samchain/econo-pairs-v2 huggingface dataset:
attention.

next. a large portion of the revenues is saved, and is invested in foreign equities and bonds through the government petroleum fund. long - term fiscal policy challenges - the role of the government petroleum fund nevertheless, the norwegian economy is facing considerable challenges as a result of an ageing population and a marked rise in pension expenses and in the cost of nursing and care services. the number of old - age and disability pensioners is estimated to rise by 50 % by 2030, and central government expenditure on old - age and disability pensions is expected to increase from approximately 7 % of gdp in 2000 to 15 % in 30 years ’ time. in order to meet these long - term fiscal policy challenges, it is appropriate for resources to be put aside in times of high petroleum revenues. the larger the petroleum fund, the less dependent we will be on petroleum revenues in the future. the norwegian ministry of finance assesses the long - term outlook for public expenditure using generational accounts. 1 such accounts can be used to assess whether the tax burden will need to be increased in the future to meet the government ’ s long - term social security obligations and to maintain public services and amenities. the calculations presented by the ministry of finance2 indicate that the generational accounts are more or less balanced. the ministry emphasises the uncertainty shrouding this type of long - term assessment of fiscal policy. fluctuations in the oil price and petroleum earnings also create challenges for economy policy in the short and medium term. let us suppose that the oil price temporarily increased by usd 1 per barrel. this is a small change, well within normal variations from one year to the next. government revenues - and thus the budget surplus - would increase by almost 1 % of norway ’ s annual gdp. if the increase in petroleum revenues is used in norway, it corresponds to almost half of the annual growth in the non - oil economy in a normal year. if the private sector of the economy is also expanding, and the economy is already close to capacity, this policy would swiftly lead to strong pressures on the resources in the economy. this would result in a rise in wages and prices, and would also lead to unstable conditions in the foreign exchange market. the government petroleum fund shall serve as a buffer against short - term fluctuations in oil revenues. as large portions of the revenues from oil activities accrue to the state, fluctuations in oil prices and oil revenues will primarily result in changes in allocations to the petroleum fund. since all of the capital
we have not yet finished the banking union. fundamentally, portugal has longer - term growth issues. it has made a huge effort in the past few years but needs to persevere. bis central bankers ’ speeches

1 / 4 bis central bankers'speeches export sector and balance of payments the export of goods and services sector is expected to slump massively, as external demand plunges amid severe economic contraction in our main exports markets. the significant drop in export earnings will amplify the current account deficit, projected at about 12 % of gdp in 2020. this year, the overall balance of payments is forecast to record a deficit. the tourism sector is a major supplier of foreign exchange. the foreign exchange loss from this industry alone has been estimated at around rs12 billion for april and may 2020. last year, tourism receipts amounted to rs63 billion. this year, as long as the tourism industry remains inoperative, there will be significant shortfalls in foreign exchange receipt. the pressure on foreign exchange earnings will be amplified by the shortfall in export earnings in other sectors as well, such as textile and fish products. the bank, in line with its mandate, has taken necessary measures to maintain stability on the foreign exchange market and address any deficiency in foreign exchange liquidity. the bank has sold usd172 million to banks since 18 march 2020. in addition, the bank conducted swap transactions with banks for a total of usd100 million under its support programme. furthermore, the bank has also provided the state trading corporation ltd ( stc ) with foreign exchange for a total of usd55 million since 26 march 2020. the bank will continue to provide foreign exchange to the stc to ensure adequate supply of essential goods to the public. i have to highlight that mauritius has a floating exchange rate regime, as per the imf classification. the recent fluctuations of the exchange rate of the rupee is the result of the interplay of market forces, both domestic and international. the bank is continuously monitoring activities on the domestic foreign exchange market. it stands ready to intervene as required to contain excessive exchange rate volatility. at this point, let me reiterate the core mandates of the bank : to maintain price stability, to promote orderly and balanced economic development, and to ensure the stability and soundness of the financial system. as such, and given the current context, the bank of mauritius will do whatever it takes to safeguard the economy. all the measures taken by the bank since march 2020 are a reflection of this commitment. concretely, these measures aim at alleviating the financial burden of economic operators, smes, households, and individuals affected by covid - 19 and protecting jobs. it must be noted
another practical demonstration of the central bank's commitment to support our youth and our region's transformation. immediate priorities before i conclude, i wish to mention some of the central bank's immediate priorities. these include : ease of opening bank accounts ; regional standards setting body ; 4 / 5 bis - central bankers'speeches office of financial conduct and inclusion ; financial literacy and inclusion strategy ; launch of eccu credit bureau ; and expansion of eastern caribbean partial credit guarantee programme. conclusion - a call for collective action ) our challenges are formidable but so are opportunities. i conclude with my oft - repeated declaration : " as a region, we cannot change our history and we cannot change our geography but we can elevate our development trajectory through innovation and collective action. " may god crown our collective efforts with tremendous success. i thank you. references 1. imf world economic outlook, april 2024 2. bis annual economic report, june 2024 3. eccb strategic plan 2022 - 2026 5 / 5 bis - central bankers'speeches

task of integrated and crossborder financial sector regulation. these enhanced resources ( actuarial, legal or otherwise ) cannot typically be found in any one country. indeed, our best prospect, like the eccb has demonstrated over the past 35 years, is for us to come together and work together. in sum, my expectations for today at this change management session and, tomorrow, at our meeting of the regulatory oversight committee ( roc ) are for us to reflect on : from whence we have come, where we are now and acquire a sense of urgency about taking collective action to secure our financial system. with that in mind, i urge your support to complete the implementation of the sipmp. in so doing, we would secure a strong legacy for generations to come. these then are my opening remarks. again, i thank each of you for coming and for your attention. page 3 of 3
that we too must continue to improve our defenses. in this regard, there remains many issues which the bank of thailand, along with other central banks in the region, intend to drive forward, such as overseeing more comprehensive cyber resilience policies and promoting the development of human resources. in response to cyber - attacks that may target vulnerable customers, it is crucial that we strive to increase consumer technology literacy to nudge them towards safer cyber behaviors and ensure a sufficient level of cyber hygiene. ladies and gentlemen, i would like to take this opportunity to thank the thai bankers ’ association and tb - cert for organizing “ asean banking cybersecurity conference 2019 ” which has brought our asean members together today. this is an opportunity not only to gain knowledge from expertise in different areas, but also to enhance connectivity and collaboration among professionals which is vital to improve our cyber resilience going forward. i wish all of you a fruitful conference and an enjoyable stay in bangkok. thank you.

an understanding of the intricacies of development and human satisfaction are not more widely understood and appreciated. as for thailand, we may begin to foster this philosophy through adopting a more diverse array of measures of development and success. agencies such as the nesdb should publicly announce and raise awareness of the diverse aspects of development, success, and prosperity. for example, these indicators can include rates of water accumulation for use and amount available in reservoirs each year, the number of villages that face water shortages each year, increase ( or decrease ) in forested areas, ratios of industrial factories with substandard water treatment procedures, oil dependency ratios of the industrial sector, or teacher - to - student ratios, to name a few. our country ’ s leaders need to commit to certain goals and targets that are clearly and publicly announced. the public ’ s perception that growth and development is reflected only in growth of gdp should be corrected. listening to me today, i am sure many of you may think that my visions are only a dream that will be hard pressed to find their way into reality. i do admit that many of these proposals will be difficult to put in place in practice, but they are not impossible. they are actions which we need to push towards, and at the soonest. i have discussed these issues in other venues and fora and with many positive reactions. and i will continue to speak on this topic to convince more people of its importance. i hope that this persistence will one day show results, whereby our country ’ s leaders and administrators truly understand the need to change their way of thinking. i firmly believe that this dream is truly within our reach. thank you for your attention.
resort to stereotypical descriptions of the others. we have seen examples of such behaviour in some greek and german newspapers. a more moderate “ european ” view, which tries to explain the common interest, has great difficulty in finding an audience in the various countries. this makes it even more difficult for national politicians to search for compromise in the broader european, and ultimately national, interest. national governments have to take their parliaments ’ views into account, which is perfectly understandable. however, this may paralyse european decision - making, especially if it is based on inter - governmental agreements and requires unanimity. this is not the case for most decisions foreseen in the treaty, such as those underlying the functioning of the sgp. however, unanimity was required for several decisions which were taken in the crisis, in particular with respect to financial assistance. the sovereign debt crisis has shown the need for a safety net for those governments which lose access to financial markets while undertaking an adjustment programme. such a net had to be rapidly put in place in the form of the european financial stability facility, with the bis central bankers ’ speeches long - term solution being a modification of the treaty and the creation of the european stability mechanism. in all these cases, unanimity is required for all decisions, not only in the set - up of the scheme, but also in its modification and activation. this is a clear shortcoming. it would be as if the imf had to gain the unanimous support of its executive board to decide on each and every country programme. no doubt it would severely impede and delay decision - making at the imf. it is surprising that european countries have accepted a majority, or a qualified majority system, at the imf – in which paradoxically the us has enough votes to block some decisions – but require unanimity to decide among themselves, within the european mechanism, thus making it very difficult to decide, especially at times of crises. when taking critical decisions that affect the stability of the euro area, the european council risks becoming like the polish - lithuanian commonwealth of several centuries ago, in which any member of the legislature could block any decision. we know how it ended. such a system is certainly not the best way to manage a major currency area. the ecb has expressed its views on this in the past and hopefully some changes will be made in the light of experience. so how can we improve the institutional framework in europe? in my view, we should

this regulatory progress with regard to debt as well. and i am confident that today ’ s conference will contribute to this process. r a de mooij, m keen and m oriharai ( 2013 ). “ taxation, bank leverage, and financial crises ”. imf working paper no. 13 / 48. bis central bankers ’ speeches
governor veerathai ’ s statement your excellency, fellow governors, ladies and gentlemen, members of the press, a very good afternoon to you all, it is my great pleasure to welcome our distinguished guests to this special event before the year ends. let me extend a very warm welcome to governor agus and governor muhammad ibrahim who have both travelled to bangkok specifically for this occasion. the year of 2016, which is coming to the end soon will be remembered by economists and financial professionals as a year of the unexpected, beginning from china's circuit breaker in the very first week of the year, to negative policy rates, to brexit and the us elections. greater uncertainties now hang over the global economy. fortunately, our asean region, with its high potential, is a bright spot in the world. this is therefore time for us to navigate today ’ s uncertainties through our concerted efforts to bring out the potentials of our asean region. what we are witnessing here today is a renewal of the spirit of regional integration by relying more on collaboration to serve as a key driver for sustainable growth to benefit all of us. the mous that we are about to sign will provide flexibilities on foreign exchange regulations for the settlement of trade and investment in local currencies, resulting in greater efficiency and convenience for businesses. another key merit of this framework is that businesses will be able to better manage exchange rate risks. this is because our local currencies are generally correlated with each other. also, there will be less reliance on currencies of advanced countries which last year account for over 85 percent of thailand ’ s trade with indonesia and malaysia. you may recall that earlier this year, bank negara malaysia and the bank of thailand implemented a ringgitbaht arrangement in march as a pilot project. since then, we have seen a noticeably narrower spread between the ringgit and the baht. moreover, we have noted an increasing number of businesses applying this local currency scheme in their day - to - day business conduct. today, i am very delighted that bank indonesia is carrying on this initiative by signing the mous with both bank negara malaysia and the bank of thailand. i really hope that this scheme will continue to expand to other countries in the region. ultimately, this would be one important step closer to having greater regional financial integration in asean. on this note, may i invite governor agus to say a few words, and followed by governor muhammad ibrahim. thank

you.
4 million barrels a day and, before the recent drop in prices, was on track to increase its output to almost 4. 8 million barrels a day in 2020. we ’ ve also seen a powerful supply response to high prices in canada. oil sands production rose fivefold between 1993 and 2014, to 2. 3 million barrels per day, and now accounts for more than 60 per cent of canada ’ s crude production. between 2006 and 2013, investment in the oil sands more than doubled to over $ 30 billion ( chart 8 ). two distinguishing features of unconventional oil affect the dynamics of the market. first, the extraction cost of most of the new oil is relatively high. a barrel of shale oil costs between $ 40 and $ 80 to extract, depending on the project ; oil from canada ’ s oil sands costs closer to $ 60 to $ 100 a barrel ( chart 9 ). in many cases, this is mainly a reflection of the upfront cost of investment and exploration, rather than the continuing cost of keeping oil flowing from existing installations. of course, these costs may also vary over time with changing technology and competitive forces. second, it takes time and, in some cases, major investments, to bring a new supply of oil on stream. when demand increased over the past several years, supply could not be expanded right away. instead, prices shot up, creating incentives to explore, innovate with extractive technology and invest in new facilities. over time, these activities have delivered an outsized supply response, which has been driving prices down. so what happens next? when the price drops below the all - in cost of production, and is expected to stay there, that discourages further exploration and investment. indeed, in recent weeks, a number of oil companies have announced that they are scaling back investment. this is important, since new investment is needed to offset naturally occurring declines in production in existing fields. but before existing production is actually taken off stream, the price would have to drop a lot further – below the short - run marginal cost ( sometimes referred to as the “ cash cost ” ) ( chart 10 ). except for some smaller companies that may cut output more quickly as their access to financing is restricted, producers are likely to take time to adjust, especially if they have hedged against price movements. in all, it may take quite some time before supply and demand are brought back into balance – although technological change may enable some suppliers to adjust their production more quickly than in the

* * * * * * * * * once again, i want to express my sincere thanks to central banking publications and lombard street research for the honour of this most prestigious award. this is a proud moment for the members of our staff who have put in endless hours developing a prize - winning site.
, www. voxeu. org. bouis, r and r duval ( 2011 ), “ raising the potential growth after the crisis : a quantitative assessment of the potential gains from various structural reforms in the oecd area and beyond ”, oecd economics department working paper no. 835. bis central bankers ’ speeches raising growth potential is necessary for its own sake – to bring down structural unemployment and increase welfare. but is also helps monetary policy by supporting demand today, and by making it less likely that we run up against zero interest rates again in the future. the incoming data suggest that the ecb ’ s measures are now gaining traction. the recovery is firming, and inflation expectations seem to be moving towards values more consistent with our aim. but it is only through actions by other stakeholders – governments, social partners and firms – that this cyclical improvement can be made permanent. bis central bankers ’ speeches

##ullahi wabarakatuh. 1 covid - 19 to add as many as 150 million extreme poor by 2021 ( worldbank. org ) 2 covid crisis to push global unemployment over 200 million mark in 2022 | | un news 3 www. imf. org / external / pubs / ft / fandd / 2021 / 06 / pdf / inequality - and - covid - 19 - ferreira. pdf 4 / 4 bis central bankers'speeches
not believe that the alternative approaches are sufficiently credible. bis central bankers ’ speeches

risk managers about their own performance. on the other hand, the requirements of banking supervisors also shape what information is created about banking risks and risk management activities and will tend to influence bank behaviour. such information is also an important tool used by supervisors to evaluate institutional and systemic safety and soundness. and while our key focus at this conference is banking risk, we should not forget what malcolm knight said this morning about the growing similarities between banking and insurance, and, for us, the need to be able to supervise, or jointly supervise, financial services conglomerates. 3. contents the rest of my presentation is organised into three parts. the first is focused on accounting, the second on auditing, followed by some closing remarks. under accounting, i will look first at accounting and disclosure - what are the drivers and trends? then, accounting and supervision - where they converge, and, unfortunately, where they diverge. then i will look at the challenges this situation creates for banking supervisors and the need for regulatory action. under auditing, i ’ m going to look at recent developments first, then specific enhancements to the quality of the auditing process that have resulted from these developments, and finally what could be done to improve the process even further. 4. accounting & disclosure ; drivers & trends first, developments in accounting and disclosure. there is no question that trends in this area have been driven by a demand for greater transparency in financial reporting. one important development is the iasb ’ s recently published exposure draft # 7 on financial instruments disclosures. this draft proposes several sound principles to guide what should appear in published financial statements. increasingly, international accounting standards also support broader and more sensitive recognition of risks in several ways. first, more risks are moving onto the balance sheet than ever before. second, ias 39 ’ s increased use of fair value measurement is helping to quantify various types of risk that may not have been identified or fully understood under the traditional cost - based model. finally, the drive toward enhanced financial risk disclosures in the new ed 7 proposals should improve discussion of any risks that do not appear in the balance sheet and of how financial risks are being managed. it ’ s clear that pillar 3 disclosures were looked at by the iasb during development of the current exposure draft and we ’ re happy about that. finally, we need to recognise that one major objective behind the current development of international standards is a desire by countries and markets for a single, high quality financial reporting model that