samchain/econo-pairs-v2 huggingface dataset:
for vital issues regarding the agenda. i desire you all success with the materialization and accomplishment of your present and future projects and i conclude by wishing all the foreign guests at this conference a good stay in romania. i am now giving the floor to mr kurt puchinger, coordinator of the eu strategy for the danube region and chair of the first session, to start the conference. thank you. bis central bankers ’ speeches

national bank of romania, as they capture appropriately the opinions of the real sector on some key issues, such as : ( i ) the most pressing problems that firms are facing in their activity ; ( ii ) the investment needs and priorities ; ( iii ) challenges raised by climate change and energy efficiency. the survey shows that firms in romania have become less optimistic regarding investment conditions for the year ahead. while this is a worrying trend, we are rather positive that romania will be able to overcome the main problem identified, the energy costs, in the near future. i would add here that the government has implemented several measures in this respect, such as electricity and natural gas price capping schemes, the compensation of the price of motor fuel / liter and caps on the firewood price. also, we are aware that the war in ukraine and the related sanctions will continue to generate considerable uncertainties and risks to the outlook for economic activity, through possibly stronger effects on consumer purchasing power and confidence, as well as on firms'activity, profits and investment plans, with an unfavorable impact on financing costs. in this current juncture, the balanced macroeconomic policy mix and the implementation of structural reforms, including the use of eu funds to foster the growth potential over the long term, are essential in preserving a stable macroeconomic framework and strengthening the capacity of the romanian economy to withstand adverse developments. with respect to the national bank of romania's responsibilities, we aim to anchor inflation expectations over the medium term, to bring the annual inflation rate back towards the target, in a manner conducive to achieving sustainable economic growth. the annual cpi inflation rate is projected to follow a gradual downward path, but to remain slightly above the variation band of the target also next year. the prudential and financial position of the romanian banking sector - the main source of finance to the economy - is adequate. however, the risks are rising both locally and internationally. the total capital ratio remained adequate, above the eu average, but the capital reserve shrank once with the marking to market, because of the fast - paced interest rate rise. asset quality continued to improve, with the non - performing loan ratio falling to european levels and the npl coverage by provisions staying at significantly higher levels than the european average ; profitability increased. yet, romania's banking sector faces a number of vulnerabilities : ( i ) expectations on a higher risk of default on private sector loans amid worsening macroeconomic conditions, the uncertainty
up a very challenging policy agenda for the central bankers, regulators and legislators alike, and for the financial industry. let us approach it with an open mind for innovation and technology development, but at the same time mindful of financial stability and social inclusion. with these thoughts, i thank you for your attention and wish you an exciting and useful conference! 3 / 3 bis central bankers'speeches

mismeasurement of subprime mortgage risks which turned into a systemic problem. ii. macroprudential analysis : a policy - maker ’ s view [ slide 5 ] economic research has a key role in the design of better regulation. research can inform regulators in their search for the right balance between robustness and sophistication of regulatory rules. we also need high quality cost - benefit and impact analyses of regulation in order to assess the effects of regulation on financial institutions and markets, and, ultimately, on the real economy. a recent example of the use of network analysis is toivanen, m. ( 2015 ) : essays on credit contagion and shocks in banking. doctoral dissertation, university of vaasa. bis central bankers ’ speeches in addition to the traditional financial regulatory rules we should think of safeguarding financial stability with macroprudential policy more generally. in this more holistic approach the role of analysis and research is, if possible, even more important than in the design of the traditional microprudential regulatory rules. when talking about macroprudential policy, some observers have yet found it useful to make a distinction between it and regulation. paul tucker, for instance, defines macroprudential policy as “ dynamically adjusted financial regulation ”. given that definition, one could argue that a well - designed and stringently implemented financial regulation is the first line of defense against systemic risks. macroprudential policy – that is, the dynamic adjustment of regulation – is the important second line of defense. 3 high - quality analysis reduces the inaction bias [ slide 6 ] most economists and policy - makers seem to agree that the key objective of the macroprudential policy is to provide additional resilience to financial institutions and the financial system against cyclical and structural systemic risks and vulnerabilities. but that is not sufficient. we also need macroprudential policies that can effectively restrain an excessive build - up of leverage and growth in household and corporate borrowing and thus dampen the credit and financial cycles. in the euro area, this need is particularly acute, as the economic cycles are currently diverging across countries and as the key monetary policy rates will stay low for a prolonged period of time. to prevent or at least dampen potentially destructive financial booms, the authorities must be able to take early macroprudential actions. to do that, the role of reliable early warning indicators is critical. i welcome the strong emphasis of this conference on
of our central bank distribution scheme have grown in number to embrace the physical quality of notes in circulation and the denominational mix. the last of these – denominational mix – poses the biggest challenge, but in the uk i believe we now have evidence to support the business case for atm and retailer dispense of £5s. and, finally, i am sometimes asked why this matters to the bank of england? after all, i can assure you that in the current financial conditions we are not short of difficult challenges. the answer is simple. we should not forget that our job is to ensure that confidence in our currency is maintained – and crucial to that is satisfying the public ’ s demand for our notes.

##factory ". but the two clouds are moving towards us. so let us examine them. the outlook for the world economy has deteriorated markedly in recent months as a result of the sudden slowdown in the united states and signs of renewed stagnation in japan. the speed of the deterioration was a surprise, but not the fact of a slowdown. last year saw the fastest growth rate of the world economy for twelve years. growth in the us reached an annual rate of 6 % in the second quarter of last year, well above even optimistic estimates of sustainable growth rates. a slowdown was not only inevitable ; it was desirable. the main surprise in the us was the sharp and sudden break in both business and consumer confidence. us manufacturers'optimism is now almost as low as it was in 1991 - the last time the us economy experienced a recession. consumer confidence also fell sharply in january, driven by marked pessimism over the short - term future. quite why this break in confidence should have been so rapid is not easy to understand. and its origins will largely determine the nature of the us downturn. on the one hand, greater use of information technology to economise on inventories may have led to shorter lags between changes in final demand and changes in output. if so, then it is possible that the speed of the downturn will be matched by the speed of the recovery, leading to a short - lived episode of output growth close to zero as the result of an inventory correction. on the other hand, the slowdown could be much more protracted if the imbalances in the us economy which have built up in recent years start to unwind, leading to a reduction in spending as both households and businesses seek to reduce the amount of outstanding debt on their balance sheets. the key to the nature of the us downturn is what will happen to productivity growth. over the past five years there has been accumulating evidence that the application of information technology has raised productivity growth in the us economy - the " new economy ". expectations of higher productivity growth increased demand by more than it raised supply initially, as firms invested in new technology and households anticipated higher future incomes. as a result, spending grew rapidly, outstripping supply and large imbalances emerged. the current account deficit in the us is now close to 5 % of gdp, a post - war record. it is sustainable as long as foreigners are prepared to finance it. so far, the profitability of
by moving to sustainable solutions. these are tasks which remain work in progress, though progress that is now accelerating. in cushioning the impact of the loss of market confidence resulting from the crisis, the programme did no more and no less than was promised on the tin. the rest is up to us. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

. indeed, they are part of a wellfunctioning credit market. my suspicion – which remains to be confirmed or disproven – is that the macro prudential policy tools that we introduced have not had much direct effect on bank lending yet. indirect effects however, there are good reasons to believe that the new rules have had positive indirect effects on the market by reducing speculative demand. episodes of rapid house price increases have typically a speculative element. for instance, buyers may enter the market simply because they believe that prices will rise rapidly for some time so that capital gains can be reaped by entering the market. but speculation can also take the form of younger buyers naturally getting worried about the risk of delaying getting on the property ladder, and therefore entering the market early before prices rise too much. as these examples suggest, the demand for property today depends not only on current supply - demand conditions, in particular on the availability of credit, but also on buyers ’ expectations of future prices. of course, these in turn depend on, among other things, the availability of mortgage credit in the future. thus, if investors believe that credit will be abundant in the future, this will drive up prices today. the introduction of the macro prudential measures seems to have led buyers to realise that a repetition of the seemingly uncontrolled expansion of credit, including to borrowers that were not creditworthy, that played a central role in the last boom, will not be permitted to reoccur. with expectations of future prices being scaled back, the demand for housing is reduced now and prices grow more slowly. overall, the measures may have thus removed the speculative element. this is most evident in the moderation of future house price expectations which has occurred since the introduction of the measures, as reported in survey evidence. a 2015q2 survey carried out by daft. ie of 1, 000 property market participants shows that expected national and dublin house price growth ( for the year ahead ) has fallen significantly since the introduction of the new mortgage rules was first mooted. moreover, asked to identify factors underlying downward revisions to their house price forecasts, a large number cited the recent macro prudential measures. according to the findings of the cbi / scsi ’ s ( 2015q2 ) survey of individuals employed in the property market, while a majority of respondents expect residential property prices to increase over the next year and next three years, the percentage doing so has fallen in recent quarters,
lack the necessary support in form of finance and education. as i conclude, i wish all the teams that have been shortlisted tonight continued success in future. unfortunately, there can be only one winner of the overall award but each nominee is already a winner and should feel proud of their nomination and deserving of recognition and our congratulations. i hope that all of you whether you win the award or not will develop your businesses ideas into a reality in future. to the winners, i heartily congratulate you and urge you to make the best use of the k100 million prize. being the first winners of this competition also carries with it the responsibility for you to implement your business plan successfully and set a high standard for subsequent winners in the years to come. i thank you for your attention!

the likelihood of failure through a broad range of stronger regulation, including higher capital and liquidity standards, stress tests and recovery planning among other reforms. second, it is intended to minimize the externalities from failure by making it possible to resolve a large financial institution without taxpayer exposure and without uncontainable disruption. if these reforms achieve their purpose, in my view they would be preferable to a government - imposed break - up, which would likely involve arbitrary judgments, efficiency losses, and a difficult transition. see daniel k. tarullo ( 2012 ), “ industry structure and systemic risk regulation, ” speech delivered at the brookings institution conference on structuring the financial industry to enhance economic growth and stability, washington, d. c., december 4. see joseph p. hughes and loretta j. mester ( 2011 ), “ who said large banks don ’ t experience scale economies? evidence from a risk - return - driven cost function ( pdf ), ” working paper 11 – 27 ( philadelphia : federal reserve bank of philadelphia ) ; richard davies and belinda tracey ( 2012 ), “ too big to be efficient? the impact of implicit funding subsidies on scale economies in banking ( pdf ), ” bank of england, june ; david c. wheelock and paul w. wilson ( 2009 ), “ do large banks have lower costs? new estimates of returns to scale for u. s. banks, ” working paper series 2009 - 054e ( st. louis : federal reserve bank of st. louis, october ) ; andrew g. haldane ( 2012 ), “ on being the right size ( pdf ), ” speech delivered at the institute of economic affairs ’ 22nd annual series, the beesley lectures, london, october 25. see dean baker ( 2010 ), “ why we must break up the banks, ” the guardian, april 7 ; and bruno j. navarro ( 2012 ), “ neil barofsky : breaking up big banks ‘ necessary ’ ( http : / / www. cnbc. com / id / 48328948 / neil _ barofsky _ breaking _ up _ big _ banks _ lsquonecessaryrsquo ), ” cnbc, july 25 ( accessed september 11, 2012 ). see also, richard w. fisher ( 2013 ), “ ending ‘ too big to fail ’ : a proposal for reform before it ’ s too late ( with reference to patrick henry, complexity and reality ), ”
zeti akhtar aziz : the international centre for education in islamic finance governor's luncheon address by dr zeti akhtar aziz, governor of the central bank of malaysia, at the launching of the international centre for education in islamic finance ( inceif ), kuala lumpur, 23 march 2006. * * * it is my great pleasure and honour to welcome you to this luncheon in conjunction with the meeting of the 1440 hijrah vision commission of the islamic development bank ( idb ) and the launch of the vision document that has taken place this morning for the transformation of the islamic development bank to become the premier catalyst for greater shared prosperity and development among the ummah. we are most honoured today by the presence of yang amat berhormat dato seri abdullah ahmad badawi. i would like to take this opportunity to congratulate the idb for the successful launch of the idb 1440 hijrah vision. the vision document would serve as an important blue print for the transformation of the idb into a dynamic development bank that will contribute to the " comprehensive human development ", and thereby achieving prosperity for the ummah. we are also honoured today by the presence of his excellency tun dr. mahathir bin mohamad, chairman of the commission, and his excellency dr. ahmad mohamed ali, president of the islamic development bank group. today, we are also taking the opportunity of this very auspicious occasion, with the grace of allah, to lay the foundations for another initiative, the launch of the international centre for education in islamic finance, inceif. the islamic banking and financial services industry has experienced profound growth in this recent decade. this growth is expected to accelerate further global expansion in demand for shariahcompliant financial products and services intensify. to sustain and support the future growth of the industry, an important prerequisite is the development of the talent and expertise that is needed to drive innovation and to raise the performance of the industry to greater heights. the establishment of the international centre for education in islamic finance ( inceif ) represents an investment in human capital to support the global development of the islamic financial services industry. human intellectual capital plays a pivotal role in driving the performance and market competitiveness of the industry. going forward, it will be the defining factor. the fast pace of innovation in global financial services in general and in the islamic financial services sector in particular, will

. on that note, i wish you highly productive and fruitful discussions over the next two days. 4 / 4 bis central bankers'speeches
your participation here today, and the wealth of pertinent information to be contributed by the panelists and others, are very much appreciated.

graeme wheeler : some thoughts on the inflation outlook and monetary policy speech by mr graeme wheeler, governor of the reserve bank of new zealand, to exportnz, tauranga, 29 july 2015. * * * introduction i would like to discuss new zealand ’ s recent inflation outcomes, the main factors accounting for them, and the outlook for monetary policy in ensuring that future average inflation over the medium term is near the 2 percent midpoint of the target band. since the former issues have been covered extensively in our recent monetary policy statements, speeches and analytical papers, the main focus will be on our current policy thinking. 1 new zealand is far from alone in experiencing low inflation. across the 30 or so economies ( mainly advanced economies ) whose central banks pursue inflation targeting, headline and underlying inflation have commonly been below specified goals. there are several reasons for this : the level of excess capacity in product and factor markets in several economies remains high ; wage outcomes have been subdued, even in countries with low unemployment ; measures of inflation expectations have declined ; and many commodity prices are appreciably lower than a year ago. in most advanced economies, policy interest rates are at historic lows. in four advanced economies, they are negative 2. recent inflation performance over the past two years annual cpi inflation in new zealand has been in the lower half of the 1 to 3 percent target band, except for the period since the december quarter 2014, when the fall in oil prices brought cpi inflation to very low levels. low headline inflation during this period has been primarily due to negative inflation in the tradables sector ( figure 1 ), which accounts for around half of the cpi regime. figure 1 : contribution to headline cpi inflation ( annual, deviation from 1992q1 to 2015q2 average ) source : statistics new zealand, rbnz estimates see, for example, mcdermott ( 2015 ), ‘ the dragon slain? near - zero inflation in new zealand ’, speech on 23 april 2015, and richardson ( 2015 ), ‘ can global economic conditions explain low new zealand inflation? ’, analytical note 2015 / 3. this treats the euro area as one economy. if each economy were treated individually, 22 economies would have negative policy rates. bis central bankers ’ speeches annual cpi inflation is currently 1. 7 percentage points below the mid - point of the target range and 2. 1 percentage points below its long - term average. of the latter, 1. 6 percentage points are accounted for by below - average tradables inflation
in the face of the financial crisis and our strategic plans on the way back to normalisation on several occasions in the past few months. on the ecb ’ s approach to the crisis, see for example my keynote address at the university of munich, “ the ecb ’ s enhanced credit support, ” munich, 13 july 2009. on the phasing out, see my speech entitled “ the ecb ’ s exit strategy, ” at the ecb watchers conference, frankfurt, 4 september 2009. on their primary objectives and thereby make their own best contribution to growth and wellbeing. thank you very much for your kind attention.

further room for unwarranted discretionary decisions. it is also of crucial importance that the economic governance reform is fully implemented as soon as possible and without any transition period. economic governance is not only about preventing crisis, but also about creating conditions for economic growth. here the second strand of the economic governance package – the euro plus pact – is important to give renewed impetus to structural reforms and support the ambitious targets of the europe 2020 strategy. on current projections, economic growth in both the eu and euro area is expected to be weak over the next decade, in a large part due to disappointing productivity growth. faced with ongoing debt sustainability challenges and future age - related expenditures, europe needs to do more to reverse this trend. elevating the growth potential of the euro area through structural reforms is therefore essential. reinforcing economic governance and elevating economic growth cannot exclude the possibility of crises. we would all agree that, even with the best fire - proof materials and state - of - the - art alarms, it is still prudent to employ a fire service. thus the third part of the package – the creation of the esm – is appropriate. however, it should be underscored that the esm is for the last resort. its purpose is to provide temporary bridge funding to solvent but temporarily illiquid countries in financial difficulties, with the aim to create breathing space to implement a deep adjustment programme to correct imbalances and regain market access. any financing under the esm needs to be subject to very strong policy conditionality and, in general, should be designed such as to avoid moral hazard. if implemented in a comprehensive and ambitious manner, the overall governance package will ensure competitiveness in the euro area, strengthen its growth potential and contribute to prevent future crises. however, within this package the first priority is prevention and correction of fiscal and macroeconomic imbalances, as this provides the pre - conditions for sustainable growth and financial stability in the euro area as a whole. the ecb hopes that policymakers seize this opportunity to place the euro area and its citizens on a prosperous and stable path. bis central bankers ’ speeches