samchain/econo-pairs-v2 huggingface dataset:
the rt hon sir edward george gbe : towards a safer banking system speech by the rt hon sir edward george gbe, governor of the bank of england, to the association of professional bankers sri lanka 12th anniversary convention, on 27 august 2000. * * * mr governor, ladies and gentlemen, it is an immense pleasure, and a very great honour, to have been invited to address this annual convention. the theme of the convention is “ towards a safer banking system ”. it is a theme which gladdens my heart. the safety of the banking system is fundamental to financial stability in a broader sense. it is vitally important, of course, to you - as professional commercial bankers. but it is vitally important, too, to us, central bankers, because you simply cannot have monetary or broader economic stability, which is a key part of our responsibilities, without stability of the financial system - they go together like love and marriage! and monetary and financial stability are vitally important, too, to our societies at large and to the individuals that make up our societies - they are absolutely necessary, if not in themselves sufficient, conditions for the economic prosperity to which we all aspire. the question is what can we do - working together - to improve the safety of our banking systems. and you will notice that i emphasise “ working together ”, because while we all clearly have a common interest in that objective, we all - commercial bankers, banking supervisors, central banks and governments - have distinct responsibilities and distinct contributions to make towards bringing it about. and we will not succeed unless we all play our respective parts. from the programme for your convention i see that most of your working sessions have been concerned with the steps that commercial banks can take to protect themselves against risk in a rapidly changing financial environment and the role of banking supervisors. i should like to start from the other end, as it were, and talk about the role of the authorities more broadly. i suppose that the most frequent cause of financial instability is macro - economic shocks of one kind or another. certainly major disturbances can originate within the financial system itself - and that of course in turn can generate macro - economic instability. but my observation is that the causality more often than not runs the other way. from our own experience in the uk, the exaggerated economic boom and bust cycles of the past - at least i hope they are in the past - and fed in some instances by abrupt financial deregulation - have led to a

to share your views as part of the all - important process of ongoing debate on financial stability. thank you. page 5 of 5
to this mission by the french government and already came twice to tokyo in the last months to convey this very concrete message. 3 / how can we give further impetus to europe? getting back to the european level, i would like to point out that many improvements have also been made in the field of crisis prevention and management. prevention is based on much more 2 / 3 bis central bankers'speeches efficient financial regulation and on a european governance framework that is better organised now with well - designed monitoring mechanisms on fiscal performance as well as on macroeconomic imbalances and structural reforms. banking union contributes to strengthening financial stability in the euro area and the eu as a whole and to ensuring that the banking sector is safe and reliable. the global european picture is of substantially enhanced resilience since the crisis. the common equity tier 1 ratios of significant banking groups in the euro area have risen from 7 % in 2008 to 14 % today. crisis management – including for greece – has also evolved considerably with the creation of the esm. so you can be fully confident about the resilience of the euro and of the euro area. it is not only an economic asset, it is also a political one, supported by each of the 19 governments and – which is still more important – by 68 % of euro area citizens ( and even by 70 % of french citizens and 73 % of german citizens ). moreover, monetary policy played its full part to maintain euro area cohesion. europe has clearly succeeded with monetary union, but monetary policy should not remain the only game in town. we must continue to make progress towards economic union in order to achieve more and to further join forces in the new international context. to do so, europe should seize the opportunity to move forward on three concrete steps towards economic union : the first step, as of today, is to build a “ financing and investment union ” ( fiu ) to steer abundant savings into productive investment. resources are not lacking : in the euro area, the current account surplus, which is a measure of the excess of savings over investment, stands at more than 3 % of gdp. this trend is often described as a “ saving glut ” but i believe it is more fitting to talk of an “ investment crunch ” [ slide 6 ], since we lack productive investment. the fiu would merge together the initiatives already in place : the capital markets union of course, but also the juncker investment plan – which aims, through the use of limited public guarantees,

empirical analysis ”, the journal of business, 78, issue econpapers. repec. org / repec : ucp : jnlbus : v : 78 : y : 2005 : i : 6 : p : 2435 – 2464. 6, pp. 2435 – 2464, 3 credit value adjustment. 4 correlation trading portfolio. 3 / 3 bis central bankers'speeches
insurance regulatory authority to offer shariah - compliant insurance services. although the concept of “ takaful ” has been in existence in the global arena for several decades, this product is now being offered for the very first time by an entity incorporated and licensed in kenya. ladies and gentlemen : first community bank ltd has again trail - blazed by introducing a shariah - compliant mutual fund. i am informed that the fund will be denominated in kenya shillings and the aim is to pool funds amounting to ksh. 1 billion. the fund will invest principally in sharia - compliant opportunities in kenya and other countries in the eastern africa region and may also undertake offshore investments. the bank intends to invest in money market instruments, equity, structured investments and other collective investment schemes that are all shariah - compliant. indeed, this fund will avail investment opportunities to many people, particularly those who could not invest in the available products on account bis central bankers ’ speeches of faith - based or other risk related restrictions. it is a welcome addition to deepening kenya ’ s nascent capital markets. this move is also a positive step towards not only attracting increased foreign direct investments into the country and the region at large, but also enhancing the capacity of the kenyan people to harness the available resources for national development. as you are aware, a key goal of the government of kenya, as espoused in vision 2030 is establishing kenya as a premier financial services hub in the region with a wide range of competitive products and services. one of the ways of achieving this goal is ensuring that kenya becomes the gateway for shariah - compliant financing, through establishment of an enabling environment that supports the development of shariah - compliant financial services and products. to this end, the central bank has in the recent past liaised with the shariahcompliant banks and established the main challenges that impede the achievements of this objective. some of these impediments are : inadequate shariah - compliant products. for example, the lack of shariah - compliant liquidity instruments places shariah - compliant banks at a disadvantage compared to the conventional banks ; uncertainty on the tax treatment of shariah - compliant financial instruments ; inadequacy of the requisite human capital with respect to shariah - compliant finance. ladies and gentlemen : the central bank is in this regard engaging other relevant arms of government to address these challenges in order to propel shariah - compliant finance to

the next level. the future of islamic finance in kenya and in the region remains bright. on its part, the central bank will continue to pursue policies that create an enabling environment that will eventually culminate in kenya establishing itself as a regional financial hub as envisaged in vision 2030. with these few remarks, i want to wish first community bank ltd as well as the first community bank capital ( investment bank ) the best in their future endeavours. the islamic finance picture is thus complete. thank you bis central bankers ’ speeches
the medium run, the macroeconomic policies should be prudent in terms of public and private savings level, in order to control the need for using foreign financing resources. the fiscal policy during the first half of 2009 had an expansionary stance, being featured by a rapid growth of expenditures and budget deficit. budget revenues have recorded a more moderate growth, partially reflecting even the economic slowdown effects. though remaining within the projected level for 2009, the budget deficit by about all 30 billion constitutes a much higher amount than in the same period of the previous year. under these conditions, the bank of albania would appreciate the taking of measures for keeping budget deficit levels and public borrowing in check, helping the maintaining of the internal and external balances in the economy. preserving the projected budget parameters will impact positively on macroeconomic stability, by controlling the fiscal stimulus on aggregate demand and dampening the pressures on monetary markets. the demand for monetary assets increased during the last months. money supply rise by about 8 percent is based on money creation in the economy from the public sector and from private sector borrowing, mainly in all. loan portfolio grew moderately, by all 7. 5 billion or about 5 times less than as of the same period of the previous year. reduction of bank funds source and increase of uncertainty in the country influenced the significant deceleration of credit growth rates. however, credit to economy increased along the first months of the year, while the banking system has signalled no further tightening of the lending terms in the third quarter of the current year. the private sector ’ s demand for lek - denominated loans is faced with an increasing willingness from banks, thanks to stabilization of liquidity situation and easing of monetary conditions at start - 2009. restraint of foreign currency money supply has resulted to contraction of foreign currency component of money structure, even on the demand for money side, bringing about shifting of money supply structure towards the lek. in the first half of 2009, the financial market situation was influenced by increased uncertainty and revaluation of risk premiums that associated the liquidity constraint, consequent to deposit outflows and lending activity reduction. ongoing intervention of the bank of albania in the money market, combined with measures that aimed at relaxing the market and encouraging the interbank market activity, as well as the maintaining of sound financial system indicators, made the end of the period record stabilization of liquidity positions and of interest rates. the latter displayed different behaviour, according to maturity term. short - term

be constantly subject to bank of albania ’ s supervision and stress - test analyses.
but there is no such thing as a cryptocurrency. 3 / a european mobilisation on private payment infrastructures thanks notably to the involvement of the major european banks in the european payments infrastructure ( epi ) project. it is crucial that we go beyond the current national systems, and offer cross - border solutions together with a pan - european brand. there is no contradiction between the cbdc and the epi. we could very probably need both. the bis recently underlined this complementarity between public and commercial money in its report published on friday. i would therefore like us to build a public / private partnership. the potential impacts on the banking industry and financial stability could be controlled using different means : for example, by having the retail central bank digital currency distributed by the banks, directly to individuals ; and by limiting the amount of digital euro in circulation to prevent an excessive conversion of deposited commercial bank money into cbdc. * * in conclusion, i would like to repeat a conviction : fintechs are no longer separate from the world of finance. they are transforming the practices of financial institutions, their relations with customers – we can see it clearly with payments – as well as their relations with supervisory authorities : new technologies are useful not only for improving crisis prevention and management, but also for optimising the work of the supervisor. we are talking about regtech and suptech. all these dimensions will be taken into account in the banque de france ’ s next strategic plan, “ building 2024 together ”. thank you for your attention. 3 / 3 bis central bankers'speeches

##cb ) and - some time later - into the eurosystem are well under way. as the historic process of reunifying europe unfolds before our eyes, let me assure you that the ecb is ready and looking forward to playing its part.
an organic vision of the objectives and instruments, the start of the action plans can restore confidence among all economic agents : the financial system, firms, consumers and savers. looking at the experience of the most advanced economies, it is necessary for europe to relaunch programmes for infrastructure, innovation and research. the progress made in economic and institutional integration and the union ’ s enlargement provide a solid foundation. in italy as well we must move resolutely in the direction of faster growth, higher employment, security for the elderly and valid prospects for the young. it can be done. we must do it.

is currently engaged in securitizing large volumes of doubtful loans. symptoms of deflation are still present. monetary policy has been even more expansionary. with the lessening of global political tensions, economic activity has picked up and progressively gained strength in the emerging economies as well. after two years of sharp deceleration, in 2003 the rate of growth rebounded to almost 6 per cent. in the emerging asian countries gdp growth was 7. 5 per cent. in latin america, the modest results achieved by brazil and mexico contrasted with the sharp recovery in argentina. the rate of growth in the euro area was no more than 0. 5 per cent. in 2003 the world economy is estimated to have grown by 3. 7 per cent. for 2004 the international monetary fund forecasts gdp growth of 4. 6 per cent in the united states, 2. 2 per cent in japan, 6 per cent in the emerging economies and 3. 6 per cent in the main latin american countries. in the twelve euro - area countries output is expected to grow by 2 per cent. the world economy is forecast to grow in 2004 by around 4. 5 per cent. 2. liquidity and the international financial markets in a context of low inflation and globally insufficient aggregate demand, markedly expansionary monetary conditions in the three major areas have driven interest rates down to historically low levels, fostered a faster expansion of credit and supported the recovery of the financial markets. during the nineties the money stock in the seven leading industrial countries was somewhere between 65 and 70 per cent of gdp. in the last five years it has risen steadily to reach nearly 80 per cent, an increase larger than that recorded in the previous twenty years. in the three major areas it was monetary base and the more liquid components of bank money that increased most. from the mid - nineties onwards the deposits of non - residents more than doubled, rising from around 3 per cent of gdp to nearly 8 per cent. conversely, short - term interest rates in the united states, the euro area and japan have fallen to their lowest levels since the end of the second world war ; net of inflation they are close to zero. real long - term interest rates on government bonds, which had touched 5 per cent in 1995, gradually came down to fluctuate around 2 per cent at the end of last year. after nearly doubling between 1996 and 1999, the capitalization of equity markets then fell and in 2002 was close to the value recorded six years earlier. the
this note, i would like to thank you for your attention and active participation over the last few days and look forward to working with all of you on building a fintech platform for seychelles. thank you. 1 / 2 bis central bankers'speeches 2 / 2 bis central bankers'speeches

steps have been taken towards developing our commercial relations as witnessed by trade volumes between countries. on the heels of 2001 crisis, the trade volume of turkey with the middle east region was just about usd 6 billion. it reached usd 43 billion just before the financial crisis and stood at usd 29 billion as of 2009. in the same period, the share of middle east in turkish trade volume climbed up by 5 percentage points to 12 percent, where as the share of european union declined by 10 percentage points to 43 percent. let me give you several country specific examples. syrian - turkish economic relations have strengthened rapidly in the past few years, particularly following the implementation of a free trade agreement between the two countries in 2007. all in all, trade volume between syria and turkey has doubled since 2006 and reached to 1. 75 billion usd in 2009. trade volume between turkey and egypt has also steadily increased from usd 500 million in 2003 to usd 3. 2 billion in 2009. it is expected that these figures will reach up to usd 5 billion in the next three - years. one reason for this rapid increase is that both countries have completed the legal ground which secures free trade between countries. the free trade agreement, which has recently been put into effect, does not only provide opportunities for higher trade volumes but also functions as a framework that brings together investors from both countries. turkey has long provided a significant conduit for the flow of humanitarian and economic assistance to iraq. today, the volume of bilateral trade is also rapidly rising. the bilateral trade volume has been increased significantly since 2006 and reached to 6 billions usd in 2009. the high - level official visits between turkey and iraq have been providing impetus to the diversification and advancement of our economic cooperation. moreover, turkish companies play a leading role in the reconstruction of iraq. our trade with jordan and lebanon exceeded usd 1 billion in 2009. with the conclusion of the ongoing negotiations on the free trade agreement between turkey, lebanon and jordan, trade relations among our countries are expected to gain volume. dear guests, increasing commercial relations naturally led to an increase in international banking services among our economies. having a sound financial position, turkish banks can contribute both to building commercial and financial links within the region. today, several turkish banks are interested in expanding their operations to the middle east, considering the growth potential in commercial relations and considerable amount of liquidity in the region. besides, the middle east is one of the world ’ s fastest growing markets in the banking and capital sector. islamic finance is
is vitally important. thank you. buena suerte. 1 / 1 bis - central bankers'speeches

frank elderson : finance and biodiversity day of 16th united nations conference on biological diversity ( cop16 ) - transcript of video recording contribution by mr frank elderson, member of the executive board of the european central bank and vice - chair of the supervisory board of the european central bank, at the 16th meeting of the conference of the parties to the convention on biological diversity – finance and biodiversity day, cali, 28 october 2024. * * * the global economy and finance need nature to survive. analysis by the ecb shows that the economy depends critically on nature : 72 % of non - financial businesses in the euro area – around 4. 2 million individual companies – would experience significant problems as a result of ecosystem degradation. these businesses rely on ecosystem services like fertile soils, timber and clean water. and 75 % of bank loans are tied to these businesses. so, if they run into trouble, the banks that finance them will too. this interdependence underscores why the ecb made nature one of the focus areas of its climate and nature plan for 2024 and 2025. it is also why we push banks under our supervision to manage all material nature - related risks. the ecb does not stand alone in recognising this threat. the value of nature for the economy is acknowledged by the global network of central banks and supervisors for greening the financial system, which has 141 members worldwide. additionally, a recent stocktake by the financial stability board showed that a growing number of policy authorities around the world are considering the potential implications of naturerelated risks for financial stability. in recognition of the vital importance of nature for the economy, international fora must ensure that nature considerations are fully integrated into regulation and supervision, alongside ongoing efforts to account for climate - related considerations. this starts with identifying exposures and vulnerabilities to nature - related risks. while central banks and supervisors are not nature policymakers, we must take nature into account to fulfil our mandate of price stability and safe and sound banks. otherwise, we risk failing to deliver on our mandate. my message on this finance and biodiversity day is clear : if you destroy nature, you destroy the economy. the right conditions must be established for nature – and consequently the economy – to thrive. the economy needs nature to survive. financial stability needs nature to survive. to deliver on our mandate, we need nature to survive. and the survival of nature requires financing. therefore, your success here in cali