samchain/econo-pairs-v2 huggingface dataset:
friends, i have on behalf of the executive board and governing council of the ecb to thank all of you for having accepted our invitation and for having contributed so actively to the discussions. the ecb considers important to permanently guard against complacency and to remain open to criticisms and suggestions, to take regularly stock of the advances of academic research. i thank you for your attention.

european central bank : press conference on the chosen design for the new ecb premises introductory statements by mr jean - claude trichet, president of the european central bank, and mr lucas papademos, vice president of the european central bank, to the press conference on the chosen design of the international urban planning and architectural design competition for the new ecb premises, frankfurt, 20 january 2005. * * * ladies and gentlemen, we have invited you today for the presentation of the chosen design proposal in the international urban planning and architectural design competition for the new ecb premises. in our introductory remarks we would like to do the following : first, to briefly recall the main steps that have led to the outcome of the competition. second, to present the chosen design proposal in some detail. and third, to explain what happens next. afterwards, we will be happy to answer further questions, as will the chosen architect when it comes to technical questions on the design proposal. the decision of the governing council / the conclusion of the competition last thursday, on 13 january 2005, “ the governing council chose the design for the ecb ’ s new premises out of the 3 revised design proposals of the 3 prize winners of the international urban planning and architectural design competition. after extensive discussion and a careful evaluation, the governing council concluded that the revised design concept of coop himmelb ( l ) au best meets the functional and technical requirements specified by the ecb, and has features that reflect the ecb ’ s values and transforms them into architectural language. ” [ quotation of the press release ] on 13 february 2004 an international jury consisting of architects, eurosystem representatives and a representative of the city of frankfurt chose three winning designs in accordance with the following criteria, as laid down in the competition rules out of the 12 design concepts submitted in the second phase of the competition : 1. overall town - planning, architecture and landscape ; 2. compliance with the main features of the functional and spatial programme, including modularity ; 3. feasible approach to an energy / environmental concept and compliance with the main features of the ecb ’ s technical requirements ; 4. compliance with the relevant rules, in particular in the field of building law and environmental law. the first prize was awarded to coop himmelb ( l ) au, vienna ; the second prize to asp schweger assoziierte, berlin ; and the third prize to 54f architekten + ingenieure, darmstadt, in
loan, and as the government as a whole lacked appropriate resolution authority or the ability to inject capital, the firm's failure was, unfortunately, unavoidable. the federal reserve and the treasury were compelled to focus instead on mitigating the fallout from the failure, for example, by taking measures to stabilize the triparty repurchase ( repo ) market. in contrast, in the case of the insurance company american international group ( aig ), the federal reserve judged that the company's financial and business assets were adequate to secure an $ 85 billion line of credit, enough to avert its imminent failure. because aig was counterparty to many of the world's largest financial firms, a significant borrower in the commercial paper market and other public debt markets, and a provider of insurance products to tens of millions of customers, its abrupt collapse likely would have intensified the crisis substantially further, at a time when the u. s. authorities had not yet obtained the necessary fiscal resources to deal with a massive systemic event. the failure of lehman brothers and the near - failure of aig were dramatic but hardly isolated events. many prominent firms struggled to survive as confidence plummeted. the investment bank merrill lynch, under pressure in the wake of lehman's failure, agreed to be acquired by bank of america ; the major thrift institution washington mutual was resolved by the federal deposit insurance corporation ( fdic ) in an assisted transaction ; and the large commercial bank wachovia, after experiencing severe liquidity outflows, agreed to be sold. the two largest remaining free - standing investment banks, morgan stanley and goldman sachs, were stabilized when the federal reserve approved, on an emergency basis, their applications to become bank holding companies. nor were the extraordinary pressures on financial firms during september and early october confined to the united states : for example, on september 18, the u. k. mortgage lender hbos, with assets of more than $ 1 trillion, was forced to merge with lloyds tsb. on september 29, the governments of belgium, luxembourg, and the netherlands effectively nationalized fortis, a banking and insurance firm that had assets of around $ 1 trillion. the same day, german authorities provided assistance to hypo real estate, a large commercial real estate lender, and the british government nationalized another mortgage lender, bradford and bingley. on the next day, september 30, the governments of belgium, france, and luxembourg injected capital

such actions might be particularly effective at promoting economic growth and job creation. thank you. i would be pleased to take your questions.
you for being here today, for your support and your participation in this meeting, because i have bis central bankers ’ speeches no doubt that you will have fruitful debates. if i may, i would add a special thanks for my colleagues from the companies directorate and for the protocol office, who deployed a lot of efforts in organising this event for the better : without their help we wouldn ’ t have been able to meet at this venue. thank you for your attention. bis central bankers ’ speeches

denis beau : the role of cryptoassets in the payment system speech by mr denis beau, first deputy governor of the bank of france, at the official monetary and financial institutions forum ( omfif ) meeting, london, 15 october 2019. * * * ladies and gentlemen, the payment landscape is currently dominated by a bank - based ecosystem, an interchangeable use at par, of commercial bank and central bank money as settlement assets, and an anchor role for central bank money which is the sole settlement asset with legal tender status. it is certainly an understatement to say that this landscape may be significantly altered given technological developments and changes in consumer preferences underway. as these developments and changes unfold, both the « front - end » arrangements that ensure the interaction between the payer or payee and the payment service provider, to initiate or receive payments, and the « back - end » arrangements that transfer information and funds between the payer and the payee, will change. with the emergence of so called « crypto assets » like the bitcoin and so called « stablecoins », we may also see new settlement assets develop which may compete against and possibly, according to their promoters, replace commercial and central bank money as settlement assets at the center of our payment systems. for the time being, in spite of their rapidly growing number and variety, crypto - assets only account for a marginal share of assets held by economic agents. in october 2019, according to coinmarketcap, total outstanding crypto - assets represented eur 205 billion globally ; in comparison, the euro area ’ s m3 monetary aggregate amounted to eur 12. 5 trillion in august 2019. in addition, the diversity of views on the contributions that crypto - assets can make to the efficiency and safety of our payment systems mirrors the one in their forms. some see crypto - assets as a disruptive innovation poised to radically change the way our monetary and financial system operates, and changing it for the better. others believe that for the time being they do not provide a new and attractive answer to the classical trilemma payments solutions face between low cost, high execution speed and low risk, and would change the way our monetary and financial system operates for the worse. to share with you a few thoughts on this debate, speaking from the perspective of a central banker and a supervisor mindful of the benefit of innovations but also of the risks they could bring to financial and monetary stability, i will focus my
. thereafter, a discussion will follow. you will understand that under present circumstances and high market volatility, the speakers would like to focus on questions directly related to the subject of tonight ’ s conference. i beg for understanding that we decline to comment the most recent market or policy developments. let ’ s welcome professor rogoff.

cross - border financial flows between mature economies almost tripling over the last quarter of a century. in parallel, financial innovation has developed faster than the regulatory framework. what lessons to draw? this conference should provide the forum with an enlightening discussion on the issue, and with an opportunity to share your views and experience, as academics, central bankers, economists and representatives of eu institutions constitute the audience. having set the scene for i trust a stimulating discussion on such a complex topic, i am very honoured to have with us three eminent authorities on globalisation issues. let me say just a few words about our distinguished guest speakers. first is professor ken rogoff. he is a professor of economics at harvard university. as you know, he has previously been chief economist and director of research of the international monetary fund ( imf ) from 2001 to 2003 and beforehand he has served as an economist at the imf and also at the board of governors of the federal reserve system. professor rogoff has published extensively on policy issues in international finance, including both exchange rates and international monetary policy. let me also welcome lucas papademos, the vice - president of the ecb since 2002. previously, he was governor of the bank of greece from 1994 to 2002 and he served as a senior economist at the federal reserve bank of boston in 1980. lucas papademos has also been a professor of economics at the university of athens since 1988, and he is author of numerous articles and essays on both economic and monetary policies. let me also mention that among other competences, he is in charge of financial stability issues within the executive board of the ecb. our third speaker is lars heikensten. he has been a member of the european court of auditors since november 2005. he previously was governor of the sveriges riksbank from 2003 to 2005, and prior to that deputy governor since 1995. he had been chief economist at svenska handelsbanken between 1992 and 1995, and had served as under - secretary for economic affairs at the swedish ministry of finance between 1990 and 1992. mr heikensten, wrote academic papers and books, and conducted research in the area of industrial policy, labour market and foreign aid. again, i would like to thank the three of you, for coming to discuss globalisation. let me now proceed with the conference organisation. professor rogoff will be our first speaker, followed by lucas papademos and then lars heikensten
applied in the examination of financial institutions, enables us to identify the warning signs in the supervised institutions well in advance and to take appropriate corrective actions. we shall also continue to work closely with government ministries and agencies to ensure that operations of other microfinance institutions are properly conducted. the proposals for streamlining policy on regulation and supervision of the different forms of microfinance institutions have already been undertaken by government. you will note that of recent, bank of uganda has made public statements in the print media warning that the operations of unlicensed deposit taking business in uganda constitutes an offence punishable under the provisions of the financial institutions act 2004 and under the microfinance deposit - taking institutions act 2003. i, therefore, strongly advise the general public not to risk losing money deposited or placed in unregulated institutions. in addition, bank of uganda will continue dialogue with the commissioner for cooperative development / registrar for cooperative societies, and other stakeholders in the microfinance industry to ensure that the microfinance industry is governed in accordance with the relevant regulatory requirements. the association of micro finance institutions in uganda ( amfiu ) has also published lists of micro finance institutions and saccos affiliated to it in the news papers. the list for registered cooperative societies can be obtained from the registrar of cooperative societies / commissioner of cooperative development in the, ministry of trade, tourism and industry. i urge the public to take note of these developments. finally, it is now my privilege and honour to declare the new uganda finance trust ltd head office and main branch open and i, also, hereby unveil the new corporate identity. i thank you for your attention.

mulwana demonstrates that the ugandan private sector can succeed, provided that it follows his example of applying modern commercial principles to the management of business. the public sector must also play its part in reforming the business environment in uganda, so that it becomes more attractive to private investment. james mulwana was an inspiration to ugandans. may his soul rest in eternal peace. bis central bankers ’ speeches
downgrade is likely more structural in nature, as it represents the continued adjustment of the sector to global oil prices of us $ 50 – 60 per barrel, rather than the much higher prices of five years ago. this adjustment process is also being reflected in wages and other costs, and in housing market developments in alberta. importantly, as investments in the oil patch are pared back, canada ’ s growth slows. but, when those investment levels stop falling, canada ’ s growth will pick up, even if oil sector investment does not, as other areas of growth come to dominate the data. second, uncertainty about future trade policies has risen again in canada. we have seen subdued business investment in most sectors for the past two years, but were hopeful that the combination of the signing of cusma and the government ’ s accelerated investment incentive would lead to a pickup in investment. while the overall effect remains to be seen, doubts about the ratification of cusma remain a downside risk to our investment outlook. related to this, exports have started 2019 on a very weak note. although the data are a bit puzzling, perhaps affected by severe weather, we have taken them at face value in updating our forecast, leaving room for further growth in future months. for both investment and exports, then, we have reason to expect more growth in the second half of 2019. 1 / 2 bis central bankers'speeches third, we have been monitoring developments in the housing market very closely in order to understand how the effects of local tax changes, changes in mortgage guidelines and past rises in interest rates would play out. in part, the analysis is complicated by the adjustment of previously frothy markets — the greater toronto and vancouver areas — to a significant revision in price expectations. many other markets across the country — such as halifax, montreal, ottawa and winnipeg — are seeing solid activity. this is what would be expected in an economy that is growing, with rising population and a strong labour market. this means that as the situation stabilizes in toronto and vancouver, the canadian housing sector should return to growth overall later this year. on top of this, mortgage rates have eased in the wake of a drop in global bond yields. related to this, home furnishings and renovations were two bright spots in an otherwise dim picture for retail sales at the start of the year. it is worth noting that the retail data may also have been affected by severe weather. fourth, there have been several fiscal announcements since our last report.

##prudential - policy related roles at the people ’ s bank of china, before assuming his current position at the imf. dr li ’ s breadth of experience and depth of technical expertise will offer pertinent insights, at this complex global conjuncture. * * * © 2022, government of singapore.
transactions ”, 14 october 2014. bis central bankers ’ speeches step in this direction6. while this is an ambitious project and will take some time, i hope we can propose a way forward at the g20 summit in september. finally, we will need to make substantial progress in understanding and assessing interdependencies between ccps and their participants, across the multiple relationships they have with each other. mapping the complex network of these interlinked exposures is crucial from a macroprudential standpoint. this work is currently being carried out by the fsb, and its success will depend on the full and timely availability of data from all jurisdictions involved in the exercise. the information - sharing framework and the methodology being developed for this analysis is a precondition for future work, such as supervisory stress testing. pooling risk in ccps brings benefits for market participants and generates positive externalities for the broader economy – provided that the propagation of risk is well understood and well regulated. as mark twain once said : “ put all your eggs in the one basket and – watch that basket! ” 7. the macroprudential framework for ccps is about making sure that we ’ re watching that basket. i will now hand over to our panellists. see esma report, “ eu - wide ccp stress test 2015 ”, 29 april 2016. “ behold, the fool saith, ‘ put not all thine eggs in the one basket ’ – which is but a manner of saying, ‘ scatter your money and your attention ’ ; but the wise man saith, ‘ put all your eggs in the one basket and – watch that basket! ’ ”, in twain, m., the tragedy of pudd ’ nhead wilson, chapter 15, 1894. bis central bankers ’ speeches

credit risks involved. on the other hand, the improvement in economic activities has not stimulated corporate demand for external funds, since firms ’ cash flow is at a high level in parallel with recovery in profits. moreover, firms continue to reduce their 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. recently, however, the expansion in the year - to - year decline seems to be ceasing. issuance of corporate bonds and cps has been steady. money stock ( m2 + cds ) grew faster in september compared with the previous month on a year - onyear basis. recently, funding costs for firms are somewhat increasing, due to the rise in money market rates after the termination of the zero interest rate policy. in this financial environment, there seem to be no substantial changes in the lending attitude of financial institutions and easing of corporate financing conditions.
together as a team, we will be able to ensure ever - more prosperous lives for our citizens. let me not take up any more of your time, but let me wish you an enjoyable time during the remainder of your stay here. ladies and gentlemen, thank you for your attention.

an address by lesetja kganyago, governor of the south african reserve bank, at the inca capacity building fund ( icbf ) summer school, sandton, johannesburg, 5 february 2024 delivering on mandates good afternoon thank you for having me on this panel and thank you more broadly for the opportunity to engage with you on the topic of building state capacity at the municipal level. i recently returned from the world economic forum in davos, where people like me try to convince those looking for investment opportunities to choose south africa. davos is a very well - resourced town, and its local government runs smoothly, unlike most south african municipalities that are facing power outages, water shortages and long queues at municipal offices. at davos, we talk about the big issues facing the global community. local government does not feature much. but what happens at the local government level affects people ’ s lives just as much as the main davos themes, like artificial intelligence ( ai ) and climate change. furthermore, if we had a technology that improved local government capacity as drastically as ai has improved recently, i would say that would be a more important breakthrough than what we pondered at davos. of course, we do not have that technology. what we have is you, the officials who manage municipalities. today ’ s objective is to discuss mandates with you, and to share our knowledge and experience in trying to deliver on our mandates, in the hope that there are some common lessons. a mandate defines an organisation ’ s mission. in government, it is one of the ways in which a community achieves its goals. there are different ways, of course, to achieve social objectives. the classic mechanism in modern democracies is to choose people who then make choices on a community ’ s behalf, and if they do not like those choices, then they choose someone else the next time. but there are many decisions in democracies that are not directly made by voted - in representatives. rather, they are delegated to specialist organisations that have mandates. the south african reserve bank ( sarb ) is one of those organisations. this model works well when that mandate is clear and you know what is expected of you. it works best with goals that are generally agreed to be desirable, and for which we have the relevant and effective tools. it is also a particularly good way of insulating decision making from short - term political pressures, which can get in the way of good outcomes. 1 let me