samchain/econo-pairs-v2 huggingface dataset:
, either a micro issue involved a firm or a group of people, or a macro - issue where the system no longer functions the way it should. 2 / 6 bis - central bankers'speeches we now have an opportunity to get the design right for amla so that it is set up in a way that when a shock or risk crystallises that it stands up to scrutiny. in recent years, there has been no shortage of risks and shocks in financial crime meaning getting the set - up of amla right is even more pronounced. in my view, to realise amla's full potential as the fulcrum of an effective and responsive eu aml framework, there are a number of factors that are essential to its success2. first, amla must have a clear mandate and adequate powers that allows it to have an effective risk - based approach to achieve its regulatory outcome secondly, it needs to have strong governance and operational independence to carry out its tasks free of outside pressures from a governance perspective. thirdly, amla has to have sufficient skills and capabilities so that it can identify, manage and mitigate the risks and vulnerabilities in the european system. fourthly, it can build on strong foundations already laid around information sharing, data, technology & innovation risk - based approach in regulatory design, a simple but effective concept has been put forward by malcolm sparrow - " pick important problems and fix them " 3. while this is easier said than done given the common challenges of implementation, it is fundamentally the issue for amla to consider. the important problems faced by amla includes the increased complexity and prevalence of financial crime across the union, the nature and scale of risk and the divergent approaches to mitigate those risks by different supervisors. the establishment of a single central aml authority is seen as a key solution to these problems. amla needs to employ a risk - based approach from the outset, while tackling divergent approaches across jurisdictions. this is a big challenge. we need to ensure that we strive to be holistic but not too homogenous in approach. amla needs to tackle risks across the internal market on a pan - european basis but recognise that financial crime risks differ in different sectors, countries and regions in europe. undoubtedly, commonalities exists between financial crime risks but how they manifest in different markets is not the same. given the scale of the responsibilities and tasks for amla, there is a risk that an overly prescriptive approach to what

the correct monetary policy instrument. the snb will continue to enforce it with the utmost determination. bis central bankers ’ speeches
global demand and hence global rebalancing. euro area countries are currently taking a series of policy measures both to raise their growth potential and to make growth more sustainable. they are achieving greater sustainability by moving towards an economic model based less on external borrowing and more on internal competitiveness. indeed, according to harmonised competitiveness indicators based on unit labour costs have all registered significant improvements since 1999, ireland ( – 19 % since 1999 ), spain ( – 9. 5 % ), greece ( – 9 % ), and portugal ( – 6. 6 % ). the loss of competitiveness accumulated until 2007 has been totally offset since the beginning of the crisis. as a consequence, the eu commission forecast for this year is that all stressed countries will show a surplus on current account with the exception of greece with a deficit of just 1. 1 % of gdp. bis central bankers ’ speeches and euro area countries are increasing their growth - potential by implementing wide - ranging structural reforms. these include product and labour market measures, but also deeper reforms to tax systems, public administration and the judicial system. our monetary policy has been helping this process by improving our transmission mechanism and stabilizing markets. the decision taken last year on the programme of outright monetary transactions ( omt ) has been decisive in this respect. our recent decision to provide forward guidance regarding our main policy rate was also successful in stabilizing financial markets unduly affected be spillovers from the recent fed announcement of future tapering of quantitative easing ( qe ). europe is behind the us in economic recovery and inflation risks which implies that monetary policy has to stay accommodative for a longer period of time. our forward guidance is in line with our policy framework as it does not refer to any date or period of time but is instead totally conditional on developments in inflation prospects, in the economy and in money and credit aggregates – the pillars of out monetary strategy. at the same time, policy measures are underway at the european level that could help expedite this rebalancing process. these include initiatives by the european investment bank to boost lending to smes, and the possible introduction of contractual programmes with financial incentives to underpin structural reform implementation in stressed countries. a proposal by the european commission on the latter is expected before the end of the year. channel two : a stable financial system through banking union the second channel through which euro area developments can have a global impact is the process of building a genuine banking union in

such unmistakable evidence of a loss of international competitiveness before acting. as our experience with the vast eurodollar markets demonstrates, once markets with scale and scope economies are lost, they are very difficult, if not impossible, to recapture.
alert mechanism report finansinspektionen ( 2012 ) : den svenska bolanemarknaden ( the swedish mortgage market ) modestino, a. s., & dennett, j. ( 2012 ) : “ are american homeowners locked into their houses? the impact of housing market conditions on state - to - state migration ”, working paper no. 12 - 1, federal reserve bank of boston bis central bankers ’ speeches

has cost the people of sweden thousands of kronor more per year. the real effects have a high social and economic price one of the more tangible effects of the crisis of the 1990s was its impact on the labour market. having gotten used to a level of unemployment of a few per cent, we then saw unemployment increase to double figures over only a couple of years. overheating at the end of the 1980s and the resulting financial crisis almost doubled long - term unemployment. and, of course, shocks to the national economy of this kind do not spare us citizens in our role as taxpayers either. problems in the banking sector impact the country ’ s citizens in several ways a banking crisis thus impacts individual citizens in several ways. lower or even negative growth leads us, as employees, to run an increased risk of unemployment and to earn lower wages than would otherwise have been the case. when the growth path falls over the longer term, we also have to count on lower pensions. bank crises also risk being costly to us in our role as taxpayers. if the government is forced to compensate those who have put money into a bank, or even take over and capitalise a bank on the ropes, there will be less funding left for other purposes. taxes will be higher or public welfare lower – or both. as almost all citizens are also bank customers, they are also impacted more directly. a crisis in the swedish banking system would lead to higher funding costs for the banks and thus higher lending rates. customers in a bank needing to be restructured may also need to change bank and negotiate conditions under circumstances that would probably not be particularly favourable. all of this risks leading to major difficulties for households. and this is something that we saw all too many examples of at the start of the 1990s. financial crises ultimately threaten fundamentally important social functions an even more serious financial crisis could even threaten fundamentally more important social functions. households are dependent on the banks ’ ability to manage payments so that they can receive wages, purchase food and so on. in turn, our banks are dependent on the financial market as a whole. if a serious crisis should break out – if the payment systems should stop working, if the banks should stop trusting each other or if the banks should cancel payments – there would be problems for a great many of us. as a conjectural experiment, we could ask ourselves how many swedish households would be able to cope with a week or two in which neither charge cards nor atms functioned. thankfully, we haven
the determination and strong 4 / 5 bis central bankers'speeches will of all the travellers on that journey. concerning the future path of monetary integration in africa, my hope is that this conference will become a memorable signpost. thank you very much for your attention. 1 brunnermeier, james and landau 2016 : " the euro and the battle of ideas ". 5 / 5 bis central bankers'speeches

studies, no 09 / 2007. woodford, m. ( 2003 ), interest and prices, foundations of a theory of monetary policy, princeton university press.
non - bank counterparties of gsibs to trade with the bis central bankers ’ speeches gsibs on terms equivalent to those found in the isda resolution stay protocol. this further step is needed in order to limit the potential for arbitrage within the market and to promote greater stability in the event of a necessary resolution. as we move this work forward, we should acknowledge and take stock of the significant advances achieved over the past few years, while at the same time remain focused on our responsibility to address the challenges that remain. thank you for your kind attention. bis central bankers ’ speeches

##sbursed, which is the highest level so far. this supported the profitability of corporates, which has been on a constant rise since 2015. the corporate sector ended 2018 with a net profit of rsd 500 bn, which is by rsd 126 bn or by one third more than the year before. if we look at company size, we will see that profitability was in the positive zone in all categories – from micro to large enterprises. lending activity movements dinar interest rates movements ( p. a., in % ) ( excluding the exchange rate effect, y - o - y rates, in % ) 10. 3 5. 6 3. 6 2. 75 corporates loans - outstanding amounts * households loans - outstanding amounts * 7 years government securities * * key policy rate * * source : nbs, ministry of finance. * as of june 2019 * * as of july 2019 9. 7 15 9. 4 5 8. 9 - 5 - 5 - 10 - 10 - 15 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 - 15 20. 2 total ( lhs ) households ( lhs ) enterprises ( lhs ) investment loans ( rhs ) source : nbs. positive fiscal trends extended into 2018 – serbia recorded a fiscal surplus of around 0. 6 % of gdp. the share of public debt in gdp dropped by 4. 1 pp y - o - y to 53. 8 % in 2018, and went further down to 51. 8 % in may 2019. in the context of financial stability, particularly important is the reduction in the dollar share of public debt in the previous two and a half years, from around one third to around one fifth of total public debt in june this year. also, the country ’ s external position is sustainable. for four years in a row the current account deficit was fully covered by the inflow of foreign direct investment, which in 2018 reached eur 3. 5 bn or 8. 2 % of gdp. full coverage of the current account deficit continues in 2019. we have preserved financial stability. in such an environment, appreciation pressures prevailed in 2018 as well. the dinar strengthened against the euro owing to good macroeconomic indicators, greater interest in long - term investment in serbia and rising exports of goods and services. to prevent excessive short - term volatility of the dinar exchange rate, we intervened in the interbank foreign exchange market on both sides – by buying and selling foreign currency. we bought eur
mario draghi : exchange of views with members of the irish parliament introductory statement by mr mario draghi, president of the european central bank, during his exchange of views with the house of representatives, dublin, 8 november 2018. * * * thank you, chairman. i am happy to be back in dublin and honoured to be invited to speak at the oireachtas. on this occasion, i am joined by my colleague, philip lane, whom you meet regularly in his capacity as governor of the central bank of ireland. while the ecb is accountable to the european parliament, we greatly value our exchanges with national parliaments. in september, some of you already met the chair of the supervisory board, daniele nouy, in frankfurt and discussed the ecb ’ s supervisory policies. in full respect of the functional separation between the ecb ’ s monetary policy and its supervisory tasks, today is an opportunity to discuss our monetary policy and policies to make the euro area economy and its constituent parts more resilient. in this respect, i expect an open exchange from this meeting, which will give us a chance to listen to and better appreciate each other ’ s positions. i am conscious that i am speaking in a country that went through a severe crisis. the irish people made tremendous efforts, for which i have great respect. and these efforts are now paying off. the euro area economic outlook ten years after the start of the global financial crisis, the euro area economy is performing well – and has been for some time. we have now seen 22 consecutive quarters of economic growth, while over 9 million jobs have been created and the unemployment rate has declined to 8. 1 %, its lowest level since november 2008. the irish economy has seen a particularly strong expansion in recent years. ireland is now growing at the fastest pace of any euro area country. unemployment has been falling too, and now stands well below the euro area average. this is all the more impressive given the severe crisis ireland went through and the legacies it is dealing with, including high private debt and arrears. looking ahead, while some sector - specific data and selected survey results have been somewhat weaker than expected, the latest incoming information overall suggests that the broad - based expansion in the euro area, and in ireland, is set to continue. against this background, euro area inflation is expected to continue to converge towards the ecb ’ s objective of below, but close to, 2 % over the medium term. getting to this

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potete dire che qualcosa sia impossibile. ” “ when one is determined as regards the desired goal, one must act without making multiple hypotheses on the risks of failure. as long as you did not try it, you cannot state that the endeavour is impossible ”. it is that very spirit of the founding fathers that tommaso was always referring to. that very spirit of the founding fathers that is inspiring us today when we are drawing the lessons from the crisis. tommaso was not only a man of culture, a brilliant economist, a remarkable central banker, an important member of the italian government, a true and visionary european. he was also an extraordinary and exemplary friend. the depth of his culture and his personal qualities helped him to establish exceptional and friendly relationship with his colleagues. je peux le dire en francais, admirablement, car il parlait francais mieux que les francais, comme jacques delors le sait mieux que personne. merci tommaso, notre ami si cher, notre ami si regrette, pour cette amitie profonde et pour tout ce que tu as fait au service de notre union europeenne. i thank you for your attention. bis central bankers ’ speeches

there is always the likelihood of ups and downs occurring in economic activity in certain regions, there is judged to be only a slight possibility of a double - dip recession or recurrence of the crisis. in this situation the bank of korea will conduct monetary policy appropriately in keeping with our particular economic situation. at the same time it intends to seek the further strengthening of international policy cooperation such as the construction of a global financial safety net in order to bring about coexistence and prosperity while warding off renewed crises. as the chair country of the g20 meeting, now preparing for the seoul summit in november this year, we intend to firmly anchor our vision of “ the korean economy as a model for the world economy ”.
mark carney : jane austen to feature on bank of england banknotes remarks by mr mark carney, governor of the bank of england and chairman of the financial stability board, at jane austen ’ s house museum, chawton, 24 july 2013. * * * good afternoon, and welcome to chawton, home in her final eight years to jane austen and her family. this cottage occupied a special place in jane austen ’ s life, as a return to the countryside brought contentment after an unhappy spell in bath. all six of jane austen ’ s best known novels were published after she moved to chawton, and three of them were written in their entirety here. it therefore gives me great pleasure to be here today to announce that jane austen will be the next character to appear on the bank of england ’ s £10 note, replacing charles darwin. jane austen will become the 17th historical figure to feature on our banknotes. she merits her place in this select group as one of the greatest writers in english literature. her novels have an enduring, timeless and universal appeal – they have never been out of print since first being published, have inspired numerous modern adaptations and are loved by people around the world. austen ’ s combination of sharp wit, engaging narrative, knowing satire and social commentary has ensured her place among the country ’ s favourite authors. i am delighted now to unveil the image for the new jane austen note. it features a portrait adapted in the late 19th century from an original sketch by jane ’ s sister and closest friend cassandra, together with the quote “ i declare after all there is no enjoyment like reading! ” from pride and prejudice. our intention is that the austen note will be introduced within a year of the recently announced churchill £5 note, so that the new note could come into circulation as early as 2017. i am certain she will prove to be a popular choice. this will not, however, be the first time that the austen name has appeared on a banknote. jane ’ s brother henry set himself up as a banker with interests here in hampshire as well as in london. at that time many banks were small and local, and could issue their own banknotes. the british museum in fact holds a £10 note from henry austen ’ s bank in alton, just a couple of miles from here, listing on the note the names of the partners in the bank : austen, gray and vincent. unfortunately, while jane austen wrote in an early work that “ when

’ s house museum, for hosting today ’ s event. elizabeth, over to you. bis central bankers ’ speeches
the commission ’ s proposal and supporting impact assessment. they give a profound base for fruitful discussions on the intriguing topic of structural reform. it deserves a fair debate and parliamentary discussion. i am happy that the negotiations have already started in the council working group and are scheduled to continue throughout the summer. but naturally the pace will pick up only in the autumn, when the new commissioner and commission have been selected and the new parliament starts its work. the proposed regulation would give the authorities powers to implement a structural reform that would prevent depositor protection from becoming an incentive for banks to engage in excessive risk - taking. together with the eu framework for bank recovery and resolution and the single resolution mechanism, the proposed regulation would reduce the pervasive too - big - tofail and too - complex - to - fail problems also among the largest and most trading - intense banks in europe. moreover, i think it is safe to say that the simplification of the large, complex european banks would facilitate the task of the single supervisory mechanism. if consistently implemented, structural reform would improve market discipline and redirect the european banking sector towards better serving the real economy. [ slide 29 – measures are needed to improve market discipline ] we need to take the necessary actions to achieve financial sector stability while ensuring economic sustainable growth and prosperity in the eu. [ slide 30 – on the role of banking ] thank you! bis central bankers ’ speeches

the context of scarce natural resources. in a market economy, economic transformation and reallocation is the business of the financial markets. but what kind of financial markets can support and promote such growth? how can it be regulated in the global context? what kind of international monetary system can provide the infrastructure for it? and what does it require of the central banking community? tomorrow afternoon is dedicated to the issues of finance and economic growth. the keynote speech will be delivered by janet yellen, vice chairman of the federal reserve board. the final panel will include governor stanley fischer from the bank of israel and professors philippe aghion from harvard and martin hellwig from the max planck institute in bonn. bis central bankers ’ speeches i am thrilled by the prospect of learning from this set of the world ’ s foremost minds, gathered here today, and am looking forward to many stimulating and fruitful exchanges. once more, let me extend to you all a very warm welcome. let the conference begin! bis central bankers ’ speeches