samchain/econo-pairs-v2 huggingface dataset:
you manage the euro transition smoothly and without any problems and that euro brings a positive change into in your lives.

two main building blocks. first, a balance sheet assessment, which is a point - in - time evaluation of the asset side of banks ’ balance sheets. second, a forward - looking assessment of individual banks ’ capital positions and provisioning levels in the form of a stress test. this stress test, and future stress tests undertaken as part of the ssm ’ s regular supervisory functions, will be conducted in close cooperation with the eba, in particular regarding the design and timing of the exercises. european systemic risk board as regards interactions with the european systemic risk board ( esrb ), the activities of the ssm will have a clear systemic dimension and so cooperation between the ssm and esrb will be essential. in particular, while macro - prudential powers will rest also with national authorities, the ecb will be able to use macro - prudential instruments, either at the request of national authorities or by deciding to adopt stricter measures than the ones adopted at national level. this implies an increased coordination function in the macro - prudential areas for countries within the ssm that will naturally create some overlap with the macro - prudential role of the esrb for the wider eu. however, i expect the macro - prudential functions of both institutions to be complementary. the esrb will play its role in adopting recommendations to help coordinating macroprudential decisions as provided for in eu regulation ( namely crr ), in particular with the countries that do not join the ssm. in addition, while the ssm will exclusively focus on banking systems, the esrb has an additional macro - prudential function regarding the nonbank parts of the financial sector, and as such will be well placed to address cross - sectoral issues. interplay with the other esas finally, let me be very brief regarding the ssm ’ s interaction with esma and eiopa. although the supervision of markets and the insurance sector will remain with the national authorities, bis central bankers ’ speeches esma and eiopa will play important roles in the coordination of information sharing between the ssm and the national authorities. in particular, cooperation with eiopa on the bank - led conglomerates will have to be very close given that the ssm is expected to take over their supplementary supervision. memoranda of understanding regulating these interactions will be prepared in the coming months. conclusion to conclude, it is unavoidable that the existence of the ssm will alter the functioning
marzunisham omar : supporting the robust growth of islamic finance in malaysia welcoming remarks by mr marzunisham omar, assistant governor of the central bank of malaysia ( bank negara malaysia ), at malaysia country showcase - ifsb summit 2017, kuala lumpur, 22 october 2017. * * * welcome to malaysia country showcase. i would like to express my sincere appreciation to all of you for being here today. i hope that today ’ s showcase will enhance your understanding of the critical role that professional ancillary services and talent development institutions play in supporting the robust growth of islamic finance in malaysia. indeed, these professional services, which include shariah consultancy, legal, accounting and talent development, are an integral part that make up malaysia ’ s vibrant islamic finance system. with islamic finance fast gaining a strong foothold in many countries, malaysia hopes to be able to contribute to this dynamic phase of islamic finance development by providing an array of reliable, high quality professional services ; one that is backed by decades of experience. today, malaysia has a competitive islamic finance that forms part of the mainstream financial system. islamic banking assets now account for 28 % of malaysia ’ s total banking assets, while more than half of our bond market comprises sukuk. we have a diverse range of islamic financial institutions, both domestic and foreign, which provide competitive, innovative products to meet the varied and unique needs of individuals and businesses. what we have today was not built overnight. the islamic finance journey in malaysia has been long and its beginnings were humble. it is the product of three decades ’ work in building strong foundations for the sector to thrive and grow. in reflecting on our journey of developing a vibrant islamic financial system, imperatives in three areas stand out – infrastructure ; players ; and talent. allow me to briefly elaborate on these three areas. first, infrastructure. similar to developing a conventional financial system, having a robust regulatory and supervisory regime is critical for the development of a strong, resilient and inclusive islamic financial system. what is unique about islamic finance is the need for a clear shariah governance framework to ensure shariah compliance. in malaysia, the islamic financial services act 2013 sets out a regulatory framework for end - to - end shariah compliance. bank negara malaysia is vested with comprehensive legal powers under this act to regulate and supervise the islamic financial system. complementary to this is the role of the shariah advisory council in ensuring greater certainty in shariah. while our sharia

berhad ”. saya dengan sukacitanya merasmikan pelancaran terima kasih.
bank of japan ’ s august report of recent economic and financial developments bank of japan communication, xx / 8 / 98. the bank ’ s view1 japan ’ s economic conditions continue to deteriorate. with respect to final demand, public investment seems to have bottomed out. net exports have resumed to increase mainly due to a decline in imports. however, business fixed investment has been decreasing significantly, and housing investment has weakened further. private consumption has not yet shown a resumption. against this background of weak final demand, substantial production cutbacks continue. as a result, inventories have decreased somewhat, but the level is still high. with the decline in expenditure and production, corporate profits continue to decrease, and employee income remains below the previous year ’ s level. in addition, the ratio of job offers to applications has dropped to a historically low level, and the unemployment rate has increased further. as a whole, employment and income conditions have worsened. although the above indicates a continued negative interactions of production, income, and expenditure, a further deterioration in the economy is expected to cease gradually from the effects of the comprehensive economic stimulus package including additional public works and the special income tax reduction. given the current considerably low level of economic activities, however, the positive influence of the package on private demand will likely be limited, and the economy ’ s immediate transition to a self - sustained recovery is hardly expected. in these circumstances, the relevant bills have been submitted to the diet to rebuild the stability of the financial system. moreover, the new administration is planning to launch new economic stimulus measures, including additional public investment in the supplementary budget for fiscal 1998 and the reduction in personal income taxes and corporate taxes. the materialization of these policies along with their effects on corporate and household sentiment should be carefully monitored. with regard to prices, wholesale prices are on a downtrend, and consumer prices ( excluding the effects of institutional changes2 ) remain below the previous year ’ s level. with respect to the factors affecting the outlook, the downward pressure on domestic prices induced by the decline in import prices is weakening. in addition, the expansion in the output gap in the economy is expected to slow in line with the implementation of the comprehensive economic stimulus package. nevertheless, reflecting the present large output gap, the downward pressure from domestic factors is unlikely to weaken considerably, and hence, prices are likely to be weak for some time. as for financial markets, yields on long - term government bonds and stock prices rose toward mid

papers on economic activity, vol. 2, pp. 1 - 40. stock, james, and mark watson ( 2007 ). " why has u. s. inflation become harder to forecast? " journal of money, credit, and banking, vol. 39 ( february ), pp. 3 - 34.
not of a monetary nature. at the member state level, fiscal consolidation policies and structural reforms were needed and are being implemented to better accommodate domestic behaviour to the patterns of stability required within a monetary union. as for euro area governance, a deep process of reform has been undertaken. the stability and growth pact has been strengthened to preserve fiscal stability ; and a new procedure – the macroeconomic imbalance procedure – has been established to prevent the accumulation of other non - fiscal imbalances. also, the european stability mechanism and the banking union process have filled in two serious gaps. now, to conclude, i shall try and respond to the questions to this panel about germany ’ s role in the european debt crisis and whether germany is a reluctant hegemon. indeed, germany has played a key role in the response by the european monetary union to its financial and fiscal crisis and to the dangers this crisis has entailed for the union and the euro. in early 2012, many analysts and politicians considered it very possible that certain bis central bankers ’ speeches countries might exit the monetary union, thereby triggering an extremely serious crisis. many believed the european monetary union was running an almost terminal risk, at least in its formulation under the maastricht treaty. to germany, then. its economy and its government have been fundamental in facing and overcoming these risks. without a german political stance in defence of the monetary union and the euro, the single currency would surely not have survived. obviously, germany has not acted alone, but as the euro area ’ s leading economy, its role has been crucial. i do not believe germany may be said to have exercised this role reluctantly. in germany, as in other euro are countries, there were and are forces in disagreement with the monetary union, analysts and economic agents who considered the break - up of the euro as likely. but what counts is what the german government ’ s position was and its support, at key moments, to save the monetary union and the euro, its support to the programmes for stressed countries and the banking union process. rather, we can say that the new hegemon is the culture of monetary and fiscal stability that has gained in strength over the course of the crisis. the strengthening of the institutions and of the rules to ensure fiscal stability is essential for maintaining the stability of the monetary union and of the euro. this is because, as we all know, the source of the monetary union crisis lay basically in certain countries ’ fiscal performance, even more so than

in the banking crisis which has also affected – to differing degrees of intensity – virtually all the euro area members. bis central bankers ’ speeches
are typically quite set in their payment habits. furthermore, like all networks, there are positive externalities the more participants there are. that is, as more financial institutions offer fast payments and the reach of the system grows, it provides greater value to both individuals and businesses. if none of my family and friends can receive payments through the npp i am less likely to sign up for an alias and use it. but the more people i can pay using the system ( and the more people i can receive money from ) the higher value i get from the system. 4 / 6 bis central bankers'speeches third, as noted earlier, the system has been set up to encourage the development of commercial ‘ overlays ’ using the real - time payment capability to deliver value - added services to consumers and businesses. aside from the additional osko services in prospect, possible overlays might include services for superannuation, e - invoicing and motor vehicle sales. i am sure there are many innovative minds turning to the possibilities. this brings me to an issue that has caused some concern among potential new players in this space – access to the npp. they observe that the system has been built by the financial institutions and is governed by a board made up of those institutions, including the four major banks. they worry that these institutions will either make participation very difficult or costly or, alternatively, will have the inside running on developing and launching commercial overlay services. i think there are a few reasons to be optimistic that access will not be an issue. to begin with, as i noted earlier, the npp is a utility. it is aiming to cover costs, not make a profit. further, given that many of its costs are fixed, it is in the interests of npp australia ( nppa ) to get as many payments through the system as possible to lower the per - transaction cost. the structure of the board and the constitution also provide some protection. the board is comprised of eight participant financial institutions ( the four major banks plus four elected representatives of smaller institutions ), two independent non - executive directors ( of which one is chair ) plus a director representing the reserve bank. each director has one vote and the constitution notes that an objective of nppa is to promote the public interest, including through fair access. but it is also worth noting that the npp at its core is an infrastructure that facilitates clearing of payment messages between financial institutions and settlement of those obligations across accounts at the reserve bank

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the outlook, and in fact, a weighty downside. with regard to other macroeconomic and financial conditions, however, 2022 and 2013 are studies in contrast. aes are struggling with inflation at multi - decadal / record highs this year. in several emes too, inflation is way above targets, prompting them to be first movers in raising policy rates, with aes following this time around. in terms of financial conditions, it is sobering to keep in mind that the us taper involved winding down a us $ 85 billion monthly purchase programme in a span of ten months in 2014. in contrast, a us $ 120 billion monthly purchase programme is being wound up in four months by march 2022. before the commencement of the 2014 taper, the fed had expanded its balance sheet by around us $ 3. 1 trillion over a period of 64 months. in response to the pandemic, the fed ’ s balance sheet has expanded by us $ 3. 1 trillion in nine months from march to november 2020. it expanded another us $ 1. 3 trillion in the ensuing eleven months up to october 2021 and continued to grow till early march. 2 / 7 bis central bankers'speeches then, there is an elephant in the room in 2022, which is making the biggest inter - temporal difference. financial markets reacted to the first missiles and air strikes on february 25 with a bloodbath across the world. equity and currency markets tanked, and stampedes to safety lifted the prices of us treasuries, gold and the us dollar as also some safe house currencies like the yen. these are externalities or spillovers which have been seen before, however. in fact, equity markets recovered towards the close of trading on the same day and through the next, although they sank again when fresh sanctions, including sw ift exclusion, were announced on february 27. there are some spillovers which we have not seen before. commodity prices have been surging in a synchronized manner. energy prices, in particular, are shattering what were widely regarded as glass ceilings. international crude prices crossed us $ 100 for the first time since 2014. with new rounds of sanctions, us $ 125 – 150 levels could be tested. natural gas futures surged 50 – 70 per cent in europe. benchmark prices of nickel, copper, aluminium and palladium are at their highest levels in a decade. wheat and corn futures are at multi - year highs. the world is also

could enjoy greater policy space than countries with open capital account and flexible exchange rate ), ( c ) spillover management that may involve some sacrifice of domestic policy goals could be feasible only when every country pursues spillover - sensitive national policies, and the global governance structure would need to ensure that, using a mix of both persuasion and multilateral enforcement, and most importantly ( d ) global safety nets should be strong enough with easier access norms to encourage countries to voluntarily adopt the multilateral norms. bis central bankers ’ speeches
##s is suspended tonight. dinner will be served and i prophesy it will be good, and taste good too. thank you! edmund burke, reflections on the revolution in france. isaac asimov, ( 1994 ) a memoir, published posthumously by new york, doubleday. bis central bankers ’ speeches

five years, households in relative poverty, defined as half the median household income per adult equivalent, increased from just below 8 % of the total in 2006 / 07 to 9. 4 % in 2012. the distribution of income by quintile paints an even starker picture : the bottom 20 % of households witnessed a fall in their share of total income of a full percentage point, from 6. 4 % in 2001 / 2 to 5. 4 % in 2012 ; this went hand - in - hand with a rise of more than three percentage points ( 3. 4 % ) in the share of the topmost 20 %, bringing it to 47. 4 %, not far from half the total income. put differently, in still starker terms, between 2001 / 2 and 2012, the richest 20 % of mauritian households enjoyed an eight per cent oxfam ( 2014 ), still the lucky country? the growing gap between rich and poor is a gaping hole in the g20 agenda : https : / / www. oxfam. org. au / wp - content / uploads / 2014 / 06 / 2014 – 66 - g20 - report _ fa _ web - 2. pdf. christine lagarde ( 2014 ), challenges of job - rich inclusive growth, http : / / www. imf. org / external / np / speeches / 2014 / 100814. htm. thomas piketty ( 2014 ), capital in the twenty first century, translated by arthur goldhammer, harvard university press, http : / / piketty. pse. ens. fr / en /. forbes list : http : / / www. forbes. com / sites / luisakroll / 2014 / 03 / 03 / inside - the - 2014 - forbes - billionaires - list - facts - andfigures /. bis central bankers ’ speeches increase in their incomes while the poorest 20 % suffered a steep decline of twice as much. and, again, the same question arises : is this our idea of a just society? 18. there is much talk of faster economic growth paving the way to a higher - income status for the country. there has been learned, if often uninformed, debate about giving a monetary stimulus to push growth from its current 3. 5 % to the 5 % of pre - crisis years. there has been much less concern over the quality of growth. this is dangerous. in a small country, with a heritage
m r pridiyathorn devakula : consumer finance opening address by mr m r pridiyathorn devakula, governor of the bank of thailand, at the “ fitch rating ’ s annual conference 2004 an consumer finance ”, bangkok, 16 september 2004. * * * distinguished guests, ladies and gentleman i would like to welcome all of you to this highly relevant conference an consumer finance and securitization appropriately organized by fitch ratings thailand. i would also like to show my appreciation to fitch for inviting me to give today ’ s opening remarks. ladies and gentleman although consumer finance has long been a staple of banking in the west and developed economies, it is still a relatively new and open frontier for thailand. as i thought of my opening remarks, i am reminded of two stories that can capture the reality and the impact of this new world in the context of thailand ’ s dual economy. it is not all from my memory since as you may agree i am still too young for historical anecdotes. as a university student some 30 ycars ago, i met two fellow classmates that came from completely opposite family backgrounds. the first came from a well - off family that supplied him with cars, expensive clothes and a lot of disposable income. tbe second one was from a poor family and had just enough money for food and public transportation. the wealthy friend did not graduate from college and was later sent to the us to finish his bachelor ’ s degree, while the second successfully earned his bachelor ’ s degree and won a scholarship for graduate school also in the us. neither man changed his ways while living abroad. the first continued his unencumbered spending spree with cars, expensive apartment, and credit cards. the second, more studious and frugal of the two, worked long and hard and was able to bring home his masters degree on time. his hard work ethic stuck with him as he got older, and today he is one of thailand ’ s successful business entrepreneurs. the other person however, left the states without any degrees but with a trail of unpaid credit card bills for his parents to repay. he started working in bangkok but could not stay in any place for long. he started his own small business which loss money and ultimately failed. unable to change his spending habits, he had to sell his assets and house in order to make good on his debts. to this day, he has no stable income, and must rely on the kindness of

will work together towards preserving thailand ’ s existing savings culture, in order to keep it an integral part of thailand ’ s economic development for tomorrow and beyond. thank you.