samchain/econo-pairs-v2 huggingface dataset:
stepped up the pace of digital developments. this has given more urgency to the policy questions already on the table. it requires supervisors to be forward looking and adaptive, and to keep up with developments to improve their own supervisory practice. 2 / 3 bis central bankers'speeches i ’ ll stop here and i look forward to hearing your insights during the discussion. 3 / 3 bis central bankers'speeches

the results of their decision is that our organisations have been facilitating the inspire2live conferences for twelve years now – with a two - year interruption due to covida second parallel between my world and yours, dear guests, is also quite obvious. i'm looking at an international company of highly trained professionals, who cooperate 1 / 4 bis - central bankers'speeches across several borders to serve a societal goal. like your work, our work also has a societal goal and requires international cooperation. we share insights, raise questions and engage in debate with our colleagues from the eurozone, and on a wider scale with those from the worldbank, the imf and many other international organisations. and like you, we prefer to debate on the basis of evidence. scientific evidence. just like cancer research is the most fruitful when it can profit from cooperation of many researchers like you, from all over the world, just so our mission of stable financial institutions and sustainable welfare profits from international scientific cooperation. these parallels in your and our work, make me feel slightly less overwhelmed, standing in this stately hall filled with so many eminent academics. a third parallel is related to the substance of our work, of your work and mine. this is the parallel i would like to turn into the main subject of this opening speech. your subject of study - the treatment and prevention of cancer - has an economic value in addition to its intrinsic value. a healthy economy benefits from a healthy population. the past two years we have seen that the reverse is also true : a population suffering from a pandemic will suffer from economic consequences - not that i expect that you are eager to listen to a professor of economics telling you that your work is essential'because of its economic value'- your work is intrinsically essential of course. and here i would again like to thank you all, for your collective and unbridled commitment to global healthcare. with this speech i would like to try to substantiate this'thank you '. 3. why and how does a central bank take health into account? our core task as a central bank is – as i mentioned earlier - to contribute to financial stability and sustainable welfare for all dutch citizens. although there obviously is a relationship between economy and health, we must admit we cannot quantify or clearly specify this. but we did learn some things from the pandemic. central banks and other institutions have found a way of dealing with uncertainties by developing alternative economic scenarios.
i now declare the 10th jubilee conference on payments and market infrastructures open. i wish you pleasant days here in ohrid and many fruitful discussions. thank you! 2 / 2 bis central bankers'speeches

reconciliation, facilitate financial inclusion and information sharing, but also, it could reduce the need or completely replace some financial market intermediaries. dlt strongly emphasizes the questions about effective regulation, prudential supervision, oversight and cyber security issues, but it could also catalyze the issuance of digital currencies backed by the central banks and facilitate the implementation of monetary policy. in the european context, the second payment services directive ( psd2 ) is fundamental part of the european payments regulation and significant step towards single digital market in europe. it encourages introduction of new types of payment services and sophistication of customer 1 / 2 bis central bankers'speeches protection and security. also, much attention is paid on evaluation of sepa - regulation and further integration via implementation of pan - european instant payments solution. the innovations in the field of financial market infrastructures are expected to bring synergies between target2 and t2s, which is in the scope of the eurosystem ’ s vision 2020. at the national level, we made significant progress towards fulfilling the european standards in the payment area. a new law on payment services and systems implementing psd and some articles of psd2, e - money 2 and settlement finality directive was drafted with the eu support via ipa project. in the field of payment systems oversight, the principles for financial market infrastructures were adopted. furthermore, we aligned our methodology for collecting payment statistics data with the eu regulation on payment statistics. last but not least is the recent project to enhance euro cross - border payment infrastructure by establishing an alternative payment channel via the macedonian interbank payment system ( mips ) rtgs system, which was connected with the target2, via banca d ’ italia. i am very glad that all these issues will be discussed by eminent experts from the bank for international settlements, european commission, de nederlandsche bank, banco de portugal, commerzbank, euroclear, progresssoft as well as domestic financial institutions. i am particularly pleased that on the last day of the conference the honored governors, board members and experts from the european central bank, de nederlandsche bank, banco de portugal, croatian national bank, bulgarian national bank, national bank of belgium, global sovereign advisors and the national bank of the republic of macedonia will reflect on innovations and cooperation as the main drivers of the european payment integration as well as on how consumers, firms and government users will pay in the future. without further ado,
. see tarullo, “ tailoring community bank regulation and supervision ” ; and jerome h. powell, “ regulation and supervision of community banks “ ( speech at the annual community bankers conference sponsored by the federal reserve bank of new york ). bis central bankers ’ speeches

threat to the safety and soundness of financial institutions. the agencies adopted these two thresholds in 1994. given the passage of time and changes in the condition of real estate markets, i believe it is appropriate for the agencies to again review the current thresholds. in particular, the agencies need to assess whether the thresholds appropriately address collateral and credit risk in small dollar real estate loans and are reasonably balanced against the cost and time to obtain an appraisal, particularly in rural markets where fewer appraisers may be available. of course, the agencies would need to consider whether any revision to the $ 250, 000 threshold level would provide reasonable protection for consumers. board staff is evaluating the appropriateness of the thresholds in the prudential appraisal regulation. we will work with other agencies in completing this analysis. 5 simplified capital for small institutions at previous outreach meetings, community banks have asked whether the federal reserve can exempt smaller financial institutions from meeting all of the revised capital requirements. based on lessons from the crisis, bank capital requirements were significantly revised to make the requirements more risk - sensitive and raise the quality and quantity of capital. in some instances, smaller institutions have indicated that the degree of categorization of risks, the attendant recordkeeping and systems changes, and the increased reporting burden on their institutions are generating significantly increased compliance costs that are not commensurate with the risk profile of the institution. for smaller and less complex community banks, the benefit from this increased risk sensitivity may be outweighed by the burden of increased complexity, and a commensurate improvement in safety and soundness of the institution may be achievable by simply holding a larger cushion of capital measured against a simpler definition of assets. to be workable, such an approach would need to provide a robust measure of the financial institution ’ s capital health and meet the objectives of the collins amendment. we are currently exploring possible options. 6 stress tests for regional banks one additional item that i would consider worthy of congressional consideration in the egrpra context would be the stress tests currently performed by smaller, regional lenders, it is important to note that any change in the appraisal threshold will only affect federally related transactions covered by the prudential regulators ’ rules. the majority of residential mortgages would remain subject to the appraisal requirements set by secondary market, particularly by fannie mae and freddie mac. see daniel k. tarullo, “ tailoring community bank regulation and supervision “
achieved with the ssm. it was indeed a very ambitious undertaking, but we have achieved, in a relatively short span of time, many significant milestones through a common effort aimed at integrating diverse supervisory traditions and incorporating the best national practices into a unified ssm approach. at the same time, we should acknowledge that there is still a long road ahead. three concepts must remain our guiding stars : a rigorous approach, cooperation and openness to innovation. 4 / 4 bis - central bankers'speeches

information. the norwegian ministry of finance reports to parliament on all important matters relating to the fund such as the size of petroleum revenues ; the outlook for fiscal sustainability, any planned changes in investment strategy and the fund ’ s performance, risks and costs. ladies and gentlemen, it is extremely important for the population to understand the purpose of the fund and how it is expected to work. for example, it is particularly important to distinguish the management of the hsf from that of the country ’ s official reserves. as you know, the country ’ s official reserves are managed by the central bank, and from time to time we are accused of being too conservative : too safe with your money. but that ’ s the mandate. for all central banks one objective of reserve management is to avoid risk of any loss, to maintain the capital at all cost, even if you make low returns. the hsf, however has a different rationale and consequently a different investment strategy or as it is called, a different strategic asset allocation. basically, the hsf resources are to be invested with an eye to maximizing returns, subject to an acceptable level of risk. thus, the strategic asset allocation ( or the investment plan ) of the hsf calls for some short term investments – us treasuries ( since liquidity is important to meet any drawdown to finance stabilization needs ) ; some longer term us fixed income securities and us and other developed countries ’ equities. through the hsf, the country will be introduced to investing some of its resources in international equities for the first time. and why? because empirical evidence suggests that, over the long term, investments in stocks provide the highest rate of real and nominal returns. evidence also shows, however, that investments in stocks experience the greatest volatility. for example, if we had invested in the us equity market ( in grade a stocks ) over the last 20 years we would have earned an average annual return of 11½ percent compared with an 8½ percent return we could have earned in us fixed income instruments. however, the volatility of the equity portfolio would have greatly exceeded that of the fixed income portfolio. in fact, for two or three of the twenty - year period, the portfolio would have registered losses because, that ’ s the nature of the equity market. if you are in the market for the long haul, however, the evidence suggests that you will come out ahead and substantially so. because of the high stakes involved and
so frequently, meaning they are cheaper to produce. third, polymer banknotes repel dirt and moisture better than paper banknotes, and so stay cleaner for longer, reducing the incidence of ‘ tatty ’ notes. finally, polymer banknotes are more environmentally friendly than paper notes. given these benefits, we are confident that a switch to printing notes on polymer makes sense. but we also recognise that the public takes pride in their banknotes, and that changes to the design and format of notes are consequently of great interest. because of this, we have decided to consult with the public before making any final decisions. between now and the 15 november, the bank will therefore be running a consultation programme that will provide the public with a greater familiarity with polymer banknotes. the consultation will, in turn, provide us with a better understanding of the public ’ s views on the proposed change and whether such a change would meet with broad public acceptance. bis central bankers ’ speeches we will be holding around 50 events across the uk to enable the public to see and feel examples of polymer notes, and to deliver feedback to the bank. we will hold events in 13 major shopping centres to allow shoppers to see and handle specimen notes. and we will be running over 30 discussion events with audiences including regional chambers of commerce and retailers. a market research company will separately be conducting another 36 focus groups and carrying out a face - to - face survey with 2, 000 people to collect further feedback. we will also publish a range of useful material on our website including a facility for the public to provide feedback directly to us. and there will be a specific display about polymer in the bank ’ s museum for anyone visiting london who wishes to learn more. in parallel with the public consultation we will conduct further outreach with the cash handling industry, to confirm our understanding of the impact on industry of a switch to polymer. once these exercises are complete, we will analyse the feedback we have received and use it to inform our final decision, which will be announced in december. if a final decision is made to move to polymer, we will also use the opportunity to introduce notes which are somewhat smaller than the current series. these will be easier for both the public and the cash industry to handle and will generate further financial benefits in terms of lower production and storage costs. in moving to smaller notes, we will retain the present tiering of denominations by size, which is of particular benefit to the visually impaired. i would now like to invite any

questions that you may have. i ’ ll be joined in addressing these by the bank ’ s chief cashier and executive director for banking services chris salmon, and the head of our notes division victoria cleland. bis central bankers ’ speeches
floating currency gives a country the flexibility it needs to adjust to economic forces that originate from inside and outside its borders. the second lesson we learned is that, for monetary policy to be successful in controlling inflation, a floating exchange rate is not enough. an " anchor " for monetary policy is also needed. canada first floated its dollar in 1950, but returned to a fixed exchange rate for eight years during the 1960s. after the decision to float the dollar again in 1970, the bank spent the 1970s and 1980s searching for an appropriate monetary policy anchor. by this, i mean a clear target for monetary policy, a way to help policy - makers keep policy on track, and a way to tie down or " anchor " expectations about future inflation. the outcome of that search was the eventual adoption of inflation targets as the anchor for canadian monetary policy. in february 1991, the bank and the federal government announced an agreement on a series of inflation - reduction targets. this agreement has been extended three times, and since 1995, it has called for the bank to keep inflation at 2 per cent, the midpoint of a 1 to 3 per cent target range. this inflation - targeting system, supported by a floating exchange rate, has done more than keep inflation low - it has delivered strong and sustained growth in output and employment in canada. let me quickly stress that our inflation - targeting framework operates in a symmetric way - we care just as much about inflation falling below target as we do about inflation rising above target. if demand for goods and services pushes the canadian economy against the limits of its capacity, and inflation is poised to rise above the target, the bank will raise interest rates to cool off the economy. and when the economy is operating below its production capacity, and inflation is poised to fall below the target, the bank will lower interest rates to stimulate growth. this symmetric approach helps the canadian economy adjust to changing circumstances, while maintaining strong, sustained growth in output and employment. the bank's commitment to the idea of transparency is another way in which our monetary policy has evolved. there was a time when central bankers kept their actions and thoughts shrouded in secrecy, convinced that their policy would be more effective if implemented with an element of surprise. times have changed, and best practices in monetary policy have evolved. we have found that monetary policy is more effective when people understand what we are doing and why. that's why we communicate regularly with parliamentarians, with markets, and with the public. we do this

how often i used the words " stability " and " confidence " in my remarks. stability and confidence are the preconditions for strong economic and financial performance. we aim to build on our successes as we continue to promote stability and earn the confidence of canadians – and by doing so, we will further enhance the economic and financial well - being of canadians.
“ combating fraud is an on - going shared responsibility by all interested parties ; it requires the involvement of the bank of botsw ana, banks and the vigilance of members of the public. vigilance is all the more important as the banking system diversifies and competition intensifies by w ay of new entrants to the market, increased branch netw ork, new products, and progressive globalisation of banking services ”. i trust, in closing, that the presence of bank gaborone here in maun, w ill add value to the community and the broader region, by expanding banking services and that there w ill be a mutually rew arding and enduring bank - customer relationship. mr coetzee, once again, and through you, i w ould like to thank the board, management and staff of bank gaborone, for inviting me to be part of this occasion. i w ish bank gaborone every success and hope that it w ill continue to grow and expand its services across the country. distinguished ladies and gentlemen, it is now my honour and privilege to declare the maun branch of bank gaborone officially open. i thank you for your kind attention.

; regulation can help confer legitimacy on regulated service providers, but the value of this support is quickly eroded if the underlying integrity of governance structures is not well - entrenched. i do not need to remind you of the details of recent events in botswana that have severely tested this core principle while, more broadly, in countries such as south africa and the united kingdom, the competence and integrity of the accounting profession is once more under intense public scrutiny. to their credit, in each case, the concerned regulators in botswana have acted without fear or favour in addressing the challenges. the regulatory structure has been tested and not found wanting, and this is gratifying. but poor governance has a corrosive effect that, left unchecked, could undermine public confidence and trust in financial institutions and financial markets, however notwithstanding carefully these designed. governance i related trust that, challenges, botswana will continue to make progress, cementing its lofty position in the continental rankings. i thank you for your kind attention, and look forward to the next update of the absa africa financial markets index.
, providing a safety net against negative shocks and complying with budgetary rules requires thorough and realistic modelling frameworks, some of which will be discussed tomorrow by professor voena, one of the keynote speakers. there is little doubt that the long - term transformation of our economic systems will depend on technological progress, and the way it unfolds. among the many challenges ahead of us, the recent advances in automation and digitalization will undoubtedly have an unprecedented impact on workers'prospects, overall welfare and inequality. in the past, labour market and political institutions were crucial in sharing the productivity gains among capital and labour, especially from post - world war ii to the early 1970s. more recently, automation has generated losers, especially among those whose productivity has not been enhanced by the interaction between technology and their skills. looking ahead, the impact of ai on workers'employment prospects may be different from what we have observed in the recent past, and even highly skilled workers may experience negative labour market outcomes. these concerns will be at the heart of professor acemoglu's keynote lecture today. i am not here to take a stance on all these issues, or more generally on the future of work. the real consequences of this new technological wave, however, are likely to challenge several aspects, not only of the labour market – such as the determination of 2 / 3 bis - central bankers'speeches wages and the rent - sharing between firms and workers – but also of the modern welfare state – such as unemployment insurance schemes. brand new policies and institutions will be key in fostering competition, in favouring a smooth transition and in enhancing inclusive growth ; minimum income schemes and training and lifelong learning programmes could be useful in supporting those workers most at risk of being displaced. the path ahead of us is not set in stone. actively investigating these policy tools and questioning received wisdom is of the utmost importance today. for young ( and less young ) researchers, like many of you here today, the challenge is to provide strong empirical and theoretical evidence to support and guide the upcoming policy decisions. for those who are in charge of implementing these policies, a closer look at the recent advancements in economics and social sciences would be beneficial. let me conclude by thanking the organizers for their hard work, the keynote speakers and the presenters for their valuable contributions, and each one of you for your presence here. i am sure there will be two very fruitful days of discussion for us all. 3 / 3 bis - central bankers'speeches

fostering interaction among researchers is important at all times : it is all the more important in unusual times such as the ones we are living in. i wish you two fruitful days of discussions and exchanges.