samchain/econo-pairs-v2 huggingface dataset:
ghana economic forum 2019 welcome statement by dr. ernest addison governor, bank of ghana october 30, 2019 tang palace hotel accra, ghana your excellency, nana addo dankwa akufo - addo, president of the republic of ghana honourable ken ofori - atta, minister of finance honourable alan kyeremanteng, minister of trade and industry honourable ministers and deputy ministers here present ceos and representatives from the financial sector and business community distinguished guests ladies and gentlemen introduction 1. good morning to you all and welcome to the 2019 ghana economic forum. a few weeks ago i got a call from our senior citizen, mr. kwame pianim, about b & ft and the ghana economic forum and the need for sponsors for the programme. i agreed with him to become a strategic policy partner for this event, as the bank of ghana believes that such a forum will provide policymakers, industry experts, and the business community a platform to deliberate and offer solutions on pertinent issues affecting our economy. therefore, before i proceed further, let me commend the business and financial times ( bft ) for their relentless efforts in organising this event over the past seven years. also, let me express our appreciation to all the sponsors who have contributed resources to make this programme a success over the years. page | 1 2. we all acknowledge the busy schedule of our president and therefore deem it a great honour for his excellency, the president to be with us this morning and to deliver the keynote address. your excellency, we very much appreciate your presence and support for this programme. 3. your excellency, distinguish ladies and gentlemen, the theme for this year ’ s ghana economic forum is : “ sustaining financial and economic stability : the key priorities ”. this theme was carefully chosen against the background of developments in the economy over the last three years. we have achieved a good degree of macroeconomic stabilisation, under a fiscal and monetary regime oriented towards disinflation. this framework includes an independent monetary policy coordinated with a prudently set fiscal framework including strict public expenditure management. 4. this framework has delivered low inflation and well - anchored inflation expectations around our medium - term target which serves as the bedrock for private sector investments, business growth, structural transformation and overall economic expansion. it is incumbent on us, as policymakers to demonstrate strong commitment to this policy framework in the near - term to ensure that the gains achieved so far are

sector will be fully addressed during the plenary sessions. these include sustaining macroeconomic stability through election cycles ; infrastructural development to support the productive sector and trade ; digitisation of the economy to enhance efficiency ; scaling up human capital development which is critical for sustainable growth and development, and last but not least, sustaining financial stability after the clean - up exercise. i believe that we will have fruitful deliberations from the distinguished panellists assembled for the various sessions. thank you. page | 4
. again, my congratulations to everyone involved in cma : citi and the citi foundation under the leadership of country officer batara sianturi, the micro finance council of the philippines headed by chairperson mila bunker, my fellow members in the national selection committee, my colleagues at the bangko sentral ng pilipinas and our special guests from the media who help spread the good news about microfinance in our country. mabuhay ang microfinance! mabuhay ang ating mahal na bansang pilipinas! maraming salamat sa inyong lahat! bis central bankers ’ speeches

amando m tetangco, jr : sustaining growth through insolvency reforms speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the 9th forum on asian insolvency reform, manila, 3 december 2013. * * * distinguished resource persons and participants to this 9th forum on asian insolvency reform, special guests from the government and the private sectors, our co - organizers from the world bank, the united nations commission on international trade law ( uncitral ), and the international association of restructuring, insolvency & bankruptcy professionals ( insol ) good morning and welcome to the philippine international convention center. and to all our forum participants from overseas, i welcome all of you to our country on behalf of the bangko sentral ng pilipinas and other philippine institutions represented here today. ladies and the gentlemen, this is the first time the philippines is hosting this forum on asian insolvency reform, and we are privileged to do so. we thank all of you for joining this important event where experienced policy makers, legal luminaries, thought leaders from the academe and experts from the government and private sectors come together to address the need to strengthen our insolvency systems as a means to foster and sustain growth and development in our constituencies. indeed, weak insolvency systems have been identified as one of the key shortcomings of the asian markets. the asian financial crisis of 1997 – 1998 focused a glaring spotlight on this weakness. unprecedented expansion fuelled speculation that eventually led to a collapse of institutions, compelling governments to step in and putting a drag on economies that took years to shake off. in its aftermath, many asian jurisdictions carried out reforms to improve their insolvency mechanisms. however, most of the initiatives eventually ended up promoting the pace of restructuring rather than the quality of restructuring. this had unintended consequences. primarily, the widespread financial restructuring that followed resulted in masking underlying long - term weaknesses that were not immediately given the attention these deserved. a decade later, what initially started as a home mortgage crisis that adversely affected or displaced homeowners in the us eventually developed into a global financial crisis. the lesson is clear : efficient and effective insolvency systems are necessary in all constituencies, no matter their level of economic development. having a well - developed insolvency law is important
in the overnight money market. this need for adjustment also explains why at the bank we are sticking firmly to the plan to allow the special liquidity scheme to run - off on time a year from now. over the last twelve months, banks have taken the necessary steps to move towards that goal. it is all about getting the banking system into a position where it can demonstrate robust capital and liquidity buffers, and to do so by facing up to the discipline of the market rather than the support of the authorities. the edinburgh fund managers are an important part of that market discipline. in a market economy, you are in the front line of defence and discipline. now, i cannot say that the uk is insulated from the risks we observe in other parts of europe. as our most recent financial stability report, published just before christmas, made clear, “ the united kingdom is only partially insulated given the interconnectedness of european financial systems and the importance of their stability to global capital markets ”. as the report also made clear, there are other, probably more medium - term risks posed by evidence of low bond yields in many advanced countries and signs of an intensifying search for yield as capital flows into alternative assets, including into emerging markets. against this backdrop of risks, it is in the collective interest of banks to continue to build up progressively their capital and liquidity resilience so that they support not only themselves, but also the stability of the financial system as a whole. the basel iii agreement, and the reform programme of the g20 and the financial stability board set up under the g20, will provide the supporting framework by which the authorities will back up the discipline of the market to achieve and maintain financial stability. this brings me back to the reforms in the uk. at their heart lies the objective of putting the stability of the financial system at the centre of the regulatory mission. you may say, “ surely that ’ s not new ”. i would disagree – our overriding objective must be to create a consensus of public opinion which will enable financial stability to be embedded as a public policy objective in the same way that in the wake of the 1970s, low inflation came to be adopted as a necessary condition for stable economic growth. too often, i hear people say that achieving financial stability needs somehow to reflect a balance with other objectives, such as competition, consumer protection, and the like. i ’ m sorry, but while these objectives are of course very important, the best way

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case, too. does this mean that monetary policymakers should sit back and do nothing when financial imbalances begin to build up? no. monetary policy instruments should be deployed if the financial imbalances begin to pose a risk to price stability. however, interest rate hikes are always rather a blunt instrument when it comes to counteracting imbalances in individual market segments. macroprudential instruments promise greater accuracy and should therefore build the first line of defence against such risks to financial stability. the bull market of recent months has not altered the fact that the portfolio decisions of german retail investors since the financial crisis have been shaped by risk aversion and liquidity preference. they are therefore still favouring the accumulation of financial assets in low - risk investment vehicles, such as bank deposits or insurance products. however, in a low - interest - rate environment, in particular, there will always be badly informed investors who are enticed by the high coupons in very risky and illiquid investments. elke bis central bankers ’ speeches konig, the head of germany ’ s federal financial supervisory authority ( bafin ), therefore offers the advice “ you should invest at least as much time in making investment decisions as you do in purchasing a smartphone. ” investors must not only look at the possible returns but must also take due account of the risks involved. it is now the task of investor protection to ensure that issuers provide adequate information about the chances and risks of their products. investor protection is important. it not only serves to protect the consumer but also to boost the attractiveness of the capital markets. however, it would be in nobody ’ s interest if investor protection were mainly to get bogged down in greater bureaucracy. but capital markets do not just offer attractive alternatives to bank deposits. they also offer firms interesting forms of external financing, as an alternative or a supplement to bank loans – which brings me to the topic of capital markets as a financing instrument. 4. 2 capital markets from the issuers ’ perspective capital markets offer enterprises access to funding, which they can use to develop and create jobs, for example. they enable firms to grow and innovate, thereby creating welfare gains. that being said, the advantages of bank loans should not be overlooked either. as i mentioned earlier, the information we have is not complete. instead, capital users are normally better able to judge the risks and opportunities of their investments than capital providers. relationship banking, in particular, helps to overcome

ecb governing council meeting reveals a few interesting details. the governing council considers that risks to the growth outlook are now broadly balanced. it also removed the easing bias on rates for now. some observers interpreted this statement as a further step towards monetary policy normalisation – and market participants should be prepared for these new challenges. thank you for your attention. 7 / 7 bis central bankers'speeches
bank this morning. please share yours too. the latest consultation is now open until 16 august 2019. it sets out more questions about the tools and powers we have to do our job. i encourage you all to review the material on the treasury website and make contributions based on your own experience. ref # 8108464 v6. 6

the evolving reserve bank – the view from tane mahuta a speech delivered to the financial services institute of australasia, auckland. by adrian orr, governor and chief executive 11 july 2019 2 the terrace, po box 2498, wellington 6140, new zealand telephone 64 4 472 2029 online at www. rbnz. govt. nz the evolving reserve bank – the view from tane mahuta introduction tena koutou katoa, welcome everyone. i am privileged to have been in the governor role for a little over a year to date. during that time we have evolved considerably, and will continue to do so in the years ahead. over the recent period we have committed to our vision to be ‘ a great team and the best central bank ’, and we have embedded our new monetary policy committee and policy mandate. in addition, we have reorganised our operating structure, and have been investing in our people, our stakeholder relationships home and abroad, our supervision capability and activities, our digital capability, and our payment systems and the future of cash. change is now business as usual for the reserve bank and i sincerely thank my colleagues for managing through this period of renewal. there is of course more change to come. just over two weeks ago, the prime minister and the minister of finance made some important announcements about progress with the government ’ s review of our statutory framework for financial system regulation. they announced some in - principle decisions – including introducing a deposit insurance scheme – and set out further questions for a consultation, which is going on now. so this is a good time discuss the future of the reserve bank, and how the changes under consideration might promote the prosperity and wellbeing of new zealanders and contribute to a sustainable and productive economy. those phrases, by the way, are not my own. they come from the reserve bank act and express the overarching purpose of the reserve bank ’ s many functions. as the review progresses, we are thinking broadly about our role and functions. geoff bascand – the deputy governor – recently gave two speeches on our approach to financial stability1 and the role that macroprudential policy plays in the management of financial stability2. our approach is evolving, becoming more intensive in terms of regulation, and more intrusive in terms of supervision, in order to better monitor the system, enhance its resilience, and manage the consequences of the distress or failure of individual institutions, if and when they
remarks by tiff macklem governor of the bank of canada national bureau of economic research, economics of artificial intelligence conference september 20, 2024 toronto, ontario artificial intelligence, the economy and central banking introduction around the world, digitalization is pulling economies in new directions. artificial intelligence ( ai ) — and particularly its offspring, generative ai ( genai ) — are accelerating this pull. it ’ s still early days, but ai is already disrupting existing industries and creating new ones. how ai will affect the global economy — and indeed humanity — is on all our minds. it ’ s easy to find enthusiasts who say ai will take us to a land of plenty. but it ’ s also easy to find doomsayers who say we are headed for a bleak world with a few big winners and many more have - nots. be wary of anyone who claims to know where ai will take us. there is too much uncertainty to be confident. we don ’ t know how quickly ai will continue to advance. and we don ’ t know the timing and extent of its economic and social impacts. but that doesn ’ t mean we can ’ t gain insights into what could happen. the past is still a useful starting point. the laws of economics still matter. people will still respond to incentives — and that includes prices. as central bankers, we care a lot about prices. it ’ s in our mandates to keep price inflation low and stable. so what does the latest wave of ai, and more broadly, ongoing digitalization, mean for what we do at the bank of canada? there are two broad elements. first, we need to better understand how ai will affect workers, consumers, the economy and inflation. and second, we need to use ai ourselves to best deliver on our mandate for canadians. in my remarks today, i will focus mostly on how ai could impact the economy through productivity, employment and price - setting behaviour. then i will discuss some of the implications for monetary policy. finally, i will say a few words about how we are using ai at the bank of canada. i would like to thank eric santor for his help in preparing this speech. not for publication before september 20, 2024 8 : 15 am eastern time productivity how we apply our monetary policy tools depends on our assessment of the broad price pressures in the economy and where we think inflation is headed. a key input is our estimate of the economy ’ s maximum non - inflationary growth rate. we call

close monitoring. we have not yet seen concrete evidence of higher investment and strong firm creation. these are some of the ingredients needed for a return to natural, selfsustaining growth with inflation sustainably on target. with that mr. chairman, carolyn and i would be happy to answer questions. bis central bankers ’ speeches
at national level, for the entry into force of the continental free trade area. we in ireland are ready and willing to continue to share our experiences with you as you take forward this ambitious task. i look forward to learning more about your plans during the rest of today ’ s event. 4 / 4 bis central bankers'speeches

gabriel makhlouf : progress, not regress - financial regulation in challenging times remarks by mr gabriel makhlouf, governor of the central bank of ireland, at financial services ireland, dublin, 20 november 2024. * * * many thanks for the invitation to come here this evening and to share some thoughts with you. i believe it is 40 years since financial services ireland was first established, so it is a particular pleasure to deliver this keynote tonight. i was asked to speak about'the role of financial services in the irish economy '. an excellent topic. for we often focus too much on the sector itself rather than the important role it plays for our citizens and economy. ensuring the sector can deliver on this role is a core part of our mission, which is to " serve the public interest by maintaining monetary and financial stability while ensuring that the financial system operates in the best interests of consumers and the wider economy. " why financial services matters financial services is such a fundamental part of our daily lives, and daily economic activity, that we rarely stand back to think about and recognise why it matters for households, for businesses and for our economy. the sector plays a key role in our economic existence. for households this includes safeguarding their money through deposits and investments. and allowing the smooth transfer of that money in the form of payments. it includes mortgages, pensions and other products, providing important forms of lifetime consumption smoothing. as well as insurance products, insuring against different states of the world, protecting people, pooling risks, and providing peace of mind. for businesses and the economy, the sector plays a key role in the efficient allocation of capital, taking risks and turning innovations and ideas into real live businesses, who in turn employ people and generate growth. all of which is fundamental to productivity and the long - run economic wellbeing of our country. 1 / 7 bis - central bankers'speeches through this broad contribution, i think we can all agree and recognise the important role financial services plays in the economy. and indeed there is a wide economic literature to back us up. but if the importance and benefits of finance are clear – when it goes right – the risks and harm should be also clear if it goes wrong. and while there is a much empirical evidence on the benefits of finance for growth, there is an equally wide and important literature on social and economic costs of financial fragility. 1 indeed we can see how important financial services is to our economy by the very
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yet, such an approach requires that the central bank is able to identify an asset price bubble in real time, which means it has to resolve the “ diagnosis problem ” and must be able to affect the path of asset prices, which means it has to overcome the “ policy problem ”. in general, central banks will not be able to recognise bubbles in real time with a sufficient degree of confidence. this applies even more forcefully to the early stages of a bubble, when monetary policy should be most effective. nevertheless, there is the proposal that central banks should respond very cautiously to asset prices because there is some probability that a bubble might be at the root of asset prices changes. according to this argument, a central bank that leans against changes in asset prices would buy some insurance in case a bubble is on the way. however, this argument remains debatable. first, raising interest rates to prevent bubbles does not come without cost. second, it is far from obvious whether monetary policy is at all effective in dealing with bubbles. even a comparatively sharp rise in interest rates may be no more than a minor nuisance to investors ; on the other hand, such an upsurge in the policy rate may already be a serious burden in other parts of the economy. moreover, it might entail the risk of not meeting our traditional primary objectives. making an insurance analogy, the premium may simply be too costly relative to its benefit. in other words, the adoption of other policy measures may be more appropriate in times of potential bubbles. in summary, in a world in which asset price bubbles are very difficult to identify and in which it may be very costly in terms of inflation and output to lean against asset prices, the central bank should remain focused on price stability. of course, this does not mean that central banks are ignorant of what is going on in financial and real estate markets. at the bundesbank, as at other central banks, we observe a large number of indicators which give us an idea of financial imbalances and also help us to predict macroeconomic conditions. just to remind you, in the eurosystem we have a strategy that deliberately takes account of credit and monetary factors. financial stability, central banks and banking supervision let me finally elaborate on some of the policy implications or lessons learnt from the recent financial turmoil. during the past few months, it has proved useful that central banks play an active part in banking supervision. access to supervisory information has enabled us to respond quickly and appropriately to the liquid