samchain/econo-pairs-v2 huggingface dataset:
collective interests, and, on the other hand, a means to avoid mass litigations that hinder the normal functioning of courts and compromise citizens'access to justice. i must commend the organisers for not only selecting diverse topics but also bringing together speakers from the academia, legal practice, and regulatory bodies. i wish you a successful event, interactive presentations, and continued collaboration after this conference. i believe that while working, you will always keep in mind that you should strive for justice – strive for it because it exists, even if imperfect, and because it must be our ideal and our goal. i hope our guests will enjoy serbia and belgrade, and if this is their first time staying here, i hope that this will be just one of the first meetings in a series, right here in belgrade. thank you for your patience. our expectations from gatherings of this type are such that they should not burden you, but encourage you to achieve concrete results. 2 / 2 bis - central bankers'speeches

##economic fundamentals and a high level of foreign exchange reserves. we rarely have an opportunity to repeatedly revise our economic projections upward, therefore we are particularly pleased that the past 18 months were chiefly marked by such successive upward revisions. in the period ahead, the national bank of serbia will continue to closely monitor and analyse developments in the international financial and commodity markets, and make its future decisions on those grounds with the aim of preserving the stability that it has achieved. last but not least, having recognised the importance of communication with the public for the success of the bank ’ s policy, we are aspiring to improve it further. as the number of central banks using social networks as a communication channel is increasing, last week the national bank of serbia created profiles on twitter and facebook. i am inviting you to join our twitter and facebook pages to keep abreast of our activities by following us on these networks. thank you for your attention. bis central bankers ’ speeches
expenses in excess of revenues. its business model is now financially sustainable, as it ensures solid income generation to bear future needs. coverage of direct and indirect costs of lending, including expected loan losses, is achieved while maintaining loan terms well below market rates. higher rates on loans that tie up the bank ’ s capital for longer periods of time will help prevent scarce longterm funds from being diverted to operations that are better served by shorter term loans. the needs of the poorest and most vulnerable are the principal claim on ibrd resources. accordingly, we favor the establishment of a framework that explicitly takes it into account, with adequate consideration of preservation of the real value of the ibrd ’ s capital over time. higher terms for clients with larger capacity will help accomplish the mission of supporting the neediest. financial sustainability does not ensure efficiency in resource utilization. we encourage management to continue fostering efficiency and monitoring it by means of sound indicators. the “ voice ” of the global economy we remain committed to a shareholding review that fully reflects the changing reality of the global economy and strengthens the bank ’ s development mission, as agreed to at the 2015 annual meetings. the dynamic formula provides a necessary anchor to ensure, over time, adjustment towards an equitable voting power in the ibrd. we also look forward to a review of the ida voting rights arrangements, which ida deputies agreed to discuss at the upcoming mid - term review of ida18. concerning the share allocation rule for the ibrd selective capital increase ( sci ), we believe ad hoc solutions and arbitrary thresholds should be avoided as much as possible. we agree on the use of unallocated shares – as a one - off measure – to limit extreme cases of under - representation. this will reduce the need for additional scis in the future. today ’ s proposed arrangement for the ibrd is far from optimal, as we will presumably need several scis to bring shareholding closer to the dynamic formula ’ s outcome. as for the ifc, we recommend moving its shareholding towards that of the ibrd. hence, we support the proposed sci, in which shares are allocated to countries with ifc shareholding below their ibrd shareholding, after converting retained earnings into shares. although some concerns remain regarding the size of the capital package and its bias toward the general capital increase, we recognize that the overall outcome will further strengthen both the financial sustainability and the operational capacity of the ibrd and ifc. this will bring the discussions that

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.
and practical experience gained. a long childhood lies ahead. but at the same time, much has already been achieved. over the past few years, we have set up a macroprudential framework for europe. we have defined objectives, developed tools and set out how different policy areas interact. let us have a closer look at how macroprudential policy works in europe. a core concept of macroprudential policy is the financial cycle, that steady succession of ups and downs, of booms and busts. and each time the cycle turns, each time boom goes bust, everyone runs for the exit. market participants sell the assets concerned, and prices tumble ; investors incur losses, as do the banks which financed their investments. this shock might even hit banks which were prudent enough not to participate in the boom. the financial system is so interconnected that even they cannot escape contagion. and as goes the financial system, so goes the real economy. credit dries up, growth drops off and everyone suffers. 1 / 6 bis central bankers'speeches this story is a bit simple, of course. still, it allows us to define two goals of macroprudential policy : first, make the financial system as a whole more resilient. second, dampen the cycle of booms and busts. in very general terms, this is what macroprudential policy aims to do in europe. the tools of macroprudential policy reflect these objectives. some of them focus on increasing the resilience of market participants. take, for example, the countercyclical buffer. it requires banks to set aside more capital in upturns to make them more resilient. once the downturn sets in, banks can draw on the buffer, which helps them absorb losses. furthermore, having to set aside more capital in an upturn makes it more costly for banks to grant loans. this might, as a positive side effect, dampen excessive credit growth and hence the cycle. likewise, reducing capital requirements in a downturn may help to spur lending. other tools focus on the general resilience of the financial system, going beyond the financial cycle. various capital buffers have been designed for that purpose. there is, for instance, the systemic risk buffer, which can be applied to all banks or to specific groups of banks. it aims to make banks more resilient to structural risks that affect the entire system. and then there are

conscious. i admit that this is a bit more philosophical than macroprudential policy, but the basic idea remains the same : the whole is more than the sum of its parts. thank you for your attention. 6 / 6 bis central bankers'speeches
judge by looking at the section which is visible above the surface. this is in my view a useful metaphor, because as the crisis gradually unfolded, a chain of unexpected problems came to the surface and vulnerabilities that were previously underestimated became apparent. let us consider first the tip of the iceberg, namely the liquidity crisis. tensions in money markets erupted in august 2007 when the us mortgage market, which was at the epicentre of a complex network of financial derivative products held globally, started to un - ravel. liquidity in interbank markets worldwide dried up as market participants became paralysed by uncertainty. the key problem was that counterparty risk – which had hitherto remained bis central bankers ’ speeches limited – suddenly increased in great proportions because the distribution of risk exposures to us subprime mortgage markets was markedly opaque. this led some market segments to partially freeze and others to close completely. this is where the second layer of the iceberg comes onto the stage. the collapse of lehman brothers in the autumn of 2008 triggered an exceptionally abrupt re - pricing of risks globally. it led to a very significant intensification of the financial crisis ; to a temporary freeze in trade financing and a global trade decline ; to a curtailment of credit and domestic demand ; and, ultimately, to a severe decline in global demand and output. the main channels through which the crisis was transmitted internationally are now relatively well understood, although the extent and strength of the interconnectedness was quite surprising in real time. activity corrected most in countries where credit was booming prior to the crisis, with large current account deficits, high external debt and highly leveraged financial sectors, in particular. 1 in the euro area, a channel of particular importance was the fact that some banks had tapped us wholesale funding markets in large amounts to finance their activities. 2 some of these banks were in addition as heavily involved as us banks in the production of allegedly riskfree securities, such as asset - backed commercial paper, that aimed to meet the needs of us money markets funds. 3 they were severely hit when these markets froze. moreover, although the euro area ’ s current account was broadly balanced, it still had significant gross external assets and liabilities vis - a - vis the us, which acted as a powerful conduit of the crisis. challenges became more intricate still when the third layer of the iceberg – the sovereign debt crisis – surfaced towards the end of 2009. risk re - pricing intensified

growth and to foster job creation in an environment of high unemployment. we are now at your disposal for questions. bis central bankers ’ speeches
thomas jordan : the swiss national bank ’ s monetary policy decision and assessment of the economic situation introductory remarks by mr thomas jordan, chairman of the governing board of the swiss national bank, at the media news conference of the swiss national bank, berne, 10 december 2015. * * * ladies and gentlemen it is a pleasure for me to welcome you to the swiss national bank ’ s ( snb ) news conference. i will begin by explaining our monetary policy decision and presenting our assessment of the economic situation. fritz zurbrugg will then speak about current developments in the area of financial stability. after that, andrea maechler will review the situation on the financial markets. finally, we will – as usual – be pleased to take your questions. monetary policy decision let me begin with the inflation forecast and our monetary policy decision. overall, the new conditional inflation forecast differs little from that of september. it indicates slightly higher inflation in the short term, and that inflation had already bottomed out in the third quarter. owing to a slight deterioration in the outlook for the global economy, mediumterm inflation is somewhat lower than predicted in september. for the current year, inflation is forecast at – 1. 1 %, a 0. 1 percentage point rise on last quarter. for 2016, we still anticipate an inflation rate of – 0. 5 %, and for 2017, the forecast is now at 0. 3 % instead of 0. 4 %. the conditional inflation forecast is based on the assumption that the three - month libor will remain at – 0. 75 % over the entire forecast horizon. despite depreciating somewhat in recent months, the swiss franc is still significantly overvalued. furthermore, inflation prospects have largely remained the same. we have therefore decided to maintain our expansionary monetary policy. the target range for the three - month libor is unchanged at between – 1. 25 % and – 0. 25 %, and interest on sight deposits at the snb remains at – 0. 75 %. the interest rate differential with other currencies, even following the european central bank ’ s ( ecb ) mild interest rate cut, is thus still markedly higher than at the beginning of the year. the negative interest rate makes the swiss franc less attractive, and continues to help weaken the currency. the snb also remains active in the foreign exchange market in order to influence the exchange rate situation, as necessary. the negative interest rate and our willingness to

financial stability, the exchange rate and the economic cycle. we will comment further on the sovereign money initiative in due course. ladies and gentlemen, thank you for your attention. it is now my pleasure to give the floor to fritz zurbrugg, who will present our financial stability assessment. bis central bankers ’ speeches
am also confident that, when the time comes, the fed will act to ensure that inflation remains firmly under control.

have shifted to competing institutions. retail internet banking and, for some smaller banks, atms, are examples. but the use of even these defensive investments has often yielded benefits for banks from greater fees and from lower costs resulting from reduced check processing. i would be remiss not to note the more - direct contributions of technology to increased productivity in banking, the same kind of improvements that have occurred throughout our economy. such gains are notoriously hard to measure in banking, but have visibly contributed to the improved profitability of banking. not all such gains have been cost reducing : some have increased cost, but have raised revenue even more by improving the variety and quality of banking services in ways for which customers are willing to pay. the increase in banks ’ fee income is not unrelated to improvements in technology. bank consolidation technology has also facilitated consolidation in banking by making it more efficient at the margin - or perhaps less inefficient - for firms to become larger, more geographically dispersed, and better able to manage multiple business lines. research at the federal reserve and elsewhere is consistent with other indications in the past decade or so of cost scale economies, or fewer diseconomies, and improved control by multibank holding companies over their bank subsidiaries. improvement in the ability of these organizations to make small business loans over a wider geographical area is striking. some of the consolidation of the past decade would not have been possible if the congress, led by the states, had not removed prohibitions on interstate banking and branching. the combination of the resultant geographical diversification with the product line diversification facilitated by technology and the removal of out - dated legal prohibitions, has, in my view, greatly strengthened the stability of our financial system. diversified banking organizations in most recent years have been able to absorb substantial losses in some lines or weak demand for some products without significant hits to capital or, in some cases, even to earnings. banking history as recently as the 1980s and early 1990s would have been quite different had our banking structure then been more similar to that of today. the recent consolidation of the banking system has been dramatic. excluding intra - bank holding company mergers, and including the approximate 100 announced but not yet completed mergers, about 2, 400 banking organizations have been absorbed by other banking entities since 1995. if all the mergers that have been announced are completed, the ten largest banking organizations in the united states will account for about 51 percent of all domestic banking assets, almost double their share in 1995. consolidation has
welcome address by bank of greece governor yannis stournaras at a formal dinner in honour of jean - claude juncker, former president of the european commission and former prime minister of luxembourg 18 / 05 / 2022 - speeches on the occasion of his election as honorary member of the academy of athens. it is a great pleasure and privilege for the bank of greece to welcome president jean - claude juncker, on the occasion of his election as honorary member of the academy of athens. we welcome a great european statesman and a great friend of greece. a man who has contributed so much to greece staying in the eurozone in 2012 and 2015, as i have witnessed first - hand in these difficult years, first as minister of finance and then as governor of the bank of greece. a statesman who, during his long years of service in senior government positions both in luxembourg and at european institutions, proved to be one of the staunchest champions of european integration and one of the strongest leaders who handled successfully the crises that the eurozone faced over the last several years. a visionary leader who contributed enormously to the creation of our common currency, the euro, who strongly believed in it since its inception and fought hard to ensure its stability throughout these years. born in luxembourg, a country in the heart of europe, our dearest jean - claude realised at a young age that the future of europe lies in the close cooperation of its member - states and mainly in the gradual integration of national policies and rules. having left his mark on his country ’ s politics, he rose to top positions in the european union and, in this capacity, worked hard on european integration. he is one of the great europeanists, following in the footsteps of helmut kohl and francois mitterrand, with his firm conviction that european integration is the only way forward and that this path is irreversible. president juncker was one of the most consistent and influential advocates that greece could solve its fiscal problems within the eurozone, rather than outside, as some sadly wanted at the time. he strongly resisted the idea that greece should be sacrificed like iphigenia to allow the fleet to sail. this was due not only to his expressed love for greece and its heavy cultural heritage, but mainly to his strong belief in the european values and in the basic principle of keeping the eurozone together. he fervently defended greece ’ s place in the european family, by deeply understanding and recognising the efforts that the

greek people had made to preserve the country ’ s hard - won place. i believe this is his greatest contribution, as far as we greeks are concerned. we owe him a lot. last, but not least, i want to thank prime minister kyriakos mitsotakis, who came here tonight almost directly from his flight back to greece from his trip to the united states, in order to honour our guest, president jean claude juncker. thank you.
through investor's screening mechanism, given the current geostrategic risks. finally, we remind you that addressing cyber risks requires close cooperation between different authorities, with an emphasis on the state authorities responsible for cyber security at the state level. the cbk remains committed to coordinating and sharing information with other regulators, relevant public authorities such as those for data protection, consumer protection, competition and national security institutions. at the same time, also in the international aspect, with international institutions, regulators of the countries of the region, other institutions, with the aim of coordination and a more stable platform to successfully face these risks and achieve our objectives. we wish you fruitful discussions in the following panels, and we welcome the recommendations resulting from these professional discussions. thank you! 3 / 3 bis - central bankers'speeches

enterprises. and the idea is that through these programs, through these projects, through these windows, to change the structure of the economy in the country. in order to have as many manufacturing enterprises. in this way, i believe that kosovo would address the two challenges it has consistently faced, namely unemployment and the high trade deficit. for the end, thank you very much, i wish you good work, health and success.
worldwide, including the banque de france which represents the eurosystem, and a large group of private financial firms. a necessary step towards such a global infrastructure could be to build regional unified ledgers – one of which would be european. ii. artificial intelligence : a high priority area starting from now let me now turn to artificial intelligence ( ai ), which has gained widespread public attention thanks to exponential leaps in its performance over the last few years – especially generative ai. for sure, there is still more " talk than walk ", and the " ai hype " could be followed by some disappointment. that said, this is a typical example of an innovation where central banks would be mistaken to wait until they have gained absolute certainty. earlier this year the imf ventured a preliminary estimate : almost 40 % of jobs around the world ( and up to 60 % in developed economies ) may be affected, with ai acting either as a substitute to or as a complement to labour. 3 one striking feature is that while the automation enabled by previous innovations had thus far concerned only simple or routine tasks, ai may also impact highly - skilled jobs. however, according to a recent report coordinated by anne bouverot and philippe aghion in france, 4 only 5 % of jobs are at risk of being fully replaced. as pointed out in an imf paper co - authored by daron acemoglu5, one of the key challenges is to make sure that a " human ai " complements humans instead of replacing them. the pioneering european ai act6, which is expected to be adopted in the coming weeks, is designed specifically to foster trustworthy ai in europe and beyond. and we should be careful not to repeat the mistakes of the past : an excessive concentration of ai players would be detrimental on many levels. this danger may 2 / 4 bis - central bankers'speeches increase further if too few ai models lead to a loss in information diversity and to misalignment between human cognition and ai algorithms. 7 here again, for central banks, learning by doing is of the essence. today we at the banque de france have already deployed ai in several different areas. to give a few examples, we use machine learning to help detect fraud in transactions with the french treasury that are managed by the banque de france ; " neural networks " help staff analyse the probabilities of default of non - financial corporations in our proprietary rating system ; and natural language processing tools enhance analytical capabilities within

the issue, publishing a number of vital reports. it is not my role to decide when or how we go about it, but i firmly believe our country needs to take a dispassionate look at the way it saves. savings are one of our foremost resources and they are in abundant supply ; business investment is one of our foremost needs. we mustn ’ t miss out on this opportunity in the current context of low interest rates. thank you for your attention and please feel free to ask any questions. bis central bankers ’ speeches