samchain/econo-pairs-v2 huggingface dataset:
##jib bin tun haji abdul razak to deliver his address and to officially launch sasana kijang. bis central bankers ’ speeches

connectivity. this move towards a common global standard will address issues relating to diverging regulatory and technical standards which have increased friction in making payments and made the cross - border payments landscape more complex. embracing financial innovation to enhance cross - border payments efficiency aside from the global pandemic, the other key disruption to our established view of cross - border payments is financial innovation. there has been growing awareness that the underlying technology for digital assets such as distributed ledger technology ( dlt ) may have the potential to improve payments efficiency, particularly from the cross - border payments perspective. some central banks have made significant strides in exploring the potential of this technology, including testing the use of blockchain and dlt for clearing and settlement of payments and securities. the rapid shift from cash towards other payment platforms, has also intensified calls for central banks to issue central bank digital currency ( cbdc ) to protect the country ’ s monetary sovereignty. many central banks, including bnm, are exploring the merits and feasibility of issuing cbdc. preliminary findings highlighted that this may offer some solution to the challenges associated with cross - border payments ( e. g. synchronised cross - border transaction between different currencies across different platforms, reduced number of intermediaries and improved transparency of payment status ). a bis survey in january 2020 found that more than 80 % of central banks, compared to only 70 % in a survey the year before, are looking into cbdc, suggesting that there is greater openness to issuing a cbdc than a year ago. the survey also shows that emerging market economies report stronger motivations and a higher likelihood that they will issue cbdcs. although many central banks are considering cbdcs, they appear to be proceeding cautiously, with only about 10 % of central banks say they are likely to issue a general purpose cbdc in the short term and 20 % in the medium term. whether it is for dlt, cbdc or other innovations in financial technology, it is important for central banks to continue cross - border cooperation in order to realise successful digital transition. harmonisation of standards and data privacy across jurisdictions ; information - sharing ; and support for cross - border integration through the various international platforms, are some of 2 / 3 bis central bankers'speeches the ways for central banks to contribute to this transition. preserving safety and soundness as we embrace financial innovation, we need to be mindful of the risks of unintended consequences such as cyber threats and spread of illicit finance. these
, march ). in fact, recent research shows that these trends in annual inequality are mostly due to rising disparities in the component of a household's income that is stable over time, rather than rising disparities in the component that varies from year to year. see jason debacker, bradley heim, vasia panousi, and ivan vidangos ( 2011 ), “ rising inequality : transitory or permanent? new evidence from a u. s. panel of household income 19872006, ” finance and economics discussion series 2011 - 60 ( washington : board of governors of the federal reserve system, december ). for example, rajan ( 2010 ) has argued that rising inequality resulted in the relaxation of credit standards, which led to the financial crisis, and kumhof and ranciere ( 2011 ) present a model with such features. however, bordo and meissner ( 2012 ) look at data from 14 advanced countries and do not find a general relationship between inequality and credit booms. meanwhile, bhutta ( 2011, 2012 ) finds that federal programs aimed at increasing homeownership only modestly increased the availability of mortgage credit to lowerincome borrowers. see raghuram rajan ( 2010 ), fault lines : how hidden fractures still threaten the world economy ( princeton, n. j. : princeton university press ) ; michael kumhof and romain ranciere ( 2011 ), “ inequality, leverage and crises, ” cepr discussion paper 8179 ( london : centre for economic policy research, january ) ; michael d. bordo and christopher m. meissner ( 2012 ), “ does inequality lead to a financial crisis? ” nber working paper series 17896 ( cambridge, mass. : national bureau of economic research, march ) ; neil bhutta ( 2011 ), “ the community reinvestment act and mortgage lending to lower income borrowers and neighborhoods, ” journal of law and economics, vol. 54 ( november ), pp. 953 – 83 ; and neil bhutta ( 2012 ), “ gse activity and mortgage supply in lower - income and minority neighborhoods : the effect of the affordable housing goals, ” journal of real estate finance and economics, vol. 45 ( june ), pp. 238 – 61. bis central bankers ’ speeches the unexpected drop in house prices on its own reduced both households ’ wealth and their access to credit, likely leading them to pull back

reuters / university of michigan surveys of consumers. there is much work to be done on understanding the ways in which income and wealth inequality and other forms of household heterogeneity affect aggregate behavior, and the implications for monetary policy. the times demand that we continue to analyze such dynamics and their implications, in partnership with academics, our federal reserve system colleagues, and policy analysts representing many different types of government and privatesector institutions. thank you for your attention and the creative thought you bring to today's economic challenges. bis central bankers ’ speeches
also are going to the discussants, chairpersons and participants for their personal contributions, which were enlightening and ensured that this conference was a success. let me also express my deep gratitude to all the staff of the ecb that has been involved in the organisation of the conference. dear friends, i wish you all a safe trip back home. thank you very much for your attention.

. monetary authorities also play an important role in this process by conducting a credible policy which leads to price stability and thus creating an environment where entering into erm ii will be smooth and credible. most of the results presented here are broadly in line with the ecb ’ s view that eu enlargement has positive implications for economic growth and welfare in both the “ previous ” and “ new ” member states ; unfortunately, these benefits have often been set aside in the public debate. already the prospect of the countries joining the eu had positive implications. as trade and capital movements have been to a large extent liberalised well before accession, the degree of integration had already reached a significant level between the new and previous member states. in fact, at the eve of eu enlargement the euro area directed around 11 % of its total exports and imports to the new member states, an increase of almost 50 % in 10 years ; the 10 new member states as a group represent one of the main trading partners of the euro area, exceeding trade with japan by far ( 8 % ) and being only somewhat lower than the european trade with the united states ( 14 % ). similarly, the share of the eu - 15 total foreign direct investments that was orientated towards the new member states was also around 12 % and tripled since 1999. while these figures are still low compared to the fdi flows directed to the us, they are considerably higher compared to those flowing to japan. in addition, the prospect of eu enlargement has significantly sheltered the new member states from adverse spill - over effects coming from other emerging markets. with eu enlargement now in place, economic and financial integration will advance further. with the extension of the single market to the new member states all remaining barriers to trade and capital flows have been removed by now, thereby supporting further integration. it is already observable that small and medium - sized enterprises from the eu - 15 countries are becoming significantly more active in the new member states, as the economic and legal environment has become more stable upon accession. let me stress that enlargement has also led to higher competition in the eu and enhanced the scope for economies of scale following the increase in the market size. by this, productivity will rise, thereby contributing to an increase in the potential growth rate of the eu. it is important to note that also the “ previous ” 15 member states will be affected by higher competition in the eu, which could accelerate structural reforms in these countries. in fact
underlying inflation – decomposing hicpx inflation into components. in ecb economic bulletin, september ; international monetary fund ( 2022 ). world economic outlook, october 2022 : countering the cost - of - living crisis. washington, d. c. [ 7 ] see j. yellen ( 2017 ). transcript of press conference, 14 june, and p. harker ( 2017 ). economic outlook : the labor market, rates, and the balance sheet. remarks at the market news international ( mni ) connect roundtable, new york, ny, 21 may.

this lower debt ratio can only be realised and maintained through independent enforcement of the european fiscal rules and by anchoring these rules in national legislation. a politically independent european authority that can increasingly intervene in the fiscal policy of countries breaking the agreements is essential here. if – and only if – these conditions have been met, eurobonds could be a serious option. eurobonds could enhance the stability of emu in several ways. they would prevent a liquidity problem in one euro area country from needlessly transforming into a solvency problem. moreover, they could provide a fire wall against the danger of contagion. although eurobonds are not suitable as a crisis instrument, they could be the light at the end of the tunnel for the people of vulnerable euro area countries. for the people in those countries need to feel that their sacrifices will contribute to a permanent solution ; one that will safeguard them from the short - sightedness of both politicians and markets. as i said at the beginning of my presentation, it is obvious that for the dutch economy a solution of the sovereign debt crisis is very important, given its strong connections to the euro area. and therefore, dutch politicians and central bankers should do their utmost to solve this crisis. but what is it we can offer? in my opinion a lot. pragmatism, common sense and a focus on problem - solving are crucial now and the dutch happen to be famous – not to say notorious – for these characteristics. although we can be very principled on some issues and in many cases see eye to eye with the germans, these typically dutch characteristics could help divided euro area countries to stick together and solve this crisis. pointing at the long - term perspective of eurobonds once the necessary conditions have been met, is an example of this pragmatism and focus on problem solving. let me finish this presentation by saying that finding a structural way out of the crisis will not only be beneficial for the netherlands, but also for the euro area, the rest of europe, and, yes, even for the world economy. thank you for your attention. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches
back to 2 %, so that canadians can once again count on low, stable and predictable inflation and sustainable economic growth. with that overview, the senior deputy governor and i would be pleased to take your questions. 3 / 3 bis - central bankers'speeches

##fold, we need to go further to unlock the potential of the single market – important building blocks are still missing. relaunching cmu should be a priority for the years ahead recent developments have increased the urgency of bringing the cmu to the next level. first, the eu needs to address the consequences of the united kingdom ’ s departure from the eu. given uncertainties regarding regulatory divergence, we should not take it for granted that the eu and uk financial systems will retain their current degree of interconnectedness. as i have said before, a degree of decoupling is inevitable. we therefore need to develop capital markets in areas where the eu financial system is now strongly reliant on the city of london and support the efficient interaction of eu financial hubs, as well as prevent regulatory arbitrage within the eu. second, deeper, more efficient and innovative markets can help finance the fight against the climate emergency. future actions on sustainable finance will be crucial, also in increasing public support in europe for further policy measures. i will come back to this later. third, relaunching the cmu agenda goes hand - in - hand with enhancing the international role of the euro, which has become more important in the present global context. together with banking union, the cmu encourages the further development, integration and safety of products and markets that are essential for convincing global investors to hold more assets denominated in euro. achieving a fully - fledged cmu will require progress across a wide range of issues. i would now like to elaborate on what i see as two key areas for completing the cmu : the dynamism of private equity markets, in particular for the financing of risk capital, and sustainable finance. cmu and private equity markets in europe private equity investment, particularly in risk capital markets, is a pressing area for improvement in the context of the cmu. by risk capital markets i mean private equity and venture capital markets that fund young innovative companies whose projects face higher uncertainty, but also have higher economic value in terms of technological growth. deep private equity markets are associated with well - documented economic benefits. similar to, but more forcefully than equity shares traded on stock markets, more private equity investment leads to higher rates of patented innovation. it increases the rate of new business creation, [ 5 ] especially in countries that afford greater protection of intellectual property rights and levy lower taxes on capital gains. [ 6 ] moreover, it strongly supports high - tech start - ups on
francois villeroy de galhau : five lessons learned for monetary policy from the latest years remarks by mr francois villeroy de galhau, governor of the bank of france, at the paris school of economics, in discussion with olivier blanchard, paris, 28 june 2023. * * * looking at the last three years, which were rich in unexpected events, i would risk two general lessons, and three more technical ones : 1. the first is that we must remain modest, humble : monetary policy is not omnipotent ; it cannot be the only game in town. and we must be nimble, able to react to surprises with agility. 2. that said, monetary policy was efficient in preventing deflation during covid - while not creating the present inflation. 3. on a more technical note : we certainly should work with less forward guidance. i wouldn't throw it away completely but if we use it again in the future, forward guidance should be ( i ) state dependent and not calendar based except in the very short term ( ii ) indicative and not committing. 4. we should keep our inflation target of 2 %. it served us well, explaining in part why inflation expectations remain rather well anchored ; we shouldn't change it, while keeping in mind that the target is for the medium term. 5. transmission lags are a key question, and we should dig more into this issue. in my view, transmission of monetary policy in this cycle is not weaker but slower, for three reasons : the starting point : the balance sheet of corporates as well as of households was very strong after the exceptional covid support ; fixed rate mortgages have significantly increased in share, and are now predominant in many jurisdictions. it's nevertheless good news for financial stability ; the higher proportion of services in the economy, which are less directly sensitive to interest rates. non - housing services now represent 49 % of core hicp basket in the euro area, compared with 41 % in 2001. in a recent speech, 1 i suggested that the lag could be up to two years. hence, " length " is still more important than " level ", to quote the two dimensions mentioned by christine lagarde recently2. we stated in our last monetary policy statement that " the key ecb interest rates will be brought to levels sufficiently restrictive to achieve a timely return of inflation to our 2 % medium term target and will be kept at those levels as long as necessary ".

i think we are close to the former ( levels ), and should be now sufficiently patient on the latter ( duration ). in other words, as transmission is of the essence, so is the persistence of our monetary policy. 1 / 2 bis - central bankers'speeches 1 villeroy de galhau, f., monetary policy transmission : where do we stand?, speech, 22 may 2023 2 lagarde, c., breaking the persistence of inflation, speech, 27 june 2023 2 / 2 bis - central bankers'speeches
one operates outside the mandate. for external managers we apply the same principle : hiring an external manager is an investment decision, and someone inside nbim is held responsible for it. 9. the salary system is different from the rest of the central bank. the main objectives are to focus attention on performance, and to give distinct signals to people who do not perform according to expectations. salaries have two components, a basic salary and a performance - based component. the latter is a very important part of the total salary, and implies that differences between the salaries of poor and outstanding performers are large. the level of salaries is benchmarked to private sector competitors in the local market where we operate. the criteria used are designed to be transparent with little room for subjective judgement. measured excess return contribution is a very important component. 10. i believe that our experience so far has been positive. since the fund ’ s first full year in 1997, the annual return in international currencies has been more than 6 per cent in nominal terms and 4. 1 per cent in real terms. since nbim was set up in 1998, we have recorded the performance in 34 quarters. in 9 quarters the return to the fund has been lower than the benchmark, but in 25 out of the 34 there has been a positive excess return. on average, nbim has earned exactly half a percentage point higher return per year than the benchmark portfolio. in nominal terms, that adds up to somewhere between usd 4 and 5 billion in extra earnings since 1998. 11. in this introduction i have touched on what i believe are important factors behind the performance of nbim. it is important to keep in mind that the purpose of investment management operations is to make money, so we need to have a business organisation. the responsibilities of each individual must be clearly defined, and his or her remuneration must depend on performance. the incentives must be set up in a way that leads each individual to chase the correct targets, and in a way that rewards superior performance. this is not a description of a traditional central bank culture, so the investment management unit may need to be built outside the existing structures. at the same time the existing structures may benefit from having a business unit within the central bank. there are lessons to be learned about efficiency in operations, and that has also proved useful for the civil service part of norges bank.

and most people will see their budgets stretch further. consumer price inflation is projected to slow in the coming years and run slightly above 2 percent at the end of 2027. unemployment is projected to increase a little, albeit slightly less than we envisaged in september. 2 / 2 bis - central bankers'speeches
leila matroos - lasten : central banks should emerge as innovation leaders opening speech delivered by mrs leila matroos - lasten, acting president of the central bank of curacao and sint maarten, on the occasion of the bridging financial innovation and regulation seminar, willemstad, 29 june 2018. * * * the minister of finance of curacao, mr. kenneth gijsbertha distinguished guests, ladies and gentlemen, good morning. it gives me great pleasure to welcome you all, and in particular, our guests coming from abroad, to the second day of the bridging financial innovation and regulation seminar, hosted by the centrale bank van curacao en sint maarten ( cbcs ). the topic of this seminar is one that most central bankers are currently struggling with nowadays : how is the digital revolution affecting the financial system? what is the impact on consumers, the economy, and on central banks themselves? as i noted yesterday, the central bank of the monetary union of curacao and sint maarten is responsible for, amongst other things, promoting a sound and efficient functioning of the financial system in curacao and sint maarten. this is why the main focus of today ’ s session is on financial innovation, the rise of fintechs, and the regulatory challenges that regulators are facing in this new era. fintechs are innovative financial technology firms with the capacity to provide a variety of financial services that can include enhanced benefits such as lower transaction costs, a more efficient financial intermediation process, and better access to financial services for a larger section of the society. however, fintechs also can present potential problems. recently, the general manager of the bank of international settlements ( bis ), agustin carstens 1, stated that ” financial authorities may not clearly understand the risks attached to some of the services being offered by fintechs, leading to unforeseen accidents and then delays in the adoption of financial innovations ”. therefore, the challenge for central banks is to ensure that the fintech industry progresses in a way that maximizes the opportunities and minimizes the risks for society. ladies and gentleman, regulators are currently searching for ways to safeguard their financial system while exploiting the benefits of fintechs. in fact, numerous agencies are piloting new approaches based on technological solutions developed by two subsets of fintech : regtech and suptech. important business opportunities arise for

mr vikram khanna from business times and published on 24 march 2018. 2 reference : toronto centre – fintech, regtech and suptech : what they mean for financial supervision – published on august 2017 3 / 3 bis central bankers'speeches