samchain/econo-pairs-v2 huggingface dataset:
moral hazard between the banks, it will be crucial to have a risk - adjusted levy system for contributions by the resolution fund. as the most of you do, i would have preferred a pure european solution, instead of an intergovernmental agreement, but i have to accept the constraints in national laws. nevertheless, i am hoping for a compromise on the srm and srf, because starting the ssm in november without clarity about the resolution system would clearly be disadvantageous. thank you for your attention. i am now at your disposal for questions. bis central bankers ’ speeches

sabine lautenschlager : navigating uncertainty – governance, risk management and leveraged finance speech by ms sabine lautenschlager, member of the executive board of the european central bank and vice - chair of the supervisory board of the single supervisory mechanism, at the 17th annual risk management convention by the global association of risk professionals, new york city, 1 march 2016. * * * ladies and gentlemen, it is a great pleasure to be here today, as it gives me a welcome opportunity to exchange ideas on risks and risk management with high - ranking risk managers. discussing topics of risk management is doubtless necessary given the current macroeconomic environment. in 2008, the financial crisis turned the great moderation into the great recession. today, almost eight years later, we still live in challenging times. the great recession has now turned into the great uncertainty. quite recently, financial markets experienced another flare - up of that uncertainty. share prices of european banks, for instance, have been extremely volatile. on some days, we saw prices rise or fall in double digits. regarding the causes, it seems that markets were driven by a broad set of worries relating to three different areas : • first, the state of the global economy, including weak growth and weak investment, uncertainty with regard to china and emerging markets, as well as worries about the impact of low oil prices on the financial sector ; • second, the new regulatory environment, including the concrete implementation of the new bail - in regime established by the bank resolution and recovery directive ; • and third, some idiosyncratic issues that caused broader concerns. when you listen to some observers, you might get the impression that 2008 is not far away these days. personally, i would rather argue that it is reasonably far away. in terms of capital ratios as a measure of the resilience of banks, it is actually a couple of percentage points away – since 2008, banks in the euro area have increased their tier 1 capital ratios from 8. 4 % to 13. 7 %. after all, it is not just a matter of the amount of capital held by the banks. it is also a question of capital quality. and that, too, improved dramatically as a result of regulatory reforms in 2010. euro area banks focus on common equity tier 1 or cet1, the highest quality of capital. the average fully - loaded cet1 ratio of all banks directly supervised by the ecb stood at 12 % at the end of last year
) - grew at 93. 4 % and stood at 14. 4 bil. loans to the more traditional categories such as, trade, personal business loans, personal consumer loans and construction went up at normal growth rates of between 9. 9 % to 13. 6 %. i do not want to draw conclusions, but please take note of these figures and try to draw your own conclusions. 2. the uae economy and the exchange rate policy of the uae the uae economy will continue to do well, as oil prices are expected to continue to hold above us $ 50 per barrel. as you know, oil and gas exports'revenue even if we include free trade zones exports and reexports, this still will weigh around 70 % of the value of all uae exports'revenue. inflation in the uae comes mainly from higher rental rates, which is a temporary phenomena, and expected to subside as new housing units and office space come to the market in a few months from now. the uae will continue to be a trade & business center and a tourist destination in the region, and certain economic sectors will continue to grow ; just avoid concentration. ladies & gentlemen, i will take this opportunity to try to respond to those who voiced their opinion recently that the dirham fixed exchange - rate peg against the us dollar is not suitable for the uae economy. to analyze, lets look at the uae imports and exports in 2005, before we make any judgment based on ones feelings or interests. the uae imported goods worth 36 % of all its imports from asian emerging economies and 10 % from usa & canada and 4 % from gcc countries ; this is straight 50 % of all imports, all denominated in us dollars. if we add australia & n. z., africa, other arab countries & other countries ; at least 70 % of these countries trade with the uae were done using us dollars or a currency pegged to the us dollar. japan exports ( uae imports ) are 69. 5 % denominated in us dollar, as per bank of japan letter to myself. also imports from the uk should be at least 50 % denominated in us dollar. this leaves the euro area which represents only 20 % of uae imports, which could be purely denominated in a non - us dollar currency. on the other hand, about 70 % of our exports are priced in us dollars, i. e. our oil and gas exports. 3. central bank's issues and projects under this title

the iif, for holding this important high level meeting here in abu dhabi. i wish you all a successful meeting. thank you for your attention.
of the ing - finex cfo of the year! who will it be? is she or he in this room? a member of finex or not? let ’ s wait and see. again, congratulations to finex and ing! thank you all and good evening. mabuhay po ang bansang pilipinas!

fund early recovery and reconstruction in affected areas. the members of the task force appeal to all of you to support this program. together, let us get this program going! marami pong salamat sa inyong lahat.
prospects. this gives us a good picture of the state of the norwegian economy. after a period of high activity and little spare capacity, the network now reports weak overall economic growth. at the same time, there are wide differences across industries. while companies supplying goods and services to the petroleum industry are enjoying strong growth, the construction industry is experiencing a decline in activity. few new homes are being built. in the secondary housing market, many homes have not been sold, and house prices have fallen. we cannot use the policy rate to fine - tune developments in individual sectors. at the same time, we are attentive to industries that stand out. a sharp upswing or decline in some industries may have substantial spillover effects or more lasting effects that may change the economic outlook. this may then also have implications for the orientation of monetary policy. slide 9 : the policy rate is likely close to the level needed to tackle inflation monetary policy is now having a tightening effect on the economy, and we have not yet seen the full effects of the past rate hikes. the committee assesses that the policy rate is likely close to the level needed to tackle inflation. at our monetary policy meeting in november, we signalled that we will probably raise the policy rate in december, and we believe there will likely be a need to maintain a tight stance for some time ahead. there is substantial uncertainty surrounding economic developments. over the past couple of years, inflation has repeatedly been underestimated, and we have had to revise up our policy rate forecasts. it is demanding to make economic forecasts – particularly now that the economy has been exposed to major shocks, and because we have little experience of the current high inflation. i cannot therefore make any promises about the interest rate outlook. what i can promise is that we will adapt monetary policy to the economic outlook. with effective 5 / 6 bis - central bankers'speeches interaction between wage determination, fiscal policy and monetary policy, we are well poised to return inflation to target while avoiding a severe economic downturn. 6 / 6 bis - central bankers'speeches

affairs division, dealing in particular with global financial stability issues relating to the international monetary fund. some of you have already met him, and i am certain that he will be a worthy successor to thomas notheis. one final thought i would like to leave you with : our decision to have a permanent representative here in mumbai shows that the bundesbank acknowledges the importance of the indian economy and the role of its financial market in asia and the rest of the world. i strongly believe that our presence here in mumbai will deepen friendship and cooperation, not only between alexander sattler and his peers but also between the bundesbank and the reserve bank of india, and eventually between germany and india. thank you! bis central bankers ’ speeches
i am confident that this will also apply to tomorrow ’ s regulators, who will continue to make changes and additions to the future global financial architecture. bis central bankers ’ speeches

##ness. i realize that i formulated the typical nuanced answer you can expect from an economist : “ real estate taxation and macroprudential policy are both substitutes and complements ”. i hope for everyone here in the room that the panelists in the next session – where this question will be discussed more extensively – will be a bit less nuanced so we can have a lively debate. fout! onbekende naam voor documenteigenschap. concluding remarks before we move to this next session, i would like to say a few more words and conclude. as i stated at the start of this keynote : the impact of volatile housing markets on financial stability and macroeconomic stability and performance is significant. to me, the dutch case clearly illustrates that too much household debt severely exacerbates this mechanism. in my view, current tax systems often contribute to cyclicality, by either incentivizing debt financing or stimulating investments in housing over other investments. in such an environment macroprudential instruments are partly in place to offset these features of the tax system. ideally however, i would like to see tax systems and macroprudential instruments working in tandem, to structurally limit the risks of excessive house price growth and leverage. therefore i believe that for us, as policymakers, there are still important steps to be taken the coming years. in various countries there is still room for improvement to extend the macroprudential toolbox or fine - tune the current instruments. moreover, in most countries the tax system can be improved a lot to reduce cyclicality. residential real estate taxation should therefore gradually transition to a level much more comparable with other sources of wealth. i want to emphasize here that when it comes to macroprudential tools and real estate taxation, i believe in a structural approach. using these tools to “ lean against the wind ”, by making discretionary changes to them through the cycle, is a far more difficult and risky exercise for us policymakers. that all said, i would like to thank everybody here for coming and giving me this stage. i really hope this conference will push this essential issue higher up the policy agenda.
will be further strengthened in the years ahead. however, government savings will hardly exceed the requisite level implied by pension expenditure over the next decades. considerations relating to the business sector and the supply of labour set limits on how fast the public sector can expand. given the current structure and pricing of public services - and the many tasks assumed by the public sector - it will become increasingly difficult as each year goes by to make ends meet in both central and local government budgets in an environment of growing demands and expectations. this probably represents the greatest challenge to economic policy in the years ahead.

inflation tends to follow suit four - quarter change. percent – 1 – 1 – 2 employment growth, moving average domestic goods and services inflation six quarters later – 2 sources : statistics norway and norges bank the role of monetary policy is to promote maximum employment without causing inflation to accelerate. monetary policy cannot take primary responsibility for employment. entry into the labour market is determined by the education system, the social benefit system and labour market policy. an increase in labour supply will create more room in the next round for an increase in employment without causing inflation to accelerate. norges bank economic perspectives 17 february 2022 the labour market improved rapidly monetary policy is a first line of defence in stabilisation policy. economic downturns are countered by rate cuts ( chart 6 ). but if severe shocks hit the economy, other areas of economic policy must play a key role. when the pandemic hit norway, we cut the policy rate to zero. at the same time, fiscal support measures were implemented on a scale unprecedented in modern norwegian history. the aim was to cushion the downturn and support households ’ and firms ’ income. chart 6 economic downturns are countered by rate cuts norges bank policy rate. percent 1. 75 1. 75 1. 5 1. 5 1. 25 1. 25 0. 75 0. 75 0. 5 0. 5 0. 25 0. 25 – 0. 25 – 0. 25 source : norges bank the actions taken could not, however, prevent a situation where a large number of workers were suddenly out of work. the risk that the pandemic would leave lasting scars on the labour market was an important reason why we kept the policy rate at a historically low level for more than a year. now that we can look at the years 2020 and 2021 in the rear view mirror, we can see that employment in norway picked up more quickly than expected ( chart 7 ). employment exceeded the pre - pandemic level in autumn 2021, and the same degree of monetary policy stimulus was no longer needed. we have now raised the policy rate twice, and we have signalled a further rise. norges bank chart 7 activity picked up faster than expected number of employed excluding furloughed. in thousands projections may 2020 projections december 2021 economic perspectives 17 february 2022 sources : statistics norway and norges bank inflation is rising two years after the outbreak of the pandemic, we can see that activity in the norwegian economy has recovered firmly. the same can
yannis stournaras : financial stability, macroprudential regulation and microprudential supervision welcome address by mr yannis stournaras, governor of the bank of greece, at the 1st annual workshop of escb research cluster 3 “ financial stability, macroprudential regulation and microprudential supervision ”, athens, 2 november 2017. * * * it is with great pleasure that i would like to welcome you to this first workshop of the escb research cluster looking at issues related to financial stability, macroprudential regulation and microprudential supervision. since 2008, the global financial crisis and the european sovereign debt crisis have had profound implications for how central banks think about financial stability and the toolkits which are employed in its defense. in the past, emphasis was placed on supervising individual institutions – so - called microprudential supervision. the most obvious example of such supervision is that of capital adequacy regulations which are harmonised across countries and have through the years become ever more complex. however, discussions about how much capital banks should hold and what counts as capital are still the subject of on - going research. moreover, other supervisory tools are being examined such as rules surrounding bank leverage and liquidity. perhaps, however, the most important challenge facing european banks is that of nonperforming loans. there are two broad areas where research is needed. first, how do we deal with the legacy npls, those that built up during the crisis? questions which arise include : what is the best way to reduce npls quickly? to what extent are there issues of strategic default? what institutional reforms are required in the wider economy to facilitate the smooth work - out of npes? what are the implications for financial conditions of npes and the smooth transmission of monetary policy? the second broad area is how we treat new npls going forward. here i consider it important to have some research input to issues such as appropriate provisioning policies and balancing the need for provisions whilst at the same time not interfering too much with banks ’ ability to do their job, namely, oiling the wheels of the real economy. in addition to microprudential supervision, we can now add macroprudential regulation. this type of regulation focuses on the stability of the financial system as a whole. tools are used to try to understand the build - up of systemic risk in order to provide early warnings and prevent systemic crises. interlinkages between financial institutions are mapped

have a duty to preserve financial stability. otherwise the costs for the real economy and, ultimately, our fellow citizens are significant. 2 / 2 bis central bankers'speeches
agenda. bis central bankers ’ speeches

mario draghi : atlantic council remarks speech by mr mario draghi, president of the european central bank, at the 2015 atlantic council global citizen award, new york, 1 october 2015. * * * ladies and gentlemen, thank you for honouring me today with this global citizen award. and thank you also for honouring, through me, all those who have worked – and continue to work – to maintain the cohesion of the european union, and to bring its integration process closer to completion. the fate of europe is naturally of immediate interest to its citizens. but it is also indeed of direct relevance to the world at large. the european union and its monetary union are regional projects with global implications. this is firstly due to the size of europe in the global economy. though the euro area has not made a major contribution to world growth over the past seven or eight years, it nonetheless accounts for 17 % of global gdp and 16 % of global trade. when the integrity of the euro area was under threat, so too was global prosperity. christine lagarde, who has chaired many imf gatherings where the first topic under discussion was the euro area, can testify to that. by the same token, the return of the euro area economy to sustained growth, under the impulse of our monetary policy, is good news for everybody, everywhere. to my mind, however, there is another reason why the euro area is crucially relevant to the global economy. it comes from the fact that european integration is by far the most advanced experiment in managing issues that cut across borders, through a combination of international and supranational arrangements. 65 years ago, the founders of the eu decided that we could only achieve results if we were united in facing common problems. at the time, the problem was war and the objective was peace. and it worked. but now, the nature of the many challenges we face shows how right this approach fundamentally was : think of migrants seeking refuge in our countries, the threat of terrorism, the consequences of climate change, the recent succession of financial and economic crises. and these challenges are not specific to europe. they are global. i am certainly not suggesting that the path followed by europe to manage them is replicable at a global level. but the experience we have gathered, the experimentation with supranationalism, the failures and the successes, all carry invaluable information for those involved in managing global issues. it may seem at times that we in europe
all of us, and i expect that this is the way we are all looking at it.

5 / 19 / 2020 pandemic central banking : the monetary stance, market stabilisation and liquidity speech pandemic central banking : the monetary stance, market stabilisation and liquidity remarks by philip r. lane, member of the executive board of the ecb, at the institute for monetary and financial stability policy webinar, 19 may 2020 19 may 2020 in my recent blog post, i described the range of scenarios that have been developed by ecb staff to support the analysis of the near - term and medium - term macroeconomic dynamics in the context of the coronavirus ( covid - 19 ) crisis. [ 1 ], [ 2 ] i also explained the current monetary policy of the ecb and outlined our approach to setting the future course of monetary policy. my remarks today aim to reinforce these points by presenting some additional empirical evidence. macroeconomic outlook chart 1 shows the three scenarios developed by ecb staff that were published on 1 may. since then, the eurosystem staff have continued to track the incoming information ( both the economic data and the public health data ) : the forthcoming june eurosystem staff macroeconomic projections will provide an updated assessment of the economic outlook. still, the 1 may scenarios provide an excellent framework for understanding the environment facing policymakers. in all scenarios, the current quarter represents the trough of the crisis, with a cumulative decline in the range of 10 to 20 percent of gdp since the start of the year. in terms of quarterly performance, a significant rebound is expected over the summer in line with the removal of the most severe lockdown measures. however, the scenarios differ in terms of the duration and severity of virus - related restrictions on economic activity and the behaviour of households and firms in the rest of 2020 and throughout 2021. in all scenarios, a deep recession is envisaged : in the severe scenario, real gdp would fall by 12 percent in 2020. chart 1 euro area real gdp under the mild, medium and severe scenarios https : / / www. ecb. europa. eu / press / key / date / 2020 / html / ecb. sp200519 ~ e5203d3520. en. html 1 / 14 5 / 19 / 2020 pandemic central banking : the monetary stance, market stabilisation and liquidity ( index, 2019 q4 = 100 ) source : ecb calculations. note : for details on the scenarios, see battistini, n. and stoevsky, g
declining, and, above all, the prefecture faces continuing outflows of young people to other prefectures. moreover, i have heard that there are other challenges. specifically, the weakening of business bases for various local industries – such as fisheries, as evidenced by a decline in catches – and for small firms has yet to show any improvement. needless to say, these are common problems that many other regional economies in japan face. the nagasaki prefectural administration has implemented measures to address these problems. to raise the income of residents in the prefecture so that young people can enjoy living in the region, the prefecture has been making efforts to capture external demand, mainly from asian neighbors, such as by actively promoting the arrival of international cruises, while further strengthening the competitiveness of manufacturing and tourism as well as agriculture, forestry, and fisheries, all of which have advantages and are the pillars of the local industries. in support of such initiatives, i have heard that lively discussions have been held at nagasaki summit, organized through an industry - academia - government collaboration, and this has been playing a critical role in the revitalization of local economy and communities. the joint efforts toward attracting external demand and tapping domestic demand have been steadily bearing fruit. we at the bank wish you every success in these efforts and will continue to provide support as much as possible as the central bank. bis central bankers ’ speeches

; “ life innovations ” with the aim of turning businesses related to medical services and nursing care into growth industries, fostering new related industries and markets, and developing markets overseas ; human resources development ; and turning japan into a tourism nation. in order to boost the efforts undertaken by firms, support from the financial side is essential, in addition to the creation of the right environment. with this in mind, the bank will continue exerting itself in its role together with firms, financial institutions, and the government. bis central bankers ’ speeches