samchain/econo-pairs-v1 huggingface dataset:
From the economic point of view, our past experience teaches us that all these processes entail a high degree of uncertainty which, if not mitigated, may adversely affect inflation, growth, and the stability of financial markets. 1  For our part, we remain ready and available to continue collaborating in whatever the authorities may request of us, as we did in the process that has just ended, always within the limits imposed on us by the legal system and the autonomous and technical nature of our institution. THE MONETARY POLICY REPORT Let me now turn to the contents and projections of our September Monetary Policy Report. I must start by stressing that inflation is on a rising path. The latest available data, for the month of July, shows that its annual variation exceeded 13%. In recent months, increases in food prices —volatile and non-volatile— continued to lead, accounting for almost one third of annual inflation in July. Core inflation —measured by the non-volatile CPI— rose to 10% year-on-year, with a higher contribution from services and non-volatile foods (figure 1). The rise in total inflation again exceeded our expectations. The same as in June, the surprise was concentrated in volatile prices and non-volatile foods. The CPI is rising in a context of increasing inflation expectations. Different sources of information have it that short-term inflation expectations have risen significantly.

Chile has been in a complex economic situation for a long time now, which is affecting broad sectors of the population and, especially, lower-income people. There is no doubt in my mind that none of you is comfortable with this situation and, of course, neither are we at the Central Bank. We have an annual inflation rate of 13% and we have been raising the interest rate by significant magnitudes for more than a year. This is not at all the position we would like to be in, and it continues to be a cause for deep concern and day-to-day work. However, we are confident that monetary policy decisions and their adequacy to local and international challenges will help inflation to start declining in the last quarter of this year, returning to the 3% target within the two-year policy horizon. We have our total and absolute commitment to its reduction and I am certain that we are going to achieve it. It is what the country needs and we are fully aware that it is the best contribution we can make to the present and future wellbeing of all Chileans. Thank you. 9  Figure 1 Inflation indicators (1) (2) (annual change, percent)  21 18  Total CPI Core CPI Volatiles CPI  15  15 12  Core goods excl.
It is clear that if real wage growth in the coming years is in line with productivity growth, this will facilitate the Riksbank's efforts. The Riksbank's forecast during the summer rested on the assumption that a weaker labour market would restrain the rate of wage increases to just over 3.5 per cent. But there are examples of wage bargaining rounds in which wages increased excessively despite weak demand pressures, e.g. 1995. The conflict over the Municipal Workers' Union's agreement is also indicative of tensions in the labour market. However, the two most recent wage bargaining rounds have been characterised by greater cooperation between labour market organisations. In addition to current economic conditions, this suggests that the forthcoming wage negotiations should result in economically reasonable wage rises of around 3.5 per cent. It is worth underscoring, however, that no one factor is as important for inflation - and consequently for the repo rate - as wages. The Riksbank will therefore be monitoring the autumn wage bargaining round closely. One factor that has proved difficult to assess in recent years is energy prices, in particular those for electricity. Energy prices have not fallen back as much as we expected during the summer. In August, UND1X inflation excluding interest expenditure, among other things, rose by 2.2 per cent, of which 0.7 percentage points were due to the increase in energy prices. Current forward prices suggest that electricity prices will be approximately 10 per cent higher during the autumn and winter than was indicated before the summer.

Also, the world market price of oil has moved higher than expected. Thus far, the stance of monetary policy has been based on the assumption that the rise in energy prices will be temporary. We have refrained from raising interest rates despite inflation being considerably higher than 2 per cent at times. An alternative way of explaining our approach is to say that we have focused on underlying, demand-driven inflation. Should energy prices remain elevated for a long period or continue to increase, inflation will of course exceed our forecasts thus far. This could have other implications for monetary policy if it were to have a marked impact on cost levels and begin to affect inflation expectations. The highly irregular developments in electricity prices are a considerable problem for many decisionmakers in the economy, not just for forecasters of inflation. A comparison of electricity price developments in Sweden and the euro area speaks volumes (see Chart 4). These developments raise important questions about how the electricity market functions, questions that concern both competition and the conditions for the production of electricity. Summary of the outlook Even when taking into account the factors I have just discussed, the outlook for economic activity and inflation has not changed much since August. The upturn in the US appears to be slightly more evident, with less risks of a setback. In Europe, the outlook is instead somewhat weaker. For Sweden, it seems likely that the economy will experience a rather normal recovery next year.
According to the Work Foundation, the Reading and Bracknell area is assessed to have the best job growth potential of any UK urban conurbation and Swindon and Oxford also make the top 10 in their league table. 2 When I accepted the invitation to give today’s speech, I had not appreciated that today – 13th July – was a significant date in terms of my career and my position on the Monetary Policy Committee (MPC). Four years ago today, on 13th July 2006, Gordon Brown – who was then Chancellor of the Exchequer – announced my appointment in Parliament, and I joined the Committee just over two months later. The course of monetary policy while I have been on the Committee has been dominated by the effects of the global financial crisis, and the recession which ensued. It has also been a period when the Committee has found it more difficult to keep inflation on target than in the more stable global conditions which prevailed until 2007. In 36 out of the 45 months I have served on the Committee, CPI inflation has been above the 2% target. And it has been more than one percentage point above the target – the threshold which triggers an explanatory letter from the Governor of the Bank of England to the Chancellor – in 15 months, a third of the time that I have been on the Committee. That includes June’s inflation rate which was announced earlier today.

Recovery in the world economy Over the past year or so, the world economy has bounced back strongly, led by growth in Asia but also supported by recovery in the US and a more gradual turnaround in the European economy. Consensus forecasts for 2010 growth in the three main regions of the world economy have improved significantly over the last twelve months, as Chart 1 shows. The US economy is now projected to grow by over 3% this year, and GDP in Japan is also projected to rise at a similar rate – very strong by comparison with its recent poor growth performance. True, the European economies appear to be lagging behind in this global recovery. But even is this region of the world economy, the growth outlook has improved  2  BIS Review 99/2010  compared with last summer when average growth in the European economies in 2010 was projected to be barely above zero. Chart 1: Improving growth outlook for 2010 Percentage increase in GDP projected by Consensus Forecasts 7 Asia Pacific European Union  6  US  5 4 3 2 1 0 Jun-09  Sep-09  Dec-09  Mar-10  Jun-10  Source: Consensus Economics  Last week, the IMF updated its growth forecasts and these showed a further uprating of their expectations for growth this year across the world economy, though they also highlighted some of the risks looking ahead. The latest IMF projections are now for world growth of 4.6% in 2010 and 4.3% in 2011.
Unlike the crisis of 1997 when the banking system failed to function as financial intermediary of economic activities, our banking system today has remained resilient in the aftermath of US financial turmoil. The Thai banking system’s foreign investment exposure was only about 1 percent of its total assets as of end-2008, of which investment in toxic assets was only a small portion. All sub prime-related CDOs have either been unwound or losses provided for in line with international accounting standard. In the past several years, the Bank of Thailand put great emphasis on robust stress testing and risk management on the part of banks, with an aim to strengthening the banking sector while the economy was still good and the sector profitable. More recently, our financial and legal infrastructures have also been strengthened particularly through new legislations, including the Bank of Thailand Act, the Financial Institutions Business Act, and the Deposit Protection Act. Our accession to the Basel II Accord at the end of last year will further enhance banks’ risk management and financial sector stability. Moreover, the second3 phase Financial Sector Master Plan, which will be announced this year, will also increase competition and further enhance financial efficiency and resiliency. Banks also deserve credits. They have made significant improvements in their risk management. The fact that they did not make significant investment in those high-yielding sub-prime related assets in spite of their abundant liquidity is a testimony in itself.

In light of this, businessmen and the press started to become concerned about the potentially higher unemployment, which exacerbated confidence further. Turning to economic stability, inflation pressure has dissipated starting August 2008. Headline and core inflation rates, which were at 9.2 and 3.7 percent respectively at their peaks in July 2008, fell to 0.4 and 1.8 percent at the end of the year. As for the financial sector, our banking system is healthy in terms of profitability and capital base. I will return to touch on the financial sector later on. Economic stability on the external front is also very strong. For 2008, the current account recorded a small deficit of 0.2 billion US dollar. Our international reserves amounted to 111 billion US dollar, which is 4 times of short-term external debt. The exchange rate remains competitive and stable. For 2008, the capital account recorded an overall surplus of 12.8 billion US dollar, of which foreign direct investment or FDI was 9.9 billion US dollar. FDI from Europe accounted for about 11 percent of total FDI. Excellencies, For the prospect of the Thai economy this year, the Bank of Thailand sees a growth rate of 02.0 percent and 2.0-4.0 percent next year. I wish to emphasize that the growth performance depends not only on how fast the global economy recovers, but also on how fast confidence within the country could possibly pick up, which will help ensure the recovery of domestic demand.
Jean-Claude Trichet: Interview in Il Sole 24 Ore Interview with Mr Jean-Claude Trichet, President of the European Central Bank, in Il Sole 24 Ore, conducted by Mr Beda Romano and published on 9 April 2010. *  *  *  Il Sole 24 Ore: Greece is in dire straits as it struggles with a huge public debt and a fall in competitiveness. Some market players and newspaper commentators see Italy as being the next in line to experience a financial crisis in the euro zone. Trichet: Of course, Italy is not at all in the same situation of Greece. Your country has shown resilience in this difficult period. In particular it was able to contain its yearly budget deficit and it has committed to get back to a sustainable situation according to the European rules. The ECB strongly encourages it to implement rigorously this programme. This said, the current crisis has demonstrated that all 16 countries of the euro zone must work hard, in a determined and efficient way, in order to make their economies more flexible and elevate their growth potential thanks to determined structural reforms. Improving labour productivity in particular is good for export growth and job creation. If this had been done more efficiently in the last years better results would have been attained in Italy as well as in the euro area as a whole.

And I trust the Germans as well as the Italians, the French, the Spanish, the Dutch and all other fellow citizens were all aware of this aspect when they joined EMU. By the way Germany demonstrated how attached it is to the single currency when it argued in favour of the Stability and Growth Pact, which is precisely based on peer responsibility and peer pressure and is a vivid illustration of how our destinies are interconnected. Therefore, yes, I believe that Germany is fully aware of the fact that we are sharing a common destiny. Remember in the run up to the Maastricht treaty: both Helmut Schmidt and Helmut Kohl were at the forefront of European integration with their peers, following in the footsteps, in particular, of Robert Schuman and Alcide De Gasperi. Il Sole 24 Ore: Regarding Germany, the French finance minister did criticize its economic model based on exports rather than internal demand, pointing out that its partners cannot count sufficiently on German imports. Are you in agreement with Christine Lagarde? Trichet: No, and for a number of reasons. Firstly, had Germany not increase its competitiveness in the first 11 years of EMU by keeping its costs and inflation under control, the euro area as a whole would have had the threat of higher inflation and therefore a tougher monetary policy. Secondly, Germany, with a large current account surplus, is financing the current account deficit of other countries members of the euro area.
Maltese entrepreneurs have submitted more than 600 proposals for funding under the third call of the ERDF scheme, with the total value of assistance requested expected to exceed EUR 40 million. At the same time, an agreement between the Government and the European Investment Fund will provide another EUR 10 million by the end of this year from a specialized EU fund aimed at small enterprises that would otherwise find it difficult to raise up to EUR 25,000 to improve their operations. These initiatives should also help to increase awareness about EU funding schemes. Malta Enterprise is also involved in the management of the Kordin Business Incubation Centre. Between 2003 and 2008, this facility produced over 50 start-ups, with a success rate of 86%. Some of the most successful ventures have gone on to employ more than 100 workers. Within the next few months small enterprises will also benefit from more than 300 industrial spaces that will be made available in three locations, while other parks for micro enterprises in both Malta and Gozo are in the pipeline. Such initiatives facilitate networking among SMEs and can lead to the development of business clusters and consequent positive spillover effects. Initiatives to assist small businesses have also been taken by the private sector. For instance, a major domestic bank has recently teamed up with a leading international software house in a programme designed to increase the success rate of ICT start-up companies.

15 June 2021  Remarks for AFME/OMFIF European Financial Integration Virtual Conference Thank you for inviting me to deliver this address for your conference today. The theme of the conference – European financial integration – is both a timely and timeless one. On the one hand, the pandemic has further underlined the benefits of previous initiatives related to financial integration in Europe, most notably the banking union and its core components. On the other hand, the past year has also refuelled longstanding debates and discussions on the need for European further financial integration. Yet a prerequisite for a successful and enduring financial integration at the European level is for Europe itself to be aligned with global financial standards in order to achieve a truly global level-playing field. As such, my remarks today, which are primarily in my capacity as Chair of the Basel Committee, will focus on the crucial importance for Europe to implement the Basel III framework in a full, timely and consistent manner. Financial stability is a global public good. In a world with integrated financial markets, preserving global financial stability requires global minimum standards that are applied consistently and in full by all jurisdictions. This was indeed the motivation for initial Basel standards in the 1980s following the Latin American debt crisis. And it remains just as important today. Covid-19 has highlighted the clear benefits and importance of having a global and prudent set of regulatory standards for banks.
We remain flexible and ready to make adjustments to our operations as needed to ensure that monetary policy is effectively implemented and transmitted to financial markets and the broader economy. Conclusion I’ll conclude with this: The coronavirus poses evolving risks to the U.S. economy. Our policy action this week positions us well to support the economic expansion. We are carefully monitoring the effects of the coronavirus on the U.S. economic outlook and will respond as appropriate. Our focus remains trained on serving the American people by pursuing our dual goals of maximum employment and price stability. Once again, thank you for this evening’s award. 1 1 Board of Governors of the Federal Reserve System, Federal Reserve Issues FOMC Statement, March 3, 2020. 2 2 Board of Governors of the Federal Reserve System, Statement Regarding Monetary Policy Implementation,  October 11, 2019; Federal Reserve Bank of New York, Statement Regarding Treasury Bill Purchases and Repurchase Operations, October 11, 2019. 2/2  BIS central bankers' speeches

Ardian Fullani: The role of banks – bridges to development Speech by Mr Ardian Fullani, Governor of the Bank of Albania, at the 7th Hellenic – Albanian Business Forum “The role of banks – bridges to development”, Tirana, 13 November 2013. *  *  *  Good morning ladies and gentlemen! For me it’s a pleasure to participate in this economic forum that brings together representatives of Greek and Albanian entrepreneurs, and also of banks operating in our countries. I am particularly pleased to have with us today the Governor of the Bank of Greece, Mr. Provopoulos, whose participation in this forum shows the attention that him personally, and the Bank of Greece, is paying to support the business sector in general, and more specifically, the economic relationship between Greece and Albania. This approach is the right one. The private business sector is the main contributor in the GDP of the respective countries. The business sector is undergoing some severe difficulties in Greece currently, related with the need to deleverage and restructure in order to improve productivity and become competitive. These are fierce challenges that are associated with huge economic and social costs. I do believe though that these sacrifices of Greek people will pay off in the future, by giving way to a more vibrant and stronger economy, a more competitive business sector. In Albania, the business sector faces challenges too. Albanian businesses must restructure to become more competitive.
In this respect, your central body DZ Bank seems to me to be a good example of a grouping which ensures a geographical and functional complementarity of activities. I welcome the current debates on how to consolidate networks of cooperative and mutual banks in Europe; the German sector has the means of significantly contributing to these debates. Page 7 sur 7 ** Thanks to you, I have discovered Raiffeisen’s beautiful phrase: "Several persons have the ability to do what is impossible for one individual.” iv This phrase perfectly describes the ambition of mutual banks. But it is also, I believe, a model of thought for Europe. In this uncertain world, shaken by the rivalry between the United States and China, Germany and France must, more than ever, overcome their differences. The entry into office of the new European Commission, around Ursula von der Leyen, must be an opportunity to move forward together. It's now, or never. Europeans expect no less. Thank you for your attention. References: i  “Shock Resistant”, France’s Attractiveness Survey, EY, June 2019.  ii  Laurent Abraham, Jean-Baptiste Gossé, “The euro: is the grass always greener on the other side?”, Banque de France blog, May 2019. iii  EBA source and sample. iv  "Was dem Einzelnen nicht möglich ist, das vermögen viele."

We have also expounded upon new realities in endpoint security, borne of painful experience, in which endpoint breaches can have serious implications for public confidence in the integrity of a network as a whole, even in circumstances when an operator’s infrastructure, applications, and security perimeter have not been compromised. Historically, market infrastructures have operated on the presumption that endpoint security is principally the responsibility of the endpoint, and infrastructure security is principally the responsibility of the operator. In the present threat environment, that bifurcation in responsibility is no longer so clear: the fates of operator and 1/5  BIS central bankers' speeches  endpoint are inextricably linked. The Wholesale Product Office’s efforts to strengthen resiliency and enhance endpoint security remain a consuming preoccupation, inspired meaningfully by international policy guidance promulgated by the Committee on Payment and Market Infrastructures (CPMI) and the Board of the International Organization of Securities Commissions (IOSCO). I want to commend our colleagues in the policy realm for their clarion call and practical guidance which have goaded the industry to action across both of these critical fronts and resulted in demonstrable progress. Rather than provide mere updates on the status of our local resiliency and security initiatives in response to this charge, which have been the focal point of prior remarks, I hope instead to frame a few forward oriented, even provocative, questions to advance the industry discourse and to consider measures to meet the present challenge.