samchain/econo-pairs-v2 huggingface dataset:
but we still need to enhance the countercyclical use of our macroprudential instruments by providing adequate macroprudential space to support robust lending and the real economy throughout the cycle. equally, we urgently need to develop and, where appropriate, deploy the necessary macroprudential instruments for non - banks as well. finally, we must also pursue the ambitious plans laid out under the cmu to create a deep and integrated european capital market. all of this will allow us to improve financial stability across the wide array of financial institutions and markets that make up the financial system. 1 see the history of the construction of the esm in : european stability mechanism ( 2019 ), safeguarding the euro in times of crisis : the inside story of the esm. 2 klaus regling at press conference after eurogroup meeting, luxembourg, 14 june 2019 : www. esm. europa. eu / press - releases / klaus - regling - eurogroup - press - conference - 19 3 for additional details on the risks, see ecb ( 2019 ), financial stability review, may. 4 see draghi, m. ( 2019 ), “ twenty years of the ecb ’ s monetary policy ”, speech at the ecb forum on central banking, sintra, 18 june. 5 see decision of the european central bank of 22 january 2014 amending decision ecb / 2004 / 2 adopting the rules of procedure of the european central bank ( ecb / 2014 / 1 ). 6 in december 2016, the ecb ’ s governing council issued a statement calling for the implementation of legislative frameworks for borrower - based measures in all euro area countries. 7 on the basis of article 458 of the crr, belgium has implemented a 5 percentage point add - on and a 1. 33 risk weight multiplier for exposures secured by domestic real estate assets, finland has implemented a risk weight floor of 15 % on domestic real estate exposures, and luxembourg has recommended a 15 % floor on the same exposure. 8 for a detailed overview of macroprudential measures, see the ecb ’ s website ( updated quarterly ). 9 the ccob is based on article 129 and 160 crd iv, transposed in national legislation. exemptions for small and medium - sized investment firms are possible. the ccob is part of the combined buffer requirements to which g - sii, o - sii, systemic risk buffer and countercyclical capital buffer pertain.

line from the european stability mechanism, for instance. 4 / 4 bis central bankers'speeches
that this style of investment can also come into conflict with the mandate of central banks in preserving stability and orderly markets. so, the challenge is to achieve a proper balance. thank you, mr. chairman.

, geographical and cultural proximity, may vary greatly from country to country, but have no doubt played a part in lubricating the wheels of trade and investment in the east asian region. going forward, domestic demand in the region will continue to grow and further support growth in intra - regional trade. the lowering of tariffs in most asia - 9 economies and bilateral free - trade agreements have supported the development of the “ pan - asia ” supply chain. it has been estimated that once an fta between asean - china is signed, a collective 1. 7 billion consumers with a combined gdp of almost us $ 2 trillion will be a powerful force supporting sustainable growth, especially as per capita incomes continue to rise and trade barriers continue to fall in the region. finally, a move of regional exchange rates towards greater flexibility will continue to support this increase in trade, with more market - oriented exchange rates sustaining further growth in intra - regional trade. in the past, despite the various exchange rate regimes adopted in asia - 9 economies – which have included both fixed and flexible exchange rate regimes – intra - regional trade has nonetheless grown at a substantial rate. the recent move by the chinese and malaysian authorities in the middle of last year to introduce greater flexibility to their exchange rates will help to further support this increased trade. the managed float exchange rate system will allow the exchange rate among asia - 9 to move in close alignment with one another which will make it conducive to trade within the region. you may be wondering why i have focused on developments in china and asia - 9 and how that is relevant to this audience today. i think this is extremely relevant. allow me to elaborate further. as one coming from east asia to this esteemed gathering, i would like to invite our hosts to “ look east ”, in the same way that the east asian region has embraced the policy to “ look west ”. a number of initiatives have already started, such as the current negotiations over an asean - india free trade agreement, which will further help to cement this relationship. the private and public sectors of both sub - regions could benefit from this synergy and ride on the momentum of growth towards what many have termed “ the asian century ”. there is an immense potential to realize from the individual comparative advantages of all the countries in south and east asia. while china ’ s trade share with india as a fraction of india ’ s total trade stands at 7. 7 %, another 15. 6 % of india ’ s trade is with
hole symposium proceedings, sept. 2013. bis central bankers ’ speeches

opening remarks by francois groepe, deputy governor of the south african reserve bank, at the workshop on the impact of ifrs 9 on banks and regulators in africa, jointly hosted by the working group on cross - border banking supervision and the south african reserve bank south african reserve bank, pretoria 26 september 2017 introduction good morning, distinguished guests, ladies and gentlemen. it gives me great pleasure to warmly welcome you to this workshop on the impact of international financial reporting standard ( ifrs ) 9 on banks and regulators in africa, which the south african reserve bank ( sarb ) is hosting jointly with the working group on cross - border banking supervision. i would like to thank the association of african central banks and, in particular, the working group on cross - border supervision of the committee of african banking supervisors for being present here today. we are indeed privileged to host fellow central bankers and regulators from across the african continent to discuss matters relating to the implementation of ifrs 9. the sarb truly values the cooperation with its peers from the continent and opportunities like this allow us to nurture networks and build relationships, share experiences and learnings, and contribute towards improving the overall quality of our continent ’ s prudential supervision of the financial sector. page 1 of 9 financial reporting it is believed that luca pacioli, a franciscan monk known as the father of accounting, was the first to codify the double - entry system of bookkeeping in his mathematical textbook titled summa de arithmetica, geometria proportioni et proportionalita which was published in venice in 1494. the celebrated german writer johann wolfgang von goethe sang the praises of this system and described it as the finest invention of the human mind as it allowed the merchant to survey the whole of his business activities at any time ; he even suggested that ‘ every prudent master of a house should introduce it into his economy ’. as any system, however, this system also has its challenges and shortcomings, and the renowned investor warren buffet warns that financial accounting is an imperfect language and that to understand accounting one needs to understand its nuances. buffet further warns that, ‘ in the long run, management ’ s stressing of accounting appearance over economic substance usually achieves little of either ’. it is therefore critical that, to extract the most from the system of financial accounting, one is mindful of the inherent shortcomings of the system. in order to address some of the challenges in this area, much progress has been made towards
i have no doubt about this commitment in our debate on the future of emu. and i hope that the debate in this country in the coming years will confirm that there can be no doubt about this commitment in britain. many thanks for your attention. bis central bankers ’ speeches

jose manuel gonzalez - paramo : globalisation, international financial integration and the financial crisis – the future of european and international financial market regulation and supervision speech by mr jose manuel gonzalez - paramo, member of the executive board of the european central bank, at the institute of international and european affairs, dublin, 19 february 2010. * * * introduction 1 i would like to thank the institute of international and european affairs for organising this conference and for giving me the opportunity to speak in front of such a distinguished audience. i am particularly glad to be able to participate in the institute ’ s series of speeches dedicated to the theme of “ fixing finance ”. both the prominence of the subject and the high quality of past contributions have made this series of speeches an important source of interesting ideas and proposals on how to render our financial systems more stable and resilient. following the nature and objective of the series, i will dedicate part of my address to the issue of the future framework for european and international financial market supervision and, in particular, to the role of the ecb in macroprudential supervision in the european union, but first let me briefly discuss the relationship between international financial integration and the financial crisis. international financial integration and the financial crisis over the past decade or so, financial crises seem to have become more frequent and perhaps more disruptive than in the past. they also seem to propagate more rapidly. this experience has spurred intense interest among academics and policy - makers in understanding the link between financial integration and crises, and in better assessing the merits of financial integration in general. the debate on the benefits of international financial integration is certainly not uncontroversial : • one extreme opinion sustains that integrated financial systems improve the allocation of productive resources, foster entrepreneurship and innovation, enhance market discipline, and help countries to insure against macroeconomic fluctuations. • at the other extreme, it is argued that the free flow of capital widens the wealth gap between rich and poor countries and exposes domestic financial systems to the risk of instability. 2 more recently, the financial crisis of 2007 – 08 and its aftermath have shown that increased geographical interconnection among financial markets and the deepening of cross - market integration, when coupled with the under - regulation of securitisation and other banking activities as well as with significant complexity in the design of financial instruments, may i am grateful to frank dierick, alex popov and marco protopapa for valuable inputs. fecht, f.
moral hazard between the banks, it will be crucial to have a risk - adjusted levy system for contributions by the resolution fund. as the most of you do, i would have preferred a pure european solution, instead of an intergovernmental agreement, but i have to accept the constraints in national laws. nevertheless, i am hoping for a compromise on the srm and srf, because starting the ssm in november without clarity about the resolution system would clearly be disadvantageous. thank you for your attention. i am now at your disposal for questions. bis central bankers ’ speeches

of cash is decreasing more rapidly. [ 10 ] visa and mastercard intermediate two - thirds of eu card payments and, along with paypal, dominate online payments. [ 11 ] a recent survey identified over 200 new payment solutions, of which more than one - third were provided by start - ups. for a detailed analysis of these solutions, see ecb ( 2019 ), “ implications of digitalisation in retail payments for the eurosystem ’ s catalyst role ”, july. [ 12 ] see panetta, f. ( 2018 ), “ fintech and banking : today and tomorrow ”, speech at the bicentennial annual reunion of the harvard law school association of europe, rome, 12 may. [ 13 ] stablecoins are digital units of value designed to minimise fluctuations in their price against a reference currency or basket of currencies. to this end, some stablecoin initiatives pledge to hold a reserve of state - issued currencies or other assets against which stablecoin holdings can be redeemed or exchanged. global stablecoins are initiatives which aim to achieve a global footprint, without necessarily relying on existing payment schemes and clearing and settlement arrangements. see bullmann, d., klemm, j. and pinna, a. ( 2019 ), “ in search for stability in crypto - assets : are stablecoins the solution? ”, occasional paper series, no 230, ecb, august. [ 14 ] see panetta, f. ( 2020 ), “ the two sides of the ( stable ) coin ”, speech at il salone dei pagamenti, 4 november. [ 15 ] a run could occur whenever users – who bear all the risks – expect a decrease in the redemption price of the stablecoin. a run is possible even when the stablecoin issuer provides a financial guarantee, if such a guarantee loses credibility over time as doubts emerge about the issuer ’ s capacity to absorb potential losses. [ 16 ] moreover, large investments in safe assets by stablecoin issuers could influence the level and volatility of real interest rates, with adverse effects on market functioning and the implementation of monetary policy. [ 17 ] reserve assets are the assets against which the stablecoins are valued and redeemed. [ 18 ] in the current situation the viability of such a business model is however challenged by the fact that short term rates are negative. [ 19 ] if allowed to invest the reserve assets
lisa d cook : exploring careers in economics welcoming remarks by ms lisa d cook, member of the board of governors of the federal reserve system, at the " exploring careers in economics " conference, sponsored by the board of governors of the federal reserve system, washington dc, 4 april 2023. * * * good afternoon, and welcome to " exploring careers in economics. " i am disappointed i cannot be with you in person, but i am thrilled you will hear from boston fed president susan collins. she is an outstanding colleague and economist, a good friend. you are in for a fantastic discussion. this event has a fairly self - explanatory title - exploring careers in economics. but the broad range of opportunities is anything but straightforward. economics touches every aspect of daily life, and you can see its impact in the world outside your door - and inside as well. some of you are veterans of economic study, while some of you are just " econ - curious. " either way, i hope that when you sign off today, you will have a totally different view of what economics can offer you. i was raised by academics in a college town, but even that access and insight did not give me the full picture of what was out there. a career in economics can take you in directions you never thought possible. we live in a constantly changing world, which means there is always new research to undertake, questions to be posed, and ground to break. my own studies allowed me to investigate everything from the impact of patents on the nation's economic growth to the banking system in post - soviet russia. they also took me to the archives of the kremlin and to university in the united kingdom and senegal. and that was just during my education! my career has taken me all over the globe. economics can take you just about anywhere, figuratively and literally. so i do hope that we do a good job of showing you the world of possibilities in the field. because economics needs you. any field that studies the behavior of an entire population, as economics does, should reflect the population it studies. we all come to the table with different experiences and backgrounds, which give each of us unique perspectives. your generation has seen two once - in - a - century economic events within two decades. your economic experiences are different from anyone else's. that insight and understanding will be critical to policymakers. the economics profession needs your perspective. future fed staff, governors, and chairs may

, we have been through several waves of higher infection rates and strict containment measures. nevertheless, economic activity has rebounded strongly from the trough in spring 2020, and many of those who became unemployed have fortunately re - entered the workforce. we are now pleased to note that infection rates are heading downward and that the reopening of society is underway. there is still uncertainty about the road ahead, but we can see the light at the end of the tunnel. thank you for your attention. 4 / 4 bis central bankers'speeches
and caters interoperability as the core service to the community. the retail payments in the next 3 – 5 years are likely to be driven essentially through mobile payments. this is to ride on over 1 billion mobile connections in the country and the financial inclusion drive. 7. in order to participate in the ensuing payment revolution and to take advantage thereof, we need to be taking certain strategic actions. these are as follows : a ) expanding the acceptance ecosystem : the proliferation of digital channels is evident mostly in the tier i & tier ii centres of the country. in order to promote digital channels, it is incumbent on the ecosystem which includes the banks, network partners and others. to ensure that there is adequate availability of digital channels and enablers such as debit cards, internet banking registrations, etc. in tier iii to tier vi centres as well. it is of critical importance that the population in over 6 lakh villages in the country is exposed to the alternate delivery channels. some estimates indicate that to reach the average levels of bric countries, india will need 20 million pos terminals as against the current 1. 2 million. this is a tall order. b ) government initiatives : there have been attempts to move the government direct benefit transfers onto electronic channels. i believe that with over 946 million aadhaar numbers having been issued, electronic benefit transfer is a clear strategy to promote efficient payment systems. c ) interoperability : interoperability of the digital channels as i mentioned earlier is a key driver to promote digital channels. the digital channels by definition should be available anywhere & anytime. d ) simplicity and standardization : end customers need to have simple ways of accessing the digital channels. this can be brought about through seamless processes driven by the ecosystem partners. and for this, standardization of the processes, right from registration to delivery and post delivery services is an imperative. e ) security : no electronic payment mechanism can undermine the role of security and risk mitigation in promoting digital channels. there has to be continuous and concerted efforts to ensure that the digital channels are safe & secure. the confidence of customers shall be a key to deepening the usage of digital channels. 8. with these steps, and in association with the key stakeholders like the reserve bank, the government, the banks, the payment system participants and the catalysts like npci, the reserve bank is quite sanguine that india will reap the advantages of the payment revolution. 9. i wish npci and

payments community all the very best to shape the banking of future and future of banking. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches
cannot be measured only by numbers, such as gdp and productivity. also from such a perspective, unless smes get vitalized, japan will not be vitalized. the bank will steadily support firms ’ activities through taking appropriate policy action if necessary in the powerful monetary easing stance. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

and federal reserve board, statistical release z. 1,'financial accounts of the united states.'figure 2 banks'cet1 risk - based capital ratio ratio q4 quarterly u. s. g - sibs large non – g - sibs other bhcs note : the data are seasonally adjusted by federal reserve board staff. the sample consists of domestic bank holding companies ( bhcs ) and intermediate holding companies ( ihcs ) with a substantial u. s. commercial banking presence. u. s. g - sibs are u. s. global systemically important banks. large non - g - sibs are bhcs and ihcs with greater than $ 100 billion in total assets that are not g - sibs. cet1 stands for common equity tier 1 capital, which is the numerator of the cet1 ratio. before 2014 : q1 ( advanced - approaches bhcs ) or before 2015 : q1 ( non - advanced - approaches bhcs ), the numerator of the cet1 ratio is approximated by tier 1 common capital. the denominator is risk - weighted assets. the shaded bars indicate periods of business recession as defined by the national bureau of economic research : march 2001 - november 2001, december 2007 - june 2009, and february 2020 - april 2020. source : federal reserve board, form fr y - 9c, consolidated financial statements for holding companies. may 07, 2024 figure 3 uninsured deposits percent of assets quarterly q4 u. s. g - sibs large non - gsibs regional note : uninsured deposits are reported by banks with total assets above $ 1 billion. for smaller banks, uninsured deposits are estimated based on the amount in large deposit accounts, excluding the first $ 250, 000 in each of those accounts. u. s. g - sibs are u. s. global systemically important banks. large non - g - sibs are bank holding companies and intermediate holding companies with greater than $ 100 billion in total assets that are not g - sibs. regional are banks with between $ 10 billion and $ 100 billion in total assets. source : federal reserve board staff calculations based on federal reserve board, form fr y - 9c, consolidated financial statements for holding companies and federal financial institutions examination council, call report form ffiec 031, consolidated reports of condition and income ( call report ). figure 4 commercial real estate loans
resolution powers were needed for the majority of ccps to generate sufficient resources to cover non - default losses in certain scenarios. see cpmi, fsb and iosco ( 2022 ), “ central counterparty financial resources for recovery and resolution ”, march. 11. bank for international settlements ’ committee on payments and market infrastructures ( 2022 ), “ cpmi and iosco publish a discussion paper on ccps ’ practices for addressing non - default losses ”, press release, 4 august. 12. in the last few years there have been several instances where large ad hoc increases of margin requirements created significant financial problems for clearing members and end users. although these problems could be managed in the end, it did require strong public intervention. 13. basel committee on banking supervision, committee on payments and market infrastructures and board of the international organization of securities commissions ( 2022 ), “ review of margining practices ”, september.

to the perception that my counterparty can fail because of lack of capital. we can do little about that. bis central bankers ’ speeches then there ’ s another dimension to this that has to do with the premia that are being charged on sovereign states borrowings. these premia have to, as i said, with default, with liquidity, but they also have to do more and more with convertibility, with the risk of convertibility. now to the extent that these premia do not have to do with factors inherent to my counterparty – they come into our mandate. they come within our remit. to the extent that the size of these sovereign premia hampers the functioning of the monetary policy transmission channel, they come within our mandate. so we have to cope with this financial fragmentation addressing these issues. i think i will stop here ; i think my assessment was candid and frank enough. thank you. bis central bankers ’ speeches