samchain/econo-pairs-v2 huggingface dataset:
to achieve more balanced and equitable economy. ladies and gentlemen! the korean economy is currently faced with many challenges and opportunities amid an accelerated global monetary tightening after the pandemic. some of them are common across many major economies and some of them are unique to korea. today i would like to learn from your insights and wisdom on " the challenges of the korean economy after covid - 19 ". my best wishes for a successful conference. thank you. 2 / 2 bis - central bankers'speeches

put it in context, let ’ s remember that the federal reserve ’ s policies are intended to promote a return to prudent risk - taking, reflecting a normalization of credit markets that is essential to a healthy economy. obviously, risk - taking can go too far. low interest rates may induce investors to take on too much leverage and reach too aggressively bis central bankers ’ speeches for yield. i don ’ t see pervasive evidence of rapid credit growth, a marked buildup in leverage, or significant asset bubbles that would threaten financial stability. but there are signs that some parties are reaching for yield, and the federal reserve continues to carefully monitor this situation. however, i think most central bankers view monetary policy as a blunt tool for addressing financial stability concerns and many probably share my own strong preference to rely on micro - and macroprudential supervision and regulation as the main line of defense. the federal reserve has been working with a number of federal agencies and international bodies since the crisis to implement a broad range of reforms to enhance our monitoring, mitigate systemic risk, and generally improve the resilience of the financial system. significant work will be needed to implement these reforms, and vulnerabilities still remain. thus, we are prepared to use any of our many instruments as appropriate to address any stability concerns. let me conclude by noting that i have touched on only some of the important dimensions of monetary policy targets and instruments that have arisen in recent years. i look forward to a discussion that i expect will explore these issues and perhaps raise others. bis central bankers ’ speeches
conclude, allow me to further urge microfinance and other financial institutions to continue revising their interest rates and charges in tandem with the movements in key macroeconomic indicators such as inflation. i am conscious to the fact that all microfinance institutions are in business and are therefore expected to make profits. however, making super profits at the expense of the poor and vulnerable is regressive to economic development. there is a need to make financial services more affordable to the majority of our people as well as small enterprises in order to expand their operations, employ more people, and thereby provide an impetus to significantly reduce poverty levels in the country. let me, once again, extend my gratitude to microfinance transparency and the association of microfinance institutions of zambia for inviting me to officiate at this launch of the transparent pricing initiative in zambia. it is now my honour and privilege to declare the workshop on transparent pricing officially opened. i thank you for your attention. bis central bankers ’ speeches

be replaced by the new k10, 000 banknote once they reach the end of their lifespan through soiling and / or mutilation. therefore, i urge you to take a closer look at the new k10, 000 banknote in order to inform the public correctly. i thank you.
areas must contribute much more decisively, both at the national and at the european level. the implementation of structural reforms in particular needs to be substantially stepped up to reduce structural unemployment and boost potential output growth in the euro area. structural reforms are necessary in all euro area countries. the focus should be on actions to raise 2 / 3 bis central bankers'speeches productivity and improve the business environment, including the provision of an adequate public infrastructure, which are vital to increase investment and boost job creation. the enhancement of current investment initiatives, progress on the capital markets union and reforms that will improve the resolution of non - performing loans will also contribute positively to this objective. in an environment of accommodative monetary policy, the swift and effective implementation of structural reforms will also make the euro area more resilient to global shocks. fiscal policies should also support the economic recovery, while remaining in compliance with the fiscal rules of the european union. full and consistent implementation of the stability and growth pact over time and across countries remains crucial to ensure confidence in the fiscal framework. at the same time, it is essential that all countries intensify efforts towards achieving a more growth - friendly composition of fiscal policies. we are now at your disposal for questions. 3 / 3 bis central bankers'speeches

connecting the mainland and the rest of the world will continue to provide us with many exciting opportunities that we must be ready to seize. 18. i am sure the tma and all its members will continue to participate actively in this journey to support hong kong ’ s status as an ever - evolving and highly resilient international financial centre for the mutual benefit of the nation and the international investment community. thank you. 1 source : the global financial markets association ( gfma ) and boston consulting group ’ s ( bcg ) report “ climate finance markets and the real economy ” https : / / www. sifma. org / wpcontent / uploads / 2020 / 12 / climate - finance - markets - and - the - real - economy. pdf 2 source : the pboc governor yi gang ’ s speech on 16 april 2021 https : / / www. bis. org / review / r210416a. htm last revision date : 16 september 2022
. thank you very much for your attention. bis central bankers ’ speeches

– with respect to global harmonisation. it would be fair to assume that the global financial crisis and its aftermath played a considerable role in that respect. in the wake of the crisis, we have witnessed a resolute international response led by the world ’ s twenty heavyweight economies. the international community has put on a truly remarkable display of determination. while the g20 was founded quite some time before the crisis, its members ’ resolve to take common action was unprecedented in the us city of pittsburgh in 2009 and at subsequent summits. key milestones were achieved in international banking regulation. and this will to reform continued until recently, when the new international minimum standards for banking regulation, also known as basel iii, were finalised. 1 / 5 bis central bankers'speeches the international response to the crisis was necessary to make the architecture of the global banking system both credible and acceptable to society at large. but let ’ s not get carried away by global thinking, and we should not fall into the trap of global harmonisation as a cure - all – by which i mean the idea that, if some global rules are good, more global rules would always be better. instead, we have to live with the fact that, in today ’ s world, international agreements are still made with national and regional interests in mind. and even though there are strong arguments in favour of harmonisation, we have to respect that, in some areas, there are also strong arguments against common approaches and reasons as to why countries should set their own distinct sets of rules. a key topic nowadays is that of nations striving for greater sovereignty. in europe, the most striking example of this was when the united kingdom decided in a national referendum in 2016 to withdraw from the european union. on both sides of the atlantic, too, we have also experienced it in the form of drawn - out negotiations for trade agreements. just think about the criticism levelled against ceta, the comprehensive canada - eu trade deal, and ttip, the corresponding us - eu project, which slowed these projects down or even brought them to a halt. proponents of greater national sovereignty have a point : sovereignty provides scope to deal with issues in a national way. a regulatory landscape that is aligned to national particularities requires, to some extent, that there are national instruments and policies on hand. fully harmonised rules take away that leeway. we can even observe this with respect to banking regulation. currently, global standards that are aimed at large and internationally active
of increasing demand. to address this challenge, where necessary, it is essential for banks to retain earnings, to turn to the market to strengthen further their capital bases or to take full advantage of government support measures for recapitalisation. in particular, banks that currently have limited access to market financing urgently need to increase their capital and their efficiency. to sum up, based on its regular economic and monetary analyses, the governing council decided to keep the key ecb interest rates unchanged following the 25 - basis point increase bis central bankers ’ speeches on 7 april 2011. the information that has become available since then confirms our assessment that an adjustment of the very accommodative monetary policy stance was warranted. we continue to see upward pressure on overall inflation, mainly owing to energy and commodity prices. a cross - check with the signals coming from our monetary analysis indicates that, while the underlying pace of monetary expansion is still moderate, monetary liquidity remains ample and may facilitate the accommodation of price pressures. furthermore, recent economic data confirm the positive underlying momentum of economic activity in the euro area, with uncertainty continuing to be elevated. all in all, it is essential that recent price developments do not give rise to broad - based inflationary pressures. inflation expectations in the euro area must remain firmly anchored in line with our aim of maintaining inflation rates below, but close to, 2 % over the medium term. such anchoring is a prerequisite for monetary policy to make an ongoing contribution towards supporting economic growth and job creation in the euro area. with interest rates across the entire maturity spectrum remaining low and the monetary policy stance still accommodative, we will continue to monitor very closely all developments with respect to upside risks to price stability. maintaining price stability over the medium term is our guiding principle, which we apply when assessing new information, forming our judgments and deciding on any further adjustment of the accommodative stance of monetary policy. turning to fiscal policies, current information points to uneven developments in countries ’ adherence to the agreed fiscal consolidation plans. there is a risk that, in some countries, fiscal balances may fall behind the targets agreed by the ecofin council for the necessary and timely correction of excessive deficits. it is essential that all governments meet the fiscal balance targets for 2011 that they have announced. where necessary, additional corrective measures must be implemented swiftly to ensure progress in achieving fiscal sustainability. the implementation of credible policies is crucial in view of ongoing financial market pressures. at the same

“ structural reforms : learning the right lessons from the crisis ”, speech at the bank of latvia economic conference 2014, riga, 17 october 2014. 3 / 3 bis central bankers'speeches
in line with the government ’ s development agenda. thank you. bis central bankers ’ speeches

banking products and strengthen our banks. we have introduced the east african payment system ( eaps ) to reduce the cost of doing business. we are now working on convertibility of the eac currencies – mous have been signed. these initiatives will bring the eac closer together. the central banks in eac believe that these are important quick wins for the eac regional integration process. ladies and gentlemen : for the continued regionalisation of the banking sector operations to generate the desired impact, a concerted effort to up - scale the skills and competences of our human resources as a region is necessary. in this regard, the kenya institute of bankers ( kib ) and other capacity building institutions should rise to the occasion not only to modernise their capacity building initiatives but to develop programmes that cater to the capacity needs of the entire eac region and beyond. as the banking sector players establish presence across borders, kib should explore avenues of satisfying the emerging human resource needs in the countries where the banks are expanding to. i am aware that the annual east african banking school organised by the eac banking institutes is designed with the regional banking sectors in mind. however the on - going integration calls for more tailored capacity building initiatives. in this regard, kib and counterpart banking institutes should re - examine their strategies to ensure that the envisaged integrated financial market is not derailed by inadequate human resource capacity. let me now turn to some interesting and current outcomes and landmark achievements for the kenyan economy, that will continue to enhance and consolidate our financial sector performance : first, the success of the sovereign bond debut for kenya that was over - subscribed by over 500 %. the government took us $ 2. 0 billion against us $ 8. 8 billion offered at an average interest rate of 6. 6 %. this success has several implications : 1. the sovereign bond brings into the market an asset that is risk free and will form a benchmark of pricing risk free assets in kenya. since the interest on the sovereign bond is fairly competitive, it will lead to a re - pricing downwards of domestic financial assets – so domestic interest rates will decline. bis central bankers ’ speeches 2. the sovereign bond is already trading in the irish securities exchange – this will improve kenya ’ s standing and rating in the international capital markets. 3. the government, due to this success of entry into the international capital market, will reduce expensive domestic borrowing. this will of necessity release some liquidity into the domestic market.
can to help themselves before they seek help from the community. the same is true for the countries in the euro area. fortunately, this is what we are seeing across europe today. governments have already done a lot to tackle the imbalances that accumulated in previous years. progress in implementing economic reforms has been extraordinary. deficits are being reduced. current account imbalances are being unwound. wide - ranging structural reforms are underway. particularly impressive is the scale of the adjustment that has taken place in countries receiving financial assistance. in many countries these efforts have largely removed the underlying drivers of the sovereign debt crisis. but while sovereign debt markets have improved, bank lending is still very fragmented across the euro area. credit in some countries is still difficult to obtain. the benefits of the painful actions undertaken so far have not yet materialised. and this means that economic adjustment is coming at a heavy social cost. economists often speak about “ inevitable adjustment costs ”, which to some sounds cold, heartless and lacking compassion. but we are fully aware of the human dimension that lies behind it. euro area gdp is currently lower than it was in 2008. almost 19 million people are unemployed – more than the population of the netherlands. unemployment is a tragedy. it squanders the vitality of our workers. it prevents people from playing a full and meaningful part in society. it induces a sense of hopelessness, which drains the inspiration from our young. reform as the path to growth and fairness reducing unemployment is therefore a pressing challenge. governments need to address the structural problems in their economies. they need to enact fundamental reforms that boost the potential of their economies to grow. we need reforms that make doing business easier. that guarantee that those who owe taxes actually pay taxes. that ensure that public services actually serve the public. and these reforms should aim not only to create more growth and jobs, but also to make society fairer. fairness starts within countries. in one country in the euro area, more than fifty percent of young people cannot currently find jobs. is it fair that, as a result, this generation has to bear the bulk of the burden in the downturn? pope pius xi, quadragesimo anno, 79. bis central bankers ’ speeches in another country, an estimated 55 billion euros of tax revenue remains unpaid. is it fair that, as a result, other people who are taxed on their salaries have to make up the difference? this is why i say that reforms

##ence to exogenous shocks, of the type we are facing currently. i therefore welcome you all to the seminar and invite you to contribute to meaningful discussions which will further the development of our sme sector and redound to benefit our economy over the medium and long term. i thank you very much for your participation and i again thank the various sponsors, speakers and all those who have contributed to make this seminar possible. i wish you a most productive seminar.
trust takes years to build, seconds to break and forever to repair ”. so it ’ s now our duty to nurture and sustain this trust – by ensuring that banknotes are secure, payments systems are robust, and the value of the euro is stable. thank you. 2 / 2 bis central bankers'speeches

must have a coherent and resilient organization. we must not yield to the temptation to maximize netting effects. we all agree that the primary objective of central clearing is to reduce systemic risk. ccps cannot be considered primarily as vehicles for improving operational and capital efficiency. they should be as well financial stability enhancers. the proposed merger of the london stock exchange group and deutsche borse might be a relevant illustration of the risk of a trade - off between these two objectives. so we will closely look at it from a financial stability perspective, as i already said. it is also industry ’ s responsibility to locate ccps in the appropriate currency area, to enhance the management of liquidity risk, which is essential for ccps ’ resilience. clearing members are also responsible for steering ccp risk management towards best practices. their participation in the governance of ccps is key in this regard. this should be bis central bankers ’ speeches materialised by regular feedback on ccps ’ methodology and stress test results, which should be disclosed to participants. when considering regulators and overseers, the priority must be to constantly improve ccp resilience, building on the cpmi - iosco principles for financial market infrastructures. we must avoid regulatory arbitrage and competition through the reduction of prudential requirements. this means tighter international harmonization of ccp requirements. in this regard, i salute the important work currently carried out by cpmi - iosco to promote more granular guidance and steer ccps towards best practices. this includes the alignment of incentives among market stakeholders to improve risk management. this can be illustrated with the promotion of the “ skin in the game ” for ccps in the default waterfall, which aligns the incentives of ccp shareholders with those of clearing members. this should also include the conduct of frequent supervisory stress tests for ccps, to bring more comfort with regard to their resilience. it would create an objective external metric to ensure the adequacy and the consistency of their risk practices. this needs to be developed to assess the management of credit risk but also of liquidity risk, which is too often ignored. finally, let me say a last few words to introduce the precise topic of this conference. as you know, regulations require ccps to consider all extreme but plausible scenarios in their daily risk management. however, we cannot ignore tail risk. the remote possibility that ccp resources would be exhausted in a crisis must be dealt with appropriately. this is why we
be brave enough to move beyond the compliance, tickbox mentality to being investigators, addressing the safety and soundness of financial institutions, whether or not such issues are covered in specific legislative requirements. • finally, every one of you in this room must be the desired changing face of supervision. ladies and gentlemen, our work has just begun. i am confident we can continue to improve and learn from each other ’ s experience, applying these lessons to preventing another systemic financial failure in the caribbean in the future. i wish you a productive session and hope you enjoy your stay. i thank you. bis central bankers ’ speeches

ewart s williams : inflation in trinidad and tobago opening remarks by mr ewart s williams, governor of the central bank of trinidad and tobago, at the launch of the bank ’ s education pamphlet no. 2 - “ inflation ”, port - of - spain, 8 august 2006. * * * welcome to the alumni from our reuters journalism course of september 2005 and to other members of the media. we had promised to invite you back to check the progress. we thought that it would be nice to give you an opportunity to showcase some of the things you learnt at the course, and the launch of our second “ public education pamphlet ” on a topic of heightened national interest, seemed to provide the ideal occasion. we are hoping that you help us in another respect. as we say in our foreword, “ our pamphlet series is targeted to a broad audience – students at secondary and tertiary institutions and members of the public that have an interest in increasing their knowledge of economics and business. ” we would like to get your views as to whether we are getting close to our target audience. as to the theme of our second pamphlet we couldn ’ t be more timely and topical. the pamphlet seeks to explain the ( pernicious ) effect of inflation, underlying the fact that it affects a broad cross section of the population, but particularly the poor. it goes on to trace the country ’ s inflation performance from the 1970s to 2005. as you know, last year ( 2005 ) saw a jump in inflation ( on an annual average basis ) from 3. 9 per cent to 6. 7 per cent. the inflationary momentum has continued through 2006 with 12 - month inflation reaching 8 per cent in july. the main driver of inflation has been the rise in food prices which reached 24 per cent on a 12 - month basis in july. the pamphlet raises the spectra of inflationary expectations which could lead to wage pressures and perpetuate inflation. there is a passing caution against resorting to price controls, which carry their own problems. the fact is that the only way to address our inflation problem is the old - fashioned way – through increasing agricultural output, tight monetary policy, greater fiscal restraint and wage discipline. a tall order – but that prescription works all the time.