samchain/econo-pairs-v2 huggingface dataset:
to fruition it is of course key that the risk transfers are genuine ; in other words, it is necessary that the risk is really transferred to third parties. the experience of the crisis showed that this condition was not always met in the past. in this respect, i would like to highlight the important work done by eba in the assessment of the current supervisory practices and the proposals made to further enhance the criteria of significant risk transfer for securitisation in its discussion paper. conclusion let me conclude. the ecb places great importance on the health of the european securitisation market. the abs loan - level initiative has made an important contribution in ensuring a high degree of transparency to enable investors to assess the embedded risks of securitisations. obviously, abs had to become safer after the experience of the great financial crisis, in particular with securitized us - subprime mortgages. regulators and legislators have acted accordingly, and the work has not yet been completed. but we should not throw the baby out with the bath water. instead, the potential of healthy securitizations should be exploited. in line with the commission goal to revive the securitisation market in europe, in order to broaden investment opportunities for investors and boost lending to households and businesses a number of barriers need yet to be overcome. the sts regulation could make an important contribution. much work has already been conducted, nevertheless many important technical standards still need to be finalised and some other uncertainties still remain. in this context, we have to be mindful amid the interdependencies of different pieces of legislation. calibration of solvency ii is essential for insurance companies as investors in securitisation. further clarity of securitisation special purpose entities under the emir framework is needed. finalisation of basel iii may impact securitisation as a means of transferring risk. these are challenges that lie ahead of us. 3 / 3 bis central bankers'speeches

policy returns to normal – which is likely to be a different state than before the crisis – that will tighten financial conditions in canada. but this will be happening against the backdrop of stronger economic growth. it ’ s another step away from the dark days of the great recession and an affirmation that the hard work of economic reconstruction over the last six years is taking hold. bis central bankers ’ speeches
to their local counterparts. i am happy to note that institutions present here today such as zambia national commercial bank, afrexim bank, pta bank, als capital and loita capital were all represented at the forum. i imagine that such fora are instrumental in structuring tangible financing agreements like the ones we are witnessing today. finally, i would, like to request all parties involved in the management of these facilities to ensure that the funds reach the intended beneficiaries and that controls are put in place to avoid abuse. the beneficiaries should also ensure that their projects are implemented effectively and expeditiously without any delay. in this regard, may i request the zambian mining services companies and the export fund of zambia to take necessary measures in a timely manner to fulfill the requirements for declaring these loans effective and for starting implementation. i would like to wish all those involved success in their management of the funds and implementation of the projects so that we can ensure that the development impacts expected from these important initiatives become a reality for the intended beneficiaries and the country at large. i thank you for your attention.

to the internet, to make it a habit to visit the bank of zambia website on a regular basis. further, the bank will provide excerpts from the banking and financial services act to provide some highlights on some of the consumer protection provisions in the law. i thank you.
with passage of the riegle - neal interstate banking and branching efficiency act of 1994, which effectively permitted banks and holding companies to enter any state ( kroszner and strahan, 1999 ). consequences of deregulation of geographic restrictions deregulation of restrictions on geographic expansion within the united states has led to a more consolidated, but not a less competitive, banking system - - one that is increasingly characterized by better diversified and more - efficient banking organizations that operate across wider geographic areas. moreover, this system has also has had positive effects on overall economic and employment growth. i believe that better cross - border integration of the european banking system would produce similar benefits in europe. structural changes let me begin by describing the effect of geographic deregulation on the structure of the banking industry itself. figure 2 shows that the number of bank and thrift organizations - - that is, holding companies and independent institutions - - has fallen by more than half since the early 1980s, when states began to dismantle restrictions on geographic expansion. much of this decline in the number of bank and thrift organizations is due to mergers and acquisitions, although some is also due to failures. 3 although consolidation is often a mechanism for eliminating excess capacity from an industry, such does not appear to be the case for the u. s. banking industry. again as figure 2 illustrates, the number of bank and thrift offices was about the same in 1993 as it had been in 1984, and the number has increased steadily since 1993. moreover, the rate of de novo bank formation resulting from new charters has been high, on average, since the early 1980s, another indication that the decline in the number of institutions and organizations does not reflect the removal of excess capacity. 4 after passage of the riegle - neal act in 1994, the u. s. banking industry was transformed from a balkanized system, in which institutions operated locally or within a state, to a system that is increasingly integrated nationally. as shown in figure 3, the number of multistate organizations, defined as those with offices in more than one state, more than doubled from 1990 to 2005. moreover, as figure 3 also illustrates, between 1990 and 2005 the share of offices located in a state other than the one in which the parent organization was headquartered rose substantially ; currently, more than 37, 000 such bank and thrift offices are in the united states. clearly, a lot of customers are being served by banking facilities that are located outside the

currency at some point, certainly most probably from 1 january, 1999. fifteen countries? i doubt it from that date, but eventually who knows?
philosopher socrates. he viewed that any state should be led by wise, noble and exemplary ‘ guardians '. these guardians will “... unite themselves in philosophy and spirit and swiftness and strength... and they ought to be wise and efficient. " as bankers and guardians, let us aspire to exemplify these traits ; to pursue professionalism, agility and wisdom. thank you and congratulations again to all the graduates. a bright and exciting future awaits you. 4 / 4 bis central bankers'speeches

muhammad bin ibrahim : sustainable financial inclusion closing remarks by mr muhammad bin ibrahim, deputy governor of the central bank of malaysia, at the alliance for financial inclusion ( afi ) data workshop, lanai kijang, kuala lumpur, 22 june 2010. * * * introduction thank you for giving me this opportunity to deliver the closing remarks for the afi - bnm financial inclusion data workshop. bank negara malaysia is honored to co - host this event with the alliance for financial inclusion. the pursuit of sustainable financial inclusion has become a matter of priority as well as urgency in many countries, and is relevant to both the developed and developing economies. the need for financial inclusion, especially for the developing countries, is undeniable. beyond the potential of being able to uplift the millions of financially underserved poor from the unending cycle of poverty, an inclusive financial system contributes towards greater social, economic, and political stability, a vital ingredient for growth. at the same time, we must also be wary of the increase in situations where access to finance leads to overindebtedness. over - indebtedness can be the cause of much emotional hardship and stress, and might result in social exclusion. hence, financial inclusion must take into account sustainability, and in this respect a balanced approach is important. it is this trade off that pose challenge to regulators or oversight authorities. malaysian experience on the financial inclusion agenda allow me to reflect on the malaysian experience for financial inclusion. in malaysia, financial inclusion is a national agenda. it is key in formulating socio - economic programs including the government transformation plan, the new economic model and the 10th malaysia plan. this commitment towards financial inclusion is reflected in the central bank act 2009, where financial inclusion is legislated as an objective of bank negara malaysia. the efforts to develop a more inclusive financial system have been fruitful. more than 80 % of the malaysian population currently has some form of savings account. compared to the global median of 8. 4 bank branches per 100, 000 individuals, malaysia has 15. 5 branches per 100, 000 individuals ( 31 march 2010 ) with the number of atm cards in circulation increasing from 19. 8 million ( dec 2006 ) to 28 million ( april 2010 ), with an average annual growth rate of 11 % in the last four years. another important indicator is the total microfinance loans outstanding, which has increased from usd 45 million ( rm 151 million ) as at end - 2000 to usd 757 million ( rm 2
measure such things, i find this outcome satisfactory. nevertheless, i anticipate that the fomc will conduct policy over time in such a manner that inflation will gradually move toward the fed ’ s 2 percent target. private sector forecasters seem to share this view as the philadelphia fed ’ s most recent survey of professional forecasters shows that long - term inflation expectations remain stable at 2 percent. monetary policy in my discussion of the economy, i have emphasized the longer - run path of the recovery rather than the month - to - month fluctuations. viewed in this context, it is clear that the economy has come a long way since the recovery began in june 2009. to me, that means we should no longer be conducting monetary policy as if we were still in the midst of a financial crisis or in the depths of a recession. the financial crisis was an extraordinary event, and much of the commentary on monetary policy has focused on the actions of central banks in response to the financial crisis. that is appropriate and understandable. yet, there is another lesson to be learned from the past six years that i think is important to recognize. and that is how difficult it is for monetary policy to fine - tune real growth in the economy. despite the fomc ’ s stated desire and aggressive actions to accelerate the pace of the recovery, growth has proceeded at a moderate pace since the end of the crisis. monetary policy has simply not proved to be the panacea that many had hoped. as i have argued on a number of occasions, i believe we have come to expect too much from monetary policy. we would be better served by greater humility and lowered expectations of the potential for monetary policy to manage real economic growth and employment. ten years ago, i suspect most commentators would have told you that six years of a nearzero federal funds rate target and more than $ 3. 5 trillion of long - term asset purchases by the fed would likely produce an economic boom in the near term and would risk inflation in the longer term. well, although we have experienced modest growth, we have not experienced a boom, and the jury remains out as to whether inflation will materialize as a consequence. some argue that the absence of the boom is because the fed didn ’ t do enough – more was needed to offset the constraint of the zero lower bound on nominal interest rates. of course, there is an alternative hypothesis : monetary policy was not capable of offsetting or mitigating the sorts of real challenges the

that you make the ecb move forward with the council, despite some people maybe not agreeing or not happy? let me tell you, we have a mandate and we have to comply with this and this mandate does require the ecb to bring inflation back below 2 %. close, but below 2 % and we ’ ll do everything that is needed within our mandate to comply with this. so : more europe, more europe, more europe? [ in french ] more europe, more europe, more europe. the audio and video of the interview in french can be found here : http : / / www. dailymotion. com / video / x26ijk8 _ mario - draghi - l - europe - a - besoin - d - une - franceforte _ news bis central bankers ’ speeches
can be used to conduct group presentations, learning videos or programmes. as you all know, uganda ’ s financial sector has registered positive developments over the last five years. while applauding these positive developments, it is necessary to learn that such achievements have in turn raised new managerial challenges of instituting prudent risk management systems necessary to match the complexity of risk profiles that have emerged in the financial institutions. operational risk, which largely occurs on account of lapses in systems and processes, is increasingly posing serious managerial challenges, hence calling upon financial institutions to institute comprehensive risk management framework. i am sure that the establishment of barclays university will definitely go a long way in promoting training opportunities for developing strategies and techniques of combating infiltration of unscrupulous practices into the financial sector. bank of uganda therefore most heartily congratulates barclays bank of uganda limited on this auspicious occasion of launching barclays university in uganda. it my sincere hope that over time, the learning facilities at barclays university could be tapped by other financial institutions in uganda as a way of enhancing the development of risk management skills that is very vital in fostering safety of depositors ’ funds and stability and soundness of the financial system as a whole. with those few remarks, it is now my singular privilege to declare barclays university in uganda open.

##ll73. htm 4 blockchain equivalent of delivery versus payment ( dvp ). tokens and assets for which payment is made are transferred simultaneously. 5 https : / / www. bis. org / press / p240403. htm 6 iadi survey brief on the role of climate in deposit insurers'fund management, 2023. 6 / 6 bis - central bankers'speeches
), “ the search for mexico ’ s economic progress. ” presented at alamos alliance xx, february. based on ppp - adjusted data from the energy information administration, the mexican energy secretariat ( sener ) and the oecd, including residential, commercial, services and agricultural. bis central bankers ’ speeches unbroken. the monthly proxy for gdp gained ground four consecutive months starting in april, tracing a continued upward trend despite a moderate decrease in august. industrial production shows an increase in manufacturing and construction, although not mining, which has been affected by lower petroleum output. hampered by a contracting pace of public - sector projects, construction is still driven almost exclusively by the private sector. in the third quarter, manufacturing exports kept up a significant growth rate, mainly to a strongly performing united states. additionally, improvement in consumption and an upturn in private investment have been prolonged. pulled by the u. s. economy, mexico is expected to post a gradual economic recovery during this and the next two years. the main risks to this scenario seem to be to the upside. a more robust rebound than foreseen for the united states, the lagged effect of high government outlays on output, and the probable impact of structural reforms, could contribute to this outcome. 7 as with other emerging economies, international volatility has affected financial assets in mexico. over the year, the yield curve shifted downward along with that of the united states, reflecting the perception that u. s. monetary normalization would be gradual and not imminent. since the end of july, however, market sentiment has been moving in the opposite direction, thus reversing some of the flattening of the yield curve. the fed has stated that the normalization process will be data dependent, thus making for more uncertainty ahead. indeed, in recent weeks, magnified global risk aversion has resulted in increases in long - term rates, widening the spread over u. s. yields. additionally, the peso has depreciated, reaching its weakest level so far this year in november. however, the peso has depreciated less than the currencies of many other emerging economies, and markets have been orderly, operating with more than sufficient liquidity. risks of new bouts of volatility remain. further pressure on emerging - market asset prices could occur. interest rates on many developed - market securities, such as high - yield bonds, trade at near all - time lows in the face

these sectors enjoying openness to private participation not seen in generations. the mexican economy ’ s current upturn is consolidating in a context of solidifying u. s. growth. market volatility, however, may continue to pose short - term challenges. the expected convergence of inflation to the 3 percent permanent target should contribute to the strong fundamentals needed for the country to face a potentially more difficult financial environment ahead. bis central bankers ’ speeches
emphasised that there is a need for action in this area. for this reason, the snb welcomes the federal department of finance ’ s decision to set up a commission of experts to draw up proposals on macroprudential oversight and to determine the associated institutional responsibilities. snb ’ s comment on the recommendations made by the business audit commission of the national council and the council of states. imf country report no. 11 / 115 within the framework of the article iv consultation of may 2011. bis central bankers ’ speeches

. credit cycles : past and present. ” ( 498 kb pdf ) note, however, that whereas this previous analysis focused on the evolution of credit following business - cycle peaks, staff analysis is now focused on the evolution of credit following business - cycle troughs.
to help both authorities and financial institutions assess the impact of climate risks over the next 30 3 / 4 bis central bankers'speeches years. conclusion when we announced the pepp one year ago, the governing council declared that it would do everything necessary within its mandate and explore all options and all contingencies to support the economy through this shock. looking back at the past year, i think we can affirm that we have delivered on this commitment. but there is no room for complacency – the ecb will continue to deliver on its mandate and support the recovery with all appropriate measures. i now stand ready to take your questions. 1 see “ ecb staff macroeconomic projections for the euro area, march 2021 ”, ecb, 11 march 2021. 4 / 4 bis central bankers'speeches

us growth. the french election gave a fresh political impetus to stability and reforms ; public support for europe has significantly increased : up 18 percentage points in france from last year ( 56 % in spring 2017 ) according to a recent survey by the pew research center ; and the same trend can be observed in a number of countries. most importantly, we in the eu - 27 should not devote all our energy to brexit, at the expense of investing in our own future. in this regard, it is the right time to move up a gear. to boost european growth, financial levers are of the essence, but economic levers play a role too. this is the reason why i often speak of europe ’ s “ growth triangle ”. in my view, europe needs to activate three levers : the financing union for investment and innovation that i have just described, but also implement national structural reforms on the one hand and a better euro area policy mix on the other. national structural reforms are a prerequisite for each country to unleash our collective growth page 5 sur 5 potential. in addition, they would amplify the effects of the financing union : such a union would foster firms ’ ability to invest and national reforms would foster firms ’ willingness to invest. the third lever is a euro area policy - mix based on a better coordination of macroeconomic policies. this requires a collective economic strategy whereby member states seal a deal : if we combine more structural reforms where they are needed – in france and italy for instance –, and more fiscal or wage support in countries with room for manoeuvre – for example, germany and the netherlands – growth and employment will undoubtedly be stronger everywhere in europe. if we seize this opportunity, europe ’ s time will come. thank you for your attention.
also with the ability of central banks to control inflation through inflation targeting, which makes them proud. i think we should be aware of this new phenomenon in the global economy because the instruments used so far to contain inflation may weaken and we may have to reconsider their use. we economists are creative, especially in central banks, where we like to change the name of things that already exist. at some point, quantitative easing was invented, which is nothing but monetary expansion. i believe we should start considering other mechanisms to control inflation than the ones used so far. as regards restrictions to argentina's growth and their effects on inflation, together with their temporary overlapping, i think we have good news for argentina. when we arrived in the bcra in 2019, argentina's exports accounted for usd60, 000 million. at the beginning of the first decade, exports in argentina reached usd83, 000 million. then they fell to usd60, 000 million and figures remained unchanged for a long time. taking into account the experience we had about external restriction, it was difficult to think of an immediate strategy for economic growth in a country with worrying levels of poverty. 2 / 3 bis - central bankers'speeches the good news is that, in 2022, argentina exported nearly usd90, 000 million. looking ahead, export estimates of energy, mining and the rest of goods are very promising. between 2022 and 2030, energy exports are expected to grow from usd8, 000 million to usd36, 000 million ; mining, from usd3, 800 million to usd15, 000 million ; and the rest of goods, from usd37, 000 million to usd54, 000 million. this means that the trade surplus in argentina, which recorded usd12, 000 million in 2022, will climb to over usd20, 000 million ( possibly usd25, 000 million ) in 2024 ; to usd30, 000 million in 2026 ; and to usd41, 000 million in 2030. however, it is a mistake to believe that the trade surplus is the only solution to all our problems and to recurrent inflation. german mentioned our studies on the inflationary phenomenon in argentina, and the effect that inflationary inertia has on the sustained price levels of our economy. however, this is not the only problem we have to solve. inflationary inertia will not be solved by growth. argentina has a very small capital market as it has gone through a long inflationary process.

challenge in view of its role in preparing for the transition, including reviewing and amending contracts and, crucially, adopting the new benchmarks in its own day - to - day business. for the working group, the greatest challenge ahead might eventually be to bring the whole industry on board in preparing for an orderly transition to more robust benchmarks. thank you. 2 / 2 bis central bankers'speeches