samchain/econo-pairs-v2 huggingface dataset:
jean - claude trichet : the integration of the single market for financial services - the eurosystem perspective keynote speech by mr jean - claude trichet, president of the european central bank, at the cesr conference “ europe ’ s single market in financial services : under construction or fully integrated ”, paris, 6 december 2004. * * * ladies and gentlemen, it is a great pleasure to be here at the first committee of european securities regulators ’ ( cesr ) conference with such a distinguished audience. this is certainly the right place to address our common objective of fully developing a “ european single market ”. the process of financial integration is a very challenging and complex endeavour which results from the effective interplay between public and private action. public authorities, both national and european, do play an important role in ensuring that basic conditions are in place for market participants to expand their cross - border activities. these conditions include an adequate framework of regulation, supervision and financial stability. whereas public action is necessary, the concrete realisation of financial integration rests eventually on the initiatives of market participants to exploit the opportunities offered by the institutional framework. in this context, we can assert that significant progress has been achieved in the pursuit of financial integration in europe so far but the final goal of a single financial market has not been fully achieved yet : on the side of market participants a fully fledged pan - european dimension of market activities remains to be achieved. on the side of public authorities the basic components of the institutional framework are already in place, but they need time before fully producing the desirable results. i would like to focus my contribution on the integration of the european securities markets, emphasising the priorities for further public action from a eurosystem perspective. the interest of the eurosystem in the integration of securities markets the eurosystem has a clear interest in the integration of securities markets. first of all, an efficient and well - integrated financial system is crucial for the smooth transmission of monetary policy in the euro area. securities market is a particularly relevant area, since the eurosystem ’ s monetary policy operations need to be fully collateralised. the harmonisation of national laws and practices in the field of securities - which is one important element to further integration in the securities markets enhances the effectiveness of the eurosystem ’ s collateral policy. second, the eurosystem ’ s monetary policy operations also rely heavily on the smooth delivery of securities. securities settlement systems should ensure that such a smooth delivery both at a national level and

has not been present so far - for workable mutual recognition among authorities and expansion of cross - border activities by market players. thank you very much for your attention.
##s and you have now 25 member states! but in all seriousness, while the european integration of switzerland proceeds, i see no reason, now, for artificially speeding up monetary adjustments by linking the franc to the euro. we would give up our low interest rates without gaining more stability : an unattractive deal in the present circumstances. in monetary affairs we remain indeed an island in euroland!

the system with additional swiss franc liquidity – notably, by selling swiss francs in exchange for other currencies on the foreign exchange market – the banks ’ interest rate burden increases. this makes holding additional swiss franc liquidity even less attractive. innovations affecting financial market infrastructure i now come to my final topic – innovations affecting financial market infrastructure that is relevant to the fulfilment of the snb ’ s mandate. the changes relate to the new trading platform for repo transactions and the next - generation swiss interbank clearing ( sic ) payment system – both key components of switzerland ’ s financial market infrastructure operated by six and its subsidiaries. both switzerland ’ s finance industry and the snb depend on a reliable, secure and efficient financial market infrastructure. it is an important prerequisite for the snb to be able to fulfil its statutory duties – providing the money market with liquidity as well as facilitating and securing cashless payments. new money market platform goes live the new electronic money market trading platform for repo transactions began operating at the end of february and has completely replaced the old system. the new trading platform ’ s name, co : re, is short for “ collateral & repo ”. the technical changeover to the new system went smoothly for all parties involved. the new trading platform gives more than 160 national and international participants a single access point for procuring and investing swiss franc liquidity as well as managing collateral ( i. e. pledged securities ). it also enables the snb to carry out its open market operations on the money market. after more than 15 years of service, the system which co : re has replaced was no longer able to meet the needs and technical requirements of market participants. as you know, the snb is currently implementing its monetary policy using exceptional measures – negative interest on sight deposits and foreign exchange market interventions. in these circumstances, standard money market instruments – repo transactions and snb bills – are not being deployed. it is nonetheless important that counterparties are in a position to carry out these transactions seamlessly. the snb therefore conducts small - volume tests. when a series of tests conducted in autumn 2014 revealed that some market participants were no longer sufficiently familiar with operational implementation, a second round of tests was launched in may 2016. this exercise will be concluded at the end of july. these kinds of test operations, which help ensure counterparties ’ operational readiness, are greatly appreciated by market participants. bis central bankers ’ speeches
climaterelated ﬁnancial risks will also affect the ﬁnancial actors that provide those companies with funds. it is thus in the interest of banks, insurers and other investors to recognise climate - related ﬁnancial risks and to adjust their risk management properly. this, in turn, could help companies to manage their underlying climate risks. indeed, a survey among institutional investors even found that most of them had already actively approached their portfolio companies on the issue of climate risks ; only 16 % had not taken any action. however, a different survey painted a bleaker picture of ﬁnancial institutions worldwide, as only a quarter of respondents reported on the emissions they ﬁnance. for these institutions, their ﬁnanced emissions were ( on average ) hundreds of times larger than their operational emissions. as many respondents did not analyse the climate impact of their portfolios at all, this may suggest an underestimation of climate risks. investors still lack a clear view of how exposed many companies are to climate risks and how they handle those risks. what is needed is comprehensive disclosure of consistent, comparable and reliable climate - related information. the task force for climate - related financial disclosures ( tcfd ) already offers a framework for companies to disclose important climate - related information voluntarily. and it may be encouraging to see that support for the tcfd recommendations has grown substantially in recent years. but unfortunately, the disclosure of aligned information is still low. last year ’ s status report found that, in each category, only a minority of the reviewed companies disclosed information consistent with tcfd recommendations. [ 7 ] moreover, having analysed reports from tcfd - supporting ﬁrms, researchers concluded that “ ﬁrms cherrypick to report primarily nonmaterial climate risk information. ” this sobering ﬁnding should not come as a surprise. disclosure has characteristics of a public good and may therefore be riddled with free - rider problems. [ 9 ] thus, a voluntary approach may not provide the optimum quantity and quality of information from an aggregate point of view. given the experiences gained thus far, governments ’ current initiatives for moving toward mandatory climate - related disclosures are a step in the right direction. in this context, we should acknowledge that, globally, even basic information is still lacking. according to calculations by bundesbank staff, only 15 % of all stock market - listed companies disclosed their greenhouse gas emissions in 2019. considering the urgency of the matter, we

conclusion let me conclude. i have outlined our priorities for the next five years. our emphasis is on action. we must translate the seminar findings and conclusions into a set of practical initiatives and implement them. we must be prepared to take calculated risks and adapt as we go along. this will require not just hard work and dedication, but also a spirit of openness, inquiry and enterprise. i am confident that together we can achieve our goals for mas and singapore.
we need to find ways of talking to each other that ultimately solve problems instead of merely emphasising our differences. we are all partners in this country and its future. we have a shared responsibility to make that future better. thank you. bis central bankers ’ speeches

and open economy, would not be able to avoid the spillover effects thereof. the only thing which was uncertain was the magnitude of the spillover. indeed, domestic economic activity had already started to slow on account of tighter monetary policy applied between 2006 and 2008, resulting in slowing domestic demand. however, the real impact of the decline in global growth started to be felt in the fourth quarter of 2008, when for the first time in a decade, the domestic economy contracted. in the first quarter of 2009, the domestic economy officially entered into a recession and a third consecutive quarter of negative growth was recorded in the second quarter of this year. south africa was somewhat lagging the rest of the world. initially, the declines in economic activity were concentrated in the manufacturing sector, but as international conditions deteriorated, the slowdown filtered through to other sectors as well. the strongest contractions were recorded in the export - oriented sectors. virtually all sub - sectors of the manufacturing industry were adversely affected and manufacturing output contracted by almost 20, 0 per cent in the first half of 2009. significantly reduced demand for basic metal and mineral products as well as lower international commodity prices weighed heavily on output in the mining sector, which contracted by almost 17, 0 per cent. the performance of the mining sector in the first half of 2009 was not that significantly different to the first half of 2008, when it contracted by 11, 0 per cent mainly as a result of power supply problems. the tertiary sector was weighed down by a contraction in output by the financial services sector, contracting for the first time since 1992, as credit extension slowed and capital market activity was subdued. consequently, all three major sectors – primary, secondary and tertiary – recorded negative real growth in the first half of 2009. it came as no surprise then that the labour market shed jobs on a broad front, but most notably in the manufacturing, construction and mining sectors. following a period of robust growth between 2004 and 2007, employment in both the private and public sectors increased, pushing the unemployment rate down from 28 per cent in 2004 to 21, 9 per cent in the fourth quarter of 2008. in the second quarter of 2009, the unemployment rate unfortunately increased to 23, 6 per cent. the reuters consensus forecast estimates that the economy will contract by around 2, 0 per cent in 2009, 1 before growing at 2, 3 per cent in 2010. based on the composite leading business indicator, which has been increasing for the last few months, we may emerge from the recession
). conclusion independence in the conduct of monetary policy is at the core of advanced modern economies. and it can be too easily forgotten by those who have only known its benefits. if the federal reserve lost its independence, its hard - earned credibility would quickly dissipate. the costs to the economy would be incalculable : higher inflation, lower standards of living, and a currency that risks losing its reserve status. now more than ever, market participants are watching the relationship between central banks and their governments. they are keenly gauging whether changes in conditions, policies, or practices pierce the veil of central bank independence. central bankers the world over must demonstrate that we are worthy of this moment, and will be steadfast protectors of our institutions ’ credibility. that means respecting our important but circumscribed role in the conduct of policy, and performing our mission with competence and consistency.

for research in government policy and business, university of rochester, working paper gpb 81 - 6. cukierman, alex, and allan h. meltzer ( 1986 ). " a theory of ambiguity, credibility, and inflation under discretion and asymmetric information, " econometrica, vol. 54 ( september ), pp. 1099 – 128. eggertsson, gauti b., and michael woodford ( 2003 ). " the zero bound on interest rates and optimal monetary policy ( pdf ), " brookings papers on economic activity, no. 1, pp. 139 – 211. ehrmann, michael, and alena wabitsch ( 2022 ). " central bank communication with nonexperts - a road to nowhere? " journal of monetary economics, vol. 127 ( april ), pp. 69 – 85. gardner, ben, chiara scotti, and clara vega ( 2022 ). " words speak as loudly as actions : central bank communication and the response of equity prices to macroeconomic announcements, " journal of econometrics, vol. 231 ( december ), pp. 387 – 409. goodfriend, marvin ( 1986 ). " monetary mystique : secrecy and central banking, " journal of monetary economics, vol. 17 ( january ), pp. 63 – 92. jarociski, marek, and peter karadi ( 2020 ). " deconstructing monetary policy surprisesthe role of information shocks, " american economic journal : macroeconomics, vol. 12 ( april ), pp. 1 – 43. lindsey, david e. ( 2003 ). " a modern history of fomc communication : 1975 – 2002 ( pdf ), " memorandum, board of governors federal reserve system, division of monetary affairs. mester, loretta j. ( 2018 ). " the federal reserve and monetary policy communications, " speech delivered at the tangri lecture at rutgers university, new brunswick, new jersey, january 17. orphanides, athanasios, and john williams ( 2005 ). " imperfect knowledge, inflation expectations, and monetary policy, " in ben bernanke and michael woodford, eds., the inflation - targeting debate. chicago : university of chicago press, pp. 201 – 46. swanson, eric t. ( 2023 ). " the importance of fed chair speeches as a monetary policy tool, " aea papers and proceedings, vol
pressure on the government ’ s finances and that has resulted in the bulk of the recent heavy borrowing. staying on course to reduce this underlying deficit is absolutely crucial to ensuring that confidence in the public finances can be maintained and strengthened.

including of course the bank of canada, the office of the superintendent of financial institutions, and the canada deposit insurance corporation. ultimately, it is the minister of finance who is responsible for the sound stewardship of the financial system. conclusion prudent, conservative policies have provided significant support to canada's housing market, through both good times and bad. this point has been amply demonstrated, during the recent recession – where many countries saw imbalances roil their housing markets – and in the ongoing recovery here in canada. the current revival in our housing sector was a desirable, and intended, part of canada's economic recovery, but like all good things, it must be carefully monitored to ensure that it doesn't go to an extreme. you can be sure that the bank of canada will be closely watching developments in the housing sector and taking them into account in our decisions on monetary policy and in assessing financial stability. in setting interest rates to achieve the inflation target, housing developments need to be weighed along with all the other factors influencing economic activity and inflation. in assessing financial stability, we focus on the potential risks to the whole financial system. in carrying out these responsibilities, we are committed to promoting the economic and financial welfare of canada, by fostering confidence in the value of money, and in the safety and efficiency of our financial system. with that, i wish you a happy and prosperous 2010.
july 2023. 4 fsb and ngfs, " climate scenario analysis by jurisdictions : initial findings and lessons ", november 2022. 5 mckinsey & company, " the net - zero transition : what it would cost, what it could bring ", january 2022. 6 / 6 bis - central bankers'speeches

heng swee keat : dealing with the implications of the crisis and implementing policy reforms keynote address by mr heng swee keat, managing director of the monetary authority of singapore, at the opening of edhec - risk institute, asia, singapore, 21 january 2011. * * * his excellency olivier caron ambassador of france to singapore mr richard simonin chairman, edhec international advisory board mr olivier oger dean, edhec business school professor noel amenc director, edhec - risk institute associate professor frederic ducoulombier director, edhec - risk institute, asia ladies and gentlemen introduction 1. good morning. i am very pleased to join you today at the grand opening of edhecrisk institute ’ s asian centre in singapore. key observations from the crisis 2. the financial crisis has fundamentally changed the way we perceive and manage risks and uncertainty. assumptions and models that had been taken for granted are being challenged, and new developments are changing the risk landscape. let me share three observations about risks. 3. first, the growing complexity and interconnectedness within the financial system, and between the financial and economic systems have multiplied risks significantly. there are now many more potential sources of failures and the transmission of shocks from one market to another have become faster and more unpredictable. 4. prior to the crisis, financial and capital intermediation had increasingly shifted to relatively unregulated non - bank financial institutions. complex securitisation structures and off - balance vehicles that were thought to disperse risks led instead to concentration of risks and excessive leverage. the crisis highlighted the complex webs of inter - linkages between financial institutions, financial instruments and financial markets. as liquidity and confidence evaporated and the financial accelerator kicked in, credit markets and financial institutions experienced severe stresses. this in turn dragged down the real economy, and world trade collapsed. with globalisation, even though financial markets in emerging markets did not suffer the same problems, the collapse of trade and investors ’ confidence, exacerbated by credit cutbacks, brought most developed and developing countries across the world into a deep and synchronous recession. 5. my second observation is that we should not underestimate how fast risks can build up. in the years leading up to the crisis, many new financial products developed and grew very swiftly. credit default swaps for example, grew from just us $ 919 billion in 2001 to more bis central bankers ’ speeches
stanley fischer : main aspects of the new law for the bank of israel address by professor stanley fischer, governor of the bank of israel, at the conference in memory of the late amnon ben - natan, tel aviv, 3 january 2008. * * * in the course of the last 25 years central banking has undergone a significant change, partly in reaction to the inflation of the 1970s and 1980s. these changes had a marked effect on israel ’ s central bank too. this evening i would like to speak about the main aspects of the new central bank law on which we are working with the government ; we hope that in the near future a new bill will be submitted to the knesset, which will become a modern law governing the bank of israel. before speaking about the law, i will describe two basic changes in the attitude towards central banking that have taken place over the last decades : first, the emphasis placed on the independence of the central bank as a major factor in the successful fulfillment of its functions and achievement of its objectives ; second, the need for central bank transparency and accountability relating to its monetary policy, regarding both the analysis of the data underlying its decisions and the results of the policy. 1. central bank independence in the 1990s researchers began to examine the link between central bank independence, inflation and economic growth, and to make international comparisons. professor cukierman was among the pioneers in this field. the meaning of independence in the case of a central bank refers to its authority to make decisions without having to obtain approval for them from sources outside the bank. the findings of the research were clear : a country that strengthens the independence of its central bank can expect lower inflation at no cost in terms of growth. this lesson, and experience gained in countries with independent central banks, especially germany, also had an effect on decision makers. with the establishment of the european monetary union, the formation of the new republics following the break - up of the soviet union, and the democratization process in latin america, new laws were passed for many central banks, and in all cases the emphasis was on their independence. the most wellknown and notable instance is the united kingdom : the first economic decision of the blair government elected in 1997 on taking office was to grant independence to the bank of england. till then it had not been independent, and interest rate decisions were taken by the treasury. in light of the significant improvement in the economy in the last ten years, particularly with regard to inflation and steady growth,

in mauritius. may i now request dr moyana, executive secretary of the comesa clearing house, to say a few words.