samchain/econo-pairs-v1 huggingface dataset:
New information made available since our January meeting appear to confirm this. According to the National Institute of Economic Research's most recent Business Tendency Survey, the level of economic activity continued to improve in the fourth quarter of 2005 and firms were very optimistic about the future. Household expectations have also become more optimistic about their own finances and the Swedish economy. In the light of these developments, it seems reasonable to adjust the GDP forecasts for 2005 and 2006 upwards slightly compared with our expectations in December. The situation in the Swedish labour market appeared to be somewhat brighter in January and the number of those employed increased slightly more than expected. However, the trend for the number of hours worked was surprisingly weak and productivity growth in the business sector was therefore stronger than expected. There is no apparent reason to make any substantial change to that assessment either. The labour market is improving although domestic cost pressures are expected to remain subdued. Overall, this means that inflation is expected to approach the target during the forecast period, more or less as we said in December. Given the strong growth in demand, we envisage a relatively moderate increase in inflation. However, it is important to bear in mind that the inflation assessment in December was based on the assumption that a gradual increase of the repo rate would be initiated at the beginning of 2006. In January, we also decided to raise the key rate.

The exchange rate also affects inflationary pressure indirectly and usually with a long time lag, by its impact on the level of activity. A weaker krona entails, everything else being equal, greater demand for Swedish goods and services, which in turn leads to an increase in resource utilisation. The exchange rate can also affect inflation expectations indirectly. BIS Review 11/2006  1  I would now like to move on to inflation prospects and monetary policy. In the December Inflation Report, we made the assessment that international growth would be good this year and in the next few years but would slow down somewhat. New information prior to our January meeting suggested that development would be stronger than expected. This applied primarily to the euro area and Asia while the latest US statistics indicated that the trend was more or less in line with the assessment made in December. Overall, the international prospects for growth and thus the growth of the Swedish export market seemed slightly stronger in January than in December. In my view, this assessment still holds good. The assessment in December for the Swedish economy was that growth would increase this year but subsequently slow down slightly in the next few years. In January, according to revised GDP statistics, growth in Sweden was considerably stronger from the final quarter of 2004 onwards than indicated by the information available at the beginning of December. Several indicators of economic activity also suggested a stronger development than expected.
22.10.2020  Closing address to the CNMV Conference on Financial Sustainability The CNMV's activity in the area of sustainable finance Margarita Delgado Deputy Governor  Good morning everyone. I would like to thank the National Securities Market Commission (CNMV), and in particular its Vice-Chair, for kindly inviting me to close this conference on sustainability. I regret not being able to attend the presentations over the last two days, but judging by the topics addressed and the quality of the speakers, I am confident that the conference has been a success. I think that it is difficult to find an aim that is more global or shared more widely than the fight against climate change. Although this consensus has gradually developed over time, it is clear that it has quickly grown recently. Traditionally, this challenge has been addressed through fiscal policies. From a theoretical standpoint, and in the opinion of the Banco de España, these policies continue to be the most suitable for resolving the challenge posed by pollution. More recently, a CO2 emissions trading system has been developed in Europe, pursuing the same objectives of internalising environmental costs, which is currently being revised. Nevertheless, this type of conventional measure has been complemented by other developments. The foremost of these are undoubtedly technological changes and the falling cost of renewable energy production, together with the shift in economic agents' and the public’s attitude and awareness as regards sustainability.

Indeed, in contrast to what usually happens in legislative or transformative processes, the private sector has spearheaded many of the sustainability-related initiatives, such as the development of the green bonds market, arising in response to growing demand for responsible investment, regardless of supervisors. The cooperation of the private sector is also manifest in expert groups, which are helping authorities to define legislation and actions relating to this issue. Examples include, in the European arena, the EU High-level Group on Sustainable Finance, set up by the Commission in 2018 to advise on sustainability matters; turning to the Financial Stability Board (FSB), the creation of the Task Force on Climate-related Financial Disclosures (TCFD) in 2015 is particularly noteworthy. Indeed, regulators and supervisors have also recently stepped up their involvement. And they have done so significantly. This conference organised by the CNMV is a good example of this. As you are all aware, the Climate Change and Energy Transition Law is in the process of being approved by parliament; this Law envisages that a huge volume of investment (around € billion over the coming decade) will be needed to successfully undertake the energy transition. The banking sector's participation will be essential to mobilise such a volume of investment which, in turn, represents a clear incentive for credit institutions to become involved in this challenge.
Christian Noyer: Publication of Bank of France’s Financial Stability Review “The future of financial regulation” Remarks by Mr Christian Noyer, Governor of the Bank of France, at the publication of Bank of France’s Financial Stability Review “The future of financial regulation”, London, 4 September 2009. *  *  *  It's a pleasure to welcome you here, in London, on the eve of a very important G20 Ministerial meeting and to introduce the latest issue of our Financial Stability Review. It is also a privilege to have such a distinguished panel for this introduction and I want to express my gratitude to all. The Review is about the Future of Financial Regulation. Our hope was to help and contribute to the international discussions and the publication of this Review could not be timelier. The financial crisis has taught us some very hard lessons. While there are many causes to the crisis, including, maybe, macro economic policies, it is also clear that it forces us to reconsider the way we regulate and supervise the financial system. That is what we are doing, and this will take a significant part in tomorrow's discussions between G20 Ministers and Central Bank Governors. At stake is the scope of financial regulation, its nature, and its objectives. The scope of financial regulation We entered this crisis with many unregulated entities playing a major role in the financial system.

There is a strong sense at Norges Bank that we are being put to effective use today. Thank you for your attention. BIS Review 154/2010  17
Under these conditions, GDP is expected to grow by 3.2% in 2000, and perhaps by roughly 3% in 2001. All components of GDP were favourably oriented, in particular corporate investment, which grew by about 6%. Household consumption also made a significant contribution to growth despite the strong rise in retail prices during the year, which were impacted in particular by raw material and oil prices. Foreign trade made strong headway and generated a current account surplus that was still substantial 1  BIS Review 115/2000  despite the oil shock, reflecting in particular the continued buoyancy of service trade. The current account surplus for the first nine months of 2000 amounted to EUR 23.6 billion. The labour market benefited from the continued growth. According to INSEE (France’s national institute of statistics and economic studies), some 485,000 net salaried positions were created in the market sector during the year. The unemployment rate according to the ILO definition stood at 9.4% of the labour force in October, down by 1.6 point year-on-year. The sharp increase in the prices of imported goods, due chiefly to oil price developments and the depreciation of the euro, translated into a sharp acceleration in the consumer price index, with a yearon-year increase of 2.2% in November. These developments call for vigilance, particularly since the underlying index, excluding energy and food prices, also quickened steadily throughout the year to reach a year-on-year increase of 1.4% in November, compared with 0.7% in December 1999.

The latest Banque de France survey shows that the capacity utilisation rate has reached a record high. This state of affairs makes the recommendation issued by the Council over the past four years more appropriate than ever: “Now is the time to invest”. •  lastly, actively seek improvements in productivity, which lie at the very heart of economic growth by embracing technical progress, the digital revolution, the new information and communication technologies, biotechnology and material sciences and by promoting a high level of research and development in the productive sector in France as well as Europe. This openness to technical progress and rapid productivity enhancement is one of the keys to maintaining low inflation and a long-lasting growth, which is vibrant, sustainable and creates jobs. *  *  *  This, Ladies and Gentlemen, is what I wished to say about monetary policy and the French and European economies as we stand on the verge of the year 2001. May I draw your attention to the press kit that will be handed out to you. It contains documents that should prove very useful to a sound understanding of the economic and monetary situation, in particular the charts on production bottlenecks and recruitment difficulties. I would also like to point out the one hundred questions-andanswers on the changeover to the euro. These should provide individuals, professionals and the specialised press with clear and accurate information on any questions that may arise regarding the challenging events that await us in the years 2001 and 2002.
Hosting discussions like this one we are having today is part of this process, so I’m looking forward to hear from our panelists, which do not require any introduction. But nevertheless let me say a few words to introduce them to you. Our first panelist is Jacob Frenkel. Dr. Frenkel taught international economics at the University of Chicago before serving as Governor of the Bank of Israel between 1991 and 2000. He then moved to the private sector, where he is currently the Chairman of JPMorgan Chase International and he also serves as Chairman of the Board of Trustees for the Group of Thirty. I’d also like to introduce Jean Claude Trichet. Mr. Trichet had a long and successful career in the public sector where he was assigned to various posts in the French government, including Governor of the Banque de France. In 2003 he was appointed President of the European Central Bank, in which capacity he served for eight years. He is currently the Chairman and CEO of the Group of Thirty. Our third panelist is Axel Weber. After a distinguished career in academia, Dr. Weber was president of the Deutsche Bundesbank between 2004 and 2011. After leaving the Bundesbank, he was a Visiting Professor at the Booth School of Business at the University of Chicago. He is currently Chairman of the Board at UBS.

29.09.2022  Monetary policy in the euro area: where do we stand and where are we going? XXI Congreso de Directivos CEDE, Bilbao Pablo Hernández de Cos Governor  Your Majesty, authorities, ladies and gentlemen, Let me start by thanking the organisers for the opportunity to address you at this XXI CEDE Congress. Today, I will elaborate on how we can bring price stability back to European citizens in the context of current turmoil as it is the responsibility of the ECB’s Governing Council to bring inflation down to 2% in the medium term, the inflation target that operationalises our price stability mandate.1 And we have to do this in none too easy times. After a pandemic that has cost more than a million lives in Europe alone, and with a war of aggression in Ukraine, European households are experiencing a drastic surge in their costs of living. Consumer prices in the euro area rose by 9.1 % in August compared to the previous year, an all-time high for the monetary union. The increase in prices has been especially acute in the energy and food components of the consumption basket. But it has become more general over time, as reflected in an underlying inflation rate of 4.3 % in August, another record high, reflecting to a large extent indirect effects of higher energy and food commodity prices through firms’ production costs.
Ardian Fullani: Recent economic and monetary developments in Albania Speech by Mr Ardian Fullani, Governor of the Bank of Albania, at the press conference on the Monetary Policy Decision of the Bank of Albania Supervisory Council, Tirana, 25 April 2012. *  *  *  In its meeting of 25 April 2012, the Supervisory Council of the Bank of Albania reviewed and approved the quarterly Monetary Policy Report. Based on the analysis of Albania’s latest economic and monetary developments and following discussions on their performance outlook, the Supervisory Council of the Bank of Albania decided to keep the key interest rate unchanged at 4.25%. This decision reflects the balance of inflationary pressures and the need to maintain the macroeconomic stimulus to the economy, under the conditions of a more prudent fiscal policy during the in the course of the year. (Let me now proceed with an overview of economic developments and main issues discussed at today’s meeting.) During the first quarter of 2012, the Albanian economy continued to maintain the parameters of macroeconomic stability even in the context of the ongoing global crisis. International financial markets are characterised by high risk premiums and, despite measures taken to solve the public debt crisis in the euro area, signals for a normal progress of in the short run are absent. These developments, as expected, have provided a reining impact on our economy, which is mainly expressed in the continuation of below-potential economic growth. Annual inflation slowed down significantly in the first quarter of the year.

Risks and alternative scenarios  Distinguished Members of the Press, I would like to devote the last part of my speech to the risks to monetary and inflation policy in the upcoming period, as well as the alternative projections that we mentioned in our Inflation Report within this framework. Currently, developments in the global economy are influencing the monetary policy outlook via credit channels and portfolio flows as well as via the foreign trade channel. As uncertainties regarding the global economy still persist, assumptions pertaining to the timing and magnitude of recovery are still important, as was the case in the January Inflation Report. As you will recall, in the January Inflation Report, three different scenarios were presented based on the depth of economic contraction and the timing of recovery: (i) baseline scenario, (ii) early recovery and (iii) late recovery, and the medium-term inflation forecasts were based on these scenarios. In this Report, the “early recovery” scenario was dropped because global economic growth forecasts were continuously revised downwards. Therefore, the final chapter of the April Inflation Report contains only one alternative scenario that is compared with the baseline. In the alternative scenario, it is assumed that the global crisis will grow deeper and recovery in global activity will start at the beginning of 2011.
Using balance sheet policy, the central bank seeks to influence longer-term interest rates and thereby funding costs in a more direct manner. 3 Purchases of government or private sector bonds are intended to depress yields and push up securities prices – the so-called portfolio effect. 4 Studies from the past three or four years indicate that the portfolio effect has been in operation in both US and UK markets – bond prices have increased and long-term yields have fallen as a result of quantitative easing. 5 The aim is to achieve lower long-term yields in order to boost lending and investment. In addition to the portfolio effect, the new use of the balance sheet can have a signal effect: central banks that engage in large-scale purchases of securities to pull down long-term yields are sending a signal that the key rate may be kept low for a long period. In this sense, balance sheet policy also contributes to anchoring expectations and supporting monetary policy communication. It is not easy to say what the situation would have been without these measures. However, it is likely that central bank bond purchases have curbed the decline in output in the UK and the US. Chart: Central bank balance sheets, stylised These measures, by their nature, have an impact on central bank balance sheets – in terms of both size and composition. 2  See the Federal Reserve’s “Monetary Policy Report to the Congress”, February 2012, http:// www.federalreserve.gov/monetarypolicy/mpr_20120229_part1.htm.

The Federal Reserve’s balance sheet is posted online weekly, with considerable detail, in what’s called the H.4.1 report. Finally, an additional accounting of the Federal Reserve’s emergency lending programs created over the last two years is available online in a monthly report. But my objection that GAO oversight would be broadened to include a review of monetary policy decisions is not based just on the fact that the Fed is already subject to considerable  4  BIS Review 6/2010  oversight. My principal concern is the damage that could potentially result to the Fed’s ability to achieve its mandate of price stability and maximum sustainable employment. The effectiveness of monetary policy depends most of all on the Federal Reserve’s credibility with market participants and investors. In particular, both groups need to know that the Fed will always act to keep inflation in check. That’s why Fed Chairman William McChesney Martin famously joked that the Fed would sometimes need “to take the punchbowl away just as the party gets going.” As you can well imagine, this may not always enhance our popularity, especially among those who were enjoying the party. But, the fact that markets know that the Federal Reserve will tighten monetary policy when needed helps keep inflation expectations in check. This, in turn, helps keep inflation low since inflation expectations affect actual inflation. The consequence is credibility with respect to the conduct of monetary policy.
Suhaimi Ali: Leading change through Value-based Impact Opening remarks by Mr Suhaimi Ali, Assistant Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Sustainability Leadership Programme for Financial Institutions, Kuala Lumpur, 24 May 2022. *** While domestic economy is expected to improve further this year, risks to Malaysia's growth momentum remain. Beyond economic factors, adverse developments surrounding COVID-19 as well as environmental and social risks continue to heighten volatility. The December 2021 flood event for example, hailed as the worst since 1971, demonstrated specific vulnerabilities and intricacies in how risks are to be managed: 1. Structural reforms are needed to improve Malaysia's flood risk mitigation infrastructures; 2. Large-scale relief efforts need strong coordination to be effective; and 3. Finance solutions must be expedient and impactful to help those affected. This recent flood episode goes to show that sustainability-related risks are inherently volatile, uncertain and complex, and would require a change in how finance is structured and consumed. Allow me to offer some perspectives on leadership imperatives for financial institutions to catalyse and support a more orderly transition to a sustainable economy. Firstly, the financial sector must actively respond to critical needs through innovation-led growth. Demographic shifts, rapid technological change and climate change will continue to place new and evolving demands on the financial industry. In navigating the challenges ahead, agility in finance response is key.

Unemployment has fallen and is continuing to fall to levels that few believed possible only a few years ago. Productivity in Sweden has developed strongly. Between 1974 and 1993, for instance, labour productivity increased by no more than 1.5% a year on average, while the corresponding figure from 1994 onwards lies at around 2%. This appears to be due to companies succeeding in utilising existing labour and equipment more efficiently. What we know and what we believe This is at any rate the picture presented by Statistics Sweden. Now, we perhaps should not take it as a matter of course. Reality is not always so easy to capture in quantitative terms. One particular problem related to information technology is that it probably affects service production just as much as purely  BIS Review 93/2000  2  industrial production. Service production is something of a black sheep in the economic statistics. There are often tremendous difficulties in distinguishing quality changes from price changes in this field, which leads to the statistics being less reliable. Although a lot of effort has been put into the work on calculating GDP and other measures of economic developments in Sweden, we should be aware of the uncertainty inherent in these estimates. This is also an important reason why a commission of enquiry was recently appointed to look into economic statistics in Sweden.