samchain/econo-pairs-v2 huggingface dataset:
##ance, to expand its reach, and to lift millions more of our countrymen from poverty to a better quality of life through microfinance. again, my congratulations to all our awardees, to citi and all those involved in this annual search for outstanding microentrepreneurs. mabuhay ang pilipinas! salamat po sa inyong lahat.

these exceptional microentrepreneurs not only survive they thrive! their stories give us confidence that our micro, small and medium enterprises ( msmes ) will continue to be a vital, resilient, and viable foundation for sustaining economic growth throughout our country. it is noteworthy that one of the country ’ s pioneer mfis – card - mri – is a 2008 awardee of the prestigious ramon magsaysay award foundation for public service under its theme “ pathfinders in a changing asia. ” it was honored for its " successful adaptation of microfinance in the philippines, providing self - sustaining and comprehensive services for half a million poor women and their families. " indeed, real - life success stories of microentrepreneurs and hard data on hand prove beyond reasonable doubt that microfinance truly has the power to liberate our entrepreneurial poor from poverty and to give them a better life. as of june 2008, there were 802, 092 microfinance borrowers who have accessed loans worth p6. 5 billion from 230 banks. these borrowers have also accumulated roughly p1. 6 billion in deposits with the banks. it is also evident that our banks have successfully taken their strategic place in providing financial services to the previously unbanked. since 2006, rural banks have consistently accounted for a significant portion of the winners. in fact, both of our national winners this year are clients of rural banks. i believe this trend will continue as more banks provide microfinance services. i also see more successful microentrepreneurs being nominated in the years ahead as partner institutions who have become fierce advocates of microfinance get more supporters and more microentrepreneurs on board. synergies developed between and among partner institutions should result in a further broadening and deepening of the microfinance sector. the case of citi awardees are a case in point. i understand our 11 awardees have attended financial education lectures to boost their ability to sustain profitable operations. the members of our national selection committee have also been generous in terms of giving guides to growing their business and providing marketing outlets for consumer goods. on our part, the bangko sentral will continue to provide a policy environment conducive to broader participation of banks in the microfinance sector. rediscounting of microfinance loans will also continue. and so, ladies and gentlemen, let us continue working together to ensure the continuing success of microfin
of funds. fifth, the banking sector is now much healthier than even a few years ago. the bis ratio of the entire banking system remained high at 15. 3 per cent in may. despite the economic slowdown, both ratios of gross npl and net npl to total loan declined slightly since the third quarter of last year. in fact, the outstanding amount of npl declined in the last quarter. in addition, the implementation of ias39 accounting standard in 2006 - 2007 and the preparation for the adoption of basel ii at the end of this year have together strengthened the stability of our banking system. with insignificant exposures to collateralized debt obligation ( cdo ) investments, the thai banking sector as a whole is also immune to the u. s. sub - prime spillover. last but not least, thailand is among the world ’ s top places when it comes to the ease of starting and operating businesses. the recent report, “ doing business 2008, ” by the world bank upgraded thailand by two places. despite all the storms we faced, we are now ranked at 15th place out of 178 countries for the most attractive destination to invest. this reflects a better infrastructure for doing businesses in thailand. the improvement was cited on the back of e - custom system introduced since october 2006. cost reduction, lesser time consuming and fewer procedures for imports and exports, all induce efficiency for international trades. overall, we have strengthened the infrastructure or the micro aspects of doing businesses in thailand. ladies and gentlemen, in all, i believe that quality investors look at both economic performance and policy credibility. it is obvious that short - term performance is not difficult to achieve but a consistent performance across horizon is a challenge. getting the political will as well as policy mix and actions in the right direction is essential. the bot has a clear stance and stands ready to secure the overall health of the thai economy. the mpc has done its action last meeting and i believe we are on the right track. i need not remind you that thailand is no stranger to difficult challenges. while being patient, we certainly have strong fundamentals for the second wind. it is just a matter of time to come. at this critical juncture, the most the bank of thailand can do is to keep the macroeconomic environment conducive to sustainable growth and productivity improvements. the key to high - performance economy inevitably lies in supply - side policies that raise the economy ’ s potential growth. the fact that supply - side policies take

, unleashing a process that is pregnant with possibilities, and we should count ourselves fortunate to be the midwives of such a promising birth. your excellency, distinguished ladies and gentlemen, i thank you for your attention.
be examined in its totality for practicable implementation at all offices / departments. i am sure that most of the newer software programmes would have all the essential and desirable features as mandatory part of their architecture. the software that are currently in use would have to be scrutinised from the point of view of conformity to the minimum security requirements that i had dwelt upon. as leaders who would be using technology as a cutting edge towards excellence in services, you would all agree that these key requirements of security are required to be addressed in the sessions of today. it is gratifying to note the initiative taken by iba in organizing such seminars and conferences which facilitate transfer of knowledge. i am sure that the deliberations of the day would be enriching to all the delegates. i wish the conference all success. thank you.

imperative for member countries, companies and individuals. the survey reveals that 1 in 2 persons in the eccu are not financially resilient. i think of financial resilience as the capacity to absorb and bounce forward from a shock, such as a health event, a job loss, an economic downturn, a natural disaster or even a pandemic. let's face it, there are persons in the eccu who have experienced all these shocks during the past five years. when it comes to our personal finances, we must hope for the best but plan for the worst. never forget, hope is not a strategy. every citizen should aspire to be financially literate and resilient. armed with the results of this survey and seized with a sense of urgency, i issue a clarion call for a coalition of partners and champions ( institutionally and individually ) to join the eccb as we craft and implement a strategy to scale up financial literacy and inclusion in the eccu. the mission of the eccb is " to advance the good of the people of the currency union " where they do not merely strive but thrive. could you imagine what our currency union would be if every citizen were financially literate? we would be thriving! could you imagine if every high school graduate in the eccu were financially literate? to achieve this, we need our ministries of education and the caribbean examinations council to make this outcome a high priority. could you imagine the improvement in mental health, financial resilience and well - being if more of our people were capable of managing their personal finances? could you imagine if every workplace - starting with governments ( the largest employers ) offered financial wellness programmes? 3 / 4 bis - central bankers'speeches that would be a new day and a giant stride in our big push for financial resilience and wealth creation! this is a cause worth pursuing, with huge potential dividends. as a region, we cannot change our history nor can we change our geography, but collectively we can elevate our development trajectory through innovation and collective action. let us seize the moment and may god crown our efforts with resounding success. i thank you. 4 / 4 bis - central bankers'speeches
hermann remsperger : the monetary stability foundation speech by professor dr hermann remsperger, member of the executive board of the deutsche bundesbank and chairman of the council of the monetary stability foundation, at the third conference of the monetary stability foundation, “ challenges to the financial system – ageing and low growth ”, frankfurt, 7 july 2006. * * * ladies and gentlemen i would like to warmly welcome you to the third conference of the monetary stability foundation. as previously we have organised this conference in cooperation with the federal ministry of finance and the deutsche bundesbank. in his introduction, the bundesbank ’ s president, professor axel weber, will go into the specific subjects of our conference. in my capacity as the chairman of the council, i just want to make a few remarks about the monetary stability foundation itself. the monetary stability foundation was set up as a federal institution under public law by act of parliament at the beginning of 2002. its endowment capital amounted to dm 100 million or €51 million. the capital was raised from the profits which the bundesbank made from the sale of dm 1 gold coins in july 2001. the coins were designed to commemorate the special role and history of the deutsche mark. the gold required to mint the coins was taken from the bundesbank ’ s reserves. as the book value of the gold used was lower than the market value at which the gold coins were sold, a profit of €94 million was made. €43 million were used to finance the restoration of the museum island in berlin. the remaining €51 million were given to the foundation. it is the foundation ’ s task to promote public awareness of the importance of monetary stability. for this purpose, it supports economic and legal research in the field of money and finance. this includes all aspects of monetary policy and financial stability. in this sense it also covers the issues of globalisation and the interaction of monetary and fiscal policy. the foundation has now more or less completed its start - up and development stages. this process initially involved designing its strategy and fixing the policy instruments. during this period, the foundation inevitably had only a minor public presence. the most important decisions have now been made and implemented, which means that the foundation is fully operational. the foundation will use about €1 million out of its income to finance the new institute for monetary and financial stability which is linked to frankfurt university. at this research institute, three departments will work together in the area of monetary stability

countries agreeing on the same way forward is a key element for higher confidence and a lasting end to this crisis. bis central bankers ’ speeches
be only two phases : a more limited reinsurance phase and then coinsurance. however moving to this second phase would be conditional on progress achieved in reducing risks. ” 5 / 5 bis central bankers'speeches

, i will broaden my perspective and touch upon the relationship between balance - sheet adjustments and the global economy. what is important in this context is the relationship between developments in emerging and advanced economies. currently, large - scale economic stimulus measures are being implemented around the world. although emerging economies did not face pressure for balance - sheet adjustments, given the decrease in global demand they nevertheless implemented large - scale economic stimulus measures. in addition, monetary easing in advanced economies has stimulated capital inflows to emerging economies, boosting economic activity there. on top of that, the effects of monetary easing have been magnified by foreign exchange interventions by emerging economies to contain the appreciation of their currencies. in these circumstances, economic activity in emerging economies has been recovering at a faster rate than anticipated in early spring, contributing to the recovery of the global economy overall. however, we also need to be aware of the risk that if the difference in the pace of recovery in emerging and advanced economies does not diminish, and if capital inflows from advanced economies continue for a protracted period, emerging economies might overheat and experience financial turmoil, triggering a recession. although this may be stating the obvious, given the growing interconnectedness between economies around the world, what is important for the global economy is that advanced and emerging economies grow in a sustained and well - balanced manner. therefore, it is necessary to pay attention to the relationship between developments in advanced and emerging economies and especially to capital flows from advanced to emerging economies. closing remarks in my speech today, using japan's experience in the 1990s for comparison, i highlighted a number of issues concerning balance - sheet adjustments that will play an important role in shaping the outlook for the global economy. as a policymaker, i believe it is important to be aware of the issues i discussed today and, keeping duly in mind that the past is not necessarily a good guide to the future, to continue to carefully assess economic developments without any prejudgment. thank you.
30, sets out both the actions needed to build the cmu and a calendar for their implementation. short - term actions range from ( i ) a legislative proposal to develop simple and transparent securitisation, possibly subject to favourable prudential treatment, through ( ii ) a revision of the capital requirements on investments in infrastructure for insurance companies, to ( iii ) the simplification of the prospectus directive ( so as to facilitate listing for firms, especially smes ). consultations have been launched on cross - border investments in venture capital as well as on covered bonds, retail financial services and the impact of financial regulatory reforms. these are all steps that go in the right direction, and we look forward to having them implemented in a timely manner. but the challenges are tougher over the longer term. let me highlight what i think are the key policy directions and then i will move to the important topic of investment in infrastructures. first, it is essential that more risk capital flows to firms that want to innovate and grow in size. equity financing is best suited for higher risk and innovative projects, that display strong information asymmetries and mostly translate into intangible assets ; the low availability or lack of tangible assets to offer as collateral for debt finance is a serious issue, especially for start - up firms. equity can be raised through individual investors, venture capital or private equity funds, or, when a company matures, listing on a stock exchange. private equity or venture capital financiers also provide managerial expertise and deeper knowledge of innovative sectors. going public makes it easier to raise additional equity, reduces the cost of capital, enhances the discipline of firms ’ management and allows shareholders to sell their shares more easily. in the european union, while the overall share of ( listed and unlisted ) equity on firms ’ liabilities is broadly comparable to that in the united states, only one third of this equity is accounted for by listed shares compared with slightly more than half in the us. as for venture capital, it represents a negligible share of firms ’ external finance, much lower than in the united states. firms ’ capital bases can be strengthened by pursuing a more neutral tax treatment of equity compared to debt, through, for example, an allowance for equity in corporate income tax. such allowances could be strengthened for firms that list their shares on stock exchanges. equity financing can also be supported by tax incentives, targeted for instance to innovative firms or venture capital

springs from rigorous conduct and from the consensus it enjoys in the society within which it works its effects. p. baffi, “ due momenti del negoziato sullo sme : la banda larga e l ’ adesione del regno unito ” in il sistema monetario europeo a dieci anni dal suo atto costitutivo : risultati e prospettive, atti del convegno promosso dal ministero degli affari esteri e dall ’ imi ( proceedings of a conference organized by the italian ministry of foreign affairs and imi ), rome, december 1988.
since empirical results in economics are a function of the context. 16. the short point is that economics cannot lay claim to the immutability, universality, precision and exactitude of physics. economics is a social science and its predictive power is at a fundamental level influenced by human behaviour and actions. let me now illustrate how real world behaves in capricious and unpredictable ways posing complex challenges for economic prediction. ( i ) take the recent financial crisis. it is not as if no one saw the pressures building up. there were a respectable number of economists who warned of the perilous consequences of the build - up of global imbalances, said that this was simply unsustainable and predicted a currency collapse. in the event, we did have the system imploding but not as a currency collapse but as a melt down of the financial system. ( ii ) again, there was widespread apprehension that the financial crisis would be followed by a sovereign debt crisis under the weight of unprecedented government borrowing to finance the fiscal stimulus. we did get a sovereign debt crisis but not because of stimulus led debt burden but because of fiscal profligacy in some european countries, notably greece, made possible by the umbrella cover of a monetary union. economic models 17. moving on with what went wrong with economics, another flaw, actually one related to “ physics envy ”, is the obsession of economists with models so much so that they convinced themselves that if something cannot be modeled, it is not fit enough for academic pursuit. indeed, with the benefit of hindsight, it is now possible to see that one of the basic causes of the crisis was that the models used by central banks, such as even the sophisticated dynamic stochastic general equilibrium ( dsge ) models, remained confined to the real sectors of the economy and did not capture the complexities of the financial markets. it is not surprising that economists missed seeing the crisis brewing in the underbelly of the financial sector. 18. yes, it is possible to construct beautifully precise models but only if you assume that rational economic agents with perfect information are operating in free markets that always return to equilibrium. but none of these assumptions holds true in the real world ; models of economists are mere abstractions of reality that are useful for understanding but woefully inadequate for prediction. that is why good economists are those who superimpose judgement on the predictions thrown up by models, a subject to which i will return in the second part of my

term sustainability and the financial inclusion goals. we in the reserve bank believe we have carefully crafted suitable policy guidelines for the small finance banks and payments banks keeping this balance in perspective. we have received 72 applications for the small finance banks and 41 applications for the payments banks. we are processing them and hope to issue licences to the fit and proper applicants in a few months ’ time. we hope that these new entities will speed up our financial inclusion efforts in a big way. 48. thank you. bis central bankers ’ speeches
' s potentially life - threatening, because it can erode your capital. since the beginning of the covid crisis, european banks haven't pulled up their drawbridges, but instead continued lending to firms and households. at the same time, they increased provisions, in expectation of a surge in non - performing loans. but so far, the impact of covid on asset quality was not as bad as expected. so now, banks have started to release provisions again, reflecting the brightening outlook for the economy. 1 / 4 bis - central bankers'speeches but isn't that a bit too soon? true, the economic recovery in europe looks strong. but let's not forget the unprecedented nature of what happened. one of the reasons why we haven't seen lots of firms go belly - up during the pandemic, is the unprecedented scale of government support. support that has kept many firms afloat that might otherwise have gone bankrupt. competition, and the process of creative destruction that goes with it, has been suppressed for the past 1. 5 years. to give you an idea, at the height of the pandemic, bankruptcies in the eu had fallen by half compared to pre - pandemic levels. in spring this year they were still only at three - quarters of these levels. and in the meantime some very significant changes to economic activity and customer preferences have taken place that are likely to be structural. think of the rise of the online economy, think of the shift away from inner cities to the suburbs or rural areas. we simply haven't been here before. with the wind - down of government support measures, the true picture of the health of firms will gradually emerge. how many firms might still go under? we simply don't know. but bankruptcies are creeping up again. so banks should be careful and not release provisioning too soon. the covid - legacy also means banks need to take a close look at another part of their defences : risk management. the pandemic presents unique challenges for managing credit risk. assessment of bank practices by supervisors, at least in the eurozone, shows that not all the banks have sufficiently strong credit risk practices in place. too many banks have insufficient high quality data and early warning systems. they are continuing to drag their feet when it comes to classifying problem loans, and are applying inadequate practices for provisioning, valuing collateral and making financial forecasts. so a broader adoption of good credit risk

the future relationship between the eu and the uk is still subject to lively debate. but what is clear is that cooperation is more important than ever. many challenges the banking industry faces today are relevant on both sides of the channel. in order to overcome them, we need to work together. to stay strong and dependable. like windsor castle -. 4 / 4 bis - central bankers'speeches