samchain/econo-pairs-v1 huggingface dataset:
I should mention here that though copper mining has again become prominent in terms of exports and to some extent employment, Government strategies and policies are focusing on reducing the country’s dependence on copper mining through economic diversification as articulated in the FNDP (2006-2010). In our diversification efforts, due attention will be paid to those that have high potential for creating employment. This will make our economy resilient to future external shocks and ensure sustained development, and have a required impact on the quality of life of the Zambian people. Manufacturing Ladies and Gentlemen, the Zambian Government has demonstrated its commitment to the development of a vibrant but competitive manufacturing sector in this year’s national budget. This is in line with its commitment to facilitate increased value addition which is one of the key ingredients in achieving sustainable development in the country. To this effect, several measures and incentives aimed at enhancing the competitiveness of the sector will be provided in conformity with the future growth objectives. One such example is the Government’s move to implement a new initiative called the Multi-Facility Economic Zone (MFEZ). This will replace the Export Processing Zones (EPZ), as special industrial zones for both export-oriented and domestic-oriented industries. The zones will have all the necessary infrastructure for the easy commencement and conduct of manufacturing activities. In addition, several concessions will be provided for those companies that will operate in the MFEZ.

Mario Draghi: ECB press conference – introductory statement Introductory statement by Mr Mario Draghi, President of the European Central Bank, and Mr Vítor Constâncio, Vice-President of the European Central Bank, Frankfurt am Main, 7 March 2013. *  *  *  Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council. Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. HICP inflation rates have declined further, as anticipated, and fell below 2% in February. Over the policy-relevant horizon, inflationary pressures should remain contained. The underlying pace of monetary expansion continues to be subdued. Inflation expectations for the euro area remain firmly anchored in line with our aim of maintaining inflation rates below, but close to, 2% over the medium term. Overall, this will allow our monetary policy stance to remain accommodative. Available data continue to signal that economic weakness in the euro area has extended into the beginning of the year, while broadly confirming signs of stabilisation in a number of indicators, albeit at low levels. At the same time, necessary balance sheet adjustments in the public and private sectors will continue to weigh on economic activity. Later in 2013 economic activity should gradually recover, supported by a strengthening of global demand and our accommodative monetary policy stance.
49  See Bernanke (2,016). 50 See Greenwood et al. (2016). 20 [35]  there is a large supply of central bank reserves, then the supply of short, liquid and safe assets for the banks increases, which can help to stabilise the financial markets and ensure the payment system functions in a crisis situation. 51 A general conclusion of this review is that the conditions on the financial markets have changed, and that the Riksbank and other central banks need to adapt their measures to these changes. There are thus several economic reasons for making asset purchases and a large balance sheet a part of this adaptation. Are government bond purchases monetary financing? The Riksbank can thus purchase government bonds for monetary policy purposes. However, the purchases may not entail ‘monetary financing’ of public finances, that is, state expenditure may not be financed by banknote printing. But defining what this means in practice is not a simple matter, and it is not so strange that there is sometimes confusion regarding this concept. 52 Let me give an example. A normal monetary policy transaction involves the Riksbank buying a particular amount of government bonds with new central bank reserves. Could this be regarded as monetary financing? To some extent, one might say that it could. The Riksbank has in fact financed some of the state’s expenditure with “newly printed” money.

The basic idea behind monetary theory is that money is essential because the economy is so large that we cannot rely on everyone always keeping their promises. Another way of expressing this is that there is no easy way of writing perfect contracts with everyone else in the economy. On a small scale we could explain it with an example. Pelle works as a teacher and he wants food. Anna works as a farmer and wants her children to go to school. If Anna could promise Pelle that he could have food when she harvests in the autumn, Pelle could teach the children all year and then receive food when Anna harvests. But if Anna’s children have already received their schooling, there is no incentive for her to give Pelle food afterwards. Anna and Pelle could, however, sign a contract that ensures they each keep their side of the agreement. If we imagine that this type of contract were to be signed with everyone from whom we want goods and services, we soon realise that it would become very complicated 2 Money is a broader concept than just cash. Most of the money in Sweden today is electronic money issued by  the banks. 3 See, for instance, Williamson and Wright (2010) or Lagos et al. (2,017). 3 [35]  to write all of these contracts, and that some form of further guarantee was needed to ensure the contracts were complied with.
23  These results are obtained from a regression analysis conducted at the Banco de España using information from more than one24 hundred individual banks in the euro area. Huennekes, F., and P. Köhler-Ulbrich (2023). “Box 7 What information does the euro area bank lending survey provide on future loan developments?”, ECB Economic Bulletin, Issue 8/2022. 8  and credit terms and conditions for loans to firms in the fourth quarter of 2022. This was the largest tightening reported since the euro area sovereign debt crisis. And banks expected a net tightening of a similar magnitude also for the first quarter of 2023 and reported a continued tightening of credit standards for loans to households. The evidence available shows a strong correlation between credit standards (as measured in the BLS) and loan growth developments a couple of quarters later, and likewise between credit growth and GDP growth.24 The first link in the chain (between credit standards and credit growth) is already evident. In particular, credit growth to firms has dropped markedly since the third quarter of last year. And, indeed, there is evidence of mortgage credit growth decelerating at a faster pace in those countries with initially larger house price overvaluations25.We should expect to see the latter link to real activity assert itself soon. In fact, although euro area activity avoided contraction in the last quarter of 2022, national accounts data have revealed notable weakness in domestic demand, with marked declines in both private consumption and investment.

In particular, the sharp decline in European gas prices reflects unusually mild weather, together with energy-saving measures and strong inventory levels which mitigate supply risks for next winter. The commodity market tensions in 2022 were caused by the Russian invasion of Ukraine and, therefore, a prolongation of the war is still a major source of uncertainty for Europe. And, more generally, the future course of the world economy is also a matter of concern, against a backdrop of global monetary policy tightening and significant geopolitical risks. Second, in relation to the recent stress in the banking sector, so far the implications have been contained, leading to a certain tightening of overall euro area financial conditions, mainly through its impact on risk premia2. However, should they persist or heighten, these tensions could lead to a sharper than expected tightening of credit conditions and erode confidence and give rise to a scenario of more moderate economic growth and more rapidly declining inflation. A third element that adds a certain degree of complexity to the inflation outlook relates to fiscal policy. In 2022 and 2023, euro area countries significantly increased their fiscal policy support measures to protect businesses and households from rising energy prices and inflation, bringing the total gross stimulus to close to 2% of euro area GDP in both years. While these measures helped to contain inflation in 2022 and are expected to do so in 2023, the extent of their impact this year is still uncertain.
Mr. Trichet discusses Franco-German monetary cooperation and monetary union Speech by the Governor of the Bank of France, M. Jean-Claude Trichet, on the occasion of the fiftieth anniversary of the Land central bank of Rheinland-Palatinate and the Saarland in Mainz on 2/6/97. It is a great honour to speak in Mainz today and to celebrate the fiftieth anniversary of the Land central bank of Rheinland-Palatinate and the Saarland. Everybody knows that Mainz played a decisive role in spreading culture and ideas in Europe, in particular thanks to the invention of printing by Gutenberg. And the celebration of the fiftieth anniversary of your institution gives me the opportunity to underline once again the prominent role played by the Bundesbank for the stability, credibility and prosperity of the German economy. As you know, the Banque de France deeply supports this culture of stability, which sets the basis for monetary cooperation between France and Germany, the basis for European monetary union. The celebration of an anniversary is a good opportunity to draw lessons from the past and to foresee the future. That is why I have decided today to speak about Franco-German monetary cooperation during the last fifty years and the prospects for monetary union. In this respect, the creation of the single currency on January 1st, 1999 is a major event for our respective countries. Far from being a breaking off with the past, the creation of monetary union is the logical crowning of Franco-German monetary cooperation.

Mr. Clementi explains how London’s banks and markets will help to forge links between the euro area and the rest of the world Speech by the Deputy Governor of the Bank of England, Mr. David Clementi, before international bankers and members of international organisations in New York on 10/2/98. Despite all the uncertainties of the last few years, I think that it is now well understood that the euro is going to be introduced on 1 January 1999. As you all know, the United Kingdom is not going to adopt the euro as its domestic currency from the start. But the euro is likely to become the core currency for the European wholesale markets in London. The City of London is Europe’s leading financial centre; and the introduction of a major new currency on the Continent of Europe means that London must have all the necessary trading, payment and settlement infrastructure, and be fully part of the conversion. London will be ready for the euro. What I want to do today is to explain - with my colleague, John Townend, and Sir David Walker, head of Morgan Stanley in Europe - how London’s banks and markets will help to forge links between the euro area and the rest of the world. And we also want to discuss the broader question of how the euro will affect the European financial landscape. We hope that EMU will be a success. The British Government is in favour of joining EMU in principle.
Despite the recent more encouraging signs, we continue to expect underlying growth to remain sluggish in the first half of the year (the actual data are likely to move somewhat erratically because of the extra holiday associated with the Queen’s Diamond Jubilee). But inflation has been falling sharply, down from its peak of 5.2% in September to 3.6% in January and is likely to continue declining as increases in energy prices a year ago drop out of the calculation. That means that the long-lasting squeeze on household real incomes is also starting to ease. In turn, that should facilitate a modest pickup in household spending;  1  Banks do act as intermediaries in the transactions, but it is the behaviour of the ultimate seller that matters for the economic impact. 2  BIS central bankers’ speeches  the upbeat retail sales figures announced at the end of last week may be a sign this is already starting to happen. But while growth should gradually strengthen, the continuing headwinds from the unwinding of excessive debt and the Government’s continuing fiscal consolidation mean that the pace of recovery is likely to remain moderate by historical standards. As a consequence, a margin of unused capacity and labour in the economy is likely to persist for some while yet, helping to ensure that domestically generated inflation – presently running around 1½%, depending on exactly how one chooses to measure it – should stay subdued.

That said, the Bank has been greatly encouraged by the progress of on-going efforts in the industry to ensure that all companies are fully competent through mandatory AML/CFT training programmes conducted by the Association. Steps being taken to require all compliance officers in the industry to be accredited or certified by recognised professional accreditation and certification bodies will mark another important milestone for the industry. Conclusion Innovation is ultimately a collaborative process whether it is between individuals within an organization coming together to develop new ideas to give the firm a competitive advantage; or between companies to share common utilities between policymakers to create conditions that encourage innovation or between industry, governments and multilateral institutions to deepen knowledge and advance policies that increase the impact of innovation on growth and development. The best ideas, and more importantly the ability to put them into practice, will come from our ability to overcome natural instincts to erect protective barriers, and to open up individual companies, institutions and economies to new possibilities that can make us more successful, more competitive and more inclusive over the longer term. This conference is a valuable opportunity for the industry to exchange ideas and reflect on how innovation – not just technological but all facets of innovation – can create a game-changing impact in the industry. On that note, I wish you highly productive and fruitful discussions over the next two days. 4/4  BIS central bankers' speeches
More specifically, in collaboration with the Federal Reserve, the ECB offered US dollar liquidity to European banks at various maturities in order to satisfy the exceptional demand for those funds. I believe that all of these actions proved to be effective in easing the tensions at the short-term end of the global money markets and in maintaining control of short-term interest rates in the euro area. I am sure that global money and funding markets will continue to benefit from our very close cooperation in the times to come. Still, term interest rates in the money market continue to be strongly influenced by credit concerns and, not surprisingly, have proved to be only marginally sensitive to changes in liquidity policy. As a result, the transmission of monetary policy for the economy at large is affected by the ongoing turmoil. I will now turn to this very question. 3. The impact of the turmoil on the monetary transmission mechanism  During the current turmoil, the role of banks in the transmission mechanism of monetary policy has been brought to the forefront. In Europe, as you know, universal banks continue to be important players in the financial landscape. This is why they also play a crucial role for the transmission of monetary policy, as upheld by several theories, notably the bank lending  2  BIS Review 116/2008  channel, and supportive empirical findings.

Peter Pang: Recent financial and economic developments in Asia Statement by Mr Peter Pang, Temporary Alternate Governor of the Hong Kong Monetary Authority, at the 38th Asian Development Bank Annual Meeting, Istanbul, Turkey, 4-6 May 2005. *  *  *  Mr President, let me first of all congratulate you on your election as President of the Bank. I must next thank Turkey for graciously hosting this year's Annual Meeting. I also join other Governors to thank the Bank's management and staff for the excellent arrangements. I would like to take this opportunity to welcome the successful conclusion of the 8th replenishment of the Asian Development Fund. This would enable the Bank to continue with its programme in offering much needed relief to the poorest people in Asia. However, while real GDP growth in the region has been impressive, up 7.3% in 2004, income distribution remains highly uneven. The toll on human lives, and the massive destruction left behind by the Tsunami attack last December, reminded us that fighting poverty remains both a continuing – and daunting – task for the Bank. While the Bank has done a commendable job in reducing poverty in the low-income economies, those members who have attained a reasonable level of development have a different set of needs. With global financial markets awash with liquidity, many of them have ready access to private capital, and have less of a need to turn to the Bank for lending.
Timothy F Geithner: Reducing systemic risk in a dynamic financial system Remarks by Mr Timothy F Geithner, President and Chief Executive Officer of the Federal Reserve Bank of New York, at The Economic Club of New York, New York, 9 June 2008. *  *  *  Since the summer of 2007, the major financial centers have experienced a very severe and complex financial crisis. The fabric of confidence that is essential to the viability of individual institutions and to market functioning in the United States and in Europe proved exceptionally fragile. Money and funding markets became severely impaired, impeding the effective transmission of U.S. monetary policy to the economy. Central banks and governments, here and in other countries, have taken dramatic action to contain the risks to the broader economy. Why was the system so fragile? Part of the explanation was the size of the global financial boom that preceded the crisis. The larger the boom, the greater the potential risk of damage when it deflates. The underpinnings of this particular boom include a large increase in savings relative to real investment opportunities, a long period of low real interest rates around the world, the greater ease with which capital was able to flow across countries, and the perception of lower real and inflation risk produced by the greater apparent moderation in output growth and inflation over the preceding two decades.

The combined balance sheets of the then five major investment banks totaled $ trillion. In comparison, the total assets of the top five bank holding companies in the United States at that point were just over $ trillion, and total assets of the entire banking system were about $ trillion. This parallel system financed some of these very assets on a very short-term basis in the bilateral or triparty repo markets. As the volume of activity in repo markets grew, the variety  BIS Review 74/2008  1  of assets financed in this manner expanded beyond the most highly liquid securities to include less liquid securities, as well. Nonetheless, these assets were assumed to be readily sellable at fair values, in part because assets with similar credit ratings had generally been tradable during past periods of financial stress. And the liquidity supporting them was assumed to be continuous and essentially frictionless, because it had been so for a long time. The scale of long-term risky and relatively illiquid assets financed by very short-term liabilities made many of the vehicles and institutions in this parallel financial system vulnerable to a classic type of run, but without the protections such as deposit insurance that the banking system has in place to reduce such risks.
The rise in prices for domestically produced goods and services pushed up CPI inflation until this year, but since the beginning of the year this measure of inflation has edged down again. The 12-month rise in prices for goods and services produced in Norway, excluding energy, was 1.3 per cent in September. The reduction in day-care rates in January this year has pushed down domestic inflation by an estimated 0.3 per cent over the past year. The rise in prices has been lower than expected for both goods and services. It seems that strong competition between various producers within the food industry and the construction industry has curbed inflation. In addition, productivity growth in retail trade has been high in the past few years. Intensified competition may also have restrained the rise in prices for banking and insurance services. Continued strong competition, both foreign and domestic, and high productivity growth in recent years will probably contribute to curbing domestic inflation in 2007. Several factors, however, point to higher inflation in the period ahead, but the rise in prices will probably pick up somewhat later than the historical relationship between inflation and capacity utilisation in the economy would suggest. Capacity utilisation in the Norwegian economy is picking up. This will contribute to a higher rise in prices for domestically produced goods and services. A tighter labour market will probably lead to higher wage growth in the coming years.

There are also signs that productivity growth, which has been strong, will slow now, which must be expected when the cyclical upturn has lasted for a long period. Driving forces ahead The level of activity in the world economy is high. Global growth from 2004 to 2006 was the strongest recorded since the early 1970s. Continued solid growth among our trading partners is in prospect, and short-term interest rates are expected to rise in Sweden, Denmark, the UK and the euro area. After expanding at a strong pace over several years, the US economy is now showing signs of a slowdown. BIS Review 108/2006  3  Nevertheless, growth in the world economy is expected to remain firm. At the same time, the risk of an impending slowdown in global growth has increased. There are considerable uncertainties associated with the effect of a possible economic slowdown in the US on the global economy. Signs of slower growth in the US are emerging primarily in the housing market. Historically, developments in the housing market have been closely related to the general pace of economic growth. Weaker developments in the housing market are expected to influence growth through a number of channels. Lower house sales will curb housing investment, which accounts for a good 5 per cent of GDP. Residential construction has been important for employment in recent years. The turnover time has risen markedly and prices and housing starts have fallen. High energy prices have so far pushed up inflation among our trading partners.