samchain/econo-pairs-v2 huggingface dataset:
policy stimuli, as well as worries about us public debt. since the swiss franc also recorded historical exchange rates against other currencies, its value, on a real and trade - weighted basis, is now well above its long - term level. investor appetite for bonds considered to be secure helped to push down capital market yields on us, german and swiss ten - year government bonds to the level last recorded in december 2010 of around 3 % ( us and germany ) and 1. 7 % ( switzerland ). by contrast, the risk premia for bonds of particularly burdened euro economies – namely those of greece, ireland and portugal – continued to rise. overall, the risk premia of certain european sovereign borrowers remain very high, and latent threats of contagion continue to exist. in the global equity and commodity markets, the mood during recent quarters was cautiously positive. in the equity markets, the gratifying corporate results had a strongly supportive effect. in the us, for example, around two - thirds of the most important corporations reported better results than were expected by the market. in the commodity markets, healthy economic conditions – especially in the emerging countries – assisted a continuation of the bis central bankers ’ speeches upward movement, although here, too, price volatility remained high. however, there were also factors weighing on the markets, like the political unrest in north africa and the middle east, the catastrophe in japan and, finally, the indications of a global economic slowdown in the markets. to summarise, the situation in the international financial markets presents a mixed picture, despite the fact that economic developments are relatively favourable. this reflects the fact that the burden inherited from the economic and financial crisis continues to be very significant. implementation of monetary policy the financial crisis was characterised not least by turbulence on the money market. while uncertainties in the international financial markets persist, the situation in the swiss franc money market eased last year, and has been very relaxed since the beginning of 2011. the swiss franc money market is still in a position of structural liquidity surplus vis - a - vis the swiss national bank ( snb ). consequently, our focus is on liquidity - absorbing open market operations. currently, a large proportion of the surplus swiss franc liquidity is being absorbed through snb bills amounting to around chf 110 billion and daily repo auctions ( reverse repos ) of around chf 25 billion. the volume being absorbed has not been increased over

competitive, more efficient and more stable ; it is in a better position to meet the needs of the economy. “ better ” does not mean “ the best ”, which, assuming it is definable, would require the contribution of supervision to be achievable. these are issues which go beyond the scope of my remarks and which i have addressed elsewhere. 4 p. ciocca, la nuova finanza in italia. una difficile metamorfosi ( 1980 - 2000 ), bollati boringhieri, turin, 2000.
sessions. but it is not enough that we discuss and become wise for ourselves. i urge everyone to turn these discussions into actions that would lead to public policy for sustainable development goals of our country, just as our conference theme reflects. let us use our wisdom to help not just ourselves but others as well. after this conference, i look forward to being with everyone at the alumni homecoming this evening. but i will not keep you any longer. i hope for everyone to have fruitful discussions and meaningful exchanges at this conference. once again, thank you very much and i wish you all a productive day ahead. 1 / 1 bis central bankers'speeches

benjamin e diokno : welcome remarks to the grips academic conference welcome remarks by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), to the grips academic conference, manila, 21 june 2019. * * * mr. takehiko nakao, president and chair of the board of directors of the asian development bank ( adb ), dr. akihiko tanaka, president of the national graduate institute for policy studies ( grips ), distinguished session presenters and discussants, grips alumni, faculty members and staff, ladies and gentlemen, good morning. welcome to the first ever bsp - grips academic conference. with the theme “ public policy for sustainable development goals, ” this conference is a special one as it is, in fact, a triple event. not only is this conference being held as part of the 70 years ’ celebration of central banking in the philippines, it also commemorates the 20th year anniversary of grips and the 40th year anniversary of its predecessor, the graduate school of policy science ( gsps ). for this, let us give ourselves a round of applause ( gov. leads everyone to applause ). as the samurai, yamamoto tsunetomo, said over 300 years ago in the book hagakure : the book of the samurai, “ wisdom comes from paying attention to wise people. ” and this, i believe, is what grips — and its predecessor gsps — has been doing over the last 40 years. that is helping us achieve wisdom by creating a venue where we can listen to wise people and hone the skills of policymakers worldwide, acquire valuable and innovative ideas to strengthen their knowledge, and formulate research - based studies to support worthwhile policymaking. all this using a comparative perspective and practical approach, with due consideration to japan ’ s wide - ranging experience and utmost consideration of country - specific issues and circumstances. needless to say, there are many wise people in this conference. browsing through the line - up of the paper presentations, i could also see many timely, relevant, and innovative policy ideas that may emanate from such discussions. from the impact of innovation in achieving inclusiveness ; the bsp ’ s role in the process of state building in the philippines ; to the relationship of financial literacy to achieving financial inclusion — these are rich subject matters worthy of much discussion. i leave this up to all of you to discuss policy and its practical implications in the ensuing
implementing policies that will ensure a stable macroeconomic environment and guarantee improved livelihoods for all nigerians. thank you for your attention. 5 / 5 bis - central bankers'speeches

integrated response by irb banks. focusing irb efforts in a compliance unit that seeks to meet the letter but not the spirit of the irb standards will not be welcome. the details of what we will expect are, of course, still being developed. based on our discussions with banks thus far, areas of special attention may include the breadth and depth of internal audit and loan review and the consistency and timeliness of internal ratings. the overall supervisory review process is likely to be familiar : verification of internal processes and procedures, coupled with some degree of transaction testing. the overarching goal will be to assess the effectiveness of a bank ’ s processes and systems in achieving sound risk management and adherence to irb standards rather than to dictate the particular form that internal checks and balances must take. supervisors will also carefully review the manner in which loss characteristics are estimated and the estimates themselves – such as the probabilities of default, the losses given default, and the exposures at default – that are provided by irb banks. this is an area where supervisors have not tread very often and with many open issues. the issues include the suitability of internal and external data sources, the appropriate historical period to use in producing estimates, and the manner in which historical data and loss estimates should be linked to the bank ’ s current exposures. these and other issues will be challenging and will rightly occupy much of our attention over the coming months and years. in this context, the industry and supervisors must work together to develop and use reasonable standards for irb quantification. neither we nor banks can afford a “ race to the bottom ” in this critical area. the expertise of the rma will be particularly sought and appreciated. supervisors obviously have a lot of work to do. we are at the very beginning of efforts to train our staff to understand all of the issues raised by basel ii and to make sound judgments about banks ’ adherence to the standards. i hope you will be patient with our examiners as they come up to speed, just as we intend to be patient with you. and you should not interpret my earlier remarks as a signal that we intend to be very inflexible. we recognize that many systems, methods, and organizational forms can satisfy the spirit of the irb standard, and that what is appropriate for one bank may not be appropriate for another. we expect and welcome variety, in part because that is necessary to support further innovation. and innovation is absolutely necessary.
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the physical limitation on visiting a bank branch or atm are learning to bank using online banking or through an app on their smartphone may not be as willing to stand in line or wait for in - person service at their bank branch in the future. recent surveys show that consumers with access to digital and mobile banking are more likely to continue using those convenience products and services in a post - pandemic world. 3 the adoption of digital banking services can also be essential for historically underserved and disadvantaged communities, assuming they have bank accounts and access to internet - based tools like smartphones. in some cases, fintech can lower costs and improve services, particularly for small businesses or lower - income consumers who are less likely to have access to credit. while electronic banking certainly didn ’ t start with the pandemic, acceleration of its adoption has undoubtedly led banks of all sizes to rethink how they will meet their customers ’ needs in the long term. i have noted on many occasions how vital community banks are to those they serve and to a strong and stable financial system. successful innovation is not just about adopting the latest 1 / 4 bis central bankers'speeches technologies. it involves aligning a bank ’ s strategy with its innovation plans to clearly map a purpose and desired outcome for the adoption of new technology. the continued success of many community banks depends on their willingness to engage in strategy - based innovation - led growth. we have seen and are encouraged by many examples of entrepreneurial community banks embracing technological innovation. developments such as digital deposit and lending products, regulatory technology solutions, and application program interfaces ( apis ) have increasingly become more popular in the banking industry. when implemented effectively, they can result in greater efficiencies and effectiveness. a number of community banks have already taken advantage of these opportunities. still, perspectives on the need for change vary across the industry. i recognize that while it seems clear that the industry is changing, there remains a wide distance between fintech ’ s promise of a future driven by technology and what many community bankers experience today. from my perspective, it is unlikely that fintech will ever completely eliminate what is the hallmark of community banking — personal interaction and building relationships with customers and communities. one trend is clear, however : more and more community banks are expressing interest in fintech partners to help them open new lines of business, help with customer acquisition, enhance customer service, and improve operational functions. through the fed ’ s engagement with fintech companies and small banks during
. this reflects in part the effects of lower demand resulting from tighter monetary policy here and abroad. similarly, prices for many goods have started to plateau or even decline, reflecting weaker demand, lower import costs, and an easing of global supply disruptions that developed during the pandemic. for example, prices of used cars - a big driver of inflation during the first year of the pandemic - have been retreating toward more normal levels over the past few months. the combination of the general rotation of demand from goods to services and the effects of higher interest rates on demand for goods should contribute to further downward pressure on the prices of many goods this year. 2 / 4 bis - central bankers'speeches one gear that is moving at a far slower pace is the price of non - energy services. the ongoing imbalance between supply and demand in this sector continues to contribute to inflationary pressures. but there is some good news on this front as well. one of the biggest drivers of the rise in inflation for services has been shelter costs, which soared as demand for housing increased during the pandemic. recent data for newly - signed leases indicate that the tide is turning on rents, and we should see shelter cost inflation start to slow later this year. that said, inflation for other services besides shelter has remained high, and this gear is only starting to turn. inflation expectations represent another gear that is turning at an encouraging speed. longer - run inflation expectations remain remarkably stable at levels consistent with 2 percent inflation. 2 after rising moderately last year, households'three - year - ahead inflation expectations are now back to where they were in january 2021, and one - yearahead inflation expectations have started to reverse the rise seen over the past year and a half. 3 the fomc's policy actions with inflation still high and indications of continued supply - demand imbalances, it is clear that monetary policy still has more work to do to bring inflation down to our 2 percent goal on a sustained basis. at its meeting last month, the fomc raised the target range for the federal funds rate to 4 - 1 / 4 to 4 - 1 / 2 percent, the seventh consecutive increase. the fomc's december 2022 summary of economic projections showed that a large majority of participants saw the federal funds rate reaching a level between 5 and 5 - 1 / 2 percent by the end of this year. the fomc statement indicated that " the committee anticipates that ongoing increases

evidence that even good supervision can ’ t prevent all bank failures? improving our ability to do this diagnosis is critical. i am confident that today ’ s panels and paper discussions will help us move forward in this direction. thank you for participating in this conference. bis central bankers ’ speeches
, including the prospect of additional burdens and costs. i mentioned earlier that confidence in the economic outlook is based on two factors, namely, expected growth and risk premiums. it is quite difficult to boost the potential growth rate or expectation of growth through economic policy in the short term. however, it is possible to reduce uncertainty about the economy, and this is an effective and credible method of reinforcing confidence in a market economy. in this regard, making steady progress in structural reforms such as deregulation and ensuring the stability of the financial system are significant. if these efforts can reduce uncertainty about economic and financial developments, then the present monetary easing will be more effective in stimulating economic activity, strengthening the force of the virtuous circle in the economy.

prices remain unstable. in corporate finance, the fund - raising environment of firms with low credit risks is accommodative on the whole, but with regard to firms with high credit risks, the stance of investors remains severe and the lending attitudes of private banks are becoming more cautious. under these circumstances, the government released the “ comprehensive measures to accelerate reforms ” which includes policies to accelerate the disposal of non - performing loans. including the effects arising from these measures, developments in the financial and capital markets including stock prices, the behavior of financial institutions, and the situation of corporate finance require closer monitoring.
an option, for brief periods of time, to counter adverse exchange - rate movements. intervention cannot stand alone, however. organisationally, this also implies that we must be able to adjust our interest rates when required, without being tied down by the meeting schedule of a monetary - policy committee. this is a well - known fact in the market and thus highly transparent. alternatively, one could say that our monetary - policy committee convenes every day and as required. central bank independence is a prerequisite in this respect. without it, the implementation of necessary measures can be endangered. we have a clear division of work regarding intra - marginal interventions. the board of governors, in collaboration with market operations, establishes a strategy based on current market conditions. the board of governors has access to real - time information on any interventions, but is not consulted in advance. interventions within one day are never capped, but subject to ongoing assessment in order to establish whether strategy adjustments are called for. the ecb is kept informed on an ongoing basis. in principle, one might ask whether the design of our stabilisation policy is appropriate? theoretically, there are two arguments for acting as we do. firstly, the institutions are designed to be in compliance with emu participation and thus also with the provisions of the treaty. at some future point in time we expect denmark to enter emu, and when it does, we will not have to alter our fiscal policy, since it is already based on government finances in surplus or close to balance. there is strong political support for this rule - bound division of labour in economic policy. the awarding of this year ’ s nobel prize in economic science demonstrates that the design of institutions is also considered to be of great theoretical importance. secondly, we know from the “ impossible trinity ” that in a world of free capital movements, it is not possible to set interest and exchange rates independently of one other. the central bank has one instrument, and one instrument only, at its disposal : the short - term rate. any attempts to stabilise the exchange rate while at the same time meeting other targets, are thus futile in theory. in practice, they spawn a number of problems which are aggravated the closer one seeks to stabilise the exchange rate. a number of central banks, including several from new eu member states, currently base their monetary policy on inflation targeting. in principle, the central bank seeks to approximately meet not only one, but two targets, an inflation target and an

bond market. we have seen a favourable response to the abf hong kong fund, and i hope that the paif, with its broader investor base, will also be well received by markets. i wish you every success in promoting the paif. thank you.
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amando m tetangco, jr : protecting the consumers of financial services in the philippines keynote address by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( the central bank of the philippines ), at the launch of the banking code for consumer protection, bank marketing association of the philippines general membership meeting, manila, 24 october 2012. * * * mr. allan tumbaga, president of the bank marketing association of the philippines ( bmap ) ; mr. patrick cheng, president of chamber of thrift banks ; mr. edward garcia, president of the rural bankers association of the philippines ; mr. cesar virtusio, executive director of the bankers association of the philippines ; officers and members of bmap ; mbm peter favila ; former bap president gigi montinola ; friends in the banking sector ; colleagues from the bsp ; ladies and gentlemen, good afternoon. it is my pleasure to join you in launching the new banking code for consumer protection. the bangko sentral commends bmap, as well as the rest of the industry associations for working together in updating the code. this is tangible proof of your responsiveness and commitment to provide the best service possible to your clients. it is also evidence of your recognition that the lifeblood of the banking system comes from client deposits and investments, and that their trust is something that banks must strive to preserve. this is why bankers, from top management down to the frontline staff, must exercise prudence and vigilance in ensuring that banking operations are optimally carried out. the preservation of public trust is likewise the underlying imperative for the bangko sentral ’ s policy and regulatory actions. this drives us to constantly emphasize that the business of banking requires serious effort to keep operations within the bounds of safety, soundness and professional management. this practice, in itself, is already equivalent to protecting the consumers of financial services. however, responsible banking is more than just business savvy and prudent risk management. responsible banking means a conscientious focus on clients by putting their best interest at heart. it means recognizing that they deserve the highest standards of service. client - centered banking entails embedding consumer protection in business operations. products and services must be designed, priced and delivered in ways that match client needs. adequate measures must be in place to ensure that the consumers are not unduly disadvantaged by business processes.
the celebrations. thank you.

we have already begun this process in order to implement the regulation of new technologies rationally, protecting the markets from risks. at the beginning of this speech i mentioned the strategic objectives of the bank of russia. these are our key priorities. you may have noticed that the tasks we set ourselves four years ago and those for the year 2016, which i have been speaking about today, as well as challenges of the future, are all, of course, related to each other. we consider it to be very important to respect the principles of continuity, consistency and predictability. we will no doubt be responding with flexibility to any given situation. the situation is volatile, there is a lot of uncertainty in the world. we will have to react in accordance with the challenges presented to us. but the consistency of our policy, i think, is very important. the preservation of trust is vital to development, as well as to financial markets. this is a key category – trust in the financial market and trust in monetary policy have been the most influential factors in terms of economic growth. we view our policy as part of an overall economic policy aimed at creating conditions for sustainable long - term economic growth in our country. thank you very much! 3 / 3 bis central bankers'speeches