samchain/econo-pairs-v2 huggingface dataset:
and enter international markets. reaping the harvest 3 / 4 bis - central bankers'speeches the collaboration with the qianhai authority is just the first step in our blueprint for collaborating with wider gba stakeholders. a special thanks to the qianhai authority and ms helen wen for jointly exploring this collaboration opportunity. we are committed to closer collaboration to further promote fintech development in the gba for sustainable development. more fintech - related initiatives will be undertaken in the future, such as training sessions and new editions of the finetech series, further exploring the cross - border fintech and financial cooperation between not only hong kong and qianhai, but also other cities in the gba. with hong kong as a catalyst for the gba fintech ecosystem, we are reaping the harvest by converting " uncertainty ", " unavailability " and " unawareness " into " certainty ", " availability " and " awareness ", fostering mutual growth in both " fin " and " tech ". all in all, the role of hong kong as a catalyst is indispensable – not only to drive innovation and development in the gba fintech ecosystem, but also to serve as a launchpad for fintech solutions that have the potential to reshape the global financial landscape. the hkma will continue to play its part in lowering any " activation barriers " that may impede innovation or adoption. let us work together to build a more vibrant and connected financial ecosystem. 4 / 4 bis - central bankers'speeches

ability of the exchange fund to repay this debt. at this time, the exchange fund notes also attract a yield higher than that for us dollar treasury securities of corresponding maturity. interest income from holding the exchange fund notes will be exempt from profits tax and trading in the paper will be exempt from stamp duty. the stock exchange has also offered to lower the brokerage commission on these products. for a community that has always had a keen and very wide participation in the stock market, the convenience of being able to buy and sell the notes on these terms, through the brokers on the exchange, speaks for itself. so much for the advertisement. may i conclude by extending my warmest congratulations to all of those involved in taking forward this important project. i hope that this project will prove to be a success and i look forward to further cooperation in the future with all who have an interest in developing the debt market in hong kong and in the region as a whole.
amando m tetangco, jr : the ing - finex search for cfo of the year award – a search for inspiring leadership speech by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the launching of the ing - finex search for cfo of the year award, makati, 10 july 2007. * * * good evening ladies and gentlemen. i am pleased to be here at the launching of the ingfinex search for cfo of the year. it is a matter of public knowledge that the philippines breeds world - class finance executives. through their vision and leadership in financial management, they create wealth for their institutions and stakeholders. this award program therefore will identify role models who can inspire and motivate financial executives to do better. in the process, we can look forward to generating an even wider pool of dynamic, internationally competitive and highly ethical chief financial officers in our country. for an institution such as the bangko sentral ng pilipinas which fosters the development of a dynamic, professional and healthy financial system for sustained economic growth the launching of the cfo of the year award is welcome news indeed. ladies and gentlemen. the magazine institutional investor said there is now growing appreciation for cfos who transcend the traditional number - crunching, cost - controlling role and embrace responsibility for improving operations, driving revenue growth and executing big acquisitions. cfos more and more have been called on to analyze the potential risks and returns of strategic decisions so companies can avoid critical mistakes. and as companies have sought to become leaner and less centralized, many have eliminated the position of chief operating officer, opening the door for cfos to assume some of these critical responsibilities. this is no small matter. it is time therefore that we honor the best cfos in our midst. on behalf of the bangko sentral therefore, i congratulate the organizers of this program : finex, ing, the aim - gov. jose b. fernandez jr. centre for banking & finance, iafei, the cfa society of the philippines. let us give them a big hand! let us also thank the media groups who share our belief in the significance of this award program, in alphabetical order now : anc business channel of the abs - cbn group, business world, philippine daily inquirer and philippine star. personally, i am already looking forward to meeting the first awardee

of the ing - finex cfo of the year! who will it be? is she or he in this room? a member of finex or not? let ’ s wait and see. again, congratulations to finex and ing! thank you all and good evening. mabuhay po ang bansang pilipinas!
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ben s bernanke : us monetary policy and international implications speech by mr ben s bernanke, chairman of the board of governors of the federal reserve system, at a high - level seminar “ challenges of the global financial system : risks and governance under evolving globalization ”, sponsored by the bank of japan and the international monetary fund, tokyo, 14 october 2012. * * * thank you. it is a pleasure to be here. this morning i will first briefly review the u. s. and global economic outlook. i will then discuss the basic rationale underlying the federal reserve ’ s recent policy decisions and place these actions in an international context. u. s. and global outlook the u. s. economy has faced significant headwinds, and, although the economy has been expanding since mid - 2009, the pace of our recovery has been frustratingly slow. the headwinds include the effects of deleveraging by households, the still - weak u. s. housing market, tight credit conditions in some sectors, spillovers from the situation in europe, fiscal contraction at all levels of government, and concerns about the medium - term u. s. fiscal outlook. in this environment, households and businesses have been quite cautious in increasing spending. accordingly, the pace of economic growth has been insufficient to support significant improvement in the job market ; indeed, the unemployment rate, at 7. 8 percent, is well above what we judge to be its long - run normal level. with large and persistent margins of resource slack, u. s. inflation has generally been subdued despite periodic fluctuations in commodity prices. consumer price inflation is running somewhat below the federal reserve ’ s 2 percent longer - run objective, and survey - and market - based measures of longer - term inflation expectations have remained well anchored. the global economic outlook also presents many challenges, as you know. fiscal and financial strains have pushed europe back into recession. japan ’ s economy is recovering from last year ’ s tragic earthquake and tsunami, and it continues to struggle with deflation and persistent weak demand. and in the emerging market economies, the rapid snap - back from the global financial crisis has given way to slower growth in the face of weak export demand from the advanced economies. the soft tone of global activity is yet another headwind for the u. s. economy. looking ahead, economic projections of federal open market committee ( fomc ) participants prepared for the committee ’ s september meeting called for the economic recovery to proceed at a
, we look forward to the pdic and the bsp being able to address examination findings and violations with expediency … especially those involving unsafe and unsound banking activities. this is consistent with the thrust of the bsp and the pdic to promote and strengthen good governance practices in supervised banks to ensure the stability of the banking system at all times. we look forward therefore to exploring new projects and expanding existing initiatives with the pdic to realize our shared goal of delivering a better quality of life to filipinos through a sound and responsive banking system. mabuhay ang bsp at ang pdic! mabuhay ang ating mahal na bansang pilipinas! maraming salamat sa inyong lahat! bis central bankers ’ speeches

the utmost importance that the nextgenerationeu plan becomes operational without delay, as it would allow member states to restart their economies, enhance their resilience and foster innovation. looking ahead, we need to build solid foundations for robust and resilient economic growth, combining national priorities with eu objectives. moreover, completing the banking union and deepening the capital markets union are the best policy tools we have at our disposal to ensure that the eu financial sector is conducive to fostering long - term growth and that it embraces all the opportunities offered by the digital transformation and the transition to green technologies. thank you for listening. i now stand ready to answer your questions. 1 ecb annual report 2020. 2 feedback on the input provided by the european parliament as part of its resolution on the ecb annual report 2019. 3 specifically, ecb banking supervision allowed banks to temporarily operate below the level of capital defined by pillar 2 guidance and the combined buffer requirement and recommended that banks refrain from making dividend payments and share buy - backs. on the macroprudential side, several national authorities either announced a full release of countercyclical capital buffers or revoked previously announced increases to these and other buffers. 3 / 3 bis central bankers'speeches
for questions. bis central bankers ’ speeches

interest rates. in the us, core pce inflation fell back below the fomc ’ s 2 % target earlier this year. in the euro area, core inflation has been hovering around 1 % for much of the past five years. for both economies, market measures of long - term inflation expectations have drifted down over the past year ( chart 10 ). persistent low inflation could signal that the equilibrium interest rate – the rate consistent with inflation at target and the economy operating at full capacity – is lower than currently assessed, and therefore the stance of monetary policy is tighter than intended. here again, trade tensions and wider economic policy uncertainties are relevant as both could reduce the equilibrium interest rate. 11 if so, that monetary policy space could be more limited in some jurisdictions, increasing the desirability that fiscal policy supplement it if a downturn materialises. chart 10 : market measures of long - term inflation expectations drifting down in us and euro area per cent 3. 0 per cent 4. 0 uk adjusted ( lhs ) 3. 8 uk ( lhs ) 3. 6 2. 8 2. 6 3. 4 2. 4 3. 2 2. 2 3. 0 euro area ( rhs ) 2. 8 us ( rhs ) 2. 0 1. 8 2. 6 1. 6 2. 4 1. 4 2. 2 1. 2 2. 0 jul. 16 1. 0 jan. 17 jul. 17 jan. 18 jul. 18 jan. 19 sources : bloomberg finance l. p., and bank calculations. notes : the chart shows 5 - year inflation 5 years ahead. the uk series has been adjusted higher to account for the fall in inflation swap rates that took place on 17 january following publication of the house of lords economic affairs committee inquiry into the use of rpi. see ‘ real interest rates and risk ’, speech by gertjan vlieghe at the society of business economists ’ annual conference, 15 september 2017. all speeches are available online at www. bankofengland. co. uk / news / speeches global developments, brexit and uk monetary policy now consider the implications of global developments for the outlook for uk inflation and growth unlike many other jurisdictions, inflation in the uk is currently at the mpc ’ s 2 % target, the labour market remains tight with wages and unit labour costs growing at target - consistent rates, and inflation expectations of uk households and businesses remain well - anchored. the uk outlook also continues to
the prospects for more balanced global growth and shared prosperity among the ummah, insyaallah. thank you. 5 / 5

the notion of additionalities is not new, their link to how the development institutions are managed and governed remains generally weak. as a result, their important contributions are often not translated into tangible outcomes that are seen and felt by the stakeholders and the public at large. this leads me to my second point. traditionally the achievements of development institutions have always been measured predominantly by the volume of financing provided to the targeted sectors. there are several reasons for this. non - financial development additionalities are harder to quantify the cause and effects are also not always clear. as such, more effort and investments are required to collect the data for measuring socio - economic and development outcomes that are associated with such programmes. however, this must not hold back efforts for us to do better. they are a major channel for directing development, both at an international and domestic level. it is therefore, imperative that there is confidence in the effective and efficient use of funding aid to achieve the intended development goals. providing this confidence can be enhanced by creating a broader and robust mechanism to measure performance. performance measurement systems that accord greater quantification of development impacts will strengthen accountability frameworks, with many attendant benefits. it will further reinforce the government ’ s developmental agenda. it will provide a mechanism to address market failures. it will ensure that funds are allocated to the right sectors within the economy. effectively done, it 2 / 4 bis central bankers'speeches will increase the development financial institution ’ s credibility, reputation and potential as key players in advancing socio - economic development. in malaysia, we are encouraging these institutions to improve performance measurement frameworks to better capture the development impact of business activities. a number of them are already implementing frameworks to provide broader performance measures for value - based intermediation activities ( vbi ) which focus on the impact on the economy, community and environment. of particular importance, they need to measure granular outcomes such as creation of good paying jobs and expansion of capacity and capability. another commendable example is the performance measures published by the industrial development corporation of south africa ( idc ), which linked its activities to the creation of more than 340, 000 jobs in the economy between 2013 to 2017. out of this, 10 % were based in rural areas. approximately usd3. 3 billion of idc ’ s financing - related activities could also be traced to the specific economic empowerment of targeted groups such as youth and women. cultivate a strong culture of innovation within to increase value - add and catalyse
and put in place cohesive reforms to safeguard the philippine financial system from the impact of climate change and other environment and social risks. indeed, the financial sector holds a unique position in advancing the sustainability agenda. clearly, we can no longer afford to ignore climate change or sustainability issues as a governance priority. by deciding to finance sustainable projects, you create more value for the company ’ s stakeholders while preserving the environment and humanity. the current covid - 19 pandemic also offers a window of opportunity for re - shaping the industry ’ s 3 / 4 bis central bankers'speeches future. let ’ s not put this crisis to waste and build a climate - resilient, green, and sustainable economy. thank you and good afternoon! 4 / 4 bis central bankers'speeches

is improved significantly with the use of nickel - plated steel. the coins are also more resistant to discoloration, corrosion, and everyday wear and tear. mr. president, ladies and gentlemen, the bsp is honored to discharge its mandate to maintain currency integrity, to further promote public trust and confidence in philippine currency. we respectfully present these banknotes and coins. thank you. now, we have a short avp on the ngc coin series. 1 / 1 bis central bankers'speeches
central bankers ’ speeches enough confidence that we can attract the participation of foreign investors into our markets for the sustainable developments of our economies and region. i look forward to an even greater success in the next 10 years. thank you for your kind attention. bis central bankers ’ speeches

##s business activities and risk appetite in order to provide an adequate internal control system to monitor and mitigate risks. risk - based supervision represents yet another endeavor to tackle the effectiveness of risk management of financial institutions as transaction testing may no longer be an effective approach to examine the ever - more complex financial institutions of today. i must therefore, commend apec for this initiative in bringing together bank supervisors across countries within the asia and the pacific region to learn and to share views and wisdom on this very important topic. it is my hope that all of you would take this opportunity to learn as much as possible from our highly experienced and knowledgeable speakers as well as from one another on the key issues relating to credit risks, but most importantly to reinforce supervision standards in order to enhance financial stability under your jurisdiction. ladies and gentlemen, i am pleased to declare open the apec financial regulators training initiative regional program on credit risk analysis. i wish you every success and a pleasant stay in bangkok. thank you.
monetary developments continue to be fostered by portfolio shifts, reflecting a sustained preference on the part of investors for liquid and secure assets in an environment of high uncertainty. however, the low level of interest rates has also contributed to strong monetary growth. when interpreting monetary trends, particular account needs to be taken of the portfolio shifts towards increased demand for monetary assets for precautionary reasons. the reduction in geopolitical tensions should support an unwinding of these portfolio shifts. a reversal in monetary trends would in any case dampen the concerns regarding the medium to long - term implications of recent monetary dynamics. as a consequence, monetary developments will continue to be monitored closely. overall, it currently appears that inflation rates should decline to below 2 % over the medium term, in particular given the outlook for economic activity and the significant appreciation of the euro. it also appears that the strong expansion of m3 should not adversely affect this outlook, as portfolio shifts have played a prominent role ; in particular, the build up of liquidity should not translate into inflationary pressure as long as economic growth remains modest. hence, cross - checking the information from the two pillars leads us to conclude that the risks to price stability over the medium term remain limited. regarding fiscal policy, developments in 2002 were generally not satisfactory. in particular, countries that had not achieved sound fiscal positions in earlier years when the economic conditions were more favourable are now struggling to keep their budgets under control. looking ahead, it is crucial to underpin the fiscal policy framework with decisive action, strong peer pressure and consistent implementation of the rules of the treaty and of the stability and growth pact. countries should maintain budgetary positions close to balance or in surplus over the cycle, and, where this is not yet the case, take the required structural consolidation measures. this also creates the necessary room for the operation of automatic stabilisers. at the same time, governments are advised to place the emphasis on growth - oriented consolidation policies that strengthen the productive forces of the economy. by strengthening confidence, a credible medium - term fiscal consolidation strategy will also support economic growth in the short term. finally, structural reforms are essential to increase the euro area ’ s growth potential and enhance its ability to better withstand external shocks. indeed, such reforms, which should aim to reduce rigidities in labour and goods markets, could significantly strengthen the degree of resilience of economic activity to such shocks, both in the euro area as a whole and in its regions. renewed momentum in the process

of structural reform will be important to foster consumer and investor confidence in medium and long - term growth and employment opportunities in the euro area. this, in turn, should also have a positive short - term effect on spending and investment decisions in the euro area. we are now at your disposal for questions.
- owned enterprises. this, however, was still not enough. the vulnerability of the maltese economy was exposed in 2001 by the mounting competitive pressures from emerging economies and by two major external shocks, the bursting of the dot. com bubble and the events of 9 / 11, which together had an adverse impact on the manufacturing and tourism sectors. by the time malta was about to join the eu, the economy was emerging from a period of stagnation, with a widening output gap, a slow pace of productivity growth and a large current account deficit. in addition, while the government planned to reduce the budget deficit from almost 10 % of gdp in 2003 to below 3 % by 2006, an adjustment of that regional economic integration : the options for malta, speech delivered at the annual dinner of the malta institute of financial services on 7 november 2002. magnitude clearly presented considerable risks, not least because some fiscal tightening was already under way. the unemployment rate, for example, was edging upwards, partly in response to the ongoing restructuring process and the further liberalization of markets ahead of eu accession. in these circumstances it soon became evident that the advantages of the single market needed to be complemented by those of monetary union. the central bank of malta was an early advocate of this objective, particularly because of the greater stability and policy credibility that it promised. from the bank ’ s perspective a key advantage was the elimination of the risks inherent in managing a small, vulnerable currency. the irrevocable fixing of the exchange rate and the macroeconomic policy discipline of emu, moreover, promised to offer a congenial environment for implementing the structural changes necessary for a lasting improvement in the country ’ s international competitiveness. this belief was shared by the government and the rest is history. in 2005 the decision was taken to join erm ii with a unilateral commitment to maintain the exchange rate at its central parity. this was supported by a process of fiscal consolidation, driven both by revenue enhancing and expenditure cutting measures ; the first stage of pension reform ; the liquidation of loss - making state enterprises and the privatization of others ; and further liberalization measures, including in telecommunications and the postal and port services. measures were also taken in pursuit of the lisbon agenda objectives, especially to improve labour market participation and to enhance educational attainment levels. finally, eu accession also saw the adoption of a new framework for product market regulation. the decision to meet the maastricht criteria at the earliest possible opportunity seemed overly ambitious

in 55 bc. “ the budget should be balanced, the treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled … lest we become bankrupt. people must again learn to work, instead of living on public assistance. ”