samchain/econo-pairs-v2 huggingface dataset:
, we have adequate institutions at the global level to fulfill these tasks, so currently i do not see the need to create new authorities for that purpose. thank you for your attention! bis central bankers ’ speeches

andreas dombret : global rules for global financial markets speech by dr andreas dombret, member of the executive board of the deutsche bundesbank, as a response to the note of the pontifical council of justice and peace, frankfurt am main, 19 september 2012. * * * i was asked to share my views today on the note of the pontifical council of justice and peace on reforming the international financial and monetary system. lack of global financial regulation i highly welcome the general tone of the pontifical council ’ s note which stresses the need for the financial sector to serve the overall economy and, accordingly, the common good. with respect to financial regulation, the note rightly points to the lack of truly global regulation for global financial markets as a key factor for the financial crisis that started in 2007. while financial markets around the globe became more and more integrated and interconnected over past decades, financial regulation remained largely national – despite of ongoing coordination efforts in international committees and groupings. the crisis highlighted some inefficiencies of international coordination in financial regulation and necessitated numerous ad - hoc interventions by public authorities. those events made clear that although rules and regulations were partly agreed on internationally, their transition into national rules and legislation was fragmented and, at times, even inconsistent. not surprisingly, financial institutions had a strong incentive to engage in regulatory arbitrage. an internationally coordinated regulatory response is therefore warranted. minimum body of internationally agreed rules i agree with the conclusion of the pontifical council that we need a minimum, shared body of rules and regulations for global financial markets. but one size does not fit all. accordingly, and in line with the principle of subsidiarity, the rules should be set at the international level but allow for sufficient flexibility to adapt them to peculiarities of national financial systems. however, i do not see the need to create a new “ global authority ” for that purpose. over the past years, the financial stability board ( fsb ) has emerged as the central body coordinating the international financial sector reform agenda set in train by g20 leaders at their washington summit in 2008 and further developed at subsequent meetings. the fsb brings together international institutions and standard - setting bodies as well as regulators, central bankers and finance ministers from advanced and emerging economies with the most important financial sectors globally. in the meantime, the fsb has gained a track record and several important cornerstones of the reform agenda have been set in place. take the policy framework for dealing with systemically important financial institutions or
##map to take the lead in making sure that appropriate systems are in place to address complaints with utmost urgency. to me, one yardstick for bmap ’ s success in this area is a decline in the number of complaints against banks that we receive at the bangko sentral. i look forward to stronger cooperation between us in this regard. i also count on bmap to continue supporting bangko sentral ’ s various initiatives on economic and financial education covering our 12 million schoolchildren, our youth, our overseas filipinos and their dependents, and the public in general. this includes “ tulong barya para sa eskwela ” and the integration of lessons in saving and money management in our public elementary school curriculum. one of our objectives is to make saving a regular habit and expand our deposit base to include children, the youth and unbanked adults. while our savings rate ( or gross savings as a percent of gnp ) has been on a steady uptrend – from 22. 7 in 2000 to 27. 9 as of 2007, we are behind other countries in the region. i ask the bmap members therefore to apply your marketing and communications skills to move this program forward. ladies and gentlemen. in good times and in bad, taking care of your clients and consciously growing your customer base are challenges bmap members face. this being the case, i believe there should be no cause for alarm if you have properly anticipated and planned for crisis, long before the onset of the global financial turmoil. remember noah? it wasn't raining when he built his ark. he hoped for the best, but prepared for the worst. as professionals in your field, i am confident bmap members are prepared to tackle new concerns emerging from the global crisis, individually and collectively. once again, congratulations to bmap for organizing this forum. mabuhay ang bmap! mabuhay ang pilipinas! maraming salamat sa inyong lahat.

with that choice made, our designers and scientists and historians then went to work. as you will soon see, they brought together beautiful design, cutting - edge security features, and meaningful symbolism in an exquisitely balanced way. the job they did was nothing short of brilliant. i could spend hours thanking all the people who worked so hard to bring this innovative note to life – many of whom are with us today or watching this webcast. but there is one person we all owe a debt of gratitude to, and that is viola ’ s sister, wanda robson. wanda, you worked tirelessly to raise public awareness of the injustice done to your sister. and you made sure that ultimately, justice was done. thanks to your actions, wanda, this important canadian story of your sister ’ s courage will never be forgotten. developing a new bank note is a huge undertaking, and i am happy and grateful that we got this one done as quickly as we did. and i cannot wait any longer to show it off. it is time for all canadians to see the new $ 10 note. 1 / 1 bis central bankers'speeches
recovery evolves in line with or stronger than in our latest projection, then the economy won ’ t need as much qe stimulus over time. further adjustments to our qe program will be gradual, and we will be deliberate both in our assessment of incoming data and in the communication of our analysis. we are committed to providing the appropriate degree of monetary policy stimulus to support the recovery and achieve the inflation objective. with that, let me stop and turn to you for questions. 3 / 3 bis central bankers'speeches

5 per cent, growth rates that would be the envy of many countries. the slowing growth trajectory has already impacted adversely on south africa through weaker commodity prices, and there are concerns the chinese growth outlook could be undermined further by developments in the shadow banking sector and the housing market. south africa ’ s other brics partners, particularly russia and brazil, are also facing slowing growth scenarios. more positively, sub - saharan africa, where south africa ’ s trade and investment links have expanded, is expected to remain one of the fastest growing regions in the world, although weaker commodity prices remain a risk to the outlook. bis central bankers ’ speeches while the global environment shows signs of improvement and there are real opportunities for south and sub - saharan africa, there are also new challenges. it is against this backdrop that the south african economy contracted by 0, 6 per cent in the first quarter of 2014. this contraction arises largely from the negative growth of 24, 7 per cent and 4, 4 per cent in the mining and manufacturing sectors respectively in the first quarter. the rest of the economy, excluding mining and manufacturing, recorded growth of around two per cent, and while at least positive, is still inadequate. this follows a disappointing growth outcome of 1, 9 per cent in 2013, following more optimistic expectations earlier on in the year. there has been much speculation as to whether the country is headed for a recession, defined as two consecutive quarters of negative growth. to give some perspective of how bad things will have to be in order to get to this point : if zero growth in each of the remaining three quarters of the year were to be recorded, the economy would still achieve a positive growth rate of 0, 8 per cent for the year. to get to a negative growth rate in the second quarter, and assuming the rest of the economy continues to grow at rates of around 2 per cent, we would have to have significant further contractions off the already low bases in both the mining and manufacturing sectors, and such contractions would have to be of similar orders of magnitude as in the first quarter. given that the platinum strike covered more than two months of the first quarter, it is unlikely that a further contraction of that order of magnitude will occur in the second quarter. therefore, we do not believe that a recession is the most likely outcome. should it transpire, it would be a very grim outcome indeed. but even if a recession is avoided, it will be cold comfort if the growth rate is a
vol. 14 ( 3 ), pp. 21 - 36. 5 / 5 bis - central bankers'speeches

listed on the stock exchange. and for all of the above the bank of albania, over the years, has undertaken a series of measures in the form of legal acts that regulate the well - functioning of the capital market, approximating them to the european directives. also, the necessary infrastructure for trading and electronically recording exchange of securities has been established, thus improving the payment system and creating deposit institutions, including private ones. currently, we have also worked to push forward the secondary government securities market, in order to increase its liquidity and its capability to cushion the impact from the shock of the liquidity risk premia. dear ladies and gentlemen, the stock exchange is an important capital market institution, which coordinates the demand and supply of securities issued openly, freely and continuously. the trade of securities on the stock exchange always represents an exceptionally sensitive indicator of the financial soundness of a certain company as well as the economy, overall. another important aspect is transparency to the general public, in regards to both the price of the quoted stock or debt and the financial information of listed companies, derived in real time. therefore, signing and launching the first public offering, as the one conducted by the non - bank financial institutions, noa, marks a success not solely to the issuer, who will fund its expansion through this medium - term financing, but also to the institutional and individual investors, who will use this investment to diversify their portfolios. the agreement was reached fully and before the assigned deadline, which show that investors trust the entire preparatory process and the transparency of the issuer regarding the financial soundness and integrity of its financial statements. the listing of this product on the stock market will provide an opportunity to investors to exchange ownership early on, depending on personal expectations on issuer's performance and as well as liquidity preferences. whereas for the central depositor, alreg, the listing is expected to facilitate keeping the registry and exchanging securities between various investors. thus, the first public issuance of a private debt instrument opens the door for domestic banks to provide the service of signing securities in the domestic market. in this aspect, i would like to express, once more, my support for all the regulatory actors and, particularly, the afsa for its long - lasting and valuable contribution in drafting and reviewing a series of legal and regulatory acts over the past years, where the bank of albania has also played its part in providing opinions and recommendations, thus showing the close cooperation between our institutions. dear
’ s activities. application of supervisory resources proportionate to the economic damage that needs to be averted. this means that some seemingly well - run but systemically important firms may receive more attention than a less sophisticated, but less significant firm. we have developed a comprehensive risk - weighting model, prism, both to do this triage and to define in an orderly way the type of engagement with each firm. continuing to protect the consumer against abusive practices, while ensuring prudential standards. if one could rely on financiers to pursue policies that were socially optimal, much of the supervisory apparatus might be redundant. in fact, however, the incentives of decision makers of the financial firm are not well aligned with public policy. the willingness of governments to bail - out failing financial firms and their creditors in the crisis has exacerbated the temptation for financiers to take excessive risks. heads they win, tails the government picks up the tab. ( to be sure, this is not the whole story. the very topmost irish bankers have lost much – wealth because of shareholdings, status, continued salary income at the very high rates that were prevalent before the bust, and so on. it was not only with the government ’ s money that they took risks ; but the losses assumed by the government have been the largest part. in ireland, more than half of the prospective financial accounting losses will have been borne by the government, with the remainder representing loss of shareholder value and haircuts on subordinated debt. but, in ireland and elsewhere, banker compensation has not been well - aligned with long - term performance, whether measured narrowly by shareholder return, or – as is more relevant from the regulator ’ s perspective – with the wider welfare of society as a whole ). getting the overall incentives facing decision makers in financial firms right – ultimately more closely aligned with public policy – is an elusive goal which is also being pursued at international level. it is the structure of regulation, taxation and resolution policy that can bridge the gap between private and social objectives here. for the most part, irish regulations are defined by those adopted by the eu which in turn is coloured by the wider decisions at the level of the ( international ) fsb. in just a few cases we have decided to go beyond this and required “ super - equivalence ” where local circumstances of the industry seem to warrant it. ( examples here include requirements pertaining to the number of independent non - executive directors and capital surcharge

third, the macroprudential framework has helped ensure that the financial system is better able to absorb the shocks being faced currently. the experience of the current shock also offers lessons for the evolution of the framework over time. on our part, we are committed to developing that framework, domestically and at european and international levels, so it can most effectively safeguard financial stability and ensure the financial system works in the best interests of consumers and the wider economy. 4 / 4 bis central bankers'speeches
chief economist and executive director, monetary analysis ©2023 bank of england

you will allow me, i would like to return to the present day with a brief digression on the gold initiative i mentioned before. although the advocates of the initiative do not wish to return to a gold standard, they do want to increase the role of gold within the currency reserves. they therefore demand that the snb hold at least 20 % of its assets in gold, that it sell no more gold and that it store all its gold in switzerland. the initiative is both unnecessary and dangerous. it is unnecessary because, under the current monetary order, there is no link between price stability and the share of gold in the snb balance sheet. thus, the objective of price stability has been better achieved over the past few years than at times when the gold share was significantly higher. moreover, compared to other countries, the snb still holds high stocks of gold. it definitely values gold, as a part of its currency reserves, and has no plans to either purchase or sell gold. finally, we are enormously vigilant in ensuring that our gold is stored safely in every respect, both in switzerland and abroad. the initiative is dangerous because it would weaken the snb. the connection between a minimum share and a ban on selling which it embraces would very greatly restrict our monetary policy room for manoeuvre, since the snb only retains its full capacity to act when bis central bankers ’ speeches it is in a position to adjust its balance sheet to monetary policy requirements – in other words, if the snb can expand or shrink it – without any restrictions. the value of this flexibility in reality has been impressively demonstrated in the past few years by two measures which allowed us to avert substantial damage from our country. first, the snb supported the country ’ s biggest bank by establishing a stabilisation fund, thereby stabilising the swiss financial system. second, it combated the massive overvaluation of the swiss franc by introducing a minimum exchange rate of chf 1. 20 to the euro. with the minimum share of gold and the selling ban demanded by the initiative, enforcement of measures like these would have been very much more difficult. consequently, the initiative would make it considerably harder for us to intervene with determination in a crisis situation and fulfil our stability mandate. for this reason, the gold initiative could result in worse money instead of better money, totally in contradiction to the intentions of the originators. introduction of plain money a popular initiative is also
nestor a espenilla, jr : in real time speech by mr nestor a espenilla, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at instapay go live, manila, 23 april 2018. * * * on behalf of the bangko sentral ng pilipinas, i welcome everyone to this important event, another significant milestone in our shared goal of having a safer, more efficient, affordable and reliable payments system. today, the country launches another priority automated clearing house ( ach ) under the national retail payment system ( nrps ). we call it, “ instapay. ” like the pesonet launched in november of last year, instapay is innovative. it is likewise expected to create new markets and add new value. its launch and operation further improves the philippine retail payment system and moves us closer to creating a cash - lite economy. our vision, to create an inter - operable payment ecosystem, allowing seamless electronic fund transfers and payments from one account to another, is not only being articulated. it is becoming real now. in real time. instapay ’ s name fully represents what this newest ach achieves — real time account - toaccount payments or transfers of funds. instant payments. the interoperability of instapay allows users to enjoy seamless transactions between accounts maintained in any of the participating institutions both bank and non - bank. beneficiaries are assured of immediately receiving transaction amounts in full.... no deductions. consumers need not leave their homes or places of work to withdraw cash and make over - thecounter payments for bills. conveniently available on electronic delivery channels through mobile apps and internet banking facilities provided by participating banks and e - money issuers, on a 24 hour basis, 365 days a year, payments via instapay can be made anytime. payments can be made even after banking hours, on weekends or holidays. with instapay, electronic payments can also be made to the government for taxes, licenses, and other fees in real time. catering to low value payments, instapay safely and quickly moves funds. it produces efficiency in terms of cost and resources. reduced cash usage will allow banks and the government to minimize security, transport, overhead, and other incidental costs that come with cash handling. with instapay, we

real, authentic and has produced real results. working together, i am sure that the ppmi and the bsp can, and will continue to foster economic growth though the promotion of electronic payments. we shall continue to work together in establishing a safe, efficient, and reliable retail payment system to make our country more competitive in this digital age. congratulations everyone on the launching of instapay. maraming salamat! mabuhay tayong lahat! 2 / 2 bis central bankers'speeches
growth of individual msmes ; it is about empowering a sector that forms the backbone of a resilient and dynamic economy. with improved access to finance, msmes will be better positioned to drive innovation, create jobs, and uplift communities across the country. this is a critical step towards building a more inclusive and sustainable future for india. therefore, i would urge bankers to work collaboratively with msmes to build trust, enhance credit discipline, and ensure that they are equipped with the financial tools needed to succeed. in conclusion, the development of the msme sector requires the collective effort of all stakeholders - government, regulatory bodies, the financial sector, trade associations, and even larger corporates. despite its pivotal role in driving economic growth, the sector faces numerous challenges, including delayed payments, infrastructure constraints, limited access to formal finance, low technology adoption, and a shortage of skilled labour. the rbi has taken significant steps to address these issues, promoting financial inclusion, easing access to credit, and advocating for digitalization. while the rbi and the government have established a robust policy framework, including priority sector lending, collateral - free loans, digital platforms like treds, and capacity - building initiatives, it is equally important for msmes to make the most of these opportunities. going forward, sustained collaboration among all stakeholders will be crucial to ensuring the continued growth and resilience of this vital sector. with that, i would like to express my sincere gratitude to the federation of telangana chambers of commerce and industry for inviting me to hyderabad to speak on such an important topic. i compliment the federation for such a well - coordinated event. thank you. 1 ministry of micro, small and medium enterprises. ( 2023 ). annual report 2023 - 24. retrieved from https : / / msme. gov. in / sites / default / files / finalmsmeannualreport2023 - 24english. pdf ( p. 23 ). 2 ministry of micro, small and medium enterprises. ( 2024, july 22 ). contribution of msmes to the gdp [ press release ]. press information bureau. retrieved from https : / / pib. gov. in / pressreleaseiframepage. aspx? prid = 2035073 4 / 5 bis - central bankers'speeches 3 udyam registration portal ( data as on november 12, 2024 ) https : / / udyamregistration. gov. in / government - india / ministry

- msme - registration. htm 4 national mission for capacity building of bankers 5 / 5 bis - central bankers'speeches