samchain/econo-pairs-v2 huggingface dataset:
international debt securities ( i. e. securities either issued outside the respective currency area or issued within the currency area and targeted at the international financial markets ), the euro account for a global share of 47 percent compared with a share of 37 percent for the us dollar. the euro's share has risen by 18 percentage points since january 1999. the high share of the international market compared to the size of the national segment reflects the high relative importance of the international financial markets for the euro ( see slide 13 ). the establishment of well functioning european government bond markets is an important contribution to the european single market supporting an efficient allocation of resources and economic growth. the contribution from the government bond market in the euro area should therefore not be underestimated.

he was. that was also fairly common. in 1917, my grandfather sold the market garden and bought a small house in skive. by then he was 70. those of you who are good at adding up numbers may be surprised to hear that my grandfather was that old. even though i am not exactly a page 2 of 9 spring chicken myself. but men in my family have been a bit slow to pass on their genes. my point is that my grandfather was convinced that there would be enough money for him and his family to live comfortably for the rest of their lives. he was wrong. wartime inflation eroded my grandfather's savings. every krone he had carefully saved up during a life of hard work lost more and more of its value. after his death, my grandmother had to let the best part of the house. and move into the attic herself. basically, it is the same story as in the years after the napoleonic wars. wartime inflation. lack of trust. uncertainty for ordinary people. building up confidence takes a long time. and it can be lost very quickly. * * * danmarks nationalbank's history is denmark's history. let me jump some decades forward in time. to the 1970s and early 1980s. when denmark was " heading towards an abyss ". i am so old that i was already an adult then. and when i look at you who are present today, i think that many of you also remember those times. high unemployment. large government budget deficits. escalating foreign debt. very fundamental problems. that could not be solved by means of devaluation. this was gradually acknowledged. 1982 was a turning point. poul schluter and henning christophersen were forming a government. and they issued a " joint statement " as they called it. the statement said – and i quote – " devaluation is not part of and will not be part of the economic policy pursued ". end of quote. page 3 of 9 in other words : they would conduct a fixed exchange rate policy. not everyone believed them. perhaps danmarks nationalbank didn't either. at least it is remarkable that danmarks nationalbank's report for that year mentions the fixed exchange rate policy only briefly, almost casually. i know that for certain. because i was the young economist who wrote the draft for the report of the board of governors. or rather, the first 27 drafts. that was how the process was then. but i may add
report to verkhovna rada of ukraine by nbu governor yakiv smolii 13 may 2020 12 : 16 dear chairman, dear parliamentarians! thank you for the opportunity to tell you how the nbu is helping the ukrainian economy overcome the consequences of the coronavirus pandemic. spoiler : successfully. the corona crisis is the first crisis in the history of ukraine with none of the following : bankruptcy of banks spike in inflation catastrophic decline in international reserves long lines near atms. unlike in previous crises, the banking system today is not a burden for the economy, but rather its lifeline. we are not saving the banking system – the banking system is saving the economy. all of this is the result of quick and effective actions by the nbu in response to the pandemic and quarantine measures. in doing so, we are keeping abreast with central banks in other emerging markets and the world ’ s leading economies. personally, it is very important for me that ukrainians have noticed and appreciated our efforts. public confidence in the nbu has more than doubled during the tense march – april period, according to data compiled by razumkov center. so, what exactly have we done to counter the crisis? our actions have been aimed at achieving four goals. the first has been to protect everyone ’ s health : people who actively use financial services and those who deal only with cash. the second goal has been to ensure the high - quality and uninterrupted operation of the financial system during the lockdown. the third goal has been to support the economy with available financial resources in this [UNK] time. the fourth has been to create conditions in which the economy will quickly return to growth after the quarantine has ended. and now, with two months of the quarantine behind us, i can say with confidence : we have succeeded! what is more, we did it without introducing any painful restrictions! we reacted very quickly. already on march 12, we lowered the key policy rate to support the economy as it made its way through the pandemic and quarantine. in april, we continued to reduce the key policy rate. overall, the key policy rate decreased from 11 % to 8 % in a matter of two months. this is the lowest key policy rate in the history of ukraine. the key policy rate is not words on paper, but a real tool the nbu uses to impact the cost of loans. we have

, whether the ukrainian economy falls by 5 % or by less is in the hands of all of us! thank you.
some parts of the euro area, these problems are compounded by a very restrictive credit supply of banks. these challenges cannot be overcome by monetary policy. all that central banks can do is to buy time – time for governments and parliaments to consolidate budgets, improve the functioning of product and labour markets and recapitalize banks. in safeguarding monetary and financial stability, central banks can pave the way for growth. but to actually get there, governments and parliaments must go down the route of implementing the required reforms. bis central bankers ’ speeches

area to safeguard overall economic stability, the benefits of pursuing a sound policy spill over to other areas as well. a virtuous circle of sound monetary, financial and fiscal policies is without doubt an enticing prospect, not only for the euro area, and i am confident this conference can enrich our understanding of how to make it happen. i wish us all an exciting conference. bis central bankers ’ speeches
##turn and markets. further volatility cannot be excluded, and thus the authorities must remain on alert. finally, inflation has recently fallen to the bank of mexico ’ s target. however, convergence to this objective must be consolidated so that it becomes a permanent phenomenon. bis central bankers ’ speeches

relative telecoms prices has deepened, and service providers have increased the variety of packages offered. in fact, competition between operators focuses increasingly on the speed and quality of data services provided through both fixed and mobile means. another encouraging sign is the interest of international players in the mexican market. 1 to turn to our second focus, the energy sector has also suffered from high prices and frequently, insufficient supply. crude oil production has been declining continuously since 2004. inadequate pipeline infrastructure has limited lower - price gas imports, as well as lower - cost, more efficient distribution. electricity prices in mexico remain well above those in its key trading partners. 2 behind these problems lie decades of state control, with little or no benefit from outside participation. the energy reform seeks to confront this reality by allowing private participation in virtually all aspects of the sector. this includes public bidding for oil and gas exploration and production contracts, and permits for production of oil products and petrochemicals, transport, storage, distribution, and sale of hydrocarbons and hydrocarbon products. also, permits are to be granted to generate and sell electric power, as well as import electricity using mexico ’ s national electric system. 3 the reform contemplates a wholesale market for the purchase and sale of electricity, with retail operations also possible. electricity transmission and distribution remain in the hands of the state, with the outsourcing of private contractors permitted. for an analysis of recent price developments in the telecom services sector, see banco de mexico ( 2015 ), informe trimestral, octubre - diciembre 2014, box 1, february. the negative impact of the inadequate infrastructure of the gas pipeline system is illustrated in banco de mexico ( 2013 ), inflation report, july – september 2013, box 2, november. the national electric system is mainly composed of the national transmission and general distribution networks, the power plants that deliver electricity to the national networks, and the equipment and facilities used to control the system itself. bis central bankers ’ speeches as to oil and gas exploration and extraction, four different types of contract are on offer, namely licenses, profit - sharing, production - sharing, and services. in the first three, private companies can register the value of the expected profits backed by the contracts on their books. in the wake of the so - called round zero in which pemex applied for certain fields and was allocated some of them, the first round of public bidding has begun. two auctions have been announced, one for exploration
, 2006 for the purpose of obtaining and providing credit information from / to the cic. 25. to conclude, let me say that the credit information business has played a significant role in improving credit offtake and management of credit risk by the credit institutions. an enormous responsibility has been cast on the four credit information companies to see that there is qualitative improvement in credit information. rbi would take suitable regulatory and supervisory measures to make the credit information system safe, efficient, reliable and customer - friendly. i once again thank cibil for providing me this opportunity to share my thoughts with all of you. 26. thank you! bis central bankers ’ speeches

elisabeta gjoni : role of money in wartime opening remarks by ms elisabeta gjoni, first deputy governor of the bank of albania, at the second conference of the museum of the bank of albania, tirana, 20 september 2018. * * * dear guests, participants, researchers, academics, numismatists, collectors, students, welcome to the bank of albania! it is a special pleasure for me to open the proceedings of the second conference of the museum of the bank of albania on “ role of money in wartime ”. the rich collection of coins and banknotes and other items exhibited in our museum becomes more meaningful when supported by the historic background of the period of the country of issue. the organisation of this conference, an annual one, contributes to the both the historic and educational role of the museum. this conference is also an excellent opportunity to share experiences with representatives of the main institutions of culture in albania and museums of central banks and other prominent foreign institutions in this field. i am happy to see in this room both old and new collaborators, whom we wish to be “ permanent consultants ” of the bank of albania. we aim to create and cultivate a solid and productive relationship with the best experts in numismatics, museology, cultural heritage and research. dear participants, today ’ s presentations will address the mutual, complicated and multi - dimensional relation between money and war. wars have had an impact on the economy and development of human kind from the birth of civilisations to modern times. meanwhile, in the words of the socrates, the greek philosopher, “ all wars are fought for money ”. we heard some good examples that illustrate this relation in last year ’ s conference. we heard from prof. picard about king monunius, who is known thanks to the respective coin. he had it minted for the sole purpose of raising a strong army, convinced that his might rested with the army. from prof. egro, we learned that mahmut pashe bushatlliu and ali pashe tepelena tried to introduce their coins and banknotes, independently from the ottoman empire, not for financial purposes but as a token of rebellion or an attempt to break away from the empire. later on, in ww1, we see the banknotes of the republic of korca, which are a rare phenomenon not only in terms of numismatics, but also a materialisation of the early issues as a result of the war
##s of issuing central bank digital currencies. 4 / 4 bis central bankers'speeches

sabine lautenschlager : looking ahead – closing remarks at the ecb forum on banking supervision closing remarks by ms sabine lautenschlager, member of the executive board of the european central bank, at the ssm banking supervision forum, frankfurt am main, 4 november 2015. * * * let me close this conference by making a few remarks on the political climate in which regulators and supervisors are working and which the previous panel discussed. and while today is certainly a day for celebration, i also want to mention one major challenge the ssm is facing in the years to come. in my view, we should fairly swiftly bring to a close the global reform agenda. after nearly a decade of regulatory reforms the public, the media and policy - makers are weary. regulatory fatigue is spreading ; the pendulum is swinging back from widespread pressures for regulation to a preference for lighter banking regulation and supervision. we therefore have to carefully channel what is left of the original momentum. i join those calling for an end to the development phase and a turn to the implementation phase of regulatory reforms. in this context, it will be key that we not only implement the many new rules and standards diligently ; it is even more important to actually use newly acquired supervisory instruments in a consistent and risk - oriented manner. we cannot allow the fatigue we are experiencing to lead to supervisory forbearance. turning now to the ssm, i would like to mention one challenge i am very concerned about. although many projects such as the work on harmonising options and national discretions are making good progress in reducing divergence, the ssm on its own is not sufficient to address the remaining fragmentation in the euro area banking system. the flexibility given to member states when implementing directives might result in a worst - case scenario consisting of 19 different national banking acts varying from a word - by - word transposition of european norms to national gold - plating. don ’ t misunderstand me : the transposition of directives into national law is the prerogative of national lawmakers. but as many directives define key supervisory powers, it is of utmost importance to agree on common key supervisory instruments that are available to the ssm. let me just provide one example. diverging national implementations of the brrd result in noticeable differences across countries. the ecb has to be sure that the distinct national requirements are met before it issues, for example, a “ failing or likely to fail ” verdict. for a “ single
has the courage to lead public opinion. politicians who have the confidence to explain to voters that a fully fledged european monetary union is not without an alternative, but that it is worthwhile – even if it ’ s proving difficult to get there. but once the idea and the reality of the euro are back in harmony, then eurosceptic voices will not find many listeners. i am convinced of this. bis central bankers ’ speeches

respective roles that einaudi himself and donato menichella, the then director - general of the bank of italy, played in devising the stabilisation plan. whatever the details, it is clear that einaudi, as governor of the bank of italy first, then as budget minister and deputy prime minister, took prime responsibility. even if he had not had any policymaking role, luigi einaudi would be remembered as a communicator and educator. in fact, his very success as a policymaker owes much to his clear, effective way of speaking to the general public, at a time when this was very unusual. his frank and direct style of communication, his choice of explaining, in plain language, policy decisions in a special final chapter of the bank ’ s annual report, were at the time a significant advance towards greater accountability of monetary policy. sixty years ago einaudi gave his last speech as the governor of the bank of italy. in the new italian democracy it was under his leadership that the bank of italy, already a well - respected institution, started shaping its special role in italy, unique among central banks, a role upheld by all of einaudi ’ s successors : that of a trusted, independent advisor to parliament, the government and the public opinion.
supervisory issues. i hope that the presentations that will take place today and tomorrow will stimulate and provide further ideas for the insurance community in further developing insurance markets and products in the gcc countries. all that remains is for me to wish you an interesting and productive forum, and to thank the organizers, once again, for putting on a stimulating program. thank you.

rasheed mohammed al maraj : development of the insurance business in bahrain address by his excellency rasheed mohammed al maraj, governor of the central bank of bahrain, at the sixth annual gulf insurance forum developing gcc insurance markets & products, manama, 4 november 2009. * * * distinguished guest, ladies and gentlemen, good morning. it is a pleasure for me to be here today to address the annual gulf insurance forum. now in its 6th year, the forum is clearly establishing itself as an important event in the insurance market calendar. i would like to commend the organizers, the co - ordination commission for gulf insurance and re - insurance companies and the bahrain insurance association ( bia ), for putting together a stimulating program, which will no doubt enrich the ongoing dialogue and debate on addressing key areas in the development of insurance markets and products in the gcc. i would also like to extend a warm welcome to the delegates and the many distinguished speakers for taking the time to contribute to this forum. i will keep my remarks brief and outline some of the highlights in the development of the insurance business in bahrain. despite the recent financial turmoil in the financial sector, the insurance market in bahrain has continued its double digit growth in both the conventional and takaful markets. following an annual increase of gross premiums of 34 % for the 2008 year end, we have seen a continuing growth trend for 2009 with a 9 % growth as of the end of june 2009 compared to the same period in the previous year. gross premiums for the takaful sector have increased 37 % to bd 18 million as of the end of june 2009. currently, takaful gross premiums account for almost 18 % of total premiums, up from 14 % a year ago. medical insurance as well as life insurance have also contributed significantly to this growth in overall premiums. however, while underwriting results have continued their positive trends, the insurance firms needs to closely monitor their returns on investment, in order to ensure that they will continue to meet their liquidity and financial obligations towards their policyholders. we at the cbb believes that sound insurance markets need to have appropriate regulatory framework, adequate accounting standards and a strong supervisory infrastructure, and proper corporate governance that should be long - term oriented focusing not only on shareholders returns, but also on protecting policyholders. there is also a clear and urgent need for better cooperation among supervisors on both a regional and global basis and a coordinated approach in several of
. i think it would be fair to say that there has been, as i said, a revolution led by innovation in the risk management field. not only have we identified, quantified and developed various models in risk management but we have also nurtured the aspect of risk management in a number of institutions all over the world. so i don ’ t see it as being an impossible task for economies. there are complications in its implementation where there are inherent weaknesses of different types. we all know that the world has suffered repeatedly from the accumulated huge portfolio of non - performing loans. and the non - performing loans would be a reality even if we were to absolutely eliminate the vested interests from the banking system which encourages willful default, a factor quite familiar to us. defaults are inevitable because of the conventional corporate risks as well as the business cycles that industries face. what is important in going forward is to be able to define and capture these risks effectively, and to appropriately weigh these risks and make effective provisions. it is really in this context that basel ii defines and lays the ground rules for risk management. banks all over the world have been more cautious in their credit appraisal and monitoring system and in assessing the gaps in their risk management systems. i think the most important factor in positioning ourselves effectively is education, which alone will help us to understand what the risk management architecture is all about. let me now talk briefly about the second item. the success of basel ii depends exclusively on the accuracy and reliability of good quality data. we need adoption of the international financial accounting and reporting systems. we need to assess the risks accurately. and there has to be intellectual honesty in reporting all this. besides the internal assessment of the reliability of information from a regulator ’ s point of view, the requisite comfort will be achieved only if an independent agency is able to do a due diligence of the company and its inherent risks. within pakistan there are only two credit rating agencies and i am not sure that with the universe that they capture, whether we are well positioned to go forward in even adopting the standardized approach effectively. in addition to the credit rating institutions, we need to exploit more effectively the role of the auditors of the borrowing entity. it has to be acknowledged that the data stream currently available is not fully comprehensive to serve our requirements. so it is not just about developing information flows ; it ’ s about changing the quality and the timely reporting of this data. another important aspect of reliability is

) the parties use delaying tactics due to which court cases linger on for years. the next date of hearing comes after months. the parties under adr cooperate and the matter can be resolved even before a week. finally, i thank ifc and kcdr for organizing the event which i believe will achieve its objective of disseminating adr knowledge and creating awareness. sbp will continue to play its due role for early resolution of banking disputes.