samchain/econo-pairs-v2 huggingface dataset:
, g8 and the world economic forum. despite these demonstrations, global economic integration today is far greater than it has ever been and is likely to become even stronger in the coming years. 2. the impact of globalisation on south africa the re - entry of south africa into the globalised financial markets and the opening up to international competition led to a sharp increase in the participation by non - residents in the domestic financial markets. non - residents are now responsible for about one - third of the turnover on the jse securities exchange sa and approximately one - eighth of the volumes on the south african bond exchange. this has caused share and bond prices, as well as the exchange rate of the rand to be increasingly influenced by developments in the rest of the world – particularly in emerging markets. these transactions by non - residents contributed materially to substantial increases in financial sector activity. turnover on the south african bond exchange, for example, increased from r2, 0 trillion in 1995 to r12, 4 trillion in 2001, while the total value of shares traded on the stock exchange rose from r63 billion to r606 billion over the same period. in the foreign exchange market volumes increased from a net average daily turnover of us $ 2, 7 billion in 1995 to us $ 9, 6 billion in 2001. market activity was still fairly brisk in november and december last year, with the net average daily turnover averaging us $ 8 billion. integration into the world financial markets required a major restructuring of the institutional arrangements in the south african capital markets. the jse securities exchange sa introduced reforms to provide for corporate ownership, foreign ownership of stockbrokers, dual capacity trading, negotiated commissions, and electronic screen trading. the securities exchange is continuing to improve its facilities by providing for the immobilisation and dematerialisation of shares, and for improved clearing and settlement arrangements. these changes and the substantial increase in portfolio investments and trade finance by nonresidents contributed to a large inflow of capital but also resulted in greater volatility in the capital movements between south africa and the rest of the world. a nearly consistent net outflow of capital of r48, 3 billion in the period from 1984 to the middle of 1994 was turned around to a net inflow of capital of r61, 3 billion from 1995 to 2000. however, this inflow of capital fluctuated sharply from r16, 6 billion in 1995 to r3, 0 billion in 1996, r21, 3 billion in 1997

in the months ahead. it is therefore preferable that we go ahead with this operation now, in an orderly fashion, despite the fact that the markets have regained a certain degree of optimism in the past few days – rather than at a later point under potentially more adverse conditions. the federal council and the swiss federal banking commission have been kept abreast of the preparations underway and our negotiations with ubs.
currencies. it will also help those countries which will not join emu right from the start to orient their policies towards convergence, in order to enable them to qualify for participation as soon as possible. to conclude......, there are reasons to believe that over time the euro could develop into an important reserve and invoicing currency. good opportunities for the euro arise from the fact that the eu economy is even larger than that of the united states. furthermore, it is the responsibility of european policy - makers to safeguard the attractiveness of the european currency by pursuing sound policies. in this respect, the stability of the euro is in the good hands of the ecb. at the same time, i would like to emphasize that the success of the euro is also in the hands of the markets. it should be borne in mind that it took the dollar half a century and two world wars to replace sterling as the international currency, despite the fact that the united states had been the major economic power since the beginning of this century. all in all, these are challenging times for europe. let me, therefore, propose a toast to the future success of the euro.

the ground for this flexible approach. concluding remarks let me conclude. european economic growth prospects are favorable. euro area economic diversity is a fact of life, but not very different from the us situation. admittedly, the european economy has considerable progress to make in structural reform. but the improvements so far are genuine and are likely to last. closer european cooperation on economic and political issues is under way. if i may quote the american economist lester thurow from his 1992 bestseller head to head : ‘ future historians will record that the 21st century belonged to the house of europe ’. end of quote. in this environment, a common european culture is emerging. as of january 1, 2002, euro notes and coins will give european citizens a concrete sign of their common identity. nonetheless, some cultural differences will remain, just as in the us. joe - six - pack as the average american is only virtual reality. i am sure that someone from new jersey is very different from someone from texas. also in europe, we will keep national traditions. i was born dutch. now i feel european, but a dutch european. i am proud of that.
have seen the deposits by the euro area money - holding sector increasing by about 200 billion euros since august 2012. another sign of normalisation, and a very important one for german savers, has been the increase in german government bond yields, previously suppressed by panic - driven safehaven flows, which have edged up by around 25 basis points. and target balances, which are a summary indicator of fragmentation, have declined by 285 billion euros, or 25 %, since the peak last year, and now are at the same level as in late - 2011. therefore, also perceived risks for creditor countries such as germany have greatly diminished. the establishment of omt has therefore been beneficial to everybody : sovereigns, corporations, banks as well as individuals, and it has benefited both periphery and core countries. bis central bankers ’ speeches the decision on omt was necessary. it was effective. and it was in line with our mandate. it was necessary to remove severe obstacles to the appropriate transmission of monetary policy that were putting the singleness of our monetary policy at risk and which were harming the economy of the euro area very deeply. and it is fully in line with our mandate because it is designed to preserve price stability for the euro area and uses instruments foreseen in the statute. in short, for the ecb responsible leadership has meant being true to our founding treaty. staying independent from the voices calling for us to “ do more ” or to “ do less ” ; staying fully focused on our mandate to secure price stability for the citizens of the euro area. for the euro area to now move forward and establish itself on stronger ground, we need all decision - makers to take their responsibilities. governments to put right their public finances and address the structural challenges to growth in their economies ; and the euro area as a whole to build a stronger economic and monetary union based on shared sovereignty and greater legitimacy. there is a great deal of work ahead of us. but i am sure we will succeed. thank you for your attention. bis central bankers ’ speeches

the treaty on the functioning of the european union ( tfeu ). 24. hauser, a. ( 2019 ), “ waiting for the exit : qt and the bank of england ’ s long - term balance sheet ”, speech at the european bank for reconstruction and development, london, 17 july ; and bank of england ( 2022 ), short term repo facility - provisional market notice, 4 august. 25. the bank of england had no material or persistent leaks in their floor throughout the period of excess reserves. 26. liquidity provided through asset purchases can be lent out again via securities lending, thereby mitigating the encumbrance of collateral. 27. tighter collateral requirements provide additional incentives. counterparties can only borrow from the standing loan facility if they provide high quality assets.
continue to think about and work on the challenges i've mentioned today. is there a way to accomplish the outcomes we all desire primarily through the use of market forces? much of the groundwork may have already been laid. i know that, back in march, the iif put out a report on the principles of liquidity - risk management. this report touches on many of the challenges and issues i outlined today, and makes recommendations for both the private sector and policy - makers. the report also says that the iif hopes to generate a constructive dialogue. i applaud this sentiment, and i hope that my comments today can further that dialogue, so that we can move forward together to find answers to the challenges that face us all.

canada. the us economy has continued to steam ahead. there is a clear need for the pace of expansion in the united states to slow as we progress through this year and into 2001. prudent monetary management dictates that we in canada do not underestimate the upside risks for inflation, especially given the strong growth of aggregate demand in canada, the united states, and elsewhere. because of a lag of some 18 to 24 months in the effect of monetary policy on prices, the bank is always trying to anticipate inflationary pressures one to two years ahead. productivity growth is the only way to achieve long - term gains in incomes and living standards. the technological revolution that is currently sweeping the world provides canada with a golden opportunity to improve its productivity. the best contribution monetary policy can make to enhancing productivity is to provide a low - inflation environment. low and stable inflation reduces uncertainty about future price movements, lowers the incidence of boom - and - bust cycles in the economy, and helps keep interest rates down. all of this encourages investment in the equipment and software needed to take advantage of the new technology. canada ’ s inflation - control target and the bank ’ s commitment to maintaining that target, should ensure that monetary policy fosters a climate conducive to continued improvement in the performance of our economy.
afghanistan, bosnia, bangladesh, canada, russian federation, serbia, syria, switzerland, laos, thailand, indonesia etc. future prospects for economic sustainability depends on building momentum of structural reforms – i will however dwell on the most strategic elements here. agriculture and food self sufficiency with global commodity prices on the rise and alternate uses of corn and other products as bio - fuels in vogue, enhancement of crop productivity and area under cultivation will be critical for stabilizing food prices and curbing recourse to imports that have induced fresh external vulnerabilities. given also the country ’ s rich and diverse landscape, pakistan has good potential to serve the gcc and middle east at large and exploit export potential of its agrobased sector. renewed efforts will need to be launched by the government to improve yields of major crops by intensifying research and extension, application of right type of seed and other inputs and mechanization. comparative advantage in agriculture gives an edge in the development of agro - based industry, value - addition chains and processing and packaging of products and offer huge potential for growth and investment. besides increasing value - addition, the government has promoted private sector involvement ; except for setting procurement price for wheat – to maintain strategic reserves – market - based pricing mechanism prevails for all agriculture produce. efforts are underway for transmission of pricing signals to farmers ( e. g. through introduction of a commodity futures market ), development of crop insurance ( particularly to encourage the raising of new cash crops such as oilseeds ) and improvement in transportation and storage infrastructure. the proximity to the rich middle east states, which are widely dependent on import of vegetable products, provides a strong market for agriculture - based products. the ancillary requirements to boost agricultural products exports also require massive investment in mass storage and transportation activities. industrial and export growth and diversification manufacturing sector has been growing at 8. 4 % and its share rose from 14. 7 % in fy00 to 19. 1 % by fy07. to realize its growth targets, industrial sector ’ s share in gdp has to rise to 30 % and must be export led. the corner stone of industrial growth and diversification strategy is to set in place programs to : • move up the value added chain in all key industries by developing capacities, skills and attracting strategic partnerships and technology ; • exploitation of mineral and other strategic resources of the economy ; • modernization, enhancement and design innovation in the textile industry. scale enhancement could be

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., freier, m., maier, s., garcia - miralles, e., pidkuyko, m., ricci, m. and riscado, s. ( 2023 ), " inflation, fiscal policy and inequality : the distributional impact of fiscal measures to compensate consumer inflation ", occasional paper, ecb, forthcoming. 4 / 4 bis - central bankers'speeches

zeti akhtar aziz : grow your business – access to financing for smes in malaysia opening remarks by dr zeti akhtar aziz, governor of the central bank of malaysia, at the book launch of “ grow your business : access to financing for smes in malaysia ”, kuala lumpur, 27 august 2013. * * * it is my pleasure to be here this morning for the launch of the sme financing guide book “ grow your business : access to financing for smes in malaysia ”. significant attention has been given to sme development in view of its relative importance in our economy, in terms of its role in generating growth and employment. smes are an important agent of growth and will be a vital component that will support our nation ’ s aspirations to transition to become a high income economy. smes have become a formidable force in the economy, accounting for 97 % of established businesses and employing 57 % of the nation ’ s workforce. the sme contribution to gdp is now 33 % and is projected to increase to 41 % by 2020 as envisaged in the sme master plan that has been endorsed by national sme development council. as the economy becomes more sophisticated, so will the requirements of the smes. one of the major levers of growth for the sme sector is access to financing. financial institutions therefore have an important role in the ecosystem for financing to smes. in the current environment, financial institutions provide 89 % of the total sme financing. the sme financing guide book being launched today is initiated by the institute of bankers malaysia to provide detailed guidance to assist smes in their applications for financing from financial institutions. it also provides information on the factors that are taken into consideration by financial institutions in approving the applications. in addition, it elaborates on the responsibility of borrowers, and the redress mechanisms that are available. irrespective of sectors, smes should adopt best practices in financial management to ensure their business will remain sustainable. managing costs will also enhance the performance and competitiveness of the business in both domestic and global markets. smes should therefore actively draw on the wide range of products and services including advisory services offered for every stage of its business cycle, whether it is a start - up, growing or a matured business. the expertise, extensive network and the broad range of services and products which are in place should be leveraged upon by the smes. recognising the importance of smes in contributing
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sabine mauderer : welcome speech - 15th anniversary of the deutsche bundesbank's representative office welcome speech by dr sabine mauderer, vice - president of the deutsche bundesbank, at the 15th anniversary celebration of the deutsche bundesbank's representative office, new york city, 24 september 2024. * * * check against delivery 1 welcome ladies and gentlemen : for me, it is always a great pleasure to be here. especially this year, as we celebrate the 15th anniversary of our trading office. since its inception in april 2009, the trading office has provided the bundesbank executive board with first - hand knowledge from wall street and beyond. i know for sure that its success rests on a network of exceptional people, namely you! therefore, i want to start with a big thank you to all of you, for your cooperation and trust over all these years. but before we move on to the fun part, let us look at what has happened in the markets since we last met in september 2023. 2 economic backdrop from an economic point of view, the world looked different a year ago. inflation in the euro area – and in the us too – was significantly higher. almost a year ago to the day [ sept. 2023 ], the eurosystem raised its key interest rates for the last time in the tightening cycle. in september 2023, the deposit facility rate reached 4. 0 percent. the tightening has done its part to cool euro area inflation. today, the eurosystem is well on the way to meeting its inflation target. in the us, we also see positive developments in this regard. inflation has decreased significantly, thanks to a series of interest rate increases. although us inflation remains above the fed's two percent target, things are heading in the right direction – just like in the euro area. in terms of economic growth, the us remains ahead of the euro area. while euro - area gdp grew by 0. 4 percent last year1, the us economy mustered 2. 5 percent growth2. as it stands today, the us is poised to outperform the euro - area economy once again this year – despite recent signs of a cooling in the us labour market. against the backdrop of lower inflation, central banks on both sides of the atlantic have taken steps to pare back the degree of monetary - policy restrictiveness. as expected, the fed last week [ sept. 18 ] decided to lower its target range for the federal funds
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head for the storm cellars. ” 3 the financial crisis conditions of the past two years have substantially abated. those that headed to the storm cellars have returned to see what lies in its wake. and washington has placed itself centrally in the clean - up efforts, seeking to repair the regulatory system. this is kevin warsh ( 2009 ), “ the panic of 2008, ” speech delivered at the council of institutional investors 2009 spring meeting, washington, april 6. kevin warsh ( 2009 ), “ longer days, fewer weekends, ” speech delivered at the 12th annual international banking conference, chicago, ill., september 25. irving kristol ( 1980 ), “ two economic questions, ” wall street journal, june 26. a wholly worthwhile task. improvements in regulatory policy – if part of a broader review of the financial architecture – could herald greater prosperity for future generations. but, efficacy, not convenience, should be the foremost goal of policymakers. and we will have done ourselves no favors if what is billed as “ comprehensive regulatory reform ” overpromises and under - delivers. we need a broader understanding of what occurred, more basic changes in our financial architecture, and more useful tools in our arsenal for reform efforts to be worthy of the name and equal to the challenge. prevailing theory of the case : empowering regulators the prevailing theory has it that financial firms, particularly the largest and most systemically significant, engaged in practices that begat the financial crisis. to redress these wrongs, regulatory powers should be substantially expanded, the theory goes. the incumbent regulators lacked sufficient authorities, or were not up to the task. but the structure in which their successors operate will purportedly make them masters of the craft. apparently, a new grant of broad and sweeping regulatory powers will treat the infirmities that ail us. in my view, this theory has some understandable appeal – and begins to shed light on some important truths – but the narrative and recommended reforms are still deficient. let me explain. first, the panic of 2008 that exacerbated the recession is the result of a multitude of flawed private and public practices, with regulatory error being only one part. some meaningful blame should be placed at the doorstep of regulators, here and abroad. but the investigation should not cease at the first signs of fault. the mortgage finance system is owed far stricter scrutiny to gather a fuller appreciation of the causes of the crisis. the government - sponsored enterprises ( gses
mar guðmundsson : to what extent do international and eu reform proposals address the fault lines in cross - border banking? keynote address by mr mar guðmundsson, governor of the central bank of iceland, at the eighth high - level meeting for the middle east & north africa region “ recent policy developments for strengthening the resilience of the financial sector ”, abu dhabi, 28 november 2012. * * * governor, chairmen and participants, let me begin by thanking the organisers for inviting me to address this impressive gathering and thus enabling me to visit this fascinating place. in my speech i will discuss the risks in cross - border banking that manifested themselves in the crisis and what has been done since to address them. the bottom line is that, at the global level, we had developed significant cross - border banking operations that were only very partly covered by the safety net of lender of last resort ( lolr ), deposit insurance and adequate resolution powers, and the associated regulation and supervision. i use the metaphor of a fault line to describe this. but first i want to tell you a little more about the origin of my perspective on these issues. it comes first from my tenure at the bank for international settlements ( bis ) from 2004 – 2009, where i was involved in work on these issues, with the bis international banking statistics providing a constant point of reference. but more importantly, it comes from my current position as a policymaker from a small, open economy where the collapse of three cross - border banks was the most noticeable event in the unfolding of the financial crisis that hit the country in 2008. the combined balance sheets of these banks was 10 times iceland ’ s gdp, and their combined bankruptcy, measured in terms of balance sheets, ranks second in size in the international history of corporate failures, only after lehman brothers. and this happened in a country that ranks among the smallest in the world. i will use the case of these banks to illustrate current problems with cross - border banking more generally and as a yardstick against which to measure current reform proposals. cross - border banking expanded significantly in the years prior to the financial crisis, as is witnessed, for instance, by the growth in cross - border banking claims measured by the bis international banking statistics. attending this growth was a steady build - up of cross - currency liquidity risk. such risk can take two forms : currency mismatches and maturity mismatches between foreign currency assets and liabilities. to take an example

– probably the imf – must monitor the process. going forward, some ground rules might have to be considered so that we are not faced with too serious unintended consequences for the global system. thank you very much. bis central bankers ’ speeches