samchain/econo-pairs-v1 huggingface dataset:
Christine Lagarde: ECB press conference - introductory statement Introductory statement by Ms Christine Lagarde, President of the European Central Bank, and Mr Luis de Guindos, Vice-President of the European Central Bank, Frankfurt am Main, 15 June 2023. *** Good afternoon, the Vice-President and I welcome you to our press conference. Inflation has been coming down but is projected to remain too high for too long. We are determined to ensure that inflation returns to our two per cent medium-term target in a timely manner. The Governing Council therefore today decided to raise the three key ECB interest rates by 25 basis points. The rate increase today reflects our updated assessment of the inflation outlook, the dynamics of underlying inflation, and the strength of monetary policy transmission. According to the June macroeconomic projections, Eurosystem staff expect headline inflation to average 5.4 per cent in 2023, 3.0 per cent in 2024 and 2.2 per cent in 2025. Indicators of underlying price pressures remain strong, although some show tentative signs of softening. Staff have revised up their projections for inflation excluding energy and food, especially for this year and next year, owing to past upward surprises and the implications of the robust labour market for the speed of disinflation. They now see it reaching 5.1 per cent in 2023, before it declines to 3.0 per cent in 2024 and 2.3 per cent in 2025. Staff have slightly lowered their economic growth projections for this year and next year.

The journey to get there is not over and we have ground to cover. So, we will be as restrictive as long as needed in order to make sure that we reach that destination. Under the current parameters, 2.2% in 2025 is not satisfactory and it's not timely – which is why we are making the decisions that we are making today, and later on. At the end of June banks will reimburse € billion that they had borrowed under TLTRO, which was this very special facility that we had put in place to help the financing of the economy at the time of the pandemic. Those loans were granted for periods of three years and there were various operations in the course of the pandemic. The repayment which is coming due now, is known and has been known for a long time. Actually it was so well-known that it should have been a lot higher than that but we took measures in order to avoid that we had this sort of cliff effect of a massive reimbursement which would have exceeded € trillion. But banks know about it, they have known about it. They have done their funding plans in order to respond to the situation. In any event, we have the normal facilities available, whether it's MRO or LTRO if that was ever needed, just in case. The APP reinvestment will be completed at the end of June, and we will let run-off take place as of July.
William C Dudley: The national and regional economic outlook Remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, before the Bronx Chamber of Commerce at the New York Botanical Garden, Bronx, New York, 24 October 2011. *  *  *  Good morning. I am very pleased to be at the New York Botanical Garden to speak to members of the Bronx Chamber of Commerce this morning. The Garden is one of the jewels of the Bronx and it is always a pleasure to speak with the business leaders of a community as vibrant as the Bronx. Over the past 20 months, I have been engaged in a series of outreach meetings all across my Federal Reserve District. I consider these visits just as important as my trips to Washington, D.C., to help formulate monetary policy or to Switzerland to shape international bank regulation. The understanding that I gain today will help ensure that my policy decisions reflect the public interest in the broadest sense. Each visit within the region helps me deepen relationships with the people I represent. As you may know, the New York Fed’s District includes all of New York State; 12 counties in northern New Jersey; Fairfield County, Connecticut; Puerto Rico; and the U.S. Virgin Islands. This year I have met with community leaders, businesses and elected officials around the region.

This would institute a process by which these businesses, which are important infrastructure in the Thai foreign exchange market, are given attention and importance to ensure that they contribute to building confidence and trust. 12. In conclusion, let me congratulate once again the winners of this year’s FX Award. Let me also thank Thomson Reuters again for inviting me today. With the support and continued cooperation from all side, the Thai financial markets would continue to press on with the reform efforts that have been made over the years. These improvement will help raise the standard of practice and ensure that our financial market continue to make a positive contribution to the growth and development of the Thai economy which is the ultimate goal for sustainable development. Thank you. 2  BIS central bankers’ speeches
Luis M Linde: Spain and the issues facing Europe Speech by Mr Luis M Linde, Governor of the Bank of Spain, at the dinner of the Sixth High-Level Seminar of governors of the Eurosystem and Latin American central banks, Santiago de Chile, 8 December 2012. *  *  *  Dear President Vergara, Dear Vice-President Constancio, Dear Colleagues, Ladies and Gentlemen, It is for me a real pleasure to participate in the 6th edition of this Seminar of Governors of the Eurosystem and Latin American Central Banks and to be given the opportunity to address this speech to you. The Banco de España has been co-organizing this High-Level Seminar with the ECB since its first edition, in 2002. Also, when the Seminar has crossed the Atlantic – to Brazil, in 2004, to Mexico, in 2009, and now to Chile – we have had the pleasure of collaborating with our Latin American colleagues; on this occasion with the Central Bank of Chile. So, as a co-organizer, I would like to welcome you all, too. [Sean bienvenidos. Sejam Bemvindos.] A dinner speech is expected to be both light or, at least, let’s say, not very heavy and, in any case, brief. This should be the case, especially because this has been a long day for many of us, just arrived from far away to this marvellous country. To be light is not going to be easy.

Emerging Market Forum – Paris, 16 May 2022 Welcome remarks: “Multipolarity and the role of the euro in the International Financial System”  Speech by François Villeroy de Galhau, Governor of the Banque de France  Page 1 sur 7 Ladies and Gentlemen, It is a great pleasure to welcome you today in Banque de France premises for the 15th Emerging Markets Forum. “Navigating in a fast moving and turbulent world” certainly requires great skills, and recent developments in the International Financial System remind us that it is currently all but smooth sailing. We have seen disruption in the global value chains due to the still ongoing pandemic. International trade may slow down or even contract if these disruptions lead to a significant wave of re-shoring. Now the brutal war in Ukraine has induced further supply disruptions and led our democratic leaders to use financial sanctions in response. In this uncertain situation, our first duty as a central bank is to provide appropriate monetary policy. The consensus in our Governing Council is now clearly emerging, as summed up by Christine Lagarde in her speech last Wednesday i: to fight an inflation which is not only higher but broader, we now have to normalise our monetary policy. I won’t add my precise calendar prediction to the many existing ones, but expect a decisive June meeting, and an active summer.
It seems likely that these shifts in expectations came as the FOMC’s communications became increasingly granular, particularly after the June meeting at which the FOMC provided detail on its balance sheet normalization plan. On net, it seems likely that expectations for the Federal Reserve’s overall stock of asset holdings were fairly stable over this time, despite variation in expectations for the timing and pace of eventual declines. Under the “stock view,” this stability in expected future asset holdings should result in limited changes in asset prices, as has been observed. Of course, as the balance sheet shrinks, some upward pressure on rates should be realized. Market participants’ estimate of this effect over two years is shown in Panel 8. 11 / 15  BIS central bankers' speeches  One last possible explanation for the stability of longer-term interest rates amid the movement toward balance sheet normalization has been the FOMC’s clear message that it would be prepared to use its full range of tools, including altering the size and composition of its balance sheet, if future economic conditions were to warrant a more accommodative monetary policy than can be achieved solely by reducing the federal funds rate. Panel 9 shows the average of survey respondents’ probability distributions for the balance sheet; the left side shows this for the scenario where overnight rates remain away from zero, and the right side shows the adverse scenario in which they do return to zero. The right side shows a significant expansion in the balance sheet.

It is my hope that policy makers and financial service providers will utilise this information to develop strategies that will lead to the expansion and improvement of financial access for our people. BIS Review 115/2006  1  In Conclusion – May I emphasise that the nation is looking forward to the findings of the FinScope Zambia 2005 Survey which will help us fully understand the financial landscape in Zambia and therefore open up new market segments and allow us expand accessibility to financial services in Zambia necessary for reducing poverty. The report of the FinScope Zambia 2005 Survey will be posted to the Bank of Zambia website, www.boz.zm, for public information. Thank you. 2  BIS Review 115/2006
First, it is generally acknowledged that Malta’s pegged exchange rate regime has in the past served the economy well, in that it kept inflation and inflationary expectations at bay. As for the level of the central parity rate of the lira in ERM II, studies conducted by the Central Bank of Malta found no evidence of a significant exchange rate misalignment, a conclusion which was not contested by the competent EU institutions. There being no compelling reasons for change, therefore, the exchange rate level prevailing prior to entering the Mechanism was retained in the interests of continuity and stability. As for the unilateral commitment to maintain the currency at its central parity rate during the ERM II phase, I would remind the proponents of a flexible exchange rate regime of Malta’s high dependence on foreign trade. For such an open economy, the resultant volatility and consequent uncertainty would entail additional costs associated with insuring against exchange risk, thereby inflating both retail and export prices. Changes in the nominal exchange rate, moreover, are not likely to have a significant impact on competitiveness via adjustments in the real exchange rate. This is because a weakening of the currency is typically followed by a rapid pass-through in the shape of higher prices of imports and wages, as the 1992 experience proved. On the other hand, due to downward rigidities, a strengthening of the Maltese lira cannot be expected to be followed by commensurate reductions in price and wage levels.

Despite weak growth, the fiscal balance improved significantly in 2004 and again this year. This has not escaped the attention of international observers. The recent assessment of the Maltese economy by the IMF, for example, commends the progress achieved in strengthening macroeconomic management, including the substantial reduction in the fiscal deficit. Looking ahead, I am pleased to note that the Budget for 2006 bears the hallmark of continuity. Operating within the constraints represented by the natural upward creep in spending on health, pensions and welfare programmes, on the one hand, and the need to avoid increasing the burden of taxation on a slow moving economy, on the other, the Government has charted a course which envisages a continuation of the process of fiscal consolidation, leading to a further reduction in the deficit to GDP ratio to below 3 per cent. This is an ambitious target whose attainment will depend crucially on a rigorous implementation of all the Budget measures, together with an intensification of efforts aimed at cutting costs and collecting taxes. On the monetary front, the financial markets have so far considered the level of domestic interest rates as appropriate and inflation remains moderate. Monetary stability is also being promoted by participation in ERM II, which is proceeding smoothly. Allow me at this point, Mr. President, to reiterate the reasons behind the Bank’s advice to the Government to maintain the value of the Maltese lira constant against the euro within ERM II at the rate prevailing prior to entry in the Mechanism.
These activities have taken many forms ranging from equity and non-equity business collaboration, regulatory cooperation in setting the global development blueprint, information exchange and building consensus on issues for international prudential standards development, to intergovernmental memorandums of understanding for collaborative developmental initiatives in Islamic finance, and many others. BIS Review 30/2007  1  Ladies and Gentlemen, As Islamic finance continues to make significant inroads in the international financial markets with expanding scale, growing magnitude and greater sophistication, a critical need emerges for an expanded discourse on the developments and emerging issues with its global relevance and impact, of interest to all its major stakeholders. This is the first time that Bank Negara Malaysia has organized a full-scale, multi-disciplinary, international event of this nature on Islamic finance. These sessions include the annual Investors & Issuers Forum, and Financial Regulators Forum and the biannual Banking and Financial Law School. It is our hope that participants will benefit from any of the parallel sessions of their interests and have increased opportunities for network building among the widening groups of stakeholders participation in the Forum. These forums have been designed to provide dynamic and interactive formats to encouraging open and inclusive dialogues that foster a greater collective understanding in Islamic finance. Let me record our appreciation to the many distinguished speakers from various international institutions, financial practitioners, legal fraternity, regulatory bodies and other prominent thought leaders in Islamic finance.

It is our sincere hope that this global forum will be rewarding and may the collective wisdom derived from the deliberations lead to more collective actions that will be to our increased mutual benefits. Let me once again express our appreciation to Yang Amat Berhormat Dato' Seri Abdullah Badawi for his presence here this afternoon and for accepting to deliver the keynote address at our Forum today. Thank you. 2  BIS Review 30/2007
As a matter of fact, the Central Bank explains, via Inflation Reports and other policy instruments, why and how the monetary policy stance has been reviewed. The main policy instrument of the Central Bank is short-term interest rates. The implementation and communication of the monetary policy decisions in the inflation-targeting regime will continue to be carried out through short-term interest rates. Moreover, as stated in previous policy documents, instruments such as reserve requirements or efficient liquidity management might be used, when deemed necessary. The decision-making process and communication The Monetary Policy Committee (the Committee) will continue to meet once a month in 2008 as well. Meetings will be held according to the previously set calendar and start at 13.00. After making a decision, summary of the decision and its rationale will be posted on the website of the Bank in a press release at 19.00 on the same day. English translation of the decision will be posted on the website on the same day. To enhance the communication of monetary policy decisions, “Summary of the Monetary Policy Committee Meeting” will continue to be posted in both Turkish and English on the Bank’s website within eight working days following the meeting. The Inflation Report, which is the main communication tool of the monetary policy, will continue to be published quarterly, and the general evaluation of the Report will be presented to the public with a press conference. The Financial Stability Report will be published twice a year 1 .

In case of an accelerated credit expansion in the banking system in such an extent that would create inflationary pressure despite the active use of the said open market operations to drain the excess liquidity in the market, required reserves may also be used effectively to support liquidity management. The Central Bank, the primary goal of which, entrusted to it by law, is to achieve and maintain price stability, will continue its practices to enhance the effectiveness of the monetary policy and liquidity management, also in 2008. Accordingly, the Central Bank may change not only its liquidity management strategy, but also the borrowing and lending interest rate margins in cases of unpredictable changes in market conditions and emergence of needs that may arise. As always pointed out, the Central Bank deems the stability and development of financial markets as a supportive objective for the efficient implementation of the policies pertaining to price stability. Obviously, under the floating exchange rate regime, the Central Bank is able to implement the YTL liquidity policy in a more flexible manner than it can under a fixed currency peg regime and can act more promptly and flexibly to meet the YTL liquidity needs of the banking system. Also, the Central Bank can prevent excessive fluctuations in money market interest rates as long as they are consistent with the inflation target. Furthermore, the Central Bank provides the banking system with foreign exchange liquidity via short-term foreign exchange deposit auctions, albeit at limited amounts.
Timothy F Geithner: Policy implications of global imbalances Remarks by Mr Timothy F Geithner, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the Financial Imbalances Conference at Chatham House, London, 23 January 2006. *  *  *  Good morning. Let me first thank the organizers of this conference for inviting me to speak to you today. Over the next two days you will focus on the substantial financial imbalances that characterize the world economy today. The size and duration of these imbalances, perhaps the most visible of which is the U.S. current account deficit, present challenges—and risks—for the world economy. Understanding the forces behind the international capital flows and the associated gaps between saving and investment within countries that led to these imbalances is of crucial importance to economic policymakers as they struggle to consider the implications of the imbalances on future economic growth. You have brought together an excellent group of people to explore these issues. You meet in the context of some remarkable developments in the world economy. I thought I would begin by touching on some that bear most directly on the subject of your conference. Naturally, as a central banker, I’ll begin by observing that over the past two decades, most of the world has experienced a substantial fall in inflation.

In particular, the takeover of innovative start-ups should give rise to a revamping of the concepts used by the Commission. Money: To bridge the innovation gap and help our start-ups grow, we need to better mobilise our financial resources thanks to a genuine “Financing Union  Page 13 sur 14 for Investment and Innovation”. Europe is facing an unacceptable paradox : we have the world's largest pool of domestic savings – with the household saving rate hitting an all-time high in 2020 – but since the 2008 financial crisis, investment has been declining, especially in southern and eastern Europe xiv:  And the equity financing of non-financial firm’s is underdeveloped compared to the United States: it only represents 76% of euro area GDP, versus 176% in the United States:  Page 14 sur 14 In the current context of the Covid crisis, consolidating the Capital Markets Union is even more essential to complement public measures and support the economy. There is still too much fragmentation. Tangible solutions are in the pipeline such as new regulatory measures to help companies raise funds rapidly on markets in the context of Covid-19. Further efforts should also be made in the areas of pan-European venture capital, market supervision or companies’ data transparencyxv. ***  In conclusion, I would like to mention a more “cultural” cause of our European lag: let us call it a confidence gap.
The EEA and WTO agreements resulted in stronger competition and increased flows of goods and services, labour and capital. As a result of the 1992 tax reform, the welfare state could be funded with reduced impact on wealth creation. The framework conditions for the electricity market, telecom market, aviation and broadcasting were changed. Trade was liberalised. State-owned companies were listed on the stock exchange and new forms of managing public agencies were developed. Industrial policy no longer kept unprofitable enterprises afloat. And last but not least, in Norway as in other countries, normbased or rule-based monetary and fiscal policy was introduced. The shift gave a boost to the economy, but in recent years it has been accompanied by a change in the distribution of income between labour and capital. This is probably a result of structural changes in the global economy. A rising share of the global production of goods and services is moving across the Pacific. Cheap Asian labour has changed industry structures and trading patterns in many Western countries, including Norway. New producer countries are fuelling competition, but are also creating new markets and producing cheap consumer goods. There has been a sustained rise in employment and wealth creation in the West. China, India and other emerging economies have doubled the supply of labour on the global market. 5 This has helped paved the way for strong growth, but has also curbed wages in many occupations in a number of industrialised countries. Norwegian households have enjoyed lower prices and a broader range of goods.

It has been easy to find employment. Norwegian owners and shareholders have also fared very well. Although the share of value added accruing to wage earners has decreased since the beginning of the 1990s, real wage growth has been high. On average, today’s wage earners earn real wages that are 50 per cent higher than in 1990. This corresponds to annual growth of over 2 per cent. At the same time, employment has risen. Business and labour market conditions have been unusually favourable in recent years. Should export prices fall, productivity growth slacken and foreign workers return to their home country, the wage share and unemployment will increase and business sector profits will fall. Even in the absence of these developments, low unemployment and high profits may be difficult to sustain. Developments will depend on how far businesses – in their search for qualified labour – will bid up wages. The economic policy reforms of the 1980s and 1990s set the stage for invention and innovation and the development of a market for equity capital and loans in Norway. This has resulted in restructuring in the business sector, increased productivity, real wage growth and a high level of job creation, but also very high earnings for successful businesspeople and entrepreneurs. We will probably have to learn to live with our entrepreneurs and capital owners, and they must live with the society that has provided them with favourable business conditions. In Norway, there is a relatively even distribution of income, as illustrated in the chart.