samchain/econo-pairs-v2 huggingface dataset:
addressed by the industry or through the single resolution fund should be filled, ultimately, by member states. thank you for your attention. 1 opinion con / 2012 / 99 on the proposal for the brrd : “ the ecb wishes to underline that this provision should not in any way affect the competence of central banks to decide independently and at their full discretion on the provision of central bank liquidity to solvent credit institutions, both in standard monetary policy operations as well as emergency liquidity assistance, within the limits imposed by the monetary financing prohibition under the treaty ”. 7 / 7 bis central bankers'speeches

remarks let me conclude. the global economy shows signs of an ongoing improvement. in the euro area, we are also on the road to recovery, albeit at a moderate pace. uncertainties remain high. as regards our monetary policy stance, we still view the current level of the ecb ’ s key interest rates as appropriate, given continued low inflationary pressures and our current assessment of the risks to price stability over the medium term. at the same time, improvements in financial markets since spring 2009 have justified a gradual phasing - out of non - standard measures. these decisions help to avoid distortions associated with the maintenance of our non - standard measures for longer than they are needed. this does not mean that the crisis is over. there is no room for complacency. we cannot rule out setbacks. new challenges may arise. greece is a case in point. thus, central banks need to provide an anchor of stability and confidence. any attempt to weaken or even lift this anchor would be a step in the wrong direction. thank you for your attention.
eventually reassert - 5themselves. that is why we are remaining watchful for signs of potential inflationary imbalances, even as the economy continues to perform more impressively than it has in a very long time.

rate of rise in the cost of benefits that employers provide to workers has been remarkably subdued over the past few years, although a gradual upward tilt has become evident of late. a variety of factors - - including the strength of the economy and rising equity values, which have reduced the need for payments into unemployment trust funds and pension plans, and the restructuring of the health care sector - - have been working to keep benefit costs in check in this expansion. but, in the medical area at least, the most recent developments suggest that the favorable trend may have run its course. the slowing of price increases for medical services seems to have come to a halt, at least for a time, and, with the cost - saving shift to managed care having been largely completed, the potential for businesses to achieve further savings in that regard appears to be rather limited at this point. there have been a few striking instances this past year of employers boosting outlays for health benefits by substantial amounts. a couple of years ago - - almost at the same time that increases in total hourly compensation began trending up in nominal terms - - evidence of a long - awaited pickup in the growth of labor productivity began to show through more strongly in the data ; and this accelerated increase in output per hour has enabled firms to meet workers ’ real wage demands while holding the line on price increases. gains in productivity usually vary with the strength of the economy, and the favorable results that we have observed during the past two years or so, when the economy has been growing more rapidly, surely overstate the degree of pickup that can be sustained. but evidence continues to mount that the trend has picked up, even if the extent of that improvement is as yet unclear. signs of a major technological transformation of the economy are all around us, and the benefits are evident not only in high - tech industries but also in production processes that have long been part of our industrial economy. notwithstanding a reasonably optimistic interpretation of the recent productivity numbers, it would not be prudent to assume that rising productivity, by itself, can ensure a non - inflationary future. certainly wage increases, per se, are not inflationary. to be avoided are those that exceed productivity growth, thereby creating pressure for inflationary price increases that can eventually undermine economic growth and employment. because the level of productivity is tied to an important degree to the physical stock of capital, which turns over only gradually, increases in the trend growth of productivity probably also occur rather gradually. by contrast,
of law are reinforced and the reforms are implemented adequately and deeply. bis central bankers ’ speeches

bis central bankers ’ speeches policy struggles for promoting productivity given that productivity expansion is crucial for economic growth, its promotion constitutes a natural target for policy making. countries vary in terms of geography, cultural heritage, and other conditions that may affect economic efficiency differently. at the same time, in any nation, room for enhancing productivity growth can almost always be claimed. the pursuit of this objective faces significant challenges. while some are common to other policy decisions, the difficulties encountered here may be greater due to the following four reasons, at the least. first, there is no silver bullet for resolving the problem of productivity. the economic literature referred to and the discussions held in this conference make it clear that a number of elements may interact. second, there is no well - defined list of factors that could ensure high productivity growth in all cases. for example, economists know that reliable institutions, fully operating markets, and competition may provide incentives for investment, human capital accumulation, and productivity growth. however, many other policy decisions may also contribute to the same end, and their combination may vary. there is no recipe, let us say, based on some composite indicator, with which policy makers should try to maximize results. the best policy mix and the need for concrete institutions may depend on history and the initial conditions of specific countries. third, even if we had a clear - cut list of elements for productivity expansion, the relative importance of their components would hardly be undisputed. the consequence of this is that there is no roadmap that is obviously superior to alternative paths for economic reform. fourth, though a trajectory did exist that would dictate a preferable sequence of measures, democratic societies require some of these changes to be legislated. international experience demonstrates that political feasibility does not necessarily coincide with economic desirability. these four difficulties illustrate the fact that our understanding of productivity and our capacity to prescribe changes are necessarily limited, pointing towards the need for caution. perhaps in no other area, given its breadth, should economic advisers and policy makers exert a greater deal of judgment while, at the same time remaining humble. in any case, policy makers are expected to use all the information on hand, including the best estimates of theoretical models, to foment a favorable setting for productivity. sometimes, this may simply mean incrementally removing obstacles, thereby allowing private participants to strengthen the existing institutions that facilitate economic activity. 6 additionally, implementation of measures to fuel efficiency must not be considered in isolation. the
. ladies and gentlemen. the bangko sentral is a work - in - progress. and, as always, much remains to be done. the journey ahead is bound to be challenging, and inspiring. as we gear up for this, let us continue to nurture the ties that bind us in our common search for a better future for our people, our economy, and our country. mabuhay ang bangko sentral ng pilipinas! mabuhay ang mahal nating bansang pilipinas! thank you all for accepting our invitation. enjoy the rest of the evening.

amando m tetangco, jr : financial capability as a 21st century life skill speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( the central bank of the philippines ), at the citi - ft financial education summit, makati city, 5 december 2012. * * * mr. michael zink, head of asean and singapore citi country officer ; mr. sanjiv vohra, citi country officer for the philippines ; secretary imelda nicolas, chairperson, commission on filipino overseas ; ms. brandee mchale, chief operating officer, citi foundation ; mr. david pilling, financial times asia editor ; ms. kathy hurley, executive vice president, education alliances, pearson foundation ; distinguished resource persons ; experts and practitioners in financial education ; friends who have traveled from other countries ; my colleagues in the bsp ; ladies and gentlemen, good morning everyone! finally, this annual financial education summit is in the philippines. now on its 9th year, it continues to enjoy such high level of interest and support for its relevance to the times. congratulate and thank citi and ft and the other sponsors and organizers of this gathering. for starters, its forum theme “ financial capability as a 21st century life skill ” … is an outright declaration that financial capability is a must - have - skill. i agree with this statement. indeed, the ability to make sound financial choices and decisions is essential … to ensure one ’ s financial well - being. and yet, most people are sorely lacking in this necessary skill. the summit ’ s keynote session pushes the envelope further : it raises the social, economic and moral imperatives of bridging the financial capability gap. discussions are also bound to be thought - provoking on the topic “ the ultimate financial education challenges – impact, scale and sustainability. ” ladies and gentlemen. the organizers of this summit have brought together world - class finance education experts and advocates to tackle these important issues. the bangko sentral ng pilipinas is therefore pleased that it is a host partner in this financial education summit. for your information, the bsp was also co - host... in the last two days... of the asia and the pacific regional meeting on child and youth finance organized by the child and youth finance, international. and three months ago, the bsp co - hosted with the oecd in cebu the asian seminar on financial literacy and inclusion
financial markets and the national, and indeed the global, economy. the federal reserve ’ s ability to respond expeditiously to any particular incident does not necessitate comprehensive information on each banking institution. but it does require that the federal reserve have in - depth knowledge of how institutions of various sizes and other characteristics are likely to behave, and what resources are available to them in the event of severe financial stress. even for those events that might, but do not, precipitate financial crises, the authorities turn first to the federal reserve, not only because, as former chairman volcker noted last month, we have the money, but also because we have the expertise and the experience. we currently gain the necessary insight by having a broad sample of banks subject to our supervision and through our authority over bank holding companies. payment and settlement systems virtually all of the u. s. dollar transactions made worldwide - - for securities transfers, foreign exchange and other international capital flows, and for payment for goods and services - - are settled in the united states banking system. a small number of transactions that comprise the vast proportion of the total value of transactions are transferred over large - dollar payment systems. banks use two of these systems - - fedwire, operated by the federal reserve, and chips, operated by the new york clearing house - - currently to transfer $ 1. 6 trillion and $ 1. 3 trillion a day, respectively. chips settles its members ’ net positions on fedwire. these interbank transfers, for banks ’ own accounts and for those of their customers, occur and are settled over a network and structure that is the backbone of the u. s. financial system. indeed, it is arguably the linchpin of the international system of payments that relies on the dollar as the major international currency for trade and finance. disruptions and disturbances in the u. s. payment system thus can easily have global implications. fedwire, chips, and the specialized depositories and clearinghouses for securities and other financial instruments, are crucial to the integrity and stability not only of our financial markets and economy, but those of the world. similarly, adverse developments in transfers in london, tokyo, singapore, and a host of other centers could rapidly be transferred here, given the financial interrelationships among the individual trading nations. in all these payment and settlement systems, commercial banks play a central role, both as participants and providers of credit to nonbank participants. day - in and day - out,

and i am focused on ensuring its continued resiliency. one aspect of this work is carefully examining the links between bank liquidity, market functioning, the federal reserve ’ s liquidity provision, and the evolution of our balance sheet. thank you. arrangements, ” press release, july 28, https : / / www. federalreserve. gov / newsevents / pressreleases / monetary20210728b. htm.
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., lower the rating higher the default probability ), stability of the ratings ( i. e., probability that a given rating remain unchanged during a given period ), predictive ability of the ratings, improvement to the rating methodology to reflect current trends etc. reserve bank looks into the default studies, transition matrices, gini coefficient etc. of credit rating agencies to conduct the above assessment. to ensure standardisation of default rates, the reserve bank of india has mandated that all rating agencies shall use a uniform definition of default as far as the bank loan ratings are concerned. independence : basel norms state that a credit rating agency should be independent and not subjected to political or economic pressures while rating. the rating process should also be free from conflict of interest that may arise due to shareholding pattern or composition of board of directors. to assess whether a rating agency is independent, reserve bank of india evaluates the ownership and organisation structure ( presence of independent directors in the board & rating committees ), independence of individuals i. e. conflict of interest - between rating fee and quality of ratings, conflict of interest with shareholders, conflict of interest at rating committee level, separation of business development and rating activities, separation of rating business from other business activities. international access / transparency : under this parameter, reserve bank evaluates whether a credit rating agency makes necessary disclosures with regard to rating methodologies and rating rationales to both domestic as well as international users without any differentiation. disclosure : during the accreditation process, the reserve bank assesses whether a credit rating agency makes the following disclosures : rating methodologies, including the definition of default, the time horizon, and the meaning of each rating ; the actual default rates experienced in each rating category ; and the transitions of the rating. in addition the securities and exchange board of india has also mandated a detailed set of disclosures by credit rating agencies. resources : access to sufficient resources is an important factor in determining a credit rating agencies ability to furnish quality ratings. reserve bank makes an assessment as to whether a credit rating agency has sufficient capabilities in terms of human resources i. e., number of employees, their qualifications and experience etc. further, reserve bank also looks into the technological capabilities of the credit rating agencies before deciding upon their accreditation. in addition, reserve bank requires credit rating agencies to have access to various sources of information on economy, sectors, companies, etc. bis central bankers ’ speeches credibility : credibility of a rating agency is assessed based on the degree of accept
monetary policy is needed more than ever. the governing council of the ecb has said that we are ready to act if new downside risks materialise. so, the policy is necessary to fulfil our mandate. but what monetary tools do you have at your disposal if you do need to act? we have used various tools up until now : the forward guidance, through which we steer monetary policy expectations ; interest rates, which are very low and which we have said we would be ready to lower further still, if necessary – and i always stress “ if necessary ” ; and the reinvestment of our securities portfolio, which ensures that the ecb has a very significant presence in the markets. and theoretically, we could also resume making net asset purchases, again if warranted by the circumstances. but what are the circumstances? there are lots of questions about the circumstances. is it the growth rate? the rate of inflation? a lack of inflation? i used something of a dirty word before when i referred to deflation. i apologise for that, but at the same time, isn ’ t it a kind of sword of damocles hanging over you? there is no deflation in the euro area ; we are not talking about a risk of deflation. inflation is well above zero. the risk is that a series of negative shocks might move us further away from our objective of 2 % – that is what we are looking at, what we are trying to understand, particularly in the light of the global economy. what some people are worried about – and we talk about a lot here – is the possibility of a financial crisis, even a financial explosion, whether in the short or medium term i don ’ t know. maybe you will give us a time scale. is there a risk of the bubble bursting or a liquidity crisis on the horizon? there are always risks in the financial sector, and as central bankers we are paid to worry about them. the role of central bankers and regulators is to worry about risks. our first conclusion is that we have to maintain and protect the system of financial regulation that has been built since the great financial crisis, since 2007 – 08. as time goes by, people are tending to forget this crisis, and the temptation returns – particularly under the pressure of different lobby groups – to relax financial regulation. this temptation must be resisted, both in terms of banking and finance more generally. then we have to identify the new risks. i see two

… they are payment systems, a means of payment as you say, but they may eventually evolve to become financial instruments, perhaps even debt or funding instruments. we will identify all these functionalities and we will have to have a regulation for each functionality such that equivalent activities are regulated in the same way, regardless of the technology behind them. so you have no concerns about these currencies? they are not currencies. there is only one currency in the euro area, only one which is legal tender, and that is the euro. there is no other. benoit cœure, member of the executive board of the ecb, thank you for this interview. 5 / 5 bis central bankers'speeches
agents ) to comply with training requirements focused on their areas of expertise and mandated by the internationally renowned chartered insurance institute ( cii ). at the same time, however, customer service is primarily the responsibility of the firms themselves. the regional insurance market is becoming highly competitive as we see more entrants, both established international firms and local companies, offering a growing range of services, including medical and life coverage. although insurance penetration rates in the region are still relatively low, in the long run not all the firms currently competing in the market will be able to build viable franchises. those that do will be the ones that can offer their customers the best standards of service. this will not mean simply competing on price, particularly if it means cutting premiums to levels that are simply not viable in the long run. good customer service has many different dimensions. it includes, for example, ensuring that at the point of sale the firm ’ s representative is well trained, knowledgeable about the products, and places the customer ’ s interests first. it involves devoting resources to the development of new products that can meet customer needs. it also involves ensuring that policy - holders receive quality and reliable service when presenting their claims. the firms that will emerge strongest from the current highly competitive environment will be those that are capable of providing the best customer experience in all its dimensions. my second issue concerns the need for economies of scale in the industry. in many of the mena countries locally - incorporated insurance firms remain relatively small and are therefore unable to compete with large internationally active firms that have the benefits of scale. these benefits range from the ability to construct large diversified investment portfolios to efficiencies in it for claims handling and processing. over the long run, there is a need for locally - incorporated insurance firms to achieve greater scale economies if they are going to be able to compete on level terms with their international competitors. firms will only be able to achieve economies of scale if they become larger. inevitably, this means that there will need to be some industry consolidation. to - date, however, the shareholders of locally - incorporated firms have been reluctant to enter into mergers, perhaps because they fear that this will lead to a dilution of their control. however, if the industry ’ s growth opportunities are to be realized, shareholders will need to take a broader perspective and to recognize that future profit growth will require firms that are larger than those that bis central bankers ’ speeches currently exist. in this respect, i think it is

hands of the industry itself. thank you for your attention. bis central bankers ’ speeches