samchain/econo-pairs-v2 huggingface dataset:
. they all together made this european banking congress again a success.

and unethical banking practice, and greater emphasis on enforcement of code of corporate governance. fsrcc revamped, joint cbn / sec examinations. 9. standby teams of target examiners are being deployed to any bank at any time to ensure timely regulatory actions, if it is deemed necessary. in addition, to further engender public confidence in the banking system and enhance customer protection, the cbn established the consumer and financial protection division to provide a platform through which consumers could seek redress, and directive has been given to banks to establish customer help desks at their head offices and branches. also, a comprehensive review of the guide to bank charges has commenced with a view to making the charges realistic and consumer - friendly. furthermore, the consumer and financial protection division is expected to commence a programme of consumer education and enlightenment and is also collaborating with the consumer protection council on the review of the consumer protection council act no. 66 of 1992 to enforce discipline in the market. 10. the cbn has taken steps to integrate the banking system into the global best practices in financial reporting and disclosure through the partial adoption of the international financial reporting standards ( ifrs ) in the nigerian banking sector by end 2010. this is expected to enhance market discipline, and reduce uncertainties which limit the risk of unwarranted contagion. the cbn is also, closely collaborating with other stakeholders like the nigerian accounting standard board ( nasb ), federal ministry of finance ( fmf ), ndic, sec, and naicom ; pencom, federal inland revenue service ( firs ), and institute of chartered accountant of nigeria ( ican ), among others, towards ensuring a seamless full adoption of ifrs in the nigerian banking sector by 2012. these efforts are being pursued under the aegis of the roadmap committee of stakeholders on the adoption of ifrs in nigeria inaugurated by the nasb and facilitated by the world bank. 11. the universal banking ( ub ) model adopted in 2001, allowed banks to diversify into non - bank financial businesses. following the consolidation programme in 2004, banks became awash with capital, which was deployed into various high - risk areas. the system was abused by operators with banks engaging in non - banking practices to the detriment of core banking practices. banks took unnecessary speculation provisions and bets on asset prices. to address the observed challenges, the cbn has reviewed the ub model with a view to steering the banks towards core banking businesses. under
. how long it takes to return to its potential is determined by how pervasive and persistent shocks were. having said that, the blue print of growth and employment creation was laid out by the narc government – “ economic recovery strategy for wealth and employment creation ” which covered the period 2003 – 2007. this bore fruit and the economy picked up from a low of 0. 5 percent annual growth in 2002 to 6. 3 percent in 2006 to 7. 1 percent in 2007. this saw the number of new jobs created reaching 506. 5 thousand, 488. 4 thousand, 485. 5 thousand, 467. 3 thousand in 2004, 2005, 2006 and 2007 respectively. the results of this blue print of policy paradigm show that success will always generate success. once policies are followed to the paper, they will generate the desired results. but then external and internal shocks hit the economy in 2008 stepped in. however, the economy is on the recovery path and it was expected to grow by about 2. 1 percent in 2009 and at between 3 and 4. 5 percent in 2010 and by over 5 percent in subsequent years. it is important perhaps to explain why in times of shocks, growth, investment and even economic decisions are affected and even affect other outcomes like consumption and employment. three examples include : 1. at the individual level optimizing welfare under uncertainty. 2. irreversibility of fixed investment decisions. 3. informal sector expansion as a disequilibrium queuing model of employment. these are short - run and should not condemn us to a low equilibrium trap. second, the eac common market and its potential for employment. in general, most countries in africa are forming regional economic integration arrangements in order to ; secure access to larger markets and enhance trade flows and in the process attract the much needed foreign direct investments ; lower trade costs among neighbours ; leverage or lock in domestic reforms ; create a framework for regional cooperation and resource pooling ; increase their bargaining power and political cohesion. economic integration has the potential for economic growth ; to create wealth ; improve labour and social conditions and result in a better division of labour between countries based on comparative advantage. exploiting relative comparative advantage of each integrating member country enhances the region ’ s efficiency in production, increasing output and boosting economic growth of each member country. regional integration, uniformity of policy and common goals will act as an agency of restraint and cushion the external shocks in some cases. the eac brings together

profitable regional trade. to date 43 % of the total kenyan exports of goods and services go to the eac region. these exports are mostly manufactured exports. there is scope for more within the eac and locational advantages. this is what we want to strive for in eac and these are the positive development agenda eac presents to kenya and east african countries. thank you for your attention.
yves mersch : securitisation revisited keynote speech by mr yves mersch, member of the executive board of the european central bank, at the euro finance week, frankfurt am main, 16 november 2017. * * * today i would like to come back on an issue that has found some of our attention in the recent past : securitisation. what has happened : is it part of cmu agenda? it is not helping banks to sanitize their balance sheets more rapidly when there is such a great need? simple, transparent and standardised ( sts ) securitisations let me start with some good news. the european framework for simple, transparent and standardised or ‘ sts ’ securitisations was formally adopted by the european parliament on 26 october. the adoption by the council is expected soon and will lead to the conclusion of a process that has taken many years of hard work. the sts regulation is one of the cornerstones of the capital markets union ( cmu ) project to build a single market for capital in the eu. some basic beliefs : at the outset i still consider the great financial crisis heaving at its origin excess built - up of leverage especially short term debt. we should however not condemn wholesale all debt carrying instruments. while we must tackle the stock of legacy debt, the flow of new credit to the economy should not be hampered as it fuels the economic recovery. therefore, a differentiated assessment of financial instruments is required. let me elaborate on the reasons why the ecb is interested in this particular market segment : first, the abs market acts as one of the transmission channels of our monetary policy, facilitating the provision of credit to the euro area real economy and, thereby, helping us to achieve our monetary policy objective. second, abs are an important component of the collateral framework of the eurosystem. third, securitisation, when used well, can transfer risk away from the banking sector, which may support monetary policy as it can help banks free up bank capital, allowing them to extend new credit to the real economy. the reputation of securitisation or asset - backed securities ( abs ) has been severely tarnished by the financial crisis, reflecting both the prominent role of abs involving complex, opaque structures with poorly underwritten loans and the misuse of derivatives. moreover, the market was over - reliant on a highly leveraged investor base depending on shortterm wholesale funding. although these practices were more prevalent in the us, the european

same coin for the ecb : one cannot exist without the other. with that in mind, i look forward to our exchange this afternoon, and to the final resolution on the ecb ’ s annual report. 4 / 4 bis central bankers'speeches
. in european peripheral and other countries, due to the ease of fiscal funding on the back of confidence in “ a single currency euro ” and excessive expectations for economic growth potential and an increase in tax revenue, fiscal discipline has tend to become loose. of course, a major player in the expansion of imbalances in such a case is the government sector, but also in the private sector, there have been inefficient investment and excessive employment supported by accommodative financial conditions, and productivity and external competitiveness have declined. intrinsically, the government sector and the private sector, just because the countries are the members of the euro, cannot continue to raise funds at low interest rates, which are beyond those sectors ’ real strength, and continue to increase spending. once the funding environment for the governments and the private sector becomes severe, due to a decline in confidence in fiscal conditions and a surge in government bond yields, economic activity will decline and a reverse whirl will start. toward problem resolution a quick fix for the problem unfortunately does not exist. the accumulation of imbalances is like a chronic disease induced by the neglect of health for many years. for a cure, it takes time to improve physical health. namely, the road to normalization is, by restoring fiscal discipline and raising economic growth potential, to repay debt and not to accumulate debt again in the future. while it is important to take responses including funding support and debt restructuring, those are, so to speak, policy measures to “ buy time ” and, in order to gain market confidence, it becomes necessary to show the market that countries have the capability to repay debt in the future. bis central bankers ’ speeches if the road toward the resolution of the sovereign debt problem in europe is understood as just described, economic activity and financial systems in europe are likely to be unstable for the time being. in addition, while i do not go into detail today, it should be noted that the united states is faced with a similar problem in that it suffers from the legacy of the accumulation of financial and economic imbalances. ii. developments in japan ’ s economy japan ’ s economy after the great earthquake disaster i will next talk about japan ’ s economy. in the wake of the great east japan earthquake on march 11, economic activity plunged. because of the damage to production facilities and a severe power shortage, the nationwide and worldwide supply chains were cut off, and production and exports declined substantially. households ’ and firms ’ sentiment

2015 ), “ the influence of monetary policy on bank profitability ”, october. 3 brunnermeier, m., langfield, s., pagano, m., reis, r., van nieuwerburgh, s. and vayanos, d., “ esbies : safety in tranches ”, esrb working paper series, no 21, september 2016. 5 / 5 bis central bankers'speeches
per cent in june 2021 to 81. 9 per cent in march 2023. the honourable minister of finance here present opted to adopt a prudent fiscal stance. 2 / 3 bis - central bankers'speeches given the growing importance of sustainable finance in recent years, a number of initiatives have been taken by both the public and the private sectors in mauritius. a technical team comprising representatives from the ministry of finance, economic planning and development and the bank of mauritius is currently working on the environmental, social and governance framework. in june 2021, the bank of mauritius published a'guide for the issue of sustainable bonds in mauritius ', that lays down the foundation for the issuance of green, blue, social, climate and sustainability bonds in mauritius. in december 2021, the fsc released its'guidelines for the issue of corporate and green bonds in mauritius ". in january 2022, a non - bank financial institution became the first mauritian company to issue green bonds and plans to raise rs3 billion over next five years. in february 2023, the same organisation announced the creation of a new rs9 billion medium - term note programme. significant strides have been made on the global front. during the 3rd g20 finance ministers and central bank governors meeting held in gujrat, india, just one week ago, finance ministers and central bank chiefs opened talks on debt restructuring deals, multilateral bank reform and finance, to tackle climate change. the aim was to steer the global economy towards strong, sustainable, balanced and inclusive growth. for the group of g20, addressing debt vulnerabilities in lower and middle - income countries, in an effective and comprehensive manner, is a priority. accordingly, it has tasked the international financial architecture working group to develop a g20 note on actions to be taken to enhance financing for sustainable development goals, in line with the g20 sustainable finance roadmap, with due consideration to country specificities. as fixed - income markets recover, a more selective approach to bond buying is likely to favour sustainable bonds. there is already a strong demand from investors and rising expectations for governments and organizations to deliver on their esg commitments. i have no doubt that the discussions over the next couple of days will be enriching, with some key take - aways for each of us. climbing the debt - transparency ladder requires sound legal and debt - management practices. a sustainable world means working together to create prosperity for all. ladies and gentlemen, i wish you all well.

no further stand before the beginning of your bis central bankers ’ speeches sessions and, without much ado, i wish you all successful deliberations and a fruitful meeting. thank you for your kind attention. bis central bankers ’ speeches
helicopter drops ” and accommodating them needn ’ t have any implications for asset prices or for demand. however, there may be times at which this is the more appropriate description. arguably, the significant growth of m4 during the pandemic – and specifically the build - up of money in households ’ bank accounts – counts as one such episode. unable to spend during the lockdowns, but still receiving income ( in part thanks to the government ’ s furlough scheme ) households accumulated significant “ excess deposits ” ( chart 3 ). this was surely involuntary ( hence the word “ excess ” ) and was always likely to support the recovery of consumer spending once lockdowns were lifted. and monetary authorities – including the mpc – treated this issue very much through this somewhat “ monetarist ” lens. there was every reason to expect a strong recovery anyway, whatever the form of that additional wealth. as we emerged from the last lockdown in the spring of 2021 the level of consumer spending was still extremely low and, given the additional impetus provided by the rise in “ w ”, even equation [ 1 ], which makes no distinction between monetary and non - monetary assets, would have predicted a very rapid bounce - back. but we certainly asked ourselves whether that would be all the stronger because of the liquid nature of this extra wealth. asking the question is one thing, answering it accurately another. it ’ s obviously possible that we got that judgement wrong and under - estimated the significance of these extra deposits. however, in my view it ’ s quite hard to argue that this could account for much of the subsequent upside surprise in inflation. first, consumption growth – and that of aggregate demand – turned out to be weaker, not stronger, than the mpc ( and many other forecasters ) had anticipated. it was also weaker than the prediction of a simple, money - driven model. the orange line in chart 4 ( reprinted from the introduction ) plots the forecast values of an empirical “ consumption function ”, estimated on data up to the end of 2019, that looks a bit like equation [ 1 ] but includes an additional term in household deposits ( effectively splitting the “ w ” term into monetary and non - monetary assets ). in principle this would allow for any additional impetus provided by the liquid nature of the extra wealth that households had accumulated during the pandemic. yet the mpc ’ s forecast in the may 2021 monetary policy report was stronger than this model ’ s prediction.

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first half of 2015 has posted a non - annualized upswing growth of 7. 96 % and therefore, global islamic banking assets growth in 2015 is expected to once again sustain its double - digit rate. 7. however, subdue global macroeconomic outlook poses considerable risks to global banking sector performance in general. similar with the performance of islamic banking sector, the global sukuk market also experience a slowdown after reached record years for global sukuk issuances in 2012 and 2013. in 2014 the sukuk market slowed down to just over usd100 billion issuances, and the downward trend continue to 2015 where the issuance slides 43 % to just around usd60 billion. 8. the development of islamic commercial finance in indonesia has similar down trend as the development of global islamic commercial, especially in 2012 - 2015, where the growth of islamic banking reached its lowest of 8. 8 % annually in 2015, compare to 9. 2 % annually of its conventional counterpart. however, by july 2016, the growth of islamic banking has rebounded to reach 12. 0 % y. o. y, while its conventional counterpart still showed down trend to reach 7. 2 % y. o. y. meanwhile, the share of islamic banking has been stagnant at 4. 8 %. 9. nevertheless, islamic banking in indonesia is claimed to be the biggest retail islamic banking in the world with more than 18 million customers and more than 4. 500 branches in 2015. 10. the development of sukuk in indonesia showed a slight down trend for corporate sukuk in 2009 - 2014 and for government sukuk in 20112014. however, the growth of sukuk has rebounded to 39. 4 % in 2015 and 29. 8 % by july 2016 for corporate sukuk, as well as 39. 7 % in 2015 and 36. 28 % by july 2016 for government sukuk. the share of sukuk by july 2016 has reached 3. 8 % for corporate sukuk and 15. 6 % for government sukuk. 11. the islamic social finance sector comprises zakat, awqaf and nonprofit microfinance institutions. although development around islamic social finance sector is not globally well documented, countries data indicates promising potential. research by the islamic research and training institute of idb ( irti - idb ) shed some light for the development of global islamic social finance. 12. it is estimated that the potential zakat collection in

that fitch rating will continue to have faith in the prospect of the indonesia ’ s economy on the ground of careful and comprehensive analysis. in fact, we all need to believe in the ability of our economy to move forward despite challenges and doubts. 31. i am closing my speech today with a relevant quote from franklin d. roosevelt – former us president. “ the only limit to our realization of tomorrow will be our doubts of today. let us move forward with strong and active faith. ” thank you and i wish you a fruitful discussion in the rest of the conference. governor of bank indonesia agus d. w. martowardojo bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches
thomas jordan : strong swiss franc and large current account surplus – a contradiction? introductory remarks by mr thomas jordan, chairman of the governing board of the swiss national bank, at the swiss institute of international studies, zurich, 19 february 2013. * * * the complete speech can be found in german on the swiss national bank ’ s website ( www. snb. ch ) for almost 18 months now, the swiss national bank ( snb ) has been enforcing the minimum exchange rate of chf 1. 20 per euro with the utmost determination. the need for this measure is widely recognised, both domestically and abroad, due to the substantial appreciation of the swiss franc in summer 2011. at the same time, however, there are isolated voices claiming that given the large current account surplus, the swiss franc is too weak, and that the snb should allow the currency to appreciate in order to contribute towards reducing global imbalances. this view is based on a lack of knowledge about the situation in switzerland. specific factors are responsible for the swiss current account surplus. the balance on the trading account, for instance, makes only a modest contribution. the most important elements with regard to the current account surplus are the following : first, investment income from switzerland's substantial net international investment position, second, financial sector earnings from business with customers abroad, which is traditionally of significance for switzerland, and third, earnings from merchanting, which have risen sharply over the past decade. the current account surplus is also statistically overestimated. these three most important elements are dependent on developments abroad, international financial markets, and global demand for commodities. the swiss franc exchange rate, by comparison, does not play a decisive role. there is thus no contradiction between having a strong swiss franc and a large current account surplus. nor is the surplus a suitable measure for assessing switzerland's share in global imbalances. it is much more the case that switzerland and its extensive level of direct investment abroad contributes significantly to balanced global economic growth. snb monetary policy is focused on ensuring price stability. in so doing, it takes due account of economic developments. to fulfil this mandate, the snb must secure appropriate monetary conditions. the current account surplus does not play a role in monetary policy. in an open economy like switzerland, however, sizeable exchange rate fluctuations have a strong impact on production and prices. in the current environment, and with interest rates close to zero, the minimum exchange rate is therefore

the correct monetary policy instrument. the snb will continue to enforce it with the utmost determination. bis central bankers ’ speeches