samchain/econo-pairs-v2 huggingface dataset:
has been stagnant in the euro area since the crisis, while it has taken off in the us. so, we need a tfp shock in the euro area. i hope very much that this is what the european council will produce in december, based on president juncker ’ s input. this would not only benefit the euro area, it would also create positive spillovers for the rest of the world. the governance of structural reforms the argument i am making on the importance of structural reforms also has a further implication : if supply - side policies are necessary to empower demand - side policies, and stronger demand is today a precondition for higher inflation, it follows that we need to view structural policies as an equally essential part of the policy mix as fiscal policies. and this in turn has implications for governance of structural reforms. whereas fiscal policies are coordinated through strong rules, coordination on structural policies so far has been comparatively loose. we have more or less counted on the benevolence of policymakers to internalise the interest of the other participating countries. but insofar as reforms and inflation have become intertwined, these arrangements are no longer consistent with a monetary union based on price stability – if indeed they ever were. thus, euro area policy makers have a duty to coordinate structural and fiscal policies more closely. and in fact, they have a legal obligation to do so enshrined in the eu treaty. those euro area policymakers who believe that they are accountable only to their national parliaments have forgotten that they belong to a monetary union. there is quite some scope to strengthen coordination in the current framework, by enforcing in a more consistent way the european semester and the country specific recommendations, which are today barely considered in the national process. but i am convinced that we will also need to take a step forward. there would be many benefits if governments were to coordinate in a more binding way their structural policies, and this would be in their own interest and in the interest of the union. thanks a lot for your attention. bis central bankers ’ speeches

learn about the euro in an entertaining and enjoyable way. ladies and gentlemen, i sincerely hope that you will enjoy your visit to the euro exhibition. it is a pleasure for me, on behalf of the european central bank, to declare the exhibition open. bis central bankers ’ speeches
cards framework ”, extensive changes await the european cards market. the ecb expects a new european card scheme to emerge, harmonising card payments across europe. that said, efficient national card schemes should not vanish, leaving the cards market entirely to international card schemes. let ’ s work together and use the experience of the national schemes to devise a new european card scheme. together, these three payment instruments make up sepa, our key to a door behind which many opportunities lie. once the door is open we will still have a mountain to climb. but if we are willing to take up the challenge and use sepa with innovative thinking, we can reap the full benefit. let me stress : we do not envision opening the door only to sit back and admire the great many opportunities on the other side. let ’ s climb the mountain, discover the opportunities and progress onwards and upwards. let ’ s complement the sepa instruments with innovative services, such as online and mobile payment initiation, e - invoicing and e - reconciliation. by combining these services with sepa instruments, we eliminate paper and the payment process becomes fully electronic. end - users will spend less time on payments – and, as we all know, time means money. but how will you benefit from sepa? corporates – make fast european transactions, simplify your payment handling and consolidate your liquidity management. sepa ’ s harmonised services can optimise your payment process. so, request these services from your banks and service providers. public administrations – you will experience the same benefits as corporates. but that ’ s not all. sepa can help drive e - government and e - procurement, thereby promoting efficient public services. by adopting sepa at an early stage, you will extend its benefits to society at large. consumers – one bank account and one set of payment instruments is all you need. as with euro notes and coins, there will finally be no difference between payments across europe – all euro payments will be ” domestic ”. and banks – you have developed and will form the basis of sepa. and sepa can help you expand your business, as integration and harmonisation will encourage competition. it is now up to you to use the opportunities sepa brings. the launch of sepa today is a major step in creating the single market and represents a significant contribution to the lisbon agenda and a more competitive europe. it has not been easy to arrive at where we are today – sepa

has been a formidable challenge, but formidable challenges make us stronger. it is not time to sit back in admiration ; it is time to use sepa. so, let ’ s rise to the challenge ; let ’ s use sepa, our key ; and let ’ s discover the great many opportunities that lie on the other side of that door.
you.

country. in vietnam, onepay allows customers to make financial transactions on e - commerce websites, as well as deposit funds into their bank accounts without visiting a physical bank branch. wing in cambodia, bcel in laos and wave money in myanmar all provide instant money payments and transfers through mobile phones to recipients who do not have bank accounts. in thailand, promptpay is a modern, faster payment system that provides free transfer services for transactions up to 5, 000 baht ( or about 150 us dollars ), one of the cheapest rates in the world. promptpay allows individuals and businesses to transfer money between banks and e - wallets using their mobile phone or citizen id numbers. the thai government also uses promptpay to deliver electronic welfare payments to individuals, with a adb and world bank statistics, 2015 adb, 2015 : from $ 5 billion in 1992 to $ 444 billion in 2015 greater mekong subregion regional investment framework implementation plan 2020, 2016 world bank remittance prices, 2017 view to minimizing costs, risks of fraud as well as financial leakage. given promptpay ’ s open architecture, we hope that the system will soon be integrated into the daily lives of the thai public. up to now, these payment platforms are mostly used for domestic transactions. what we need is to connect these platforms to facilitate larger cross - border financial activities in the gms. having an efficient cross - border payment platform in the gms will yield tremendous benefits for economic activities in the region, especially for border trade. i believe that it will not take long before solutions for cross - border payments become widespread. as of now, a partnership between a thai telecommunication company and myanmar businesses offers a cross - border remittance solution that allows sending money directly to recipients, including those in rural areas of myanmar. in thailand, cooperation between a thai bank and a chinese fintech firm will soon launch a low - cost baht - yuan cross - currency remittance platform based on blockchain technology. these initiatives are promising projects that will lower costs of financial transaction, and enhance closer financial connectivity and economic integration in the gms region. * * * on coverage of financial services : at present, financial services in the gms are mainly provided by local players. the increasing cross - border trade and investment call for broadening cross - border players. as a result, the bank of thailand, together with other central banks in the region are working towards establishing a cross -
provided some evidence that past crises do not necessarily create a stoppage of bank credit to firms once " normal " times returned, but when the next crisis occurred, its impact on growth was usually deeper in magnitude. thoughts on preventing and managing banking crises having raised some issues for consideration about banking crises – and having tried to provide some answers, where possible – i would now like to offer some thoughts that policymakers may consider as they try to prevent and manage banking crises. i note that market participants should also consider these ideas, since it is not just policymakers who can learn lessons from past crises. first, one of the major lessons to be learned from past banking crises is the importance of a healthy banking system. maintaining a safe and sound banking system, given the key role that banks play in most financial systems, contributes to the health of a country's overall economy. most countries do this by some form of banking supervision, generally accepting that the added protection to the banking system in the form of supervision is worth the costs of the regulatory burden. effective banking supervision has helped foster a banking system in the united states that today is safe, sound, and well - capitalized. one of the ways that bank supervisors can help promote a healthy banking system is to focus banks on the development of improved risk - management techniques. indeed, identifying, assessing, and promoting sound risk - management practices have become central elements of good supervisory practice. bankers should ensure that their riskmanagement practices include a focus on less likely outcomes, not just the most common ones, and that the bank is being adequately compensated for the risk it is bearing. the use of exercises such as stress tests and scenario analyses can help bankers identify certain points of vulnerability that may arise during potential downturns. in some countries, bank supervisors have an explicit responsibility to ensure that banks adhere to existing laws and maintain and implement appropriate consumer protection policies. for example, in the united states the federal banking agencies play an important role in fostering not just a safe and sound banking system, but also one that is diverse and fair in meeting the needs of consumers. good banking supervision is vital to the health of banks, particularly when the banking system has some type of government support – for example, either explicit or implicit deposit insurance. but ensuring a safe and sound banking system that is also competitive and profitable has its challenges. clearly, banking supervision on its own can create some distortions or burden, so it is also very important to let market forces work as much

of the first quarter of 2005, of the $ 3. 8 trillion equivalents held as foreign exchange reserves, more than three - fifths were held in dollars and approximately one - quarter in euros. since early 2002, the dollar's share has been little changed after adjusting for movements in exchange rates.
service of the public and the institution. i am confident that you will prioritize the foregoing matters in 2011. i wish you success in your work and many wishes for the new year! thank you.

comparing italy to spain in june and july 2012. the situation was very similar. we were very close, we were on the edge … the situation was the same and the two countries took two different paths. spain decided to take an eu programme for the banks, whereas italy committed itself to making it on its own. do you think that decision explains the divergence between the two countries since then? again, i don ’ t want to make a direct comparison. the situation in spain in 2012 was different – the government had an absolute majority in parliament, we were lucky in that. and the clean - up of banks in spain was far - reaching. it was not easy ; it was bloody, i can assure you. but we did it and, after that, we were able to deal with an issue like banco popular. that was not easy, either. then, spain gained a lot of competiveness because of labour market reforms. those are the two factors. but i don ’ t want to make a comparison with italy. i am only focusing on spain now. by 2013 spain had started to grow again, and it has outperformed its peers for the last five or six years. so do you think frontloading that effort paid off? yes, i think so. in spain there was a government with an absolute majority, but even then we had a difficult time, politically speaking, after that. but in spain, regardless of the political party in power, the pro - european approach is guaranteed, even when you look at the two extremes, vox and podemos. they don ’ t question the euro. maybe they have different approaches regarding fiscal policy, but they don ’ t say they want to leave the euro. no, not at all. in fact, when you look at credit default swap ( cds ) markets, the implied probability of spain leaving the euro is very, very low. in the case of italy, it is not very low. is it possible, then, that part of the spread between bonos and btps is due to that redenomination concern for italy? again, it ’ s not a matter of making comparisons between countries. in the case of spain, the main reforms were labour market reforms and cleaning up the banks. those are the drivers of spain ’ s good performance, in my view. and those are the elements that have to be maintained over the coming years. de nederlandsche bank president klaas knot recently said
to preserve price stability and the performance of its tasks that contribute to the safeguarding of financial stability. the esrb ’ s recommendations will not concern the definition and implementation of the monetary policy of the ecb nor the monetary policies of the eu central banks that are outside the euro area. at the same time, macro - prudential supervision can facilitate the conduct of monetary policy by helping to prevent systemic risks and mitigate their effects, if they materialise. before concluding, let me stress that the timely and consistent implementation of the regulatory and supervisory reforms, and, in particular, the establishment of a new framework for macro - prudential supervision, will greatly contribute to containing systemic risks and to strengthening the resilience of the european financial system. for the ecb, it is a privilege to have been entrusted with a very special role in the performance of macro - prudential supervision in the eu. although, we have ahead of us a very challenging task to carry out, i am fully confident that the ecb, in collaboration with the ncbs and the other members of the esrb, will successfully meet this challenge. madame chair, honourable members of the committee, my presentation today before your committee is the last in my capacity as vice - president of the ecb. i should like to warmly thank you for our enriching and constructive exchange of views. over the past eight years, i have always appreciated the cooperation and the fruitful dialogue with the committee on economic and monetary affairs of the european parliament. thank you for your attention. i am now at your disposal for questions.

##nb is following developments closely, and is actively involved in the debate, not least through its future participation in the bis innovation hub i mentioned earlier. thank you for your attention. page 7 / 7 currencies, money and digital tokens thomas j. jordan chairman of the governing board swiss national bank 30th anniversary of the wwz and vbo university of basel, 5 september 2019 types of money in switzerland currency issuer type cash state banknotes and coins state private private book money digital token money sight deposits held at the snb for financial market participants swiss franc tokens for financial market participants sight deposits held at the snb for all households and companies swiss franc tokens for all households and companies bank deposits stable coins ( value stable against swiss franc ) stable coins ( minimal fluctuations in value against official currencies, e. g. libra ) private crypto tokens ( e. g. bitcoin ) existing types of money 05. 09. 2019 potential types of money currencies, money and digital tokens | thomas j. jordan | © swiss national bank
made to set up the action plan which includes issues related to securities, such as a ) cutting costs of the securities issue, b ) tax treatment, c ) development of the regulatory framework, etc. i sincerely hope that this project will be completed soon after the summer break since, in addition to foreign assistance, we shall also have a new government in place by then. the new government will, hopefully, place faster development of the capital market high on its list of priorities. thank you for your attention!

of the oecd in paris from september this year. he visited belgrade on route to macedonia where he has been working for several years on the pension system reform, that is, on setting up the second and the third pension pillars. currently, 35 % of all contributions for pension insurance are paid into the second pension pillar and such payment is made compulsory for all first time employed in macedonia since 1 january 2003. hence the decrease in the volume of current payments into the state pension fund and the increase in the volume of contributions from the budget to the state pension fund. however, this new pension scheme will cut future budgetary expenditures. saying “ let us first develop capital market and then consider the pension system reform ” reminds me of people saying “ i will work harder once you pay me better ”. to conclude, the pension system reform would provide a substantial contribution to the development of the capital market. the reverse scenario would simply take too long, the luxury of which serbia can no longer afford! in a fable “ the butcher and the dog ” dositej obradovic makes a reference to an old serbian saying : “ do me a favour – cheat me early in the game ”. i think that the latest incidence of “ cooling off ” of the belex 15 and belex line indices has had a positive effect. if nothing else, it has been a sobering experience to many market players – i received letters from some of them – which made them rethink the meaning of the market, the amounts to be invested on the stock exchange, sources of funds, maturity of investment, etc. regardless of the fact that the nbs is in charge of supervision of the banking sector, it is well known that we are very much in favour of the development of the capital market as such development can, not only contribute to the strengthening of the overall financial sector but also to making the banking sector more profitable, i. e. more efficient! the kfv project designed at the request of the german ministry of finance is the best proof that there is hope for us. this project came up as a result of discussions at the meeting of g8 ministers of finance in may 2007 where a decision was taken to provide assistance to the development of capital markets in two countries, serbia and ukraine. this assistance will take the form of technical support with a special emphasis on “ the development of the securities market in local currency to support the development and stability of the financial sector ”. at the moment efforts are being
private equity funds, the strategies of the sector as a whole are quite varied. some hedge funds are highly leveraged, while many use little or no leverage. the hedge fund sector has grown very rapidly in recent years. by the end of 2006, more than 9, 000 funds managed more than $ 1 - 1 / 2 trillion of assets. 3 assets managed in the united states are estimated to account for about 60 percent of the total. the hedge fund industry remains small relative to the u. s. mutual fund industry, which included more than 8, 000 funds with about $ 10 - 1 / 2 trillion of assets under management at the end of 2006. 4 hedge funds, however, can make greater use of leverage than mutual funds. their market impact is further magnified by the active trading of some funds. the aggregate trading volumes of hedge funds reportedly account for significant shares of total trading volumes in some segments of the financial markets. 5 possible implications of hedge fund growth for financial stability and systemic risk in important respects, the activities of hedge funds tend to foster financial stability. they are significant providers of liquidity across the financial markets. many hedge funds are devoted to exploiting arbitrage opportunities that emerge when financial asset prices become misaligned. for example, when interest rates spiked in the summer of 2003, demands by hedgers of mortgage prepayment risks strained the liquidity of interest rate options markets, sending option prices soaring. some hedge funds saw profit opportunities in selling interest www. fsforum. org / publications / hli _ update - finalwithoutembargo19may07. pdf see investment company institute ( 2007 ), 2007 investment company fact book ( washington, d. c. : ici, may ). greenwich associates ( 2004 ), " hedge funds : the end of the beginning? ", december ; greenwich associates ( 2006 ), " for hedge funds, fixed - income trading volumes soar, while costs take on new importance, " december. rate options, and their actions helped restore liquidity to the markets and reduced the cost of hedging. the growth of hedge funds has also contributed to a broader dispersion of risks in the financial system, which thus far seems to have made the financial system somewhat less volatile. for example, in 2001 and 2002, significant losses caused by corporate bond defaults were absorbed without causing any discernible stress in the financial system. this experience contrasted with earlier periods when financial risks were concentrated at banks

needs to happen, and if the arrc members, the official sector, and end users and other market participants all jointly coordinate in finalizing these plans, then a successful transition can be made with the least disruption to the market, leaving everyone in a better place. bis central bankers ’ speeches