samchain/econo-pairs-v2 huggingface dataset:
the status quo, to dissect and debate the decisions made, and to emerge with perspectives that will bolster our nation's resilience for the future. the cracks left by the pandemic are indeed where the light enters, illuminating the path to progress. before i end, i wish to express my appreciation to the world bank, especially to all my friends here at the world bank kl office, the organisers, speakers and participants in today's event. together, may the conversations and discussions today, as shams tabrizi said, be our'first step and the rest will come'for a more robust and sustainable future. thank you and let the conversation begin! 3 / 3 bis - central bankers'speeches

fraziali ismail : building malaysia's resilience - lessons from covid19's economic impact and policy responses welcoming remarks by mr fraziali ismail, assistant governor of the central bank of malaysia ( bank negara malaysia ), at the world bank report launch, kuala lumpur, 3 august 2023. * * * ladies and gentlemen, esteemed participants, and distinguished guests, a warm virtual welcome to all. thank you for inviting me to offer some remarks on today's event on " building malaysia's resilience : lessons from covid - 19's economic impact and policy responses ". first off, while joining you all virtually does hark back to the time period we're drawing lessons from, i assure you that it is not intentional. i would much rather be with you in person ; my apologies. this physical distance does remind me of the highs and lows we experienced during the pandemic. it was a time when baking became a global sport. hunting for that gardenia bread became our national treasure hunt and " you're on mute " became the new " hello ". but on a more sombre note, those were also highly trying times for us, when we were scrambling to forecast how the economy was performing, designing policy measures, and figuring out how to communicate. the mood was tinged with despair. we had to keep the economy afloat, while worrying about our family, friends and colleagues. i remember looking for quotes to lift morale and help my team stay positive. one stood out. it was by shams tabrizi, the great mentor of rumi. it reads : " it is pointless trying to know where the way leads. think only of your first step. the rest will come. " truth be told, i never had the chance to use it. the nation was facing a perfect storm of a health crisis, an economic crisis and a political crisis. we were so busy steering our ship through that storm, so busy taking those first steps that i forgot all about the quote until i was asked to speak for this event. and when we emerged on the other side, the rest, as shams tabrizi predicted, had come. our nation survived, battered but far from broken. today, we no longer talk about economic recovery, but the way forward to prepare for the next stage of development, the next crisis, for it will surely come. so swift, steady and sustained has our recovery been that
the italian government now wants to rescue it in some way? how does that work? let me first say that i am unfortunately unable to speak about individual institutions. i have a crystal - clear obligation to secrecy that prohibits me from giving you any details that i of course have about the bank. but perhaps i can explain that in a slightly more abstract way. there are rules that clearly set out what should be done if, say, a stress test, which does not reflect reality, but rather potentially adverse scenarios, reveals a capital shortfall at an institution. and the relevant european guidelines provide for the possibility, subject to fulfilling certain conditions, of obtaining a “ precautionary recap ", i. e. a temporary recapitalisation, for possible future events. clear conditions apply, however, and they must be fulfilled – by each bank. so that should now be done at the bank in question, the one that we don ’ t want to elaborate on now. but is it then correct, that a state, specifically the italian state, should once again come to a bank ’ s rescue – speaking in purely general terms. the law ( and that is a european directive – that is unrelated to italy at present ) allows for such a possibility if there is a threat to financial stability, provided that certain conditions are fulfilled. if, for example, this capital injection is not used to cover existing losses, but rather future potential 1 / 7 bis central bankers'speeches losses, that arise, say, from a stress test scenario. as i said, that has nothing to do with italy... will it though, will it...?.... yes. but that is a european directive that applies to all. there is now talk of establishing a bad bank that would be used to package nonperforming loans. what do you think of that idea – for europe? i am quite open to this idea in principle, although i would of course need to have all the details. does that mean that the banks would then sell their impaired loans to a bad bank at market price or at another price? what impact would it have on possible state aid procedures if the sale were not made at market price? so it is extremely important to know all the details about this idea of a bad bank before actually being able to decide whether it would be a viable possibility that would comply with the rules. ms lautenschlager, here in europe you are endeavouring to keep

always looked at by different supervisors from different perspectives and a decision one way or another must be taken. basically then... it ’ s quite separate from brexit. in principle, doesn ’ t the ecb have, shall we say, no general objections to such a merger? we haven ’ t yet finished our checks. so i can ’ t say what the end result will be. and i ’ m not at liberty either to say anything because it involves individual institutions. i trust you understand. ms lautenschlager, thank you very much for the interview. i thank you very much. 7 / 7 bis central bankers'speeches
zamani abdul ghani : malaysia - an investment destination speech by mr zamani abdul ghani, deputy governor of the central bank of malaysia, at the investorsa€™ conference, kuala lumpur, 22 june 2005. * * * bismillahirrahmanirrahim your excellencies, distinguished guests, ladies and gentlemen, assalamualaikum warahmatullah hiwabarakatuh and good morning, first of all, allow me to welcome all of you to this conference on " malaysia : an investment destination " held in conjunction with the 30th idb board of governors'meeting. we are most heartened that there are representatives here this morning from more than one hundred global financial institutions and from over thirty countries. i would like to welcome all of you to malaysia especially those who are here for the first time. i hope you have had a good rest after a journey from your respective countries because we have a very special program waiting for you. indeed it is a great honour to be given the privilege to host this historic conference. the theme for the conference " malaysia : an investment destination " is a fitting choice as we would highlight to you a wide range of investment opportunities available for you in malaysia. this theme is most appropriate given a fast changing global and regional financial landscape, driven by financial liberalization and consolidation, economic transformation and more discerning and demanding investors. ladies and gentlemen, we will do our best to ensure that this conference will be rewarding and useful for you. over this twoday period, we have lined up a panel of distinguished speakers, including the honourable prime minister of malaysia himself as well as governor of bank negara malaysia. the invited speakers are from various prestigious institutions, domestic and international with unique expertise and experiences. you can be rest assured that the speakers we are bringing to you are renowned in their own field and their views are well sought after by global investors and the financial fraternity. the major highlight of this conference is the keynote address by the honourable dato'seri abdullah bin haji ahmad badawi, the prime minister of malaysia who is also the finance minister. his address will offer invaluable insights into malaysia's policy and strategies to sustain its strong growth performance. the next significant highlight of this conference is a speech by tan sri dato'seri dr. zeti akhtar aziz, the governor of bank negara malaysia, who will touch on investment opportunities in malaysia in an evolving global environment. this

all means savour the sights and sounds of malaysia. on this note, i wish you all a rewarding and productive conference. thank you.
suitable amount of light on the shadow banking system and make it accessible to supervisory coverage, so that we can identify risks as soon as possible in the peripheral areas of the financial system, which are significant in terms of volume.

be other national net settlement systems : snp in france, the madrid clearing house in spain, the finnish pops system, and the lips system in luxembourg. the german eaf ( electronic access frankfurt ) combines the positive elements of gross and net settlement systems. as a hybrid system, it will thus provide - also after the euro has been introduced - what is, in our view, an optimum combination of early finality of payments and liquidity saving, as will chips in new york in the future. the distinction between cross - border and national payment systems will fundamentally become less important. firstly, all systems will process the same currency - the euro - in future. secondly, national systems will become increasingly international in character as a result of the expansion of the group of participants. foreign banks, both from the eu and from third countries, will be able to participate in domestic systems through their branch offices or use the option of remote access without even having a local presence. along with other central banks, the bundesbank has been opening its large - value payment systems for remote access worldwide since the beginning of this year and offers interested banks indirect participation with their own clearing address. there has been a great response to this international stance, especially from outside the eu area. the large number of different payment systems and the various forms of access will inevitably lead to fiercer competition among the systems and thus among financial centres. there are some who regard the coexistence of the various payment systems as problematical on the grounds that it will make liquidity management more difficult. since the transaction currency will no longer be the major factor determining the channel of payment, they fear that the situation in europe will be - to quote from the financial times - “ at best a mess, at worst chaos ” 1. this is a view which i am totally unable to share. financial times, august 3, 1998 : “'what you would have is at best a mess, at worst chaos ', said eric sepkes, … ” on the contrary, i regard competition as fundamentally desirable in this respect, too, since it is likely to lead to payment systems being organised in a more efficient and costeffective manner. this statement also applies without qualification to the systems operated by the central banks ( target and eaf ). that is because, just as the commercial banks operate their systems, such as eba clearing or snp, without gainful intent, the central banks work theirs according to the principle of full cost
brookings institution, washington dc, 6 june 2016. presentation available on the brookings institution website. 8 ecb ( 2016 ), “ euro area bank lending survey ”, third quarter 2016, european central bank, october. 6 / 6 bis central bankers'speeches

. this also means that there should be no room for discretion in the implementation of the surveillance framework. at the same time, requirements on fiscal and other macroeconomic policies should be more ambitious. to ensure that none of the euro area members are left behind, they have to bring national policies in line with membership of a currency union. bis central bankers ’ speeches finally, the implementation of sound fiscal and macroeconomic policies is best ensured if these are solidly anchored at the national level. an effective way of achieving this is to implement strong national budgetary frameworks in the members of the euro area. iii. conclusion let me conclude. the european union and the euro area on one side of the atlantic, the united states on the other side not only share the common heritage of their culture and their nature of advanced economies. they are not only of similar size. our economies are also showing remarkable resemblance in their diversity – among the 50 states on this side of the atlantic and among the 17 euro area members on the other side. this is true for both the euro area and the united states before the crisis and also in their reaction to the asymmetric shocks during the crisis. therefore we have a common challenge. that of governing, in the best fashion possible, very large and similarly diversified economies as regards the economic features of member countries and states. this is naturally done in the us through the federal institutional framework. we europeans need to reform our economic governance framework, as i have briefly outlined here tonight. here, we would do well to heed the words of alexander hamilton, a founding father of america ’ s economic and political union. just as hamilton once called to his fellow americans, we europeans should call on our leaders to “ learn to think ( more ) continentally ”. thank you for your attention. bis central bankers ’ speeches
tonight. i must also add that the weather is very pleasant at this time. 3. now let me turn to today ’ s event. the asia - europe meeting, generally known as asem, is the embodiment of asia - eu collaborative involvement in the endeavour of enhancing growth opportunities in both these regions. the forum of asem provides a platform for useful dialogue at various levels between asia and europe on almost all issues of relevance ranging between finance, education, culture, climate, information technology and governance. the asem conference series which focus on topical issues provide useful inputs into asem dialogues. the asem conferences before, whether on finance or growth or terrorism, have brought in insights into the issues aiding policy making both in europe and asia. 4. the theme of the present conference – “ investment and its financing : what causes private investment to remain relatively low in asia ” is topical and could not have come at a better time. it is particularly very important because of two main reasons. first, as we emerge from the financial storm of the last couple of years, investment has the key role to restore potential output to sustain aggregate demand. second, investment growth in the emerging economies of asia can play a pivotal role in the multi - speed recovery of the global economy characterized by protracted rehabilitation of over - extended balance sheets in the advanced economies. 5. this platform, in my view, should be seen as a great opportunity to the academicians as well as policymakers of both asia and europe not only to learn from each other ’ s experiences but also to develop a vision for the realisation of faster and smoother growth trajectory. after every crisis, market agents, regulators, journalists and academics generally believe and persuade themselves that this time it is different. but it never is. there is a lot to learn from the past experiences of the crisis and the forum like asem conference can be immensely beneficial in sharing them. 6. let me now take this opportunity to discuss briefly about the format of the conference. we will cover the conference theme in five sessions and a panel discussion. we begin with the keynote address by our deputy governor dr. subir gokarn followed by the technical sessions and discussions. 7. the first session will deal with what drives investment in asia. the second session will delve deep into the issues related to investment and productivity growth in asia. the third session will deal with credit growth and financial stability in the asian countries. the fourth and the last session of today will

points since january aims to support growth and to keep inflation close to the 2 per cent target over the medium term. given the many unknowns in the current environment, we will continue to monitor the situation very closely and adjust our outlook in the light of new information.
financial technologies, such as big data, artificial intelligence and blockchain, are expected to play an increasingly important role in supporting green finance. i am happy to see many fintech firms attending this virtual event. the pboc will continue to work with all partners in mobilizing more private funds to support low carbon and sustainable development. thank you. 2 / 2 bis central bankers'speeches

yi gang : supporting low carbon development with green finance video speech by mr yi gang, governor of the people's bank of china, at the singapore fintech festival ( sff ) 2020, 9 december 2020. * * * ladies and gentlemen, dear friends, it is my great pleasure to attend the fintech festival virtually. environmental and climate challenges remain urgent as countries respond to covid - 19. they affect us all, and their consequences will be more lasting and far - reaching. recently, china has announced the aim to reach carbon emission peak by 2030, and achieve carbon neutrality by 2060. this long - term vision reflects china ’ s commitment to green and low carbon development. it also means, to meet this climate objective, china needs to speed up its transition to low - carbon production and consumption. china has made great progress in supporting green finance. in 2016, the pboc, together with other ministries, published the guidelines for establishing a green financial system. guided by this overarching design, we have established our green finance policy framework, and encouraged the development of a wide range of green finance products. as of june 2020, outstanding green lending in china exceeded 11 trillion yuan, ranking first globally, while the stock of green bonds totaled 1. 2 trillion yuan, which is second largest in the world. this has been supported by our work in the following areas. first, we have been improving the policy framework for green finance. the pboc gradually rolled out specific policies on green bonds, green credit and environmental information disclosure. the pboc is in the process of updating the green bonds endorsed project catalogue. the new version is expected to remove projects related to fossil fuel production and consumption, while include more climate - friendly activities. it demonstrates our strong commitment to reducing emissions. moreover, the pboc has strengthened policy incentives, including evaluating banks ’ performance in supporting green finance. second, we have been encouraging innovation in green finance products. green finance products in china became available quite early, and have become increasingly diversified, such as green credit, green bonds, green agricultural insurance, clean energy insurance, and green trusts. third, we have established pilot zones for green finance development. we have launched pilot programs for green finance reforms and innovation within 9 cities in 6 provinces since 2017. in these pilot programs, strong progress has been made in strengthening green finance policy framework, introducing new products and services, and implementing policy incentives. in the meantime, china has been a
out in order to understand how vulnerable the system is to a specific shock and the extent to which the shock will be contagious. the input of research has been invaluable in guiding central banks and the output of the macroprudential research network ( or mars as it was known ) was surely vital in helping central banks get macroprudential regulation up and running. at the same time as research has been progressing, the institutional structure of regulation and supervision has also undergone considerable reform. the european systemic risk board was created in the wake of the global financial crisis following the recommendations of the high level group chaired by jacques de larosiere. the de larosiere report focused on the need to move beyond microprudential supervision and give due attention to ensuring the stability of the financial system as a whole. as part of the process of implementing its recommendations, macroprudential regulation became a central bank core task. the research conducted in fora such as this one provides valuable inputs to this work. we have also seen major changes in the area of microprudential supervision with agreement on 1 / 2 bis central bankers'speeches the goal of european banking union and the creation of the single supervisory mechanism and the single resolution mechanism. the single supervisory mechanism seeks to provide a consistent method of supervising 120 significant european banks. once again research input is crucial to building up that method. to reap the full benefits of these institutional changes, it is important that the banking union be completed by creating a common deposit insurance scheme and setting up a credible common fiscal backstop to the single resolution fund that underlies the single resolution mechanism. perhaps strengthening the financial resources of the esm could provide a way forward in this respect. research clusters were only recently set up by the heads of research in order to encourage interaction and collaboration between escb researchers working on fields of common interest. it is planned that each research cluster will have an annual workshop where papers, selected on the basis of academic quality, will be presented and discussed. the workshops will provide an opportunity for researchers from national central banks and the ecb to get together and discuss advances in their respective fields – something that will have particular benefits for researchers who work in smaller central banks. i trust that you will find the atmosphere at the first workshop of this cluster conducive to encouraging such cooperation in order that policy in this area can move forward. if the global financial crisis has taught us anything it is surely that we, as central bankers,

as much as possible in our future work. 3 / 3 bis - central bankers'speeches