samchain/econo-pairs-v2 huggingface dataset:
pentti hakkarainen : enhancing the free information flow and cooperation between supervisory and other authorities luncheon speech by mr pentti hakkarainen, deputy governor of the bank of finland, at the 2nd fin - fsa conference on eu regulation and supervision – “ banking and supervision under transformation ”, helsinki, 12 february 2013. * * * ladies and gentlemen, one of the most important lessons from the financial crisis has been that there was no adequate coordination and exchange of information between central banks and supervisors. in other words, the macro and micro supervisory perspectives were not combined. another lesson has been that there were no macro - prudential tools available to intervene effectively – for instance – in growing instabilities in real estate markets, and the necessary macro - prudential tools are only now becoming available. it is certainly very important to develop the new macro - prudential instruments and policies – this is quite clear. however, it is even more important in my view that major trends and risks in the financial sector or the macro - economy do not escape the attention of financial supervisors. to achieve this you need constant and very close cooperation between supervisors and central banks. the macro and micro supervisory functions should not be seen as separate silos but two sides of the same coin! after every financial crisis there are always needs to correct shortcomings which have appeared in the crisis as evident ex post. this time it is not different. now we have seen many ideas how to step up the necessary cooperation between the macro - and microsupervisory functions and move central banking and supervision closer together. in finland, the decision to put supervision close to the central bank was made already earlier [ – in 1994 regarding financial sector supervision and in 2009 also insurance sector supervision – ] based on lessons learned from the banking crisis in the early 90 ’ s and on practical reasons like efficient use of limited resources in a small country. the financial supervisory authority ( the fin - fsa ) is at the same time an independent organisation, with its own decision - making structure, but also an integral part of the bank of finland. we have now reaped important benefits from our model during the recent financial crisis. there are several examples of the benefits of our model. common databases are shared, valuable information is exchanged and extensive cooperation takes place in financial stability analysis and stress testing. one concrete example is the handling of the troubled icelandic banks in 2008 here in finland. i think it is a good illustration of how big

of essence. bis central bankers ’ speeches
has not been utilized to its full potential. an imf study in 2009 finds that remittances indeed help lift people out of poverty ; in most countries, however, its potential as driver for investment and economic growth has yet be fully explored. together with other members, stakeholders, and partners of the remittance for development council, we can explore new projects and expand our existing initiatives to create a more enabling environment to harness remittances for more savings and productive investments. for your information, the bangko sentral continues to work on lowering bank remittance charges further …. and to provide an environment for safer and faster remittance services through our banking system. at the same time, the bangko sentral has been conducting lectures on saving, investing and money management for overseas filipinos and their dependents in the last three years. this financial education program has brought us to places with heavy concentration of overseas filipinos – such as japan, europe, and the middle east – in cooperation with the department of foreign affairs. in the philippines, our partnership is with the department of bis central bankers ’ speeches labor and employment and its agencies in prioritizing areas where many dependents of overseas filipinos reside. we look forward therefore to forging new avenues of cooperation and deeper alliances within the remittance for development council to realize our shared goal of delivering a better quality of life for our modern day heroes – our overseas filipinos and their dependents. in the meantime, palagi nating tandaan ang sumusunod na tula : perang padala, talagang mahalaga ipunin, palaguin, pag - yamanin para magkasama - sama muli pamilya natin at patuloy lumakas ang mahal natin … ang bansang pilipinas mabuhay ang ating overseas filipinos! mabuhay ang ating mahal na bansang pilipinas! maraming salamat sa inyong lahat. bis central bankers ’ speeches

have advanced us so far on the path of stability and prosperity in europe. thank you very much for your attention.
over the past two weeks? yes, i would say so, although uncertainty remains high. is there still a risk of a “ lost decade ” of very low growth, as experienced in japan? no. what makes me confident are the reforms that have been started in europe in the past four or five months. bis central bankers ’ speeches

, the philippine banking system was the only one with a positive outlook from moody ’ s, from among the nearly 70 jurisdictions it rates. ladies and gentlemen, the philippine banking system is strong. our consolidated capital adequacy ratio is basel 3 compliant at 16. 1 percent. this is well - above the bsp regulatory threshold of 10. 0 percent and international minimum of 8. 0 percent. as of second quarter 2015, total deposit liabilities stood at p6. 8 trillion, 8. 2 percent higher than last year ’ s level. it cannot be overemphasized that a well - functioning banking system supports expansionary business activities and consumption spending. it is crucial to economic growth. at “ island bsp ” we practice and export good governance. we issued guidelines reminding board of directors of supervised financial institutions to exercise objective judgment and put strong systems of checks and balances in place. areas like independent director requirements, membership in board committees and specific duties and responsibilities of the board are covered. supervised entities are motivated to see that good governance works to their own benefit. never in the history of philippine central banking has there been a greater interface with the filipino public. the bsp is eager to push the island ’ s boundaries until they reach the peripheries through financial inclusion. the goal is to allow more people to save, to borrow for productive uses, avail of investment and insurance products, and send and receive payments securely and efficiently. for this purpose, the bsp adopts proportionate regulation. innovation and creativity of the private sector is encouraged as heavy handedness is not consistent with the goal of financial inclusion. access and usage are key. ladies and gentlemen, before the year 2000 there were no microfinance oriented banks. now 3, there are 173 banks with microfinance operations serving 1. 3 million microentrepreneurs. we also now have 531 operating micro - banking offices or mbos reaching over 337 municipalities. of these 337 municipalities, 64 have no bank except for an mbo. we have also leveraged on technology to increase financial access moody ’ s, standard and poor ’ s and fitch ratings. international monetary fund, world bank and asian development bank. as of june 2015. bis central bankers ’ speeches and usage. we expanded the virtual reach of banks through the e - money framework, allowing greater cost - effective financial access touch points. the video featured the credit surety fund. it provides an alternative to traditional collateral. once un
6 current population survey numbers of temporary layoffs or the shed data support this finding. return to text 7 for example, see muriel dal pont legrand and harald hagemann ( 2017 ), “ do productive recessions show the recuperative powers of capitalism? schumpeter ’ s analysis of the cleansing effect, " journal of economic perspectives, vol. 31 ( winter ), pp. 245 – 56. return to text 8 see bureau of labor statistics ( 2021 ), “ 6. 2 million unable to work because employer closed or lost business due to the pandemic, june 2021, " economics daily, july 8. the number of people who did not work ( or worked less ) because of an employer closure or lost business — 6. 2 million — is down from 7. 9 million in may 2021 and from 49. 8 million in may 2020. return to text 2 / 2 bis central bankers'speeches

##flation and a modest cooling in the labor market, i see the fed's dual - mandate goals of maximum employment and price stability as being roughly in balance. in light of the progress toward our goals, my colleagues and i on the fomc judged it appropriate to lower our policy rate in september and again last month. these actions were steps toward removing restraint, as we are in the process of moving policy toward a more neutral setting. looking ahead, it is important to emphasize that policy is not on a preset course. i will make decisions meeting by meeting and carefully assess incoming data, the evolving outlook, and the balance of risks. while i have gained more confidence that the two positive supply shocks i described have helped create the solid economic conditions that are currently in place, i will vigilantly monitor for incoming risks or negative supply shocks that may undo the progress that we have achieved in reducing inflation. i view our current policy setting as well positioned to deal with any uncertainties we face in pursuing both sides of our dual mandate. thank you for your time, and i look forward to your questions. 5 / 6 bis - central bankers'speeches 1 the views expressed here are my own and not necessarily those of my colleagues on the federal reserve board or the federal open market committee. 2 see wolters kluwer ( 2023 ), blue chip economic indicators, vol. 48 ( december 8 ). 3 see adriana d. kugler ( 2024 ), " the challenges facing economic measurement and creative solutions, " speech delivered at the 21st annual economic measurement seminar, national association for business economics foundation, washington, july 16. 4 see congressional budget office ( 2024 ), the demographic outlook : 2024 to 2025 ( washington : cbo, january ). 5 see dario caldara, matteo iacoviello, patrick molligo, andrea prestipino, and andrea raffo ( 2020 ), " the economic effects of trade policy uncertainty, " journal of monetary economics, vol. 109 ( january ), pp. 38a€ “ 59. 6 / 6 bis - central bankers'speeches
doing now. it ’ s an important task and there is a lot to be done. ” bis central bankers ’ speeches

which stimulates production and discourages consumption – for instance, by raising the vat rate, while at the same time lowering wage taxes. on the side of expenditure, fiscal policy may contribute to the medium - term narrowing of the current account deficit by shifting the budget from transfers and consumption towards investments that target export - oriented and import - substituting sectors. the more effective the use of these two mechanisms, the lesser the need for adjustment through depreciation of the dinar. in fact, i am convinced that efficient structural measures aided by fiscal policy would be more than sufficient to fully eliminate our current account deficit, with no medium - term adjustment of the exchange rate whatsoever. fiscal balance while the composition of fiscal revenues and expenditures represents a potent tool for the reduction of external imbalances in serbia, the balance between fiscal revenues and expenditures represents another key factor for the assessment of credit rating and the country risk premium. recent fiscal problems experienced by some eurozone members, which contributed to the second wave of the crisis, have further heightened the significance of fiscal balance and public debt levels in the assessment of macroeconomic sustainability of many economies. bis central bankers ’ speeches though the share of public debt in gdp in serbia is lower than in many other european countries, it has reached the prudent limit of 45 % as laid down by the fiscal rule ( as defined by the law on the budget system ) and this created the need for valid fiscal consolidation. fiscal consolidation may induce a decline in demand in the short run, but has advantages in terms of improving economic activity and growth over the medium run. high fiscal deficit and growing public debt boost the country risk, which increases the cost of borrowing for the serbian state, corporates, banks and households alike, and discourages the inflow of foreign capital. together, this results in lower economic growth and lower living standard in the medium and long run. fiscal or monetary stimuli fiscal consolidation and implementation of a responsible fiscal policy would create more scope for the counter - cyclical impact of monetary policy, i. e. its capacity to support the economic recovery and contribute to faster recovery at a lower level of real interest rates. in the initial wave of the crisis many countries, including serbia, implemented expansionary fiscal policy to stimulate economic activity. but in this phase of the crisis relying on fiscal expansion would be rather risky due to the limited room for its financing and the fact that foreign investors, credit rating agencies and international financial institutions, such as the imf, are particularly
, forthcoming. rungcharoenkitkul, phurichai ( 2011 ), “ risk sharing and financial contagion in asia : an asset price perspective ”, imf wp / 11 / 242. kim ( 2012a ). bis central bankers ’ speeches

consequently regulatory measures have been put in place to prevent crisis recurrence, but it is still hard to say for sure that there are no more crises to come. in order to prevent the eruption of a further crisis, we should prepare for a new, unpredictable crisis rather than looking back at the previous ones, and in this respect, we should make sure that the regulatory reforms not just reflect lessons from previous crises but preemptively identify potential factors triggering a crisis and prevent their occurrence. organizations carrying out macro - prudential policies need to have the abilities of a prophet to monitor on a constant basis and identify preemptively all the economic and social factors that could possibly give rise to systemic risks. this being the case, the policy authorities must be imbued with a sense of mission to shoulder the great national responsibilities that they bear. thank you for listening so attentively and i hope that what we have discussed today will give us a clue how to cope with the challenges we have in front of us. references kim, choongsoo, “ monetary policy after global financial crisis ( in korean ), ” 2013 economics joint conference, feb. 2013 adrian, t. and h. s. shin, “ financial intermediaries, financial stability, and monetary policy, ” frb ny staff report no. 346, 2008. blanchard, o., g. dell ’ ariccia and p. mauro, “ rethinking macroeconomic policy, ” imf staff position note, 2010. c. a. e. goodhart, “ the changing role of central banks, ” presentation at the 9th bis annual conference, lucerne, jun. 24, 2010. erlend w. nier, jacek osiski, luis i. jcome, and pamela madrid, “ towards effective macroprudential policy frameworks : an assessment of stylized institutional models, ” imf working paper no. 250, 2011. h. s. shin, “ imf financial stability & systemic risk forum, ” mar. 2013. itai agur and sunil sharma, “ rules, discretion, and macro - prudential policy, ” imf working paper no. 65, 2013. reinhart, c. m. and k. rogoff, “ shifting mandates : the federal reserve ’ s first centennial, ” presentation at the aea meetings, san diego, jan. 3, 2013. stijn claessens,
in a climate where technology allows for rapid movements of funds, while abrupt changes in market sentiment can lead to large scale deposit runs. public trust and confidence are therefore essential and good corporate governance helps to set a basis for that assurance. 3. the international experience over the last few years has led to major advances in strengthening the governance framework for financial institutions. the magnitude and reach of the global financial crisis prompted a great deal of soul searching and introspection on the part of governments and regulators as to what went wrong and how to forestall similar meltdowns in the future. in zeroing in on the potential governance fragilities that were unearthed, major legislative changes were enacted ; regulation and supervision were reinforced and backstopped by more substantial penalties for violations ; and collaboration among regulators was significantly enhanced at domestic and international levels. by way of example, in the us the dodd - frank wall street reform and consumer protection act ( dodd - frank act ) was passed in 2010 to, among other things : i ) address risks to the stability of the us financial system in part via the creation of the financial stability oversight council ; ii ) end too - big - to - fail bailouts of large, complex financial institutions ; iii ) increase transparency and regulation for certain complex financial instruments ; and iv ) strengthen protections for consumers and investors. 2 more generally, the group of 20 / organization for economic cooperation and development ( g20 / oecd ) ’ s principles of corporate governance were progressively strengthened. at the same time, the creation of the financial stability board ( fsb ) in april 2009 marked an important step in the intensification of international coordination on financial governance and bank for international settlements, basel committee on banking supervision, “ principles for enhancing corporate governance ” october 2010 available at http : / / www. bis. org / publ / bcbs294. htm regrettably, just last week a new bill was passed in the us house of representatives that, if approved into law, could significantly roll back many of the safeguards in the dodd - frank act. stability matters. 3 established since 1983, the caribbean group of banking supervisors has also found its work intensifying in the arena of governance, especially in light of the growing incidence of cross - border financial mergers, acquisitions and investments. 4. as major central banks were catapulted into the role of picking up the pieces in the wake of the financial crisis, more scrutiny is being paid to governance in central banks themselves

however, the economic environment has changed and if we are to meet our investment requirements, a greater shareholding democracy is necessary. this is another area where private and public sector collaboration could yield dividends. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches
make the continued servicing of debts impossible. unless the household was already over - borrowed, a relatively moderate adjustment of spending patterns in response to lower income would allow the average household to remain on track. nevertheless, the new survey finds that a somewhat higher proportion of households in arrears reported a recent decline in income ( 79 % compared with 70 % for those not in arrears ) ; furthermore, although median household income is about €10, 000 less for those in arrears than those who are not, it is still around €45, 000. preliminary econometric analysis of the survey data suggests that income declines the cost of funds to the banks is also insensitive to the policy rate. thus, when the policy rate goes down, the irish banks do not gain a windfall in funding costs that could be passed on to the svr customer. thanks to yvonne mccarthy for these preliminary results. historic experience indicates that re - employment prospects depend on borrower characteristics such as education level, age, length of unemployment and specific skills. recent experience suggests an average re - employment rate of 30 per cent after 2 years for newly unemployed persons. in a period of economic recovery, these percentages may be significantly higher. bis central bankers ’ speeches unassociated with unemployment have contributed significantly to the incidence of mortgage arrears. households in deep negative equity are somewhat more prone to be found in arrears in the survey data, all other things being equal. it ’ s not as obvious as you might ( at first sight ) think why this should be. after all, negative equity is not in itself a proof of inability to service a debt. true, negative equity may be associated with high levels of indebtedness and hence with affordability issues if income and other assets are not correspondingly high. furthermore, negative equity can limit access to further credit, and adversely affect geographic mobility, potentially creating a demand for a high ltv loan to allow the households to “ take some of the negative equity with them ” when they move. negative equity in a btl indicates a leveraged investment decision that has worked - out badly, but again is not per se a measure of affordability. these survey findings highlight that the position of households in arrears varies widely. it is unwise to generalise from isolated cases. the solutions need to reflect this on a case - bycase basis. steps to restoring sustainability don ’ t wait for arrears a long understood

and greatly facilitated growth. it is vital for our prospects for a sustainable recovery in growth that we continue to follow such a path.