samchain/econo-pairs-v2 huggingface dataset:
##s is continually shrinking. is switzerland therefore becoming a cashless society? even if the importance of cash does decline over time, it is unlikely that it will be completely replaced. its specific advantages suggest, rather, that it will continue to be used as a store of value and a means of payment. with well - established, flexible processes in banknote production and handling, the snb contributes to ensuring that cash continues to meet the public ’ s requirements at all times. bis central bankers ’ speeches

charles c soludo : law, institutions and nigeria ’ s quest to join the first world economy lecture by professor charles c soludo, governor of the central bank of nigeria, in honour of the retired justice of the supreme court, justice kayode eso, at the obafemi awolowo university, ile - ife, 25 july 2006. * i * * introduction the invitation to deliver the third annual lecture in honour of the revered justice eso ( following the earlier two by professors soyinka and nwabueze ) is indeed a great honour for me, and i must thank the vice chancellor, the dean, faculty of law and the law students association. i never had the privilege of meeting or interacting with justice eso but i am one of the millions of nigerians who admire and hold him with awe. many would agree with me that justice eso has lived a very successful life and had a most distinguished career. he is the sort of nigerian that we all should be celebrating, and i am particularly happy that we are celebrating him while he is still alive. although retired from the supreme court, i believe he is not yet tired and this gesture will encourage him to further advance the life of service to our fatherland. furthermore, i am excited to be back in ife since i left after my one year national youth service at the department of economics in 1984 / 85. i was invited to deliver the faculty of the social sciences lecture here last year and i regret that my schedule did not allow me to make it : maybe i will make up for the lost opportunity one day or am i killing two birds with one stone today? the topic assigned to me for this lecture is : “ from third world to first world economy ”. this is exactly the title of the 729 paged book on the singapore story by lee kuan yew. the topic seemed too obtuse for us to effectively discuss in a couple of minutes. forgive me therefore for taking the liberty to modify the topic. in doing so, i have been guided by two principles : first, is to focus on a topic that falls largely within the scope of experience and career of the celebrant, and which also would be of interest to the audience here - mostly students and practitioners of law. the second principle is a selfish one and derived from the first, that is : i have chosen a topic in which i am not an expert but eager to learn something about, and hence
financial institution level, the development of new approaches and techniques for stress testing would be crucial for measuring the risk of climate change. however, if each entity chooses to keep their advancements proprietary, industry adoption will be slow. collaboration and knowledge sharing is needed to scale solutions and reduce costs. therefore, i am hoping that for the next few hours, we will all make a conscious choice to participate in these sessions with a generous heart and an open mind. i hope everyone will choose to collaborate rather than compete, to share rather than hoard. in this regard, i am encouraged by the collective efforts by the industry in undertaking capacity building initiatives to upskill the financial institutions and exploring potential solutions to bridge the data gaps. commendable efforts by the jc3 sub - committee 1 and 4 in leading training initiatives and sub - committee 5 in producing and refining the climate data catalogue exemplify this collaborative spirit. ladies and gentlemen, some of you have been asking, what's next after this stress test? i'd like to address this in some detail. 2 / 3 bis - central bankers'speeches important to note is that the climate stress test, or crst for short, is not an end in itself. it should not be viewed as merely a regulatory compliance exercise. although bnm does not intend for the results of the inaugural stress test to calibrate capital requirements, we do expect financial institutions to take this exercise seriously. i strongly advise financial institutions to already start planning for how the results of the stress test could be used to inform strategic planning and management decision making. crst results are more than just numbers. they provide important insights into how climate risks could impact the business and operations of an institution. hence, active engagement from senior management and the board throughout the crst journey – not just when the final results are available – will be crucial to the success of this first exercise. financial institutions need adequate internal support to address the challenges they face, and this requires buy - in from the top throughout the stress test exercise. additionally, as climate risks continue to evolve, we expect climate risk stress tests to be a recurring exercise moving forward. as such, it is imperative that financial institutions continuously invest in enhancing their stress test capabilities, particularly in areas such as data collection, methodology and model development. this ongoing refinement is essential to ensure that the crst remains relevant and responsive to the ever - evolving nature of climate risks. before i conclude, i want to emphasise the over

. translating this vision into reality then requires our collective efforts, steered by strong and capable leadership. on that note, i wish you a productive forum ahead. 4 / 4 bis central bankers'speeches
is it possible to make the boards responsible for appointment of ceos, and make the board appointments less discretionary on the part of the government in power? i don ’ t want to express a view, but these are real issues. as the resolution of these issues will take considerable time, our task is to see what can be done within the present public sector structure. something can be done – better internal checks and balances, better auditing, better transparency, better enforcement of policies, better action over npas, timely action against frauds. i hope you will give consideration to these in the interim, while we debate the larger issues. as regards the “ insider ” model, there is a tremendous variation both in terms of risk as well as corporate governance structure. by and large, the structure is very weak in co - operatives and nbfcs for historical reasons, local practices, and multiplicity of regulators and laws. old private banks also have very poor auditing and accounting systems. new private banks – generally good on accounting, but poor on accountability. more modern and computerised, but less risk conscious, one thing which is common to all is that corporate governance is highly centralised with very little real check on the ceo, who is generally also closely linked to the largest owner groups. boards or auditing systems are not very effective. so, in all the segments, and all different sizes of institutions, we have a great deal of work to do in the area of corporate governance. rbi has been working on new accounting, auditing and disclosure standards. work is also in progress in setting better internal auditing and better system of checks and balances. a committee of ind. dir. has also been set up under dr. ganguly, member of the bfs to learn from the past experience. rbi and other regulators would do their best to bring about better standards, but ultimately it is upto the individual institutions, and the people managing them to ensure what actually happens on the ground. let me conclude. corporate governance has never been more imp than now. it is not only the business of an individual bank or entity, but of all of us. 5 or 10 years down the line, you would not be able to operate unless we have corporate governance of the best standards. in many areas, we have made progress in laying down what needs to be done. the important task now is to put appropriate mechanisms in place to enforce accountability, asset liability management, early warning and

prompt corrective action systems. with your help, and the leadership shown by nibm, i am sure we will get there. in the end, let me congratulate mr. bhide and dr. saha once again. as you know, following tarapore committee, rbi has introduced important changes in the management structure of nibm. nibm has made substantial progress in the last couple of years i have no doubt that with the help of all of you, nibm would become a truly national institution of distinction for improving the management and corporate governance in banks and financial institutions.
are " puso at diwa [ ay ] sa bayan. " these are the principles that have guided our decisions and actions for 75 years. they are what will guide us on to the next 75. maraming salamat! mabuhay tayo at mabuhay ang bsp! 2 / 2 bis - central bankers'speeches

room to keep its policy rates steady to provide a further anchor for stability. a second potential source of vulnerability are shifts in chinese economic policies – 1 ) from a growth model that relies on exports and fixed investments to one which is driven by domestic demand, and 2 ) to a more market - oriented ( and weaker ) rmb. early expectations were that the shift to domestic demand would result in significant slowing in chinese growth, which could dampen exports of its trading partners, such as the philippines. more recent forecasts, however, show a somewhat less dire outlook on china due to fiscal and monetary support from the authorities, easing risks of knock - on effects on trading partners and demand for international commodity prices. on the other hand, the policy of a weaker rmb is not expected to lead to stronger competition against our exports because we have a relatively low degree of export similarity with china. 1 should the policies of the chinese authorities indeed bring about more sustainable growth, this should be overall positive for us as it reduces global tail risks. a third risk is brexit. the direct impact to us of a slowdown in the uk would be minimal, given that our exports to the uk account for only 0. 8 pct. of total exports. it is the possibility of second round effects on the eu, however, that is more concerning because exports to eu account for 11. 5 percent of total exports. we therefore need to remain watchful of developments in the uk, particularly during the transition to “ exit. ” on the domestic front, we have to contend with natural calamities. while no one can fully prepare for the wrath of nature, the country has put in place policies that will help ensure we have adequate supply of staple foods, particularly rice. in short, ladies and gentlemen, the philippines is not immune to risks but our view is that these risks right now are manageable. the balance – short vs. long - term dynamics on balance, the philippines continues to forge an economic growth story that puts emphasis not only on strength but also on long - term stability and resilience. the fact that the philippines has just entered the “ demographic window ”, in contrast to the aging population of some neighboring economies, undergirds our long - term resilience. we have a young and vibrant population that is both a steady employment and consumer base, that opens up a lot of possibilities for investment. many industries are already burgeoning and seizing the opportunities the demographics present. there
sabine mauderer : welcome speech - 15th anniversary of the deutsche bundesbank's representative office welcome speech by dr sabine mauderer, vice - president of the deutsche bundesbank, at the 15th anniversary celebration of the deutsche bundesbank's representative office, new york city, 24 september 2024. * * * check against delivery 1 welcome ladies and gentlemen : for me, it is always a great pleasure to be here. especially this year, as we celebrate the 15th anniversary of our trading office. since its inception in april 2009, the trading office has provided the bundesbank executive board with first - hand knowledge from wall street and beyond. i know for sure that its success rests on a network of exceptional people, namely you! therefore, i want to start with a big thank you to all of you, for your cooperation and trust over all these years. but before we move on to the fun part, let us look at what has happened in the markets since we last met in september 2023. 2 economic backdrop from an economic point of view, the world looked different a year ago. inflation in the euro area – and in the us too – was significantly higher. almost a year ago to the day [ sept. 2023 ], the eurosystem raised its key interest rates for the last time in the tightening cycle. in september 2023, the deposit facility rate reached 4. 0 percent. the tightening has done its part to cool euro area inflation. today, the eurosystem is well on the way to meeting its inflation target. in the us, we also see positive developments in this regard. inflation has decreased significantly, thanks to a series of interest rate increases. although us inflation remains above the fed's two percent target, things are heading in the right direction – just like in the euro area. in terms of economic growth, the us remains ahead of the euro area. while euro - area gdp grew by 0. 4 percent last year1, the us economy mustered 2. 5 percent growth2. as it stands today, the us is poised to outperform the euro - area economy once again this year – despite recent signs of a cooling in the us labour market. against the backdrop of lower inflation, central banks on both sides of the atlantic have taken steps to pare back the degree of monetary - policy restrictiveness. as expected, the fed last week [ sept. 18 ] decided to lower its target range for the federal funds

' speeches
and making improvements to our market liquidity frameworks in support of canadians ’ economic and financial wellbeing. and it ’ s crucial that we keep you informed of those lessons along the way. thank you.

, albeit not fully credibly, to the irish government that it could pull the plug on irish bank liquidity if ireland did not apply for a programme. that said, already by the end of september 2010, ireland actually stood to gain more from a programme than from trying to struggle along borrowing at the very high rates available to it by that stage. indeed, it was recognition of the unaffordability of such high spreads that induced the irish government bis central bankers ’ speeches to announce at the end of september its decision to stop borrowing for a period of months until rates improved ( figures 8 and 9 show the evolution of irish and german government 10 – year bond yields ). myth 6 : “ ireland would have been better off with an imf - only loan. ” the experience and hardheadedness of the imf staff certainly helped keep the initial and subsequent negotiations on track and may have helped avoid false steps. but if the european union means what i think it means, it also embraces a degree and extent of collegiality that make european institutions natural partners in financial assistance for a member state that has come under pressure from distrustful markets. for europe to decline such a role would be a great step backwards. the member states of the european union are bound together too closely for that. even if there have been missteps in the handling by european institutions of the irish crisis – as for some others – i prefer to see this as teething problems. while the terms and conditions of the overall european financial arrangements surrounding the irish programme at its outset can readily be criticised, they ended up in a different space, and justified the persistence of ireland in staying with the programme. partly true 3 : “ ireland did not lose its sovereignty in the bailout process. ” as for sovereignty, the loss of its ability to finance the pre - existing level of public spending ( along with the repaying the creditors of the banks ) came as a result of the emerging fiscal and debt imbalance, not from the bailout. availability of bail - out funds enabled a slower fiscal adjustment than would have been possible without the bail - out and resulted in a smaller overall amount of “ austerity ”. the steps taken by the eu and imf to protect their interests in recoverability of the sums lent in terms of policy conditionality were – as always – robust, but they in the end, as mentioned, did not include linkages to unrelated matters of divergent interest. aside from the
in the securities business, for example, these systems would be linked to the reliable foundation in some manner or other. it is hard to envisage dlt - based system environments developing in isolation. so the next question is what form the coexistence of new dlt solutions and conventional rtgs systems might take. there are different scenarios. one possibility would be a simple technical interface between the dlt system and the existing rtgs system, as illustrated on the slide 6. payment instructions would be exchanged via this interface, in much the same way as the current solution between secom and sic. however, direct delivery - versuspayment settlement would require certain adjustments, for example to the opening times and participant structure of both systems. a second and more far - reaching possibility would be to integrate the cash leg into the dltbased infrastructure. this could be achieved by having the private operators of this infrastructure issue a ‘ settlement token ’ on the dlt system, with the securities then being settled against these tokens. an initiative launched by a consortium with swiss participation is working on such an approach under the project name ‘ utility settlement coin ’. this example shows how a market solution could ensure cash - side settlement of securities on the distributed page 5 / 8 ledger. this scenario is outlined on the slide 7. such a privately issued settlement token would be equivalent to commercial bank money, and fully secured by central bank money. however, it would also be possible in principle for central bank money to be tokenised for the settlement of interbank transactions. central banks in some countries – singapore among them – are conducting experiments to gain a better understanding of the associated risks. as you can see on the slide 8, this is similar in concept to the previous option. however, there are a number of questions still to be answered in this respect as well. as you can see, there would be various forms that this coexistence could take. what is crucial is that the safety and reliability of the fmi be maintained. the central bank has an important part to play in the reliable foundation, that is to say with regard to payments in the rtgs system. around this solid foundation, however, it is the market that has the main role. here it is the commercial banks and other private sector stakeholders that choose the best technologies and solutions. the division of roles between central banks and commercial banks results in a good balance between safety and efficiency. at the first level, the central banks facilitate

5 april 2018 deposits & lending money market event | andrea m. maechler | © swiss national bank analytics banking infrastructure source : ifz fintech study 2018 22 % 15 % dlt two tiers : allowing flexible market solutions for end customers central bank 5 april 2018 money market event | andrea m. maechler source : snb rtgs thank you for your attention. © swiss national bank
competition. the bank should therefore endeavour to keep its customers satisfied by offering superior products and delivering excellent service. today ’ s customers are becoming sophisticated and can only distinguish institutions through quality of service. i have no doubt that you will succeed in this endeavour. i would like to challenge banks in malawi to devise deliberate policies aimed at improving access to credit by our private sector, especially malawians, as this is the only way malawi can sustain its current level of social and economic development. in conclusion, the central bank, as a stakeholder will continue to complement efforts by banks to improve service delivery systems for the betterment of all stakeholders especially the less privileged rural masses who struggle to access banking facilities as most banks concentrate in the urban areas. our guest of honour distinguished invited guests ladies and gentlemen. i thank you all for your attention.

families, and provides the means for small businesses to start and to thrive, which is so important to the health of communities. this is not an abstract notion for me. as a community banker, i have seen how access to credit and support from a financial institution with deep roots in a community can make a direct and immediate difference in people ’ s lives. i continued to feel that way when i did the job you do, as a state banking commissioner, helping ensure that families and communities have access to financial services that are so important to their success. i enjoyed being a community banker, and i hope you know i ’ ve enjoyed working closely with all of you as a banking commissioner, and i now look forward to building a stronger partnership between all of you and the federal reserve board. thank you for the opportunity to speak to you today. i hope to see you soon in your states, and i wish you a productive and enjoyable visit to washington. 1 my views are my own and do not represent the view of the board of governors or its other members. 2 federal reserve system, conference of state bank supervisors, and the federal deposit insurance corp., 2018 community banking in the 21st century ( pdf ) ( research and policy conference, october 3 - 4, 2018 ). 3 pub. l. no. 115 – 174, 132 stat. 1296 ( 2018 ). 4 u. s. small business administration, office of advocacy, frequently asked questions about small business ( pdf ) ( august 2018 ). 4 / 4 bis central bankers'speeches