samchain/econo-pairs-v2 huggingface dataset:
. we are well - versed with the economic benefits that non - bank deposit taking institutions have created. but we must also be aware of the risks to financial stability that they can engender given that they evolve alongside banks. and their activities are, in many respects, intertwined with those of banks and have vulnerabilities similar to those of banks. weak, ineffective and inappropriate governance and risk management infrastructure may compromise the safe conduct of business. the bank of mauritius has enhanced the regulatory arena for non - bank deposit taking institutions by extending the majority of the prudential requirements standards applicable to banks, such as, corporate governance, capital, liquidity and provisions for impairment, etc. to those institutions. 1 / 2 bis central bankers'speeches the bank expects financial institutions to maintain strong, effective and appropriate governance and risk management infrastructure so as not to compromise the safe conduct of their business. the financial institutions are subject to regular examinations to ensure their compliance with prudential and regulatory requirements. the bank is focusing on the implementation of a risk based supervisory framework for banks. the pilot testing of the project has been rolled out to banks. the bank is considering extending the framework to non - bank deposit taking financial institutions. institutional anniversaries like this one are appropriate to reflect on achievements and challenges incurred, but should also lay grounds to ponder on what can be achieved going forward. they also provide the opportunity to remind about the association ’ s fundamental ideas, aims and visions, and to gauge the extent to which they are being accomplished. given that the association has grown to the equivalent of a medium - sized bank in terms of assets and even to some big banks in terms of profits, we may consider granting it a banking license should it decide to apply for one. more so that it has invested in a core banking systems to support its expanding transactions and has joined the port louis automated clearing house to make electronic payments and thus ensure faster payments, including to its customers. thus, all the ingredients are present to support this conversion. i leave this to the board of directors to ponder upon, as this will contribute to widen the association ’ s range of financial services, indulge in cost savings and reduce risk through diversification. ladies and gentlemen, the future is bright and the association has an immense contribution to make to the financial industry of mauritius. i commend the role that the association has played in the mauritian society. and so, happy anniversary and congratulations to all the members

and staff of the mauritius civil service mutual aid association ltd. thank you for your attention. 2 / 2 bis central bankers'speeches
, and i look forward to the next phase of the basel ii project as we turn toward national adoption and implementation. thank you.

and monetary policy – are generating new patterns of funding, new players and changes in capital flows across global markets. those issues will be reviewed in the initial session. as i mentioned before, the euro area has to deal with a severe crisis which has led to the fragmentation of the european financial system. while there are signs of a certain reversal in this process, a failure in this respect would be particularly harmful for the european project, since integration is at the core of the european union itself. the policy actions of the ecb and other european authorities, including the decisive drive towards a banking union, have been able to overcome or dissipate the worst fears, but the road ahead is still long and difficult. finally, the role of central bankers should be highlighted in this new context. we are big players in the financial arena, both from the regulatory and monetary policy standpoint ; and the framework for our actions – and reactions – must necessarily change and adapt to the new environment. the renewal of the set of instruments to address the price stability bis central bankers ’ speeches mandate, be it in a situation of low growth, as happens to advanced economies, or in a situation of large capital inflows, as happens to emerging market economies, is one aspect of that change. the need to take on board financial stability considerations is another aspect widely discussed. you will devote the final part of the day to this quest. and i do not want to take more time out of the tight agenda you will follow now. thank you very much for your attendance to this conference. i wish all of you and excellent day and a good discussion. bis central bankers ’ speeches
worth remembering that in the current climate there is, regrettably, no easy solution that would absorb all external disruptions. we must accept these challenging economic conditions for the time being. that said, we are convinced that, under the circumstances, the snb ’ s current choice of monetary policy will best serve switzerland ’ s overall interests in the long term. ladies and gentlemen, thank you for your attention. it is now my pleasure to give the floor to jean - pierre danthine, who will present our financial stability report. bis central bankers ’ speeches

franc. in a particularly difficult international environment with deflationary trends we allowed the three - month libor to finally fall to a historic low of 0. 25 % in march 2003. for five quarters it persisted at this level. today ’ s adjustment of our monetary policy should not be seen as a changeover to a restrictive policy. our interest rate increase is merely to be regarded as an appropriate step towards more neutral monetary conditions following a lengthy period of extraordinary circumstances. it is an indication that we view economic prospects more optimistically and that we trust the economic upswing in switzerland to be robust. our monetary stance remains expansionary. every forecast and every decision is fraught with uncertainty and risks. should the economic recovery be delayed due to unexpected events or should the swiss franc appreciate markedly, we shall react appropriately. as in the past, the swiss national bank shall keep all its options open. observed inflation june 2004 inflation forecast on march 2004 with libor at 0. 25 % and of june 2004 with libor at 0. 5 % inflation forecast of june 2004 ( 98 kb )
gdp. this rule must be incorporated into the member states ’ national legal systems, preferably at the constitutional level. on the other hand, europe has equipped itself with an instrument to combat crises. at the last european council meetings, it was decided to accelerate the creation of the permanent european stability mechanism ( esm ) to july 2012, and to make it more powerful. an important step in this direction has been provided by the agreement to accelerate the payment of the paid - in capital for the esm, starting with the payment of two tranches in 2012 and to increase the lending capacity of the esm to 1tn dollar. bis central bankers ’ speeches all in all, these changes constitute the most comprehensive reinforcement of economic governance in the eu and the euro area since the launch of economic monetary union almost 20 years ago. * * * * * * * * * the euro area has already demonstrated its determination and ability to take decisive steps to exit the crisis. many more remain to be taken, and all of the players – the banks, governments, european institutions – need to continue to face up to their responsibilities. the eurosystem is providing the european economy with key elements of stability. first and foremost, we are providing price stability and will continue to take all necessary measures to fulfil this mandate. moreover, our recent exceptional and temporary measures should be seen as a window of opportunity for banks to strengthen their balance sheets and for governments to step up their efforts in a less troubled financial environment. thank you for your attention. bis central bankers ’ speeches

, suk, and james f. paradise. 2020. " toward an asian monetary fund : ideas for transition. " asian economic papers 19 ( 2 ) : 65 - 77. hyun, suk, and james f. paradise. 2019. " why is there no asian monetary fund? " adbi working paper series. park, daekeun, and changyong rhee. 2006. " building infrastructure for asian bond markets : settlement and credit rating. " asian bond markets : issues and prospects. bank for international settlements. 202 - 221. rhee, changyong, lea sumulong, and shahin vallee. 2013. " global and regional financial safety nets : lessons from europe and asia. " in responding to financial crisis, by rhee changyong and adam s. posen, 213 - 248.
. over the medium - term, efforts made to diversify trade towards emerging market and developing economies should be stepped up. in this context, there is greater scope for trade and financial integration in the saarc region which will be mutually beneficial. bis central bankers ’ speeches

steps. while reforms are being initiated, fresh concerns are surfacing : for example, recent downgrade of both italy and france. in india, we have been proactive in addressing the challenges posed by the uncertainties in the global economy, particularly in the euro area. as capital inflows to our economy have turned volatile, financing of our large current account deficit has become a challenge. in this context, various policy measures have been undertaken by the reserve bank and the government to moderate imports and to improve capital inflows. oil and gold are the two major items of our imports. with regard to oil, the domestic pricing has increasingly been made market determined. it is expected that this will help economizing the domestic oil consumption. recently import duty on gold has been raised and bank finance against pledge of gold has been restricted. the efficacy of these measures, however, is yet to be tested. we have also introduced inflation indexed bonds which should help contain gold demand to the extent these bonds are used as an investment hedge against inflation. notwithstanding these measures for a fast growing economy like ours, import demand is bound to be high. hence, we have to step up exports to narrow the trade gap. but in a phase of sluggish global economy, it is difficult to push up exports. nevertheless, initiatives have been taken to diversify trade towards emerging markets. on balance, however, the current account deficit remains high thus needs to be financed through capital inflows. bis central bankers ’ speeches the policy measures taken to encourage capital inflows include liberalisation of the interest rates on non - resident deposits and external commercial borrowings, rationalisation of norms related to foreign institutional investment ( fii ) in infrastructure debt and allowing foreign direct investment ( fdi ) in multi - brand retail. the sectoral limit for fii investment in government securities and corporate bonds has been hiked. to sum up, while national authorities are taking steps, international financial institutions ( ifis ) like the imf need to be more proactive to suggest ways to limit the spillover and prompt actions to be taken to arrest further deterioration in global economic condition. in this context, speedy implementation of a complete banking union in the euro area with an integrated regulatory and supervisory structure assumes importance. in this scenario our economies need to strive for increasing resilience while being prepared to deal with the negative spillovers from the crisis. the immediate concern for india is to reduce the current account deficit from its present high level
a pleasure to see so many of you here today. bis central bankers ’ speeches

taught us that assessing systemic risk is key, as are sound arrangements for the application of tools to mitigate it. the final crossroads is faced by economic policy, as a result of the changes i have described. in short, it can be said that the tasks at hand are shifting from the achievement of stability to promoting growth, and from crisis management to longer - term development. in terms of monetary policy, this can be seen in the monetary policy committee ’ s shift of its bias from monetary easing to neutral. this does not mean that interest rates cannot be lowered further, but it does mean that because inflation appears to have hit bottom, economic recovery has begun, and the effective policy rate is closer to equilibrium than before, it is not as clear what direction upcoming interest rate decisions will take. the next steps will be determined more by the newest indicators of economic developments and prospects than they have been in the recent past. at its next meeting, the monetary policy committee will probably assess whether and how the icesave referendum results and the newly published capital account liberalisation strategy will affect monetary policy in the near future. the strategy divides liberalisation into two main phases, with phase i dedicated to unwinding offshore krona positions by allowing owners to exit through auctions or by investing in the icelandic economy. only when these measures have generated acceptable results can controls on residents ’ capital outflows be lifted. if conditions are right, the latter phase could proceed relatively quickly, but if not, it will be executed more gradually. it is difficult to say how long phase i will take, as its duration will depend on a number of uncertainties, such as access to foreign credit markets. but it is important for near - term monetary policy that phase i be designed to minimise potential negative effects on the exchange rate and the foreign exchange reserves, at least at first. it is only in phase ii that the interest rate differential with other countries begins to assume much greater importance as regards exchange rate developments. in the recent past, monetary policy has been an element in the larger economic policy formulated by the icelandic authorities in co - operation with the international monetary fund. the key features of that policy have been exchange rate stability, fiscal sustainability, and financial system reconstruction. in spite of delays in execution, the programme has, on the whole, been very successful. our collaboration with the imf according to the current economic programme will conclude in august, but of course, our long - standing co - operative relationship with the fund
of this presentation, refers to college graduates working in jobs that typically don ’ t require a college degree. bis central bankers ’ speeches

level of roughly 13 percent, and estimates suggest that only a quarter of total household debt is exposed to rising interest rates in the near term. net credit growth to emerging markets has been moderate relative to past periods. growth in commercial bank assets has picked up a bit in recent quarters, but remains significantly below the pace of the second half of the 1990s. as the financial markets have built in expectations of a gradual rise in the fed funds rate over the next two years, financial institutions have had some time to position themselves for an environment of higher interest rates and volatility. there have been adjustments in credit spreads and other risk assets, which in some areas had fallen to historically low levels, but these reversals have been tempered by what it still overall a favorable view of corporate credit fundamentals. and it is worth drawing attention to the fact that the average duration of the mortgage market has increased significantly over the last nine months to the point where the amount of hedging pressure on interest rates related to extension risk is likely to be contained even as interest rates rise. the fact that these adjustments have begun ahead of any change in monetary policy probably will help diminish the strains in the financial system that might otherwise be expected to accompany this type of transition. even so, risk managers need to be attentive to, and react appropriately to, the pressures that could emerge following this extended period of low interest rates and a steep yield curve. the agenda for the supervisory community remains dominated by the following broad priorities : • we are moving ahead with basle ii to bring a more sophisticated assessment of capital adequacy and risk management techniques to the supervisory framework. • our ongoing supervisory examinations continue to concentrate on strengthening the internal management and control infrastructure across the various dimensions of risk management and compliance. • we are supporting the important efforts underway to better align u. s. and international accounting standards and to improve the quality and integrity of public disclosure. • we are working to encourage firms to proceed with their investments in greater resilience and geographic range called for in the interagency paper on sound practices to strengthen the resilience of the u. s. financial system. • we continue to encourage efforts to strengthen all aspects of our national payments and settlement systems. • and we are engaged across a number of fronts internationally to provide a more integrated framework of supervision that better matches the integration of national financial systems and the increased global reach of the largest financial institutions. as part of our supervisory process we monitor closely the
same time, higher than expected deficits combined with lower growth are limiting fiscal space and may put debt dynamics on a less favourable path, especially in countries with high debt levels. in view of all of the above vulnerabilities, it is clear we are seeing a general turning of the financial cycle. this is also becoming increasingly evident when looking at the euro area real estate sector. a clear downturn is visible in commercial property markets, while after several years of expansion, signs of correction – albeit far less pronounced – are also now apparent in the residential property market. while an orderly price correction in residential real estate might be warranted, a disorderly fall in prices would pose systemic risks. rising interest rates on new mortgage lending would increasingly compromise affordability and add to the interest 2 / 3 bis - central bankers'speeches burden on existing mortgages, especially in countries where variable - rate mortgages predominate. at the same time, valuations have continued to decline in commercial real estate markets in the euro area. an even more pronounced adjustment in such markets could expose structural vulnerabilities in some open - ended property funds, increase credit risk for lenders and lower collateral values. let me conclude. against the background of low growth, high inflation and rising interest rates, signs of a turn in the financial cycle are clearly emerging. as the likelihood of financial stability risk materialising has increased, the financial stability review notes that, in the light of elevated uncertainty amid accumulated vulnerabilities and a turning financial cycle, macroprudential policy should continue to focus on ensuring the resilience of the financial system. while there are some indications of credit supply tightening, driven by higher risk perception and funding costs, capital requirements are not constraining bank lending, as banks continue to exhibit sizeable capital headroom. in fact, many euro area countries have enhanced macroprudential policies since the pandemic, which has also helped greatly to strengthen bank resilience. maintaining macroprudential buffers now preserves the ability of authorities to release such buffers in response to potential future shocks and support the supply of key services to the real sector at that time. turning to the non - bank financial sector, the increasing risks posed by this lightly regulated sector, with strong links to banks, requires a comprehensive macroprudential approach to address structural vulnerabilities, notably in investment funds – especially targeting liquidity mismatches and overall leverage. the stress in us and swiss

banking markets has highlighted structural fragilities and demonstrated the greater speed at which liquidity problems can emerge in the financial sector. at the same time, it has revealed that the incomplete banking union is a source of vulnerability for europe's banking sector. the lack of a complete banking union still represents a very wide gap in the eu's institutional framework. thank you for your attention. 3 / 3 bis - central bankers'speeches
ewart s williams : money laundering and terrorist financing opening remarks by mr ewart s williams, governor of the central bank of trinidad and tobago, at the aml - cft programme, hosted by the toronto centre, the world bank and the central bank of trinidad and tobago, port - of - spain, 2 june 2008. * * * let me join carl hiralal in thanking the world bank and the toronto centre for joining with the central bank to put on this workshop on money laundering and terrorist financing. a special welcome to all the participants from caricom and from the wider caribbean region viz. haiti, dominican republic, netherland antilles, bermuda, aruba, panama. i am very pleased that this workshop is being put on because we in the caribbean do not see money laundering and terrorist financing as major challenges. money laundering is a crime, and this is so because, we the regulators, have not raised the level of awareness sufficiently. money laundering is a way of legitimizing illegal activity. it contributes to making crime pay. from my vantage point, money laundering also contributes to undermining the integrity of the financial system and the market process. where a financial centre or institution is used, wittingly or unwittingly by criminal elements or terrorists, there is an increase in reputation risks not just to the financial institution but also to the jurisdiction. where the integrity of the centre is brought into question, other countries and institutions generally restrict their business activities with such a centre. as a result, correspondent banking relationships, branch networks and capital market activities are negatively impacted and the long term viability of the centre is at risk with potentially serious economic consequences. money laundering and terrorist financing can carry a number of adverse macro - economic consequences, particularly for small economies like ours. these normally include inexplicable increases in the demand for goods and services ( like real estate ) that can be used to legitimize large sums of money that were derived from criminal activity. it can also lead to a reduction in the level of competition in certain business activities which generate a large volume of cash ; greater volatility in international capital flows and unusual pressures on foreign exchange markets and exchange rates, due to unanticipated cross - border asset transfers. the rapid advance of globalization and the liberalization of financial markets have no doubt facilitated money laundering and have made it truly a global phenomenon. these factors have also underscored the critical need for universal strategies to fight

is to expand and if the economy is to enjoy sustained growth. i am confident that you have the capacity to do this because you have so demonstrated in the past. i wish you a very productive and rewarding two - day conference. thank you.