samchain/econo-pairs-v2 huggingface dataset:
fills a gap identified at the global level. although the esrb does not have direct binding powers, the effectiveness of its “ comply or explain ” mechanism builds upon the high reputation of the esrb ’ s members and the quality of its analysis. in its last meeting in june, the esrb underlined the threat to financial stability stemming from the interplay between the vulnerabilities of public finances in certain eu member states and the banking system, with potential contagion effects across the union and beyond. to ensure the resilience of the eu financial system and limit the potential for adverse spillovers, bis central bankers ’ speeches the esrb at the time also stated that backstop plans should exist, starting with resources from private markets and, if necessary, with public funds. as we also said at the time, we are furthermore working on specific issues such as fx lending, complex financial products and mismatches in the funding structure between various currencies. let me mention that we have our next esrb general board meeting next wednesday. basel iii implementation as regards basel iii, compared with basel ii, the new framework envisages higher minimum capital requirements, better risk capture, stricter definition of eligible capital elements and more transparency. these elements should substantially improve banks ’ capital position and loss absorbing capacity, thus enhancing the resilience of the financial sector. the new basel framework also introduces entirely new concepts, such as a non - risk - based leverage ratio and mandatory liquidity requirements. it has been agreed that these measures will be introduced gradually during a transition period. it is essential that prior to their introduction the potential impacts of these new elements on financial markets are carefully assessed to ensure that these measures do not hinder banks providing funding to the real economy. a major challenge ahead is the consistent and timely implementation of the basel iii framework. it is of the essence that we all adhere to the agreed timeline, ensuring that our banks have a strong capital base. only when implemented in a consistent manner across jurisdictions will the expected significant net social benefits, including reduced volatility of credit and gdp growth as well as the lower probability of occurrence of systemic crises, be achieved. to reap the benefits of the new framework, a consistent implementation of basel iii is essential. in this context, i welcome the european commission ’ s proposal on the implementation of basel iii in the eu, issued in july in the form of a fully - fledged capital requirements regulation. with this step, the eu has demonstrated

##ality associated with the functioning of global finance. i thank you for your attention.
end of september 2008. in addition, i have been asked to consider the inclusion of any matter that i feel should be brought to the minister ’ s attention which might help or inform the preparation of the terms of reference of the statutory inquiry. i intend to submit my report no later than the end of may 2010. i have assembled a small team of experts to help me prepare this report. ( if the members of the committee are interested, i can furnish them with particulars of the staff helping me in this work ). already in train is an examination of the most relevant files, beginning with the documents prepared both for the regulatory authority and for the board of the central bank, and drilling down from these to trace the pattern of work of the relevant units. following this it is intended to interview a number of officials of the regulator and the bank who were intimately involved over the period under examination. i also intend to discuss the key issues with members of both the regulatory authority and the board of the bank. i met with mr regling and mr watson last week and we agreed to cooperate as our parallel work proceeds. this cooperation is to ensure that there is no overlap and duplication of work in our respective reports. my team will be meeting mr regling and mr watson later this week. it might be considered surprising that it falls to me to enquire into my own organisation. obviously any surprise will be tempered by the consideration that i am in place for less than six months. still, it is not the easiest of balancing acts to ensure that i find out what needs to be known, without damaging the functioning of the organisation. nevertheless i am confident that i can do the job effectively, and it is on that basis that i agreed to the minister ’ s request. i have begun this task with a presumption that the situation that has emerged in our banking system does reflect a failure of the regulatory system. however, i would like to stress that the organisation which i lead, the central bank and financial services authority of ireland, has over the years delivered a wide range of key services to the irish economy, including consumer protection, consumer information, effective electronic payments systems, avoidance of excessive inflation as part of its eurosystem objectives, the supply of liquidity to the banking sector, and the production and issuance of bank notes and coins, to mention just a few, none of which is called into question by the terms of reference of this report. when i last appeared before an

oireachtas committee in december, i said that “ we understand some of what happened, but some of it is still hard to understand ”. we are already putting in place new procedures and arrangements that take account of what we have learnt to date. i hope that my report can help develop that understanding further and help us all emerge from our current difficulties with a degree of restored confidence.
of a back seat over the past two decades in both our countries : but they are essential for both lowering inflation and increasing growth in europe. in addition to major adaptations of our production systems, they require very significant investments – of around 2. 5 % of gdp 2030 in france ( eur 70 billion in 2021 constant euro ) for the climate transition, according to jean pisani - ferry, 3 to be financed essentially by the private sector. it is in this sense that joachim nagel and i have just published a joint appeal : a " political accelerator " is needed for the capital markets union ( cmu ), so that the new action plan established in 2020 can at long last transform europe into a genuine single financing market. further integration would contribute to preserving our financial stability through different channels : geographical diversification of our funding sources to better absorb external economic shocks, and increased equity funding. european venture capital is to be boosted, in order to provide european startups with the funds that they otherwise seek from the united states. more generally, it is the capital markets union and the banking union that must now make progress, and progress together, because they are complementary and offer synergies. 4 while we are working together seriously to achieve a " green deal ", we must also do so to establish a " green financing union " : the latter is a prerequisite for the former, and is not just a matter of financial technicalities. i will conclude by quoting konrad adenauer, who was chancellor from 1949 to 1963 : " if two people always have the same opinion, both are of no use ". 5 the franco - german couple ( or engine ) has always been the driver for finding common ground from positions that were often initially at odds. these very disagreements are what makes this relationship valuable, and also provide it with its potential for momentum. in this current, severe crisis, it is up to us to revive it and help europe get back on track. thank you for your attention. 3 / 4 bis - central bankers'speeches 1 support to mitigate unemployment risks in an emergency 2 update on business conditions, published on 9 november 2022 by the banque de france. these aggregate figures weigh each of the three sectors ( market services, industry and construction ) following their importance in global added value. 3 pisani - ferry, j., mahfouz, s., l'action climatique : un enjeu macroeconomique, november 2022

accepted and adopted by the global financial services industry as a gold standard. with this, let me congratulate the board of fspb with this launch. in taking this important initiative forward it is necessary for fspb to reflect the business needs of the financial services industry whilst balancing the interests of the community that the industry serves. bank negara malaysia and the securities commission malaysia will continue to be committed in supporting this important agenda of the financial services industry. bis central bankers ’ speeches
if an “ inner circle ” were to emerge inside the eu, finland would be part of it. so, finland joined the erm in october 1996, and introduced the euro in 1999. what has our experience been over the ten years? to what extent have the fears or the benefits materialised? interestingly, many of the asymmetric shocks feared by the opponents to finland's adoption of the euro have already materialised over this relatively short period. the ict industry experienced a strong boom - bust cycle around the turn of the century. in finland the downturn of the cycle was reflected more in growth expectations and asset prices than in production quantities. the helsinki stock exchange price index, which is dominated by the ict industry, tripled between early 1999 and early 2000, compared with an increase of dj euro stoxx of about 50 % over the same period. thereafter, both indices fell. by early 2003 the helsinki index was about 75 % below its peak, compared to about 60 % for the dj euro stoxx. also finland saw large fluctuations in its exchange rates. the exchange rate of the euro visa - vis the dollar first depreciated nearly 30 % and then appreciated by 50 %. contrary to the emu opponents'expectations, neither the positive external shock experienced at the turn of the century nor the initial depreciation of the euro served to push finland's economy into an inflationary spiral. and later on, the finnish economy was also able to weather the recession of the ict industry and the appreciation of the euro relatively painlessly. the finnish inflation rate, which was brought under control during the inflation - targeting regime before joining the emu, has remained modest. on average, since 2000, finnish inflation has been within the range of the ecb's definition for price stability and below the euro area average. the gdp growth in finland has fluctuated more or less in tandem with the euro area, but the average rate of growth has been about one percentage point higher in finland than in the euro area. throughout these years, and until very recently, unemployment continued along a steadily declining path. why have the asymmetries manifested themselves in such a subdued manner? no doubt part of it was luck. the effects of these asymmetric shocks were, to some extent, mitigated by other coincident factors, such as the success of finnish exporters on the growing chinese market. but i believe structural factors have also been significant, and the euro has

so perhaps this should be seen as an interim report. but, given the quite varying challenges thrown at us by this decade, our ride could have been a good deal bumpier. so, at least, i think this qualifies as a good start.
paul jenkins : impact of exchange rate movements on the canadian economy opening statement by mr paul jenkins, senior deputy governor of the bank of canada, to the house of commons standing committee on industry, science and technology, ottawa, 30 january 2008. * * * thanks very much, mr. chairman. i'm pleased to be here with you today and hope to help your committee as it examines the impact of exchange rate movements on the canadian economy. with me is john murray, who was recently appointed as a deputy governor and member of the bank of canada's governing council. to begin, as a little background i would like to quickly review the framework within which we conduct canada's monetary policy. the bank of canada act calls on us to mitigate " fluctuations in the general level of production, trade, prices and employment, so far as may be possible within the scope of monetary action, and generally to promote the economic and financial welfare of canada. " over time, we have learned that the best way to fulfill this mandate is to keep inflation low, stable, and predictable. specifically, that means we aim to keep the annual rate of inflation, as measured by the consumer price index, at 2 per cent. to keep inflation on target, we aim for a balance between total demand and total supply in the economy. by maintaining low and stable inflation, our monetary policy helps to keep the economy operating at full capacity and promotes greater stability in economic output. this is crucial in helping the economy to adjust to changing economic circumstances. now, what does all of this have to do with the exchange rate? well, the exchange rate of the canadian dollar is a key element of our monetary policy framework. without a floating exchange rate, we would not have the ability to conduct an independent monetary policy appropriate to our domestic situation. this means that we do not have a target for the canadian dollar. but the exchange rate is an important relative price in our economy and we pay very close attention to its movements. movements in the exchange rate influence the levels of imports and exports, which can help to keep total demand and supply in balance, and have a direct influence on price levels in our economy. further, exchange rate movements act as a signal to shift resources into sectors where demand is strongest. our floating exchange rate helps to facilitate that process. that said, we recognize that these types of adjustment can be, and have been, difficult for some sectors and regions of the country. when the canadian dollar rises or falls

4 per cent. in line with the bank's outlook, further monetary stimulus is likely to be required in the near term to keep aggregate supply and demand in balance, and to return inflation to target over the medium term. with that, mr. chairman, john and i would now be happy to take your questions.
/ 2012 / 05 / asean _ stats _ leaflet2016 _ web. pdf 4 asean investment report 2015 ; infrastructure investment and connectivity, asean secretariat and unctad ( page 65 ) http : / / asean. org / storage / 2016 / 09 / asean - investment - report - 2015. pdf in addition, potential growth is hampered by ageing population and large debt overhang. according to united nations ’ world population ageing report5, the number of people aged 60 years or over is projected to increase by 56 % by 2030. on top of that, debt overhang has undermined private investment and consumption. these conditions could dampen demand and threaten long - term economic growth. along with these challenges, movements towards protectionism and geo - political uncertainties could trigger adverse shocks to the global economy. against this backdrop, we also face profound changes in technology. while technology advancement is needed to improve productivity and our standard of living, its unprecedented speed of change could be disruptive for incumbents in many industries ranging from taxi services to financial services. in the area of exchanges, we see changes in exchange and brokerage business models, the emergence of algorithmic trading, alternative trading, and robo - advisor. distributed ledger technology ( dlt ) could potentially transform payment, settlement and custodial services. we should be mindful that technology advancements also bring along new forms of risks to the financial system ranging from cyber risks to strategic risks of existing business models. ladies and gentlemen, these circumstances pose challenges not only for regulators but also players in the financial market. to ensure that our financial system serves our economy and society well in the vuca world, i believe that there are three imperatives we must focus on. these are ( 1 ) productivity, ( 2 ) immunity, and ( 3 ) inclusivity. allow me to highlight some initiatives that have been implemented to advance these objectives in thailand. first, on the productivity front, we are committed to supporting the use of technology for greater productivity. digitization will help enhance efficiency in financial services. there has been remarkable progress in the electronic payment ecosystem. for instance, our promptpay, which was launched early this year, is among the most efficient faster payment systems in the region. last week, we launched the standardised qr code for payment services. this was the world - first collaboration from the five major global credit card service providers. these payment platforms and standards will improve convenience and efficiency, and provide foundation for

, i strongly urge the audience to ask questions and air your thoughts and / or concerns to the fullest extent possible. your active participation will help us central banks improve our conduct of monetary policy. after all, as boe governor mervyn king puts it, “ inflation targeting is a framework designed for a world of learning. ” thank you for your attention.
through better co - ordination and collaboration will emerge stronger. thank you. references : www. nkibrics. ru / system / brics /... / brics _ and _ the _ global _ economy. pdf brics and the global economy, dr bandi ram prasad, financial technologies knowledge management. brics insight paper 2, new south - south co - operation and the brics new development bank, by zhu jiejin. the role of emerging markets in a new global partnership for growth, by christine lagarde, managing director, international monetary fund, university of maryland, february 4, 2016. brics joint statistical publication 2015. south africa in brics, www. brics5. co. za /. www. ndbbrics. org. statement of the monetary policy committee, 19 may 2016. world bank global economic prospects 2016. bis central bankers ’ speeches

the south african economy will always be affected considerably by developments in the rest of the world. any weakness in the us dollar or any of the other major currencies will affect the exchange rate of the rand. our focus can therefore only be to develop an environment favouring greater stability. monetary policy will continue to focus on the objective of price stability. fortunately the world economic outlook has recently improved considerably, which should assist in attaining higher domestic economic growth. in addition, the outlook for inflation looks good. thank you.
the country ’ s productive capacity. consumer spending is low, primarily due to households ’ uncertainties about the future, but also due to their slowing income. the two other aggregate demand components also show limited ability in providing stable economic growth impulses : public spending is limited, due to lack of fiscal room because of a higher public debt, while albania ’ s exports suffer the sluggish demand from the international markets and the low degree of diversification. finally, business investments are downward, reflecting businesses ’ restricted room for boosting their sales and banks ’ tighter lending standards. bis central bankers ’ speeches the economy is a complex and interdependent mechanism. all the afore - mentioned factors have led to a sluggish labour market and elevated pressures on public finances. they have also increased vulnerabilities to many businesses and the non - performing loans in the banking system. in bank of albania ’ s opinion, this situation requires pursuit of stimulating macroeconomic policies. economic theory and practice suggest that the maintenance of macroeconomic balances is a prerequisite to pursue these policies. i have reiterated that these balances do exist in the albanian economy. they constitute a strong point for its future outlook. inflationary pressures remain weak, external balances of the economy are improving and the albanian financial system is healthy. but the macroeconomic balances should be maintained and further strengthened in the future. this objective is a preliminary filter and every macroeconomic incentive should pass through it. every macroeconomic stimulus should also consider another vital equilibrium : that of financial stability in the country, otherwise it is at risk of becoming unproductive. the global crisis has significantly elevated a country ’ s exposure to risks related to financial stability. therefore, this equilibrium should remain a constant priority and in concert with stimulating development policies. the healthier we are financially, the broader the spaces available to stimulate the development of the country. having said the above and availing myself of the presence of the three main stakeholders responsible for designing and implementing the macroeconomic policies, let me now share with you bank of albania ’ s opinion about promoting the country ’ s development in the short term. the bank of albania, being an independent institution, responsible for the monetary policy and for the supervision and regulation of the banking system, has taken concrete actions to boost demand in the economy. we have lowered the key interest rate to record lows and are considering other spaces available in this regard. we have also supplied the banking system with the liquidity needed

let's do that with hope - the thing with feathers. thank you. 3 / 3 bis - central bankers'speeches
resilient one. with these words, i now declare the green ribbon campaign week open and wish you great success. thank you.

ministerial approval has been sought for the reserve bank to supervise fiji ’ s credit unions and we envisage that this will develop them into prudentially sound entities. we have also sought technical assistance from the international monetary fund to review the fiji credit union act. this will establish the requisite governance and policy framework. we are hoping that this engagement will take place soon and we will work closely with all credit union stakeholders in drafting a modern legislation. furthermore, a 10 - year financial sector development plan for fiji is currently being drafted by the reserve bank after wide consultation. i am pleased to announce that the plan contains strategies aimed at removing barriers to development and growing non - bank financial institutions, which includes credit unions. the plan will be implemented from 2015. in 2015, the reserve bank in partnership with the government and relevant stakeholders will formulate a new financial inclusion strategy for fiji. credit unions will be consulted and will bis central bankers ’ speeches play an important role in this agenda given your role in providing access to affordable financial products and services for fijians. this is an exciting time for the pacific as we establish closer economic relations and have seen positive growth for consecutive periods. the reserve bank believes that this is a crucial time for our financial sector stakeholders to support the real sector in this journey. therefore, we are committed to strengthening our collaboration with credit unions and we encourage our regional counterparts to consider the same. conclusion ladies and gentlemen, i trust that everyone has had an enjoyable and fruitful congress. i hope that your interaction does not end here and encourage you to forge close domestic and regional collaboration amongst yourselves and with government ministries and regulators, to accelerate growth. i hope those of you who are visiting fiji have had a wonderful stay and that our hospitality will always be something to remember. we may be known as the “ flying fijians ” in the rugby arena, but we pride ourselves in being the “ friendly fijians ” as well! in fact our tourism slogan is “ fiji, where happiness finds you! ” in closing, i wish you all a safe trip back home. i also wish you all the success in your credit union developments and hope to see you all back in fiji in the near future. vinaka vakalevu. bis central bankers ’ speeches