samchain/econo-pairs-v2 huggingface dataset:
##ion intensify. on the upside, the banking sector, globally, is much better capitalised than it was in 2008 and has become more resilient to shocks. however, central banks have to guard against continued volatility in financial markets while ensuring that they keep to their mandate of price stability. thank you. 1 details are available at https : / / www. state. gov / u - s - relations - with - south - africa / 4 / 4 bis - central bankers'speeches

a rate below the floor of the corridor. to keep the cash rate near the target, the rba needed to accurately estimate the demand for reserves, forecast changes in the supply of reserves, and conduct omos daily ( and sometimes more than once in a day ). the system worked well for many years, with the cash rate almost always at the cash rate target. compared with the other two options, this system has a couple of attractive features. because it entails a smaller balance sheet than under excess or ample reserves systems, it naturally implies lower interest rate risk for the rba. similarly, it implies a smaller footprint of the rba in financial markets. indeed, this system supports more cash market activity than the other options because on any given day it is more likely that some banks are facing a shortage of reserves and need to borrow from other banks to meet their needs. despite these benefits, the board has decided not to return to a scarce reserves system. such a system entails the highest risk of the banking system running into liquidity shortages. a scarce reserves system requires the central bank to have accurate estimates of reserve demand and supply on a daily basis and respond actively to shortterm fluctuations as needed. in the past, this appeared to be very successful, with only a few trivial deviations in the cash rate from the target ( graph 4 ). however, a large part of that may have been because of the convention by cash market participants to almost always conduct trades in the cash market at the target rate set by the board. having moved away from that environment, such a convention may not re - emerge. graph 4 cash market by monetary policy implementation system * daily cash market volume * $ b $ b 5. 0 5. 0 excess reserves 2. 5 2. 5 scarce reserves bps bps spread to the es rate * rolling 30−day average. source : rba. r e s e r v e b a n k o f au s t r a l i a cash rate cash rate target moreover, even though the cash rate in the past would trade close to target, there were lengthy periods when liquidity was tight in broader money markets, such as for repo and bank bills. this was evident when market rates traded noticeably above the cash rate or overnight index swaps ( which measure expectations for the future cash rate ), even though the cash rate was trading at the target ( graph 5 ). this tightening in financial conditions reflected, in part, the
the euro has entailed an institutional separation between monetary policy decision - making, which is addressed to the euro area as a whole, and the exercise of supervisory tasks, which relates to domestic institutions and markets. the decision - making mechanisms for the two tasks no longer coincide, and the risk of conflict has been overcome by the institutional set - up. to conclude my statement, i should like to underscore that the introduction of the single currency has indeed reinforced the need for the strong involvement of central banks in prudential supervision and financial stability.

yves mersch : remarks on the future of economic governance in europe and the euro introductory address by mr yves mersch, member of the executive board of the european central bank, at the panel “ the agenda for europe ”, at ambrosetti's finance forum on “ the outlook for the economy and finance ”, villa d ’ este, cernobbio, 8 april 2017. * * * in a year of anniversaries – the sixtieth anniversary of the rome treaty and the twentyfifth anniversary of the maastricht treaty –, our union finds itself amidst a debate about its raison d ’ etre and its future. earlier this week, the eu commission discussed in strasbourg “ a road map towards a complete economic and monetary union in 2025 ” as part of a “ reflection paper ”. in january, the high - level group on own resources ( hlgor ) chaired by mario monti has been presented in the european parliament and in the council. it is reflecting on finding more transparent, simple, fair and democratically accountable ways to finance the eu. and we are approaching the second stage of the “ five presidents ’ report ” with the aim of completing the architecture of economic and monetary union. as a central banker, i will focus on the state of economic governance in europe. i will first share some considerations on what has been achieved so far. i will then discuss how we could further improve the functioning of our economic and monetary union in the future and invigorate trust and support from european citizens. the key role of monetary policy in stabilising the euro area economy as the central bank issuing the euro, we are responsible for the stability of the single currency. our monetary policy measures played a key role in stabilising the european economy. the european central bank acted decisively by deploying a range of conventional and unconventional monetary policy measures, allowing to reduce financial fragmentation, avoid deflation, and support price stability and thereby the economic recovery. while an effective lower bound for short - term interest rates exists, monetary policy, shifted to steering medium to long - term rates despite of its higher dependency on international capital markets. the ecb employed non - standard measures including forward guidance and asset purchases to deal with the lower bound constraint. these instruments have been effective in narrowing spreads ( term and liquidity premia ) and lowering the exchange rates, thus supporting the ongoing recovery. shortcomings in other policy fields delayed the recovery the economic outlook has
consumer is viewed not as opportunities to extract value, but as a privilege, to contribute towards financial wellbeing of the community we serve. it is an aspiration worth pursuing. closing remarks let me conclude. like the physicians, my hope is that as bankers we will always uphold the high standards expected of our profession. like the physicians oath, an old banking maxim used centuries ago reads “ my word is my bond ”. our knowledge of bonds and financial instruments may tell us what we know. but our bonds to society tell us about our existence. 4 / 4 bis central bankers'speeches

muhammad bin ibrahim : reflection on professionalism, hippocratic oath and the banking industry remarks by mr muhammad bin ibrahim, governor of the central bank of malaysia ( bank negara malaysia ), at the 20th aicb chartered banker's graduation and awards ceremony, kuala lumpur, 13 may 2017. * * * thank you for the opportunity to speak at the 20th aicb chartered banker ’ s graduation and awards ceremony. my congratulations to the 1, 062 graduates who have been certified across 15 qualifications. today, you join the ranks of the over 18, 600 banking professionals in the nation. your graduation is not only an important step in your own careers, but also contributes to our shared aspirations of elevating the banking profession towards greater heights. when we reflect about professionalism, the medical profession often comes to mind for its dedication, devotion, care and interest for society. over 2, 000 years ago, the hippocratic oath was first introduced to the world. today, most medical school students profess some form of the oath upon graduation. while written in antiquity, its principles are held sacred by doctors to this day. its words have evolved with history. but its message remains the same : treat the sick to the best of one ’ s ability, preserve patient privacy, teach the secrets of medicine to the next generation, and much more. what is interesting is not the oath itself, but the principles it expounds and the deep philosophical values that have firmly grounded the medical profession over the years. with it has also come an unwavering sense of identity, ethics and purpose for medical practitioners. the numbers are equally telling. polls such as gallup and ipsos have consistently ranked doctors among the most competent and ethical professionals worldwide. in 2016, 65 % of people surveyed believed that medical doctors had either a high or very high level of honesty and ethical standards. the corresponding number for bankers was a mere 24 %. a sad reflection of the state of affairs in the banking industry. we trust doctors with the most intimate details of our health problems, complications and issues. we adhere to their instructions and advice, often assuredly and willingly. few professions enjoy such stature, respect and trust. this is the epitome of professionalism. professionalism matters. like the medical field, professionalism ought to form the cornerstone of the banking sector. it can be fostered. it should be practiced. and above all, it must be earned. as intermediaries in the economy and guardians of
banking, as well as in banking supervision, will increase. i ’ m convinced that diversity in management positions is an intelligent idea to pursue. 2 / 2 bis central bankers'speeches

years. but one challenge is that, as for the authorities, it is hard for individual firms to gauge the likely “ systemic impact ” of particular shocks, which takes into account macro and financial system interactions and feedback effects. indeed, in practice, banks often model the effect of even severe macroeconomic shocks as if they were occurring to the bank in isolation. they thus may assume that they have freedom to readjust their balance sheets and lending practices in the event of an adverse shock, without considering whether other banks may be trying to do the same thing and the effect that these behavioural responses may have cumulatively on market liquidity and on the economy as a whole. an important implication is that many firm - level stress tests may consequently underestimate the possible impact of adverse shocks. as i have highlighted, some of the potentially missing effects should be captured in the proposed suite of models. but the proposed enhanced “ top - down ” approach outlined above may still benefit from additional insights gained from closer dialogue and interaction with major financial firms on their likely reaction to episodes of stress. i consequently think there is merit in more formal comparison of “ top - down ” and “ bottom - up ” stress testing exercises, and of seeking ways of integrating the two into more formal “ systemic ” stress tests, where the authorities present an initial scenario to firms and then modify the scenario in the light of feedback on the potential response by firms in an iterative loop. this approach has recently been pioneered by the dutch central bank. 6 it potentially offers a useful way of improving knowledge of key system - wide interactions, and thus could provide a valuable supplement both to improved “ top - down ” approaches and to “ bottom - up ” stress tests which are naturally targeted more closely at the major risks facing individual firms given their balance sheets and positions. 16 to conclude, there is a major programme of inherently difficult and challenging modelling work ahead for the public authorities and for financial firms. but this is very important. development of a more coherent and consistent framework for the analysis of financial stability is a major prize. ultimately this should improve the understanding and pricing of risk and support better targeting of public policy, focused more closely on containing systemic risk and on the maintenance of the public good of systemic financial stability. de nederlandsche bank ( 2006 ), financial stability : is the dutch financial sector stress - resistant? quarterly bulletin, december.
andrew bailey : regulating international banks speech by mr andrew bailey, deputy governor of prudential regulation and chief executive officer of the prudential regulation authority at the bank of england, at the british bankers association annual international banking conference, london, 17 october 2013. * * * today is the bba ’ s annual international banking conference, and i therefore want to stick to that theme and explain the pra ’ s thinking on issues concerning the pressures on international banking business and the establishment and supervision of foreign bank branches in london. let me start with the luxury of a wider reflection. before i joined the bank of england over 28 years ago, i was an economic historian, with a specialism in nineteenth century economic history. all a bit esoteric you might say. well, it is the case that the late nineteenth century world economy was more open – and, to use a phrase i don ’ t much like, “ more globalised ” – than at any time in at least the first fifty years of the twentieth century. moreover, the rate of openness in the world economy probably only truly approached late nineteenth century levels in the last twenty or thirty years. the backlash to greater openness that came in the first half of the twentieth century is quite often attributed to the actual or perceived distributional effects of greater cross - border trade, flows of capital and flows of people. the world economy in many ways went backwards in the first half of the last century. why does this historical detour matter? the five or six years since the outbreak of the financial crisis have seen signs of a reversal of some aspects of the greater openness we had seen in the 1980s and 1990s. and probably none more so than the decline in crossborder bank lending. moreover, the uk experience in terms of lending has been amongst the more pronounced. but again, does this matter? my answer is yes. first, because many of us do believe in the economic benefits of free trade and capital flows, as well as the contribution of migration to balancing supply and demand in the economy. second, and closer to home, the city of london and its financial markets benefit hugely from, and are at the hub of, the open world economy. for example, whatever you think about the more troublesome recent innovations of banking, basic trade finance remains a core, simple and essential service provided by banks, and the city has for a very long time been a leading centre for providing this finance to support world trade. international wholesale banking

. we bis central bankers ’ speeches have a clear policy framework for taking these decisions and our approach to all branches will be consistent with our objectives of safety and soundness. our stance is sensibly cautious, but not i think restrictive. and, let me reiterate that it is a general policy, not a china policy, and it is consistent with promoting the benefits of an open world economy. bis central bankers ’ speeches
have taken place since our meeting in lima to fruition. with these goals in mind, we recognize that negotiations have been intense and complex, and represent a valuable effort by all parties, including management. in the spirit of compromise, we are prepared to join the emerging consensus and to ensure the world bank group remain fully legitimate vis - a - vis its diverse stakeholders.

ourselves was whether our rules to safeguard the prudent investment of the companies ’ technical provisions were not perhaps preventing, in the light of the evolution of the market and the regulatory framework, greater diversification of risk, which is the first prudential line of defence, not to mention preventing the achievement of profit levels sufficient to cover the companies ’ guaranteed obligations. we answered : possibly so ; and especially considering that the imminent solvency 2 regulatory framework will sweep away all the old mechanical rules and replace them with methods for assessing the risk of each investment. accordingly, already with the implementation of the destination italy decree, we created new asset classes to accommodate both direct investment in mini - bonds and commercial paper ( up to 3 per cent of the technical provisions ), and investment via securitization ( again, up to 3 per cent of the technical provisions ). in addition, we have raised the limit on exposure to a single fund within the class of “ alternative investments ” from 1 to 3 per cent for funds that invest in mini - bonds and securitized instruments. the potential for using these wider limits, in effect since last march, is equivalent to almost €30 billion. although the market for these instruments has already started to grow, interest on the part of insurance companies has so far been negligible. the competitiveness decree represents a sea change, allowing insurance companies to make direct loans ( but not to individuals or micro enterprises ), and to use them to cover technical provisions, together with the related securitizations. ivass participated in the preparatory technical work for these new regulations, conducted by the ministry for the economy and finance and the ministry for economic development. we worked in the best spirit of collaboration, always pursuing, as was our duty, our prudential aims. in this case as well, we felt that the proposed opening could work in the direction of sounder and more prudent management of insurance companies, providing them with a new “ asset class ” that would enable them more easily to reach the point on the efficient risk / return frontier most consistent with the obligations deriving from insurance liabilities. one aspect we insisted on was that the insurance company should be accompanied by a bank both in the initial phase of borrower selection and at the later stages. this point was included in the text of the decree. however, in the decree ’ s conversion into law the requirement that the bank and the insurance company should form a partnership, and in particular the provision that
rundheersing bheenick : “ we need to shine the torch of transparency on everything connected with banking ” address by mr rundheersing bheenick, governor of the bank of mauritius, at the opening ceremony of the bank of baroda branch, rose belle, 25 july 2012. * * * i am delighted to be here with you this morning at the opening of this new branch of the bank of baroda in rose belle. this makes it the ninth bank of baroda branch in mauritius and also the ninth bank branch in rose belle. as demonstrated here in rose belle, the branch network of our banking sector continues to expand, thus giving the lie to observers of the financial scene who have been predicting the end of the brick - and - mortar model of banks. the minister will be pleased to know that this now allows rose belle ( his constituency ) to pull ahead of triolet ( the prime minister ’ s constituency ) … but it is still one branch behind flacq ( the vice prime minister ’ s constituency ) … and trails behind curepipe by two branches. our banks in mauritius value close proximity to their clients. since i took over as governor in 2007, i have seen the number of branches growing by 30 per cent, to 217. this translates into some interesting ratios regarding financial access : we have one branch for every 9. 4 square kilometre of territory and for every 6, 000 inhabitants – among the highest in the world. this banking model has served us well and i can safely say that it has contributed to bolster confidence in banking while adding to its resilience. the bank of baroda is, of course, no stranger to proximity. soon after it set up shop in mauritius, and drawing on its experience of more than a century of taking banking services to remote areas of india, the bank introduced mobile banking in mauritius. these days when we speak of “ mobile banking ”, we refer to banking and financial services and payments enabled by cellular technology. in those days, baroda ’ s mobile bank was empowered by an altogether different technology – the internal combustion engine. bank of baroda mobile banking was a bank on wheels. it would go – as it still does – from village to village, bringing banking to rural and unbanked areas. there are many who can still recollect the flurry of activity that would greet the van as it arrived in a village. at that time, banking was concentrated in urban areas. transport facilities were not as

##loying progressively some of the funds earmarked for this special line of credit, if, for whatever reason, the demand is not there. again, congratulations to the management of bank of baroda for adding this ninth branch to your network. i have no doubt that you will do your utmost to serve the best interest of the community. thank you. bis central bankers ’ speeches
date / 2015 / html / sp151221. en. html, december. bis central bankers ’ speeches

which was already well above the 10 - year average2. we are hopefully all concerned about the delays in implementing the paris agreement. the banque de france has conducted simulations on the basis of macro - financial scenarios developed by the ngfs, the network for greening the financial system : a late and disorderly transition would have far more adverse effects, ranging between 10 % and 20 % of world gdp by the end of the century ( compared with up to 7 % of gdp for an orderly transition ). beyond cop26, globally coordinated governmental forward - looking guidance is therefore necessary to anchor concrete and credible commitments, such as the one taken by the european union in its fit for 55 programme. and yes, policies to fight climate change should imperatively include an appropriate carbon price. be assured that central banks will do everything they can do. the ecb monetary policy strategy review, concluded last summer under president lagarde ’ s leadership, sets out an ambitious action plan leading up to 2024. but central banks and, beyond, financial intermediaries cannot substitute for adequate – and sometimes difficult – public policies. the green transition does hold risks – including for inflation –, but it also offers economic and financial opportunities, as new technologies gradually reach scalability. the sooner we start, the more positive ( or the less negative ) the economic balance will be. 2 / let me now turn to the second major transformation underway : the digital transformation. here, europe is still lagging behind the united states and china. it is of the utmost importance to remain at the technological frontier in order to reap the benefits of innovation in terms of productivity and growth, as the winner often takes all. beyond the economic fallouts, it is also a matter of strategic autonomy. these disruptions are also reflected in the monetary, financial and payments spheres – which we scrutinize as central banks and supervisors –, where digitalisation is bringing about a triple revolution – and it is far from over : ( i ) first, the arrival of new players : new actors born from the tech world – fintechs and bigtechs – are challenging historical players with radically new approaches to financial services and at present much less regulation ; ( ii ) second, the emergence of new assets : crypto - assets from the blockchain universe in the form of tokens : they will not be credible as “ crypto - currencies ”, but could be used as settlement means – think of stablecoins for instance