samchain/econo-pairs-v2 huggingface dataset:
that note, i wish you all success and may you have a productive and fruitful conference. thank you.

such safeguards, which do have a bearing on the design of euro area integration, should not prevent euro area members from taking the decisions that are necessary for the smooth functioning of emu. to sum up, a lot has already been done over the past five years to draw the lessons of the financial and sovereign debt crisis. but this is not the end of the process. as most of you are lawyers, you know very well that once legislation has been enacted, implementation by the relevant authorities is equally important. at the european level, the agreed tools and procedures have to be fully enforced by the commission and the member states. this applies in particular in the field of economic governance. at the national level, member states have to adjust their domestic regulatory framework to the new european environment. enjoying the benefits of being part of the banking union should come together with the adequate responsibilities. in some cases, the timeline for implementation is ambitious and requires speedy and determined action by national authorities : for example, the main provisions of brrd need to be transposed until 31 december 2014. a number of member states, including smaller ones, have to close a number of outstanding gaps and loopholes. bis central bankers ’ speeches further legislative action is necessary to complete the single market for financial services let me now turn to the next five years and the legislative agenda for the eu. i see a number of areas where further progress is required in order to complete the single market for financial services. this would benefit all 28 member states : if i may use again the metaphor, solidifying the walls of the ground floor is in the interest of all co - owners. but it may be even more important for those involved in the construction of the additional floor, i. e. the euro area member states. two major legislative proposals which are highly symbolic for citizens as an eu response to the crisis are now on the table and need to be carefully analysed against their potential benefits and drawbacks. let me mention first the commission ’ s proposal on structural measures for banks. a few years after the start of the crisis, assessing the banking sector ’ s structure and reflecting on how to make banks safer is essential. a coherent approach would contribute to reducing the potential fragmentation caused by different national structural regulations. nevertheless, the devil is in the detail when implementing such reform, especially because the potential benefits are still untested. second, in a different domain, the ecb shares only some of the objectives that have motivated the proposal for a financial
speech embargo 20 september 2018, 5. 30 pm third karl brunner distinguished lecture introduction of otmar issing, eth zurich thomas j. jordan chairman of the governing board swiss national bank zurich, 20 september 2018 © swiss national bank, zurich, 2018 page 1 / 4 ladies and gentlemen, i am very pleased to welcome you all to the third karl brunner distinguished lecture. in this lecture series, the swiss national bank pays tribute to academics whose research is of particular relevance for central banking. this year, we are expressing our appreciation of an outstanding monetary policy theorist and practitioner, an independent mind and a leading voice in economic affairs. from this description, you may doubt that i am talking about just one person. but i am. that person is, of course, otmar issing. professor issing ’ s life has been extraordinary and widely admired. his scholarly activities and policymaking contributions have been both impressive and mutually reinforcing. his publication list includes numerous articles in scientific journals and periodicals. his collected speeches and articles in the library of the bundesbank amount to 21 volumes of about 10, 000 pages. his textbooks have shaped the understanding of monetary theory and policy of entire generations of students, myself included. while there are many reasons for the snb to honour otmar issing with this karl brunner lecture, three stand out : his role as chief architect of the european central bank ’ s ( ecb ) monetary policy strategy, his tireless commitment to price stability, and his significant influence on general economic debate. i shall discuss each of these during the rest of my welcome address. however, first allow me to recount a few stages in a career full of accomplishments. otmar issing was born on 27 march 1936 in the university town of wurzburg. at the age of 18, he enrolled for classical philology, the study of classical languages, but soon switched to economics. he earned his phd in 1961 and received his habilitation in 1965. from 1967 to 1990 he was a professor of economics. in 1990 he joined the board of the deutsche bundesbank. and in 1998 he became a founding member of the executive board of the ecb and its first chief economist. since 2006 he has been president of the center for financial studies at the goethe university in frankfurt am main. architect of ecb strategy ladies and gentlemen, let me now focus on the three attributes central to our decision to honour otmar issing with this lecture.

of attention in the literature over the last two decades. who better to speak to us this evening on this topic than otmar, with his extraordinary talent for communicating with an interested general public? ladies and gentlemen, please join me in welcoming otmar issing with a big round of applause. page 4 / 4
advantages of risk transfer and lower encumbrance of underlying assets. we would support moves to put securitisation and covered bonds on a more level playing field. to conclude, we support the european commission ’ s current work on an eu framework for securitisation as part of the longer - term objective of growth in stable, market - based financing markets alongside bank lending. a uniform set of criteria for stc securitisation can play an essential role in de - stigmatising european securitisation, helping the market to develop on a sustainable track and attracting a broader investor base. bis central bankers ’ speeches

broader, real money investor base. the market also needs to be based on genuine risk transfer not regulatory arbitrage, such as synthetic sales of thin mezzanine tranches intended to maximise the reduction in regulatory capital at minimum cost. i hope the future will be transactions in which banks look to sell down the capital structure, subject to meeting risk retention requirements. transferring the entire risk on a portfolio will be the only way to achieve a reduction in the exposure measure used for the leverage ratio. and the new basel risk - weighted capital requirements announced in december also move in the direction of incentivising transfer of senior as well as mezzanine tranches of portfolios. i said i would come back to simple, transparent and comparable ( stc ) securitisation. unfortunately, we have done our best to confuse people by using a bewildering range of acronyms and terms for this project – stc, sst, sts, qualifying, high quality etc. today i the case for a better functioning securitisation market in the european union : a discussion paper, european central bank and bank of england, may 2014. joint response from the bank of england and the european central bank to the consultation document of the european commission : ‘ an eu framework for simple, transparent and standardised securitisation ’, march 2015. bis central bankers ’ speeches am using the stc term developed by the taskforce of global banking and securities regulators that i co - chair. but i can reassure you that these will be brought together into a single set of criteria in european legislation. i believe the intention is that they will then be applied consistently across different sectors – for example, banks, insurers and funds – and different regulations – for example capital and liquidity. i see the aims of the stc criteria as threefold. first, to help investors. an stc securitisation should meet the “ what you see is what you get ” principle. the structure should not have hidden traps or complications, allowing investors to focus on analysing the credit quality of the underlying assets. but, importantly, the stc criteria are not a credit opinion on those assets and stc will certainly not mean “ risk free ”. second, to help issuers. as well as potentially helping to broaden the range of investors, the stc criteria should make risk transfer more robust. and third, to help regulators. setting risk sensitive capital requirements for securitis
the doubling of the new arrangements to borrow, as well as the renewal of the bilateral borrowing agreements to meet the members ’ high and growing overall demand for fund resources and the shift towards uct arrangements. we welcome the work on the 16th general review of quotas and reaffirm our commitment to a strong, quota - based, and adequately resourced imf at the center of the global financial safety net. 2 / 2 bis central bankers'speeches

transfers related to foreign direct investments ( fdis ). the measures do not give rise to any exchange restriction. the objective of the measures is to ensure the traceability of payments related to good faith transactions, hence contributing to combating the parallel sector and ensuring that banks operating in algeria effectively fulfil their responsibility in terms of first - level control of the transactions with the rest of the world, in line with the terms of their license. algeria remains committed to the stability of its exchange rate regime, commensurate with its commitments in the context of article viii of the imf ’ s articles and the association agreement with the european union ( eu ), notably regarding current payments and capital movements. foreign direct investment in algeria is a relatively recent development and has notably followed the achievement of balance of payments viability. for the past six years ( 2003 – 2008 ), total fdis amounted us $ billion 8. 7, of which 47. 3 % from eu countries and 25. 2 % from asian and middle - eastern and north african countries. the share of fdis in the hydrocarbon sector in total fdis, which reached 55 % in 2005, has gradually declined to 42 % on average during the recent years. non - hydrocarbon sectors which attracted fdis include the banking sector, chemical industry, food industry, electricity sector, water desalination, and construction material. the exchange rate policy is conducted by the bank of algeria in the context of a managed float regime of the dinar vis - a - vis the currencies of algeria ’ s main trade partners. since 2004, with a real effective exchange rate ( reer ) around the equilibrium level as determined by the economy ’ s fundamentals, exchange rate policy is well in line with external stability, the latter being anchored to a notably strong net external financial position. in operational terms, the bank of algeria intervenes in the interbank market to ensure that movements in the nominal exchange rate do not affect the long term equilibrium of the real effective exchange rate of the dinar. in this context, despite high volatility of consumer prices and exchange rates in trading partners, including the sharp decline in oil prices in the second half of 2008 ( one of the main fundamentals in algeria ’ s economy ), the reer has remained near its equilibrium level and the external financial position remains comfortable.
services. it is therefore encouraging to note initiatives by some banks to reach out to the “ unbanked ” populations. bis central bankers ’ speeches finally, may i assure you that the reserve bank of malawi will always strive to provide an enabling legal and regulatory framework to encourage innovations by all players in our financial sector in order to enhance access to financial services. in this regard, we will continue to work with stakeholders to put in place an enabling environment for business to thrive. i thank you for your kind attention, and god bless you all. bis central bankers ’ speeches

. aspx references angeli, marilena and gitay, shahzad ( 2015 ), ‘ bonus regulation : aligning reward with risk in the banking sector. ’ bank of england quarterly bulletin, 2015 q4, volume 55, no. 4, available at : http : / / www. bankofengland. co. uk / publications / documents / quarterlybulletin / 2015 / q4. pdf. bank of england, ‘ senior managers regime ’, http : / / www. bankofengland. co. uk / about / documents / smr. pdf bank for international settlements – the foreign exchange working group ( 2016 ), ‘ the fx global code : may 2016 update ’, https : / / www. bis. org / mktc / fxwg / gc _ may16. pdf cullen, jay ( 2016 ), ‘ a culture beyond repair? the nexus between ethics and sanctions ’, just financial markets, oxford university press, ed. herzog. http : / / ssrn. com / abstract = 2783067 european central bank ( may 2016 ), ‘ financial stability review ’, https : / / www. ecb. europa. eu / pub / pdf / other / financialstabilityreview201605. en. pdf? e1a2bef79ed901d8ceaee004 f2fcecdd financial stability board ( 2015 ), ‘ implementing the fsb principles for sound compensation practices and their implementation standards : fourth progress report ’, http : / / www. fsb. org / wp - content / uploads / fsb - fourth - progress - report - on - compensation - practices. pdf rouch, david ( 2016 ). written standards and the social licence for financial markets. http : / / ssrn. com / abstract = 2850885 seagrave, sterling ( 1995 ), ‘ lords of the rim : the invisible empire of the overseas chinese ’, new york, putnam's sons. all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx
my own and are not necessarily those of my colleagues on the federal reserve board or the federal open market committee. 3 / 3 bis - central bankers'speeches

eddie yue : the development and future of the offshore renminbi market welcome remarks by mr eddie yue, deputy chief executive of the hong kong monetary authority, at the third meeting of the hong kong – london rmb forum, hong kong, 26 september 2013. * * * the right honourable greg clark mp, distinguished guests, ladies and gentlemen : 1. i would like to extend a very warm welcome to all of you to this seminar, which is organised as part of the third meeting of the hong kong – london rmb forum. the forum was launched in january 2012, and it aims to foster cooperation between hong kong and london on the development of offshore rmb business. by improving linkages between our two financial centres, it is hoped that the forum could help to further deepen and broaden the offshore rmb market, and to better enable businesses and financial institutions to capture the opportunities arising from the increased channels for transacting with china. 2. significant progress has been made in the development of the offshore rmb market since our first meeting in may 2012. it is encouraging to see that market practitioners are making use of the policy headroom to develop rmb products and services to meet their customers ’ needs. opportunities in rmb are also being factored into the decision - making of many businesses and financial institutions. 3. here, instead of focusing on recent developments in rmb, i would like to take a broader and more forward - looking view. in particular, china ’ s financial sector reforms and specifically the eventual opening up of its capital account would likely have profound implications for the global financial landscape. it would be interesting to view rmb developments from the perspective of these potential changes – what do they mean for the global financial landscape and what would be the role of the rmb amid these developments. 4. as we are all aware, china has been moving steadily with financial sector reforms and capital account liberalisation, taking steps towards allowing market forces to play a greater role in its financial system. recently, the chinese authorities re - affirmed their commitment to further financial reforms, including the easing of market access, the liberalisation of interest rates, as well as working towards eventually making the rmb convertible under the capital account. and this process has reached an interesting juncture. the future reform and liberalisation efforts will arguably have a greater impact on the global financial landscape than that of measures undertaken so far. 5. as china moves further along the path to open up its capital account, the
, “ monetary policy according to hank ”, american economic review, vol. 108 ( 3 ), march, pp. 697 – 743. 2 gabaix, x., lasry, j. - m., lions, p. - l. and moll, b. ( 2016 ), “ the dynamics of inequality ”, econometrica, vol. 84, no 6, november, pp. 2071 – 2111. 3 / 3 bis central bankers'speeches

##ive measures so that banks can recover by their own means in the event of a crisis? focusing solely on regulatory metrics may delay such corrective action. these metrics are important for assessing the need for corrective measures and for justifying their implementation. at the same time, however, they do not reflect a broad, forward - looking perspective, as the example of credit suisse shows. the crisis at credit suisse will be analysed, and the lessons drawn will be factored into the review of the tbtf regulations, among other things. the snb will contribute to this work. i now hand over to andrea maechler. implementation of monetary policy i would now like to look at developments on the money and foreign exchange markets since the last monetary policy assessment. secured short - term swiss franc money market rates remained close to the snb policy rate despite the tense situation on the financial markets, as can be seen in chart 2. we ensured this by deploying our monetary policy instruments. since mid - march, the liquidity supply in the swiss franc money market has been influenced by the exceptional measures taken to manage the credit suisse crisis. the snb provided ample liquidity to credit suisse in the form of interest - bearing loans, which led to an increase in sight deposits. due to outflows of customer deposits at credit suisse, some of this liquidity also reached other institutions in the financial system. this increased the supply of liquidity in the swiss franc money market. as thomas jordan has explained, it was important that the liquidity assistance to credit suisse did not influence our monetary policy stance. we therefore consistently continued with our regular monetary policy implementation in the swiss franc money market. this currently comprises tiered remuneration and the absorption of sight deposits by way of open market operations. to ensure that the secured short - term swiss franc money market rates do not fall and that they remain close to the snb policy rate despite the additional liquidity in the swiss franc money market, we have reduced the increased liquidity supply via open market operations. as you can see from chart 3, we have used snb bills and repo transactions with various maturities to accomplish this. not only our open market operations in the money market but also our foreign exchange transactions have an impact on sight deposits. since the last monetary policy assessment, the swiss franc has appreciated by around 2 % on a trade - weighted basis. in order
##r and more sustainable economy. by making it easier for investors to seek out sustainable investment opportunities across europe, deep and liquid capital markets could help mobilise the funds needed to finance the transition to a low - carbon economy. it is not only the quantity and availability of private capital that matters for this transformation, but also its quality. ecb research shows, for instance, that equity finance seems to be more effective than debt finance in reallocating investment towards relatively greener sectors. equity investors, who tend to have a longer investment horizon and a greater appetite for high - risk high - return projects might be better placed to finance environmentally sustainable innovation than banks. by supporting the development of equity financing, the cmu could facilitate the funding and adoption of carbon - efficient technologies. but the positive feedback between cmu and sustainable finance works both ways. to the extent that the ongoing eu policy initiatives are successful in removing the current obstacles to the development of a cross - border market for sustainable financial products, these actions could also be instrumental in advancing growth in this segment of the capital markets. this, in turn, could support financial integration in the eu and strengthen europe ’ s role as a global hub for sustainable finance. conclusion developing private equity markets and supporting efforts towards a greener economy are very much on the minds of decision - makers, and we welcome the work of the various groups and forums that contribute to these debates. in particular, we look forward to the recommendations of the high level forum on cmu set up by the commission. we trust these will play an important role in shaping the commission ’ s new set of cmu measures for the benefit of the european citizens. [ 1 ] hartmann, p., heider, f., papaioannou, e. and lo duca, m. ( 2007 ), the role of financial markets and innovation in productivity and growth in europe, occasional paper series, no 72, ecb, september ; davis, j. ( 2015 ), capital markets and job creation in the 21st century, center for effective public management at brookings paper, december. [ 2 ] see rebranding capital markets union – a market finance action plan, report by the ceps - ecmi task force of june 2019. [ 3 ] see speech by luis de guindos, vice - president of the ecb, at the suerf / de nederlandsche bank conference “ forging a new future between the uk and the eu ”, amsterdam

rules of the game have to be continuously adapted. international institutions and fora are changing and adjusting. many initiatives have been taken. altogether this should help make the global economic and financial system more resilient. but we have also learned that it is never time for complacency. efforts to ensure global stability and prevent crises have to be made constantly by all of us without exception. in this context, i am confident that the euro area and the economies of the asia - pacific region will continue to work in close cooperation in the years ahead to ensure that these important goals are met. i thank you for your attention.