samchain/econo-pairs-v1 huggingface dataset:
4 For the various New York Fed Open Market Desk statements on the expansion of repo operations during March  2020, see Repo and Reverse Repo Operations. FOMC statements regarding asset purchases at this time include: Board of Governors of the Federal Reserve System, Federal Reserve Issues FOMC Statement, March 15, 2020; Board of Governors of the Federal Reserve System, Federal Reserve Issues FOMC Statement, March 23, 2020; and Board of Governors of the Federal Reserve System, Federal Reserve Announces Extensive New Measures to Support the Economy, March 23, 2020. The improvement in Treasury market functioning following these actions is discussed in Michael Fleming, Treasury Market Liquidity and the Federal Reserve during the COVID-19 Pandemic, Federal Reserve Bank of New York Liberty Street Economics, May 29, 2020. In the March 23 statements, the FOMC also announced it would start to purchase agency commercial mortgage-backed securities (CMBS) to smooth market functioning in that market that helps to finance multi-family housing. For more on the deterioration of CMBS market functioning, the Fed purchases and their impact on the CMBS market during this period, see Woojung Park, Julia Gouny, and Haoyang Liu, Federal Reserve Agency CMBS Purchases, Federal Reserve Bank of New York Liberty Street Economics, July 16, 2020. 5  A listing of the new facilities with links to additional information for each facility can be found at the Board of Governors of the Federal Reserve System website at www.federalreserve.gov/monetarypolicy/policytools.htm.

6 The effects of the Federal Reserve’s actions in establishing these facilities on credit markets are discussed in  Nina Boyarchenko, Richard Crump, and Anna Kovner, The Commercial Paper Funding Facility, Federal Reserve Bank of New York Liberty Street Economics, May 15, 2020 ; Antoine Martin and Susan McLaughlin, The Primary Dealer Credit Facility, Federal Reserve Bank of New York Liberty Street Economics, May 19, 2020; Nina Boyarchenko, Richard Crump, Anna Kovner, Or Shachar, and Peter Van Tassel, The Primary and Secondary Market Corporate Credit Facilities, Federal Reserve Bank of New York Liberty Street Economics, May 26, 2020; and Marco Cipriani, Andrew Haughwout, Ben Hyman, Anna Kovner, Gabriele La Spada, Matthew Lieber, and Shawn Nee, Municipal Debt Markets and the COVID-19 Pandemic, Federal Reserve Bank of New York Liberty 3/4  BIS central bankers' speeches  Street Economics, June 29, 2020. 7  Jerome H. Powell, Current Economic Issues, Speech at the Peterson Institute for International Economics, Washington, D.C. (via webcast) (May 13, 2020). 4/4  BIS central bankers' speeches
It also takes into account Malaysia’s aspirations to become a high valueadded, high income economy. Within the global economic landscape, emerging economies will assume a more significant role. While emerging economies will continue to be affected by global developments, most are able to demonstrate resilience and are expected to remain on a growth trajectory. By 2030, emerging economies are projected to account for 60% of total world output, from the current 40%. At the same time, the economies and financial markets in the global economy and international financial system have become more interconnected as a result of greater crossborder trade and financial flows. The continued development and deepening of our financial markets and increased financial liberalisation in emerging economies will reinforce this trend towards greater interconnectivity. More recently, the financial sector has been the target of a renewed focus and priority by the international community. Wide ranging financial reform measures have been introduced in the aftermath of the global financial crisis to address the weaknesses that have surfaced during the crisis. Several changes are also transforming the domestic environment. New domestic sources of growth, the greater role of the private sector in the economy, demographic changes, rising incomes and a growing middle class, and the accelerated pace of urbanisation cumulatively will significantly change the demands on the financial sector.

Zeti Akhtar Aziz: Strengthening our future Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the launch of the Financial Sector Blueprint at Sasana Kijang “Strengthening Our Future”, Kuala Lumpur, 21 December 2011. *  *  *  It is my great honour to welcome you to Sasana Kijang for the launch of Bank Negara Malaysia’s Financial Sector Blueprint. On behalf of Bank Negara Malaysia and the financial services industry, Yang Amat Berhormat Dato’ Sri, I wish to express our appreciation to you for your presence here this afternoon to launch the Financial Sector Blueprint. This Blueprint marks a new phase in the development of the financial system. It focuses on new areas that will strengthen the competitiveness and efficiency of the financial sector and its potential role in facilitating our ongoing economic transformation and greater regional economic and financial integration and thus to enhance Malaysia’s long term economic growth potential. The Blueprint themed “Strengthening Our Future” builds on and reinforces the solid foundations that has been achieved in this decade. Malaysia has benefited from a well developed, more competitive and well regulated financial system. The financial system emerged from the global financial crisis strong and resilient, and has continued to support our domestic economy even during these most challenging of times. The recommendations in the Blueprint has taken into account the expected changes in the international and domestic environment and its consequent demands on the financial system in this next decade.
Helping to develop deep and liquid euro markets is arguably the main contribution that we in the UK can make to the success of the euro from the 'outside'. And in this sense, the UK has been making a positive and constructive contribution. Deep and liquid euro markets have become well established in London. They have replaced the previous, more segmented, markets in the old national currencies (like the Deutsche mark and the French franc). As a result, the European Union has begun to achieve one of its objectives in introducing a single currency in place of the old national currencies. The City is pioneering the changes in the euro markets The volatility in the euro exchange rate has diverted attention from the structural changes taking place in the euro markets. Yet these changes are of fundamental importance. They will affect all businesses using the euro - Japanese businesses as much as UK and euro area businesses. I would like briefly to mention five of these structural changes. It is of course important to recognise, as I do so, that while the euro has been the catalyst for these changes it is not the only cause. But in each case, the City of London has been playing a leading role as a centre of innovation and excellence. The first change is the growth of euro issuance - particularly in the private sector, as the financing needs of euro-area governments are limited by fiscal discipline and special influences, such as the proceeds of mobile phone auctions.

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, 12 January 2012. *  *  *  Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. Let me wish you all a Happy New Year. We will now report on the outcome of today’s meeting of the Governing Council. Based on its regular economic and monetary analyses, the Governing Council decided today to keep the key ECB interest rates unchanged, following the 25 basis point decreases on 3 November and 8 December 2011. The information that has become available since early December broadly confirms our previous assessment. Inflation is likely to stay above 2% for several months to come, before declining to below 2%. At the same time, the underlying pace of monetary expansion remains moderate. As expected, ongoing financial market tensions continue to dampen economic activity in the euro area, while, according to some recent survey indicators, there are tentative signs of a stabilisation in activity at low levels. The economic outlook remains subject to high uncertainty and substantial downside risks. In such an environment, cost, wage and price pressures in the euro area should remain modest and inflation rates should develop in line with price stability over the policy-relevant horizon.
It also uses as a working assumption that nominal wages will be adjusted in line with productivity and the inflation target. The baseline scenario also uses as a methodological assumption that the MPR will follow a path comparable to that that can be inferred from the prices of financial assets outstanding at the statistical closing of this Monetary Policy Report (figure 8). The baseline scenario reflects the events that are believed to be more likely to occur with the information at hand at the closing of this Report. However, there are risk scenarios which, if materialized, may reshape the macroeconomic outlook and thus the course of monetary policy. This time, having evaluated the alternative scenarios, the Board believes that the risk balance for both output and inflation, is unbiased. Internationally, the biggest risk continues to be linked to the Chinese economy and its financial system. This risk has significant impact, considering China’s weight in the commodities market, copper included, and its importance in world trade. Besides, one cannot rule out the vulnerabilities in other emerging economies resulting in new episodes of volatility. The risks relating with the United States withdrawing its monetary stimulus programs and the Eurozone’s macro-financial situation have diminished, but are still capable of widening the fluctuations in the global financial markets. In particular, the current context of lower sovereign premiums could trigger a sharper reversal. Still, the improved performance of the U.S. economy would also mean a stronger impulse from abroad. Locally, the main risk has to do with the short-term inflation outlook.

I am sure that in the period ahead, we will raise the level of transparency, by promoting the way, the form and the channels of communication, and we will always make sure that we are socially responsible institution whose communication with the media representatives will be at the highest professional level and will be an example for others. I believe that we will succeed in this by mutual correctness, respect and professionalism. I wish you a pleasant, successful and fruitful workshop. 3/3  BIS central bankers' speeches
This emphasis on macro-economic stability - and sustainability - has served to focus attention increasingly on the supply-side of our economies - on structural reform and supply-side flexibility - as the key to raising the underlying rate of growth which our economies can maintain. And that is the second general trend I'd like to touch upon. It has meant increasing reliance upon free markets - again both nationally and internationally - to allocate productive resources to where they can most effectively contribute to meeting demand. The collapse of communism is a dramatic example, but the promotion of free trade through the WTO and of the free movement of capital through the IMF, or the spread of privatisation and deregulation all around the world, not least in financial markets, can all be seen as aspects of essentially the same thing. This emphasis on free markets cannot mean "anything goes". Public policy concerns, of course, remain; and we need to have rules to ensure that competition is fair as well as free. But it does mean less centralised, bureaucratic, intervention telling people what they may or may not do, leaving them much greater freedom to do what they choose provided they meet the necessary nationally or internationally agreed standards. The resulting intensification of competition can, of course, be uncomfortable for existing producers - and can lead to protectionist pressures at the micro-economic or even the national level - so we still have a long way to go.

Households are to a greater extent choosing electronic means of payment instead of cash, and there are increasing requirements that payments should be made easier and should reach the recipient faster. This development also means that the Riksbank's role in the payment market is changing. As the use of cash has declined, the Riksbank is wondering whether it is desirable and possible to issue electronic central bank money to the general public, so-called e-krona. But today I don't intend to discuss the e-krona. Instead I would like to focus on the role of the Riksbank in the payment infrastructure that  * I am grateful to Martin W Johansson who has helped me prepare this text. Thanks also to Anders Vredin and  Marianne Sterner for valuable comments. 1 A payment infrastructure can quite simply be said to consist of two parts; the technical platform (hardware, software and other technical components) required to execute a payment, and the regulatory framework and corporate form. 1 [8]  banks and other financial institutions use to pay one another. This infrastructure is used in the background when most of the payments in Sweden are executed, or settled, as it is also called. Central banks play an important role in enabling households and companies to make payments to one another by using financial institutions as an intermediary. The Riksbank functions as a hub and supplies a payment system with accounts where financial institutions can hold money (“central bank money”).
Such spending is already equivalent to 47% of GDP. The same applies to taxation, which stands at 36% of GDP. The only way forward is to pursue the medium-term objective of a balanced budget over the business cycle by reducing recurrent expenditure, by redistributing the resources available and by making the most efficient use possible of both domestic and EU funds. An additional advantage of lower spending commitments is that this would make further tax cuts possible that would, in turn, stimulate private initiative and investment. The course of action I am suggesting, therefore, would bring the country’s spending priorities more closely into line with its Lisbon Strategy goals. If Malta is to move up the value chain, it must acknowledge global realities. It is clear, for example, that there are increasing rewards from innovation; and that ICT has become a major driver of economic growth. A growing proportion of world manufactured products, moreover, are in the high-tech category, 28% in 2000, double the percentage twenty years earlier; and knowledge intensive services are the largest source of employment growth in the EU15, with over 7 million new jobs created between 1997 and 2002 2 . These trends should leave us in no doubt as to the direction in which the wind is blowing.

For example, the labour participation rate is still low at 58% compared with an EU average of 70%; and the Maltese will have worked seven fewer days this year than the Dutch, who work longest, and three days fewer than the EU average, despite the abolition of the practice of compensation for a holiday that falls on the weekend. Since independence, moreover, successive governments have bequeathed a legacy of welfare schemes and free public services that have not only distorted incentives and encouraged waste and abuse, but are also largely unsustainable. It is no wonder, therefore, that the Government absorbs almost half of the GDP, the tenth highest percentage in the EU. The concept of value for money, moreover, does not always prevail in public sector procurement 1 . Let me mention just two examples of resource misallocation. The first is the absence of fees for government-supplied health care. One can, for example, obtain expensive medicines or have a heart by-pass operation for free, regardless of one’s capacity to pay. Not surprisingly, the budgetary allocation for medicines and surgical materials alone is forecast to increase by 13% next year to Lm21.5 million. The sustainability of the public health system is imperiled by the very manner in which it is financed. Sooner or later, the ability to provide free services to those who truly deserve them will itself come under threat.
At the moment we have managed to make use only over half of these funds. It is quite another matter HOW to use the inflowing money IN A SENSIBLE WAY. •  Estonia hopes to be successful in Europe like many other small countries, e.g. Finland and Ireland. However, this does not mean that copying the solutions and development approaches of these countries would necessarily guarantee success. For example, it would undoubtedly be of great use to learn about the experience of Finland's SITRA, Ireland's Forfas and ICSTI, and other similar state-owned structures designed to promote modern knowledge, product development, and manufacturing. But Estonia has to face the fact that the majority of the projects successfully launched with SITRA's co-financing are related to innovations that have received an additional quality guarantee - a patent or a useful model certificate - considered essential by venture capital investors. According to the Estonian Patent Office, considering the number of globally innovative products per 100,000 inhabitants and the products' patents, Estonia is lagging behind the EU member states up to 50 times - in Finland an average of 40-50 patent applications per 100,000 inhabitants are submitted per annum; in Ireland the respective figure is 30, and in Estonia less than one. Naturally, this is just a single indicator among many others and other factors should be taken into account, but still...  •  Maybe this is where we should start? It is quite obvious that Estonians have no other way of achieving success than using their knowledge and skills.

•  In conclusion we can say that Estonia has been quite successful so far. For a successful future, we should first realise how far Estonia has progressed. Then we can decide where Estonia wants to be headed. When we know what we want to achieve in the future, we have to answer another, often an unpleasant question: how, through which measures, and at what price can we achieve the desired result? And then there is nothing more to it but to embark on taking purposeful action... It is as easy as that. Or is it? •  It is a fact that as Estonia is evolving into a ‘boring and stable European country’, our society is supporting change for the sake of itself less and less. Stability, keeping one's word, and honouring contracts concluded either directy or indirectly is becoming an increasingly highly regarded value in the Estonian society. •  As Governor of Eesti Pank I would hereby like to recall that if anyone in Estonia has the right - and obligation - to stress the importance of stability, it is the central bank. Some very successful examples illustrating the fact that stability is held in high regard are the Estonian kroon that has held out splendidly for twelve years and the Estonian monetary system that has not been ‘copied from Europe’ but has been structured bearing in mind our specific situation.
One man’s hyperbolic preferences are another’s policy time-inconsistencies. For example, when setting monetary policy, there may be a desire to go for growth today at the expense of inflation tomorrow – to seek the drugs rather than gas and air option. Because people over time build that behaviour into their expectations, the result may be a permanent upwards inflation bias, the like of which blighted many advanced economies in the 1970s (Barro and Gordon (1983)). Over the past 30 years, practical solutions have been sought to this monetary policy myopia problem. Interestingly, these solutions have often been explicitly institutional. Over that period, monetary policy in a great many countries has been placed in the hands of central banks operating arms-length from government, but with an inflation mandate set by government. The reasons for doing so should be readily familiar from the earlier literature on institutional economics. Central banks have institutional memory, embedding past knowledge of the costs of inflationary excess. For example, the Bundesbank’s inflation-aversion is deeply rooted in Germany’s hyperinflationary past. This memory of the past is crucial for preserving the value of money in the future. So too is operational independence from government. This helps provide the patience necessary to safeguard future stability in the value of money – for example, through an inflation target. It leans against the St Augustinian tendency to dash for growth today at the expense of inflation tomorrow.

Macro-prudential policy protects the financial system from itself and the wider economy from its consequences. The FPC’s actions to date have been completely consistent with those objectives. For example, it has called for UK banks to increase their capital levels to safeguard their future resiliance. It has also relaxed liquid assets requirements for UK banks to support future growth. Through these actions, the FPC has sought to protect the financial system from itself and the wider economy from its consequences. In future, the FPC will have at its disposal a Countercyclical Capital Buffer (CCB) and Sectoral Capital Requirements (SCR). These are designed explicitly to lean against financial cycles. Like monetary policy, they operate symmetrically to constrain credit booms and cushion busts. They help safeguard today’s younger generation from the impatient grasp of their parents and grandparents, to avoid the ultimate deceit. The FPC can also invest in financial public goods – for example, new financial infrastructure to support resilience. In the past, central banks helped build market infrastructures such as payment, clearing and settlement systems to support resilience. Like lampposts and  4  8  The Financial Conduct Authority (FCA) is the third point of the regulatory triangle of the UK. It has responsibility, among other things, for consumer protection. BIS central bankers’ speeches  language, these are classic public goods. In future, the FPC may wish to help build other types of market infrastructure – for example, securitisation markets – to help create a more diverse financial system.