samchain/econo-pairs-v2 huggingface dataset:
agriculture, smes, private companies, and green finance. 1 / 2 bis - central bankers'speeches looking forward, faced with the challenging situation, the advanced economies and the emerging market economies need better collaboration on macroeconomic policies. that is why the theme of this session, " growth and inflation dynamics ", is so important. i hope the productive discussion here today will give us some clues to jointly tackle the difficult problems we all have on hand. thank you very much. 2 / 2 bis - central bankers'speeches

yi gang : speech at bank of thailand - bank for international settlements conference speech by mr yi gang, governor of the people's bank of china, at the bank of thailand - bank for international settlements conference " central banking amidst shifting ground ", bangkok, 2 december 2022. * * * distinguished governor sethaput suthiwartnarueput, general manager agustan carstens, president christine lagarde, governor philip lowe, governor perry warjiyo, professor raghu rajan, good morning! on behalf of the people's bank of china, i would like to extend my sincere congratulations to the bank of thailand on its 80th anniversary. it gives me great pleasure to speak at this conference. i would like to take this opportunity to say something about growth and inflation. i recall that about one or two years ago, we were still debating whether the inflationary pressure was transitory or entrenched. since the beginning of this year, however, most advanced economies started tightening monetary policies. many central banks are hiking interest rates aggressively at a much faster pace than previous tightening cycles. and also, many emerging markets and low - income countries have seen pressures of local currency depreciation, capital outflows and inflation at the same time. meanwhile, indicators such as mortgage rates and pmis throughout the world show that the likelihood of a slowdown or a recession sometime next year is on the rise. central banks are faced with a delicate balancing act of fighting inflation and keeping the economy growing at the same time. as for china, our cpi right now is about 2 %. this is particularly due to a bumper harvest in grain and stable energy prices. our gas and oil prices follow global trends. our electricity prices have basically been stable since the beginning of the year. looking for next year, the inflation forecast is in the moderate range. china's growth rate, however, is right now somewhat slower than expected due to covid and other factors. our third quarter growth rate is 3. 9 % on a year - on - year basis. but as you see, we have a pretty accommodative monetary policy in place to help with economic recovery and maximize employment. and our focus is growth right now. we recently cut the required reserve ratio ( rrr ) by 25 basis points, and also led the market interest rates lower a little bit. on top of its aggregate dimension, our monetary policy also has a structural side that is providing much needed support to
in bringing together such reports, these interactions are far from straightforward and demand a great amount of cooperation between the entities involved. for instance, the reporting standards specified by iasb, eba or the ecb, are sometimes different in their respective scopes, which emphasizes the need for a progressive harmonization of the underlying concepts. in my address i will briefly and selectively overview the work that has been done so far at the european level to enhance the interactions between the single supervisory mechanism ( ssm ) data needs and statistical reporting – with a reference to the extremely important work developed by the eba - and will proceed with an outline of the experience of banco de portugal in managing large micro - datasets as well as in enhancing the synergies between financial stability assessment and microdata availability. an important step towards the setting up of the ssm data supporting system is related to the update of the legal provisions ruling the use and exchange of confidential data, which was initially designed having in mind the statistical function of the european system of central banks ( escb ). to address these concerns, the governing council approved, in april 2014, a recommendation for a council regulation amending regulation ( ec ) no. 2533 / 98 concerning the collection of statistical information by the european central bank ( ecb ). in a nutshell, this initiative aimed at creating a legal framework for the transmission and use of confidential statistical information supporting the role of ( i ) the european central bank, in its capacity as the competent authority in prudential supervision, ( ii ) the national competent authorities ( ncas ), responsible for prudential supervision in the member states, and ( iii ) the member - states and european union authorities responsible for the financial system stability. actually, the need for information sharing across supervisory entities became even more evident in the aftermath of the recent economic and financial crisis. the ensuing development of macroprudential supervision highlighted the crucial role of the transmission of key information across banking, insurance and financial markets www. bportugal. pt supervisors. this is a point that definitely needs more debate and refinements at both euro area and member - states ’ levels. the european banking authority ’ s implementing technical standards ( its ) provide a harmonized approach to supervisory data collection across europe, allowing not only sounder comparisons among the different countries, but also a common set of regulations and definitions that pave the way to the single supervisory initiative. in this area, it is important to highlight

consensus, only attainable through an open, broad and informed debate. i am confident that this conference will contribute to such a debate and that by the end of the day we will have gained many useful insights into what paths to take for effective reform and the strategies to adopt in order to remove the obstacles in the way. thank you very much for being here. 6 / 6 bis central bankers'speeches
mojmir hampl : czechs and austrians – even closer than they appear speech by mr mojmir hampl, vice governor of the czech national bank, at the wirtschaftskammer osterreich, vienna, 14 november 2012. * * * ladies and gentlemen, dear guests, it is a great honour and utmost pleasure for me to speak here today. and believe me, these are not just standard nice opening words. i really mean it. as if there is anywhere i particularly enjoy visiting, it is vienna and also austria as a whole. and as the statistics show, the same goes for many czechs. more than two million of us visit austria annually, and the number is going up every year, regardless economic circumstances ( not the other way around ). this is not due solely to the typical and widespread enthusiasm among czechs for skiing. many czechs simply like austria as a country. it would be hard for me to find a czech who does not feel good, safe and comfortable here. and it is no accident. so, please forgive me if i do not discuss today macroeconomic trends, the extraordinary synchronisation of economic cycles in our two countries, and factors behind continually rising mutual trade. much of this will be surely covered in the discussion. there is something else i would like to talk about. i would like to make a personal comment about the closeness of our two countries. after several years spent within the austrian financial group erste and its czech daughter bank, after many visits to austria on business and on pleasure, and after many working meetings with austrian partners on various occasions, i have become convinced that czechs and austrians have a very similar mentality and share many habits and customs. i would even go so far as to say that hardly any other nation is so similar to the czechs than austrians – maybe not even the slovaks. there are many on either side who will not like this thesis, but i believe there is a lot of truth in it. not only are czechs and austrians typical small savers with a conservative approach to money and debt, and not only do they have similar cultural attitudes to those many petty things important for our lives, from the culture of alcohol drinking to obsession with academic titles, from very similar attitude to clothing to shared mania with sometimes overly bureaucratic procedures here and there. and from comparable attitude to what we deem as the so - called status products in our lives to similar phenomenons and problems

head said that for the time being, the balance of power in the foreignexchange markets had shifted towards central banks, since tougher capital standards mean banks have fewer resources with which to move a currency against policy makers ’ wishes. “ temporarily, the power of central banks vis - a - vis market players has increased, ” he said. bis central bankers ’ speeches
system as a whole. the city has a special responsibility given london ’ s pre - eminent position in global markets, which is why it has already brought so many ideas and such energy to advance financial reform. 2 financial reform is re - building real markets reform is strengthening the resilience of major banks. their capital requirements have increased ten - fold and their liquid assets are up four - fold. these banks ’ trading assets are down by a third and intra - bank exposures by two - thirds. reform is ending the scourge of too big to fail. the combination of eliminating the implicit public subsidy and increased capitalisation will correct the distortions caused by the structural under - pricing of risk on banks ’ balance sheets. and by making a further shift to market - based finance inevitable, it is increasing choice and competition – real market forces. reform is also improving risk transfer by untangling the complex web of derivatives that meant failures like lehman triggered chaos ; and by creating simple, transparent and comparable securitisation markets. this reform agenda has increased the effectiveness of ficc markets and reinforced their social licence. see haddow, a, hare, c, hooley, j and shakir, t ( 2013 ) “ macroeconomic uncertainty : what is it, how can we measure it and why does it matter? ”, bank of england quarterly bulletin, q2. see also bloom, n, et al ( 2014 ), “ really uncertain business cycles ”, mimeo. examples include the contribution of the private sector to : the development of revised isda protocols as part of efforts to tackle too big to fail ; improvements in disclosure under the aegis of the enhanced disclosure taskforce ; consultation over tlac proposals ; the establishment of the banking standards council ; and ongoing work to develop the appropriate near - risk free reference rate for sterling markets. bis central bankers ’ speeches it is frustrating for us all that such major progress risks being overshadowed by misconduct problems. the fair and effective markets review we must break the back of these issues, and the fair and effective markets review shows the way forward. with its publication today, all the main building blocks are now in place for the real markets we need. i want to pay tribute to my colleagues charles roxburgh, minouche shafik and martin wheatley, who so ably led the review. and to salute elizabeth corley, who so expertly chaired the review ’ s independent market practitioner panel, canvassing and

build on these foundations. the current period of high energy prices is providing us with much needed space to accelerate the reform process and to make the necessary structural changes. it ’ s a question of seizing the moment.
industry. the sar government has therefore been determined to promote vertical diversification of the tourism services industry, putting emphasis on non - gaming tourism with new elements of culture, leisure, sport, convention and meeting. besides, the continuous effort by the government to optimize business environment, as well as the gradual deepening of cepa ; the role as platform of trade and services ; and the scheme of cross border industrial zone will be part of the driving force in diversifying the economy of macao over the longer term. now, let ’ s talk about reserves. also benefiting from the robust tourism sector, macao ’ s external account remains favorable. in 2006, the trade account surplus was equivalent to one - third of nominal gdp, pushing our foreign exchange reserves up by 36. 8 % to usd 9. 1 billion by the end of 2006. this amount of foreign exchange reserves represented an ideal level of 15 months of total imports in 2006. as at the end of march 2007, foreign exchange reserves further rose to usd 10. 3 billion. it is considered substantial for a small city with a population of 500 000. the management of the reserves of the macao sar is in the good hands of my colleagues in the monetary authority. by adopting a prudent strategy, they managed a reasonable return in a turbulent market environment. however, through out the process, like everybody else who is in charge of managing a reserve, they may feel like walking on a tight rope – they have to strike a balance between return and risk, which is becoming more so as rapid development in the financial market opened up new opportunities to invest in different asset classes beyond traditional ones and, as a result, risk management challenges also mount. when i look around the global financial market, i always ask myself a question : if a correction is bound to happen what will trigger its fall? it will certainly arise from an implosion of one or more instruments. everything appears to be frothy these days. the suspect can be debts, stocks, commodities, hedge funds, private equity firms, carry trades, derivatives, just to name a few. the market value of any one of the above categories is measured in terms of billions of us dollars. indeed, we witnessed last year the fall of two substantial hedge funds. in february this year, the unwinding of yen carry trades sent worldwide stock markets tumbling down. recently, global financial markets fret about the possible collapse of u. s. real estates market which

through macao as the intermediary the above is a summary of my basic viewpoints on the theme of this forum. it provides merely food for thought which i hope can lead to further elaboration from the audience. thank you!
appropriately, on the contribution monetary policy can make to sustained economic growth. but i want to emphasize that, while low inflation is essential in this context, it is not sufficient by itself. other policies, both macro - and micro - economic, must continue to focus on enhancing productivity and raising our production potential over the medium term. this focus is extraordinarily important if we want to achieve sustained, solid economic growth and rising standards of living over time. we should not lose sight of it as we go through the current short - term difficulties.

, because monetary policy is forward - looking, we have to make a best possible evaluation of likely developments several quarters ahead. as we look to 2002, the timing and extent of a recovery in economic activity will depend crucially on geopolitics and on how quickly confidence returns to normal. as we discussed in our november monetary policy report, one can envisage two scenarios ( chart 3 ). in the first, confidence could be restored quickly, and robust growth could resume in early 2002, supported by the substantial monetary and fiscal stimulus already in place. in the second, confidence could stay fragile for some time, and growth would be anemic through most of 2002. note that, under either scenario, the canadian economy would still be operating at levels that are below capacity by the end of 2002. this means that inflation would continue to be below target through next year. how has the bank responded to all this? to underpin confidence in the wake of the extraordinary uncertainty generated by the terrorist acts, we took the exceptional step of lowering our key policy interest rate by 1 / 2 of a percentage point on 17 september, outside our regular fixed announcement schedule. and we moved again to ease rapidly — by 3 / 4 of a percentage point, on 23 october, and by 1 / 2 of a percentage point, on 27 november. the cumulative reduction in policy interest rates since the beginning of the year amounts to 3 1 / 2 percentage points, of which more than half — 2 full percentage points — occurring since late august. this substantial amount of monetary stimulus will work to support a resumption of healthy growth in output, investment, and employment, given canada ’ s solid economic foundations. in view of the ongoing uncertainties, it is still too early to characterize the economic outlook with great assurance. nonetheless, signs that the geopolitical situation may be stabilizing and that households and firms are beginning to adjust to the new environment, suggest a somewhat greater likelihood that the bank ’ s more optimistic scenario may come to pass than was the case a month ago. in closing, let me stress that i have oversimplified how the bank judges the performance of the economy relative to its potential. in addition, i have not mentioned all the factors that can influence the growth of potential or the future path of inflation. but i have provided the basic elements of the inflation - targeting approach that the bank uses to help promote good economic performance. mr. chairman, in my remarks today i focused,
change for monetary policy transmission and price stability. second, the ecb will introduce environmental sustainability disclosure requirements for eligibility for collateral and asset purchases. third, we will adapt our risk assessment framework, our corporate sector asset purchases and the collateral framework for climate - related risks. during our review, we also addressed the communication of our monetary policy. we heard directly how our policies affect the lives of european citizens and their desire to better understand those policies. our last review took place well before smartphones were around, so there was a strong case for enhancing our communication with the outside world. you will notice some changes in the coming weeks relating to our regular communication. for example, a new, 2 / 3 bis central bankers'speeches more narrative - based, and more concise monetary policy statement will replace the introductory statement at our monetary policy press conferences. but also, our monetary policy communication geared towards the wider public will be adapted through a more visualised and more accessible approach. and, reflecting the successful experience with the listening events, the governing council intends to continue to interact on a regular basis with the public via eurosystem outreach events. the review of our strategy that we have just completed took place 18 years after the previous one. looking ahead, the rapidly changing world that we live in means that we cannot wait for another 18 years before undertaking the next review. a regular review cycle, with the governing council periodically reassessing the appropriateness of its monetary policy strategy, will ensure that the strategy remains fit for purpose. it will also further enhance the ecb ’ s transparency and accountability to european citizens. we intend to carry out the next assessment in 2025. the governing council yesterday also endorsed a longer explanatory overview note on the ecb ’ s monetary policy strategy, which will be published after the press conference. we are now ready to take your questions. 3 / 3 bis central bankers'speeches

institutions in different countries including nonmembers of the committee. i welcome this approach. we should try to learn from each other and turn the differences between our financial sectors and the different perspectives resulting from them into an asset. the financial stability institute has already carried out an insightful cross - country comparison on proportionality in banking regulation. i am sure that stefan hohl will tell you more about it in a few minutes. let me just say that i highly value this work of the fsi, and that i would appreciate to see more such work on proportionality from the fsi or the basel committee in the near future. now i am looking forward to your questions, and to learning from your perspectives on proportionality. thank you for your attention. 5 / 5 bis central bankers'speeches
only be able to maintain it in future, through open international insurance markets. the government ’ s stated policy is to maintain and enhance the position of the uk as a leading international financial sector, and the insurance sector forms a key part of this. an important aspect of achieving this objective is how we ensure that the uk is open and competitive as a place to do business. but what does this mean in practice, and for the insurance sector in particular? one of the key changes wrought by brexit is the increased role the prudential regulation authority ( pra ) and financial conduct authority ( fca ) now play in decisions regarding which eu insurers are permitted to operate in the uk market and how they are supervised. my colleague david bailey, the executive director for international bank supervision, spoke in january about the pra ’ s approach to hosting international banks in his speech in january on “ responsible openness ”, and the same principles apply in insurance. 4 we have always attracted international insurers looking to establish operations in the uk to take advantage of concentration of skills, proximity of fellow insurers, and strong legal and regulatory systems. there have always been processes and rules in place to ensure that these entities are authorised and supervised appropriately. however, the end of passporting information on the temporary permissions regime london market group report ‘ london matters 2020 ’ association of british insurers ‘ the state of the market 2019 ’ david bailey speech : ‘ responsible openness ’ all speeches are available online at www. bankofengland. co. uk / news / speeches and @ boe _ pressoffice access from the eu has removed a route into the uk market for a huge number of insurers. to give some sense of scale, over 600 eu insurers held passporting permissions to write business in the uk in december 2020 ( although not all passports were actually in use ). although only a third of those firms chose to enter the tpr, even this relatively more manageable number – 190, from 20 countries – represents a step change in the size and number of overseas insurers the pra has responsibility for, with many of these insurers expected to apply for permanent authorisation. it is therefore only right to consider in detail our approach to these firms. the pra remains open to all insurers seeking to operate in the uk, and will assess applications against a clear and consistent set of criteria. this includes hosting business on a cross

promoting an effective aml / cft system. 3 / 4 bis - central bankers'speeches rest assured that the bank will spare no effort in ensuring that its licensees continue to adhere to the best aml / cft practices with a view to enhancing trust and confidence in mauritius as a premier international financial centre, in line with our future of banking strategy. with these words, i wish you all fruitful deliberations, and i thank you for your attention. 4 / 4 bis - central bankers'speeches