samchain/econo-pairs-v2 huggingface dataset:
adequate when legacy issues have been tackled. in addition to the necessary holistic approach, encompassing monetary, macro and microprudential policies, we need to move forward with concrete measures to improve the current legal framework, including ( i ) the setting up of a backstop for the single resolution fund and establishment of the european deposit insurance scheme ( edis ) ; ( ii ) the reinterpretation of the esm treaty to allow the esm to become a euro area backstop for financial stability purposes, and ( iii ) the change of the conditions under which the esm and other stabilization tools can be used. 3 / 3 bis central bankers'speeches

of 2022. 2 / 4 bis - central bankers'speeches for now, our assessment is that strong wage growth mainly reflects " catch - up " effects related to past inflation, rather than a self - fulfilling dynamic where people expect higher inflation in the future. but to assess how wages are evolving and whether they pose a risk to price stability, we will be closely monitoring a number of developments. first, whether firms absorb rising wages in their profit margins5, which would allow real wages to recover some of their past losses without the increase being fully passed through to inflation. second, whether there is some easing of labour market tightness, which would prevent excess demand for labour from becoming a driver of persistently high wage demands. and third, that inflation expectations remain anchored, which ensures that, when the current shock passes, wage and price - setting will be guided by our 2 % inflation target. in other words, we will need to remain attentive until we have firm evidence that the conditions are in place for inflation to return sustainably to our goal. that is why we have said our future decisions will ensure that our policy rates will be set at sufficiently restrictive levels for as long as necessary. and we have made those future decisions conditional on the incoming data, meaning that we can act again if we see rising risks of missing our inflation target. conclusion let me conclude. we have faced a major inflation shock and we have made a major policy adjustment in response. the effects of that adjustment are increasingly being felt and inflation pressures are easing. but there is still a journey ahead of us. our monetary policy is in a phase where we need to be attentive to the different forces affecting inflation – but always firmly focused on our mandate of price stability. 1 feldman, g. ( 1993 ), the great disorder : politics, economics, and society in the german inflation, 1914 - 1924, oxford university press. 2 bobasu, a., di nino, v. and osbat, c. ( 2023 ), " the impact of the recent inflation surge across households ", economic bulletin, issue 3, ecb. another study by ecb staff looks at the effects of fiscal measures on low - income households. see pallotti, f. paz - pardo, g., slacalek, j., tristani, o., violante, g. ( 2023 ), " who bears the costs of inflation? euro area households and the 2021
mojmir hampl : should non - euro area countries welcome the banking union? speech by mr mojmir hampl, vice governor of the czech national bank, at the europolis conference “ auf dem weg zu mehr stabilitat ”, technische universitat berlin, berlin, 5 april 2013. * * * my remarks today focus on non - euro area countries ’ attitude to the ssm ( single supervisory mechanism ), as it is the key part of what is called the banking union ( bu ) which is “ almost ” finalized. let me start with a statement that the so - called bu is currently only an emerging concept. we are very far from the final version and it is difficult to guess what the final outcome might be. nevertheless, what we get in the end will be critical for the position of non - euro area countries. so, what is it all about? the proposed bu is based on four / five pillars, or “ legs ” : a. crd iv – the capital requirements directive, or single rules b. ssm, or the single supervisory mechanism under the ecb c. single resolution and recovery mechanisms a rules d. a single system of deposit guarantees e. finally, a fiscal back - up through the esm problems emerge immediately, because each pillar is at a different stage of negotiation and approval, involves different rules of approval and, more importantly, so far each applies to a different group of countries : a. the esm already exists. but it will have to be clarified under what conditions it may be used for direct recapitalization of financial institutions. what ’ s important for our discussion is that exclusively euro - area countries are covered with the esm. b. crd iv will apply to all 27 eu members and is close to be approved. the ssm has recently been negotiated for euro - area countries plus volunteers from other c. eu countries, but has not been approved yet. germany is currently blocking its approval. its political sensitivity is not negligible, but do not forget that “ money ” is not involved directly yet. nevertheless, its future functioning will require money, and that will be crucial. d. the single resolution and recovery rules for banks are proposed and meant for the whole eu27, while the resolution authority will most likely cover only the members of the ssm. all these are now under preparations and discussions, exactly as the new rules for the dgs. the resolution rules and

premature to judge whether the bu is going to be a good project worth participating, or not. only after the whole project with all it “ legs ” is created can one seriously answer this question. bis central bankers ’ speeches
, studies and surveys ; making available specialist training workshops and other educational opportunities ; undoubtedly, the increase in regional economic growth, coupled with economic reforms, and restructuring of the economies of the region have allowed for a bigger role to be played by the private sector. these developments in turn serve to increase investment opportunities in the region for both islamic and conventional financial institutions. i am confident that the gained intellectual capital residing in islamic financial institutions shall contribute in bolstering regional economic development. in conclusion, i wish to repeat my thanks to you all for participating in this conference, and wish you success in your deliberations and discussion over the next two days, which i hope shall yield constructive and fruitful dividends. thank you.

policy will be strengthened by the shift from the current establishment of an annual inflation target to a system of selecting an intermediate ( 2 ~ 3 years ) inflation target. thirdly, the safety and efficiency of payments and settlement system, which are crucial to financial stability, will be augmented by assigning the responsibility for their oversight and overall management to the bank of korea. all in all, the revised legislation will bring the korean central banking system much closer to convergence with the global standards demanded by the oecd, imf and other international organizations. it is also forecast to contribute to raising the country ’ s international credibility. in the years ahead, the bank of korea will re - double its efforts to ensuring the stable development of the national economy through the even more efficient conduct of monetary and credit policy from a position of neutrality. at the same time it will do its utmost to strengthen the policy capacity and to augment the transparency and accountability of the policy decision - making process so as to react in a highly effective manner to the rapid changes and the mounting uncertainties of the financial and economic environment. in doing so, it will win the reputation of being a central bank that enjoys the firm confidence of the general public.
, reserve bank of australia, sydney, 20 – 21 june. bis central bankers ’ speeches graph 1 click to view larger graph 2 click to view larger bis central bankers ’ speeches graph 3 click to view larger bis central bankers ’ speeches

changes in demand will have less of an effect on employment and output if wages respond sooner and by more than otherwise. in this respect, the more flexible labour market in comparison to earlier terms of trade booms has been helpful. this flexibility allowed for a rise in relative wages to encourage labour into resource and resourcerelated activities during the run - up in mining investment, without this leading to a large rise in the growth rate of wages across the economy more broadly. the same flexibility is helping as the terms of trade and mining investment turn down. 6 indeed, the decline in wage growth of late has been particularly pronounced in mining and business services, but it is evident elsewhere ( graph 14 ). the move from the investment to the production phase of the mining boom is freeing up and will continue to free up labour to move back into the non - resource sectors of the economy. this has weighed on wage growth across the economy and is likely to do so for a while yet. graph 14 the slowing in wage growth across all industries has meant that firms have experienced relatively slow growth in their labour costs. this is more striking after accounting for the growth in the productivity of labour, which as i ’ ve already noted has picked up somewhat compared with the pace we had become accustomed to over much of the 2000s. over the past year and a half, the growth in nominal wages has been matched by growth in labour productivity. as a result, there has been no increase in the cost of labour required to produce a unit of output. 7 in turn, slower growth in labour costs is having a beneficial effect on international competitiveness. the link between labour costs and competitiveness can be illustrated by a measure of the real exchange rate based on unit labour costs ( the real trade weighted index ( twi ) in graph 15 ). this tells us about the labour cost of producing a unit of output in see battellino r ( 2010 ), “ mining booms and the australian economy “, rba bulletin, march, pp 63 – 69 ; and plumb m, c kent and j bishop ( 2013 ), “ implications for the australian economy of strong growth in asia “, rba research discussion paper no 2013 – 03. the average growth of nominal unit labour costs over the inflation targeting period is around 2½ per cent, which is consistent with the cpi inflation target in the absence of trend changes in firms ’ profit margins or the exchange rate. bis central bankers ’ speeches australia relative to the cost of doing so in
do so. have a most pleasant evening! bis central bankers ’ speeches

ravi menon : economic possibilities of blockchain technology keynote address by mr ravi menon, managing director of the monetary authority of singapore, at the global blockchain business conference, singapore, 9 october 2017. * * * honourable chief minister chandrababu naidu distinguished guests, ladies and gentlemen, good morning. andhra pradesh and singapore i am delighted to be here in andhra pradesh – the land of the tiruppati temple, carnatic music, kuchipudi dance, and of course, the charming sea town of vishakapatnam. i am grateful to chief minister chandrababu naidu for his kind invitation to speak at this conference. andhra pradesh and singapore share in common a modern outlook. we both believe in the value of innovation for economic growth and harnessing the power of technology for the common good. that andhra pradesh is organising a global conference on the topic of blockchains shows its progressive nature. it is also a tribute to the vision of chief minister chandrababu naidu, who has inspired an it revolution in andhra pradesh. little wonder that andhra pradesh and singapore have forged good relations and have been working closely together. the andhra pradesh government has appointed a singapore consortium to develop the new capital city of amaravati. the andhra pradesh government and the monetary authority of singapore ( mas ) signed a fintech cooperation agreement in october last year. a delegation of more than 10 fintech startups from singapore attended the fintech valley vizag spring conference in march this year. establishing trust in a decentralised way trust underpins all economic transactions. in the absence of direct trust among parties, the alternative is to rely on trusted central parties. in payments and settlement, there is a central operator that records and updates the balances of the clearing participants but trusted central parties are not always available. and even if they are, what if they fail? single points of failure make attractive attack targets. and what if trust is broken? what if the central party colludes? the key breakthrough of blockchain technology is its ability to establish trust in a decentralised system. blockchain technology allow diverse parties to collaborate without trusted central parties. all parties to a set of transactions are able to maintain a coherent and consistent view of the state of the world. 1 / 5 bis central bankers'speeches when i am confident that what you see is what i see, we can collaborate more seamlessly without a third party to maintain a “ golden source of truth
arrangements, changed business models, and distinguished by new behaviors. and for the authorities, it also means adjusting our lens to account for systemic risks when we oversee the functioning market. 1 / 2 bis central bankers'speeches the details of all these are in the fsr and i invite everyone to download a copy. our goal is to reduce the uncertainties so that all stakeholders can make well - informed decisions. systemic risk is a complex topic to decipher and discuss but i am confident that you will find this fsr edition useful. thank you. 2 / 2 bis central bankers'speeches

bank. the point is not to claim there is an optimal supervisory structure that fits any country ’ s circumstances. rather, it is to note that a system such as the one we have in france has proved very useful in allowing for an in - depth knowledge of the banking sector and the various financial institutions. it also allowed for very swift and timely exchanges of information, and, as a result, allowed us at the central bank to quickly pass sensitive judgments, not least on the usefulness of injecting liquidity. second, the crisis also revealed that, as far as supervisory infrastructure is concerned, simple, robust and pragmatic plans have shown their efficiency. thirdly, the crisis stressed the need for supervisory structures to adapt to their environment. this is very true for europe. i guess it is also true for other countries and regions. let me just say that, while adjusting our institutions and tools to changes in financial systems, we should be pragmatic and completely in tune with reality rather than based on a theoretical scheme or vision. let me conclude by stressing one point. we are going through very challenging times, in some respect even unprecedented times. economic and financial forces are at play and recent events are the consequences of such forces. that said, we should not completely disregard the importance of what robert shiller terms “ attention cascade ”. for him, a cascade is the situation in which economic events and problems become the subject of more and more talks and stories, until they become the dominant public thinking. we, as policy makers, have a very critical role to play to try and ensure that such qualitative “ attention cascades ” remain aligned with facts and reality. today, policy making is also about confidence building and financial education. thank you very much ladies and gentlemen.
##ocurrency, it has long been understood that cryptocurrency has been a somewhat attractive form of payment instrument for money laundering, terrorist financing and tax evasion. now, what are those features? anonimity : the anonymity surrounding cryptocurrencies, prevents transactions from being adequately monitored, allowing shady transactions to occur outside the regulatory perimeter. cross - border nature : transaction occur cross - border, and are nearly instant in the network and are confirmed in a couple of minutes. since they happen in a global network of computers, they are completely indifferent of any physical location. there are no third parties involved in verification or validation. no gatekeeper : the software that everybody can download is for free and there is no centralized coin issuer or an intermediary to oversee the coin trading activities. anyone can receive and send cryptocurrencies as soon as a cryptocurrency software is installed without being monitored by a central government authority. due to these factors, countries are concerned about the misuse of cryptocurrency, especially to launder proceeds of crime, fund terrorist activities and evade taxation. in a recent report by a data security company, ciphertrace, $ 761 million has already been laundered via cryptocurrencies so far this year. therefore, international organizations such as the imf and eu are advocating for regulating cryptocurrency, despite challenges such as anonymity, cross - border nature of use cryptocurrency, lack of central intermediary to regulate, etc. in february 2018, ms. christine lagarde, head of imf said in an interview on cnn that due to the potential illicit use of cryptocurrency, cryptocurrency regulations are inevitable. her remarks echoed the initiatives of countries to bring cryptocurrency into a regulatory framework to combat money laundering and terrorism financing. in april 2018, the parliament of the european union passed changes to anti - money laundering legislation that will impose new regulations on cryptocurrency exchanges and custodians 2 / 3 bis central bankers'speeches operating in europe. the us has already extended its aml regulatory framework to cryptocurrency. other countries include, australia, canada, japan, mexico and switzerland. therefore, it is important to recognize the role cryptocurrencies play in the financial markets, and to start thinking about allowing emerging technologies to have a level playing field in

these markets. to conclude, i would like to stress on the importance of allowing financial technologies into our financial markets and at the same time implementing proper regulatory regimes to ensure such technologies, market players and our economy is not abused for illicit purposes. blockchain technology, if properly used, can be applied in a large variety of sectors, including, trade, commerce, healthcare and governance. it could be used in pledging of collateral, registration of shares, bonds and other assets, and operation of land registers, and many more. i wish you all a successful conference. thank you. wassalam alaikum. 3 / 3 bis central bankers'speeches
moonwalking bears and underwater icebergs : hidden risks in markets speech given by alex brazier, executive director for financial stability strategy and risk, bank of england london business school asset management conference 2018 thursday 26 april 2018 i am grateful to yuliya baranova, johnny elliot, dan gray, sonal patel, james smith and nick vause for their assistance with preparing the speech and accompanying slides. this speech draws heavily on : brazier, a. ( 2018 ), ‘ market finance and financial stability : will the stretch cause a strain ’, brevan howard centre for financial analysis, imperial college business school, london, february, available here ; cunliffe, j. ( 2018 ), ‘ market - based finance : a macroprudential view ’, asset management derivatives forum, dana point, california, february, available here. all speeches are available online at www. bankofengland. co. uk / speeches moonwalking bears and underwater icebergs : hidden risks in markets the theme of today ’ s session is hidden risks. since this is the investment management club, i want to focus on hidden risks in markets. in my view there are generally two types of such hidden risk. let ’ s call them bears and bergs ( slide 2 ). the bears are the risks that hide in plain sight. these are risks that, after the event, are obvious. some people are able to see them in real time. others, because of very human traits, don ’ t. they are the moonwalking bear in the viral transport for london cyclist awareness video. for those who haven ’ t seen it, amidst a frenetic basketball game, a person dressed as a bear moonwalks across the screen. when you know it ’ s there, it ’ s obvious. but when, as instructed, people are engrossed in the highs and lows of the basketball game, many fail to notice the bear. the risk of adjustment in the stretched prices ( and compressed yields ) in corporate debt markets are my moonwalking bear, hidden in plain sight. the icebergs can lurk beneath the surface of the system. they make navigation of markets uncertain and hazardous. assessment of them requires diving into the cold, murky depths of the financial system. excessive leverage and liquidity mismatches were the bergs of the financial crisis. they forced investors into firesales of assets, magnifying market adjustments, and sometimes even

could one day compromise the resilience of markets. just as we ’ ll be working to ensure the moonwalking bears do not disrupt the wider economy. so that market finance can continue to deliver for the economy in bad times, as well as a good. thank you. all speeches are available online at www. bankofengland. co. uk / speeches
business reporting in our country. i hope your efforts to develop and upgrade the skills of your members will be successful. in this regard, you can count on us at the bangko sentral for support. doris, in her introduction of me, referred to my chinese zodiac sign so let me now complete that by wishing you all a happy new year of the earth rat! it is my understanding that the 2008 rat begins a new 12 - year cycle as such it promises change, new beginnings and new attitudes. on behalf of the bangko sentral, therefore, i wish all the new officers of ejap, as you face a new “ year ”, a fruitful and successful term. mabuhay ang ejap! thank you all and good night.

envisioned national financial capability survey in 2020, we hope to see evidence of progress and determine opportunities for future work in financial education. i shared the updates to give a sense of the breadth of the work that still needs to be done, the areas where multi - sectoral support is needed, and the opportunities for partnerships. consider this my call to action. consider also the rags - to - riches life stories of “ tatang ” henry sy, sr. and “ big john ” gokongwei, jr. both left legacies of multi - million business empires. but let us not overlook that both started from small incomes, used their money well, practiced prudent financial and business management, and became the moguls we know them to be. every filipino might not reach the same success, but we can try to help them, and ourselves, to achieve comfortable levels of financial health. through complementary, coordinated and collaborative financial education programs, we must aim to change the life of every filipino towards a financially healthy future. in this expo, we hope to generate concrete ideas on how you and your institutions can be financial education champions and agents of change. to end, former u. s. president harry s. truman once said, “ actions are the seed of fate. deeds grow into destiny. ” as we act together, and gather critical mass, we can altogether achieve our desired destiny – a financially healthy nation. good morning again and mabuhay 4 / 4 bis central bankers'speeches