samchain/econo-pairs-v2 huggingface dataset:
, the establishment of cmu will allow businesses to enjoy a greater range of funding choices and help reduce the link between a firm ’ s location and its cost of funding. in europe, imf ( 2013 ), “ towards a fiscal union for the euro area : technical background notes ”, september 2013. bis central bankers ’ speeches the share of financing obtained in capital markets stands at 25 %, whereas this figure is 80 % in the united states. cross - border frictions also impede the ability of firms to gain access to financing from across the union. by removing fragmentation in capital markets, cmu will allow businesses and households to access a larger variety of funds, and stimulate growth. target2 - securities will form the foundation for these two pillars, and for the establishment of the capital markets union. if we consider the fact that settling a cross - border transaction in europe used to cost up to ten times as much in europe as it does in the united states, the importance of our new settlement platform to the deeper integration of capital markets becomes evident. indeed, t2s will facilitate cross - border bonds and equities trading, which means that we are already making progress towards completing the cmu. moreover, as part of its harmonisation agenda, t2s has taken steps towards many of the goals in the cmu agenda, such as harmonising withholding tax procedures and resolving conflicts of law. in this sense, t2s is a demonstration of the market ’ s willingness to achieve deeper integration on a european scale. but legislative and regulatory action will also be required if the remaining barriers in the field of market infrastructure are to be removed. this is because financial markets in europe are subject to a vast network of legal rules, which sometimes conflict on issues such as taxation requirements, insolvency procedures and corporate governance. for full integration, we need to have a single rulebook for capital markets, and all market participants must have equal access to markets. it is particularly important to emphasise the rule - based nature and legal side of this system when considering the greater risk of contagion which may accompany the development of the capital markets union. the further integration of europe ’ s financial sectors may enhance systemic risk across the continent, meaning that ultimately, a single regulatory supervisor and macroprudential toolkit for capital markets should be established. this is mostly a longterm consideration ; yet we must remember that legal tools will be necessary to bring out the full benefits of deeper integration

. let me conclude. if well designed and thoroughly implemented, a genuine capital markets union will deepen the single market and contribute to the development of a more prosperous union. and t2s – a tremendous achievement – will serve as the basis for these further achievements, in accordance with the process envisioned by schumann 65 years ago. thank you. bis central bankers ’ speeches
published macroprudential stress test analyses for euro area banks, see dees, s. et al. ( 2016 ), “ macroprudential effects of systemic bank stress ”, macroprudential bulletin, issue 2, european central bank, october ; and budnik, k. ( 2019 ), ibid. 4 / 4 bis central bankers'speeches

jorgovanka tabakovic : digitalisation, system upgrade - delivering the digital dividend opening speech by dr jorgovanka tabakovic, governor of the national bank of serbia, at the presentation of the european bank for reconstruction and development ’ s ( ebrd ) transition report 2021 – 2022, belgrade, 11 march 2022. * * * ladies and gentlemen, esteemed colleagues, welcome to the national bank of serbia! we are the hosts today, but this event is organised by our partners from the european bank for reconstruction and development ( ebrd ). therefore, i ’ d like to welcome mr colangeli, whom i have met at the kopaonik business forum, as well as mr sanfey and mr plekhanov, who are the face of the ebrd before us today. the fact that the ebrd has compiled and published its transition report for 28 years tells us that this report has passed the test of time and has the seal of approval of its audience. each year, the focus of the report is on an area that contributes to faster and sustainable economic transition. in the latest report, this area is digitalisation. i will focus on the fourth chapter of the report – fintech and banks in transition, which pertains to the digitalisation of financial systems and the effects which the implementation of new technologies has on the financial system as we know it. it is old news that over the past several years there have been substantial global changes in the financial services sector. banks, which are traditional participants in this market, are increasingly joined by new institutions from the technological sector, offering innovative products. we are talking about fintech, as well as international tech giants, notably in the social media sphere – the so - called big tech. how do banks react to their emergence? they have a choice to either treat the new market participants as competition, or at least as an incentive that would encourage them to speed up their own work on innovations and development of advanced services. the second choice is to welcome these companies as partners, and to make full use of the effects of such synergy on the development of society. in the modern age, which requires fast adjustment to client needs, everyone is creating niche markets where they can have a competitive edge. and as long as society as a whole is benefiting from changes that do not threaten stability, and yet save time and money, they will be one of the factors of development
can create more meaningful peer groups and, secondly, we have a prominent role for quantitative srep elements that allow for easier comparisons. overall, we had four distinct rounds of intensive horizontal analyses throughout the srep 2015. we sliced and diced the whole srep assessment and determination process, and compared results for individual banks for more than 80 different aspects among different peer groups, assembled on the basis of business models, sizes and geographies. we scrutinised the assessments for all four srep elements, all underlying risk types, both for risk level and risk control assessments plus the combination of these two dimensions. we also conducted several thematic reviews. in several iterations, these horizontal analyses helped us to conduct the first round of ssmwide consistent srep assessments and decisions which we have just finalised for most of the individual decisions. for the first time, the 122 most significant institutions from the 19 ssm countries were assessed using a single srep methodology. considering the high diversity of srep methodologies used in the 19 ssm countries up to last year, this is a major achievement of the ssm, and i am very proud of it. we are aware of the fact that for some countries, such as germany, our srep methodology means a completely new approach. previously, the german approach was characterised by a strong qualitative focus, which certainly has its merits, as i explained before. but i think a truly european level playing field and equal treatment can only be ensured by combining a strong qualitative approach with well - founded quantitative analyses, including peer reviews. a mere qualitative supervisory approach, in particular when it is solely based on the “ individuality of the bank ” might be prone to misuse, and justify generally lower rather than higher supervisory requirements. bis central bankers ’ speeches let me conclude. i think that the combination of quantitative and qualitative supervisory elements has passed its first test in the srep 2015. we will of course continue to improve our srep methodology and its application, as usual. as an important complement to quantitative features, we will keep supervisory judgements as a core element of our srep methodology. at the same time, i would like to stress that the supervisor ’ s view on a bank ’ s capital level cannot and should not relieve the bank and its management from its responsibility to ensure an adequate capital level. returning to my car analogy, i am convinced that both active and passive safety features are equally crucial to keep cars and

their passengers save. the same is true for banks and the role of quantitative and qualitative supervision. banking supervision in the 21st century combines both approaches to keep banks on track and out of harm ’ s way. thank you for your attention. bis central bankers ’ speeches
luis maximo dos santos : closing address - bank of portugal legal seminar closing address by mr luis maximo dos santos, vice - governor of the bank of portugal, at the bank of portugal legal seminar, lisbon, 3 december 2018. * * * allow me to begin my closing address by thanking the speakers for accepting banco de portugal ’ s invitation. their addresses have helped this seminar achieve its objective : to be a time of reflection, at the highest level, on the reform of the economic and monetary union ( emu ) at a critical time for the future of the european union. two words of thanks are due : to the minister for foreign affairs for making time in his schedule to share with us his stimulating reflections ; and to professor jean - victor louis, who has honoured us with his presence as keynote speaker. i have long admired professor jean - victor louis, whose work on european law – in particular on the emu and the external relations of the european union – has inspired several generations of scholars, impressed by its depth and clarity. consulting his work has always been instrumental in shining a light on the complex – and at times even somewhat tortuous – world of community law initially and then of european union law, following the maastricht treaty. in addition to his exceptional academic work, professor jean - victor louis has been a key player in the development of the emu as head of the legal service of banque nationale de belgique, a post which he still holds today in an honorary capacity. on behalf of banco de portugal, thank you very much for being here. i would also like to thank all those who agreed to join this seminar, on such a key issue for our country and for the whole of europe. last but not least, i am grateful to all who, at banco de portugal, and in particular in the legal services department, have made this event a reality in a very short period of time. 1. the european central bank ( ecb ) was established on 1 june 1998, after the european council unanimously decided, on 2 may 1998, that 11 member states, including portugal, met the requirements necessary to adopt the single currency on 1 january 1999. the ecb replaced the european monetary institute ( emi ), which had marked the beginning of the so - called second stage of the emu when it was created on 1 january 1994. this seminar was also a way for banco de portugal to celebrate the twentieth anniversary both of the ecb and of banco

domestic and international environment, which will determine our future decisions and moves. you can rest assured that the serbian government and the nbs will conduct a consistent and responsible economic policy, doing everything in their power to see our economy grow even stronger and more resilient to future challenges from the international environment. medium - term price and financial stability remain the nbs ’ s priority, because that is the best way for the central bank to contribute to sustainable economic growth and to a rise in employment and living standards. i will now give the floor to my colleagues from the economic research and statistics department, to give you a detailed account of our new projections.
opportunity to move forward and rebuild our economies, post covid, supported by our financial systems. now is not the time to have a regional argument. thank you. 4 / 4 bis central bankers'speeches

##tilist in our outlook. as the city ’ s long history shows, that has never been the outlook of people in the city ; rather it has been to trade freely and compete and grow new markets, to face outwards. we see that today for instance in the embrace of fintech. the uk ’ s financial markets and its financial system are therefore open for trade to all who will abide by our laws and act consistent with our public policy objectives. the question then arises of what sorts of safeguards and rules should apply to that trade? i mentioned earlier that one of the offspring of bretton woods was the gatt, subsequently the w to. the focus of activity was for some considerable time on trade in goods not trade in services. both goods and services trade depend on robust standards and the regulation of those standards, but trade in services is almost entirely about such standards. this trade has been substantially supported by the global standards to which i referred earlier, and which has allowed countries to defer to each other in terms of the prevailing rules and regulations. this means deferring to the rules of others to protect our citizens or firms when they choose to do business there. there is no doubt in my mind that the work done on global standards since the financial crisis has made this process easier to support and safer and improved the level of trust we have in each other. the european union has pursued the approach of so - called equivalence, which on the face of it allows for deferring to other authorities where appropriate. the eu ’ s framework of equivalence in financial services is a patchwork across many different pieces of financial services legislation, taking different forms in different sub - sectors, and in some not present at all. nor do the equivalence measures prescribe how the judgement should be made. as is well known, the post - brexit equivalence process between the uk and eu has not been straightforward. it is, of course, two distinct processes – one for the uk to recognise the eu as equivalent to the uk, and one for vice versa. the uk has granted equivalence to the eu in some areas, but the eu has not done likewise to the uk. in a few areas – involving central clearing and settlement – there has been agreement by the eu to extend temporary equivalence to the uk, recognising, i think, the clear risks to financial stability that would have arisen had this not been done at the outset. it would be reasonable to think that a common framework
. it is necessary for the authorities concerned to continue coordinated work on this issue. iii. the role of central banks in maintaining financial stability the experience of the financial crisis has brought renewed attention to the role of central banks in financial safety nets, which in turn contribute to financial stability. this has led to the assignment of macro - prudential roles and financial regulatory authority to central banks in the united states and europe. in this respect, the bank of japan has had an important role in both micro - and macroprudential dimensions for maintaining financial stability. from a micro - prudential perspective, the bank conducts on - site examination and off - site monitoring of a wide range of financial institutions including securities firms, and urges improvement in risk and business management when necessary. from a macro - prudential perspective, the bank implements appropriate policy measures based on its analysis and assessment of the condition of the financial system as a whole by utilizing the information obtained from financial institutions as well as from the markets. measures taken by the bank from a macro - prudential perspective during the crisis include resumption of stock purchases held by banks, and provision of subordinated loans. in this way, the bank of japan plays a critical role in maintaining the stability of japan ’ s financial system. the bank will continue to make every effort, in both micro - and macroprudential dimensions, to ensure and maintain this financial stability. thank you very much for your attention.

markets for such instruments as corporate bonds and cp. on the other hand, credit demand of private firms continues to lack momentum as corporate demand for external funds is subdued, since firms ’ cash flow is at a high level. moreover, firms continue to reduce their debts as part of their balance - sheet restructuring measures. as a result, credit demand in the private sector has continued to be basically stagnant. in view of this, the underlying tone of private banks ’ lending remains sluggish. the amount outstanding of corporate bonds issued continues to be above the previous year ’ s level but the growth rate is slowing somewhat. meanwhile, the amount outstanding of cp issued remains at a high level. recently, the growth rate of money stock ( m2 + cds ) is increasing reflecting the inflow from postal savings. funding costs for firms continue to decline as both short - and long - term prime lending rates were lowered, reflecting the decrease in market interest rates. in this financial environment, the lending attitude of financial institutions and corporate financing conditions remain easy. for the time being, attention should be paid to the effects of the additional monetary easing measures taken by the bank, while careful monitoring is still required for the effects of stock price developments on the behavior of financial institutions and the fund - raising conditions of firms.
##flation is and the stronger the longer term economic growth. i would finish up with the main point. the strategy on behalf of the european union should be not to delay the entry of the candidate countries into emu but to encourage the candidates to complete structural reforms. the cost of disinflation would be lowered and the long term economic would be helped. this is a win - win strategy as it helps the candidates and ensures the existing eu members that the new members would be economically stable and dynamic. thank you very much.

leszek balcerowicz : the optimal timing and path for poland ’ s entry into emu speech by prof leszek balcerowicz, president of the national bank of poland, at the 11th european banking congress in frankfurt, 23 november 2001. * * * thank you very much mr chairman, i welcome this opportunity to address such a distinguished audience. i would start with two basic assumptions. first, we are not discussing whether euro will go east or not because we are assuming poland and other candidate countries will enter the european union with the status of a country with derogation, so sooner or later they will be obliged to join the monetary union as well. therefore, the issue under discussion is not “ if ” but “ when ” and “ how ” i. e. what are the optimal timing and the optimal path. secondly, one should assume equal treatment of candidates and present eu member countries i. e. fulfilling the maastrich criteria, no less no more. there should be no additional criteria like, for example, a required level of financial deepening, as it would indicate an unequal treatment of candidate countries. taking the second assumption of the entry into the emu as granted, i would like to focus on the core issue, which is the question of optimal timing. my basic point is, that, firstly, early entry into the monetary union is possible and secondly, that it is preferable to the delayed one. by early entry i mean entry close to the earliest possible date, which one can recognise to be around year 2006, given the assumption of entry to the european union in 2004. it is this time neighbourhood we need to consider. the points would be as follows. first of all, let me say, that, in my opinion, arguments applicable to poland are also largely true for other candidate countries in most of the cases. poland has achieved a relatively high level of structural convergence with the european union. it can be measured, for example, by a share of exports to the eu in relation to all exports. this number is actually higher in poland right now then it had been in greece, portugal and spain before their respective entries to the eu and the mu. we have also achieved a high degree of cyclical convergence. these two points combined, translate to a situation in which poland is not so sensitive any more to, what is called, an asymmetric shock. second, we have achieved a tremendous extent of disinflation. inflation in poland
. last tuesday, the bank left its key policy rate unchanged at 4 1 / 4 per cent. the current level of the policy interest rate is judged, at this time, to be consistent with achieving the inflation target over the medium term. mr. chairman, paul and i will now be happy to answer your questions.

you can see in the table. and debt - servicing costs have dropped from about 9 per cent of gdp to less than 6 per cent. here's how finance minister manley summed up this principle of fiscal discipline in his february budget speech : " keeping a balanced budget, cutting debt and getting the best value for money are a constant challenge and a constant imperative. these are the bedrock of our fiscal and economic strategy. " low inflation complementing a sound fiscal policy is a monetary policy focused on keeping inflation low and stable — that's the fourth principle, and that is the bank of canada's responsibility. canada's inflation - targeting framework works in a symmetrical way to keep consumer price inflation at the 2 per cent midpoint of a 1 to 3 per cent range. if the trend of inflation moves away from the target, in either direction, the bank will take action to return it to the target within 18 to 24 months. through most of the past decade, we have managed to keep inflation around the 2 per cent target midpoint, as you can see in chart 6. as a result, canadians'expectations for inflation have become firmly anchored around 2 per cent, as shown in chart 7. that is extremely valuable for decision - makers in business, government, and households. this climate of low, stable, and predictable inflation has helped to smooth out the ups and downs in the economy and to create the best possible environment for longer - term economic growth in canada. let me now spend a few minutes describing the circumstances in which monetary policy is currently operating. even though growth slowed in the fourth quarter of 2002, reflecting global economic and geopolitical uncertainties, our economy continues to operate close to capacity. as we said in our january monetary policy report update, a number of indicators support this view. they include high industrial - capacity utilization ; a record - high labour force participation rate ; a record - high employment - to - population ratio ; corporate profits at their highest level since early 2001 ; and trend inflation that is running above target. canada's inflation numbers continue to reflect the impact of higher - than - expected prices for crude oil and natural gas, further increases in auto insurance premiums, and price pressures in certain sectors, such as housing, food, and some services. this higher inflation also suggests an underlying firmness in the price - setting environment. relative price increases wouldn't be pushing up trend inflation if there was not sufficient demand. so, in making our latest