samchain/econo-pairs-v2 huggingface dataset:
, during the eventual exit from these extraordinarily accommodative measures. bis central bankers ’ speeches

m r pridiyathorn devakula : risk management - challenge for the thai financial institutions and regulator opening remark by mr m r pridiyathorn devakula, governor of the bank of thailand, at the market risk management techniques for the bis capital regime seminar, held in bangkok, 12 october 2001. * * * distinguished guests, ladies and gentlemen, i would like to personally extend a warm welcome and to express our deep appreciation to all of our distinguished speakers and panelists who have agreed to come to bangkok at this difficult time. i would also like to thank our co - host, the world bank, in the efforts and interest which they have shown to make this important seminar possible. it is also important to convey my appreciation to the members of the financial industry for your interest and enthusiastic participation in this seminar. as we all know, the new accord proposal is scheduled to be finalized early next year, with its implementation scheduled for 2005. countries that have not yet implemented the consolidated supervision will have until 2008 to comply with the new accord. thailand is in this second category since we have yet to be empowered by law to carry out consolidated supervision. the new banking act with such a provision is expected to take effect next year. even with such a relatively long grace period toward compliance, thai financial institutions have already taken the first step of the journey toward that direction. we have recently conducted a survey of the financial institutions to check their readiness to conform to the credit risk guidelines under the new accord. i have been reported that many plan to be ready for the standardized approach, while others are working towards the irb approach, this is a welcome news. more importantly, financial institutions have all started the effort to strengthen risk management in their respective institutions with some notable progress so far, and we look forward to more progress to come. i would like to take this opportunity to commend all of you for such efforts. after all, the bis capital requirement only serves as a cushion of losses or failure of an institution whereas it is the risk management that reduces the chance of failure. the significant progress you have made in the area of risk management deserves our full support and commendation, particularly so as this is a very difficult time for the financial industries. ladies and gentlemen, coming back to the issue of preparation for the new accord, one can see that significant challenges remain ahead. i will now turn to these challenges. first, the technical and infrastructure aspects. it is important to build up a deep understanding of
growth. ” bis central bankers ’ speeches in order to further encourage positive efforts of local firms, we appreciate it if you could utilize the measure effectively. the bank expects you to make efforts to meet challenges ahead and will continue to provide utmost support as a central bank. bis central bankers ’ speeches

among some european politicians, to develop certain critical technologies on european soil. tremendous effort has been put into developing european regulations to manage these and other digitalisation - related risks. so that european citizens and businesses can take full advantage of new technologies, safe in the knowledge that the risks are well managed. 1 / 2 bis - central bankers'speeches large digital service providers, such as cloud providers, are set to become subject to european oversight, for example. and supervision of crypto service providers is being expanded. however, developments are happening rapidly, and the challenge is to be able to reap the benefits of innovation while keeping out the bad stuff. of all innovations, generative artificial intelligence is undoubtedly the most exciting : with the emergence of incredibly capable generative models and dramatic advances in computing power, we might very well be on the verge of a new technological revolution. who knows soon we can all paint like rembrandt. also here, we must make sure to maintain a healthy balance between harnessing the benefits of innovation while mitigating the risks. when it comes to innovation, some regions, like the us, have traditionally focused more on the opportunities side, with a regulatory environment that's conducive to business innovation. we europeans tend to focus on the risks and call for regulation. but falling behind in adopting new innovations is a significant risk too. so i would call for a balanced approach, and warn against constraining ai - driven innovation too much but that doesn't relieve us of the obligation to monitor the risks that come with it. many of the potential risks of ai may seem new, but if you look beneath the surface, they are strikingly similar to traditional financial risks. risks that we are familiar with. we already have frameworks to assess concentration risk, third party dependence and interconnectedness. this is good news. of course, it's not a simple copy - paste exercise. we may see new forms of interconnectedness in the financial system. for example, autonomous trading agents may interact to create new dynamics in financial markets. and technology that can be used to paint like rembrandt also offers possibilities for creative fraud, from phishing to identity theft. so the nature of the risks may not be different, but the crooks are getting better. that means we are entering a new phase of the never - ending race between risk and risk management. but we are entering this race from a relatively good starting point. ai is not
##tailed – took an exceptionally heavy toll. from 2008 to 2016, greece's gdp shrank by more than a quarter. the unemployment rate surged by 20 percentage points at its peak. and just as the economy was recovering and the reforms were bearing fruit, disaster struck again. the pandemic brought travel and tourism to a standstill, and greece's economy contracted by a further 9 % in 2020. throughout this period, greece has also been at the forefront of the global challenges facing europe. the climate crisis has been ever - present, as was demonstrated tragically this summer. and greece has also borne the brunt of the various migration crises that have hit europe. yet, despite this succession of setbacks, the country's resilience has been remarkable. thanks to the hard work that has been done to make the economy more flexible, greece has made an impressive comeback from the pandemic. real gdp per capita is now almost 10 % above its pre - pandemic level – a much stronger performance than the euro area as a whole. the unemployment rate has also declined steeply, and was 10. 9 % in august, the lowest level since the end of 2009. and with a stronger economy, the country has been able to work further through its debt challenge. greece's public debt - to - gdp ratio has dropped 35 percentage points from its peak of 206 % in 2020, one of the fastest falls in the world. two rating agencies recently upgraded greek government bonds to investment grade status. but it is not only the economy that has been resilient – it is also the greek people. there were times when they could have chosen a different path. yet they have remained committed to being at the heart of europe, even in the hardest of times. in fact, greek support for the common currency has risen 16 percentage points over the past decade, with more than three - quarters of the public now in favour. and greece has seen a 19 percentage point surge in favourable views of the eu over that period. this example can serve as an inspiration for all of us as we contend with a more volatile world and the many challenges it brings. it is an example of resilience in the face of great challenges. and it is an example of the importance of being part of something bigger – our shared european destiny. as we stand here in the heart of athens, we see the best of what europe can be – a place steeped in the past, alive

parallel with a recovery in profits. moreover, firms continue to reduce debts as part of their balance - sheet restructuring measures. as a result, credit demand in the private sector has continued to be basically stagnant. in view of this, the underlying tone of private banks ’ lending remains sluggish. issuance of corporate bonds and cp has been steady. money stock ( m2 + cds ) grew slower in may compared with the previous month on a year - on - year basis. in this financial environment, corporate financing conditions are easing, and the lending attitude of financial institutions is perceived by firms as less severe. it continues to warrant careful monitoring how these favorable developments in corporate financing environment will affect economic activities.
of singapore. governor subbarao has been a staunch advocate of rbi ’ s pro - active role in addressing financial inclusion to help those underserved. as the world ’ s second most populous country, india has faced an uphill task to expand financial inclusion, especially to individuals in remote areas. but the numbers speak for themselves : in 2011, just 35 percent of adults have bank accounts according to the world bank ’ s global findex report. by 2017 that number has dramatically risen to 80 percent. in his keynote address this morning governor subbarao will share with us india ’ s remarkable experience on improving financial inclusion by using digital technologies. please join me in giving a warm welcome to governor subbarao. 4 / 4

one can already see that 2014 will be yet another challenging year for the thai economy. however, with cooperation from all sides, i hope we shall be able to weather the upcoming storms with a common vision and readiness, and that a clear blue sky is beckoning in the distance. thank you. bis central bankers ’ speeches
part in reshaping the global thinking on this front. the effects of the global financial crisis on markets are indeed still fresh in our minds. 1 / 4 bis central bankers'speeches history – and a too late array of empirical evidence and research – has shown how the lack of awareness on the part of consumers in advanced economies drove them to make flawed decisions on the subprime mortgages and synthetic instruments used for trading. the drive for higher returns, coupled with a lack of visibility on the risk side, prompted many people to invest in these securities. these events eventually highlighted the critical importance of financial literacy, prompting its inclusion as a matter of priority on the agenda of policy makers globally. in september 2009, at the g - 20 leaders ’ summit in pittsburgh, a pledge was made, i quote, t “ o support the safe and sound spread of new modes of financial service delivery capable of reaching the poor ”. unquote. the pledge also called on financial standard - setters to promote successful regulatory and policy approaches and elaborate standards on financial access. a year later in seoul, the g - 20 committed to the launch of the global partnership for financial inclusion and developed a financial inclusion action plan. at the level of the united nations, financial inclusion is positioned as an enabler of other developmental goals in the 2030 sustainable development goals, where it is featured as a target in eight of the seventeen goals. ladies and gentlemen, poor financial decisions are often not only the result of financial recklessness, but also of bad planning, and lack of information. the implications of these shortcomings can easily spiral beyond control. undeniably, in today ’ s world, many of these decisions originate from – or are based upon – the increasing use of technology. add to that the consequences of ‘ buy now pay later ’ targeted campaigns which can unfortunately fuel poor spending habits and ballooning debts. we are all aware that trust is the cornerstone for the effective functioning and stability of the financial system. as the system evolves and becomes more complex, access to financial services also becomes easier. what this implies is that there needs to be an appropriate level of financial education to enable customers to make informed decisions about the suitability of financial products to their specific situation. concurrently, a robust financial consumer protection framework must be in place to shield consumers from abuse and make them become judicious users of financial products and services. this is precisely the rationale behind the elaboration of our 2022 financial literacy strategy

can rest assured that the bank will leave no stone unturned to reach out to the population. i thank you for your attention. 4 / 4 bis central bankers'speeches
david carse : documentation risk, operational risk and the new capital accord speech by mr david carse, deputy chief executive of the hong kong monetary authority, at the asia pacific loan market association documentation launch, hong kong, 24 may 2002. * * * ladies and gentlemen, i am very pleased to be able to speak at this special luncheon to launch the aplma standard documentation. i am told that there has been an unprecedented demand to attend this event. i would like to think that this reflects my own attractions as a speaker. but i am realistic enough to recognise that the real star of the show is the documentation itself ; and your attendance here today reflects the level of interest in the outcome of the association ’ s hard work in bringing the first phase of this project to fruition. my purpose today is to stress the importance of good documentation and to place it in the more general context of the increased regulatory focus on operational risk that is a feature of the basel committee ’ s proposed new capital accord. i will also briefly describe the latest developments in the new accord and bring you up to date on the revised timetable. the work of the association it is over three years since i spoke at the inaugural luncheon of the association in hong kong. i said on that occasion that the association promised to become a vital part of the market infrastructure in hong kong. i noted particularly that the association could play a role in three main areas : by acting as an industry representative and interlocutor with regulators ; by establishing common standards and documentation ; and by promoting market transparency and efficiency. i am glad to say that the association has delivered on its promises in each of these areas. its website is, for example, now up and running, and is an important source of information for both members and non - members. if i could put in a plea, however, it would be for more market statistics to be made available on the parts of the website that are open to non - members - or honorary members such as the hkma. in its representational role, the association offered very helpful comments last year on the draft guideline that the hkma prepared on the management of the risks associated with syndicated lending. our initial draft generated a certain amount of heat. this was i think largely due to a feeling on the part of the industry that we had overplayed the inherent risks of syndicated lending. we therefore made it clear in the final version of our guideline - which we issued in non - statutory form

currencies including rmb. ladies and gentlemen, we have made good progress on rmb internationalisation. the future trajectory depends on the joint effort of policy makers and, more importantly, market participants including both the real sector and the financial sector. the hkma will continue to proactively engage with the various stakeholders to maintain a conducive environment that supports this journey. with that, i wish you all a fruitful and insightful event. thank you. 3 / 3 bis - central bankers'speeches
benoit coeure : savers aren ’ t losing out opinion piece by mr benoit coeure, member of the executive board of the european central bank, published in handelsblatt on 11 november 2013. * * * complaints about the european central bank ( ecb ) favouring borrowers over savers with its low - interest - rate policy are getting ever louder. in countries such as germany there is even talk of a “ cold expropriation ” of those who save money for their old age. i don ’ t think this assumption is appropriate. the current low returns for savers are mainly an ongoing result of the recent deep recession and of the fragmentation of the financial market in the euro area. against this background, low interest rates are a tool to maintain price stability. and price stability is a pre - requisite to bring the economy back onto a sustainable growth path. higher key interest rates would have exacerbated the recession, delayed the recovery and contributed to deflationary risks. higher interest rates would therefore hurt savers. they are not the losers under the ecb ’ s monetary policy, as many are claiming. it ’ s true that the ecb ’ s interest rates have never been as low as they are today. the main refinancing rate – the rate at which banks can borrow money over the short term from the central bank and which is perceived by the public as the “ key rate ” – now stands at 0. 25 %. what matters more to german savers, however, is that interest rates for long - term investments that are considered safe have fallen to their lowest level since the establishment of the monetary union. investors in ten - year german bonds currently get an interest rate of around 1. 76 %. the main reason for this is that because of the european sovereign debt crisis investors prefer investments which they consider to be particularly safe. in the end, it can be said that the ecb with its monetary policy has, above all, kept the interest rate low for very short - term loans. but the returns on longer - term investments considered safe have fallen so much primarily as a result of the increased demand. there remains the question of whether the key rates in the euro area are unreasonably low. what would be the level if interest rates could freely form on the market, without monetary policy intervention? this so - called “ natural ” interest rate would fall in a shrinking economy over a prolonged period and rise again during a recovery.

justify the confidence that the people of the euro area have in their money. there ’ s a lot more to be seen in this exhibition, which i hope you will all find as interesting and entertaining as i did. so without further ado, allow me to declare it open. bis central bankers ’ speeches
. williamson, j. 2009. " why sdrs could rival the dollar. " peterson institute of international economics : policy brief 09 - 20. zhou, x. 2009. " reform the international monetary system. " people's bank of china, beijing, 24 may. available at < http : / / www. pbc. gov. cn / english / detail. asp? col = 6500 & id = 178 >.

. in the current environment, such determinations are more important than usual. recent indicators point to the start of a recovery in canadian economic activity following three consecutive quarters of sharp contraction. this resumption of growth is supported by monetary and fiscal stimulus, increased household wealth, improving financial conditions, higher commodity prices, and stronger business and consumer confidence. however, heightened volatility and persistent strength in the canadian dollar are working to slow growth and subdue inflation pressures. the current strength in our dollar is expected, over time, to more than fully offset the favourable developments since july. on 20 october, the bank reaffirmed its conditional commitment to maintain its target for the overnight rate at the effective lower bound of 1 / 4 per cent until the end of june 2010 in order to achieve the inflation target. to put it simply, the bank looks at everything, including the exchange rate, through the prism of achieving our inflation target. for example, we do see a risk that a stronger - than - assumed canadian dollar, driven by global portfolio movements out of u. s. - dollar assets, could act as a significant further drag on growth and put additional downward pressure on inflation. as i mentioned previously, movements in currencies could reflect current challenges in the operation of the international monetary system, which may result in the displacement of adjustment pressures onto a handful of currencies. whatever happens, the bank retains considerable flexibility in the conduct of monetary policy at low interest rates, consistent with the framework that we outlined in our april monetary policy report. if downside risks materialize, the bank will use that flexibility to the extent required in order to achieve our price stability mandate. if upside risks materialize, the bank will also act to achieve our price stability mandate. while the underlying risks to our october economic projection are roughly balanced, the bank judges that, as a consequence of operating at the effective lower bound, the overall risks to our inflation projection are tilted slightly to the downside. conclusion to conclude, this crisis was caused in part by failures to meet the same challenges that bedevilled previous international monetary systems. the common lesson of the gold standard, the bretton woods system, and the current hybrid system is that it is the adjustment mechanism, not the choice of reserve asset, that ultimately matters. in this regard, any greater use of sdrs might be best suited to encouraging a transition from the current hybrid system to an international monetary system characterized by more flexible exchange rates for all systemic countries.
willem f duisenberg : the path towards a single currency reply by dr willem f duisenberg, president of the european central bank, on the occasion of receiving the grand cross 1st class of the order of merit of the federal republic of germany, frankfurt am main, 24 july 2002 * * * first, i should like to sincerely thank the president of the federal republic of germany, represented here today by the finance minister, mr. eichel, for awarding me the grand cross 1st class of the order of merit of the federal republic of germany. i feel deeply honoured. i would also like to thank the finance minister for his kind words. and i am grateful to all of you here for sharing this special moment with me. to be mentioned in the same distinguished company as karl otto pohl, helmut schlesinger and hans tietmeyer is a great honour for a former president of the dutch central bank. in the early 1970s, de nederlandsche bank and, in particular, my predecessor there, jelle zijlstra, realised that the netherlands, as a relatively small and open economy, had no other option than to orient its monetary policy towards its main trading partner and neighbour, germany. moreover, by doing so, we thought we could ‘ import ’ the credibility of german monetary policy and transfer the internal stability of the deutsche mark to the dutch guilder. this policy was contentious and de nederlandsche bank rather cautiously adopted an exchange rate target policy. indeed, in my early years as president of the dutch central bank, i was confronted - in 1983 - with the decision of the dutch government not to revalue the dutch guilder in the european exchange rate mechanism to the same extent as the german currency ; a decision taken against the explicit advice of the dutch central bank. this decision resulted in a divergence between dutch and german interest rates, which, unfortunately, came to haunt the netherlands for almost eight years. the most important lesson of this event - for me and also for the government - was that to gain credibility in financial markets was very difficult, but to lose credibility was very easy. after 1983, the exchange rate of the guilder was more or less pegged to the exchange rate of the deutsche mark. and as was expected in the 1970s, price developments in the netherlands very much mirrored those in germany. the success of dutch monetary policy became very obvious during the upheaval in the european monetary system in july 1993, when it was decided to widen

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