samchain/econo-pairs-v2 huggingface dataset:
bis central bankers ’ speeches

mugur isarescu : gaps and economic crises in south - east europe – present and past opening speech by mr mugur isarescu, governor of the national bank of romania, at the conference " gaps and economic crises in south - east europe : present and past ", bucharest, 28 october 2016. * * * distinguished guests, ladies and gentlemen, allow me to warmly welcome you to the national bank of romania. the board of the national bank of romania and i are glad to host, for the second time, the annual conference of the south - east european monetary history network. five years ago, in march 2011, when nbr hosted this event for the first time, we expressed our interest and support. we firmly believe that a good understanding of history, of how our forerunners addressed issues linked to monetary and economic developments, sets the foundation for finding solutions to present day challenges. this conference brings together central bank representatives from albania, austria, bulgaria, greece, serbia and romania, as well as prominent members of academic and scientific european circles. i welcome you to romania and hope you will have opportunity to enjoy your brief stay. this year, the meeting is focused on economic cycles and economic crises in south - east europe, both past and present. this is a generous and challenging research topic. all the more so, there has always been a permanent concern in the past 150 years for the policy makers in the region to reduce the economic gaps between the countries in south - east europe and the developed ones. in spite of this preoccupation, the real life was, in almost all the cases, different. this kind of historical research, stretched over a longer period of time, could reveal to which extent the solutions adopted in time were the appropriate ones. given the interest shown by both economic and political decision - makers, we find it useful to highlight the role that central banks have played in the catching - up process. i have to confess that i am personally interested in this topic and i look forward to seeing the outcome of your debate. i do wish you success. allow me to say a few words about the south - east european monetary history network. after a decade since it has been launched in sofia, the network achieved notable results in its aim to collect and extract value from statistical and historical data. the most important one was the release, in 2014, of a book titled “ south - eastern european monetary and macroeconomic statistics from the nineteenth century to world war ii ”. it
pierre duguay : bank of canada ’ s perspective on the stability of the canadian financial system opening statement by mr pierre duguay, deputy governor of the bank of canada, to the house of commons standing committee on finance, ottawa, 5 march 2009. * * * good morning. thank you for inviting me here to discuss the bank of canada ’ s perspective on the stability of the canadian financial system. as we have consistently emphasized, stabilization of the global financial system is a precondition for economic recovery, both globally and in canada. to that end, policymakers around the globe have acted aggressively and creatively by initiating a series of unprecedented actions aimed at stabilizing the global financial system. central banks throughout the world, including the bank of canada, have provided unprecedented liquidity to keep the financial system functioning. because the crisis we are facing is global in nature and began outside our borders, most solutions must be found at the international level. we are taking part in discussions with our international colleagues on ways to strengthen financial stability globally. i would note that there has been a great deal of interest worldwide in the resilience of canada ’ s financial institutions in the face of the global economic crisis. unlike their counterparts in other major economies, canadian banks have not been materially affected by the financial crisis. they have managed to raise capital during this troubled period to support continued lending and to make up for some of the decline in the demand for securitized products as well as the exit of non - bank lenders which had relied on securitization for financing their activities. in contrast, banks in most other major economies have suffered significant losses and have required significant capital injections from their governments. thus, canada has maintained much healthier credit conditions since the onset of this global recession than have been seen in other major countries. still, the canadian financial sector has felt the effects of the global turmoil which has increased funding needs while at the same time raising the costs and the uncertainty of term funding. in response, the bank of canada has made significant efforts to support liquidity in financial markets. our actions aimed at stabilizing the canadian financial system since the global crisis began 18 months ago have been unprecedented and significant. the bank of canada has moved aggressively by expanding the provision of term purchase and resale agreements ( pras ) to a total of $ 41 billion at its peak in december, and $ 35 billion currently. term pras provide liquidity to key market participants for terms of

global trade policy developments and their implications for the inflation outlook. again, we need to bear in mind that this risk is two - sided. with that, governor poloz and i would be happy to take your questions. 2 / 2 bis central bankers'speeches
deal is ambitious and bold. and now we have to get to work to implement it and to fund it. and at the same time, to reach out beyond our borders. to work together with governments, regulators, private investors, financial sector, climate experts, and central banks from all countries. to overcome the policy challenges. and to make sure that we meet the paris agreement targets, and tackle climate change in time. 4 / 4 bis central bankers'speeches

. but frankly, it would be much better for the planet if, by 2050, we were the last continent to be climate - neutral. because that would mean that other nations have caught up with us and even surpassed us. and then the whole world will have become climate neutral before the crucial 2050 deadline. i am optimistic that europe will team up with the new american leadership, and possibly with china and india and others, to form the powerhouse, the engine, that gets the world back on track to meet the paris agreement. because in order to get the energy transition really done, we will need to work together in many areas. because there ’ s not a european, or an american or a chinese climate problem, there is only a global climate problem. now let ’ s go back to europe. as we all know, getting the european economy sustainable for future generations requires large investments. a big part of these investments need to be made by the private sector. and for these private investments to scale up sufficiently, and for the financial sector to finance them, we need to get the right conditions in place. what needs to be 1 / 4 bis central bankers'speeches done? and what can governments, central banks and supervisors do? that is what i want to discuss with you today. first of all, we need a better business case for green investments. one policy instrument is absolutely key here, and that is to raise the effective price of greenhouse gas emissions. carbon emissions are the main, but not the only contributor to greenhouse gases. you see, i ’ m an economist. some may call it naive, but i have this firm belief, backed by experience, that for economic transformation to take hold, you need to have relative prices that reflect the true scarcity of economic resources. in this case, by pricing in the climate cost of greenhouse gas emissions. internalizing the externality. that will make it far easier for firms and households to determine the future value of their assets and liabilities. this will alter their incentive framework. then, market forces will drive things in the right direction. this ball lies squarely in the court of governments. the eu green deal sets out ambitious plans to make carbon pricing more effective, and it is crucial these plans are not watered down. this is the one thing that makes all the other things that we do, much more effective. secondly, investors and the financial sector need clear and credible transition plans from governments. a plan that provides answers to questions
you for joining us today and good morning. 1 / 1 bis central bankers'speeches

benjamin e diokno : managing risks, sustaining momentum, improving lives speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the launch of financial stability report for the 2nd semester of 2021, manila, 1 february 2022. * * * ladies and gentlemen, friends from the media, good morning. thank you for joining the financial stability coordination council for the financial stability report for the 2nd semester of 2021. a few days ago, q4 2021 year - on - year growth was reported to be at 7. 7 percent, putting the full year expansion at 5. 6 percent. this is a remarkable turnaround from what we experienced in the first year of covid - 19. for financial authorities, we welcome these gains, humbly recognizing that there will always be improvements we can pursue, while maintaining a watchful eye over changing market conditions. in thinking of where our market stands, i am reminded of niccolo machiavelli, the italian philosopher and statesman to whom this quote was first attributed. he once said, and i quote “ never let a crisis go to waste ”, unquote. his idea cannot be more apt than today. while this pandemic has been a heavy burden, it has provided us the opportunity to come together and take collective action. now that we have our growth momentum back, we can pause, to take the opportunity to learn from this crisis. in previous fsrs, we described how quickly we all came together. faced with an unprecedented crisis, we took unconventional measures to respond to an out - of - the - box challenge. in this fsr, we talk about what we have learned from covid. for financial authorities, it is and will always be about the financial system as a whole and that whole has to be appreciated as being more than the sum of its parts. we also talk about how we can be better, addressing some of more immediate challenges that have come up because of covid. it is about the welfare of the filipino, seen through the lens of public health, through access to goods, through socio - economic equity, and through a greener future environment. all of these are in this latest fsr. we invite all of you to access and download your copy which will be available in the websites of the fscc member agencies. as always, we look forward to hearing your thoughts and comments. again, thank
operation in the hemisphere. my remarks today reflect a long - standing tradition at the bank of canada of working with our central bank colleagues throughout the hemisphere. but beyond the bank's collaboration in the region, canada enjoys an enduring connection with the americas. more canadians now travel to latin america and the caribbean than to any other part of the world outside the united states. canada joined the oas and signed nafta in the early 1990s. our involvement with the americas has grown, encouraged by democratic transition, increased commercial and investment opportunities, and the movement of people. and canada's engagement will continue to grow. in a speech last month, our prime minister noted that canada " will seek to re - engage relationships throughout the americas, with our partners in mexico, the caribbean, and central and south america. " conclusion ladies and gentlemen, allow me to conclude. the prosperity that we enjoy in canada and the united states is a testament to the ability of free markets to generate wealth and raise living standards. we understand the gains that can come from building a strong global financial and trade order, backed by appropriate rules of the game. other governments have worked hard to engage in this global order because they, too, understand the benefits that it can bring to their citizens. we now face two challenges. first, we must think globally about how best to update the rules of the game to take into account the evolving nature of the global economy. second, we must act locally, within our own hemisphere, to help our neighbours to see that integration into the global economy is in everyone's interest. neither of these tasks will be easy. they will require patience and persistence. and along the way, we will encounter governments that are more inclined to withdraw from the process than to engage with the global economy. but we can't let the difficulty dissuade us from our goal. to the delegates at bretton woods, the task of rebuilding the world's economy must have appeared daunting indeed. and there were times when the political will to see this task through appeared to be lacking. but eventually, a spirit of co - operation overcame the obstacles, and policy - makers gathered around tables at international institutions and built a liberalized financial and trade order – an order that has led to the prosperity we know today. it is time to rekindle that spirit of co - operation and to build a table for the americas, so that the benefits of the global economy can be spread throughout our hemisphere

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developments coupled with profit margins. therefore, we will monitor these data very closely in the coming months. we will only receive a more detailed picture of how domestic price pressures are unfolding during the second quarter. first of all, we need clearer evidence that we will achieve our target – reliably and soon. then we can contemplate a cut in interest rates. if we reduce interest rates too early or too sharply, we run the risk of missing our target. in the worst - case scenario, we might even have to raise interest rates again. it is important to avoid such a wavering policy, as it would be costly for the economy. we should guarantee that price stability is achieved the first time around. this is also one of the lessons which history has taught us. a team of researchers from the international monetary fund investigated over 100 inflation shocks since the 1970s. they warn against " premature celebrations " : four out of ten inflation shocks were yet to be overcome even after five years. and in 90 % of these unresolved cases of inflation, rates initially declined, but then remained at elevated levels or picked up again. we can avoid this by giving our tight monetary policy stance sufficient time for its effects on inflation to unfold. so far, we haven't experienced any problems making decisions on a meeting - by - meeting basis, always driven by the latest data. and that is exactly what we will do again at our next meeting. 4 / 7 bis - central bankers'speeches 3. 2 reducing the balance sheet the reduction of the balance sheet is supporting our monetary policy stance. we are thus gradually unwinding earlier expansionary measures. for instance, banks are paying back their loans from the targeted longer - term refinancing operations to us. what's more, we first reduced reinvestments under the largest asset purchase programme, the app, and then discontinued them altogether in july 2023. this concerns around €25 - 30 billion per month that is not being reinvested. since the beginning of the monetary policy tightening cycle, the eurosystem's balance sheet has shrunk by just over one - fifth. however, monetary policy bond holdings are still very high. they amount to just under €4, 700 billion. measured on this basis, the volume of reductions has so far been modest. i therefore welcome the fact that we have also initiated the end of reinvestments under the pandemic emergency purchase programme ( pepp )
of risks. they have also realized the need for international cooperation to develop standards that could form the basis of a strong structure for islamic banking. the increasing global interest in islamic banking, in recent years, is attributable to the rapid growth of this type of activity in terms of size, scope and significance both in islamic countries and other parts of the world. islamic banking has spread widely in more than twenty - five countries in asia and africa. it has also emerged in many financial centers in europe and north america to the extent that major international banks and specialized financial institutions have started to offer shari ’ a - compliant products to meet the needs of a wide spectrum of customers in their markets and those of islamic countries. dear brothers, you all know the efforts made by basel committee to issue various standards governing conventional banking in the area of capital adequacy, corporate governance, and the principles of compliance, and others. these and other standards have helped create an appropriate environment for banking business which supports competition. on the other hand, a number of central banks in a number of islamic countries, including sama, have established the islamic financial services board ( ifsb ) to promote establishment and development of shari ’ a compliant financial services industry, characterized by prudence and transparency, through the adoption of existing or new international standards compatible with islamic banking principles and methods. since its establishment in november 2002, the board has made great efforts in issuing international standards governing islamic banking business through a number of committees and work teams in the membership of which sama participates effectively. such standards will help setting up a strong structure to create robust banking entities able to compete in the international markets. the board also makes great efforts in organizing conferences and workshops to promote awareness of the nature of islamic banking. i can not, on this occasion, but thank the board's members. dear audience saudi arabian monetary agency exerts persevering efforts to promote awareness and emphasize the importance of applying international standards that help manage risks, enhance competition and create strong entities. therefore, this symposium is the first of its kind on islamic financial services board's standards which complement the guidelines of basel ii. the symposium aims specifically at providing a clear understanding of islamic financial services board's standards with regard to capital adequacy, risks management, supervisory review process, corporate governance systems, transparency and market discipline, which constitute fundamental bases to ensure soundness and stability of islamic banking services. therefore, it is expected that this symposium will

journal of financial economics 126, no. 3 ( december 2017 ) : 668 – 688. 2 g. zhao, “ ambiguity, nominal bond yields and real bond yields, ” bank of canada staff working paper no. 2018 – 24 ( june 2018 ). 6 / 6 bis central bankers'speeches
official opening of first national bank of botswana limited - mochudi branch keynote speech by moses d pelaelo governor, bank of botswana september 19, 2017 it is with great pleasure that i join you for the official opening of the mochudi branch of first national bank of botswana ( fnb ). my team and i are particularly delighted because this is the first branch of the bank in the kgatleng district. this is indeed a positive response to what the bank of botswana has been urging all banks to do, specifically to have a physical presence in all major villages of botswana including mochudi. i am assured that the branch is well equipped, to the same standard as is the case with other fnb branches, with modern service facilities, most notably platforms that harness the beneficial features of new information and communication technologies. through the branch facility and electronic platforms for conducting banking business, fnb, and other banks, offer choice and added convenience to customers ; this, again is a welcome development. the widening, deepening and modernisation of financial services, and the related facilities fulfil the nation ’ s financial sector development strategy and contribute to both financial inclusion and inclusive economic growth. distinguished guests, first national bank of botswana limited is a subsidiary and member of the firstrand group, which is a south african johannesburg financial stock services group listed exchange, offering banking, management and insurance services. on the asset the firstrand group has a presence in 8 countries in africa, namely, botswana, lesotho, mozambique, namibia, nigeria, south africa, swaziland and tanzania. as at june 30, 2017, the firstrand group had assets amounting to r1. 15 trillion, with market capitalisation of r251. 5 billion. the group is, therefore, wellendowed to support the domestic and regional resource needs, with respect to a broad range of financial services. these include participation in mobilisation of large - scale finance and funding of businesses, industrial developments and infrastructure projects. it is also well placed to support sustained operation, expansion and further investment in the local subsidiary, to the benefit of the domestic economy. in botswana, the group offers a variety of financial services through its three brands, namely, fnb, the retail bank, wesbank, for financing of moveable assets, notably motor vehicles and finance leases for equipment ; and rmb in supporting corporates to access investment banking products and services including working capital and trade finance, private equity and global market

council secretary, honourable councillors, the entire district leadership and all distinguished guests, in addition to the other banks, there is now a branch of fnb botswana near you ; patronize it ; and do not give mr bogatsu and his team an excuse to close the branch, shortly after its opening, on account that it is not profitable. distinguished ladies and gentlemen, with those few remarks, it is now my singular honour and privilege to declare the first national bank of botswana mochudi branch, officially open. i thank you for your kind attention.