt and budget deficits. these aimed not only to ensure that public finances remain on a sustainable path, but also to create the buffers needed to allow budgets to fluctuate over the economic cycle and to enable member states to take countermeasures during economic crises without being forced to call for external aid to fend off looming overindebtedness. 3 / 9 bis central bankers'speeches these rules form the principle of national fiscal responsibility. this is the foundation of the maastricht framework. walter eucken, a founder of the freiburg school and pioneer of the social market economy, summed up this liability principle as follows : “ whoever reaps the benefits must also bear the liability. " and what goes for the economy goes for countries as well : decisions will only ever be taken responsibly if those who decide also bear responsibility for the consequences of their actions. thus, the maastricht treaty largely assigned the power to act and liability in matters of economic and fiscal policy to the member states. and yet, government debt in some euro area countries has risen significantly. one reason for this is the repeated breaches of the budgetary rules – even by germany, incidentally, at the very beginning of monetary union. capital markets, contrary to initial expectations, also did not punish these infractions by imposing higher risk premiums. the no - bailout clause, it seemed, lacked credibility. but another reason for the ballooning debt levels was undoubtedly the financial crisis, which forced euro area countries to shore up their banking systems. this was another reason why doubts emerged over the sustainability of some member states ’ debt in the subsequent sovereign debt crisis. rescue measures were swiftly rolled out to prevent the crisis from escalating. this episode showed that it might be wise for the euro area, too, to have a lender of last resort to support countries facing exceptional circumstances in order

registry, i wish to assure all stakeholders that the bank will continue to work to improve credit access, which is important for economic growth. ladies and gentlemen, i declare the collateral registry ghana duly launched. thank you and god bless you all. bis central bankers ’ speeches
of labour force survey data, the number of people employed increased by 0. 5 % on average for the year in the centre and north and by 0. 6 % in the south. the increase was accounted for mainly by the weakest groups, women and young people. given italy ’ s low participation rate, however, the number of job seekers has also increased. the unemployment rate in the centre and north declined marginally in the 12 months to october, from 7. 7 to 7. 6 %. in the south, unhappily, it increased further, from 22. 6 to 23. 2 % ; youth unemployment in the region rose to a new peak. the use of saving saving is the raw material of investment and growth. the large quantity generated is not all put to use domestically ; it is necessary to create the conditions for it to be turned into investment to the benefit of employment in italy. analysis of the balance between the formation and use of saving, in a period marked by high unemployment and sluggish investment, highlights the lack of domestic demand and, indirectly, the shortfall in competitiveness. a succession of current account surpluses in the six years from 1993 to 1998 enabled italy to bring its net external position into balance. a high level of foreign debt is inappropriate for an advanced industrial economy and the primary cause of continuous weakening of the exchange rate and inflation. – 6 – the achievement of a sound external position was a necessary condition for stabilising the exchange rate and consolidating the value of the currency. in the private sector, the flow of saving declined further in relation to disposable income in 1998 ; its use in the domestic economy to the benefit of growth and employment remained inadequate. the external current account surplus amounted to 45 trillion lire in 1998 ; in absolute terms it was in line with the figure for 1995 ; it was one third less than in 1996 and 1997. a substantial part of the surplus is regularly reinvested abroad, passing through italy ’ s financial accounts. the “ errors and omissions ” item of the balance of payments resulted in about half the current account surplus recorded in 1996 and 1997 not appearing in the national accounts. in 1998 revenues not officially brought into the country or not recorded in the financial accounts amounted to around 50 trillion lire ; they cancelled out the entire current account surplus. analysis of officially recorded cross - border capital movements also highlights a reduction in the surplus and the progressive emergence in 1998 of a deficit of

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