samchain/econo-pairs-v2 huggingface dataset:
##dition for a stable and long - term growth. it also serves to anchor the inflation expectations and guarantee the adequate monetary support to the economy at this stage of development. the bank of albania remains committed to act in concordance with the actual and expected performance of economic indicators. the shift of the inflationary risk balance downward, the strengthening of financial stability and inflation expectations in economy will be carefully considered in the future decision - making of the bank of albania.

gent sejko : welcome address - second conference of the museum of the bank of albania welcome address by mr gent sejko, governor of the bank of albania, at the second conference of the museum of the bank of albania, tirana, 20 september 2018. * * * distinguished professors, dear participants, it gives me a great pleasure to welcome you to the second conference of the museum of the bank of albania, via this recorded message. i wish i were present to attend in person the proceedings of the conference, but, regrettably, due to the rather tight agenda i will not be able to. nevertheless, i will have the possibility to read all the presentations, discussions, and input in the conference book that will be compiled subsequent to the conference. as i have already emphasised, the conference of the museum of the bank of albania is one of the most prominent events, providing us with the opportunity to enrich and further the studies on the exposed collections, and serves as a platform for albanian experts to discuss and share their research findings. we are pleased to see that the museum of the bank of albania brings for the second time together representatives from renowned research institutions, such as : the albanian institute of archaeology and history, european universities and central banks to present their studies. as the title suggests, this conference will address the role of money in wartime. in periods of wars and conflicts – history shows that, albeit relatively small, albania has experienced many wars and conflicts – people have turned to the currency and precious metals. hence, about 100 years ago, at the beginning of the world war i, europe dived into one of the worst financial crises of the past century and many people and businesses rushed to convert their bank accounts and assets into cash and gold coins. meanwhile, in albania, these events triggered a chaotic monetary circulation. in the absence of a national currency and due to the political - military and economic developments during the war, diverse foreign currencies circulated across the country, mainly those of european and neighbouring countries, as well as american and turkish ones. you may see this conglomerate of denominations in the showcases of the museum dedicated to the period of independence and the world war i. also, the showcases on the monetary circulation in albania during world war ii, in addition to the ones of antiquity and medieval periods, exhibit denominations that speak of the important and complicated relationships between money and war. i am sure these important moments to the economic and monetary history of albania, and beyond
with the rise in interest rates, growth in mortgage lending has declined and price momentum on the real estate market slowed. at the same time, however, mortgage affordability risks persist. moreover, the vulnerability of the real estate market to price corrections remains elevated. third, last year ’ s bank crises highlighted liquidity risks. even when banks have large liquidity buffers, they can still face substantial liquidity risks due to their short - term funding. banks finance themselves largely through deposits, which can be rapidly withdrawn. regulations should provide incentives for longer - term funding. in addition, banks should prepare more collateral for obtaining liquidity assistance. more stable funding and better preparation for obtaining liquidity strengthen the resilience of the banking sector. and finally, let me turn to operational risks in the financial system. banks and financial market infrastructures are increasingly exposed to cyber risks. moreover, a rise in the outsourcing of functions to third - party providers can lead to banks becoming more dependent on unregulated providers. it is important that financial market participants adequately manage their operational risks. i will now hand over to antoine martin. page 4 / 6 zurich, 20 june 2024 thomas jordan, martin schlegel and antoine martin news conference continuation and expansion of project helvetia pilot i would now like to give you some news about the snb ’ s project helvetia iii. as you know, since 1 december 2023, the snb has been providing wholesale central bank digital currency ( wholesale cbdc ) as part of this innovative project. it issues this wholesale cbdc on the regulated six digital exchange ( sdx ), which uses distributed ledger technology. digital ( token - based ) swiss franc bond transactions can thus be settled in central bank money directly on sdx. with project helvetia iii, the snb is playing a globally leading role in deploying wholesale cbdc in a live production environment. six banks are participating in the current project helvetia iii pilot : banque cantonale vaudoise, basler kantonalbank, commerzbank, hypothekarbank lenzburg, ubs and zurcher kantonalbank. these banks have to date settled six digital bond issuances. the cantons of basel - stadt and zurich, the cities of lugano and st gallen, as well as ubs and the world bank have each issued a bond on sdx as part of the pilot project

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per cent of gdp just prior to the onset of the financial crisis ( graph 1 ). since then, net capital inflows have declined to be under 3 per cent of gdp currently. for a more detailed discussion, see debelle g ( 2011 ), “ in defence of current account deficits ”, address at adbi / unisa workshop on growth and integration in asia, adelaide, 8 july. see debelle g ( 2013 ), “ funding the resources investment boom ”, address to the melbourne institute public economic forum, canberra, 16 april. bis central bankers ’ speeches graph 1 this decline in net inflows has coincided with a marked reduction in gross capital flows from their pre - crisis levels. this is not unique to australia but is evident globally where crossborder flows are considerably lower than they were pre - crisis ( graph 2 ). gross foreign investment in australia has fallen from around 17 per cent of gdp in 2006 to around 6 per cent of gdp currently, while australian investment abroad has fallen from 12 per cent of gdp to about 3 per cent over the same period. graph 2 bis central bankers ’ speeches as well as the decline in gross flows, there have been three notable changes in their composition : 1. the flows to the australian banking sector have gone from sizeable net inflows precrisis to around zero, and even small net outflows, in recent years. 2. a marked increase in foreign direct investment inflows, particularly to the resources sector. 3. a sizeable increase in foreigners ’ purchases of australian government debt. i will discuss each of these in turn. net capital inflows to the banking sector averaged around 5½ per cent of gdp in the decade preceding the financial crisis, but have subsequently averaged close to zero ( table 1 ). this reflects two main factors. the first is a shift in the composition of banks ’ funding. the onset of the global financial crisis led to a reassessment of the perceived risks associated with different types of funding and has seen banks shift their funding base towards domestic deposits and away from wholesale debt. 3 this development does not reflect a lack of appetite for australian bank paper, as banks ’ cost of issuance has generally declined over recent years to be currently not far from pre - crisis spreads. the second factor is a reduction in loan asset growth over recent years relative to its pre - crisis levels, that is, credit growth has been slower. table 1 : net capital inflows

ecb, the european commission, the imf … and yet, we will not let their praises lull us into a false sense of security, but will as so far remain vigilant and ready to take proactive measures and preserve the stability achieved. thank you for your attention. i now give the floor to vice governor diana dragutinovic. bis central bankers ’ speeches
bond market. we have seen a favourable response to the abf hong kong fund, and i hope that the paif, with its broader investor base, will also be well received by markets. i wish you every success in promoting the paif. thank you.

joseph yam : abf pan asia bond index fund opening remarks by mr joseph yam, chief executive of the hong kong monetary authority, at the listing ceremony of the abf pan asia bond index fund, hong kong, 7 july 2005. * * * deputy governors and representatives of the emeap central banks, distinguished guests, ladies and gentlemen, 1. it gives me great pleasure to be present at the inauguration of trading of the abf pan asia bond index fund ( paif ) on the stock exchange of hong kong. it was barely two weeks ago that i attended the listing ceremony of another abf fund. up to now, two components of the asian bond fund initiative, the paif and the abf hong kong bond index fund, have been listed in hong kong. in the next few months, the other seven components of abf2 will also be launched in other asian markets. 2. all of this activity marks the culmination of one of the largest co - operative enterprises among central banks in the asian - pacific region in recent years. i am delighted to see that, after nearly two years of hard work by central banks and monetary authorities in the region, the paif has now been turned from a conceptual construct into a real product. the paif is an excellent demonstration of how the public and private sectors can work together to strengthen the regional bond market as an effective channel for turning savings into investments in asia. 3. the abf hong kong bond index fund made history by being the first bond exchange - traded fund launched in asia. the paif has also set two records. it is the first listed asian bond fund to invest in as many as eight bond markets in the region. as a listed fund, it allows easy access by both institutional and retail investors who wish to have exposure to the asian bond markets in a cost - effective and convenient manner. secondly, the paif is the first foreign institutional investor that has access to the interbank bond market of mainland china. this is an important step in the opening up of chinaa€™s bond market to foreign participants. i am glad to see that the paif has played a catalytic role in development not only in china but also in all the markets in which the fund invests. 4. i take this opportunity to thank state street global advisors ( ssga ), the fund manager of the paif, for their commitment and dedication to the development of this innovative product and to the idea of an asian
, pitching camp in the shadow of the euro sculpture, where they held out for more than a year – even as their political message was fading into the background as time passed by. however, that is all history now. the euro area has returned to stability, even though we cannot yet say with certainty that the crisis has been entirely overcome. the ecb has long since taken up residence in frankfurt ’ s ostend district, and the last traces of the occupy activists have been gone for quite a while. and yet it is right that the euro sculpture will be marking the centre of our monetary union, now and in the future. for, after all, the monetary union no longer rests solely on monetary policy. around one and a half years ago, the single supervisory mechanism ( ssm ) for europe ’ s banks was launched, heralding a key step towards the completion of this monetary union. you see, the financial crisis exposed the weaknesses of our existing framework. one such weakness was the tendency of national supervisors to train their sights primarily on the institutions based in their own jurisdiction, meaning that risk that spilled over to other countries sometimes went undetected until it was too late. the ssm is addressing this bis central bankers ’ speeches problem by taking an explicitly european approach and comparing banks from different countries, for example. in addition, the ssm prevents banks in different countries from being supervised with varying degrees of strictness because, for instance, national supervisory regimes are too heavily influenced by national interests. this means that the ssm is, in many ways, impressive. one aspect sets it apart from everything else, however. never before have sovereign states merged their banking supervisory functions in an independent agency. our experience of the first year of ssm has been quite positive – especially if one stops to think of the magnitude of this project and how short the preparation time was prior to getting the ssm actually up and running. there is room for improvement in some areas, of course, but the ssm has already earned the respect of the institutions it supervises today. our ssm colleagues are sitting today in the japan center, not far from here, and in future will be supervising the euro area ’ s largest banks from the eurotower – where, every day, the euro sculpture will make it clear to them what they are working for : a stable euro area, home to some 340 million people. 3. europe in our hearts hans - dietrich genscher once said that “ europe is our

##mic. frankfurt. see : https : / / www. esrb. europa. eu / pub / pdf / reports / esrb. reports210216 _ fsi _ covid19 ~ cf3d32ae66. en. pdf footnote : 1. the esrb website provides information on policy measures taken by member states : https : / / www. esrb. europa. eu / home / search / coronavirus / html / index. en. html data for all countries can be accessed under the following link : https : / / www. esrb. europa. eu / home / search / coronavirus / shared / data / esrb. covidpm. xlsx
to its fullest potential in a fast growing emerging economy like ours. i am confident it will lead to greater awareness of the leasing business among all stakeholders in mauritius and eventually pave the way for the sector emerging as a significant contributor to our growth in general and the sme segment in particular. thank you for your attention.

rameswurlall basant roi : evolution of the basel capital adequacy requirements address by mr rameswurlall basant roi, governor of the bank of mauritius, at the seminar on " enhancements to the basel process : recent developments relating to basel ii & basel iii ", hosted by afritac south, international monetary fund, africa training institute, ebene, 21 august 2017. * * * ladies and gentlemen thank you mr ravi mohan, resident advisor to the imf ’ s afritac south, for inviting me again to share my views on this very interesting topic : capital adequacy framework. it ’ s a great feeling to be in the midst of so many regulators from our continent. i said it ’ s a “ great feeling ” because of “ fellow feeling ”. our contributions as regulators and supervisors of financial institutions to financial stability are seldom recognized. but we always hit the news headlines when all the sins of an ailing or a failed financial institution are conveniently heaped on us. as regulators, we however need to have the unswerving faith in our abilities to regulate and supervise financial institutions that have become increasingly complex in a world where trillions of dollars flow across the world in a single day by the simple click of a mouse. true, at times, the weight of the regulatory and supervisory burden turns out to be exceedingly demanding, so demanding that it takes a serious toll on us. i am nevertheless truly happy – and very happy indeed – to be here, this morning, to address the participants of the afritac south seminar today on a topic that constitutes the very foundation of a safe and sound financial sector. to set the backdrop for the sharing of your regulatory and supervisory experience during this seminar, i believe it ’ s fitting to go back into history in order to give it a sense of perspective. but before i do so, let me narrate a short childhood story about myself. in my native village which is in the southern part of this country, there was only one, what used to be commonly known as, barber ’ s shop. the barber was a plain and financially lean countryside fellow. my parents used to send me to that barber ’ s shop for a haircut about once every month in the early 1950s. once seated in the chair for a haircut, no person could miss a framed picture of what looked like smartly dressed businessmen in an office with one of them in a standing position talking
” my advice to all of you – instead of doing that, be watchful. at this critical point, it is more important that we remain focused on the strategy and the reform agenda that have so far allowed us to be resilient. on the part of the bsp, we will remain vigilant in our assessment of developments. we will ensure that we are flexible to promptly and decisively take action when necessary. we will be forthright in our communication to our stakeholders. to steer the market from a further and deeper impact of this turmoil, the bsp continues to look to the active cooperation and support of all of you in the market. as they say, we are in this game together. i take note of the passionate and unwavering support pledged here by all the associations present tonight. in order for all of us to finish the course we laid out, we must work together as a team. magandang gabi po sa inyo, at maraming salamat. mabuhay tayong lahat!

##ber macroeconomics annual 2018, vol. 33, national bureau of economic research, pp. 167 – 228. 4 cavalleri, m. c., eliet, a., mcadam, p., petroulakis, f., soares, a. and vansteenkiste, i. ( 2019 ), “ concentration, market power and dynamism in the euro area ”, working paper series, no 2253, ecb, frankfurt am main, march. 5 chen, p., karabarbounis, l. and neiman, b. ( 2017 ), “ the global rise of corporate saving ”, journal of monetary 2 / 3 bis central bankers'speeches economics, vol. 89, pp. 1 - 19. 6 gopinath, g., kalemli - ozcan, s., karabarbounis, l. and villegas - sanchez, c. ( 2017 ), “ capital allocation and productivity in south europe ”, quarterly journal of economics, vol. 132, no 4, pp. 1915 – 1967. 3 / 3 bis central bankers'speeches
is reconfigured and restyled, through the application of modern technologies in banknote production. thanks to cutting - edge technology, the albanian banknote is now more secure. its security features – a key priority of the bank of albania – are enhanced. in addition, innovative printing techniques and materials have been used to increase durability and the banknotes ’ dimensions have been optimised. the design now boasts a fresher look. the new series of albanian banknotes combines maximum security, modern design, artistic communication of the historical message, and a longer lifespan. it consists of six denominations : 200, 500, 1000, 2000, 5000 and 10000 lek. while the first two denominations – 200 and 5000 lek, 1 / 2 bis central bankers'speeches issued in 2017 – are ready to be put in circulation in september 2019, the other banknotes of the series will be put in circulation gradually over the coming years and will be legal tender alongside the existing denominations. the presentation of the new series demonstrates the continued commitment of the bank of albania to further enhance the quality and security of banknotes in circulation. both these attributes guarantee the absolute integrity of our banknotes and represent with dignity the bank of albania and the albanian state itself. in this context, today ’ s ceremony marks the culmination of a voluminous work started four years ago. in addition to bank staff, many renowned academics, historians, albanologists, numismatists and experts from the most experienced companies in the field of banknote production have actively and intensively provided their invaluable contribution. the combination and cooperation of specialists from various fields of expertise, coupled with the latest technological innovations in banknote printing, enabled the refinement and presentation of a new series of banknotes which are simple to use, boast a contemporary design and strike a balance between innovation and current tradition. dear ladies and gentlemen, safe and efficient fulfilment of the economy ’ s need for money, in terms of value and structure, and guaranteeing the confidence of the public in our currency, which is one of our main responsibilities, have been at the core of our efforts in preparing this new series. therefore, i am very honoured to unveil today, for the first time, for the eyes of the public, this new series of banknotes. as the governor of the bank of albania, through this symbolic signing, i open the doors for the first two banknotes of

the new series to start their journey and circulate in the albanian economy. in the hope that the new banknotes will be welcomed by the public, let me now present to you their design. i would also like to call on the public to handle banknotes with due care, in order to preserve their durability, quality and integrity. from 30 september 2019, the banknotes of the new series 200 lek and 5000 lek will be legal tender in the republic of albania and will be used as means of payment, alongside the existing banknotes. 2 / 2 bis central bankers'speeches