samchain/econo-pairs-v2 huggingface dataset:
now i ’ d like to end by reaching out and passing the baton on to you. with a five - point call to action : 1. cooperate – only together we can make a difference 2. manage the risks 3. seize the opportunity 4. be inspired by the sustainable development goals 5. start now!, and now that this is a room full of individuals that have already started : continue! thank you.

the risks and opportunities related to sustainability, it is less clear how it should go about this. usually, the first thing companies want is a strategy. now, if we want to combat climate change, if we want a sustainable economy. wouldn ’ t it be wonderful if individual companies ’ strategies would somehow be aligned with a much broader world strategy? wouldn ’ t it be wonderful if such a strategy for the world existed? if we are all in the pursuit of happiness, if all men are created equal, not just those of us living today, but all men and women that will come after us, shouldn ’ t we urgently formulate a strategy for the world? fortunately, the world does already has such a strategy : the sustainable development goals of the united nations. and, keeping that in mind, a suggestion i would give to companies is : innovate, while using what ’ s already there. join a platform, cooperate, form strategic alliances ; get an overview of what ’ s happening ; connect with others. today is a great example of just that. for example, the netherlands banking association has recently launched a public consultation document proposing how the dutch banking sector can support a number of the un sustainable development goals. businesses could follow suit by launching a similar initiative. we cooperate on this matter as well : the dutch central bank is part of the g20 green finance study group and of the european high level expert group on sustainable finance. this expert group is mandated by the european commission to come up by the end of this year with nothing less than a comprehensive strategy to turn eu financial regulation green. it will publish its interim report by means of public consultation by the end of next month. if you want to directly influence eu green finance strategy and policy please don ’ t hesitate to send in your comments. using our convening power on a national level, the dutch central bank created a national cross - sectoral platform for sustainable finance, bringing together representatives from all over the financial sector as well as the relevant ministeries, and stimulating the creation of working groups that take on a range of sustainable finance issues. one of these working groups works on sdg impact measurement and consists of a several dutch insurers, pension funds and banks together with major multinationals such as philips and unilever. their goal is to develop a methodology that will allow them to assess the impact on the sdgs of any investments they make. if investors around the world start doing this on a large scale, you can
, a market in derivatives also developed, originally as an over - the - counter market, but since the establishment of the south african futures exchange ( safex ) in 1990, on a more formal basis. these reforms, together with the other socio - politico - economic changes in the country, boosted turnovers in the financial markets. in 1996, the total turnover in equities on the johannesburg stock exchange exceeded us $ 27 billion ; total turnover in the bond market amounted to us $ 703 billion, and 4. 1 million contracts were traded through safex. major changes also took place in the south african market for foreign exchange, particularly in the light of the gradual removal of exchange controls. south africa has a floating exchange rate system in which about 30 authorised dealers in foreign exchange ( banking institutions ) make prices on a competitive basis, for foreign currencies ( mostly us dollar ). the exchange rate is therefore determined by underlying forces of demand and supply, influenced to a diminishing extent by reserve bank intervention ( through exchange controls and direct active participation ). the reserve bank is gradually reducing its participation in the market, and is now in the process of encouraging the development of a more active market in forward foreign exchange outside of the central bank. the average daily turnover in the south african market for foreign exchange over the past six months amounted to us $ 6. 1 billion. the policy of the reserve bank is to continue to encourage the development of the financial markets, and to monitor these markets on a regular basis. the central bank itself, however, is reducing its own direct participation in the market - making processes. this applies to the market for foreign exchange and also the capital market. negotiations for the transfer to the private sector of responsibility for the primary funding of government and for market - making in government bonds have reached an advanced stage. the reserve bank will eventually confine its participation in these markets to transactions ( such as open - market operations ) aimed at the achievement of defined monetary policy objectives. 2. 5 the national payment, clearing and settlement system up to now, the national payment, clearing and settlement system was vested in a joint venture between the reserve bank and the major commercial banks in the country. clearing takes place on a daily basis through an electronic data process in a communal banking service facility known as the automated clearing bureau ( acb ). the acb is, however, no longer able to stand up to the emerging pressures of the expanded activity in the financial markets. the

speeches to use your training in economics, banking and finance. thank you and congratulations in advance to the winners who will later emerge. again, just by making it this far … you are all # lodis. a pleasant day and to everyone! 3 / 3 bis central bankers'speeches
. let me conclude by wishing the graduating students all the best in their future careers, and to wish you all a very successful conference.

result, a very high percentage of islamic banks have a strategy that is heavily weighted towards real estate and asset finance. the downturn in global economic conditions will provide these business models with a stern test. project - driven business strategies will be affected by the reduction in global liquidity and the slowing of global economic growth. islamic financial institutions will need to plan and prepare for these more challenging operating conditions. the industry needs to respond to this challenge by developing a greater diversity of business models, more diverse and stable income sources, and more rigorous risk management and stress testing techniques to assess its preparedness to deal with any downturn in economic activity. the essential consideration in islamic finance, as in all forms of finance, is to find the right balance between business development and risk management. there are certain measures that the central bank of bahrain can take to assist islamic financial institutions in this process. we have recently launched an islamic sukuk liquidity instrument, which is a repurchase agreement that enables financial institutions, both conventional and islamic, to access short - term liquidity against the government of bahrain ijara sukuk. at the same time, however, the primary responsibility for sound risk management and control resides with the firms themselves. the principles and standards developed by aaoifi provide islamic financial institutions with a sound basis on which to manage their activities. those of you today, who are graduating with the qualification of “ certified shari ’ a adviser and auditor ”, and “ certified islamic professional accountant ”, will be at the forefront of islamic financial institutions ’ ability to manage, monitor and control their risks in the future. there is a continuing need for high quality human resources in the industry. islamic banking has been growing so fast that it has been difficult for institutions to find enough skilled or qualified staff. this is why the cbb has participated with islamic institutions in bahrain in setting up the waqf fund to provide financial and technical support in upgrading training programmes and introducing new ones. we are now beginning to see a larger number of financiers qualified in shari ’ a related subjects and this can only be to the benefit of the islamic finance industry. the two courses which are graduating today, are both challenging study programmes, and congratulations belong first and foremost to those students who have successfully completed them. doing so has required hard work and commitment. it is an achievement to be proud of, and one that i am sure will serve you in good stead, as you further develop your professional careers
john c williams : global issues, global implications remarks ( via videoconference ) by mr john c williams, president and chief executive officer of the federal reserve bank of new york, at the central reserve bank of peru ( bcrp ) centenary conference, 25 march 2022. * * * as prepared for delivery it ’ s a great honor for me to participate in this event commemorating the centenary of the central reserve bank of peru. i want to start by congratulating julio and everyone at the bank on this special and significant anniversary. i am looking forward to a time, hopefully soon, when we can come together, enjoy some ceviche, and celebrate in person. and while it ’ s not nearly as enticing as a gathering over fine peruvian food, i need to give the standard fed disclaimer that the views i express here are my own and do not necessarily reflect those of the federal open market committee ( fomc ) or anyone else in the federal reserve system. given this special occasion, let me begin with some reflections on the importance of communication and engagement in central banking. shared concerns as central bankers, we have long understood the value of engaging with colleagues around the world on the challenges we face in our own countries. we all operate in a highly interconnected global economy and financial system. and we have many of the same goals, including price stability, vibrant economies, and financial stability. many of the issues we face are not unique to any one of us, but rather are shared across the region and the globe. recent events, from the covid - 19 pandemic to the war in ukraine, have only underscored the importance of active dialogue and transparency among central banks. beyond the global economic impact of these events, it ’ s important to emphasize that the pandemic is first and foremost a public health crisis, and that the russian invasion is inflicting tremendous hardship and suffering on the ukrainian people. in terms of economic impacts, all of us in the americas were affected by lockdowns and shutdowns at the start of the pandemic. all of us have faced supply - chain bottlenecks and imbalances, as people around the world shifted their spending habits — buying more goods and spending less on services. and many of us are now confronting a sharp rise in inflation, especially for food and energy, which is hardest on our most vulnerable populations. of course, each country is facing its own set of circumstances, and each

of our work as central bank governors, and it ’ s insightful for all of us to hear from leaders beyond our own organizations and the borders of our countries. global issues i touched on many topics — the pandemic, the war, and inflation. these are global issues with domestic implications, and when we address them to fulfill our own mandates, we affect the economies of other countries in the region as well. in this regard, the work of the bis in bringing central banks together has never been more important. i look forward to continuing our dialogue and engagement in the future. again, congratulations to the central reserve bank of peru, and best wishes for your second century. 2 / 2 bis central bankers'speeches
that we will be ready to deploy them if and when we deem it necessary to meet our policy objectives, in line with our mandate. let me stop there. 3 / 3 bis - central bankers'speeches

well. a sound financial ecologic environment comprises not only comprehensive and integrated institution building on a macro basis, but also improvements in micro infrastructures related to corporate governance, credit culture both for individuals and enterprises, bank - enterprise relationship, intermediary services, etc. with regard to the financial ecology construction, great efforts have been made to enhance the legal system building, engaging in the research, deliberation and draft work on some related clauses in the “ property law ”, “ enterprises insolvency law ” and the “ criminal law ” in terms of property right and financial claim protection and the definition of financial crimes. on the other hand, a nation - wide publicity campaign concerning financial ecology construction has been launched to create a sound institutional and public environment, so as to ensure various enterprises develop on an equitable basis. these financial reform measures not only stressed the market - based orientation of china ’ s financial reform, but also reflected the goals of our reform to create a favorable environment for enterprises. the people ’ s bank of china will continue to push china ’ s financial reform forward in a steady manner, guaranteeing a better monetary and financial environment for enterprises. taking future development trend into consideration, china ’ s economy is expected to enter a stage characterized by steady growth. currently china is speeding up its urbanization and industrialization process with corresponding growth in investment and demand. consumption is expected to expand further due to the large population ; steady increase of household income and an upgraded consumption structure will also benefit consumption ; and favorable external environment will continue to serve a strong engine for china ’ s economic growth. all these positive factors will provide a sound macro economic environment for the deepening of financial reform. now i would like to share my insights with you on the financial reform and development trend closely related to the development of enterprises. first, continue to pursue a sound monetary policy. in 2006, china will continue with its sound monetary policy, measures will be taken to maintain the steady growth of money and credit, monetary policy will play a greater role in keeping rmb value stable and managing the equilibrium of money and credit aggregates. based on the changes of economic and financial situation, pbc will maintain appropriate growth of money and credit by using a mix of monetary policy instruments in a flexible manner and controlling the scale of policy. efforts will be made to provide quality financial services to enterprises by strengthening the coordination between rmb and foreign currency policies, and improving the formation mechanism of rmb interest rate and exchange rate.
a gathering. your membership will have grown by leaps and bounds together with your enterprises. ladies and gentlemen, the road ahead still beckons. we have come a long way together. let us not stop now. thank you for your attention.

world grows increasingly interconnected, these challenges will not only be more numerous, but they will also be more varied. today, the thai economy again faces challenges from the external front. the main challenge comes in the form of global financial imbalances ; another challenge is the threat of high and variable oil prices. by global financial imbalances, i refer to the pattern of savings and investment allocation across the world. at the present, the us economy saves very little relative to its investment needs. asian and oilproducing economies save more than their domestic investment opportunities. the european union saves just enough. as a result, the us economy has been borrowing a large sum from asia and oil producers. the magnitude of capital flows from the rest of the world to the us economy is not sustainable ; it is a matter of time before the flows eventually reverse. and, in the process, the us dollar will depreciate against various currencies, including the thai baht. the issue here is not only when the correction will take place, but how fast and how disruptive. thailand, like many emerging market economies with small and shallow financial markets, is particularly vulnerable to fast - moving international capital. such rapid movements of capital flows, if vastly out of line with the underlying economic fundamentals, can have negative impacts on the export or import sectors depending on the direction of exchange rate movement. in our case, the surge in speculative capital inflows at the end of last year caused a rapid appreciation of the baht relative to regional currencies. i must stress that the recent capital surge heralds the onset, and not the end, of the unwinding of global financial imbalances. there remains considerable room for us dollar correction. as such, the threat of global imbalances to the economic and financial stability of thailand is still very much present. you may recall that we have experienced sizeable capital inflows, and accompanied with that, a rapid appreciation of the baht effective exchange rate toward the end of last year. in dealing with the rapid appreciation, conventional wisdom suggests an adherence to market mechanisms. this proved to be inadequate. the baht continued to appreciate with the likelihood of it becoming more and more out of line with its fundamentals. after a number of unsuccessful conventional measures, we resorted to the measure of imposing a reserve requirement on capital inflows in december 2006. the measure was designed to break the one - way currency momentum, to preserve
as well. last month consumer price inflation rose to 3. 4 %. annual inflation is forecast to reach an average of 2. 2 % this year, supported by temporary factors, such as the strong base effects caused by the rapid rises in energy prices, especially electricity and gas, and the cost pressures arising from more persistent shortages of materials and equipment than previously thought. in 2022, inflation is projected to moderate to 1. 7 %, as the factors now deemed temporary should start to fade away, and projected to stay at 1. 5 % in 2023. in my view, euro area inflation is still mostly transitory, even if some of its components are partly more persistent than previously expected. however, we need to recognize that the micro experience of the ordinary people is quite different from the macro reading of the economists and central bankers. if this state of elevated inflation were to last much longer, it would likely have a more significant effect on inflation expectations. 1 / 4 bis central bankers'speeches indeed, the selling price expectations ( 3 months forward ) of both the industrial and retail sectors have started to rise amid these temporary price pressures. moreover, the short - term inflation expectations derived from the market information ( i. e. inflation swaps ) has increased to 1. 8 – 1. 9 %. however, the counterevidence speaking for the transitory interpretation is quite convincing. when looking at the longer - term expectations, there is no upward trend : the probability distributions of market inflation expectations have strongly concentrated between the levels of 1. 5 – 2. 5 % and the probability of inflation higher than 2. 5 % is very small. core inflation in the euro area is still subdued, the latest reading being 1. 9 %, and it is projected to stay at 1. 5 % in the medium term. so far, there is no major evidence of second - round effects through wages. wage growth is still below pre - covid average, despite significant sectoral labor shortages. so, we may ask : where does the euro area stand when facing the classical monetary policy dilemma of not overreacting to the supply - side shock, on one hand, and engineering a reduction of stimulus without de - anchoring inflation expectations, on the other hand? when answering this question, we should do so against the backdrop of the ecb ’ s new monetary policy strategy, which is built on a symmetric 2 % inflation target and on a reaction function that tolerates temporary overshooting.

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convinced that the future of cash, and thus of our new banknote series, is bright. today, our full attention is focused on the new 100 - franc note and the rest of the new banknote family, which is now complete. thank you all very much for your interest. page 4 / 4

sabine mauderer : climate change, biodiversity loss and the role of central banks speech by dr sabine mauderer, member of the executive board of the deutsche bundesbank, at the deutsche bundesbank spring conference 2023 " climate change and central banks ", eltville, 11 may 2023. * * * 1 welcome ladies and gentlemen, colleagues and friends, a very good morning and welcome to our spring conference! also to the many of you joining us online. i am pleased to tell you that we are fully booked. it looks like we picked not only an exciting topic but also a suitable date. spring has sprung. it is getting noticeably warmer. the trees are beginning to blossom. spring is a time for new ideas, for growth and innovation. clearly, the perfect time for a research conference. spring is also a season we should cherish while we still can, as climate change is playing havoc with our seasons. climate change is a reality. it matters to all of us. it is not only an important research topic ; it also influences my work as a central banker. that is why i am incredibly grateful to our head of research, falko fecht, and his team for organising this superb event. especially for putting together such an impressive line - up of distinguished speakers and guests. there will be keynote speeches by geoffrey heal from columbia university and by esteban rossi - hansberg from the university of chicago. needless to say, there will be a host of other highly relevant presentations over the next two days. welcome to all of you! two exciting conference days lie ahead of us. so let's not waste any more time. shall we get started? 2 the role of central banks why is the bundesbank organising a conference on climate change? this is certainly a valid question. particularly against the current backdrop of increased geopolitical tension and high inflation. be assured, the eurosystem will not rest until inflation is back to its target. that is our primary mandate. that is what the eurosystem is committed to doing. at the same time, the risks associated with climate change are too large to ignore. central banks and supervisors must watch climate - related risks as closely as they watch any other risk. particularly as extreme weather events, such as storms, heatwaves and flooding are becoming more common. 1 / 4 bis - central bankers'speeches this spring, for example, an unseasonal heatwave has hit southern spain