samchain/econo-pairs-v2 huggingface dataset:
in 2016, while the exports of goods in real terms have increased by 43 % since 2009, compared to 42 % for the euro area. the aforementioned developments helped the economy to show signs of stabilization, with real gdp remaining almost flat despite bouts of uncertainty surrounding the negotiations with our european partners, the imposition of capital controls ( including limits in deposits withdrawals and cross - border transfers ) and the implementation of further austerity measures. as far as the banking sector is concerned, the management of non - performing loans represents the most significant challenge as their stock has reached unprecedented levels, with the deterioration in asset quality being widespread. the bank of greece and the state have implemented a number of measures to address impediments in efficient npl management. following a troubled asset review, the bank of greece enhanced the supervisory and regulatory framework helping banks to enrich their policies and practices to deal with the large - scale resolution of troubled assets. the banks have to follow specific guidelines regarding npl management, starting with the establishment of a well - defined and fully operational internal independent npl workout unit and implement the code of conduct regarding the interaction of 1 / 3 bis central bankers'speeches credit and other financial institutions with borrowers in arrears. recently, the bank of greece, in close cooperation with the banking supervision arm of the european central bank ecb has designed an npl operational targets framework, supported by several key performance indicators ( kpis ). the selected targets and kpis are both actionoriented and results - oriented and provide a granular view on the key asset quality metrics of the bank, on the management actions to reduce npls and on the effectiveness of these actions. in addition, following an extensive consultation with authorities and the industry, the reporting framework of the bank of greece has been upgraded accordingly. banks agreed on ambitious but achievable targets, which were submitted at the end of september 2016, with a 3 - year time horizon. according to these targets, banks will aim at reducing their npls by 49 % by the end of 2019. the reduction is mainly driven by curing of loans and write - offs and to a lesser extent by liquidations, collections and sales of loans. the largest part of the reduction will be effective in 2018 and 2019, since inflows of new npes will remain significant in the second half of 2016 and 2017. banks managed to achieve the npe targets for q3 and q4 2016, despite the headwinds in

. banque - france. fr / en / financial - stability / international - role / network - greening - financialsystem [ 11 ] “ are we building back better? ” march 2021, unep report https : / / wedocs. unep. org / bitstream / handle / 20. 500. 11822 / 35281 / awbbb. pdf [ 12 ] https : / / www. unenvironment. org / news - and - stories / story / learning - green - recovery
##atility in the interbank market. but most importantly, by promoting the use of fx hedging instruments the nbs is hoping to contribute to a situation when businesses and households are no longer scared of the exchange rate fluctuations. situation when prices are quoted in dinars and not in euros. admittedly, it is a far reaching ambition, but expanding the use of financial hedging is the first important step.

of zambia views this development positively, particularly as recent trends indicate that many institutions in the financial sector are extending their branch networks. 5. however, it is important for financial service providers to complement branch expansion with increased product innovation. the ability to offer a broad range of products and services is the hallmark of financial sector deepening, as different types of products appeal to a wider range of clients, leading to enhanced access to financial services. the bank of zambia, as a regulator, is determined to facilitate viable branch expansion, and the introduction of new and innovative financial products, to tap savings and channel these savings to investment. the boz will therefore continue to work in close collaboration with the financial sector to cultivate partnership in order to establish the framework necessary for build ing strong institutions that will mitigate risks and build confidence in the sector. 6. as at 30th april 2009, natsave held customer deposits in excess of k135 billion with a loan portfolio of k92 billion and served over 120, 000 clients. natsave has also endeavoured to introduce various products such as marketeer and pensioner accounts ( specific savings products for people in these categories ), as well as loan products such as individual loans, salary loans and money transfer services. the development in lukulu therefore offers some hope that rural areas, and especially the agricultural sector, may eventually be offered attractive financial products. 7. notwithstanding this, allow me now to reflect on some of the key challenges in the financial sector that all of us must strive to address : ( i ) increasing access to financial services by the small and micro entrepreneurs who form the backbone of the economy. this sector provides employment for many people who cannot be absorbed into formal employment ; increased access to financial services remains a key challenge to this segment. ( ii ) the boz took a step towards regulating microfinance institutions ( mfis ) in 2006 because these institutions can help in narrowing the access gap in the delivery of financial services. so far, 21 mfis have been licensed but most of these operate along the line of rail providing mainly salary - backed loans. more institutions are still needed to increase outreach and deliver financial services in a safe, sound and sustainable manner ; ( iii ) zambia is predominantly an agricultural country, but lending to agriculture has been limited. the challenge therefore is to devise financial products that meet the requirements of the rural and predominantly agricultural areas while at the same time devising means of protecting the financial institutions from risks associated with
the governments to take steps before we do what we have to do as a central bank. that would be an easy way ; it is not my idea of the ethics of responsibility for those who bear public responsibilities, and this is not in accordance with the text of the european treaties, which require us to fulfil our mission whatever may happen. the eurosceptic parties are gaining strength at each election and it shows that people are fed up with current policies, which are reflected in social decline. isn ’ t there a risk that the states are politically paralysed? that they are fed up is no surprise! one cannot blame the people for that ; it ’ s a moral and democratic question. it ’ s up to the european authorities and the governments to show that they can create growth and push down unemployment – something they haven ’ t managed to do convincingly since the crisis started. now the risk is that this fed - up sentiment creates a spiral of defiance : if there are no convincing results, people ’ s confidence in european institutions and in the community construction is undermined. there is no solution without europe : one cannot sustainably boost french growth if there ’ s no strengthening of german and italian growth. in some area it ’ s even necessary to have “ more ” europe. but to achieve this, it ’ s necessary to restore people ’ s confidence in europe and to do that growth is needed. hence the symbolic importance of the juncker plan, which shows the determination of the governments to create growth. if syriza wins the election in greece on 25 january, will there be a risk that greece leaves the euro as some in germany seem to be thinking? it ’ s not a question of greece exiting the euro. what ’ s at stake in the election lies elsewhere : it ’ s the composition of the mix of reforms which will allow this country to come out of the crisis once and for all, and to reintegrate the european economies ’ concert. depending on the result [ of the election ], the reform strategy in greece will be different, that ’ s normal. that ’ s democracy, and it ’ s up to the greeks to decide. greece has fully benefited from european solidarity : whatever the election result may be a discussion is needed between this country and europe to know how these reforms will fit into the european framework and how they will put greece on a path of sustainable growth which will permit the country to repay its debt to europe one day. bis central bankers ’

in coping with periods of financial stress, conducting financial market research, and supporting the integration of the euro area financial markets. first and foremost, however, the eurosystem contributes to safeguarding financial stability by maintaining price stability in the euro area in the medium term. thank you for your attention.
’ s continuity plus plus agenda – one aspect of which is ensuring that our financial system is inclusive and leaves no one behind. while much has been accomplished, i hasten to remind you that much is still expected of us. in this light, we must therefore continue to challenge ourselves to become the best in service to our stakeholders. this requires us to evolve beyond who and what we are ; to be innovative and adaptable to the dynamic environment within which we operate ; to embrace change with a positive outlook because it presents opportunities for organizational growth and development ; and most importantly, to safeguard our reputation and integrity as we continue to reinforce our role in nation building. to the microfinance players, proudly carry along our legacy and identity as the original disruptors! your capacity “ to disrupt ” runs deep in your dna. continue to “ disrupt ” in providing better and more efficient products and services to our clients. maraming salamat at mabuhay ang microfinance! 2 / 2 bis central bankers'speeches

. but i am confident that with your commitment and ingenuity, you can move the p2m qr ph initiative forward quickly. another thing on my wish list is the debit pull or direct debit service. this is of great help to customers who, currently, have no choice but to bear the cumbersome process of issuing numerous checks covering their recurring payments such as monthly rental, insurance premium, and other fixed installments. on the part of the payees, this direct debit arrangement will enable them to streamline collection efforts and realize expected cash inflows on time. the last but not the least in my wish list is — like i mentioned earlier — is to make digital payments as the norm. the surge in the volume of pesonet and instapay these past few months indicates the convenience and speed of digital payments. but wait, there ’ s more. i appreciate opportunities for us to exchange updates, views, concerns, and any matter that we need to discuss in a more spontaneous manner to facilitate the achievement of our targets. i look forward to having a periodic dialogue with the ppmi leadership. together, let ’ s transform our payments system into a digital world. let ’ s keep working together to ensure that “ maria ” never has to make that choice ever again — pandemic or no pandemic. i hope maria story tugs at your heartstrings in a different way. may her story push us to continue to find ways to make a difference in the lives of our countrymen. at a time where our country is struggling to rise above this once - in - a - lifetime pandemic, the ppmi has the power to ensure that no filipino is left behind. mabuhay ang ppmi! thank you very much! 3 / 3 bis central bankers'speeches
complex world. graph 1 bis central bankers ’ speeches graph 2 graph 3 bis central bankers ’ speeches graph 4 graph 5 bis central bankers ’ speeches graph 6 bis central bankers ’ speeches

, not least in exchange rates. meanwhile, the chinese economy has become more of a concern for many observers. it is not that the actual data on the chinese economy are all that different from what we had been seeing. they paint a picture of softness in growth – but they were already saying that some time ago. the more recent anxiety is probably best described as greater uncertainty over the intentions of chinese policymakers and over whether they will be able to carry off the economic transition china needs. this anxiety has been reflected in capital flows. commodity prices have generally fallen further over recent months. most prominent was the further fall in crude oil prices to about us $ 30 per barrel. while this level of oil prices is not especially low in a longer - run historical context, it is a large decline from prices prevailing in recent years and is bringing considerable adjustment. oil - producing companies and nations are seeing a decline in their incomes, and yields on debt issued by corporates in the energy sector have increased sharply. exploration expenditure and investment in new capacity is being rapidly curtailed. sovereign asset managers for some key oil producers are liquidating some assets to help manage the effects on fiscal positions. as with most price changes, there are gainers as well as losers. the fall in energy costs is a windfall to energy users and represents a terms of trade gain for countries that are net importers. importantly, it does not appear to be the case that the fall has predominantly been caused by weak demand for oil. indications are that oil demand has still been rising, albeit not as quickly as it had been. supply increases appear to have been more important than demand factors in explaining the large price fall, at least thus far. hence, we should not interpret the decline in oil prices as uniformly negative. on the contrary, a fall in oil prices resulting from additional supply has usually been seen clearly as a bonus for consumers and many businesses in advanced economies, including australia. in financial markets, as investors and traders have sought to make sense of all these conflicting currents, we have seen a period of volatility recently. this has been apparent in bis central bankers ’ speeches equity and bond markets, as well as foreign exchange markets. equity markets are lower, yields for core sovereign obligations are lower, spreads for lower - rated corporates and emerging market sovereigns are wider. exchange rates have seen more variability, with currencies for many emerging market countries weaker. the australian dollar is around the same level now as when we last
have long been known to be an effective supervisory tool to ensure compliance, the tool of education should be used in the first instance for more effective results. the fatf has highlighted the importance of education which is a key supervisory tool for effective aml / cft systems. supervisors are students and also trainers, not only instilling knowledge, but also transforming compliance cultures of regulated entities. 1 / 2 bis central bankers'speeches so, ladies and gentlemen, may i wish you fruitful deliberations in this workshop, which i hope will bring added value to your work in the area of beneficial ownership. thank you for your attention. 2 / 2 bis central bankers'speeches

recovery evolves in line with or stronger than in our latest projection, then the economy won ’ t need as much qe stimulus over time. further adjustments to our qe program will be gradual, and we will be deliberate both in our assessment of incoming data and in the communication of our analysis. we are committed to providing the appropriate degree of monetary policy stimulus to support the recovery and achieve the inflation objective. with that, let me stop and turn to you for questions. 3 / 3 bis central bankers'speeches
underestimated by many financial institutions. this latest storm has therefore revealed cracks in the dikes and the supervisory community is in the process of patching up those cracks. high losses have put pressure on capital cushions and many banks have been forced to go to the market to replenish their capital base. this is critical if a contraction in lending and credit are to be avoided. of greater importance, though, are the cracks in the dike that are not yet evident. while we do not know the nature and strength of the next storm, we can take measures today to strengthen the dike so it could withstand the battering. one of those measures is to significantly strengthen banks ’ capital buffers. in addition to moving ahead aggressively with basel ii, the committee has issued a proposal to strengthen the capital treatment for risks not captured under basel ii ’ s existing trading book regime. in this context, the committee is also carefully considering the topic of procyclicality, especially as it is influenced by bank capital issues. there are many dimensions here, such as the level and quality of capital ; provisioning, capital buffers and the ability of banks to dip into those buffers. we will continue to review these and other issues related to procyclicality and are in the process of developing a work programme to address both near term and longer - term issues. the committee is also developing enhanced guidance under pillar 2, the supervisory review process. here, our focus is on improving risk management practices, such as stress testing and the management of risks arising from complex instruments, among other things. we are also developing proposals to strengthen pillar 3 disclosures, especially for securitisation activities. conclusion we have learned much from the severe storm that is currently raging. i have outlined some of the measures that banks and supervisors must take to better prepare for the next storm. but what is becoming increasingly clear is that, over time, the banking system needs to strengthen capital and liquidity buffers to withstand prolonged periods of stress in the financial system and the broader economy. this will be done in a manner that does not aggravate the current stress in the system. enhancements to risk management and market transparency will help, but we must enhance banks ’ buffers to reflect the increased degree of uncertainty in the system. the need for increased margins to protect against uncertainty will also become apparent as rapid financial innovation continues and uncertainty increases about how new products, valuations, markets and the real economy will interact

at the reserve bank a lot of work is ongoing to understand the transmission mechanisms for, and the wider implications of, monetary policy, particularly in relation to the new suite of tools i have just mentioned. thank you for listening and for the privilege of delivering this speech. page 17 of 17
. measures that increase the resilience of financial institutions, such as the new basel iii capital and liquidity standards, will reduce the probability and frequency of a sudden liquidity shock. measures that reduce the procyclicality of the financial system will help stabilise global liquidity flows. key elements in this regard include countercyclical capital buffers, the implementation of more resilient financial market infrastructure, reductions in the variability of repo margins, and other macroprudential policies such as loan - to - value ratios in property markets. of course, the impact of the financial reforms will be weakened to the extent that new regulations divert activity to unregulated parts of the financial system. particularly in boom periods, non - regulated institutions tend to take on an increasing share of intermediation and cross - border credit provision. this is why enhanced supervision and regulation of shadow banking will be one of the top priorities for the financial stability board in the coming months. in this respect, we need to heed one of the lessons of this hall : it will do no good to tightly regulate a market only to see the bulk of activity flee beyond our reach. bis central bankers ’ speeches

supply in the economy increases, inflation should ease further in 2024 and reach 2 % in 2025. there are both upside and downside risks to this forecast and the future path for inflation remains uncertain. overall, inflationary risks have increased since july. today's forecast has inflation on a higher path than we expected. in addition, rising global tensions are increasing risks. in a more hostile world, energy prices could move sharply higher and supply chains could be disrupted again, pushing inflation up around the world. to be confident that our policy rate is high enough to get inflation back to 2 %, we need to see more easing in our measures of core inflation. we remain focused on a number of indicators of underlying inflation pressures, particularly the balance between demand and supply in the economy, inflation expectations, wage growth and corporate pricing behaviour. 2 / 3 bis - central bankers'speeches with clearer evidence that monetary policy is working, governing council's collective judgment was that we could be patient and hold the policy rate at 5 %. we will continue to assess whether monetary policy is sufficiently restrictive to restore price stability, and we will monitor risks closely. today's decision also reflected our best efforts to balance the risks of over - and under - tightening. we don't want to cool the economy more than necessary. but we don't want canadians to have to continue to live with elevated inflation either - and we cannot let high inflation become entrenched in the economy. if inflationary pressures persist, we are prepared to raise our policy rate further to restore price stability. we've made a lot of progress, but we're not there yet. we need to stay the course. when price stability is restored, the economy will work better for everyone. with that summary, the senior deputy governor and i would be pleased to take your questions. 3 / 3 bis - central bankers'speeches