samchain/econo-pairs-v2 huggingface dataset:
cafral led by usha thorat and the counterpart team at bis led by philip turner. we owe them a great deal. i wish the deliberations over the next two days all success. bis central bankers ’ speeches

n s vishwanathan : basel iii liquidity risk framework – implementation and way forward expanded version of opening address by mr n s vishwanathan, executive director of the reserve bank of india, at the “ basel iii liquidity risk framework – implementation and way forward ”, hyderabad, 27 november 2015. * * * the contribution of shri puneet pancholy, dgm, dbr is gratefully acknowledged. good morning. it is my pleasure to be with you in hyderabad in this conference on the basel iii liquidity risk framework in india. as the chair of a group discussion on liquidity coverage ratio ( lcr ) and net stable funding ratio ( nsfr ) at the fixed income money market and derivatives association of india ( fimmda ) annual conference in prague a couple of months ago, i had hinted that the reserve bank would initiate a process of discussions with bankers on the whole gamut of issues concerning basel iii liquidity framework. i am happy to say that the plan for this unique endeavour has fructified, as a result of a series of discussions with you all. why this seminar it needs no mention that liquidity framework is an important part of the post - crisis reforms taken up by the basel committee and i believe it is a very significant one. prior to these guidelines, the regulations relating to liquidity were limited which in a way paved the way for the banks to extensively use wholesale short term funding to fund long term assets. unlike the west, our banking system did not depend on wholesale short term funds. our system was more dependent on public deposits and did not face the kind of liquidity issues that the banking system in the west did. there were several reasons for this. first, our economy had a high domestic, and more particularly household, savings ratio. second, there were not many avenues for the household to park their savings and hence banks became the primary repository. third, the banking system was largely in the public sector which gave the public a sense of safety of their funds. fourth, we always had the notion of an acceptable credit - deposit ratio that provided an informal foil to any attempt to build an over - extended credit portfolio. fifth, we bis central bankers ’ speeches had the statutory liquidity ratio ( slr ), which statutorily required that a part of the demand and time liabilities are held in liquid assets. sixth, as early as 1999, we had issued guidelines on asset liability management ( alm ) by banks
##writing standards, in particular in real estate and leveraged finance. when will we see development in credit underwriting? this year. it ’ s in our supervisory priorities. we will have dedicated onsite inspections to assess the quality of specific asset class exposures. we are already starting on drafting a methodology. 2 / 2 bis central bankers'speeches

2018, following growth of 0. 4 % in the previous two quarters. incoming data have continued to be weaker than expected as a result of a slowdown in external demand compounded by some country and sector - specific factors. while the impact of some of these factors is expected to fade, the nearterm growth momentum is likely to be weaker than previously anticipated. looking ahead, the euro area expansion will continue to be supported by favourable financing conditions, further employment gains and rising wages, lower energy prices, and the ongoing – albeit somewhat slower – expansion in global activity. the risks surrounding the euro area growth outlook have moved to the downside on account of the persistence of uncertainties related to geopolitical factors and the threat of protectionism, vulnerabilities in emerging markets and financial market volatility. euro area annual hicp inflation declined to 1. 6 % in december 2018, from 1. 9 % in november, reflecting mainly lower energy price inflation. on the basis of current futures prices for oil, headline inflation is likely to decline further over the coming months. measures of underlying inflation remain generally muted, but labour cost pressures are continuing to strengthen and 1 / 2 bis central bankers'speeches broaden amid high levels of capacity utilisation and tightening labour markets. looking ahead, underlying inflation is expected to increase over the medium term, supported by our monetary policy measures, the ongoing economic expansion and rising wage growth. turning to the monetary analysis, broad money ( m3 ) growth moderated to 3. 7 % in november 2018, after 3. 9 % in october. m3 growth continues to be backed by bank credit creation. the narrow monetary aggregate m1 remained the main contributor to broad money growth. the annual growth rate of loans to non - financial corporations stood at 4. 0 % in november 2018, after 3. 9 % in october, while the annual growth rate of loans to households remained broadly unchanged at 3. 3 %. the euro area bank lending survey for the fourth quarter of 2018 suggests that overall bank lending conditions remained favourable, following an extended period of net easing, and demand for bank credit continued to rise, thereby underpinning loan growth. the pass - through of the monetary policy measures put in place since june 2014 continues to significantly support borrowing conditions for firms and households, access to financing – in particular for small and medium - sized enterprises – and credit flows across the euro area. to sum up, a cross - check of the outcome of the economic analysis with the signals
unpleasant surprises? i am too old to exclude that. but don ’ t forget that the banks in the programme countries have already been assessed extensively. from that perspective we should expect only few surprises. however, some portfolios are very complicated and require specific expertise. take for example the shipping sector. then there is the question of how you value non - liquid assets. those are difficult discussions. but we have a european perspective in the asset quality review. the biggest surprise could come from the number of assets that has been classified incorrectly. they will then have to be revalued. will the ecb in case of capital shortfalls wait till the end of the review or try to work out a solution right away? the supervisory role of the ecb sets in only in one year ’ s time. what you see is that banks are already anticipating and cleaning up their balance sheets. how firm will this exercise be compared to the two previous ones by the eba? you refer to the stress test, the third stage of the comprehensive assessment. we are discussing this with the eba. we have already decided what the buffer requirements are for the second stage, the asset quality review. they are pretty tough. banks need to have 4. 5 % in common equity tier one ( cet1 ). we added a capital conversation buffer of 2. 5 %. for significant banks 1 % is added. then we are at 8 %, which is in substance comparable to the old capital definition. bis central bankers ’ speeches

protecting consumers while ensuring that creditors continue to provide credit responsibly. an important part of my research as an economics professor at the university of chicago, and my practical policy work as a member of the council of economic advisers, was devoted to banking and financial regulation as well as banking and financial crises. the safety and soundness of the u. s. banking and payments systems is critical to achieving economic growth, maximum employment, and general economic stability, and the federal reserve works closely with other regulators to achieve this goal. the federal reserve also has an important role to play in responding to and mitigating the impact of financial crises and shocks. if confirmed, i would continue to work vigorously to protect and promote the safety and soundness of the system. thank you once again for holding this hearing, and i look forward to your questions.
unicredit group, mimeo. see also havlat, m. et al. ( 2018 ), “ economic convergence in the czech republic and slovakia ”, economic brief, vol. 34, european commission. 11 see havlat, m. et al. ( 2018 ), “ economic convergence in the czech republic and slovakia ”, economic brief, vol. 34, european commission. 12 juncker, j. - c. et al., ( 2015 ), five presidents report. 4 / 4 bis central bankers'speeches

fabio panetta : deepening and widening economic and monetary union - finding the right speed introductory remarks by mr fabio panetta, member of the executive board of the european central bank, at the european parliamentary week, brussels, 18 february 2020. * * * it is an honour for me to speak here today. economic and monetary union ( emu ) calls for european and national policies to work in sync, which in turn requires close cooperation between european institutions and you – european and national parliamentarians. from the start, the emu project has been accompanied by two central debates. the first relates to the order of integration, with some arguing that political convergence should come before monetary union and others reasoning that economic integration would spur political integration. and the second relates to the question of whether to already incorporate new members into the euro area or first deepen its institutional underpinnings. these debates highlight choices that go beyond economic considerations. they reflect europe ’ s common will to grow closer together over time. that political commitment has proven to be stronger than many believed. but if this commitment is to endure, it will need to be supported by effective policies. i see two priorities here. first, as the euro area widens, the need to make the architecture of emu fit for purpose becomes increasingly urgent. second, in the interests of both new and existing euro area members, we need to collectively ensure that accession is fully prepared. this will avoid emu being deepened too slowly or widened too fast. harnessing the benefits of economic integration the case for european economic integration remains as strong as ever, if not stronger. 1 on their own, european economies are too small to withstand spillovers from large economic regions, to leverage power in international trade negotiations or to enjoy a sizeable international role for their currency. cooperating at the european level and sharing a currency increases their influence in the world. take the euro itself. it represents a political bond but also acts as a source of economic strength. 2 as the world ’ s second most - used currency, 3 the euro allows countries to invoice trade in their own currency, reducing the pass - through of exchange rate volatility to import prices and thus to inflation. 4membership of the euro area gives countries a genuine voice in setting a shared monetary policy rather than de facto accepting a policy set elsewhere. but economic integration needs to be managed effectively if we are to reap its full benefits. as more countries join the euro area, its economic
labour force. at the same time, improved terms of trade will led to higher activity in the norwegian economy. capacity utilisation is expected to revert to a normal level in the second half of 2011. in the coming years, output in the mainland economy is expected to increase at an annual rate of 3 – 4 per cent. a strong krone and low external price impulses will continue to have a dampening impact on inflation, and inflation will remain below target for some time. further ahead, higher capacity utilisation and profitability in the business sector point to a pickup in wage growth. at the same time, the fall in import prices will slow. to conclude : norway has weathered the financial crisis better than most countries, and the economic recovery in norway is now on a firm footing. currently, interest rates are low, with the key policy rate at 2 per cent. in the years ahead, there are prospects for fairly strong growth in the norwegian economy, driven by solid income growth, rising investment and high population growth. on balance, the consideration of stabilising inflation, as well as developments in output and employment, imply a gradual increase in the key policy rate towards a more normal level. thank you for your attention. bis central bankers ’ speeches

bring added benefits for the population and inspire other individuals and firms to tap into the opportunities that exist to further develop the country's digital financial services landscape. to conclude, i extend warm congratulations to the board members, management and staff of nebula fintech limited for embarking on this venture and wish the team all the very best in their endeavour to contribute towards efforts to bring more innovative payment services to seychelles. thank you 2 / 2 bis - central bankers'speeches
anselmo teng : china and macao – continued financial industry growth address by mr anselmo teng, chairman of the monetary authority of macao, at a banquet hosted by the macao financial sector in commemoration of the 62nd anniversary of the people ’ s republic of china and the 12th anniversary of the establishment of the macao special administrative region, macao, 6 december 2011. * * * the honourable mr. chui sai on, chief executive of the msar, the honourable mr. ho hau wah, vice - chairman of the national committee of the chinese people ’ s political consultative conference, the honourable ms. gao yan, deputy director, liaison office of the central people ’ s government, the honourable mr. hu zhengue, special envoy, office of the commissioner of the ministry of foreign affairs, the honourable mr. ye yixin, chairman of the macao association of banks, honourable guests, dear friends of the financial sector, good evening! first of all, i would like to thank the standing committee for the invitation. with great pleasure and excitement, i participate in this party in commemorating the 62nd anniversary of the people ’ s republic of china and the 12th anniversary of the establishment of the macao special administrative region. the financial sector of macao has weathered the tests arising from international financial market crises since the return of macao to its motherland. although the challenges have been overcome thus far, upheavals are still prevailent in the international financial markets. there are uncertainties. it is worth our while to advise you, ladies and gentlemen that, according to relevant financial data, the macao financial sector has been maintaining its stability and viability. this is in fact the result of the coherent spirit of our practitioners when they work shoulder to shoulder in the endeavour of self - enhancement. as per the end of october, aggregate assets of the macao banking sector amounted to mop637. 7 billion, total deposits were valued at mop408. 1 billion, loans stood at mop313. 5 billion, both registered remarkable growth year - on - year. our practitioners have adopted a prudent attitude in business operation as usual ; capital adequacy ratio reached at 14. 3 % in the 3rd quarter while non - performing loan ratio was only 0. 34 %. in positive pursuit of developing more financial services by our practitioners, the banking sector was able to score an aggregate profit of mop4

and plain sailing at work. thank you. bis central bankers ’ speeches
fund's initial closing was achieved in june 2010 at us $ 100 million with institutional investors from the middle east and asia. khazanah nasional berhad issued its inaugural singapore dollar sukuk amounting to s $ 1. 5 billion in august 2010. bis central bankers ’ speeches

shocks. but asian foreign policymakers have been quick to respond. to reduce reliance on exports, many asian countries have taken measures to rebalance their economies towards domestic demand. the growing asian demand will help support the global economic recovery ; and in the longer term, contribute to the growth of our global economy. 6. going forward, it is widely expected that asia will continue to lead the global recovery. investors are confident of asia ’ s prospects due to sound economic fundamentals and fiscal strength. the booming asian economies will present many investment opportunities. in particular, infrastructure financing is likely to be a major driver of demand for investments. the asian development bank estimated that usd $ 8 trillion worth of infrastructure spending is needed in the 10 years leading up to 2020 to support asia ’ s growth. the demand for capital investments driven by the growth in asia ’ s real economy will support the development of the region ’ s capital markets. as investors continue to invest in asia, the depth, accessibility and efficiency of asia ’ s capital markets will continue to improve. bis central bankers ’ speeches with proper balance, the continuing inflows of funds, improvements in capital markets and growth in the real economy will create a self - reinforcing virtuous circle. 7. along with the rise of asia, singapore will continue to enhance our position as a global - asia financial and business hub. as a well - connected international financial centre, singapore can be the base for global players to tap into opportunities offered by a rising asia. to do that, we will build on our strengths in areas such as trading, asset management and infrastructure financing. we will also continue to emphasise the importance of strengthening risk management, enhancing transparency, as well as build depth and diversity in the offering of financial products and services. let me cover these areas in turn. 8. first, in the area of strengthening risk management. in the context of the capital markets, we have been building the necessary infrastructure to help market participants better manage their risks. there has been greater concern over counterparty risks since the financial crisis. this fear of counterparty default dented global trading and interbank lending activities. to allow market participants to better manage their counterparty risks, the singapore exchange launched a new clearing service for otc financial derivatives in 2010. this is the first such service in asia. 10 international and local banks have since signed up with sgx to clear their otc financial derivatives, and there are intentions to expand the product suite going forward. this
had hoped that the emu project would be able to contribute to a faster change of our economies in a growth - oriented direction. in some countries there has also been less focus on shortterm stabilisation policy issues - if interest rates are 25 basis points up or down - which are not significant in the long run for economic performance, and more on long - term questions that are crucial to growth and prosperity. comments from the commission and the ecofin council have also had the desired effect in a number of countries. policies have been put on the right course. but the exact opposite tendency exists in other countries. the problems are being shifted on to monetary policy, which is being conducted at such a distance that the decision - makers can be blamed without repercussions. politicians have also tried to take advantage of the situation domestically by making it appear that they are not bowing to brussels. the crucial issue for emu in the period ahead is which of the two approaches will gain the upper hand. if the first approach prevails it will go well. but if the second approach dominates the opposite will be the case. so the trick is to find a system for governance that pulls in the first direction ; that focuses both national and european debates and policies on the real issues. thank you.

future. against this background, exports and industrial production could develop somewhat better than expected earlier. the changes are not very large but to date various indicators, including the continued undervaluation of the krona, do point in the same direction. in the case of private consumption, the indicators to date are not uniform. on the one hand, in the first three months of 1997 the number of new car registrations for private individuals has risen in annual terms by more than 60 per cent, albeit from a low level. moreover, the survey of household purchasing plans by statistics sweden shows that since the autumn, household ’ s economic expectations have become more optimistic. the development of monetary aggregates such as m0 is also an indication of rising private consumption. on the other hand, the lower than expected savings ratio in 1996 may increase uncertainty regarding possible increases of private consumption in 1997 and 1998. another indicator of a slower increase in private consumption could be the weak labour market. in summary it can be said that, on the one hand, exports seem to be doing somewhat better than expected, though the differences are not all that great. on the other hand, the signals about private consumption point either to agreement with the main scenario or to a somewhat weaker course. the conclusion in the latest inflation report was that monetary policy is well balanced. that conclusion still holds true.
the limitation of raison d ’ etat is the question upon which hinges the future of not only small states, but also the large states, and humanity as a whole. ultimately, monnet and paasikivi were talking about the same thing. what is most essential in the eu? it is that the guiding principle is law, not force. legitimacy and the rule of law govern relations between member states. the task of the european institutions is to monitor legality and compliance of all activities with the eu treaties. finally, taking into account the history of finland, a small country, so often shaken by the storms of our continent, it is no surprise that finnish european policies have from the very first day been communityoriented and that it supports strong common institutions. thank you.

about monetary policy, although its estimates are highly uncertain and it is, therefore, not a concrete policymaking tool. unlike academics, we policymakers don't have the privilege to simply say that r * cannot be measured – we need an educated guesstimate. 1 / 2 bis - central bankers'speeches generally, estimates of r * for the euro area are now slightly above zero, between 0 and 1. the bank of finland researchers estimate it to be in the range of 0. 2 % to 0. 8 %. this is in the same ballpark, if somewhat above, as the new york fed's estimate of r * for the euro area, made with its broadly recognized holston - laubach - williams model. 1 against this backdrop, current market data and simple ( or simplified ) maths seem to imply that we would leave restrictive territory sometime in the springwinter next year 2025. but that is just an observation from my side, not a commitment. my commitment is instead to our inflation target and reaction function, as discussed earlier. before concluding, one final point. geopolitics, especially russia's illegal war in ukraine, the conflict in the middle east and china's strategic ambitions, is overshadowing the economic outlook in europe. it is also seriously affecting the operational environment for monetary policy – and will probably continue to do so for years, if not decades. so far, we have witnessed a certain retreat but not a broad - based reversal of globalization. the specifics of us trade policy under the incoming new administration are still unknown, but what we do know is that the significant import duties spoken of could have detrimental ramifications for the world economy. what should we make of all this? first, a new trade war is the last thing we need amid today's geopolitical rivalries – especially among allies. if a trade war were to start, europe must not be unprepared, as it was in 2018. second, the political turmoil in germany and france underscores the importance of the european commission in providing leadership and direction for europe. the eurosystem must, within its mandate, act as an anchor for economic and financial stability in this landscape of great challenges. no one should doubt that we will shoulder this responsibility in full. thank you very much for your attention! i look forward to the panel discussion. 1 kortelainen, m. and vilmi, l. ( 2024 )