samchain/econo-pairs-v2 huggingface dataset:
a significant responsibility for ensuring that the objectives of the regulation are achieved without compromising the level playing field in banking and the integrity of the internal market. it is important that the regulation is implemented in a coherent manner throughout the eu. i welcome the commission ’ s proposal for the regulation on the separation of certain trading activities from credit institutions. depending on how it is applied, this regulation could bring about needed structural changes in the largest and most systemically important european banks, as envisaged by our group. bis central bankers ’ speeches the proposed regulation would give the authorities powers to implement a structural reform that would prevent depositor protection from becoming an incentive for banks to engage in excessive risk - taking. together with the forthcoming eu framework for bank recovery and resolution, the proposed regulation would also reduce the pervasive too - big - to - fail and too - complex - to - fail problems in europe. the proposal could also curtail interconnectedness within the financial system and hence reduce the likelihood of contagion. if consistently implemented, it would improve market discipline and redirect the european banking sector towards better serving the real economy and sustainable growth. bis central bankers ’ speeches

##prime panic ” in the european financial management 15 ( 1 ). andrew haldane ( 2014 ) “ halfway up the stairs ”, central banking journal. bis central bankers ’ speeches
2022, p. 71. 6 meinerding, c., schuler, y. s. and p. zhang ( 2023 ), shocks to transition risk, bundesbank discussion paper no 04 / 2023. 7 binder, c. and r. kamdar ( 2022 ), expected and realized inflation in historical perspective, journal of economic perspectives, vol. 36, no. 3, p. 131 - 156. 8 huber, s. j., minia, d. and t. schmidt ( 2023 ), the pass - through from inflation perceptions to inflation expectations, bundesbank discussion paper no 17 / 2023. 4 / 4 bis - central bankers'speeches

, a stability - oriented economic policy with a focus on medium - term objectives together with structural reforms – not least in the labour market – have transformed the danish economy. today, unemployment is among the lowest in europe. we have sound fiscal balances and low public debt. large current account deficits have been replaced by large surpluses. this has transformed denmark from a debtor nation to a creditor nation with net foreign assets of about 70 per cent of gdp. page 3 of 7 in turn, we have created a highly robust economy. i think it is fair to say that the fixed exchange rate policy has had an educational effect on several generations of politicians. they all remember or have heard of the economic woes of the 70s and 80s. and no one wants to end up there again. * * * the system has withstood several tests over time – adding credibility to the system * * * keeping the exchange rate fixed is not always an easy task. it takes determination. vigilance. a forward - looking and responsive mindset. a willingness to learn and adapt. this is particularly true in periods with pressure on the krone. and we have seen our fair share of such periods. but we have shown that we are ready to do whatever it takes to keep the krone stable. as the economy has transformed over the years, so has the type of exchange market pressure that we encounter. and each time we have drawn new experiences. in the early 1990s, european foreign exchange markets came under strong pressure from speculators. our currencies were pegged to each other within the exchange rate mechanism, erm. but one after another, they came under attack. the danish krone was no exception. amid the turmoil, the united kingdom abandoned its fixed exchange rate policy. later sweden and norway followed suit. the situation developed into an attack on the entire erm system. responding to the crisis, it was decided to widen the bands within which the currencies were allowed to fluctuate to plus / minus 15 per cent. although denmark had argued in favour of retaining the erm as far as possible in its existing form, the danish krone depreciated significantly against the d - mark. the danish government under the leadership of prime minister poul nyrup rasmussen – who is here today – and danmarks nationalbank agreed to stand ground. it was emphasised that denmark had sound economic fundamentals and that the fixed exchange rate policy would be maintained despite
coordination may only strengthen, if brexit implications assume the negative dimensions listed above. let me emphasise that, in bank of albania ’ s vision, the monetary policy oriented toward price stability, and the supervisory and regulatory policy oriented toward financial stability contribute to the sustainable and long - term development, and are complementary to each other. this creed is fully tested by experience, both in the world and in albania. in the long - term horizon, the bank of albania is confident that the investment we have made in promoting financial stability will bear its fruit with regard to sustainable development, and will increase the space for monetary policy manoeuvring. in addition, accomplishing our price stability objective would enhance the confidence in the national currency, reduce volatility and foster transparency in financial markets, thus contributing to the sustainable development of the financial system. meanwhile, in the short - term, the coordination of monetary policy and financial stability often present challenges and compromises. in this context, setting clear priorities, using the right instruments, and communicating transparently central bank actions and objectives are key elements for the success of our work. concluding, i would like to reiterate that i am fully confident that in the course of the day, all the issues i posed above will be elaborated in greater detail. i do believe that the contribution of the eminent panellists and active input from all participants will be an added value in this regard. i wish the best of success look forward with the greatest interest to the outcome of your deliberations. * * * thank you for your attention! 4 / 4 bis central bankers'speeches

communicates effectively with the broader economy, guiding responsible decision - making across the private sector and households. i strongly encourage you to extend your influence beyond the confines of the bank, engaging with academia and various interest groups to foster the continuous communication with the economy. this engagement will ensure that our policymaking is better understood and gains an ever increasing public support. 2 / 3 bis - central bankers'speeches i wish you a very productive discussion! 3 / 3 bis - central bankers'speeches
summarise the argument i have been making. banks of all shapes and sizes have the opportunity to benefit from the recovery in the hong kong economy when it comes. some banks will however do better than others, and our research indicates that a more efficiently operated and diversified bank will achieve higher profits. i hope that all the banks sitting here today will be among those that fall into this category.

adnan zaylani mohamad zahid : launch of life insurance association of malaysia's starter pack insurance fund keynote address by mr adnan zaylani mohamad zahid, assistant governor of the central bank of malaysia ( bank negara malaysia ), at the launch of life insurance association of malaysia's ( liam ) starter pack insurance fund, kuala lumpur, 28 august 2024. * * * assalamu'alaikum warahamatullahi wabarakatuh and a very good morning. first of all, let me congratulate the life insurance association of malaysia ( liam ) on the occasion of its 50th anniversary and thank you for inviting me to be a part of this event. it is a pleasure to be here today for the launch of liam's starter pack insurance fund, as part of the golden anniversary celebrations. liam's achievements and contributions throughout 50 years of establishment, liam has played an integral role in the development and growth of the life insurance industry in malaysia. as a trade association, liam has bridged the collective interest of its members and also played an important role in addressing the protection needs of malaysians. liam's role has been central in driving the awareness and financial education initiatives on life insurance to promote greater financial resilience for individuals and households, through many initiatives, such as the establishment of the mycoverage website, liam's # bukanextra and # nofomo awareness campaigns, and collaborative efforts with akpk on the jelajah bijak wang. during the pandemic, let's not forget liam together with other industry associations, supported the needs of policyholders – establishing the mycovid19 testing fund during the early days of the health crisis. such efforts by liam and other stakeholders in the industry have certainly contributed to the awareness and takeup of insurance protection products. life insurance industry's achievements and challenges i am pleased to note that the life insurance industry continues to show commendable growth performance. in 2023, the industry recorded a double - digit growth of 11. 6 % in its new business premium amounting to rm13. 4 billion as compared to rm12 billion in 2022. this is driven largely by the strong performance in the take - up of group and investment - linked products. this also shows acceptance of life insurance products not just as protection but also for medical coverage and investment purposes. malaysia's life insurance penetration rate1 measured against the gross domestic
ignazio visco : welcome address - 3rd finance and productivity conference welcome address by mr ignazio visco, governor of the bank of italy, at the 3rd finance and productivity conference, " green deal - reformation, evolution, and revolution ", rome, 8 - 9 june 2023. * * * ladies and gentlemen, distinguished guests and colleagues, i welcome you all today to the third finance and productivity conference organised by the bank of italy, together with cepr, the competitiveness research network ( compnet ), the european bank for reconstruction and development ( ebrd ) and the halle institute for economic research ( iwh ). the topic chosen for this year – " green deal : reformation, evolution, and revolution " – underlines the importance of the ongoing debate about the green transition and the quest for making our economic systems more resilient to climate shocks. the discussion around these topics has centred on strategies to achieve the goal of net zero greenhouse gas emissions, which requires a combination of economic disincentives for fossil fuels and the increased availability of present and future clean energy alternatives. economists have the task of making an effective contribution to the evaluation of the effects of existing policies and collaborating in the design of measures based on the available evidence. carbon taxation and emission quotas have proven to be useful instruments in discouraging the use of fossil fuels. they must be carefully calibrated to achieve the largest possible welfare gains, mitigating potential regressive effects and avoiding abrupt and ungoverned reallocations between green and brown sectors. the aim of public policies should not be to immediately phase out the activities with a bigger carbon footprint, but rather to help energy - intensive firms to steadily and significantly reduce their emissions to the largest extent and whenever possible. the transition to greener technologies also needs to be accompanied by appropriate policies. as renewable - energy power sources become more profitable, the streamlining of regulatory procedures and the deployment of grid - scale storage facilities are needed to safely increase their role in the power mix. clean investments can also be encouraged among non - energy producers, tackling the constraints that lead firms to underinvest in the green transition or to prioritise short - term cost considerations over longer - term environmental and, ultimately, economic benefits. this conference contributes to this debate, envisaging a rich array of research papers encompassing a wide range of topics, which aim at shedding light on significant issues that seem especially important to

and the scientific committee for having put together such a rich and interesting programme. once again, i express my gratitude to the presenters, moderators and all the other participants in this event for their presence here today. i wish you all two days of very fruitful interactions and discussions. 2 / 2 bis - central bankers'speeches
of our job so seriously. all speeches are available online at www. bankofengland. co. uk / speeches

to spread around the pra ’ s supervisory approach can be somewhat less intense. for example, there are various classes of property insurance, such as mobile phone, for which an argument could be made that the pra should restrict itself to a lower level of supervision. our resourcing all speeches are available online at www. bankofengland. co. uk / speeches model already works to some extent in this way, but the ieo has challenged us to think more deeply about this question. another interesting area is insurance bought by commercial or corporate customers. in these cases, the information asymmetry between buyer and seller is lower, or sometimes reversed, and contracts are typically renewable annually, meaning that there are lower concerns about customers being locked into long - term policies. in circumstances where buyers often choose their cover provider based on third - party measures of financial strength ( such as opinions from rating agencies or insurance brokers ), there is a case to be made that the need for the regulator is reduced. indeed, many in the london market have made this very point ( somewhat less subtly! ). but before anyone excitedly hears this as confirmation that the pra will no longer regulate certain types of insurer, remember that we have a statutory objective to contribute to protecting policyholders of all stripes. so the debate is about ‘ how ’, not ‘ whether ’. in fact, the pra ’ s resourcing model already works to focus our resources on those areas of most concern. we categorise each regulated firm according to its size and the potential harm customers would suffer should it fail. the majority of firms we regulate are assigned the lowest category, reflecting the low level of risk they pose to our objectives. firms in higher categories receive more supervisory and specialist resources, and decisions for those firms are approved at more senior levels within the pra ’ s decision – making framework. the ieo have challenged us to look at this system again and we will do so. our executive director for insurance supervision, david rule, will take forward discussion of all of these issues with the prudential regulation committee. we will then revise our approach to insurance supervision document to explain any changes we decide to make. in doing this we will of course need fully to factor in our third objective, to facilitate effective competition – which was also recently reviewed by the ieo. although this is a secondary objective, it is given a high priority in the pra and is also quite rightly a topic in
the necessary means to accomplish its missions : i would like to emphasise this imperative. i will now give the floor to bernard delas, who will present the prudential developments in the insurance sector. remi bouchez will then discuss the work of the sanctions committee. thank you for your attention. 3 / 3 bis central bankers'speeches

concept is even relevant. i am however a " r * believer ", and the ecb and the banque de france have ventured some estimates, using a series of semi - structural models. 3 / 4 bis - central bankers'speeches these estimates show that the pandemic marks a halt in the two - decade long downward drift in r * on the back of lower growth and population ageing. this might be good news for the economy in general, and monetary policy in particular : the risk of interest rates hitting the effective lower bound has slightly eased. our estimate suggests that in the euro area, the real neutral rate is now slightly positive, between 0 % and 0. 5 % ; and therefore the nominal neutral rate, adjusted for 2 % inflation, could be between 2 % and 2. 5 %. in the united states, it could be around one percentage point higher, taking into account the surplus of investment over savings, and stronger demographics and productivity gains. this 2 % to 2. 5 % range is a reasonable estimate of the average of ecb policy rates over a future full monetary cycle. however, this is not necessarily the target for the current rate - cutting phase : it simply shows that we have significant leeway to lower our rates before exiting restrictive territory. to sum it up, echoing henry james famous novel, the time for a " turn of the screw " on euro area monetary conditions is over ; now time is coming in europe to start to gradually " release the screw " and lower the pressure. thank you for your attention. 1 james, h., letter written in 1872. 2 lagarde, c., ecb press conference, 11 april 2024. 3 villeroy de galhau, f., " anatomy of a fall in inflation : from a successful first phase to the conditions for a controlled landing ", speech, 28 march 2024. 4 williams, j., " effective dialogue and well anchored inflation expectations : essential tools for navigating challenging times ", in central banking in the americas : lessons from two decades, bis, november 2023. 5 rapach, d., is the last mile more arduous?, federal reserve of atlanta, january 2024. 4 / 4 bis - central bankers'speeches
a box of old hockey cards in the basement, right? everybody does. what if in that box you ’ ve got a chris kunitz card from his rookie days? hey, now that the regina native is an olympic gold medallist and two - time stanley cup winner, that card is suddenly worth a lot – and you have the incentive you need to go dig it out of the basement. it ’ s the same thing with a terms - of - trade shock. since 2002, we have enjoyed the benefit of an almost 25 per cent rise in canada ’ s terms of trade. with the average world price of oil over the past decade more than double that of the previous three decades, canada ’ s resources are suddenly worth a lot – and we have the incentive we need to go dig them out of the ground. that ’ s what ’ s been happening. higher oil prices have stimulated oil production in canada, magnifying the benefits from the improvement in the terms of trade. this is particularly true of canada ’ s vast oil sands, where the higher prices have made them economically viable. to step up production requires more workers and more money. where do they come from? what draws them in? the economy has natural market mechanisms that help. with the bis central bankers ’ speeches higher prices these sectors command on the world markets, profits, job markets and wages heat up, attracting more investors and more workers. as people earn more, they spend more and, as this work force grows, they need more of everything – from tim hortons to pickup trucks. this leads to more jobs and higher wages in other sectors and other regions of the economy, so everyone benefits. people move to where it ’ s hot as a share of gdp, investment in mining and oil and gas extraction has doubled since 2002. as companies step up their investments, they set off a chain of events that draws people in. over the past ten years, about a quarter of a million people, net – roughly the population of saskatoon – have moved from other provinces to alberta. last year alone, net migration to alberta from the rest of canada totalled nearly 45, 000. saskatchewan, too, has had more people move in than out over the past year. between 2006 and 2011, about one in every five saskatchewanians was either a newcomer or had moved a long distance within the province. for all of canada ’ s workers, this is a sea change. while alberta and saskatchewan may be net recipients of people, there is

are to benefit from everything this great country of ours has to offer. bis central bankers ’ speeches
national banking sector ( through the harmonisation of supervisory practices and deposit guarantee schemes ), as well as foster sustainable lending and economic growth ( by reducing the fragmentation of the european financial markets ). i shall stop here, thanking you for your attention. i wish you a fruitful outcome of the conference, and hope you enjoy your stay in bucharest! bis central bankers ’ speeches

of external competitiveness. reestablishing a long - term balance between income growth and productivity dynamics is therefore a must. finally, i saw in some papers that romania would be downgraded because of its external liquidity position. this indicator is computed as a ratio between the country's international reserves and its overall foreign debt, both public and private, in the short - run. we have a sub - par ratio in romania, as short - term external debt is higher than reserves. i believe this is also an overstatement, as romania's international reserves are close to the upper limit of the optimal level if we take into account the other indicators, such as the ratio between reserves and imports. the short - term external debt is high indeed, but the bulk of it belongs to the private sector. and out of this, loans taken by foreign - based banks operating in romania from their parent undertakings abroad account for the largest share. we have started to address this issue by taking measures aimed at discouraging foreign currency - denominated loans. if that risk materialised and parent banks diminished their flows to romania, the effect would be rather beneficial as it would remove the base for an unsustainable expansion of foreign currency - denominated credit which has been a headache for so many years. therefore, i do not consider these arguments that solid to place romania in a group of countries with high likelihood of witnessing hard landing. do you think, therefore, that high economic growth in romania will go on? i believe that romania will see further economic growth in the coming years. a growth much closer to the potential which our experts had estimated at around 6 percent annually. it is true that, with weakening economic activity worldwide, especially in the eu which is our main trade partner, economic growth might be a bit slower than 6 percent. no doubt that economic growth will be affected by several factors next year, placing it over or below 6 percent : the oil price, the farming year, heightened efforts to develop the infrastructure and also to create conditions to boost labour productivity, the level of foreign investments, and so on. in any case, a 6 percent annual economic growth in the present context is a remarkable achievement. that would not prevent some analysts from saying that, if gdp growth slows to 6 from 9 percent, the growth rate plunged by 33 percent. an 8 - 9 percent growth means overheating? what is your opinion? i have never ventured to say that one