samchain/econo-pairs-v2 huggingface dataset:
supervisory practice of assessing planned distributions of dividends on a bank - by - bank basis. we opted to be prudent today to avoid having regrets tomorrow should overall economic conditions further deteriorate. the ecb is in good company. other institutions have joined the effort to keep the financial taps open for the real economy during this exceptional period. after the “ quick fix ” to the capital requirements regulation, the european commission recently adopted a capital markets recovery package to make it easier for capital markets to support the economic recovery. the proposal to amend the securitisation regulation is part of this package. it includes a recital stating that the requirements on direct risk retention, transparency and the resecuritisation ban are also prudential obligations and thus specifically entrusted to the competent authorities in charge of prudential supervision, implying that the ecb has an active supervisory role in these areas. this, in my view, is problematic. the ecb recognises its competence to supervise banks ’ adherence to some securitisation 1 / 2 bis central bankers'speeches obligations that are prudential in nature, such as the use of proper credit granting criteria for exposures to be securitised. however, the other tasks include the supervision of compliance with direct risk retention requirements, transparency requirements and the ban on resecuritisation. these tasks fall under the category of product supervision rather than prudential supervision. they ensure the alignment of interests between investors and originators, and between sponsors and original lenders. they allow investors to understand, assess and compare securitisation transactions. the ecb cannot take on these tasks because they go beyond its prudential supervision mandate. article 127 ( 6 ) of the treaty on the functioning of the european union and the ssm regulation clearly define these limitations. a simple recital cannot change these ; only a treaty change can. re - labelling financial product supervision tasks as prudential tasks won ’ t do the trick. what ’ s more, assigning financial product supervision to the ecb could result in conflicting responsibilities. in its role as prudential supervisor, the ecb generally wants as little risk as possible to remain with a bank acting as originator, so as to minimise arbitrage opportunities with the corresponding reduction of capital requirements. at the same time, the competent authority needs to ensure that the bank retains a material net economic interest under the risk retention obligation. this might be linked to the need to preserve proper credit

granting standards but might also create conflict in relation to the ecb ’ s objective as prudential supervisor. to conclude, i do not see the proposed conferral of tasks as being either a viable allocation of labour or legally tenable. extraordinary supervisory action is warranted in times of crisis. but the ecb cannot take on tasks that go beyond its prudential supervision mandate. 2 / 2 bis central bankers'speeches
and f. ohnsorge. washington, d. c. : the world bank. 3 / 3 bis central bankers'speeches

this objective has already been achieved as the market rate is now moving in line with the bsp ’ s policy rate. in the long term, recalibrations and additions to the monetary policy tools will strengthen the bsp ’ s influence on the demand and supply of money. i am pleased to note that the recently enacted amendments to the bsp charter restores our authority to issue our own debt securities ( even during normal times ) which further enhances our monetary policy tool kit. further, we will continue to pursue the reduction of reserve requirements from the current 16 percent to single digit by 2023 to promote a more efficient financial system. this is part of the bsp ’ s broad financial sector reform agenda. we expect that all these will aid in the further development of philippine capital markets by fostering money market transactions and active liquidity management by philippine banks. indeed, the bsp ’ s monetary policy framework has been an effective tool in mitigating the risks emanating from here and abroad. however, we recognize that as the domestic and world economy evolve, all our tools need to be kept constantly appraised. we continually take measures to further enhance the implementation of our inflation targeting framework by improving our array of models, data, software, and the capability of our technical staff and modelers. we likewise ensure prudent exercise of judgement by using all relevant data in our policy decisions. moreover, we recognize the value of being able to communicate the basis of the bsp ’ s policy decisions in a manner that is easy for the public to understand. all these concepts, and more, will be the subject of this conference ’ s discussions in the next two days. we can rely on an eminent group of economists, who have joined us to present their work and examine issues concerning inflation dynamics and monetary policy. as central bankers and policymakers, we appreciate this effort to continuously expand our 2 / 3 bis central bankers'speeches understanding of inflation dynamics and its implications on monetary policy. this is especially so amid the current global economic environment that continues to shift with the ongoing policy uncertainties and structural changes. i wish you all a very fruitful conference and a pleasant stay in manila. 1 search excluded patents and citations, conducted on 24 july 2019. 2 2 based on the international monetary fund ( imf ) world economic outlook april 2019 database. 3 3 inflation in emerging and developing economies evolution, drivers, and policies, eds. j. ha, m. a. kose,
on returning inflation to our 2 percent objective. meeting our dual mandate also depends on maintaining financial stability. the fed ’ s commitment to both our dual mandate and financial stability encourages the international community to hold and use dollars. the wide use of the dollar globally can also pose financial stability challenges that can materially affect households, businesses, and markets. for that reason, the federal reserve has played a key role in promoting financial stability and supporting the use of dollars internationally through our liquidity facilities. the central bank liquidity swap lines provide foreign central banks with the capacity to deliver u. s. dollar funding to institutions in their jurisdictions. and the foreign and international monetary authorities ( fima ) repo facility allows approved fima account holders the option to temporarily exchange their u. s. treasury securities held by the federal reserve for u. s. dollars. these facilities serve as liquidity backstops so that holders of dollar assets and participants in dollar funding markets can be confident that strains will be eased when these markets come under stress. that assurance, in turn, mitigates the effect of such strains on the flow of credit to u. s. households and businesses. both facilities enhance the standing of the dollar as the dominant global currency. the swap lines were extensively used during the global financial crisis, the 2011 euro - area debt crisis, and the financial turmoil at the outset of the covid - 19 pandemic in 2020. the paper on central bank swap lines presented yesterday by gerardo ferrara, philippe mueller, ganesh viswanath - natraj, and junxuan wang provides novel micro - - 3level evidence on the usefulness of swap lines in providing cross - border liquidity to support the real economy. looking forward, rapid changes are taking place in the global monetary system that may affect the international role of the dollar in the future. most major economies already have or are in the process of developing instant, 24 / 7 payments. our own fednow service will be coming online in 2023. and in light of the tremendous growth in crypto - assets and stablecoins, the federal reserve is examining whether a u. s. central bank digital currency ( cbdc ) would improve on an already safe and efficient domestic payments system. as the fed ’ s white paper on this topic notes, a u. s. cbdc could also potentially help maintain the dollar ’ s international standing. 2 as we consider feedback from the paper, we will be thinking not just about the current

, such adjustment, properly handled, need not derail the global economy nor cloud the bright prospects that the united states and europe - linked by myriad ties of commerce, communications, culture, and political tradition - share.
in their respective fields of responsibility, continue to be essential in dealing with the current inflation shock and financial system imbalances. in the current challenging macro - financial environment, macroprudential buffers contribute to preserving and strengthening banking sector resilience. hence, i very much welcome that some national authorities – in close collaboration with the ecb – currently assess the extent to which there is merit in implementing additional macroprudential measures. the macroprudential policy response should consider the current near - term headwinds to economic growth since policy tightening should not result in an unintended tightening of credit conditions. interactions between monetary and macroprudential policy become even more pronounced in a monetary union where monetary policy, by definition, will be focusing on area - wide economic and financial conditions. in fact, macroprudential policy targeting imbalances building up at national level within the monetary union can help to achieve better policy outcomes in terms of price and financial stability. 1. an important example of such structural fiscal policy is the next generation eu ( ngeu ) programme, with a strong focus on the green transition comprising an expected €401 billion to be invested in euro area countries ( around 3. 3 % of 2021 euro area gdp ) over 2021 - 27, see also bakowski et al. ( 2022 ), " the economic impact of next generation eu : a euro area perspective " occasional paper series, no 291, european central bank. 2. this is the rate of interest where monetary policy is neither accommodative nor tightening and where the economy is operating at its potential output. 3. before the pandemic, the countercyclical capital buffer in the euro area accounted for only 0. 2 % of the capital stock. see also de guindos, l. ( 2019 ) " 3 / 4 bis - central bankers'speeches 3. macroprudential policy after the covid - 19 pandemic ", panel contribution at the banque de france / sciences po financial stability review conference " is macroprudential policy resilient to the pandemic? ", 1 march. 4. estimates for energy - related fiscal support by euro area countries were at 0. 8 % of gdp for 2022 in july this year and may further rise depending on global developments. see also european central bank ( 2022 ), economic bulletin, issue 5, box 7 : " euro area fiscal policy to the war in ukraine and its macro

##economic impact ", footnote 3. 4 / 4 bis - central bankers'speeches
mr. lamfalussy reflects on the possibilities and constraints of monetary policy against the background of price stability in europe address by the president of the european monetary institute, baron alexandre lamfalussy, on the occasion of the change of the presidency of the european monetary institute in frankfurt am main on 30 / 6 / 97. the moment has come for me to say a heartfelt “ thank you ” to you all! i should like to express my gratitude, first of all, to the governors of the central banks of the european union, who, in the autumn of 1993, chose me as their candidate for the presidency of the european monetary institute, thereby setting in train a process which has allowed me to play a part in a ground - breaking enterprise of exceptional scope and responsibility. i should like to thank them, secondly, in their capacity as members of the emi council, for their cooperation in this undertaking and for their wisdom, prudence, willingness to compromise but also their will to achieve results. they have invariably acted with the utmost professionalism. i should like to add that we should not have been able to achieve what has been done without the conviction - which each of us shares - that the first duty of a central bank is to maintain price stability. this fundamental principle has never been a matter of dispute. my thanks go next to the political authorities. first, to the heads of state or of government, who did me the honour of putting their faith in me in appointing me president of the emi. second, to the finance ministers, who resigned themselves gracefully to the existence of an institution which would be independent of the executive and who played their part, with consummate political skill, in establishing the good working atmosphere between the ecofin and the emi, in the mutual respect of our respective competencies. i hope that this will be an enduring legacy. thanks go, too, to the european commission, with which we have been able after a little trial and error, and with both sides demonstrating good will and a certain ability to listen - to draw up the rules of the game for the indispensable cooperation which is needed to enable the project of economic and monetary union to go ahead. the european parliament - and several national parliaments - have given me the opportunity to report on the work of the emi, in an atmosphere of constructive dialogue. their questions and concerns, as well as those of the media and of the large number of associations from both the banking and financial sphere as well

emergence of good luck by hard work, skilful management and good strategic choices.
currencies including rmb. ladies and gentlemen, we have made good progress on rmb internationalisation. the future trajectory depends on the joint effort of policy makers and, more importantly, market participants including both the real sector and the financial sector. the hkma will continue to proactively engage with the various stakeholders to maintain a conducive environment that supports this journey. with that, i wish you all a fruitful and insightful event. thank you. 3 / 3 bis - central bankers'speeches

and managing risk. with these domestic and global dimensions in mind, i ’ d like to discuss two important qualities of hong kong as a leading international financial centre. resilience is key 8. the first quality is resilience. it ’ s easy to think of aspects of finance in which safety and reliability are vital. in a quality financial system, we take these for granted. we believe, rightly, that the banks entrusted with our life savings are prudent. when we transfer money, we don ’ t worry about whether the payment system will get the funds to where we want them to go. we also expect that the currency we hold will be stable – and that we will not wake up one day to find that our purchasing power has been eroded overnight. 1 / 4 bis central bankers'speeches 9. in hong kong, you and i expect all of this to run like clockwork. and it does. but it ’ s only when the smooth operation of our monetary and banking systems is put under test by severe external shocks that we will see a reflection of true resilience. 10. we all know the challenges hong kong has faced over the past year, including social events, covid - 19, and the china - us tensions. despite all these challenges for our economy, hong kong ’ s financial system has remained remarkably stable. 11. the value of the hong kong dollar has stayed close to the strong side of its trading band for most of this year. there have been strong inflows to the local currency, partly because of substantial demand for hong kong equities, including some large ipos, and partly because of the very strong market confidence in the linked exchange rate system. 12. there have been talks about capital flowing out of hong kong, especially during the peak of the social events last year. but if you look at the facts, total deposits in hong kong ’ s banking system rose by almost 3 % in 2019. they increased by another 7. 8 % in the first eight months of this year. in simple terms, the strength of the hong kong dollar and this expansion of the deposit base tell us that there is more money coming in than going out. 13. our banking system continues to be robust. hong kong ’ s banks have among the highest capital adequacy and liquidity ratios in the world. and despite a difficult operating environment, our classified loan ratio is still low – around 0. 8 %. and that resilience
08. 07. 2019 the banco de espana and its promotion of economic history research presentation of the “ guide to historical banking archives in spain ” pablo hernandez de cos governor good morning, ladies and gentlemen. it is a pleasure for me to close this conference, which has presented the “ guide to historical banking archives in spain ”. this publication, both for the quality of its information and the wealth of data it contains, will no doubt contribute to increasing knowledge on the historical development of the spanish banking system. i would like to thank all those who have participated in this project for their efforts. my gratitude in particular to the academic historian, pedro tedde, to professor maria del carmen angulo, and to all those institutions and individuals who have enthusiastically collaborated in the publication of the guides to their respective archives. and naturally, too, to the banco de espana teams behind this initiative. the value of the initiative lies in the very value of the spanish banking and banco de espana archive collections. these archives are fundamental to the study of our history and the development of spain ’ s banking system. in this respect, i wish to highlight the importance of having historical archives that allow documents to be held and conserved and that guarantee their traceability and integrity. without these archives, our knowledge of the past would no doubt be limited. indeed, their subject matter provides for well - founded historical analysis and for a better understanding of the reasons that led to specific financial decisions. and, in light of the central role of banking in our economic system, it also allows us to examine the conditioning factors of many decisions taken by bank debtors, i. e. by firms, households and governments over time. i therefore believe we should welcome a new publication which describes and identifies for the first time, in an orderly fashion, the contents of 10 different historical archives of banks or spanish institutions and of the 218 documentary series they comprise. the publication also contains a full map of the development of the spanish banking system from its origins until late 2017. adding to it is the article by pedro tedde, which rigorously analyses the spanish banking system during the twentieth century. a reading of the publication offers clues that the process of change has, with differing degrees of intensity, been continuous. hence, while the current transformation in banking may have different causes and rhythms than those in the past, deep knowledge of previous events can also offer us significant lessons today on the challenges currently ahead of the spanish financial system. in any event, the publication we present

. specifically, it requires a policy to further reinforce fiscal consolidation, to push through greater labour market flexibility in industrial relations bargaining and to forcefully pursue deregulation and the infusion of greater competition in product and service markets ”. thank you. bis central bankers ’ speeches
a sharp rise in global equity prices. chart 6 a good decade for the gpfg. average annual return on the gpfg. 1 ) percent equities fixed income 1999 - 2009 2010 - 2019 1 ) at 30 september 2019. source : norges bank the rise in equity prices has largely been driven by a fairly small number of companies. us corporate profit margins have increased markedly. the big earners have been the tech giants, which typically operate in markets where there are substantial profits to be gained as the dominant company. their profits have drawn growing attention from competition authorities and higher taxation is under discussion internationally. current valuations are based on expectations of sustained profit growth. this entails a downward potential. developments in the fund ’ s value over the past decade must also be seen in the context of the decline in global interest rates over time. the interest rate decline reflects the expansionary monetary stance prevailing since the financial crisis. central bank policy rates were reduced to very low levels in many countries in order to stimulate economic activity. several central banks have also engaged in substantial asset purchases, which has pushed down long - term interest rates further. norges bank economic perspectives 13 february 2020 but low interest rates also reflect other driving forces such as population ageing, high saving in emerging economies, growing inequality and a general decline in productivity growth. lower interest rates imply higher bond prices. during the period of falling interest rates, the rise in bond prices has contributed to sustaining the return on the fund ’ s fixed - income portfolio. but this is a one - off gain. at today ’ s interest rate level, the fixed - income portfolio will yield much less ahead. the interest rate decline and massive central bank asset purchases have also driven up equity prices. in the search for yield, investor demand for equities has steadily increased worldwide. at the same time, low interest rates have increased the valuation of expected income further ahead. over time, shareholders are well rewarded for taking risk, but at times it may also require patience. an investor with a broad equity portfolio in 1972 – the year before opec shook the world economy for the first time – had to wait more than ten years to recover the value lost ( chart 7 ). after the financial crisis, it took five years for the equity market to return to the 2007 level. with its long - term horizon, the fund has been able to earn solid returns since that time. chart 7 we should factor in future downturns. real return on

may be painful, even though norway has its own currency and a floating exchange rate. our welfare state may also have become too large and the adjustment required here may also prove to be very demanding. nonetheless, there are aspects of our oil wealth management that have served us well. thank you for your attention.