samchain/econo-pairs-v2 huggingface dataset:
bis central bankers ’ speeches

yves mersch : 2017 - a decisive year for innovative retail payment services keynote speech by mr yves mersch, member of the executive board of the european central bank, at the french payments committee conference on " technological innovations in payments and beyond ", bank of france, paris, 6 january 2017. * * * introduction between christmas and new year, many tv programmes and magazines looked back at events, cultural and political, that shaped 2016. focusing on the field of payments innovation, i will also begin with a very short review of the events of last year. but the main part of my speech will be dedicated to looking ahead. in particular, i will discuss why 2017 is going to be a decisive year for the success of innovative retail payments services in europe. in 2016 the foundations were laid for pan - european innovative payment solutions. in the scheme layer, the european payments council ( epc ) finalised the framework for pan - european instant payment solutions. the instant payment scheme is the basis for the europe - wide implementation of instant credit transfers, as well as the launch pad for other innovative payment solutions, such as person - to - person mobile payments. fostered by the euro retail payments board ( erpb ), work is under way not only on instant payments and mobile payments, but also payment initiation services and e - invoicing, among other things. in the clearing layer, ( some ) automated clearing houses ( achs ) agreed and committed to a paneuropean approach for clearing instant payments in euro. this approach consists of ( i ) harmonised risk management, ( ii ) a uniform settlement procedure in target2 and ( iii ) fair and open access policies to facilitate interoperability. in the settlement layer, the eurosystem launched an investigation into providing a pan - european instant payment settlement service in central bank money. with these foundations in place, 2017 will see decisive action in all three layers. first, payment service providers will have to deliver instant payment solutions to the end users. second, most achs will be ready to launch their instant payment clearing systems. and last but not least, the eurosystem will decide on whether or not to provide a pan - european instant payment settlement service in central bank money to payment service providers. i would now like to look more closely at two specific areas of action : 1. how the eurosystem – in its role as catalyst – will continue to drive european retail payment integration by fostering the provision of pan - european instant
benjamin e diokno : signing of the amendment agreement enhancing the innovation function co - operation agreement opening message by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), for the bangko sentral ng pilipinas and monetary authority of singapore virtual signing of the amendment agreement enhancing the innovation function cooperation agreement, 4 november 2021. * * * to the monetary authority of singapore managing director ravi menon, senior officers of the monetary authority of singapore and the bangko sentral ng pilipinas, ladies and gentlemen, good afternoon. when i took the helm at the bsp, i clearly laid out my priority agenda — that is — to enable universal access to secure, affordable, and convenient digital services to more financial consumers as a way of bringing the central bank closer to the filipino people. to accomplish this goal, we intensified our efforts to undertake digital transformation on a nationwide scale. we even expanded bsp ’ s capability by creating an entirely new sector that ’ s focused on digital payments. gradually, we expanded use of digital payments in the country from only 1 % in 2013 to 20 % by the end of 2020. this development affirms that we ’ ve done significant progress in the domestic sphere. now, we are ready to extend the reach of the enhanced retail payments of the philippines beyond our borders. a seamless cross - border payment system can facilitate remittances, tourism, trade and investments. all of these activities have fueled our country ’ s development before the pandemic. and they would also be vital for our post - pandemic recovery. we chose singapore to take the next step with us given our strong economic and social ties. other than hosting many filipino workers, singapore is one of our top trading and tourism partners. four years ago, the bsp and the mas signed the innovation function co - operation agreement to provide a venue for collaboration in the fintech arena. today, we are enhancing the agreement to include joint undertakings in payment innovation and formally commence the work on the possible linkage of our fast payment systems, between the philippines ’ instapay and singapore ’ s paynow. i ’ m confident, that this collaboration would further strengthen the ties between our two nations. so, let me take this opportunity to thank the monetary authority of singapore for our continued engagement for the shared vision of an integrated, multilateral, and interoperable cross - border payment system

in the asean region. thank you. 1 / 1 bis central bankers'speeches
mulwana demonstrates that the ugandan private sector can succeed, provided that it follows his example of applying modern commercial principles to the management of business. the public sector must also play its part in reforming the business environment in uganda, so that it becomes more attractive to private investment. james mulwana was an inspiration to ugandans. may his soul rest in eternal peace. bis central bankers ’ speeches

optimal bank regulation, therefore, cannot prevent all bank failures. bank regulation aims to ensure that banks do not take excessive risks and also that they properly manage their risks, for example by adequate diversification of their loan portfolio, so that bank failures are the exception rather than the norm. one of the most important tools of bank regulation is the minimum capital adequacy requirement, which is based on the globally agreed approach set out in the basel capital accords. capital adequacy requirements stipulate that banks must hold a minimum amount of regulatory capital as a percent of their risk weighted assets. in uganda, banks must hold total capital which is at least 12 percent of their risk weighted assets. the purpose of these capital adequacy requirements is to ensure that banks hold a buffer which can absorb losses and thus protect their deposits. if a bank suffers losses because of, for example, bad loans, these losses are first absorbed by the bank ’ s capital. it is only if the losses exceed the bank ’ s capital that the bank ’ s depositors or other creditors will incur losses. to safeguard depositors, the bou is mandated under the financial institutions act, 2004 to implement prompt corrective actions, which are triggered by a failure of a bank to comply with the capital adequacy regulations or by other indicators of financial distress. these prompt corrective actions are designed either to restore the bank to a sound financial condition, for example through recapitalisation by its owners, or if that is not possible, to trigger intervention by the bou to resolve the failing bank in some way, for example by closure or by selling it to another bank, before significant losses to its deposits can occur. what is the record of uganda with respect to bank failures and losses of deposits? the current legal framework for bank regulation was put in place in 2004 when parliament enacted the financial institutions act, legislation which strengthened bank regulation following the bank failures that had occurred in the 1990s. since the enactment of the financial institutions act, 2004, there have been three bank failures in uganda : two very small banks in 2012 and 2014 and one larger one in 2016. the combined deposit market share of the three banks, at the time that each one was closed, was about seven percent. because the bou intervened in these banks in a prompt manner, in line with the mandatory prompt corrective actions stipulated in the financial institutions act, depositors did not lose any of their money. in all three cases
alan greenspan : jackson hole conference - closing remarks closing remarks by mr alan greenspan, chairman of the federal reserve board of governors, at a symposium sponsored by the federal reserve bank of kansas city, jackson hole, wyoming, 27 august 2005. * * * the federal reserve will almost surely face as many uncertainties over the next eighteen years as it has over the past eighteen. technology continues to bring rapid change and, hence, considerable uncertainty, to the global marketplace. monetary policy, supervision and regulation activities, and payments system operation will need to be calibrated to respond to the influences of that technological change. other forces will be at work on the economic environment as well. the inexorable aging of our population will markedly influence the policy milieu in the years ahead. monetary policy, for example, cannot ignore the potential inflationary pressures inherent in our current fiscal outlook, especially those that could arise in meeting commitments to future retirees. however, i assume that these imbalances will be resolved before stark choices again confront us and that, if they are not, the fed would resist any temptation to monetize future fiscal deficits. we had too much experience with the dangers of inflation in the 1970s to tolerate going through another bout of dispiriting stagflation. the consequences for both future workers and retirees could be daunting. nearer term, the housing boom will inevitably simmer down. as part of that process, house turnover will decline from currently historic levels, while home price increases will slow and prices could even decrease. as a consequence, home equity extraction will ease and with it some of the strength in personal consumption expenditures. the estimates of how much differ widely. the surprisingly high correlation between increases in home equity extraction and the current account deficit suggests that an end to the housing boom could induce a significant rise in the personal saving rate, a decline in imports, and a corresponding improvement in the current account deficit. whether those adjustments are wrenching will depend, as i suggested yesterday, on the degree of economic flexibility that we and our trading partners maintain, and i hope enhance, in the years ahead. on monetary policy, i envision a continuous refinement of our risk - management paradigm. i presume maximum sustainable economic growth will continue to be our goal, with price stability pursued as a necessary condition to promote that goal. to date, we have chosen not to formulate explicit inflation targets, in part, out of concern that they could inhibit

particular policy choices. the benefits of taking 4 / 5 timely and appropriate federal budget actions are important for the long - run health of the u. s. economy. 5 / 5
to ensure that risks arising from integration are being assessed and managed well. move towards riskbased supervision, and changes in prudential regulation and supervisory oversight to address cross - border activities would be important steps in this regard. 18. for successful integration, economic fundamentals need to be and remain strong. local markets need to be properly regulated and supervised. if market fundamentals deteriorate, speculative attacks will occur with capital outflows generated by both domestic and foreign investors. the benefits of integration would not be equally spread among the countries of the region. opportunities and challenges exist for all types countries. it is likely that the more innovative and efficient countries will be most successful in the new environment. the likely impacts, both beneficial and less beneficial, will affect different countries in different ways. 19. finally, talking about regional capital market, the presence of regional financial institutions is a must. the recent initiative for the establishment of asian infrastructure investment bank is a welcome step in this regard. equally important will be the initiatives for higher level of capital account convertibility of the currencies of the larger economies. besides, further financial liberalization and arrangements for cross border oversight and supervisory functions will be equally important. harmonization of the regulations regarding aml / cft, kyc, taxation, use of it system, and statistical reporting are some other prerequisites for the development of an integrated regional capital market. we, the south east asian central bank ( seacen ) governors, can collectively take up such initiatives through the platform of seacen. let us work together towards the evolution of the regional financial market that caters the financing need of asia ’ s vibrant economic growth. thank you. bis central bankers ’ speeches

1 january. it is because europeans have seized the opportunity to play an active part in the euro changeover that we can already pronounce this unprecedented move a tremendous success. with the introduction of the euro banknotes and coins, the euro has ceased to be a currency familiar only to the financial markets, to financial institutions and large enterprises. on 1 january at 00. 00 hour, the introduction of the euro banknotes and coins marked not only the completion of economic and monetary union, which is a crucial achievement in itself, but one of the major, if not the major step forward in the history of european integration. i am convinced that 1 january 2002 will appear in the history books in all our countries and beyond as the start of a new era for europe.
mandates in the bsp remain the same, our operating environment is constantly changing. there is a need to adapt and to stay ahead of developments … the bsp will continue to provide an enabling environment for sustainable and broad - based economic growth, deploy timely measures to ward off any potential threat to financial stability, strengthen domestic sources of resilience, and leverage on technology and digitization to pursue more inclusive growth. let us now offer a toast ( may i request the members of the monetary board to please join me on stage ) … dear friends from the banking and financial industries, industry associations, colleagues from government, the private sector, media and the academe, let us raise a glass to our continued partnership … may we multiply our efforts through greater collaboration and cooperation so we could stay ahead of all curves and bring about exponential returns for our beloved philippines and our fellow filipinos. cheers! 3 / 3 bis central bankers'speeches

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alejandro diaz de leon : what is the true resilience of our financial systems to climate change with the buffers we currently have? remarks by mr alejandro diaz de leon, governor of bank of mexico, at the bis - bdf - imf - ngfs green swan conference, 2 june, 2021. * * * question 1. how climate - related risks to financial systems differ to other risks and forms of structural economic change? first, it is an honor to be part of this distinguished panel. since the avian flu or the old - sars episodes there was awareness that another pandemic event would happen sooner or later. nonetheless, we were clearly not ready for the challenges covid - 19 entailed and this resulted in an unprecedented shock for the global economy. the covid pandemic is a cautionary tale, we must enhance our resilience in face of the imminent climate - change shocks. the probability of climate risks materializing is high, even though the timing is uncertain. there is little time to act, to increase resilience and prepare to better manage these risks. let me highlight two points : 1. with climate events we are on the realm of what we know as knightian uncertainty : we do not know their distribution functions. moreover, the existence of tipping points implies that small changes in temperature could have severe consequences for our well - being, nonlinear effects. clearly, it is essential to avoid reaching such tipping points. 2. climate change will impact adversely some countries more than others. tropical and subtropical regions are likely going to be more affected by climate - related events. thus, less developed countries ( ldcs ) and emerging economies are more exposed and are also less resilient to cope with climate change challenges. question 2. what solution ( s ) would you propose to address the key problems? when we are thinking about how to address the key problems there are two key issues : 1. to understand better the implications of climate risks in order to manage them, and 2. how we can develop concrete action plans and measures to better address these problems. in terms of the challenges to which we are exposed to, i think that in small / medium open emerging economies like mexico, we have traditional channels of contagion from external shocks, but now climate change is also increasing the number of risks. i will mention four dimensions : 1. carbon prices, 2. reallocation of capital flows, 3. financial distress, and 4. changing

and the particular features of international financial markets at present, financial volatility in emes may be widely transmitted even in the absence of crisis or near - crisis episodes. in other words, policy makers in aes need to carefully consider not only the consequences of their policy decisions on emes, but also the risk of spillbacks from emes as a result of policy actions in aes. the implications for international policy cooperation are evident.
caroline abel : opening remarks - bank failure simulation workshop opening remarks by ms caroline abel, governor of central bank of seychelles, at the bank failure simulation workshop, victoria, 28 march 2022. * * * deputy governors, mr james hambric and team of facilitators from us treasury ota, participants, good morning to you all. it is with great pleasure that i welcome you this morning as we embark on a week - long journey towards gaining a better understanding and in turn, enhancing our ability to face challenges that can arise as a result of a bank failure. at this juncture, please allow me to extend a special welcome to the workshop facilitators, mr. james hambric and his team from the united states department of the treasury office of technical assistance. since the second half of 2021, the ota team has been instrumental in assisting the central bank of seychelles with reviewing of our bank resolution framework. thus far, work has been progressing on the policy aspects, best practices and legal considerations. the bank failure simulation workshop which begins today will give further impetus to this endeavour. bank failure. a phenomenon, that as authorities, we would prefer not to have to face. yet, the various crises that continue to emerge provide us with many lessons, key of which is the importance of preparedness and having an effective resolution regime in the event that a bank fails. banks are important institutions as they provide services that are critical to the functioning of the economy. these include deposit - taking and lending and the provision of payment services. banks function fundamentally on one simple yet very fragile element, which is the public's trust. as bank users, we all need to trust that our deposits are safe in a bank - that whenever we need to use or withdraw our money, we will be able to do so. if there was even a slight suggestion that we will not be able to access our money tomorrow, the natural impulse would be to withdraw our money at an atm or the bank's tills at the earliest opportunity. the typical maturity structure of banks is such that deposits are short term and they fund loans that are long term. this facet makes it difficult for banks to meet large - scale deposit withdrawals at one go. loss of confidence in one bank can easily spread to loss of confidence in other banks and the wider banking system, leading to bank runs. there is also the risk of contagion that can arise from interbank exposures in the payment system

of fmos on its launch today. 3 / 3 bis - central bankers'speeches
mr thiessen discusses the euro : its economic implications and its lessons for canada remarks by the governor of the bank of canada, mr gordon thiessen, to the canadian club of ottawa in ottawa, ontario on 20 / 1 / 99. we have just witnessed the dawn of a new era in europe. beginning this month, 11 of the 15 member countries of the european union have joined in a currency union. and they are using the euro as their common currency. the currency union is yet another step on the road to greater economic, social, and political integration in europe – a vision some 50 years in the making. to be sure, this is a remarkable achievement. especially when you think that not too long ago many observers were still very sceptical that these countries would be prepared to give up their national currencies. or, indeed, that they would be able to meet the requirements for participation. the launching of the euro has naturally piqued public interest in canada, leading some commentators to suggest that we should consider a similar type of monetary arrangement as a follow - up to the north american free trade agreement ( nafta ). today, i would like to talk about some of the economic implications of the european currency union. i also intend to examine whether this common currency model has any relevance for north america. should canada be thinking of a new monetary arrangement along similar lines? a common currency for europe the introduction of the euro no doubt qualifies as an economic event of historic proportions. and some of the commitments required of the participating countries have, indeed, been momentous. this month, 11 european countries permanently locked in their exchange rates, adopted a common currency, and effectively ceded the conduct of their national monetary policy to a supranational institution – the european central bank ( ecb ). to some degree, the national central banks of the participating countries are now like the regional federal reserve banks in the united states. to understand how this major change in european monetary arrangements came to be, it is important to keep in mind that profound political forces started the process and have provided the impetus for action through the years. indeed, one could argue that had this been a strictly economic initiative it might not have materialized. the impetus essentially stemmed from the belief that greater economic integration would foster permanent reconciliation, and thus peace and stability, among european nations. and with a shared currency, the economic integration would become much more difficult to reverse. the history leading up to the adoption

of adjustment is never easy. but economic change creates new opportunities. and in cities like winnipeg, and all across canada, individuals, businesses, industries, and public sector institutions are making the adjustments that will help them improve their competitiveness and seize new opportunities. these efforts also make the canadian economy stronger and more resilient. that is the best way to prepare ourselves and our economy for whatever changes the future may bring.