samchain/econo-pairs-v2 huggingface dataset:
and investment plans presented by member states. that said, we will not be able to rely on ngeu alone to reorient our economy towards the future. it has a capacity of €750 billion until 2026, but achieving the green transition will moreover require additional investments of €520 billion per year by 2030. 5 catching up with leading digital competitors – the united states and china – will require an additional €125 billion per year. 6 if we are to close this gap, we also need to find ways of unlocking the large pool of private investment in europe and across the world. for that, we need a robust, integrated and diversified eu financial sector. this is one key reason why, in addition to completing the banking union, we need to further deepen europe ’ s capital markets. last year, i called for us to focus in particular on completing a “ green capital markets union ”. 7 this is because equity investors are more suitable to finance riskier and more innovative projects, which are key to the digital and green transition. we also have a first - mover advantage in green finance, with 60 % of global green bond issuance taking place in the eu. so how can we move forward? at european level, the legislative proposals recently published by the european commission under the capital markets union action plan provide a good basis for discussion with the colegislators. but we need to see progress at the national level, too. tax and regulatory reforms aimed at supporting equity and venture capital investments are a key ingredient in deeper capital market integration. ensuring strategic autonomy taking these steps will create a stronger and more dynamic european equity landscape, which at the moment unfortunately lags behind our international peers. this, in turn, would strengthen europe ’ s strategic autonomy, or, in other words, develop a higher degree of european sovereignty. this is the third area where i see potential to build on what we have achieved during the pandemic. we have taken several steps over the last two years that have bolstered our autonomy in the world. our improved policy mix has helped strengthen our internal demand, making our growth more robust in a more uncertain global landscape. 8 ngeu has increased the credibility of eu bond issuances as a new class of common european safe asset, boosting the international role of the euro. and if the reform plans embedded in ngeu are implemented diligently, it will validate and strengthen the confidence being expressed by financial markets in this

the final conclusion is that there is no easy choice, which is not a surprising result in a complex world.
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the fact that many of these borrowers have little or no equity in their homes. for example, data collected under the home mortgage disclosure act suggest that nearly 40 percent of higher - priced homepurchase loans in 2006 involved a second mortgage ( or " piggyback " ) loan. other data show that more than 40 percent of the subprime loans in the 2006 vintage had combined loan - tovalue ratios in excess of 90 percent, a considerably higher share than earlier in the decade. 3 often, in recent mortgage vintages, small down payments were combined with other risk factors, such as a lack of documentation of sufficient income to make the required loan payments. based on servicer data from first american loanperformance. serious delinquencies include loans ninety days or more past due or in foreclosure. historically, more than half of foreclosure starts resulted in sale of the property. based on information about loans in securitized pools from first american loanperformance. this weak underwriting might not have produced widespread payment problems had house prices continued to rise at the rapid pace seen earlier in the decade. rising prices provided leveraged borrowers with significant increases in home equity and, consequently, with greater financial flexibility. instead, as you know, house prices are now falling in many parts of the country. the resulting decline in equity reduces both the ability and the financial incentive of stressed borrowers to remain in their homes. indeed, historically, borrowers with little or no equity have been substantially more likely than others to fall behind in their payments. the large number of outstanding mortgages with negative amortization features may exacerbate this problem. delinquencies and foreclosures likely will continue to rise for a while longer, for several reasons. first, supply - demand imbalances in many housing markets suggest that some further declines in house prices are likely, implying additional reductions in borrowers'equity. second, many subprime borrowers are facing imminent resets of the interest rates on their mortgages. in 2008, about 1 - 1 / 2 million loans, representing more than 40 percent of the outstanding stock of subprime arms, are scheduled to reset. we estimate that the interest rate on a typical subprime arm scheduled to reset in the current quarter will increase from just above 8 percent to about 9 - 1 / 4 percent, raising the monthly payment by more than 10 percent, to $ 1, 500 on
##s : spotlight on catastrophe bonds 2 disasters could cost asia - pacific region $ 160 billion per year by 2030, un warns, unescap, 2018 3 high cat risks, low penetration in asia – only two ways out, air, 2017 4 / 4 bis central bankers'speeches

ravi menon : the future of capital is green keynote address by mr ravi menon, managing director of the monetary authority of singapore, at imas - bloomberg investment conference, 9 march 2021. * * * ms susan soh, chairman of imas mr steven yankelson, head of asean, bloomberg distinguished guests, ladies and gentlemen, good afternoon. the future of capital is green. there are three powerful forces driving this : growing recognition of climate change as a global priority ; advances in approaches to sustainable investing ; and changing investor preferences. first, climate change has become a risk that is too important for investors to ignore. the world needs to sharply reduce greenhouse gas emissions if we are to limit global warming to well below 2, and preferably 1. 5 degree celsius above pre - industrial levels as committed under the paris agreement … … specifically, reducing carbon emissions by half from 2010 levels by 2030, and reaching net zero around 2050. this implies a major transformation of economies and societies – affecting how we work and how we live. the transition to a low - carbon economy will impact every sector. it is not just about renewables and electric vehicles. greening will have to take place across all industries – steel, cement, mining, buildings, construction, maritime, agriculture, the list goes on. given the scale of the transformation, asset values will change quite fundamentally. technological changes leading to a sharp decline in the cost of renewables or policy interventions such as a sharp hike in carbon taxes, will have diverse effects on asset values. some assets will be stranded – such as those in carbon - intensive sectors – while others – such as those in the renewable energy sector – could enjoy strong tailwinds. the value of global financial assets at risk from climate change has been estimated at $ 2. 5 trillion by the london school of economics1 and $ 4. 2 trillion by the economist2. investors cannot ignore these potential changes in asset values. second, approaches to sustainable investing have developed significantly in recent years. there is growing evidence that investments incorporating strong esg considerations can reduce exposure to systemic risks and improve resilience to market shocks. some recent research has found a strong correlation between market performance and esg ratings, for both equity and fixed income portfolios. 3during the early weeks of the covid - 19 crisis, there was also some evidence that major esg funds were able to outperform broad indices like the s & p 500. sustainable investing is becoming mainstream.
came to light that political support for eurozone membership was lacking. independent monetary policy and a flexible exchange rate had not been very successful. has something changed? the euro area is still putting in place the reforms deemed necessary for it to function smoothly, and it does not seem to me that political support for membership has increased significantly since the bank ’ s report was issued. but various reforms have been made to monetary policy conduct in iceland, and financial stability policy has been vastly improved. much of what i have called inflation targeting plus has already been put in place. and in the past few years, we have seen that independent monetary policy can work effectively, also in iceland. this is where we are now. that need not mean that we will be here for the indefinite future. there is no eternal monetary solution, and various options develop over time. see reference in footnote 3.

noted even in the symmetric rebalancing of banking credit portfolio. second, the level and speed of productivity expansion is directly connected with the level of education and qualification of the labour force. the educational system reform and the emphasis on vocational training are essential dimensions of the economy ’ s restructuring, whose benefits will increasingly become clearer in the long run. however, albania still has a lot of work to do in this regard, in particular with regard to containing the migration of its qualified labour force and the renewal of its labour force skills by the private sector. third, productivity is closely connected with the improvement of business management skills. the campaign to enhance formal business practices, the gradual increase of competition, and the revision of the law on bankruptcy will provide the necessary stimulus in this regard. in particular, i am confident that the legal improvements regarding the enforcement of bank credit contract will not only help the banks ’ soundness, but will also contribute to increasing the discipline and effectiveness in the use of funds by the albanian enterprises. finally, i would like to highlight that unlike the advanced economies, which are on the technology frontier, and see their progress related to their ability for innovation, albania has considerable space for development through the adoption of the existing technologies and practices. in this light, our task remains to choose and implement the tested models of development. based on the above, i am confident that albania has all the premises to increase productivity and, in this way, to accelerate the economic growth pace and increase the welfare of the albanian people. what is needed now is a consensus on the vision for the development of the country and a shared will to implement it. dear participants, i am fully convinced that this presentation will further enrich our debate on these issues. 2 / 3 bis central bankers'speeches thank you! 3 / 3 bis central bankers'speeches
investment, immigration and trade with the british empire. but this business model was disrupted in 1846, when the british government eliminated all tariffs on grain imports to reduce food prices. that meant that grain shipped through the st. lawrence no longer had preferential access to the uk market compared with, say, shipments from new york. prelude to confederation the hard feelings from the war of 1812 had faded as our second episode began. the canadian colonies reacted to the loss of preferential access to britain by becoming more open to trade with the united states. after several years of negotiations, and after overcoming significant protectionist sentiment on both sides, the province of canada struck a reciprocity agreement with the united states in 1854 — essentially, a free - trade agreement in resources. meanwhile, the irish famine touched off waves of immigration into the colonies and the united states, fuelling growth. the colonies actively sought foreign investment to support the construction of railways, so goods could move in winter as well as in summer. most of the investment to finance these projects came from overseas, primarily from britain. with growing trade, an expanding population, foreign investment and improved transportation links in the colonies, the years just before confederation were generally a time of economic growth. however, the fiscal cost of supporting the railroads was high. the province of canada found itself forced to raise revenue, and it did so by imposing tariffs on some imported factory goods. not surprisingly, this did not sit well with manufacturers in the northern united states. this resentment grew as britain continued to trade with the southern states during the civil war. after the war, with the northern states in the driver ’ s seat, protectionist sentiment carried the day, and the united states backed out of the reciprocity treaty with canada in 1866. once again, canada ’ s business model was disrupted as we lost preferential access to a major market. this was a key driver to the event that we are celebrating this year : the founding of the dominion of canada 150 years ago. back in 1867, we became a nation of 3. 5 million people, with more than 80 per cent of the workforce involved in agriculture or other natural resources. nation building and struggles after confederation 2 / 7 bis central bankers'speeches our third episode begins at confederation. with access to us markets restricted by high tariffs, canada needed railways more than ever to move goods and people over long distances, east – west rather than north – south. it is no exaggeration to say that without railways, there

openness to the world has helped us build a nation that i believe is the best place to live in the world. imagine what we can build over the next 150 years. i would like to thank james powell for his help in preparing this speech. 7 / 7 bis central bankers'speeches
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concentrated in domestic assets. some companies have external exposure but to a very limited extent. but ladies and gentlemen, if the wall street crisis should remind us of anything, it is that we can ’ t be complacent. rather, the crisis should spur all our institutions to take a close look at their risk management systems and it should make us realize that it is in all our interest to have robust regulatory systems. we are hoping to have a new fia in place before the end of the year and we expect to have a new insurance act and perhaps new credit union legislation by the middle of next year. while this is progress, ladies and gentlemen, there is a view that even the proposed new legislation will not be as robust as it should be and still short of international best practice. i can ’ t help making the observation that because we have not had a systemic disruption in our financial system for several years, many of our institutions prefer to cling to the status - quo and fight change even when they recognize the risks involved in not upgrading the existing systems. how else could one explain : • the tendency for so many institutions not to have audited accounts, six months after the end of their fiscal year ; • the opposition to the separation of an institution ’ s financial and non - financial activities to avoid contagion ; or • the reluctance on the part of some institutions to readily support steps to reduce related party transactions, or strengthen internal audit, or corporate governance practices. in the bank ’ s view, the current turmoil in the us market should serve as a catalyst for boards of directors and senior management of all companies, whether they are banks, insurers or credit unions, to look closely at their risk profile and determine if their level of capital and liquidity are appropriate to their individual circumstances. also these tough times, having unbiased and objective advice and thinking is crucial and the existence of independent directors on companies ’ boards would facilitate this. unfortunately, not all companies see these requirements as being essential to mitigating unnecessary risks. and finally, ladies and gentlemen, in terms of the macro - economics, what can we expect going forward? i really wish we had a crystal ball to predict how the global economy will evolve in the short term. unfortunately, we don ’ t and in such a situation, prudence is the best policy ; a policy of preparing for the worst and putting systems in place to meet any downside. in a way, that ’ s what risk management
process. we must seize the opportunities to build a healthy global financial environment. the challenges are great, but the ways to confront them are quite clear. i would like to thank you for the invitation and your audience.

112 of fdicia requires management to report annually on the quality of internal controls and outside auditors to attest to that control evaluation. control assessments coso requires all managers to, at least once a year, step back from their other duties and evaluate risks and controls within their span of authority. each manager should consider current and planned operational changes, identify risks, determine appropriate mitigating controls, establish an effective monitoring process, and evaluate the effectiveness of those controls. managers then should report their assessment up the chain of command to the chief executive officer, with each new level of management in turn considering the risks and controls under its responsibility. the results of this process are ultimately reported to the audit committee of the board of directors. in the case of banks, management publicly reports on its assessment of the effectiveness of controls over financial reporting and the external auditor is required to attest to this self - assessment. thus, the process helps managers communicate among themselves and with the board about the dynamic issues affecting risk exposures, risk appetites, and risk controls throughout the company. risk assessments such as the one outlined in coso presumably could also be useful in assessing various lines of business when formulating business strategies. but not all corporations and boards consider risk during their annual strategic planning or other evaluation processes. the 2002 survey of corporate directors conducted jointly by the institute of internal auditors and the national association of corporate directors showed that directors are not focusing on risk management. i was surprised to learn that 45 percent of directors surveyed said their organization did not have a formal enterprise riskmanagement process - or any other formal method of identifying risk. an additional 19 percent said they were not sure whether their company had a formal process for identifying risks. these percentages indicate that some companies have directors who don't understand their responsibilities as the representatives of shareholders. the shareholders of those companies should be asking the directors how they govern an organization without a good understanding of the risks the company is facing and without knowledge of a systematic approach to identifying, assessing, monitoring, and mitigating excessive risk - taking. i trust that none of the directors who participated in the survey were on the board of a financial services company. although directors are not expected to understand every nuance of every line of business or to oversee every transaction, they do have responsibility for setting the tone regarding their corporations'risk - taking and establishing an effective monitoring program. they also have responsibility for overseeing the internal control processes, so that they can reasonably expect that their
effective foreign currency trading and settlements. arrangements supporting the regional integration process the region has more recently worked collectively towards establishing arrangements to support the economic and financial integration process. in particular, the asean region has already benefited from the implementation of the asean free trade area ( fta ), which was established to increase asean ’ s competitive edge as a production base in the world market through the elimination of trade barriers within asean. this is now further strengthened with the implementation of the asean investment area which was adopted to promote greater flows of capital, skilled labour and technology within the region. in the area of financial markets, the asean capital markets forum blueprint is also working towards achieving significant progress in building a regionally integrated market. this vision encapsulates free movements of capital, freedom for issuers to raise capital anywhere and for investors to have access to investment avenues anywhere within the region. in such a market, investors would be able to trade in asean capital market products freely in any asean market at a competitive fee from a single access point, with capital market intermediaries being able to provide services throughout asean. the strong cross - border linkages of an integrated asean capital market provide vast business opportunities for countries to capitalize on the diverse comparative advantages in this region. as an access point, malaysia is well positioned to be one of the gateways for non - asean countries, institutions and investors to participate in these markets. malaysia has a facilitative environment with a strong regulatory and supervision to support business activities while safeguarding financial stability. in addition, there has also been the strengthening of bilateral economic and financial ties, which has become a prevalent theme across asia. supplementary to these affiliations, is also a strong trend to increase participation in asia ’ s enormous growth potential through affiliations in regional bodies. within the asean grouping, among the areas of priority is the deepening of cooperation to accelerate the role of the financial sector in supporting the realization of the asean economic community by 2015. risk mitigation as asia strives for regional integration the events surrounding the recent european sovereign debt crisis provide us with many important lessons. while exposures to numerous financial markets bring about tremendous economical and financial benefits, it is not without risks. financial integration between markets, if not well designed, can lead to costly financial implications. hence, the path to integration can expect its associated challenges that will need to be addressed. in implementing institutional arrangements across the region, it can be expected that individual countries will have to balance national priorities while

in building such strong and lasting regional and global linkages. thank you. bis central bankers ’ speeches