samchain/econo-pairs-v2 huggingface dataset:
4 bis - central bankers'speeches # # # 4 / 4 bis - central bankers'speeches

skills and working in partnership with the spanish agency for the supervision of artificial intelligence ( aesia ). digitalisation represents a further opportunity to bring the bank closer to the general public, making it easier to access not only the banco de espana's data and statistical output, but also our work in general. technology offers opportunities across areas as wide - ranging as forecasting models, including neural network models that make optimal use of micro data, the resolution of non - linear models, and the streamlining of many operating processes, lightening the load of more repetitive tasks and boosting efficiency. to this end, our technological infrastructure will have to be upgraded, while setting in motion a change in culture to encourage a more innovation - oriented mindset. i would now like to dedicate a few words precisely to those of you who work at the bank. my thanks first of all to sole nunez, for agreeing to share this challenge as deputy governor, and to the management team that will lead the decision - making over this period. but, above all, i would like to convey a message to all of you who work at the banco de espana. because none of this will be possible without engaged, passionate teams or the necessary cross - departmental coordination. to this end, freeflowing, two - way communication is essential. in these few days i have been pleased to note that the values that have always been this institution's hallmark remain intact : excellence, rigour, professional integrity and a strong public service ethos. the quality of our human capital and the preservation of a culture open to internal debate must continue as cornerstones of this institution. i would like to thank all of you for your work until now and ask that you remain fully committed in this new era. i have no doubt that this will be the case, as i trust fully in your abilities and your loyalty to this institution. indeed, trust is a guiding principle that i hope will underpin my relationship with you, with the entire staff. as i say, such trust rests on freeflowing communication. with this in mind, i am confident that we can bring about tangible improvements to the way the bank is run internally, forging a constructive working relationship with the workers'representatives. the best way to overcome the challenges that lie ahead is to work together. 3 / 4 bis - central bankers'speeches i would like to end by stressing the importance of humility in our work, a virtue that enables us to acknowledge our limitations
and government bonds are widening slightly after the rebound in long - term interest rates. stock prices have been rising sharply as foreign investors continue to invest in japanese stocks. the nikkei 225 stock average is recently moving at around 10, 500 yen. in the foreign exchange market, the yen appreciated as foreign investors continued to invest in japanese stocks. the yen is currently traded in the range of 116 - 118 yen to the u. s. dollar. with regard to corporate finance, private banks remain cautious in extending loans to firms with high credit risks, while they continue to be more active in extending loans to blue - chip companies. their lending attitudes seem to be becoming slightly more accommodative in areas such as terms and conditions for lending. meanwhile, the lending attitudes of financial institutions as perceived by firms in general are improving somewhat, although those perceived by small firms remain severe. in the corporate bond and cp markets, the issuance spreads remain steady and the favorable issuing environment is virtually unchanged on the whole, especially for firms with high credit ratings, although some firms seem to be taking a wait - and - see stance in the corporate bond issuance market in view of the rise in long - term interest rates. credit demand in the private sector continues to follow a downtrend mainly because firms ’ cash flow remains above business fixed investment and firms are continuously reducing their debts. amid these developments, private banks ’ lending continues to decline at around 2 percent on a year - on - year basis. the amount outstanding of corporate bonds issued is around the previous year ’ s level. meanwhile, according to business surveys, financial positions of firms in general are improving slightly, although those of small firms remain severe. the year - on - year growth rate of the monetary base continues to be around 20 percent. the year - onyear growth rate of the money stock rose slightly and is at around 2 percent. funding costs for firms continue to be at extremely low levels on the whole. against the above background, the financial developments are summarized as follows. money market conditions continue to be extremely easy. meanwhile, long - term interest rates and stock prices are rising. growth rates of the money stock and the monetary base relative to economic activity remain high. in corporate finance, the favorable issuing environment of corporate bonds and cp is virtually unchanged on the whole, especially for firms with low credit risks. however, there has been no significant change in the severity of fund - raising environment for firms, particularly with firms with high credit risks.

developments in the financial and capital markets, the behavior of financial institutions, and the situation of corporate finance continue to require close monitoring.
root of the problems was the gradual build - up of common risks within the system. it is now widely acknowledged that such crystallisation of risk, linked to major shifts in the correlation between financial products and markets, requires more systemically - focused oversight and regulation. to use the professional jargon, microprudential control, the preserve of the supervisory authorities, must be complemented by macroprudential oversight, resorting to the expertise of central banks. in order to improve the symbiosis between these two approaches, a growing number of countries are adopting the so - called “ twin peaks model ” where the central bank is in charge of the full range of prudential supervision, in both its micro and macro - dimension, leaving the oversight of market integrity and investor protection to a separate institution. this “ twin peaks model ” will also be introduced in belgium next year. needless to say, i am well aware that the macro - dimension does not stop at our country ’ s frontiers, while the micro - supervision of cross - border groups also requires close multinational coordination. so, i strongly support the recent decision to set up, at the eu level, a european systemic risk board ( esrb ) and a european system of financial supervisors ( esfs ), which are called on to cooperate closely in order to bring more comprehensiveness and consistency to national and international supervision. macroprudential analysis must rely on rapid, direct and comprehensive access to data on individual developments liable to affect global financial stability while, in turn, this analysis must feed into the microprudential supervision. it would be a pity if our efforts to improve this flow of information in our respective countries were to be impeded by hurdles at the international level. in conclusion, the global nature of the crisis has highlighted the necessity of a holistic, internationally coordinated approach to achieve fundamental reforms in financial regulation. these reforms are under way. it is important that this approach result in consistent, international adherence to measures aimed to raise the capacity of individual institutions to absorb losses, reduce the impact of systemically important institutions on the financial system and the whole economy, limit the buildup of systemic risk, and foster international cooperation in macro - prudential supervision. ladies and gentlemen, this week the eurofi conference will provide ample opportunity to discuss and reflect on the topics and challenges the financial sector and the authorities are facing. i hope you will all have a very successful and rewarding conference and a very pleasant stay in brussels

. thank you for your attention.
##b was among the institutions that took such measures : preserving price stability was particularly challenging in an economic and monetary union that was still incomplete. we were facing doubts about the integrity of the single currency, not to mention a unique institutional environment that lacked crisis management capacities. we increased our accountability and transparency in line with the essential role we played in managing the crisis. and this was not only driven by external demands. it was in our own interest to provide the public and the markets with a comprehensive analysis of the economic situation and monetary policy decisions. for instance, we decided to publish the accounts of the governing council ’ s monetary policy meetings. of course, this higher level of transparency had to be counterbalanced by the need to maintain the frank and dynamic exchanges which make for efficient collegial decision - making. the accounts offer a fair and balanced reflection of policy deliberations by governing council members. they aim to provide clear and accurate information that elucidates the message, rather than overloads it with detail. however, there is a caveat : the growing importance of forward guidance has increased the risk of self - censorship in the official discussions. since the start of the crisis we have substantially increased our interaction with the european parliament, our key counterpart in terms of accountability. in addition to the regular hearings, the ecb now participates in exchanges of views. the number of meps ’ written questions to the ecb has also considerably increased ; the average number of replies to the parliament per year has risen tenfold compared with the pre - crisis period. this is partly a reflection of the fact that we now have a broader role, albeit mostly in relation to financial assistance programmes and banking supervision. alongside this increased accountability, the cjeu has become more involved in judicial review of our actions in recent years. on the one hand, the court has exercised its powers in relation to a wide range of central bank decisions and policies. recent cases have seen it review not only monetary policy and supervisory decisions, but also technical advice provided within the 2 / 4 bis central bankers'speeches framework of the troika and central banking policies, even where they do not involve the exercise of our decision - making powers. on the other hand, the court ’ s decisions have far - reaching implications, as recent rulings have confirmed that individuals can also challenge our conduct by seeking damages, in addition to asking the court to annul our decisions for reasons of illegality. we need to ensure that all our actions

me just add that the return to intergovernmentalism for fear of treaty changes will destroy the eu, as europe, over the centuries, has repeatedly seen the breakdown of such alliances of dominant states. thank you very much for your attention. i look forward to the many fruitful discussions and exchanges we will no doubt have at this conference. 1 standard eurobarometer 87. 4 / 4 bis central bankers'speeches
appropriate foundations for such a system, provided that phase - in arrangements are respected and implementation is coordinated globally. thank you for your attention. bis central bankers ’ speeches

economy. second, we all know also that any regulation may have unintended consequences. one of those, of course, is to create incentives for regulatory arbitrage. it is therefore crucial that the reforms be applied fully and consistently across jurisdictions. it is also important to make sure that a significant part of financial intermediation does not shift to the unregulated ( shadow ) financing sector, as this would not help reduce the likelihood of disruptive financial crises. finally, increasing robustness is a necessary but not sufficient condition to get safer financial systems. another important element is to ensure that risk remains at acceptable levels and carefully managed. this is, so to speak, one specificity of our approach in this country. we believe in strong and efficient supervision. we don ’ t think that bigger cushions are a substitute for competent supervisors. we are strong supporters, in our jargon, of the “ pillar 2 ” approach, whereby the supervisor is in charge, at any single moment, to check the adequacy of capital buffers with the effective level of risk in the system. needless to say, we also strongly support the development of macro prudential tools allowing authorities to detect and prevent systemic risks. given that all economic cycles are not simultaneous, to be fully efficient, those tools should be set and implemented at each jurisdiction ’ s level and not a regional one, in order to take into account national cycles and the level of risks of individual economies. overall, i can assure you we are very keen to monitor in real time the economic impact of financial regulation. for the first time, economic and systemic assessments have been made of the new projected basel 3 framework. we will continue to update them permanently. a good example of our constant vigilance relates to projected liquidity ratios, where the systemic impact and implications for monetary policies are being thoroughly reviewed at this time. * * * to conclude, let me emphasize that policy makers are fully aware of possible macro consequences of regulatory reforms and will be eager to limit the economic costs. beyond broad effects on growth, it is also clear that the new regulations should neither derail financial systems nor favor some particular business models over others. bis central bankers ’ speeches yet, there was, and still is, a need to move from a financial world of excessive risk taking and heavy regulatory arbitrage to a new system of better quality capital and increased risk capture. an implementation of the basel iii package endorsed by the g20 will provide the
make best use of the breathing space provided by monetary policy. thank you for your attention! bis central bankers ’ speeches

, as reflected in export growth. consumption and private investments increased in the first three months of 2014, though at lower pace than in the fourth quarter of 2013. their performance remained sluggish, reflecting the uncertainties of economic agents and tight financing conditions. the recovery in these components of demand will be a determining factor for the country ’ s economic growth in 2014. today ’ s key interest rate cut aims at providing a further boost to consumption and private investments, creating premises for lower financing costs in the banking sector. data on public sector performance refer to the first four months of the current year. revenues increased 9. 1 %, in annual terms, while spending shrank 5. 9 %. this performance materialised in the budget deficit of about 73. 1 % lower than a year earlier. a similar dynamics, though less intensive, is expected to persist in the months ahead. consistently, bis central bankers ’ speeches the bank of albania has been in favour and has endorsed the consolidation path of fiscal policy, deeming that such policy contributes to the reduction of risks in the economy. developments in the external sector led to an annual expansion of the trade deficit by 8. 7 %, during the first quarter of 2014. albanian exports grew 11. 6 % ; yet, the trade deficit expansion was determined by a 10. 1 % annual increase in imports. a more detailed analysis of trade developments shows that trade deficit expansion was attributed almost entirely to the increase in electrical energy imports. albanian exports ’ growth, however, was driven by the gradual improvement of foreign demand and depreciation of the real exchange rate over the past years. a steady improvement in this area should be anchored in structural reforms supporting the increase in productivity, development of albania ’ s comparative advantages and reduction of vulnerabilities in certain sectors of the economy. forecasts for a low inflation level in the period ahead have dictated the implementation of an accommodative monetary policy in the last quarters. the policy rate cuts have already been passed through to interest rates in the interbank and deposits market, and to most of government securities ’ yields. interest rates on loans have also reflected the expansionary stance of the monetary policy of the bank of albania, but they continue to contain high risk premiums for credit risk and other risks related to long - term investment. the slow performance of the economy is also reflected in the monetary indicators. money supply continued to increase at low annual rates, standing at 2. 1 % in march. this performance has
sector in greater detail as we work through this programme of transformation, as well as our broader strategy. i'll now handover to mark cassidy to talk to you about the current economic and risk environment before we move to discussion. we want to hear from you about the challenges that you and your members are experiencing in managing your firms and safeguarding consumers and investors at this time. thank you. 3 / 3 bis - central bankers'speeches

economic fragmentation. other downside risks we discussed at the meetings were a severe tightening of global financial conditions, sharper monetary policy impact amid high debt, stickier inflation, systematic sovereign debt distress in emerging markets and developing countries, china's growth and the fragmentation that is hampering multilateral cooperation. the increased uncertainty faced by the global economy is reflected in the ongoing high uncertainty around the outlook for the euro area. the governing council of the ecb will be especially focused on incoming data as part of making our monetary policy decisionmaking in the coming weeks. our recent decisions represent a significant tightening of the monetary policy stance, commensurate to the significant challenges to price stability we have been facing. and on the evidence so far, it is too early to start planning for a pause in our tightening of policy. indeed, and again based on the evidence we have to - date, rates will need to continue at restrictive levels to help re - set the balance between supply and demand in the economy and bring down inflation. supervisory milestones ahead in 2023 deputy governor's sharon donnery and derville rowland have recently spoken about our supervisory milestones for 2023. this year our principal focus will be on : the assessment and management of risks to financial and operational resilience ; continuing to drive for fair outcomes for consumer and investors ; overseeing the withdrawal of ulster bank and kbc from the irish market ; and detecting and sanctioning market abuse. transforming our approach to regulation and supervision a key priority in our strategy is to transform how we regulate and supervise the financial services sector. our objective is more efficient and effective regulation and supervision, better enabled by data and technology, and supported by new skills and enhanced capabilities. 2 / 3 bis - central bankers'speeches we will retain our risk - based approach to supervision but operate in a more integrated manner across our expanding mandates. we are currently in the early design phase of this, but it is something we would like to discuss with you in the future. we are aiming to put innovation at the centre of our approach to regulation and supervision, both in how we enhance our own operational capabilities and also in how we harness the benefits and mitigate the risks arising from innovation within firms and the financial sector as a whole. on the enhancement of our innovation hub, i understand there was a good discussion, with useful insights, at the innovation sub - group about actions that we can consider as part of this work. we will engage with you and the wider
3 see e. g. cpmi ( 2017 ), “ distributed ledger technology in payment, clearing and settlement ”, february, and cpmi ( 2018 ), “ cross - border retail payments ”, february. 4 see also cœure, b. and j. loh ( 2018 ), “ bitcoin not the answer to a cashless society ”, opinion piece in the financial times, 12 march. 5 see cpmi and markets committee ( 2018 ), “ central bank digital currencies ”, march. 6 see european commission ( 2018 ), “ fintech action plan : for a more competitive and innovative european financial sector ”, 8 march. 7 see ecb and bank of japan ( 2017 ), “ payment systems : liquidity saving mechanisms in a distributed ledger environment ”, a joint research project of the european central bank and the bank of japan – stella, september. 8 see cœure, b. ( 2018 ), “ a euro cyber resilience board for pan - european financial infrastructures ”, introductory remarks at the first meeting of the euro cyber resilience board for pan - european financial infrastructures, frankfurt, 9 march. 3 / 3 bis central bankers'speeches

limited voting rights, but may still allow for upside returns to be shared between the state and private shareholders. whenever possible, the private management of banks will be safeguarded. the governance structure of the recapitalisation and resolution processes will be significantly enhanced. this became necessary owing to the very substantial amount of official financing that will be channelled through the existing greek institutions, in particular the hellenic financial stability fund. conclusion let me conclude with a message of hope. yes, the medicine is bitter, but the patient can and will recover if he follows the prescription. looking at successful past experiences of fiscal adjustment in other european countries shows that this is not a lost battle. however, an absolute prerequisite for the adjustment to succeed is strong political ownership. the greek people are not reforming their economy and their state to please the troika ; they are not carrying out sacrifices to please country x or y in the euro area. they are going through this adjustment process for their own good. maximum political ownership should therefore be expected and is key. bis central bankers ’ speeches