samchain/econo-pairs-v1 huggingface dataset:
The solution was what might be called a shift in stabilisation policy regime, where the tasks of both monetary and fiscal policy were essentially redefined. We were given a clear division of roles in economic policy. Previously, fiscal policy had often been overly expansionary and contributed to high inflation. Now it was subjected to requirements for long-term stability and sustainability in the public finances. A floating krona meant that the main task of monetary policy was to directly act to ensure inflation remained at a low and stable rate. In January 1993 the Riksbank specified this task as ensuring that inflation remained at two per cent a year. This target would formally begin to apply with effect from 1995, but monetary policy would also be aimed at directly steering inflation during the interim period without intermediate goals, such as the money supply. This created a new norm for monetary policy and Sweden then became one of the first countries in the world to conduct monetary policy with a floating exchange rate and a specific inflation target. One interesting fact in this context is that Sweden actually had a specific target for prices during one period in the 1930s - this was the first and as far as I know the only time a country has attempted this.

They have reduced their budget deficits, pushed down their inflation rates to less than 2%, and brought their growth rates close to 3%. Favourable global economic conditions made it possible to create an environment suitable for the proper functioning of the system. Meanwhile, the European Monetary Institute completed the necessary preparations for launching the ECB, and transferred its responsibilities to that Bank at the beginning of July 1998. At its founding, there was a broad consensus that the ECB should be independent. There were continuing discussions about its main target, however, and even though this question seems to be resolved, sometimes it still appears on the agenda. The main point being discussed is that while price stability is specifically mentioned in the constitutional agreement as an objective of the ECB, the role of the growth and economic stability objectives is less clear. It is generally agreed that the primary task of central banks should be price stability, but some still argue that the price stability objective should not conflict but should cooperate with the growth and stability objectives. Others insist that since the existence of price stability brings about high employment and sustainable growth in the medium and long term, there is no conflict between the growth and price stability objectives. I believe that the ECB’s present policies, based on all these discussions, aim at price stability as its primary task, with sustainable growth and low unemployment as major objectives.
This moderation has mainly been a consequence of lower growth in the most liquid components of M3, which bear little or no remuneration, indicating that the monetary policy measures taken since November 1999 are gradually feeding their way through. At the same time, the average of annual M3 growth rates for the period from May to July 2000, at 5.5%, continued to deviate on the upside from the reference value of 4½%. The pronounced expansion of credit to the private sector up to July also suggested that households and firms continued to regard financing conditions in the euro area as favourable. In the context of the robust expansion of economic activity, continued ample liquidity conditions would constitute a risk to price stability. Turning to the second pillar, real GDP growth in the euro area, according to first estimates published by Eurostat today, reached 3¾% (on an annualised basis) in the first half of 2000. Currently available forecasts predict that growth will remain above 3% next year. The strength of the euro area’s economic expansion in the past few months is in line with these forecasts. In fact, recent indicators suggest that, following the period of acceleration, the economic expansion may now have settled at a high rate of growth. The overall level of confidence has remained at, or close to, record highs in recent months. Moreover, employment continued to grow strongly in the first half of this year and the rate of capacity utilisation has risen further.

I should also like to reiterate that the prospects for a stronger potential for growth in the euro area will depend very much on progress made in enhancing the flexibility of labour and goods markets in the euro area. Although reform efforts in several countries have been heading in the right direction, there is still much to be done when looking at the area as a whole. Finally, let me also say a few words about recent exchange rate developments. I noted earlier that, from a monetary policy point of view, these developments are a cause for concern as they add to the upward pressure on consumer prices in the euro area. These concerns are compounded by the fact that the exchange rate of the euro does not appear appropriate when looking at economic fundamentals. As you are aware, we have been expressing this concern for some time. In the meantime, we have witnessed a considerable improvement in the economic growth prospects for the euro area. At the same time, owing to measures taken by the Governing Council, the outlook for price stability in the medium term in the euro area has remained intact. At present, inflation in the euro area is among the lowest in the world. The fact that the euro has continued to depreciate over recent months is not in line with these strong economic fundamentals in the euro area. Recent global exchange rate developments are also not in line with international balance of payments positions.
Ladies and Gentlemen, the 2005 FinScope Survey conducted under the Financial Sector Development Plan (FSDP) confirmed that levels of access to financial services in Zambia are extremely low. Only one third of Zambia’s adult population was reported to have had access to a financial service or product. Further, fewer than 15% of adult Zambians were reported to have access to commercial banks. The Survey further indicated that only 11.6% of women are banked compared to 17.5% of banked men whilst 82% of women have never had a bank account compared to 73% for men. A follow on update survey was undertaken in 2009 and the results are expected to be launched during the second quarter of 2010. However, preliminary analysis indicates that the levels of access still remain low. This is no doubt an indication that more needs to be done to increase access to financial services. On its part, the Bank of Zambia has incorporated the promotion of financial inclusion as one of its strategic objectives for the 2008–2011 Strategic Plan. We believe that increased extension of financial services to ordinary citizens and small business enterprises will play a vital role in poverty reduction and economic growth. Further, by maintaining low inflation and promoting a safe and stable financial system, the Bank ensures that people’s incomes are safeguarded and prices of goods and services are stable.

Caleb M Fundanga: Equal rights, equal opportunities – progress for all Opening remarks by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the Official Launch of the Financial Institutions’ Exhibition and Workshop in commemoration of International Women’s Day 2010, Lusaka, 5 March 2010. *  *  *  The Deputy Permanent Secretary, Gender and Women in Development, Ms Christine Kalamwina; The International Labour Organisation Country Director, Mr Gerry Finnegan; The Deputy Governor – Administration, Bank of Zambia, Dr Tukiya Kankasa-Mabula; Chief Executives and Representatives of Exhibiting Institutions; Heads of Non Governmental Organisations; Distinguished Invited Guests; Members of the Press; Ladies and Gentlemen It is my honour and privilege to participate in the launch of this important exhibition by financial institutions in commemoration of the International Women’s Day for 2010 under the global theme “Equal Rights, Equal Opportunities: Progress for All.” Ladies and Gentlemen, as you may be aware, the International Year for Women was declared by the United Nations in 1975. Since then many countries world over celebrate International Women’s Day to recognise the achievements of women without regard to national, ethnic, cultural, economic or political divisions. International Women’s Day is an occasion to look back on past struggles and accomplishments but even more importantly a time to look ahead to untapped potential and opportunities that await future generations of women. Each year on this special day, hundreds of International Women’s Day events occur all around the world.
The weakness of and uncertainty around the path of UK productivity is a key driver of these unusual developments, and is therefore a key consideration for monetary policy. 1  For example Carney (2016) In this speech I use total value added per hour of work to measure of productivity. There are other measures of productivity, but this one is the most commonly used, and quoted, measure. 2  2  All speeches are available online at www.bankofengland.co.uk/speeches  2  Recent developments in UK productivity  With that in mind, I thought I could best serve the panel by setting out some of the key characteristics of the weakness in productivity growth. It’s important to distinguish between two elements to UK productivity since the global financial crisis. First, the level of productivity fell during the crisis, which history tells us isn’t 3  particularly surprising in the wake of a financial crisis. Second, productivity growth has remained weak since the crisis, and much weaker than the pre-crisis growth trend. Annual productivity growth has averaged around ½pp since 2010, compared with an average growth rate of around 2% in the decade prior to the crisis (Slide 3). Productivity growth has also been weaker than expected for other advanced economies. 4  For this reason I’ll focus on productivity growth, as this is where the challenge lies. Productivity data can be sliced and diced in various different ways, providing different angles from which to understand and assess the recent weakness in productivity growth.

(2017) ‘The Bank of England’s FinTech Accelerator: what have we done and what have we learned?’, Remarks given at a meeting for FinTech contacts of the Bank of England’s Agency for the South East and East Anglia at the offices of Mills & Reeve, Cambridge, available at: https://www.bankofengland.co.uk/speech/2017/the-boes-fintech-accelerator-what-have-we-done-and-whathave-we-learned HM Treasury (2009), ‘Pre-Budget Report: Securing the Recovery: Growth and Opportunity’, Cm 7747, December 2009, available at:  https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/238510/7747.pdf  OECD (2017), Economic Surveys: United Kingdom, October 2017, available at: http://www.oecd.org/eco/surveys/United-Kingdom-2017-OECD-economic-survey-overview.pdf Ramsden, D. (2017) ‘Monetary policy from end to end: define, decide, deliver’, Speech given at King’s College London, available at: https://www.bankofengland.co.uk/speech/2017/dave-ramsden-speech-atkings-college-london Tenreyro, S. (2018) ‘The fall in productivity growth: causes and implications’, Speech given at Queen Mary University of London, available at: https://www.bankofengland.co.uk/speech/2018/silvana-tenreyro-2018peston-lecture  8  All speeches are available online at www.bankofengland.co.uk/speeches  8
Or, to take changes in my own job as members of the Executive Board of the Riksbank, when a combination of algorithms, machine learning and Big Data become better than human analysts at making forecasts, or even designing well-balanced monetary policy. Such changeovers can create gaps between different sections of the population. Those with the right skills to make use of the technological developments will find it easy to get jobs and can see their salaries rise because of higher productivity. In economist speak this is called being a complement to technology. Routine and less complicated work tasks can be replaced by automatic processes, which leads to lower demand for these jobs and thus lower wages. Such jobs are substitutes for technology. Then there are also jobs which are not tangibly affected by technological developments. These are jobs with a high service content and many human elements. Psychologists, preschool teachers, health and medical care specialists and hairdressers are the examples usually put forward as difficult to replace with automatic processes and AI. I am fairly convinced that we in Sweden can use today's technology as complement to the strengths we already have. Smart automated solutions give us more time and resources to invest in other important issues. They also give us new tools to manage new challenges. What is obvious is that we cannot stand still in terms of competence. We must embrace life-long learning as a motto.

Increased consumer power and greater competition slow down prices and thereby margins for the companies. The changes are necessary to increase our welfare, even if they create problems for some people in the short term. To manage these challenges, we should jointly strengthen the opportunities for education and skills development, even out some of the gaps arising during the upheavals and safeguard the interests of the general public by strengthening competition on the new markets. In a changing world we need to have clear game rules to ensure the economy functions smoothly. Reliable price stability, in terms of purchasing power, is one such game rule. It makes it easier for individuals and companies to plan for the future, it improves price setting and wage formation and thus contributes to more stable economic activity. So, attaining our inflation target of two per cent will help to accomplish the changeover following on from digitalisation. 10 [12]  References Apel, Mikael, Frohm, Eric, Hokkanen, Jyry, Nyman, Christina and Palmqvist, Stefan (2014), Why haven't companies raised their prices? Results from a survey on company pricing”, Economic Commentaries No. 4, 2014, Sveriges Riksbank. Baumol, J William, Panzar, C John, and Willig, D Robert (1982) “Contestable Markets and the Theory of Industry Structure”, New York: Harcourt Brace Jovanovich, Inc. Brynjolfsson, Erik and McAfee, Andrew (2011) “Race Against The Machine: How the Digital Revolution is Accelerating Innovation, Driving Productivity, and Irreversibly Transforming Employment and the Economy”, New York: W. W. Norton & Company. Cavallo, F Alberto (2017), “Are Online and Offline Prices Similar?
While it can contribute to the development of the economy by providing a stable, transparent and efficient monetary framework, we must not expect that it will be able to increase its long-term potential, or that it will succeed in energizing the economic machinery and forcing it to perform beyond its technical capacity. The new legislation now requires us to give an account of the management of our mandate to Parliament and the Federal Council. This obligation towards Parliament is new. It is the logical counterweight of our independence, an independence which has been guaranteed by the federal Constitution since 2000. We are free to choose - within the limits of the law - the means necessary to carry out our mandate; on the other hand, though, the country is entitled to expect us to be able to justify our actions. Lastly, the new Act grants us greater freedom in the choice of instruments to manage our monetary reserves. As you know, the National Bank has considerable monetary reserves. These reserves, which are a national asset, are essential for pursuing an independent monetary policy by reinforcing confidence in our currency. They are thus instrumental in ensuring its stability. It is crucial, however, that these reserves be managed effectively and with due regard to liquidity and security requirements. Over the next few weeks, we will define to what extent we wish to take advantage of the investment possibilities offered by the new Act. We will present our plans on this matter at our press conference on June 17.

In the European Union region, small enterprises are defined as those having 50 workers and an activity volume of 10 million Euros, while medium ones are those with 250 workers and an annual activity volume of 50 million Euros. In the kingdom of Saudi Arabia, the Saudi Industrial Development Fund adopts the criterion of the annual sales for defining small and medium enterprises whose annual sales do not exceed Rls 20 million for financing purposes according to “Kafallah” program. The World Bank has distributed a questionnaire to commercial banks to determine a definition for small and medium enterprises. The result of the questionnaire has showed that there is difference in banks’ definitions. However, it may be concluded that small enterprises are those with annual sales ranging from Rls 100 thousand to Rls 5 million and workers from 2 to 49. Medium enterprises are those with annual sales from Rls 5 million to 50 million and workers from 50 to 200. Dear audience, SMEs are characterized by many features including, simplicity of their establishment due to the low value of the capital needed for their foundation and operation, simplicity of their establishment procedures, and low cost of their establishment and administration because of the simplicity of their administrative structure. Moreover, SMEs are featured by the independent management by their owners who seek as much success as possible.
I strongly encourage all financial market participants - commercial and investment banks, domestic and foreign - to approach the issue of disclosure as users of financial statements rather than as issuers. Clearly, a full appreciation of risk cannot be achieved without  BIS Review 32/2000  4  sufficient information. What we need to know about each other to be comfortable and secure in making our credit decisions should drive the debate. While effective bank level management and meaningful market discipline are crucial elements of an overall strategy for promoting and preserving financial stability, neither can substitute for the critical role played by official supervision. While banks perform functions that are indispensable to the success of any market economy, these same functions, by their very nature, introduce risks that are capable of undermining the prospects for such success. This reality was acknowledged by Adam Smith over two centuries ago in his seminal tract The Wealth of Nations. It is with this fundamental reality in mind that governments have long recognized that banking and other financial institutions must be subject to some form of regulation and official oversight. The Gramm-Leach-Bliley supervisory framework The Gramm-Leach-Bliley Act presents major challenges to US supervisors. Under the terms of the Act, the Federal Reserve will continue to serve as the umbrella supervisor of all bank holding companies, including the newly authorized FHCs.

•  Another factor that may slow merger activity is that the strategic trend among the vast majority of bank holding companies in the United States has been toward specialization focusing on core businesses or a core customer base, which in turn determines the type of products and services offered. In past years, some criticism has been leveled at the industry for announcing mega-deals in what was perceived to be a response to peer pressure, rather than compelling economic reasons. I’d like to think that the disappointing post-acquisition results of some of these unions have taught the industry to think more strategically, and to weigh more carefully all the pros and cons of pursuing such transactions. Deciding what combination of traditional and new activities will best create long-term economic value for your customers and shareholders will be a leading challenge as you contemplate the future of your organizations. Challenges for supervisors The continuing evolution of the financial services industry and a newly modernized legal framework also pose significant challenges to supervisors. What are the objectives of supervision in the twentyfirst century? How can those objectives be best pursued? Let me say first of all that there is no easy, single answer to these questions. The modern financial marketplace is too dynamic, too complex.
Using the Mug’s methods as a basis, the Riksbank has made its own analysis of the effects of Basel III. This was partially presented in the Riksbank’s Financial Stability Report, which was published in November 2010. Long-term Economic Impact (LEI) has studied the long-term effects of the new regulations. LEI takes into account both the benefits and the costs of the new banking regulations. The report by LEI is called “An assessment of the long-term economic impact of stronger capital and liquidity requirements” and is available at www.bis.org. The Riksbank has also made its own analysis here, which will be published at some point during 2011. BIS central bankers’ speeches  11  requirements for the banks to better match their foreign exchange lending with the equivalent amount of borrowing. It became apparent during the crisis that the banks’ dependency on currencies other than the kronor was a problem that can be difficult to handle. If it becomes necessary to dampen lending to households, over and above the effect of the Riksbank’s repo-rate increases, one could introduce reserve requirements for such lending, or increase the capital requirements, or increase the risk weighting for mortgages. Furthermore, I believe we should consider whether a leverage ratio of three per cent is enough to curb excessive indebtedness, and what attitude we should take towards convertible debt instruments as a supplement above and beyond the other capital requirements. All of these alternatives are worth considering.

I intend to devote today’s speech to describing what the new regulations entail, explaining the effects we can expect them to have in Sweden and presenting my view of the regulations. This means that several parts of the speech will be rather technical, but a thorough review is necessary to clarify what the new regulations actually entail. 2 Before I begin I would like to point out that although there has been a great focus on drawing up regulations that promote a more stable financial sector it is important to remember that the sector must be effective so that it can continue to manage deposits, provide loans and conduct payments. Finding a good balance between stability and effectiveness is always an important task. In my view, we have managed to achieve this balance. Why we must develop Basel II Capital inadequate in terms of quantity and quality A basic problem with the current regulations is that they allow the banks to hold far too little risk-bearing capital, and in many cases capital that is of far too poor quality. According to the Basel II regulations the capital base consists of two parts: Tier 1 (or primary) capital and Tier 2 (or supplementary) capital. Together, these should correspond to at least eight per cent of the banks’ risk-weighted assets, of which Tier 1 capital must constitute at least four per cent.