samchain/econo-pairs-v2 huggingface dataset:
. our finansinspektion has begun to do this to a greater extent, not only with regard to banks but for the financial sector as a whole. although the market itself can manage most of the conflicts of interest, it may take some time before a common practice is established. experience also shows that good practice and good ethics can be eroded rather quickly in certain market situations. this is where the supervisory authority can help to develop and maintain confidence

lars nyberg : how do conflicts of interest in universal banking emerge and what are the arguments for a separation of commercial and investment banking? speech by mr lars nyberg, deputy governor of sveriges riksbank, at a seminar organised by the swedish bankers ’ association, the swedish securities dealers association and finansinspektionen ( the swedish financial supervisory authority ), stockholm, 26 august 2004. * * * i would like to begin by thanking the swedish bankers ’ association, the swedish securities dealers association and finansinspektionen ( the swedish financial supervisory authority ) for taking the initiative to organise this seminar. over the past year, in particular, we have seen the importance of open and thorough discussion of conflicts of interest in the financial sector. i hope that this seminar will contribute to an even deeper analysis of the problems we face. the present discussion has arisen in the wake of a number of international corporate scandals. it is perhaps sufficient to mention names such as enron, worldcom and skandia to indicate how much trouble can be caused by conflicts of interest. in sweden there are two conflicts of interest in particular that have received attention, although there are many other, possibly equally serious ones. the first is that many sellers of various financial services offered by banks and insurance companies have traditionally been presented as investment advisors rather than salespeople. the risk of a conflict of interest lies in the fact that their suggestions for investment have been designed more to promote the seller ’ s or the company ’ s interests rather than to fulfil the needs of the investor. the second example comes from the life insurance sector. when the life insurance part of a company buys services from the property and liability insurance part, there may be incentives to deviate from correct internal pricing, especially when one part of the company is a mutual company and the other is a profit - making company. another problem in an insurance company is how a surplus - or a deficit - should be distributed between different groups of insured parties. the question is whether, for instance, those receiving pensions now should share the burden of the insurance companies ’ poorer income, or whether they have had the level of their pension payments guaranteed. however, today we have gathered to discuss conflicts of interest in banks, and i have promised to talk about the classical conflict between commercial banking and investment banking. the conflict lies within the universal bank ’ s double role as lender and investment adviser. if a bank ’ s borrowers suffer
klaas knot : from intensive care to full recovery - finding the way out of the covid crisis speech by mr klaas knot, president of the netherlands bank, at the eurofi high level seminar 2021, 16 april 2021. * * * thank you for having me. eurofi is an important forum for high - quality discussion between policymakers, regulators and representatives from all parts of the financial world. as all these stakeholders hold a piece of the covid recovery puzzle, it ’ s good eurofi was able to go ahead with this event. even if we can ’ t be physically together in the same room. today i want to make some observations relating to the exit path from the covid - related economic crisis. where do we stand? what can we expect this year? and how should policymakers proceed, as the european economy gradually recovers? we could compare the european economy with a patient recovering from a severe accident. so far, our efforts have been directed at stabilizing the patient. i would call this the emergency phase. with the vaccine roll - out underway, i think we can say we are approaching the end of this phase. this means we can now gradually begin to focus on the second phase, which i would call the recovery phase. the patient is stable, but is still dependent on life - support systems and medicine. as the doctors consider the rehabilitation program, their task is to slowly reactivate the patient, closely monitor progress, and make sure medical care is not scaled down prematurely. only when recovery is clearly underway can we start focusing on allowing the patient to leave the hospital, and to build up resilience to possible future adversities. this is the third phase, which we might call ‘ rebuilding resilience ’. let ’ s first see how the patient is doing, now that we are approaching the end of the emergency phase. the euro area economy is forecast to rebound by more than 4 % this year, after contracting by over 6 % in 2020. insolvencies and unemployment have been relatively subdued until now. strange as it may sound during the worst economic downturn since world war ii, the economy has done consistently better than we anticipated about a year ago. of course, massive fiscal, monetary and prudential support made all the difference here. for example, some studies suggest covid - related failure rates of smes in europe would have been between 9 % and 18 % in the absence of government support. nevertheless,

re excited by the initiatives that you, the private sector, have taken to model the risks and transform the financial markets. i believe you can drive innovation and might even be able to provide a more significant lever to advance global change. however, at a time of rapid change it is also important to analyse innovation within the public sector so as not to create new risks. so therefore, we hope to continue our dialogue and work on this challenge together. or, in other words, as we are now in the ‘ grand ballroom ’ of the okura hotel : together, let us face the music and dance. let ’ s dance together! thank you.
birgir isleifur gunnarsson : interaction of monetary and financial stability in small open economies welcoming address by mr birgir isleifur gunnarsson, chairman of the board of governors of the central bank of iceland, at the suerf seminar, reykjavik, 3 june 2004. * * * ladies and gentleman on behalf of the central bank of iceland, i warmly welcome you to this seminar on the interaction of monetary and financial stability in small open economies. it is an honour for us to co - sponsor the seminar with suerf. we are grateful to david llewellyn, eduard hochreiter, beatrix krones and micheal bailey at suerf for the excellent cooperation which we have enjoyed with them in its preparation. the topic of the seminar is an appropriate one which is attracting increasing attention, both within and outside central banks. i trust that the presentations and discussions over the next two days will leave us with a better understanding of this interaction and of the issues on which we wish to focus our attention in the period ahead. we will be assisted by very impressive speakers and participants. i wish to extend my gratitude to those who have agreed to give lectures and present papers and i look forward to inspiring and stimulating contributions by them. in this address, i will briefly describe our own recent experience in the areas of monetary and financial stability. the current act on the central bank of iceland was adopted in 2001. it assigned to the central bank the main objective of pursuing price stability. the bank was granted instrument independence to pursue that main objective, its financial independence was enhanced and the act included clear provisions on transparency and accountability. the act also stated that the bank should promote an efficient and safe financial system, including payments systems domestically and with foreign countries. in addition to price stability, the bank was, in other words, given a clear mandate to concern itself with financial stability. an inflation targeting framework was adopted at practically the same time with a joint declaration of the government and the central bank which set a target for inflation of a 2½ % twelve - month rise in the cpi. the framework imposes strong demands on the professional capacity of the central bank. the bank regularly publishes a macroeconomic forecast and inflation forecast, with an associated inflation report. the inflation forecast provides the foundation for the inflation targeting policy. in its quarterly monetary bulletin, the bank publishes a detailed analysis of current economic and monetary developments and prospects. it also presents the rationale behind the decisions by the board of governors to

for the “ the scream ” – known then as “ the cry ” – when it was reproduced in the revue blanche in 1895. bis central bankers ’ speeches
penalise certain players or to give them special privileges. the main purpose of financial regulation is still to ensure financial stability by avoiding risks to a stable and trustworthy financial sector. in the case of both fintechs and banks, new risks stemming from intelligent technologies cannot be ruled out. big data is a good example : on the one hand, it may definitely prove helpful in terms of keeping a proper and timely overview of risks and processes in a complex banking world. but big data technologies may also give rise to whole new categories of risk. for example, big data could entice banks and also unregulated players to let algorithms become even greater decision - makers – think of decisions regarding credit assessment or trading, for example. but we have to ensure that humans, or, more precisely, well - informed risk takers ultimately take responsibility for their decisions. the same applies to risk management via intelligent data processing methods : the approaches i have witnessed so far sound very promising. but we have to bear in mind that computer algorithms may not always be right. cyber security is another issue that needs to be dealt with in an industry that is becoming increasingly reliant on it. bis central bankers ’ speeches all in all, regulators will have to remain alert with regard to new technologies. there are many new businesses and technologies out there, and we cannot foresee for the time being all of their possible risks, nor can we limit the scope of potential risks. the objective is therefore more a matter of ensuring a risk - adequate prudential approach and the necessary degree of intervention. thank you. bis central bankers ’ speeches

some markets – and to reap the benefits of integration in a market of global dimensions. this opening is definitely a positive development. as in other fields, the bank of italy points to what it considers the right route. it does not seek to determine any institution ’ s traveling companions. it notes that the road ahead is still very long and urges that it be traveled resolutely.
##ge between different regions. in the euro area, for example, greece ’ s unit labour cost competitiveness declined by around 30 per cent in the course of the 2000s. adjusting to this without the exchange rate as an equilibrating mechanism requires standard expenditure reduction policies. a number of euro area countries are now experiencing such pain. professor desmond lachman ’ s analysis of the eurozone outlook provides a thoughtprovoking perspective on the challenges that lie ahead. monetary policy and financial stability in the post - crisis era the crisis also had implications for how monetary policy is viewed. in particular, the role of monetary policy and its relationship with financial stability has come under intense scrutiny. during the 2000s, economists at the bis were at the forefront of warnings against a singular focus on price stability at the expense of financial stability. the previous economic adviser and head of the monetary and economic department at the bis, bill white, argued that such a focus, in the presence of low inflation, was likely to lead to the emergence of asset price bubbles. while many of his predictions proved to be correct, there is still much debate about the interaction of monetary policy and price stability, the practical implementation of these policies, and appropriate policy instruments. it is clear that the core focus of central banks has changed. it is no longer the case that monetary policy can be conducted in a vacuum, and there has to be a focus on financial stability issues. the challenge is to determine how best this is done. one has to determine what central bank measures are and what are not, and ensure that the core responsibilities and independence of the central banks are not overwhelmed or compromised. things will have to be done differently : central banks need to create better levels of knowledge and skill− perhaps also collect different data − or change the way in which they look at data. there is still no general agreement on what the role of the central bank should be with respect to financial stability or, indeed, what financial stability actually means. however, the discussions raise some important questions about the changes in the design of central banks, and possible changes in the relationship between a central bank and government. there needs to be an understanding of who is responsible for financial stability and how it should be executed. clear parameters need to be set and formalised arrangements made. there can be little doubt that the central bank plays a key role in financial stability. in fact, most central banks already have an explicit or implicit responsibility in this regard. the question is, however, should this

our interactions over the next two days will contribute to a better understanding of the issues involved.
reasons to be proud as a filipino. to all our guests, we thank you once again for your support to the bangko sentral ng pilipinas as we continue to serve our people and our country through better policies and programs that keep our banking system sound and stable, in a fast - changing world. let us therefore offer a toast : to our continuing partnership in sustaining economic growth and improving the quality of life for all filipinos. mabuhay! thank you and do enjoy the rest of the evening.

amando m tetangco, jr : forging ahead toward higher ground speech by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the bangko sentral ng pilipinas ’ 2010 reception for the banking community, manila, 14 january 2010. * * * leaders of the philippine banking community, fellow workers in government, special guests from the private sector, the diplomatic corps, the multilateral agencies, the academe and the media, good evening. the members of the monetary board thank all of you for accepting our invitation tonight. this annual reception hosted by the bangko sentral is tradition we look forward to, as it is an opportunity to gather thought leaders and the movers of the economy within this historic fort san antonio abad. in other words, it is a fascinating fusion of history and those who make history. it is also an opportune time to reflect on the year just past, and to train our eyes on what lies ahead. standing firm in the midst of a global downturn first, let us have a brief overview of 2009 : the year of the worst global recession in 80 years and one of the most difficult years for central banks around the world. as a country, the philippines came out of this difficult period with a positive growth. sure, our economy expanded by a modest 0. 7 percent for the first three quarters of 2009 ; nevertheless, this is remarkable given that only a handful of economies escaped recession in 2009. and while bangko sentral ng pilipinas implemented liquidity enhancing measures at the height of the global credit crunch, these were non - inflationary. domestic liquidity growth as of october last year was 12. 5 %. on the other hand, full - year inflation at 3. 2 percent was well within our target range of 2. 5 to 4. 5 percent. this indicates that we made appropriate decisions taken 18 – 24 months ago, the estimated time lag for monetary policy to have full impact. our external position remained strong, with a confidence - building balance of payments surplus of $ 4. 1 billion for the first 11 months and record high gross international reserves at a preliminary $ 45 billion by year - end. equally important, our banking system remained sound and stable. we also avoided a credit freeze as banks continued to lend to the productive sectors of the economy. in addition, bangko sentral received last year international recognition
benoit cœure : the future of the euro area remarks by mr benoit cœure, member of the executive board of the european central bank, at le cercle europartenaires, paris, 21 march 2016. * * * the footnotes can be found at the end of the speech. president guigou, minister jeanneney, ambassador meyer - landrut, excellencies, ladies and gentlemen, thank you for inviting me here. this morning i would like to share with you some thoughts which echo your association ’ s motto “ acting for europe with europeans ”. role of the european central bank “ acting for europe with europeans ” could also be the ecb ’ s motto. one of its strengths is indeed its european mandate. the governing council takes its monetary policy decisions in the interest of the euro area as a whole, with a view to ensuring price stability. as a quid pro quo for its independence, the ecb is accountable for its actions to the people ’ s representatives, who are elected to the european parliament by direct universal suffrage. at a time when so many european citizens express doubts about europe, the duty of european institutions is to strengthen their legitimacy both by reinforcing their democratic accountability and by showing that they meet the objectives they ’ ve been entrusted with. regarding democratic accountability, it would be wrong to underestimate the importance the ecb places on its relationship with the public. recent studies show that people ’ s knowledge and understanding of the objectives and principles of monetary policy influence inflation expectations [ 1 ] as well as trust in the european central bank. [ 2 ] at the same time, these studies indicate that the level of knowledge and understanding can be further improved. we have taken several initiatives in this area in the last years, such as publishing the accounts of our monetary policy discussions and the diaries of the executive board members. but we can certainly do more to facilitate the understanding of the ecb ’ s role and policies by the general public. rebuilding trust in europe implies above all that european institutions deliver on the objectives which have been assigned to them as part of their mandates. during the crisis, the ecb did not hesitate to act decisively. [ 3 ] to preserve price stability, we have adopted an accommodative monetary policy stance that has no precedent. our measures, whether standard ( i. e. relating to the key interest rates ) or non - standard, have achieved several objectives. • they have supported demand for goods and services

27 august 2015. [ 17 ] asdrubali, p., sørensen, b. e. and yosha, o., “ channels of interstate risk sharing : united states 1963 – 1990 ”, quarterly journal of economics, 111 ( 4 ), 1996. [ 18 ] see b. cœure, “ time for a new lamfalussy moment ”, speech in budapest, 1 february 2016. bis central bankers ’ speeches
term as governor. mark is, however, not the first canadian to have been in the frame for the governorship of the bank of england. the very first governor of the bank of canada, graham towers, was put forward by keynes as a successor to montagu norman. the proposed transfer fell through – apparently the directors of the bank viewed the canadian as ‘ too keynesian ’. what that tells us about his views on monetary activism i do not know. but it is perhaps worth noting that towers ’ first deputy governor was a mr. osborne, who agreed to move to canada from the bank of england for a spell of ‘ up to 5 years ’. sadly, the partnership between the canadian governor and mr. osborne lasted only three years, before the latter departed. but, chancellor, remember that history doesn ’ t always repeat itself. in britain, and especially in the city, we have always welcomed talent from around the world in academic, business, artistic and sporting life. why should central banking be different? george, you are to be congratulated on mark ’ s appointment. i shall of course be sad to leave. but governors come and governors go – it is institutions, and the ideas they embody, that matter more. i leave behind a strong, independent, muchchanged bank now focused on its two main responsibilities. the lessons of recent years have been learnt and it is up to us all to remember them. the test of our monetary arrangements is to see them work successfully under new leadership, none of whom were present at the creation. no doubt some things will change. no doubt some things need to change. after all one does not change an institution in order to set it in concrete. a successful institution, just like the city as a whole, always adapts to new circumstances. i know the bank will continue to do just that under mark ’ s leadership. mark inherits a wealth of young talent in the bank, led by three outstanding deputy governors : charlie bean, andrew bis central bankers ’ speeches bailey and, of course, paul tucker, who has made an enormous contribution to the bank over three decades. the bank of england is in safe hands, and the country will be the better for it. lord mayor, the wheel may have come off your carriage at last year ’ s installation, but then we saw your characteristic ability to turn every situation to advantage as you returned in triumph to mansion house in a land rover. as the city too faces the challenge of turning

disaster into triumph, it would do well to follow your example of how to “ treat those two imposters just the same ”. roger, your commitment to the promotion of the creative industries – crucial to this, the most exciting city in the world – as well as opportunities for children, aspiring musicians, even trees and bicycles, is well known. and all of us here tonight would like to pay tribute to you lord mayor, and to thank the lady mayoress, clare, and yourself, roger, for the splendid hospitality which you ’ ve extended to us all this evening. so i invite you all to rise and join me in the traditional toast of good health and prosperity to “ the lord mayor and the lady mayoress, roger and clare gifford ”. bis central bankers ’ speeches