samchain/econo-pairs-v2 huggingface dataset:
according to the proportionality principle. here, harmonisation comes up against a boundary which is both reasonable and necessary. in public discussions proportionality is often tied to the size of the institutions. this makes the discussion easier, but it can also lead in the wrong direction. the decisive factor should be the bank ’ s systemic importance. and at the latest since the savings and loans crisis in the united states in the 1980s, we know that even small banks may still be systemically relevant – “ too many to fail ” is as big a problem as “ too big to fail ”. the wording of the legal basis of european banking supervision with regard to proportionality is correspondingly broad. it reads as follows : “ when carrying out the tasks conferred on it, and without prejudice to the objective to ensure the safety and soundness of credit institutions, the ecb should have full regard to the diversity of credit institutions and their size and business models ”. in european banking supervision, proportionality is clear to see : while the 129 biggest banks in the euro area are directly supervised by the ecb, the smaller institutions, some 3, 200 of them, are overseen by the national supervisors. only in specific cases and under certain conditions does the ecb directly supervise smaller institutions – and in such cases the question may be asked whether that is appropriate at all. normally, the ecb only plays a secondary role in the supervision of smaller institutions – its task is to be in the background supporting national supervisors. so we are developing, together with national supervisors, high - quality standards which take account of regional factors, size, business and risk of the individual institutions, and are correspondingly adaptable. this kind of harmonisation does not aim to be a levelling - down. it is not a question of replacing national supervisory approaches by a european one. on the contrary, we ensure bis central bankers ’ speeches that the key elements of the supervision attain certain minimum standards. then national specificities can be taken into account, but only if they are justified from a risk perspective. the principle of proportionality also takes us into areas which go beyond the general supervisory standards. and i would like to take the opportunity to clear up a widespread misunderstanding. again and again, people tell me that the ecb is imposing who knows how many reporting obligations on small and medium - sized institutions. let me give just two examples that show that when it comes to reporting we certainly work in line with the principle of proportionality. under the

not come at the expense of stability. as i said earlier, there was a heated discussion in the freemasons ’ tavern too about an important set of rules. what started in 1863 in london will again be in the spotlight as of 10 june, for that ’ s when the euro 2016 championship starts. as a professional european i naturally have no favourites. i look forward to a fair competition, and may the best team win. but if it happens to be germany, i wouldn ’ t complain. bis central bankers ’ speeches
klaus liebscher : the european integration : policies towards stability, growth and employment speech by dr klaus liebscher, governor of the austrian national bank, to the bertelsmann foundation, european forum alpbach, institute for public affairs, and the bruno kreisky forum for international dialogue, baden, 29 june 2001. * * * ladies and gentlemen, it is a great pleasure for me being with you this evening and let me first congratulate the organisers of this conference for having chosen a combination of two very important issues for discussion on european integration – labour markets and enlargement. i am pleased to share some thoughts with you from the view of monetary policy. the two elements of your conference title touch upon both the deepening and the widening of european integration. i may recall that, in the wake of the fall of the berlin wall, those two dimensions were often discussed as alternative strategies. however, today it seems clear to almost everybody that european integration has to proceed in both directions. the deepening of european institutions and the widening of europe's geographical extension are not mutually exclusive but rather dependent on each other. progress in one area does certainly give momentum to the other. the most important step in the deepening process of european integration – at least to my mind – has been the creation of economic and monetary union ( emu ). from a governor of one of the euro area central banks this statement will certainly not come as a surprise to you. although there was some scepticism or even criticism in the run - up to emu, not only european officials but also many observers outside the area have since confirmed that the transition to emu was taken successfully – including those observers who were originally very sceptical about the ambitious aims lined out in the maastricht treaty. and indeed, the list of preconditions for monetary union met in recent years is impressive. let me single out just a few of those points, without attempting to gloss over the challenges that lie ahead : · first and foremost, while inflation has come down to historically low levels we cannot be satisfied with the current inflation performance. at this point it has to be stressed that price stability was not only a precondition of monetary union but – even more importantly – is the prime objective of the independent eurosystem. thus, the european central bank will ensure that medium - term inflation is in line with price stability. we are confident that such a conduct of monetary policy will

##ence to exogenous shocks, of the type we are facing currently. i therefore welcome you all to the seminar and invite you to contribute to meaningful discussions which will further the development of our sme sector and redound to benefit our economy over the medium and long term. i thank you very much for your participation and i again thank the various sponsors, speakers and all those who have contributed to make this seminar possible. i wish you a most productive seminar.
of a decrease. if the economy continues to move along the expected path, then at some point it will be appropriate to raise interest rates. this will be in the context of an improving economy and 10 / 11 bis central bankers'speeches stronger growth in household incomes. third, the board does not see a strong case for a near - term change in interest rates. there is a reasonable probability that the current setting of monetary policy will be maintained for a while yet. this reflects the fact that the expected progress on our goals for unemployment and inflation is likely to be gradual. the board's view is that it is appropriate to maintain the current setting of policy while this progress is made. thank you for listening. i look forward to your questions. 1 see the banking and finance oath website at < www. thebfo. org / home >. 2 the primary producers bank was wound up in 1931. the bank accounted for less than 0. 5 per cent of australian banks ’ deposits at the time, and the bank ’ s customers lost just 1. 25 per cent of their deposits. see fitz - gibbon b and m gizycki ( 2001 ), ‘ ahistory of last - resort lending and other support for troubled financial institutions in australia ’, rba research discussion paper no 2001 – 07. 11 / 11 bis central bankers'speeches

– into a digital future. since i served as a member of the european parliament for almost ten years, i know that collaborating and trying to find solutions in a european context is no “ walk in the park ”. but recent developments have clearly illustrated that our future can only lie in a strong, integrated and aligned europe. as robert schuman already said in 1950 : “ europe will not be made all at once, 4 / 5 bis central bankers'speeches or according to a single plan. it will be built through concrete achievements [ … ]. ” although a great deal has been accomplished in the past 70 years, european integration should continue with further concrete achievements and a digital euro would be such an achievement. thank you very much. 1 1. atlantic council cbdc tracker : www. atlanticcouncil. org / cbdctracker / 2 2. see e. g. pboc ( 2021 ) : progress of research & development of www. pbc. gov. cn / en / 3688110 / 3688172 / 4157443 / 4293696 / 2021071614584691871. pdf e - cny in china : 3 3. see e. g. the register : www. theregister. com / 2021 / 11 / 05 / digital _ yuan _ 140m _ wallets / 4 4. see e. g. t3n. de / news / wechat - china - digitaler - yuan - kryptowaehrung - nft - 1464906 / 5 5. see e. g. bis : www. bis. org / about / bisih / topics / cbdc / mcbdc _ bridge. htm 6 6. executive order on ensuring responsible development of digital assets | the white house 7 7. see www. dertreasurer. de / news / cash - management - zahlungsverkehr / siemens - und - jp - morgan - wollentreasury - automatisieren - 2022381 / 8 8. ecb press release from www. ecb. europa. eu / press / pr / date / 2022 / html / ecb. pr220330 ~ 309dbc7098. en. html march 2022 : 9 9. ec. europa. eu / info / consultations / finance - 2022 - digital - euro _
benjamin e diokno : sustainable solutions for southeast asia ’ s recovery opening remarks by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), for adb ’ s southeast asia development symposium ( seads ) 2022 “ sustainable solutions for southeast asia ’ s recovery ”, manila, 15 march 2022. * * * good day to all. i am honored to join you today for the southeast asia development symposium 2022. before the pandemic, the philippine economy grew at an average of 6. 4 percent annually. poverty incidence dropped from 23. 5 percent in 2015 to 16. 7 percent in 2018. while the pandemic may have set us back on some of our goals, i am confident that we are on our way to regaining our pre - pandemic growth trajectory. there are two things fueling my optimism : first is the continued confidence in the philippine economy. the country continues to have a favorable medium - term growth prospects based on the stable outlook affirmed by majority of major credit rating agencies. second, we didn ’ t sit idly by during the pandemic but pursued game - changing structural reforms, from amendments to the retail trade liberalization act, public service act, and foreign investments act. we are also pushing for amendments to the implementing rules and regulations ( irr ) of republic act no. 10000 or the agri - agra credit act of 2009, which allows banks to lend to more types of farming communities and classify more loans as compliant with the law ’ s quotas. we are positive that the senate and house will reach a consensus and ratify the bill once session resumes on may 2022. i am confident that, with these game - changing reforms, we can achieve real change in the lives of ordinary filipinos through more and better jobs and more competitive economy. also, our financial digitalization initiatives, under the digital payments transformation roadmap, are enabling better payments processes and financial inclusion. moreover, the philippine central bank ’ s policies on sustainable finance are harnessing the ability of banks to drive a more sustainable future. aided in part by the bsp ’ s measures, the economy is showing signs of solid recovery, as shown by the 5. 6 - percent gdp growth last year. this year, we expect the economy to grow by 7. 0 - 9. 0 percent. looking ahead, the philippine central bank is laying the foundation for

a better future for all filipinos. with our push for structural reforms, digitalization, and sustainability, we aim to see a philippine economy that is stronger, more technologically savvy, more inclusive, and more sustainable than ever. i ’ ll stop here. thank you and i look forward to hearing your insights. 1 / 1 bis central bankers'speeches
you for joining us today and good morning. 1 / 1 bis central bankers'speeches

response programs. in sum, the bsp has injected over php2. 2 trillion or approximately us $ 41. 9 billion into the financial system. this is equivalent to about 11. 2 percent of the gdp. and third, the bsp put in place key regulatory and operational relief measures for banks, which helped maintain the financial system ’ s stability and ensure the public ’ s continued access to financial services. as we transition from one administration to another, the central bank will continue to fulfill its mandate of ensuring sound macroeconomic management. on the whole, there are clear indications of continuity of key reforms under the new administration. as the economy recovers and gradually returns to normalcy, the bsp is mindful that the extraordinary measures will need to be scaled back. the timing and conditions of the bsp's exit strategy will be guided by the inflation and growth outlook over the medium term, the state of public health, and domestic and global risks to the economy. earlier, the bsp's provisional advances to the national government of p540 billion - or usd10. 3 billion - in 2020 and 2021 was reduced to p300 billion - or usd5. 7 billion in january 2022. today, the national government will fully settle these advances, ahead of the maturity schedule of june 11, 2022. unwinding the extraordinary measures was one of the messages highlighted during the imf - word bank spring meetings held last april. balancing the need to safeguard economic recovery and controlling inflation would be a key challenge for policymakers going forward. the balancing act requires a well - planned, well - calibrated, and well - communicated exit strategy to avoid causing substantial market volatility, reduce potential spillovers, and continue the recovery momentum. for the philippines, economic recovery came sooner than expected. the economy grew by 8. 3 percent in q1. we expect the economy to grow much faster in q2, making the growth target for this year of 7. 0 - 9. 0 percent doable. employment is nearing its pre - pandemic rate. the purchasing managers index hit 54. 3 in april, the highest in four years. in response, we have started the normalization process. yesterday, we raised the policy rate by 25 basis points to 2. 25 percent. we entered the pandemic with strong macroeconomic fundamentals. our healthy external accounts, marked by hefty gross international reserves, helped maintain relative order in the financial markets amid
with stress and scenario analyses. these simulate extreme market fluctuations and examine the impact of such fluctuations on the assets. scenarios that have an especially severe impact on the snb ’ s assets include a fall in the gold price and a depreciation of the dollar and euro. such scenarios show that serious losses could potentially be sustained. the volatility of the snb ’ s earnings therefore remains high despite the new investment universe. experience has shown, however, that major losses tend to even themselves out in the medium term, i. e. over a period of three to five years.

to conclude longer - term repo transactions on the one hand, and to purchase foreign currencies and swiss franc bonds on the other. by simultaneously intervening in the money, foreign exchange and capital markets when necessary, a strong and broad - based monetary policy impact can be generated, without leading to any major distortions in the markets concerned. allow me here to add a few remarks on our foreign currency and bond purchases. purchase of foreign currency the aim of our buying foreign currency is to prevent an appreciation of the swiss franc against the euro. this is the key component of our unconventional monetary policy. it is important to emphasise that we do not engage in foreign exchange interventions in order to bring about a depreciation of the swiss franc, but to prevent any further appreciation of the franc in its role as a safe haven currency. therefore, the reproach we occasionally hear that the snb ’ s policy is encouraging an international depreciation race is unjustified. a look at exchange rate movements shows a clear appreciation of the swiss franc during the course of the financial market crisis ( cf. chart 1 ). so there can be no question of the snb conducting a beggar - thy - neighbour policy. we give ourselves a great deal of latitude with regard to our foreign exchange interventions. there is no fixed threshold beyond which we become active ; we simply decide in accordance with the situation at hand. and markets should not become used to a certain level of intervention. we feel that this approach promises the highest possible impact, which in turn will allow us to phase out the strategy more easily when the time comes. furthermore, we do not comment on the volume of our foreign currency purchases. the purchases of foreign currency have fulfilled their purpose – and with these i am referring to our first unilateral interventions in the foreign exchange market since 1992. the appreciation of the swiss franc against the euro, which is particularly dangerous for the swiss real economy in this crisis, has been halted, and the volatility of the eur / chf exchange rate has eased considerably ( cf. chart 2 ). if necessary, we will continue to intervene in the foreign exchange market to prevent an appreciation of the swiss franc against the euro. the snb occupies a strong position in this regard. with interest rates at the zero bound and our policy of quantitative easing, we have an advantage over market participants who are expecting an appreciation of the swiss franc. for our interventions
##s. as i do not want to take much of your leisure time, i wish to conclude by thanking you, once again, for according me the opportunity to share my thoughts with you. to this end, i wish you all a merry christmas and profitable new year. please, have a pleasant evening! i thank you.

such as licensing, separation of life and non - life business and investment outside the country. i have similarly been told that the pension schemes regulation act of 1996 is equally deficient. to make matters worse, the zambian public has insufficient knowledge of insurance matters. in addition, the industry itself has failed to co - operate to enable it handle mega risks and stop the externalisation of insurance funds. unlike the bankers association of zambia ( baz ), whose existence and strength is cemented by the banks themselves, the insurance industry has a very loose arrangement about how it should promote a common front. there is neither a written nor binding memorandum of understanding among the insurance companies to foster cooperation on some of the thorny issues confronting the insurance industry today! however, i must acknowledge here, that there is an organisation called the insurers association of zambia ( iaz ), whose membership is compulsory but which may not be very strong in guiding its membership. ladies and gentlemen, from my observation, the insurance and pension industry in zambia is facing many challenges. these include : 1 ) amendments to the insurance act of 1997 and the pension schemes regulation act of 1996 so that laws and regulations that impose stricter corporate governance practices and structures in all institutions managing pension and insurance funds are introduced ; 2 ) the investment act must be harmonised with the insurance / pensions acts in such a way that all insurance companies formed or already formed must have local ownership / equity partnership. this would greatly contribute to minimising capital flight and huge repatriation of dividends ; 3 ) need for the establishment of a national re - insurance company to avoid capital flight ; 4 ) insurance companies need to harmonise their operations so that clients benefit from fair competition. in other words, data on operations for all insurance companies should be captured easily for planning purposes ; and 5 ) along the same lines, the insurance companies should focus on their core - insurance business, as this has the effect of reducing outflow of capital. if insurance companies had an avenue for co - operation amongst themselves, some arrangements to compensate for fore - gone income on ceded commission could be worked out under the co - insurance programme. in this regard, i call upon my counterparts at the pensions and insurance authority ( pia ) to strictly supervise the industry in order to ensure, among other things, the proper investment of the insured funds. on our part as the bank of zambia, we would like to assure you of our continued support, and our doors are open for consultation
generously shared your time in giving us accurate, comprehensive, and timely information with us, you have also served our country and our people. for this, we are grateful and we thank you. we do look forward to many more productive collaboration with all of you in the years to come. again, my warmest congratulations to all the awardees. mabuhay ang pilipinas! mabuhay po tayong lahat! magandang umaga at maraming salamat po sa inyong lahat!

looking and information - intensive approach. thus, it is imperative that the information and statistics we receive are comprehensive, timely, and accurate. we cannot overemphasize the importance of keeping prices stable ; this allows households and businesses to plan over a longer horizon and make informed decisions on consumption, investment, savings, and production. in case some of you are wondering how we have fared in terms of stabilizing prices. the answer is : with your help, we have done quite well. headline inflation has been on a downtrend, dropping from 3. 3 percent in may to 1. 5 percent year - on - year in june, the lowest in more than 22 years. our external accounts have also remained healthy, with a balance of payments surplus and a record - high gross international reserves of us $ 39. 6 billion. these are positive results from our collaboration. palakpakan po natin ito! today, we will also recognize the best commercial banks that facilitate the inflow, and reporting, of remittances from overseas filipino. we all know that this is a service that is important not only to overseas filipinos and their families but also to our economy. on the average, remittances represent 10 - 11 % of our gdp. therefore, let us also congratulate our banks that provide efficient and secure handling of over one billion dollars in monthly remittances from our overseas filipinos. palakpakan din po natin sila! we will also give special recognition to institutions that have given their unqualified support and cooperation for the bsp's economic and financial education program. let us also give them a round of applause! once again, on behalf of the bangko sentral, i thank all of our respondents and stakeholders who have been our faithful partners through these years. with your steadfast support, the bangko sentral will continue to craft and implement effective and responsive monetary and banking policies that will empower us and our partners to face up to the challenges that come our way. finally, let us keep in mind what the physicist albert einstein once said about information. he said … and i quote : " information is a source of learning. but unless it is organized, processed, and available to the right people in a format for decision making, it is a burden, not a benefit ". end of quote. ladies and gentlemen. as partners of the bangko sentral ng pilipinas who have