samchain/econo-pairs-v2 huggingface dataset:
financial agreements and commitments. it is from this perspective that research has the potential to advance the current conversation on global solutions. as we re - evaluate our path of policymaking, there must be heightened focus on evidence - based research and greater room for experience - based policymaking. in line with the spirit of sasana, our meeting point today for the learned and the wise, i look forward to the exchange of ideas at this conference. in this regard, i would like to humbly offer some thoughts on three areas where the gains from globalisation can be safely acquired, more equitably dispersed, and impose the least cost to society. firstly, we must make financial globalisation safer and its benefits distributed more equitably. the global financial crisis, and the asian financial crisis, clearly demonstrated the risks and the damage that could be wrought by financial globalisation. it amplified the costs of policy and regulatory lapses and failures in crisis prevention and management. it is interesting to observe that despite consequences primarily associated with financial globalisation, trade has received the brunt of the blame. let me illustrate – in the wake of the gfc, between november 2008 to december 2009, 390 trade protectionist measures were announced or implemented by 19 of the g20 members. ironically, financial globalisation channels were not addressed as quickly. it is surprising how policymakers, particularly in the advanced economies, have yet to arrive at a consensus in recognising the harmful effects of free capital mobility that is disconnected with the real economic activity. this is an issue that many remain divided on until today. while we have instituted policy reforms to better manage our financial systems and institutions, more can be done. we need effective frameworks to ensure financial globalisation contributes to risk diversification, consumption smoothing and efficient intermediation of productive capital across international borders. the global community should decisively address the risks posed by large and volatile short - term capital flows. not enough is being done at the global level to manage the negative spill - overs to recipient countries. here, the imf can play its role as the trusted policy advisor. the fund can do more to ensure that global financial aspirations consider diverse circumstances and national objectives. efforts to encourage a more inclusive process in setting global financial standards and initiatives are positive steps in the right direction. perhaps the most important development of late is the unravelling of a ‘ one - size - fits - all ’ approach to managing international financial flows. again and again, previous experiences

in malaysia, as well as globally. on this note, ladies and gentlemen, i have great pleasure in declaring open the payment systems forum and exhibition 2005. thank you.
denis beau : competitiveness of the european financial sector in the digital context introductory remarks by mr denis beau, first deputy governor of the bank of france, at the fourteenth annual european financial services round table " financial services in europe – fit for the future ", frankfurt am main, 22 march 2024. * * * ladies and gentlemen, i would like to structure my initial remarks around 3 points : i. the role of regulation with respect to the competitiveness of the european financial sector in the digital age. ii. my perspective as supervisor on the ability of the traditional core players to navigate successfully the digital transformation underway. iii. the contribution supervision may bring. i. on the role of regulation, 1. let me start with stating certainly the obvious : the relationship between regulation, innovation, and competitiveness is not straightforward ; it's complex and multifaceted. innovation, while a crucial driver of competitiveness, is not its sole determinant. similarly, regulation certainly influences innovation but through many different channels and its impact can be two - sided. and let's remember that without customer demand, there is no innovation. 2. but regulation can contribute to create a nurturing environment for innovation and competition. this seems clear when looking at the financial sector. initiatives like the payment services directives – 1, 2 and soon 3 are for me a good case in point. and the forthcoming regulations on crypto - assets ( mica ) and open finance ( fida ) could also bring such benefits by providing a regulatory framework that creates confidence and stability both for market players, old and new, and for consumers. this is essential to ensure sustainable benefits for the effectiveness and efficiency of the financial sector and thus a tool for competitiveness. and it is important that the regulatory framework is well kept in tune with transformations underway or the need to create what francois villeroy has called in a recent speech a " genuine financing union for transition ". for instance, while mica represents a fundamental regulatory advance, it will need to be complemented in the coming years to cover the emerging defi ecosystem. 3. however, innovation and competitiveness are obviously not the be - all and end - all of any regulation. goals such as consumer protection, aml - cft, financial stability, sovereignty, are just as legitimate. and that should certainly be the case for services like financial ones where information technology facilitates the exploitation of huge economies of scale and network effects. there is therefore a great risk that these markets

citizens can have access to central bank money, also in the digital world. let me conclude in saying that tokenization can be a blessing or a curse for the functioning of the financial system. it is my belief that we can collectively make the best of it if we ensure its expansion within a framework of confidence in which good regulation has an important role to play. 3 / 3 bis - central bankers'speeches
the branch network will be reorganized on a regional basis in forms that are more appropriate for the present day and without abandoning the bank ’ s nationwide presence. reducing the tasks of selfadministration and increasing those with greater technical content will give branch staff new opportunities for learning and professional growth. wide - ranging discussions with the trade unions on the organizational changes have been under way for several months. i hope that broad consensus will be reached before long on action to strengthen the bank ’ s role and prestige and an agreement concluded on the necessary measures to assist the workers involved. the bank ’ s expanding international commitments, the reform of its governance and the new operational initiatives have posed important challenges. the staff have faced them with their customary professionalism and dedication, born of a tradition that has cultivated the spirit of public service, a sense of identification with the institution and merit - based selection in recruitment and promotions. i wish to express my gratitude to all the members of staff. the principles of community law, primary legislation and the provisions of the bank ’ s statute protect the absolute autonomy of the bank in the performance of its institutional functions from possible influence by its shareholders. however, the criteria for share ownership appear obsolete and do not ensure a sufficiently broad distribution of shares. the new bill on the reform of the regulatory authorities goes in the right direction, being based on the principles of the independence of the bank and of a balanced distribution of its share capital. credibility and independence are essential to the performance of our duties. the autonomy of the central bank, though protected by law, can be fragile unless it is supported not only by authoritative analysis but also by consequent action. the world economy, finance and monetary policy the world economy grew by 5. 4 per cent in 2006, the highest rate for more than thirty years. the slowdown in the united states was off set by continued strong expansion in china and the other emerging countries and by the recovery taking place in the euro area and japan. world trade continued to expand at a rate of over 7 per cent. economic integration has been an important driving force of the uninterrupted growth of recent years. it is threatened by the resurgence of protectionist tendencies ; the signs are visible, most notably in the stalled negotiations on the doha round of liberalization measures. the persistent increase in current payments imbalances continues to pose a risk. the current account deficit of the united states reached 6. 5 per cent of gross domestic product in 2006, the highest ratio ever

, we can share lessons learned, best practices, and innovative methodologies to advance the development of business surveys and ensure that they remain a valuable part of our economic toolkits. designed by the printing and publishing division of the bank of italy
mark carney : statement on the july monetary policy report opening statement by mr mark carney, governor of the bank of canada, at a press conference following the release of the monetary policy report, ottawa, 23 july 2009. * * * good morning. senior deputy governor paul jenkins and i are pleased to be here with you today to discuss the july monetary policy report, which we published this morning. • global economic activity appears to be nearing its trough, and there are increasing signs that activity has begun to expand in many countries in response to monetary and fiscal policy stimulus and measures to stabilize the global financial system. • however, this recovery is nascent. to sustain global growth, effective and resolute policy implementation remains critical. • the bank has long expected that economic growth in canada would resume in the second half of this year and pick up in 2010. indeed, growth in canada should resume this quarter. the dynamics of the recovery projected in today's mpr are broadly consistent with the bank's medium - term outlook in april. • stimulative monetary and fiscal policies, improved financial conditions, firmer commodity prices, and a rebound in business and consumer confidence are spurring domestic demand growth. • however, the higher canadian dollar, as well as ongoing restructuring in key industrial sectors, is significantly moderating the pace of overall growth. • some of the early strength in domestic demand represents a bringing forward of household expenditures, which modestly alters the profile of growth over the projection period relative to the april mpr. we now expect the canadian economy will contract by 2. 3 per cent this year and then grow by 3. 0 per cent in 2010 and 3. 5 per cent in 2011. • total cpi inflation declined to - 0. 3 per cent in june and should trough in the third quarter of this year. while core inflation held up at 1. 9 per cent in the second quarter of this year, the bank still expects core inflation to diminish in the second half of this year. • the bank expects both total and core inflation to return to the 2 per cent target in the second quarter of 2011 as aggregate supply and demand return to balance. • a stronger and more volatile canadian dollar represents an important downside risk to output and inflation. • on tuesday, the bank reaffirmed its conditional commitment to maintain its target for the overnight rate at the effective lower bound of 1 / 4 per cent until the end of june 2010 in order to achieve the inflation

target. • the bank retains considerable flexibility in the conduct of monetary policy at low interest rates, consistent with the framework outlined in the april mpr. with that, paul and i would be pleased to take your questions.
fulfil pope francis ’ vision that the poor find the way to be poor no longer. thank you.

. by providing tailored financing solutions, green funds, and risk mitigation tools, the banking sector can indeed drive the transition to a low carbon economy. we also recognise that the future of our banking industry depends on our people. through the efforts of cab, our bankers receive regular training and have the ability to pursue international designations. this is crucial, as investing in the next generation of 5 / 6 bis - central bankers'speeches banking professionals and fostering leadership that can navigate our rapidly changing world, will be key to our continued success ; especially as it relates to our ability to compete with other jurisdictions and comply with international standards. concluding remarks in closing, it is encouraging to note that as we look to the future with optimism, we are confident that through the tireless efforts of cab, the caribbean banking sector is wellpositioned to tackle the challenges ahead while embracing new opportunities. this conference therefore provides the forum whereby cab and its members can reaffirm their commitment to collaboration, innovation, and leadership, as our banking landscape continues to evolve. let us therefore move forward together with unity and a shared vision for a resilient, inclusive, and secure caribbean banking sector, one that will serve as a foundation for prosperity in our region for decades to come. i thank you. 6 / 6 bis - central bankers'speeches
decade ; it has become one of the most dynamic sectors of our economy. but i also want you to think about how the industry needs to evolve in the years ahead so that it can best meet the needs of its customers and the ugandan economy. thank you for listening. bis central bankers ’ speeches

upon the foreign exchange rate system in east asia. for companies vigorously engaged in business in east asia, the stability of east asian currencies is a prerequisite for expansion. as i have often stated elsewhere, foreign exchange rates should be determined in a stable manner reflecting economic fundamentals. in an open economy, we cannot simultaneously achieve a fixed foreign exchange rate, free capital flows, and independent monetary policy. for example, many industrialized countries, including japan, enjoy free capital flows and independent monetary policy at the expense of having floating foreign exchange rates. on the other hand, china seeks a de facto fixed foreign exchange rate and independent monetary policy at the expense of regulated capital flows. although china is gradually easing regulations on capital outflows, the deregulation of capital flows may cause instability if unaccompanied by reform of the domestic banking system, as the experience of the asian currency crisis shows clearly. one orthodox way to achieve sustainable economic growth is to gradually remove capital controls and make the foreign exchange rate system more flexible in tandem with reform of the domestic banking system and strengthening of the financial system. v. role of the bank of japan finally, let me discuss the role of the bank of japan in the context of deeper interdependence between japan and the rest of east asia. in brief, what the bank can do is to provide japanese companies with a stable financial and economic environment to support their innovative business activities under globalization. let me elaborate. first, needless to say, the sound development of the japanese economy is one of the most important prerequisites for stable economic growth in east asia. to this end, the bank is working to overcome deflation and put the economy back onto a sustainable growth path by maintaining the current quantitative easing policy. second, the bank is strengthening regional financial cooperation with central banks in the rest of east asia. such a direction has gained further momentum since the asian currency crisis of 1997 - 98. in the wider context of ensuring the stability of the international financial system, the importance of establishing a collective and regional financial support system has been widely recognized among east asian economies. in this regard, japan has already entered into currency swap agreements, in the form of liquidity support, with korea, thailand, the philippines, malaysia, china, and indonesia. discussion on developing bond markets in east asia is underway in various international forums. the bank has taken an initiative in such discussions in close cooperation with the japanese government. recent examples include the bank
having severe economic consequences. but they can ease the situation for firms and households. they can also prevent unemployment from becoming entrenched at a high level. thank you for your attention. 4 / 4 bis central bankers'speeches

the outlook for the norwegian economy changed markedly in the course of a few weeks. uncertainty about the economic outlook is unusually high. we have assumed that the containment measures will be gradually scaled back and that activity in the norwegian economy picks up ahead. but it will nonetheless take time for activity to return to its pre - pandemic level. chart : unemployment is expected to decline unemployment has risen to a very high level. many of those now out of work have been furloughed temporarily. as containment measures are scaled back, many of these employees are likely to return to their jobs. nevertheless, there is reason to expect that a number of businesses will have to close, with furloughed employees made redundant. our assessment is therefore that it will take time for unemployment to fall back. chart : prospects for low wage growth high unemployment affects the prospects for wage growth. unemployment is at a historically high level, profitability has declined substantially in much of the business sector and oil prices have fallen. combined, these developments point towards low wage growth in the coming years. we now expect wage growth to be below 2 percent in 2020 and even slightly lower in 2021. chart : temporarily higher inflation the sharp krone depreciation will likely lead to a temporary pronounced rise in inflation. higher energy prices and increased costs owing to the coronavirus outbreak may also push up inflation ahead. on the other hand, we believe that high unemployment and low wage growth will restrain inflation in the somewhat longer term. inflation is therefore likely to rise in the year ahead, moderating thereafter. let me conclude. the norwegian economy is in a historically deep downturn. there is substantial uncertainty. the situation is most serious for those who become more permanently unemployed. many firms will not recover. at the same time, it should be emphasised that the norwegian economy is well equipped to meet the challenges facing us. we have a business sector that has already proved its adaptability. new firms will emerge, and existing firms will adapt. we also have room for manoeuvre in economic policy. 3 / 4 bis central bankers'speeches in recent weeks, the authorities have implemented powerful fiscal policy measures. at the same time, the policy rate has been reduced to zero percent. we also have strong banks that can withstand losses and that have the capacity to provide credit. we note that banks have now followed up our policy rate cuts and are offering households and firms record - low lending rates. the measures implemented cannot prevent the pandemic from
000 denominations with enhanced security features to extend the life of our ageing family of banknotes. these features have the advantage of facilitating authenticity verification by consumers and cash - handlers, thus enhancing protection against counterfeiting. the upgraded banknotes are legal tender concurrently with other notes of existing family of banknotes. ( more on this issue ) launching of third platinum coin during this year we launched the third platinum coin of the “ father of the nation ” series, thus completing the collection, designed to pay homage to sir seewoosagur ramgoolam who left his indelible imprint on the destiny of our country. the obverse of the third coin displays le morne brabant, a rocky outcrop on the south - west coast of the island which served as a shelter for marooned slaves during the slavery period and which is inscribed on the world heritage list of unesco since july 2008. we expect to issue a special collectors ’ edition of all three coins in 2012. central bank statistics a regular and timely flow of quality data is an essential characteristic of a modern economy. the bank shoulders part of this obligation on behalf of the nation, and has specific responsibility for data relating to money, finance, and the balance of payments. the bank is strongly committed to improve the quality of its data and to ensure that they meet international standards. a recent imf technical assistance mission to the bank validated the quality of our surveys of global business corporations with a category 1 licence and confirmed that we now qualified to join the top league of nations that subscribe to the special data dissemination standards – a project that i espoused since my early days at the bank as i was alarmed by the rising errors & omissions component of our balance of payments. we were among the few central banks worldwide to participate in the bis central bankers ’ speeches very first coordinated direct investment survey initiative launched by the imf in 2010. we have also initiated the process of compiling balance of payments ( bop ) statistics in accordance with the sixth edition of the imf ’ s bop manual – an exercise that we expect to complete by 2014. ( more on this issue ) financial stability developments the year witnessed growing international recognition of the stellar role played by the bank in our very small jurisdiction in addressing financial system vulnerabilities and financial stability issues against a background of strong regulation and supervision. we started the year by being invited – the second in sub - saharan africa after south africa – to join the financial soundness indicators reference group

and staff of the mauritius civil service mutual aid association ltd. thank you for your attention. 2 / 2 bis central bankers'speeches