samchain/econo-pairs-v2 huggingface dataset:
), tracking euro area wages in exceptional times, the ecb blog. 6. see p. adrjan, r. lydon ( 2022 ), wage growth in europe : evidence from job ads, central bank of ireland economic letter 2022 - 07. 7. see arce, o. and sondermann, d. ( 2024 ), “ low for long? reasons for the recent decline in productivity ”, the ecb blog, 6 may. 8. these patterns are charted in my recent speech lane, p. r. ( 2024 ), “ disinflation in the euro area : an update ”, speech at the university college dublin economics society, 15 april. 9. see also c. lagarde ( 2024 ), “ building confidence in the path ahead, ” speech at the ecb and its watchers xxiv conference, organised by the institute for monetary and financial stability, goethe university. 10. see chart 37 in lane, p. r. ( 2024 ), “ the analytics of the monetary policy tightening cycle ”, speech at stanford graduate school of business, 2 may. 11. for a more extensive discussion of the rate setting criteria, see lane, p. r. ( 2024 ), “ the analytics of the monetary policy tightening cycle ”, speech at stanford graduate school of business, 2 may.

recently. competition is of the essence. in many sectors, rents are appropriated by special interest groups and should be returned to the people of europe. finally, investment in research, human capital and infrastructure is key to ensuring that the negative impact of austerity remains limited in time and does not weigh down on the long - term growth potential. new ways of pooling resources and financing the common provision of public goods should be found. i conclude on a positive note. overall, the euro area has a high private saving rate and sound fiscal fundamentals, with deficit and debt ratios that are much lower than in the us, the uk or japan. its workforce is industrious and highly skilled ; its firms are innovative and do not fear global competition. if the euro area unites and overcomes the present crisis of confidence, it will emerge as a strong economy for the rest of the 21st century. i thank you for your attention. bis central bankers ’ speeches
yannis stournaras : welcome speech - " crisis and structural reforms " welcome speech by mr yannis stournaras, governor of the bank of greece, at the event " crisis and structural reforms ", organized on the occasion of the publication of the study on " structural reforms in greece during the crisis ( 2010 - 2014 ) ", commissioned by the bank of greece and executed by eliamep, athens, 27 november 2018. * * * it is my great pleasure to welcome you to today ’ s event, where we will examine the key findings of the study on “ structural reforms in greece during the crisis ( 2010 – 2014 ) ”, commissioned by the bank of greece and executed by eliamep. the study attempts to provide a well - documented assessment of the impact of reforms that greece implemented during the first two adjustment programmes. in more detail, it provides an overview of the planned and adopted reforms, followed by an assessment of the single wage system i. e. the first attempt to create a long - overdue unified wage structure for public servants. it then explores the economic impact of selected product market reforms and examines the impact of labour market reforms on unemployment. it concludes with policy recommendations. * * * during the crisis, greece implemented a number of structural reforms that helped bridge the competitiveness gap and create a favourable investment environment. reforms have been implemented in almost all areas of economic activity, and most importantly in the labour market, the pension system, healthcare, public and tax administration and the financial sector. it is worth noting that over the past several years, according to oecd, greece ranks as the member country that had the highest response rate to reform recommendations, even more so when adjusting for the difficulty to undertake these reforms in a recessionary environment and in such a short time span. indeed, when embarking on the reforms, greece faced two major challenges : ( i ) its economy was already in recession, whereas difficult reforms should be best undertaken during upswings [ especially if they have adverse short - term effects ] ; and ( ii ) the timeframe envisaged for the implementation of significant reforms was very tight. due to the complexity of these reforms, their spillover effects, and the stakeholder consultation, governments usually require many years of preparation to assess the potential impact of such reforms on the economy and choose the best possible policy instruments. moreover, prioritizing was not given sufficient consideration, resulting in a lack of focus in the reform agenda and a

makers and greek citizens. before giving the floor to the distinguished speakers, please allow me to thank the researchers who have worked for this study, eliamep and its president, professor loukas tsoukalis, and last but certainly not least, professor jean pisany ferry, who is the keynote speaker today. 1 see, among other, blanchard and giavazzi 2003, boeri 2005, fiori et al. 2007. 2 / 2 bis central bankers'speeches
today and also recognize the following parties who were very important to ensuring this transaction was concluded professionally and in good time : the transaction advisor african alliance uganda, the legal advisors in uganda sebalu & lule, the legal advisors in kenya iseme, kamau, maema advocates and finally the reporting accountants pricewaterhousecoopers. thank you.

emmanuel tumusiime - mutebile : the uganda securities exchange ’ s efforts in deepening and broadening capital markets speech by prof emmanuel tumusiime - mutebile, governor of the bank of uganda, at the nation media group shares cross - listing luncheon, kampala, 19 october 2010. * * * the chairman, nation media group, mr. wilfred kiboro the chairman, capital markets authority, uganda, mr. haji twaha kawasse the ceo, uganda securities exchange, mr. joseph kitamirike the ceo, nation media group, mr. linus gitahi directors and staff of nation media group, shareholders, investors, distinguished guests, ladies & gentlemen i am pleased to have been invited to attend and make key remarks at this luncheon commemorating today ’ s cross listing of east africa ’ s premier media house, the nation media group. i want to commend and appreciate nation media group for the gesture. the building block of the success of the uganda securities exchange that we witness today is largely attributed to government and we must applaud its efforts in creating an environment in which the economy can thrive. together with the government, the role of the bank of uganda in particular consists of providing a supporting environment for rigorous economic activity through sound and coherent macroeconomic policies. the central bank ’ s efforts towards supporting macroeconomic environment have centered on preserving price stability. ensuring a reasonably low level of inflation helps reduce uncertainty in economic decisionmaking so that individuals and investors have a reliable basis for long - range decisions and plans. the bank ’ s efforts to keep inflation in check have so far been successful. a continuing commitment to prudent macroeconomic policies builds confidence in uganda as an investment destination and boosts the country as a whole. the use has played it role in providing an efficient, well regulated exchange that has made the investment process as simple, affordable and transparent as possible. however, the underlying investment decision is dependent upon perceptions of the future performance of uganda as a whole. in conclusion, i wish to highlight some critical factors that will govern the progress of the use going forward. firstly, will be the steadfast commitment to taking a regional and global view for purposes of deepening and broadening our capital markets. secondly, our regulatory and enforcement structures should be responsive to today ’ s market place. in conclusion, i want to congratulate the nation media group ’ s board of directors, the management and staff for this monumental achievement
opportunity and we in rbi as usual look forward to benefiting from the deliberations.

that the standards of regulatory compliance will see considerable improvement going ahead. ( c ) tools for proactive off - site and on - site supervision ( i ) usage of data and analytical tools for offsite supervision 12. the offsite supervisory data is currently used in a variety of ways to aid in policy formulation, identify incipient stress, ascertain status of borrowers across lenders and check compliance to regulatory stipulations, among others. in addition to central repository of information on large credits ( crilc ) and central fraud registry ( cfr ), the data capabilities of rbi are in the process of being further upgraded through the revamped data warehouse, viz. the centralized information management system ( cims ). it will encompass tools and applications for ai - ml, data visualisation and big data analytics. 13. as part of the forward - looking assessment of stress, various supervisory tools have been designed to identify vulnerable borrowers who have less ‘ distance to default ’ as well as vulnerable banks based on various parameters. early warning systems and supervisory stress testing have been made an integral part of prudential supervision. many thematic assessments are also being regularly carried out to identify system - wide issues and assess ‘ conduct ’ practices for taking corrective actions. data dump analysis is also much more extensively used as part of our transaction testing exercise. 14. for continuous engagement with ses, a web - based and an end - to - end workflow automation system has been developed. it has various functionalities including inspection, compliance and incident reporting for cyber security, etc. with a built - in remediation workflow, time tracking, notifications and alerts, management information system ( mis ) reports and dashboards. this is being launched shortly. cyber - security 15. with the proliferation of digital banking, cyber security has become an extremely important area of supervisory concern. to address this concern, the reserve bank has developed a model - based framework for assessing cyber risk in banks using various risk indicators, risk incidents, va / pt, etc. cyber drills are conducted based on hypothetical scenarios. several advisories and alerts are issued on various cyber threats. measures to build better awareness of cyber risks in supervised entities are continuing. the digital payment security control guidelines were issued recently by rbi to set up a robust governance structure and implement common minimum standards of security controls. while a lot is being done in the cyber security space, but these risks are continuously evolving in the dynamic environment we
##hip, and notably your commitment in driving and modernizing the financial sector in the region over the last 8 years of my term. let me conclude by once again, thanking the bank of tanzania for the warm welcome and hospitality. with these few remarks, i look forward to fruitful engagement in discharging our mandate in this meeting. thank you. bis central bankers ’ speeches

in competition with other currencies only if it can be kept stable over the long term. the relevant institutional requirements have been met : the ecb is an independent central bank which is primarily committed to the objective of price stability. the euro ’ s greatest success to date has been as an issue currency on the international financial markets. between january 1999, the start of emu, and march 2000, 47 % of the net issuance in international debt securities was denominated in euro, compared with a dollar ratio of 45 %. it seems that the large issuers took advantage of the low euro interest rates in order to raise large amounts of funds in euro. however, it is also apparent that the euro ’ s success in terms of new issues increased its share of all international debt securities outstanding only slightly compared with its predecessor currencies, namely from 25 % at the end of 1997 to 30 % at the end of march 2000. at this reference date, the share of the dollar stood at 47 %. the euro ’ s share of international banking business is somewhat smaller than on international securities markets, amounting to 28 % in the case of bank assets and 24 % in the case of bank liabilities, compared with a dollar market share of 40 % and 42 %, respectively. relative to the share that the euro ’ s predecessor currencies had previously, the euro comes off much better in international banking business. 4 from the perspective of a central bank, it would be especially interesting to know the euro ’ s share of the official foreign exchange reserves. it is precisely as a reserve currency that the dollar has traditionally had the largest lead over all other currencies, with a recent share of more than 60 %. unfortunately, the corresponding share of the euro cannot currently be quantified reliably, since the underlying database is decidedly incomplete. the euro has developed very quickly into an - at least numerically - important international anchor currency. the ecb has recently listed some 50 countries in whose currency regime the euro is playing a role. the arrangements stretch from d - mark or euro - based currency boards ( bosnia - herzegovina, bulgaria, estonia ) and mutual agreements as part of erm ii ( denmark, greece ) to rather informal exchange rate links, which are geared to baskets that, in addition to the euro, include other currencies, too. two results of my empirical analysis merit particular attention. firstly, the dollar continues to be the leading international currency in virtually all functions
global growth. it is the underlying economic and financial foundations and its strength that will determine the capacity and resilience, and thus, the ability to ride out the storms and take advantage of the opportunities that the external environment accords to achieve sustainable performance over the medium and longer - term.

a first step to reduce the potential for a quantitative objection by giving any bank whose planned distributions would have brought it below the post - an objection can be forthcoming either because the bank ’ s proposals for capital distributions would leave it with less capital than our modeling determines is necessary were the severely adverse scenario to be realized or because our supervisors have found substantial flaws in a bank ’ s capital planning and capital risk - management processes. stress minimum capital requirements a short time in which to adjust its plan. 12 last fall, i gave a speech in which i previewed the board ’ s additional thinking on this subject, following the board ’ s year - long review of the stress testing program. 13 one point was our intention to remove the “ qualitative ” part of the annual stress testing exercise for participating banks with less than $ 250 billion in assets. we have since done just that, in recognition of the fact that these firms had generally met the supervisory expectations for capital planning and risk management put in place after the crisis. in that speech i also indicated that the board of governors was considering a significant revision to our stress testing program that would both integrate it into other applicable capital requirements and begin to reduce the amount of attention directed at the annual announcement of stress test results. the proposal for what our staff has called a “ stress capital buffer ” ( scb ) would simplify our capital regime by replacing the existing 2. 5 percent fixed capital conservation buffer applicable to all banks with a buffer requirement equal to the maximum decline in a firm ’ s common equity ratio under the severely adverse scenario of the stress test. 14 this change would, of course, apply only to the roughly 30 banks that participate in the supervisory stress test. this buffer would be recalculated after every year ’ s stress test. then, through the succeeding year, a bank would have to observe the constraints on capital distributions written into our point - in - time capital requirements if its capital ratio fell below the sum of our minimum capital requirement and the applicable stress capital buffer. this change did not lead to any reduction in the post - stress capital requirements. it simply gave the firm an opportunity to reduce its planned capital distributions so that they would not lead to a quantitative objection. for more information on the federal reserve ’ s recent review of the comprehensive capital analysis and review ( ccar ) program, see daniel k. tarullo ( 2016 ), “ next steps in the evolution of stress testing, ” speech delivered at the yale university school of management
january. 4 / 4 bis central bankers'speeches

. until the roosevelt new deal era 1933 banking act in the usa, no depositor in an american bank could have been assured of clear supervisory oversight, following a century of uncertainty about state and national authority over banks and the issue of bank notes. in the uk, the first statutorily - backed regulatory regime was put in place only in 1979. prior to that time, the bank of england had exerted only informal authority, including through the venerable “ governor ’ s eyebrow ”. both the us and the uk acts were prompted by preceding banking crises. in hong kong, the office of the commissioner of banking was only established around 50 years ago in the 1960s, after a couple of rather unpleasant bank failures. before then, banking was basically a free for all, although it did not mean that it was a wild jungle ruled by tarzan or the lion king. back in those “ good old days ” during which banking supervision was not a prominent feature of our financial system, bank customers and depositors had to take care of their own interests by choosing very carefully who they could trust and bank with. it should also be borne in mind that internationally, the first basel capital accord was only approved by the g10 governors in 1988, meaning that we are only just approaching the 30th anniversary of this important milestone. 6. i know that you are going to say : you cannot find such a clock or time machine. in that case, the fast track solution is not quite available. so you will have to consider the slow track solution in trying to get rid of the bank supervisors. as i said earlier, a world in which there were no banking supervisors was not a wild jungle. for a long long time and well 1 / 5 bis central bankers'speeches before we had bank supervisors, bankers needed to earn the trust of depositors and customers in order to survive and thrive. those who failed to earn the trust of customers would not and could not last long. so by and large bankers who managed to survive were highly trusted and respected by the community in the “ good old days ”. unfortunately this is no longer the case in recent decades, especially after the global financial crisis ( gfc ). so something has changed that has led to the erosion of trust in bankers. only if we can restore that trust, and the fundamentals underpinning it, could we have a meaningful discussion on the proposition of getting rid of the bank supervisors. 7. banking has indeed changed a great deal from what it used to
, analytical report, european commission, 2017. 12. small vs. young firms across the world contribution to employment, job creation, and growth, policy research working paper no. 5631, world bank, 2011.

1 60. 0 60. 0 40. 0 40. 0 20. 0 20. 0 75. 2 74. 0 55. 0 51. 7 0. 0 0. 0 see cee baltics region eu - 28 see cee baltics region eu - 28 source : world economic forum. equity markets in the region are quite shallow, with a stock market capitalization averaging around 15 % of gdp, compared to the eu - 28 average of close to 70 % in 2016. positive outliers in this context are countries such as croatia ( 43 % of gdp ) or poland ( close to 30 % of gdp ). similar is the inference when it comes to private equity, which is considered an attractive source of financing for young firms, or companies not listed on the stock exchange. it is a model that enables risk - sharing, and fosters management and operational efficiency. the main role of private equity is to fill the gap between internally generated financing and conventional market sources, such as bank loans and public equity. unlike most stock market investments, equity investment enables shareholders to adopt a long - term and hands - on approach in their investee companies, fostering sound corporate governance and transparency, making appropriate contributions to business strategy and optimizing management. crucially, however, it also contributes to the transfer of skills and has positive demonstration effects in terms of the development of local capital markets and competitive market - oriented behavior10. these modalities such ebrd transition report 2015 - 2016. as, venture capital, crowdfunding, business angels, are relatively modest in the cesee, although the same holds for the eu as well, where private equity has a share of around 0. 3 % in gdp. debt market in the region is larger compared to the equity, averaging around 50 % of gdp, which is still much lower compared to the eu - 28 average of close to 160 %. yet, dominant part of this market segment is related to government securities, while the corporate issuance remains modest. in fact, in most cesee countries, corporate bond markets remain small, or even nonexistent. chart 14 : stock and debt market capitalization source : ecb and central bank websites. to recap, the region needs to mobilize finance, which amidst burdened government financing and structurally difficult access to bank finance for new and innovative companies, requires further development of the capital markets and more diversified portfolio of financial instruments. one of the key questions going forward is
currency. it will pave the way for the long future of the euro.

in ireland might facilitate and stimulate discussion in this area, for example. but we should somehow take the opportunity to ask some searching questions about how we can raise our collective game to ensure that we have a truly effective enforcement system that delivers deterrence where it really counts : at the door of the individual who breaks the rules. only then will we be able to take comfort that we have created a system that will help deter the origins of the next financial crisis. just as the impetus for our internationally lauded criminal assets bureau came from the tragic circumstances surrounding dublin ’ s gangland problem in the 1990s, so too should the recent financial crisis provide a catalyst and opportunity for ireland to create a truly effective system to assist in the fight against white collar crime, bringing with it individual responsibility for the actions of persons who hold senior positions in financial institutions. bis central bankers ’ speeches