samchain/econo-pairs-v1 huggingface dataset:
If they occur, it is important that we explain their causes and state how inflation is to be brought back into line with the target. To influence consumer prices, the Riksbank uses its instrumental rate—the repo rate. Simplifying somewhat, one can say that, by altering the marginal interest rate for banks, the Riksbank influences other domestic interest rates and thereby the level of economic activity in Sweden and consequently the development of prices. It should be noted, however, that in the short and medium term, pricing is also affected by other factors, such as the construction of fiscal policy and the development of wages. That is why the Riksbank is concerned that, when making decisions, politicians and labour market organisations should also promote low inflation. It is the reason, moreover, for my returning to these matters at the end of this talk. But in the long run the course of inflation is crucially dependent on monetary policy. Interest rate adjustments have their main effect on prices after an interval of one to two years. Monetary policy decisions therefore have to be based, not on the latest figures for inflation but on the Riksbank’s current assessment of future price movements. Our quarterly inflation reports accordingly present ongoing inflation forecasts based on analyses of a large array of economic indicators, supported by economic models and knowledge of relationships between different parts of the economy. The inflation assessment is used by the Riksbank in drawing conclusions about the direction of monetary policy.

We also anticipate the industry to meet the needs of the market and beneficiaries to increase their confidence in the insurance activities. It is important that insurance companies strike a balance between the size of business and geographic expansion, and human and financial resources and operating infrastructure. I would like to conclude the speech by emphasizing the importance of the insurance sector with respect to employment and training of male and female citizens through paying more attention to the development of human resources and training policies and increasing Saudization. SAMA has designed a compulsory exam on the basics of insurance activities to measure employees’ competence and insurance providers’ awareness of insurance fundamentals including laws, regulations and standards. Companies are required to organize vocational and technical development programs to raise insurance awareness and help provide qualified manpower to serve the insurance sector and the country well. Thank you for your attention. I wish you all a successful symposium. 2  BIS central bankers’ speeches
This reporting has been voluntary, but we believe it now needs to be made a requirement. Another cause we are supporting is a comprehensive standard for sustainability reporting in line with the new International Sustainability Standards Board (ISSB). We will also work towards good standards for reporting on indirect emissions in companies’ value chains, known as Scope 3 emissions. In many sectors, this is crucial for understanding a company’s climate risk. We will also work on other climate-related issues where we believe international standards may be useful. One example is the use of emission allowances. Our work with companies begins with setting clear expectations. We have formulated our expectations in a set of expectation documents. When it comes to climate change, we already expect companies to have a climate strategy, set emission targets, report on progress, and stress-test their business models against various climate scenarios. In future, it will be natural for us to emphasise towards a net zero emission horizon. This will give clearer direction to our ownership activities. Exercising ownership Active ownership will play a key part in work on addressing the fund’s climate risk. A dialogue with companies will be particularly important. Chart: Climate increasingly a dialogue topic Our dialogue with companies reflects our expectations. Last year, we held around 3,000 meetings with companies. As you can see from the chart, sustainability is increasingly on the agenda. 3/6  BIS central bankers' speeches  We plan to increase both the breadth and the depth of our climate-related ownership activities.

This year, for example, we have in six cases voted against the re-election of directors on the grounds of poor climate risk management. This may not sound much, but we will be working on making greater use of this tool in future. We have begun to publish our voting intentions five days in advance. This means that the way we vote attracts more attention. Another option is filing shareholder proposals, on our own or with others. In the past year, we have supported 19 climate-related shareholder proposals. One led to a large multinational starting work on reporting its Scope 3 emissions. We will also consider filing our own proposals in future. Risk-based divestments A last resort, when our ownership activities do not have the desired result, is divestment. We will not automatically divest if active ownership fails, but it may be the outcome in some cases. Norges Bank can exit a company for financial reasons. This is what we refer to as risk-based divestment. These are companies that we believe are managing climate risk particularly poorly, resulting in increased financial risk. It is a matter of avoiding companies whose business models we do not consider sustainable. Chart: More than half of divestments have been climate-related Risk-based divestments are active investment decisions by Norges Bank and draw on the fund’s limit for deviation from the benchmark index. From 2012 to 2020, we made more than 300 such divestments, more than half of them related to climate change. We are ready to do more of this in future.
Caleb M Fundanga: Bank of Zambia’s Information Dissemination Programme Speech by Dr Caleb M Fundanga, Governor of the Bank of Zambia, on the launch of the Bank of Zambia Information Dissemination Programme, Lusaka, 28 May 2007. *  *  *  Governor, kindly give brief introductory remarks On behalf of the Bank of Zambia Board, management and staff, and indeed on my own behalf, I wish to sincerely thank the Zambia National Broadcasting Corporation (ZNBC) for this opportunity to launch the Bank of Zambia Information Dissemination Programme. This programme is part of our comprehensive strategy to inform the general public and all our stakeholders on the role of Bank of Zambia in the economy. What is the primary role of the Bank of Zambia? Just to remind the listeners, the Bank of Zambia’s primary role is to formulate and implement monetary and supervisory policies that will ensure price and financial system stability. Our vision, in this regard, is to become a World Class central bank. What is your general assessment of the recent performance of the Zambian economy? In the past few years, the Zambian economy has performed relatively well, recording positive real Gross Domestic Product (GDP) growth, with inflation and interest rates coming down. Specifically, what have been the developments in output? During the period 2001-2005, growth in real GDP averaged 5.0% per annum. More recently, in 2006, it is estimated that the economy grew by close to 6%, marking the eighth consecutive year of positive real growth in output.

John C Williams: The gold beneath our feet Remarks by Mr John C Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the GARP Global Risk Forum, Federal Reserve Bank of New York, New York City, 7 November 2019. * * * As prepared for delivery When plans for the New York Fed’s headquarters here at 33 Liberty Street were developed in 1921, the building committee compiled 33 pages of requirements for potential architects.1 I can assure you that our appreciation for bureaucracy has endured the test of time! Joking aside, the focus of many of those requirements was specifications for the building’s gold vault. Beneath our feet lies a triple-tiered vault system with 122 separate compartments for storing gold bars. For those of you who are Harry Potter fans, it’s as close to Gringotts Bank as you’ll find anywhere in the world—although for security reasons I am not allowed to confirm or deny that we have a dragon down there. The whole building was constructed around the vault. Engineers had to excavate 117 feet down to the bedrock for a foundation that could support the weight of the construction. Why am going into so much depth about the gold? There is a reason! But before I explain, I should give the standard Fed disclaimer that the views I express today are mine alone and do not necessarily reflect those of the Federal Open Market Committee or others in the Federal Reserve System.
The increased openness in the economy that has resulted from among other things the NAFTA and GATT agreements, has meant that foreign trade has functioned as a “shock absorber” for fluctuations in domestic demand. Finally, fortunate circumstances seem to have played a part. With the end of the Cold War at the beginning of the 1990s, resources were freed up, principally in the military sector, which could be put to more productive use in the private sector. Further, both the Mexican crisis and the Asian crisis have been shocks that have checked certain tendencies towards overheating and thus also inflation, yet without leading the economy into recession. During the crises, a “flight to quality” appears to have led to falling long interest rates, which has benefited stock exchange prices and strengthened the dollar. Foreign investors have been willing to finance the deficit in America’s current account, which at present comes to about 4% of GNP. To sum up, it seems likely that a certain rise in the growth potential has taken place in the USA during the 1990s and that inflationary tendencies have declined. Just how much nevertheless remains an open question. The OECD, for example, has raised its estimate of the potential growth rate to just over 3%. However, in the past three years growth has amounted to more than 4% on average, which means that the OECD regards some of the factors discussed above as temporary in nature and expects growth to slacken as these factors die away.

Inflation in the past twelve months In the third Inflation Report last year the Riksbank’s growth forecast for Sweden in the coming years was revised upwards. This mainly mirrored a more favourable outlook for international activity; it also seemed likely that domestic demand would be stronger than had been expected earlier. Our overall growth forecast agreed with most other observers. Some predictions, however, did include an even stronger increase in household consumption, the reason being that rising asset prices in general and the stock market boom in particular were judged to lead to a markedly increased consumption propensity. Our higher growth forecast was accompanied by little change in the assessment of inflation we had presented earlier in the year. Thus, we judged that the relationship between growth and inflation would be more favourable than we had previously calculated. In this respect we differed from many other observers and that occasioned a good deal of discussion. The background to our forecast was that inflation’s path had been surprisingly favourable and that, instead of being just a result of occasional factors, this had to do with more fundamental features in the economy that would continue to influence inflation up to our two-year horizon. Here is a picture of our inflation assessment last October and the outcome (Chart 1). I have chosen to present it in terms of UND1X because that is the indicator of inflation on which monetary policy has been focused in the past year.
This is also being driven by the growing demand for finance by both public and private investors in this sector. In the recent past for instance, a private leasing company received structured finance of $ million (or approximately K38 billion at today’s exchange rate) while the Development Bank of Zambia also issued a corporate bond of K68 billion (which is just under $ Increased participation in both the money and capital markets by non-bank financial institutions with proposals for issuance of other corporate bonds are also under current consideration. Mr Chairman, some of the key sectors with potential investment include agriculture, mining, manufacturing, tourism and energy. Mr. Chairman, given all these developments which I have cited, one can tell that there are enormous possibilities for the financial sector in Zambia. In this regard, our expectation, at the Bank of Zambia, is that the financial sector should take a leading role in facilitating further developments in the areas which I have discussed. However, during our interactions, key players in the financial sector have informed us that they have a limited capacity to provide the required services in this regard. This forum has therefore been organized and arranged by the Bank of Zambia to bring together Zambian financial sector players and international financial players who have an interest to see that Zambia takes its rightful place in the world economy.

Regional seminar of the International Financial Corporation and Bank Al-Maghrib on  “Utilization of Public Credit Registry data for the Central Bank’s institutional functions”  Rabat, February 22, 2018 -----------------------Opening remarks by Mr. Abdellatif Jouahri Governor of Bank Al-Maghrib ------------------------  Excellency the Ambassador of Japan, IFC Country Manager for the Maghreb region, Ladies and gentlemen, It gives me great pleasure to welcome you today to the Bank Al-Maghrib training center in Rabat for this seminar on the “Utilization of Public Credit Registry data for the Central Bank’s institutional functions”. I would first like to express my sincere thanks to all the participants and speakers for having accepted our invitation, and more particularly to the IFC representatives, Mr. Xavier REILLE and Mr. Oscar MADEDU, and their team here for their valuable contribution to preparing this meeting. I would also like to give special thanks to His Excellency Ambassador Takuji HANATANI and through him the Japanese Government, which has made a vital contribution to developing credit information-sharing infrastructure in Morocco. The relevance of this meeting lies in the sharing of experiences between the participating experts. The seminar panels, scheduled throughout the day, will set the stage for fruitful discussions between:    central banks which are well advanced in terms of operating credit registries or which are starting to set them up, on the one hand; and those which are preparing to meet the new challenges such registries impose in terms of micro and macro-prudential supervision and monetary policy, on the other hand.
NBP calculations. Source: Skills needs in the Irish economy: The role of migration, A submission by the Expert Group on Future Skills Needs and Forfás to the Minister for Enterprise, Trade & Employment, http://www.skillsireland.ie. Data for May 2004 through August 2005. Source: Migracje specjalistów wysokiej klasy w kontekście członkostwa Polski w Unii Europejskiej, [eng. Migration of high class specialists in the context of Polish membership in the EU]. Centre of Migration Research, Warsaw University. Data for May 2004 through December 2004. †Workforce – persons aged 15 and over in the first quarter of 2004. The number of Poles working in the UK is growing rapidly. Everyone visiting the UK in the recent months must have experienced the same – Poles can be met everywhere. According to the most recent information from the British Embassy, in May 2006, there were 240,000 Poles registered, against 205,000 in December 2005. Migration of many, mostly young people abroad will allow them to acquire new skills, experience, learn foreign languages, and fully integrate in the society of homo sapiens globalus. The open question remains, whether the next step of those people will be to climb the career ladder abroad, or to return to their country to set up their own companies. There is no answer to this question; however, a properly conducted economic policy may increase the chance for the return of Poles to their country, which would in turn increase the chance for a higher economic growth rate in the long-term.

All these initiatives are key to ensuring our capacity to finance the two “Great transformations”, ecological and digital, that we will all have to pursue in the long run. Both require very significant investments in the coming years and hence a co-financing by the public and the private sectors: it is healthy to encourage convergence of private actors with policy goals set by public authorities on these collective issues. Allow me here to turn to some great economists of the last century to shed some light on these transformations. One of them is Joseph Schumpeter and his creative destruction, and the decisive role of private innovation. But we shouldn’t forget Karl Polanyi and his “Great transformation”, written in Britain and published in 1944. Polanyi warned of the dangers of changing a “Market Economy” into a “Market society”, and hence of purely self-regulated markets forgetting about social and political institutions. We might say that his ideas are the structural side of what Keynes wrote on cyclical policies. To succeed in the face of the challenges of both the modern economy and democratic discontent, we will need to reconcile the ideas of these three great thinkers. Page 6 sur 9 II. 20 years ahead: our two great transformations, ecological and digital 1/ I will start with the digital revolution, where Europe is still lagging behind the United States and China. Compared to the United States, we spend less on R&D, have fewer researchers and have filed fewer patents, particularly in biotechnology and in information and communication technologies.
Inflation in recent months surprisingly moved clearly downwards (to stand at -0.3% in October, according to the CPI leading indicator published by Eurostat), mainly in respect of the performance of services and non-energy industrial goods prices, which were weighed down by the relative weakness of demand. As a result, core inflation in the area stands at an all-time low of 0.2%. All of this would be consistent with even more modest inflation rates in the coming quarters than those forecast in the September projections exercise. The worsening course of the pandemic, the drastic new containment measures and the impact this may have on the already fragile economic outlook and on the medium-term inflation forecast (already far below target), have led us to make a clear announcement, following the latest meeting of the ECB’s Governing Council, of our willingness to recalibrate in December the tools to deal with the situation, ensuring accommodative financial conditions and counteracting the impact of the pandemic on the inflation outlook. Amid such a high level of uncertainty as the current one, the best possible contribution economic policy can make is to provide confidence and certainty. In the case of monetary policy, this means ensuring accommodative financial conditions for all economic agents for as long as necessary. In view of how the pandemic is unfolding and its economic effects, we clearly need more time now than what we projected just a few months ago.

This response by the prudential authorities, along with the monetary and fiscal policy measures adopted, has allowed the initial impact of the shock to be absorbed, it has smoothed the provision of credit to the economy and it has prevented the materialisation of  3  See the speech by the Governor of the Banco de España “Retos y políticas para la estabilidad financiera ante la pandemia”, October 2020. 5  a systemic risk in the financial system that would have heightened the crisis further and made it more persistent Looking ahead, however, set against the uneven and uncertain recovery I described earlier we cannot rule out two outcomes: that the risks identified materialise, and that their impact and persistence are greater than expected. In this respect, the economic and supervisory authorities must continue to closely monitor banks and financial markets so that they may continue providing the necessary flow of credit to the economy. We must continue adopting measures to mitigate the risks and, naturally, we must stand ready to respond appropriately should these risks materialise. In the banking area, this response can only be pan-European, given the commitment to the Banking Union and the need to avoid the financial fragmentation problems that might stem from an exclusively national response. European fiscal policy The ECB’s monetary policy measures and action taken by the regulatory authorities have been forceful, aimed at delivering a common, truly European, response to the economic crisis associated with the pandemic.
Are we finding the right balance in our controls between specificity of rules and the adaptability of principles? These and other questions will continue to focus us on improving and enhancing our policies and practices with the goal of supporting the Bank’s ability to manage risk within its risk tolerance. Thank you. 4  BIS central bankers’ speeches

Today we are once again in a situation where such bank support authorities are being established in many parts of the world, including Sweden. We are also facing a period of poorer economic activity. But this time the situation is very different for Sweden. Experience and measures have given resilience The anxiety that has had a stranglehold on the financial markets since the end of September comes from outside this time, not from problems in the Swedish bank sector. Swedish banks have on the whole shown much more responsible credit granting, both compared with the years following credit deregulation and compared with parts of the US mortgage market. The banks have good capital buffers and can manage substantial loan losses, even if they are nevertheless affected by the general mood of distrust on the market. We are also much better equipped in many ways to meet an economic downturn than we were at the beginning of the 1990s. I am thinking here of the effects of the changeover in monetary and fiscal policy after the crisis, and the fact that we now have sound public finances and a substantial surplus on the current account. Although a small, open economy like Sweden’s is never immune to what is happening in the world economy, and particularly to an international financial crisis, we learnt a lot from the difficult years in the 1990s. This applies to the banks as well as to the supervisory authorities and the political system.