samchain/econo-pairs-v2 huggingface dataset:
. 1 see the gfxc ’ s index of public registers at. 2 gfxc ( 2021 ) ‘ outcomes of the 3 - year review of the fx global code ’, july. available at. 3 bank of international settlements ( 2020 ) ‘ fx execution algorithms and market functioning ’, markets committee study group report, october. available at. 4 / 4 bis central bankers'speeches

contributed significantly to the council ’ s recent studies – one on the volcker rule ’ s restrictions on banking entities ’ proprietary trading and private fund activities and a second one on the act ’ s financial - sector concentration limit. and we are now developing for public comment the necessary rules to implement these important restrictions and limits. last week, the board adopted a final rule to ensure that activities prohibited by the volcker rule are divested or terminated in the time period required by the act. we also have been moving forward rapidly in other areas. last fall, we issued a study on the potential effect of the act ’ s credit risk retention requirements on securitization markets, as well as an advance notice of proposed rulemaking on the use of credit ratings in the regulations of the federal banking agencies. in addition, in december, the board and the other federal banking agencies requested comment on a proposed rule that would implement the capital floors required by the collins amendment. in december, we also requested comment on proposed rules that would establish standards for debit card interchange fees and implement the act ’ s prohibition on network exclusivity arrangements and routing restrictions. in january, the board, together with the office of the comptroller of the currency, federal deposit insurance corporation, and office of thrift supervision ( ots ), bis central bankers ’ speeches provided the congress a comprehensive report on the agencies ’ progress and plans relating to the transfer of the supervisory authority of the ots for thrifts and thrift holding companies. in addition, as provided by the act, we and the federal reserve banks each established offices to consolidate and build on our existing equal opportunity programs to promote diversity in management, employment, and business activities. we continue to work closely and cooperatively with other agencies to develop joint rules to implement the credit risk retention requirements for securitizations, resolution plans ( or " living wills " ) for large bank holding companies and council - designated nonbank firms, and capital and margin requirements for swap dealers and major swap participants. we are consulting with the securities and exchange commission ( sec ) and the commodity futures trading commission ( cftc ) on a variety of rules to enhance the safety and efficiency of the derivatives markets, including rules that would require most standardized derivatives to be centrally traded and cleared, require the registration and prudential regulation of swap dealers and major swap participants, and improve the transparency and reporting of derivatives transactions. we also are coordinating with the sec and the cftc on the
gent sejko : launch of the ebrd transition report 2023 - 24 opening remarks by mr gent sejko, governor of the bank of albania, at the launching of the ebrd transition report 2023 - 24, tirana, 29 january 2024. * * * dear participants, the bank of albania, for years now, has turned it into tradition hosting the european bank for reconstruction and development in one of the most important events in its schedule of activities : the launching of the transition report. this report, which opens the door to professional economic analysis for the year, is of great importance. the analyses, conclusions and recommendations provided in it have always feed the economic debate, on the challenges that the time poses and on the appropriate development policies in order to achieve the fastest and most sustainable growth, the improvement of social well - being, as well as the economic and financial integration with our european partners, in turn strengthening resilience against shocks. for these reasons, i am pleased that this year we are continuing this journey, with the presentation of the transition report for the period 2023 - 2024. this satisfaction is even greater when i find that this year's report invites us to a moment of reflection. while our activity focuses on the issues of the day, the topic of this report, - " transitions big and small ', urges us to look further afield. the quality of life and the affecting - related factors, the new geopolitical realities and their consequences on the development strategies of countries in transition, climate change, global warming and the reduction of biodiversity, are undeniable realities with significant consequences, on economies also on our society and communities. in this context, this year's transition report rightly has added value for its focus on the implications of transition on the structure of economies, on global supply and value chains, on climate change, on the need for sustainable access to raw materials, as well as on the living, working and well - being of the individual. to this end, i would like to place some of the report's aspects in the context of the albanian economy, in view of the messages found in this report. to begin with, let me emphasize that the albanian economy has shown a good performance in the face of successive shocks of the last four years. the sound foundations of the albanian economy, the flexibility of our private sector, coupled with the prudential macroeconomic policies we have implemented, have enabled a sustainable

as much as possible in our future work. 3 / 3 bis - central bankers'speeches
in - depth analysis and seek answers to some key questions. for instance : what kind of financial risks do climate and environmental threats pose for the finance industry? and could these risks weaken the resilience of the financial system, or indeed affect macroeconomic variables and monetary policy? the snb ’ s goal in joining the ngfs is to engage in dialogue and share knowledge in order to better understand – and anticipate – the potential impact of climate risks. page 3 / 3

below 1 percent in the 2000s. when the economic growth rate follows a long - term downward trend, firms and households inevitably tend to consider that future growth will continue to be low anyway. such decline in firms ’ and households ’ expectations for future growth have restrained actual demand, such as business fixed investment and private consumption, and thus might have been one cause of a deeprooted deflation. deflation is not desirable, and, if the current low growth rate continues, it will become difficult to maintain fiscal conditions and social security in the future. therefore, strengthening medium - to long - term growth potential was a major challenge to japan ’ s economy since before the earthquake. to tackle that challenge will lead to avoiding the after - effects of the earthquake disaster including the hollowing out of industry. source of economic growth is each person ’ s power to generate added value the demographic vortex might have had a substantial influence on the long - term downward trend in the economic growth rate. if that is the case, one natural solution to strengthen the growth potential is to correct the demographic vortex. some examples include creating better conditions to support childbearing and rearing to reverse the downward trend in the birth rate or more actively accepting immigrants and labor force from abroad. however, even if we boost the birth rate now, it takes about 20 years before it leads to an increase in labor force. as strengthening the growth potential is a more urgent challenge to tackle, we cannot afford to wait for demographic changes to take place. let us go back to a simple mathematical formula. gdp, which is used to measure economic growth, is a multiplication of the number of workers and gdp per worker. given that the number of workers will be to a large extent determined by demographics that cannot be changed easily, there is no way but to increase gdp per worker in order to increase gdp. gdp is, in other words, added value and is distributed in the form of corporate profits and household income. therefore, creating added value is nothing more or less than firms increasing their own profit while raising employment and wages. in order to do so, it is necessary to tap potential demand of the field that is considered to have a good chance of success and create new markets. as specific directions, i mark four points that are deemed critical. further tapping global demand first, drastic globalization. incidentally, while the export share in gdp is about 50 percent in germany and korea and about 30 percent in china, it remains at about 15 percent in japan.
they are compensated on the upside. this extends the boom. incentives incentives may be very important in determining whether we have a system that is dampening rather than amplifying. i think bad outcomes are not just about bad luck, they are also about bad incentives. the problem with incentives may be due to faulty compensation schemes, poor risk management or the fact that participants do not bear the full costs of their actions. one problem that we had in the u. s. banking system over the past year was a reluctance of banks to raise sufficient capital to be able to withstand bad states of nature. they didn ’ t want to do this because this might unnecessarily dilute their shareholders. as a result, many banks did not hold sufficient capital and market participants knew this. this led to tighter financial and credit conditions, which made the bad state of the world more likely. this is an example of both bad incentives and an amplifying mechanism. the supervisory capital assessment program ( scap ) exercise that we undertook in the united states leaned against this. by forcing all the banks to have sufficient capital to withstand a stress environment, we increased the likelihood that all the big banks would be able to survive a stress environment. this generated an improvement in confidence and a willingness of banks to engage with each other. this also made it easier for banks to be able to tap the capital markets. the scap exercise made a bad state of the world outcome less likely, helping to create a virtuous circle rather than a vicious one. the scap exercise was conducted on an ad hoc basis. it probably would be much better to figure out how to do these types of exercises on a systematic basis. such exercises may need to be hardwired into the oversight of the financial system. capital requirements are one area where i think we could adjust the rules in a way to improve incentives. for example, imagine that we mandated that banks had to hold more capital, but that the added capital could be in the form of a debt instrument that only converted into equity if the share price fell dramatically. what would this do? it would change management ’ s incentives. not only would management focus on generating higher stock prices, but they would also worry about risks that could cause share prices to fall sharply, resulting in dilution of their share holdings. debt convertible into equity on the downside would also be helpful in that it would be a dampening mechanism – equity capital would be automatically replenished, but

##sson, l. e. o. ( 2006 ), “ monetary policy and japan ’ s liquidity trap ”. annex chart 1 chart 2
the region. you have our unremitting cooperation and support. thank you.

##s down, and vice versa. as far as discretionary measures resulting from specific fiscal policy decisions are concerned, their usefulness as a an anti - cyclical tool has been a matter for debate for a long time now, both in the euro area and in the united states. all in all, the evidence points to discretionary fiscal policy having a moderately positive impact on economic growth in advanced economies. yet the effectiveness of such measures depends on the way in which they are taken and their timing, in particular with regard to delays in the recognition, decision and implementation process. precisely because of such difficulties, a budget policy which is aimed ex ante in an anti - cyclical direction tends to produce pro - cyclical effects ex post. the effectiveness of discretionary measures also depends on the temporary nature and on the possibility of withdrawing them in a timely manner once the shock has passed so as to guarantee fiscal sustainability. 3. 2 comparing the importance of automatic stabilisers and discretionary policies in the euro area and in the united states if we compare budget policy on the two sides of the atlantic, we see that the automatic stabilisers play a more important role in the euro area. first of all, the greater the percentage of government spending over gdp, the greater the budget position ’ s response to fluctuations in economic activity. automatic stabilisers are smaller in the united states, where government is smaller in relative terms ( government spending is worth 37 % of gdp, whereas it tops the 45 % mark in the euro area countries ). furthermore, the level of government welfare services ( including unemployment insurance, social security and welfare services, and senior citizens ’ assistance insurance ) is systematically lower in the united states than in the euro area countries ; at present it stands at 12 % of gdp in the united states and at 15 % of gdp in the euro area. thirdly, the importance of automatic stabilisers depends also on the taxation system, in terms of its level cimadomo, j. ( 2008 ), fiscal policy in real time, ecb working paper, no 919. see, for instance, brunila, a., m. buti and j. in ’ t veld ( 2002 ), cyclical stabilisation under the stability and growth pact : how effective are automatic stabilisers?, bank of finland research discussion paper, no 6 ; darby, j. and j. melitz ( 2008 ), “ social spending and automatic stabilizers in the o
faced by community banks. one way that we further our understanding is by talking to the bankers themselves. the entire board of governors meets twice a year with the community depository institutions advisory council, which includes representatives of community banks, thrifts, and credit unions in each of the 12 federal reserve districts. 3 individual governors also take advantage of opportunities to meet with community bankers from time to time. during last year ’ s conference i met with a group of st. louis area community bankers to hear what was on their minds. i will conduct a nationwide webinar with community bankers next month. in fact, i speak regularly to a number of bank executives, including those who run smaller institutions. i find these types of for more information on the board ’ s committees, including membership, see http : / / www. federalreserve. gov / aboutthefed / bios / board / default. htm. federal deposit insurance corporation ( 2012 ), “ fdic www. fdic. gov / regulations / resources / cbi / report / cbi - full. pdf. for more information on the community www. federalreserve. gov / aboutthefed / cdiac. htm. bis central bankers ’ speeches community depository banking institutions study ”, advisory december, council, see conversations – with people who live and work in the world outside the capital beltway and far from wall street – to be particularly enlightening. and, of course, this conference, which was conceived as the result of a successful collaboration between the federal reserve system and the conference of state bank supervisors, provides an annual opportunity for community bankers, bank regulators, and academic researchers to come together to share ideas and insights surrounding the issues that matter most to community bankers. this year ’ s program includes presentations by the authors of a number of excellent academic research papers, the unveiling of the results of a new survey of community banks conducted on behalf of the conference organizers, reactions by community bankers to the research and survey findings, and several compelling speeches. the primary focus of today ’ s agenda is research. the response to the conference ’ s call for papers was quite impressive, and the conference research committee faced the challenging task of selecting the most relevant, interesting, and high - quality papers to be included in the program. the authors of these papers include academics and policymakers, with backgrounds in law, economics, and finance. the topics covered clearly demonstrate a desire, on the part of the

like to note that the current economic expansion is now entering its seventh year. that makes it already a long upswing by historical standards. and yet, looking ahead, the prospects for sustaining the expansion are quite favorable. the flexibility of our market system and the vibrancy of our private sector remain examples for the whole world to emulate. we will endeavor to do our part by continuing to foster a monetary framework under which our citizens can prosper to the fullest possible extent.
stanley fischer : the growth of the israeli economy in the long run address by professor stanley fischer, governor of the bank of israel, to the sderot conference for society, sderot, 6 november 2007. * * * the subject for this evening is " evaluating the socio - economic situation of israel in 2008 ". i prefer, with your permission, to take a longer perspective, and to speak about the growth of the economy in the long run. in this context, i will focus on economic policy, and the importance of sustainable growth. the rate of growth is critical for the future of the economy, and the future of the state. if we manage on average to grow in the next 25 years at a rate of 5 percent a year, in 2032 we will attain a level of gdp of nis 2, 235 billion ( in 2007 prices ), compared to a gdp of nis 660 billion in 2007. to compare, if we were to grow by only 3 percent a year, gdp would reach only nis 1, 380 billion. that's an enormous difference, of more than 60 percent. it is important that we understand that if we can achieve persistent high growth, then we will have the necessary resources to address existing problems in critical areas, such as social welfare. with regard to sustainable growth, i will not speak here of the importance of continuing the strategy of macroeconomic stability, free markets, the opening of the economy, and its integration into the global economy. instead, i will speak today on three structural and no less important issues : education, welfare and investment. i have listed welfare among these three topics, because israeli society cannot succeed – certainly not in the long term – if there are wide social gaps, and if a large part of the population has to subsist on a very low standard of living. a. education in principle, we all understand the importance of education in israel. we have no natural resources but we have human resources, which should be constantly developed in order to maintain and increase the qualitative edge of the state of israel. over the years the country has placed great stress over the years on the subject of education, and if this topic does not continue to hold a high enough place in our priorities, then we shall find ourselves in a continually deteriorating situation. and in some ways this erosion has already begun. when looking at our spending on education in international comparison, we find a very interesting and important picture : on average, spending

with these barriers to growth. and for the long run, there is nothing more important for the israeli economy and the economic well - being of israelis than sustained rapid growth.
##ly. the bank will play its role in enabling a blissful dawn to unfold ; to set the budding rose above the rose full blown. more broadly, sir charlie bean ’ s independent review of economic statistics highlighted the impact on economic data arising from inadequate sharing of data across the public sector, something that i am pleased that the cabinet office is taking steps to address. bis central bankers ’ speeches

eddie yue : how hong kong is prepared for macro - economic challenges on the horizon in 2019 opening remarks by mr eddie yue, deputy chief executive of the hong kong monetary authority, at the hong kong - paris financial seminar, co - organised by the hong kong monetary authority and paris europlace, hong kong, 16 january 2019. * * * denis ( beau ), arnaud ( de bresson ), distinguished guests, ladies and gentlemen, 1. good morning. let me extend a very warm welcome to you all for attending today ’ s hong kong - paris financial seminar, co - organised by the hkma and paris europlace. and a special welcome to our guests from france. 2. hong kong and france have always had strong ties. we are home to more than 20, 000 french people and about 800 french companies. apart from food and beverage and luxury goods that people are familiar with, french companies are also actively engaging in different industries in hong kong, ranging from finance, construction and infrastructure. about 170 of the french companies use hong kong as the regional headquarters. given the existing strong ties, it is particularly good to have forums like today ’ s seminar to talk about how hong kong and france can further strengthen their relationship through financial collaboration. 3. before i talk about the opportunities for further collaboration, let me spend a few minutes to talk about the risks and the rather challenging macro environment that we are facing. i am sure you are familiar with the major global risk areas : china - us trade conflict, brexit, tightening of global financial conditions and moderation in growth of the mainland chinese economy. they are likely to remain relevant in the coming year. as a highly open economy, hong kong is sensitive to these external risks. 4. if the past offered any lesson, it is that we must build a robust regulatory framework with very strong buffers, so that whenever these shocks strike, we will be able to come through smoothly. the key is to keep your house in order and get ready for the shocks. let me highlight three areas that hong kong has prepared well for the potential challenges. 5. first is the strong confidence in our monetary system, which is the linked exchange rate system. second is the strong buffer in the banking system : our banks ’ capital ratio of 15. 8 % and liquidity ratio of 158 % are well above the international standards. third is the strong buffer provided by the high level of fiscal reserves, amounting to 40 % of gdp
, present and emerging. https : / / www. rba. gov. au / speeches / 2020 / sp - dg - 2020 - 11 - 24. html 14 / 14

the limitation of raison d ’ etat is the question upon which hinges the future of not only small states, but also the large states, and humanity as a whole. ultimately, monnet and paasikivi were talking about the same thing. what is most essential in the eu? it is that the guiding principle is law, not force. legitimacy and the rule of law govern relations between member states. the task of the european institutions is to monitor legality and compliance of all activities with the eu treaties. finally, taking into account the history of finland, a small country, so often shaken by the storms of our continent, it is no surprise that finnish european policies have from the very first day been communityoriented and that it supports strong common institutions. thank you.