samchain/econo-pairs-v2 huggingface dataset:
are appropriate and efficient. that is particularly true if the planned enlargement of the eu, and also of emu, is taken into account. there is a lot of evidence suggesting that the latest amendment of the ec treaty by the treaty of amsterdam ( known as the maastricht ii treaty ) has failed to solve these major problems. all this makes two things very clear : 1. the launch of the euro is a political act, and far more than a mere technical development. it has substantial implications for economic and political structures and responsibilities in europe. 2. the stability of the euro is a major challenge not only to the eurosystem but likewise to the economic and fiscal policies of member states and to the coordination of those policies. to sum up, i should like to emphasise once again that, all in all, the euro has got off to a good start, also in the light of the counterinflationary policy setting. but the acid test still lies ahead. the major opportunities afforded by the euro are accompanied by corresponding risks and challenges. the fate of the euro in the years ahead will hinge crucially on whether member states become aware of this task, and on how they address it. this issue will certainly also play a major role in the forthcoming debates in the uk and other countries on joining the eurosystem. i very much hope that the behaviour of the euro member states will make it easier for the nations and governments in question to reach a favourable decision.

crisis has opened our eyes to a blind faith in the market that has sometimes prevailed ; however, statism and dirigism are, by no means, the right path to take. instead, i suggest we return to a founding tenet of the social market economy : individual responsibility. bis central bankers ’ speeches those who take risks must also face the consequences. attaching more importance to reviving this principle would represent major progress – including with respect to the sovereign debt crisis. conclusion ladies and gentlemen, dear members of the international bankers ’ club, i have touched upon various aspects which i believe to be essential for overcoming the sovereign debt crisis. at the eu summit last week, policymakers decided to adopt a “ fiscal compact ” designed to strengthen, and in some cases go beyond, the maastricht stability and growth pact. this is, in principle, a good first step, but it has yet to prove its usefulness and effectiveness in “ everyday use ”. in any case, the bundesbank will not cease to call for the compact to be implemented in a manner which is conducive to safeguarding stability. in this endeavour, we hope for your support. * * * bis central bankers ’ speeches
operate efficiently without endangering sound fiscal positions in the longer term. moreover, governments are encouraged to push ahead with reforms relating to the size and structure of public expenditure and revenue, which will also create room for tax cuts and absorb the fiscal costs of population ageing. in the field of structural reforms allow me to refer briefly to the adoption of the broad economic policy guidelines. if implemented in a determined manner, structural reforms will contribute to expanding the euro area's potential for non - inflationary growth and to reducing its high level of unemployment. we are now at your disposal for questions.

kishori j udeshi : a bit of tomorrow keynote address by ms kishori j udeshi, deputy governor of the reserve bank of india, at the bfsi conclave 2005 on technology solutions for business transformation, mumbai, 7 june 2005. acknowledgements for inputs are due to s / shri a k hirve, s ganesh kumar and a madhavan. * * * the topic for today ’ s conclave is “ technology solutions for business transformation ” and i have chosen to speak on “ a bit ( banking and information technology ) of tomorrow ”. i do not consider myself as being even computer savvy. but one does not have to be an it professional to think of how it can bring about business transformation. for this, all that the banker needs is to have vision, conviction and the courage to change. it is for the it professional to make it possible. the entire world is looking at india for its it services. let us take a harder futuristic look. while indian industry and agriculture contribute almost equally to gdp, industry gets four times the gross loans and advances from banking system than what agriculture gets. is there no potential for a transformation here and can it not provide the solution? india has around 6 lakh villages. bank penetration is around 18 villages per branch. imagine if a bank were to set up an information kiosk to cater to a cluster of say 2 to 3 villages, what would be the outcome? there is no limit to the extent of usage of such a kiosk. the farmer can know, at the click of the mouse his bank balance, entries of debit and credit in his account, outstanding loan amount, interest rate, interest charged to the account, commodity price movements, weather, expected yield and income, direct credit of receivables into his account, direct payment for purchases without involving cash and lot of other value added services, all in his native language. such kiosks could, through arrangements, even double up as vending machines. the possibilities are immense. the constraints only are adequate and quality power supply. but we have to be optimistic. and if you think that farmers are uneducated and this is grandiose thinking let me quote from c. k. prahalad1 : “ the most telling comment was from a farmer captured on video by the researchers : “ i did not know how to hold a mouse ” four months later : “ even if they take away the computer,
financial inclusion is one of the foundations of the philippine development plan 2017 to 2022, ambisyon natin 2040. ). the ultimate goal is to reach the unbanked and underserved populace. fintech can be leveraged to achieve this. jack ma, founder and executive chairman of alibaba expressed this by saying, “ fintech or techfin is to rebuild the system with technology … to solve the problem of a lack of inclusiveness. ” we believe in leveraging on digitization so that it is responsive to a broader economy. this is why we are also closely working with the national government for the adoption of a biometricbased foundational id system. build, build, building together ladies and gentlemen, this forum is an opportune time to encourage each one here — pillars of society, movers and shakers in the banking and financial industries, to all work together. the philippines is increasingly populated by young, tech - savvy ‘ millenials. ’ this growing customer - base prefers streamlined processes and products and services that can be accessed via electronic services. this market is on the lookout for new offerings. we can therefore capitalize on this opportunity by allowing fintech to come into play. the bsp is supportive of fintech innovations and see much potential in this area. indeed we are, as the forum ’ s briefer says, in an “ energized backdrop. ” i have said in several speeches before that fintech is borderless with varied and plenty players. this, constant engagement with fintech innovators, other regulators and industry players is important. this is to foster a deeper understanding of risks, gauge market conduct expectations 4 / 5 bis central bankers'speeches and inculcate appreciation for financial inclusion goals. i reiterate this today. on behalf of the bsp and the monetary board, i thank the organizers for the opportunity to share our initiatives with you today as we work toward a better philippines. mabuhay ang pilipinas. mabuhay tayong lahat. 5 / 5 bis central bankers'speeches

provision measures have improved system liquidity in the past weeks and stabilized broad funding conditions. however, risks to the growth outlook continue to be tilted to the downside and currently a ushaped recovery is expected. the challenge, therefore, is to provide tangible boost to the economy through the appropriate combination of fiscal response and monetary measures. rest assured, macroeconomic policy measures are in place to address downside risks associated with the covid - 19 pandemic. in line with this, the bsp will continue to work with market participants and relevant government agencies to ensure that its policy responses remain timely and appropriate particularly during these challenging times. thank you. 2 / 2 bis central bankers'speeches
reducing the efficacy of the critical role played by this market in supporting the broader financial system. i am glad that you are all here today to work with us to begin to identify the best solutions to the problem of fire sale risk in the context of the tri - party repo market. i urge you to participate actively and express your ideas candidly. i am confident that we will come up with the best solution to this problem by working together. bis central bankers ’ speeches

, 2023. 3 / 4 bis - central bankers'speeches 6 in addition, the committee said it will continue to reduce its holdings of treasury securities and agency debt and agency mortgage - backed securities, according to the board of governors of the federal reserve system, plans for reducing the size of the federal reserve's balance sheet, may 4, 2022. 4 / 4 bis - central bankers'speeches
of a development agenda of future priorities and contextualise the future of payment system oversight. ladies and gentlemen, since the establishment of the ccbg a decade ago, methods of effecting payments and other financial transactions have quickly become sophisticated with a trend towards execution in real time electronic media. all this is taking place because consumer confidence is growing in these instruments and mechanisms, which have been supported by growing confidence in sadc member countries ’ economies in general and stability of the national financial systems in particular. it is therefore the expectation of the bank of zambia that this conference will discuss this trend and its implications, particularly with regard to limited accessibility to technology and technicalknow how of consumers in sadc member countries. other themes i am sure you will deliberate upon include confidentially of financial information, money laundering and terrorist financing. effective payment system oversight needs to be promoted so that public confidence in the safety and soundness of the national payment systems is maintained. understandably, this is a new area and in most member countries work is still exploratory. i therefore urge you all to double your efforts in this regard and deliver on this very important central bank responsibility. ladies and gentlemen, another new area is that of mobile phone enabled payment services. this development has a huge potential to help the sadc region leap frog a number of financial sector development challenges particularly those related to improving access and availability of financial services. this is because mobile phone based services, particularly those focused on low - value payments where swift and convenient service is the primary goal could be a practical solution for sadc member countries. the challenge therefore is how well we all respond without damaging this sprouting and potentially cost - effective delivery channel for financial services, which can be damaged with over regulation or lack of mitigation for the risks its poses. ladies and gentlemen, i wish to conclude by reminding all delegates that it is my hope that at the end of the conference all of you will have obtained a better understanding of payment systems best practice. equally important you will also have obtained a clearer view of the purpose of payment systems within a developmental context and the need for concerted efforts in balancing our responses in a manner that is supportive of the objective of attaining economic inclusion and growth, regional economic co - operation and integration. with these remarks, i declare the conference officially open and wish you successful deliberations. i thank you.

privilege to call upon his honour the vice president of the republic of zambia, mr rupiah banda to deliver the official opening speech for the seminar. your honour sir! thank you.
, we look forward to the pdic and the bsp being able to address examination findings and violations with expediency … especially those involving unsafe and unsound banking activities. this is consistent with the thrust of the bsp and the pdic to promote and strengthen good governance practices in supervised banks to ensure the stability of the banking system at all times. we look forward therefore to exploring new projects and expanding existing initiatives with the pdic to realize our shared goal of delivering a better quality of life to filipinos through a sound and responsive banking system. mabuhay ang bsp at ang pdic! mabuhay ang ating mahal na bansang pilipinas! maraming salamat sa inyong lahat! bis central bankers ’ speeches

benjamin e diokno : the bangko sentral ng pilipinas economic briefing - the philippines in 2022 speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the american chamber of commerce ( amcham ) general membership meeting, manila, 17 march 2022. * * * officers and members of the american chamber of commerce, good afternoon. thank you for inviting me to your general membership meeting. let me update you with, first, our country ’ s recent economic performance ; second, the bsp ’ s support to the economy ; and lastly, our near - term macroeconomic prospects. on the economy ’ s latest performance … after five consecutive quarters of decline, the economy rebounded strongly in the second quarter of last year with a growth of 12. 0 percent. since then, the country has managed to sustain this growth. in the last quarter of 2021, the economy grew by 7. 7 percent, resulting in a 5. 6 - percent full - year growth, which is above the government ’ s target range of 5. 0 to 5. 5 percent. the employment situation has improved. unemployment rate fell to 6. 4 percent in january 2022 from the peak of 17. 6 percent in april 2020. moreover, the 43. 02 - million employment posted in january 2022 represented a 1. 77 - million net employment gain from the level in january 2021. manufacturing activities are gaining traction. the purchasing manager ’ s index ( pmi ) increased by 1. 3 percent to a three - year high of 52. 8 in february 2022 following easing of quarantine protocols. the covid - 19 situation is improving — i. e., new confirmed covid - 19 cases are falling, vaccination rate is rising, and hospitalization rate has declined. headline inflation stood at 3. 0 percent in january and february 2022, the midpoint of the government ’ s average inflation target range of 2. 0 - 4. 0 inflation expectations remain well anchored. inflation projections of private - sector economists and multilateral agencies for 2022, 2023, and 2024 all fall within the government ’ s target range of 2. 0 to 4. 0 percent. the country ’ s external sector remains manageable. the sustained rebound in key economies has spurred external demand. fdis rose by 54. 2 percent to usd 10. 5 billion in 2021, which
roots that are broad and deep in the region. to echo comments tom hoenig made at the groundbreaking on this site three years ago, let us dedicate this bank to the service of our nation, this great city of kansas city, and the other important cities, towns, and rural regions in the heart of america that define the 10th federal reserve district.

stability of those institutions. they essentially ignored the tier 1 and total risk - based capital ratios in regulatory requirements. in the fall of 2008, there was widespread doubt in markets that the common equity of some of our largest institutions was sufficient to withstand the losses that those firms appeared to be facing. this doubt made investors and counterparties increasingly reluctant to deal with those firms, contributing to the severe liquidity strains that characterized financial markets at the time. finally, the crisis validated the concerns expressed by some academics and by policy staff at the bank for international settlements that the effectiveness of capital regulation was limited by its exclusively microprudential focus. capital requirements had been set with reference solely to the balance sheet of a specific firm. the risk weights assigned to the firm ’ s assets were calculated with reference to ordinary times, whether through a supervisory determination or a combination of supervisory formulas and a firm ’ s own modeling. this microprudential focus did not take into account the potential impact of a shock to the value of widely - held assets – whether exogenous, caused by the distress sales of such assets by a large firm suffering particularly severe problems, or, as in the financial crisis, a lethal interaction between these two factors. the limits of the microprudential approach were particularly evident with respect to very large, interconnected firms. there would be very substantial negative externalities associated with the disorderly failure of any such firm, distinct from the costs incurred by the firm and its stakeholders. the failure of one large firm, especially in a period of stress, significantly increases the chances that other financial firms will fail, for two reasons. first, direct counterparty impacts can lead to a classic domino effect. second, because losses in a tail event are much more likely to be correlated for firms deeply engaged in trading, structured products, and other capital market instruments, all such firms are vulnerable to accelerating losses as troubled firms sell their assets into a declining market. reform of capital regulation in the post - crisis period it is obvious that the post - crisis regulatory system will not be as dependent on capital requirements as the pre - crisis regime. dodd - frank itself is testimony to this fact, as are a number of changes already made by the bank regulatory agencies. there is now increased emphasis on market discipline, liquidity regulation, activities restrictions, and more effective supervision, in addition to capital requirements. reforms for money market funds and the triparty repo market, as well as more general attention to wholesale funding models
collateral damage. i hope and anticipate that trust and integrity again will be amply rewarded in the marketplace as they were in earlier generations. there is no better antidote for the business and financial transgressions of recent years.

minimum exchange rate has led to a deterioration of economic conditions. we thus expect a much more modest expansion of real economic output this year of just under 1 %. a noticeable weakening in the economy may be expected, particularly in the first half of the year. in the short term, significant underutilisation of production capacity may be expected and unemployment is likely to increase moderately. there is of course a particularly high degree of uncertainty attached to such forecasts. for one thing, they will depend on how the swiss franc exchange rate evolves in the coming months. for another, it is not certain how international conditions will develop. the us economy is more robust today than it was in 2011. the latest gdp figures for the euro area are once again more reassuring, although the situation remains difficult. in addition, the substantial fall in oil prices has had an easing effect. despite all this, the risks – notably the debt dispute between greece and the rest of the euro area, as well as the crisis in ukraine – are not inconsiderable. in the long term, i am confident that our economy will be able to cope with swiss franc appreciation. the currency has been strong in the past, and has a tendency to appreciate. while a strong currency is an expression of a sound economy, it also presents companies with major challenges, as an appreciating franc means higher prices for foreign customers buying from swiss firms. in order to remain competitive, this disadvantage has to be continuously offset by adaptability, quality and innovation. various competitiveness and innovation indicators suggest that swiss companies have been very successful on this score in the past ; the country regularly ranks among the leaders in these categories ( cf. chart 6 ). these findings inspire optimism, however it is important to remember two things. first, we are dealing with averages here. when it comes to managing the new currency landscape, the options available to individual industries and companies will vary greatly ; and so, in turn, will the impact of swiss franc strength. 3 second, the extent of recent swiss franc appreciation presents switzerland ’ s economy with exceptional challenges which should certainly not be underestimated. but one thing is clear : entrepreneurial thinking is remains important. we have the utmost respect for this entrepreneurialism and for the employees who are being called upon to support these adjustments. inflation outlook let me now turn to the inflation outlook. the snb ’ s mandate is to ensure price stability in the medium term, while taking
is of course no guarantee that if we work really hard we will definitely achieve great success, but at least we will have a chance. if we don ’ t even give it a try, there is no hope. it does not matter which way you may wish to go as long as you are fully aware that you do have a choice. that choice, which will shape your careers and your whole life, is yours and yours alone. thank you.

the exchange fund. ( ii ) while we have been weaving esg factors into our investment process over the past few years, the hkma will now adopt a guiding principle that priority will be given to green and esg investments if the long term return is comparable to other investments on a risk - adjusted basis. ( iii ) going forward, we will be more proactive in embracing esg in exchange fund investment in both public markets and private assets, for example, by : ( a ) growing the green bond portfolio by direct investment or investing in green bond funds ; ( b ) on the public equities side, we aim to create esg mandates by adopting esg equities index as benchmark for passive portfolio, or by engaging active equities managers who use an esg filter in equity selection ; and ( c ) in the private markets, we will include green accreditation as a predominant factor for investment in real estate, and will also conduct esg evaluation as a mandatory part of due diligence of all private markets investments, especially in infrastructure area. 17. the third measure is to strengthen our capacity building efforts by launching the centre for green finance ( cgf ) under the hkma infrastructure financing facilitation office ( iffo ). ( i ) the purpose of the centre is to ensure that our financial institutions are equipped with the knowledge, skills, tools and other resources in green finance, particularly with the launch of the green and sustainable banking initiative. the cgf will serve as a one - stop shop in capacity building for the financial industry, especially banks, in the coming months. we are already in discussions with international organisations such as the international finance corporation on how to leverage their expertise on this. 18. apart from these three initiatives, the hkma helped to issue hong kong government ’ s inaugural us $ 1 billion, 5 - year green bond under the government green bond programme earlier in may. ( i ) we have seen strong demand for this issuance, attracting orders exceeding us $ 4 billion, allowing the green bond to be priced at a tight spread against the us treasury at issuance. the issuance has helped to set an important new benchmark for potential green bond issuers in hong kong and the region. ( ii ) the deal has attracted interests from a diverse group of conventional and green investors. orders were received from over 100 global institutional investors, and 50 % of the green bond was distributed to asia, 27 % to europe and 23 % to