samchain/econo-pairs-v2 huggingface dataset:
these are a vital part of this monetary policy review, so i want to thank you, again, for your time and your contribution. once the policy review is complete, we will share our findings with the public, probably during the first half of next year. and now i look forward to our discussion. 2 / 2 bis central bankers'speeches

savenaca narube : credit unions in fiji keynote address by mr savenaca narube, governor of the reserve bank of fiji, at the pacific credit union technical congress, nadi, 30 september 2008. * * * introduction mr raduva, president of the fiji savings & credit union league mr brian branch, the chief operations officer and vice - president of the world council of credit unions mr peter mason, the chief executive officer of the credit union federation of australia delegates ladies and gentlemen good morning! a special bula vinaka to our visitors and welcome to fiji. i am told that there are 11 countries and 17 credit unions participating in this congress. i think that the world council of credit unions ( woccu ) and the credit union foundation of australia ( cufa ) has made an excellent choice to bring this important congress to the pacific and in particular to fiji. it is a pleasure to be your host. we hope that you will enjoy the warm fijian hospitality. before i proceed any further, i would like to make a few confessions. first, i do not know too much about credit unions. second, i have not been a member of a credit union. third, we in the reserve bank of fiji do not supervise credit unions. so, we do not have data on the operations of credit union in fiji. therefore, please excuse me if i say things that may be obvious to many of you or more seriously say something incorrect about your operations. global financial turbulence let me start at the global level. three months ago virtually everyone including myself were unanimous that the worst of the sub prime crisis was over. there was a general understanding that the global financial system will recover but it will take some time. how terribly wrong we all were! as we have seen, the events of the last few weeks took the global financial system to the brink of a major disaster of a magnitude that we had never seen before. historically strong institutions that we thought were safe are falling over. this brings home three issues – transparency, liquidity and regulation. first, transparency. the risks of financial instruments need to be more transparent. safety now needs to be redefined. we cannot rely on the traditional measurement of safety. they are clearly inadequate. there are serious risks in investments that are not fully disclosed. they are hidden below the balance sheet and even if there were above the line, the valuation of the securities that back then up are not clear and therefore difficult to value. we cannot
achieve and even exceed it because this country has scores of women with untapped potential. this exhibition gives us an opportunity to identify this potential and encourage our women to stand up, and be counted and contribute to the development of this country. in this regard, the bank of zambia and the financial service providers under its regulation and supervision are pleased to be part of the celebrations for international women ’ s day 2008 distinguished ladies and gentlemen, our country has made great economic strides in the past few years. we have had positive economic growth averaging 5 % in the last five years. the macroeconomic environment has stabilised with the achievement of single digit inflation as well as reduced interest rates. in addition we have seen increased investments in the mining and other productive sectors. this improved environment presents great opportunities for our country for both men and women. as you all know, women have from time immemorial taken centre stage in the running of small and medium enterprises ranging from agriculture, mining, and tourism, to manufacturing as well as cross border trading. all these economic activities need financing in order to grow and contribute to our country ’ s gross domestic product. ladies and gentlemen, this brings me to the theme of international women ’ s day for this year and that is “ financing for gender equality ”. at the international level, commitments have been made on financing for gender equality and the empowerment of women by governments all over the world. a large number of governments have taken initiatives to integrate gender perspectives into their national budgets in order to reflect the differentiated needs of women and men. at a national level, zambia is committed to financing for gender equality. the theme for the 2008 national budget is “ unlocking resources for economic empowerment and wealth creation ”. i believe the economic empowerment is for both men and women. furthermore, in order to achieve our vision to be a prosperous middle income country by 2030, both women and men must be empowered equally. women must not be left behind in the drive to this vision. i recognize the creation of the ministry of gender and women in development, as a deliberate effort by the government to ensure that the needs of women are addressed. let me also take this opportunity to appreciate the efforts by our cooperating partners in the financing of activities promoting gender equality. this is evident by the number of non governmental organizations looking at women ’ s issues, some of whom are represented here today. ladies and gentlemen, when we talk about financing, we must focus on the institutions through which most of this financing

, through the acting managing director, mr bairstow for inviting me to witness the official opening of this agency. i thank you.
these sectors enjoying openness to private participation not seen in generations. the mexican economy ’ s current upturn is consolidating in a context of solidifying u. s. growth. market volatility, however, may continue to pose short - term challenges. the expected convergence of inflation to the 3 percent permanent target should contribute to the strong fundamentals needed for the country to face a potentially more difficult financial environment ahead. bis central bankers ’ speeches

david dodge : monetary policy developments in canada opening statement by mr david dodge, governor of the bank of canada, to the senate banking, trade and commerce committee, otttawa, 30 april 2003. * * * good afternoon, mr. chairman, members of the committee. i would like to start by saying how much we appreciate the opportunity to meet with you following the release of the bank ’ s semi - annual monetary policy report. it ’ s important for us to be able to explain our views on the economy and on inflation. i ’ d like to spend a few minutes summarizing the key points of our most recent report, which we released last week. but first, i ’ d like to introduce my colleagues — deputy governors chuck freedman and pierre duguay. chuck will retire in september, after almost 30 years at the bank. his leadership in the areas of monetary policy, financial institutions, and canada ’ s clearing and settlement systems has been invaluable. we will all miss his expertise, his enthusiasm, and his keen wit and intellect. the last time i testified before this committee was in the spring of 2002, because we were unable to arrange our regular meeting last fall. you will recall that following the 11 september 2001 terrorist attacks in the united states, we quickly and aggressively cut our policy interest rate to shore up confidence and support domestic demand. by last spring, evidence had already started to build that demand was growing faster than the economy ’ s production capacity. monetary policy actions must always be forward looking. so, even though demand pressures were not yet showing up in prices, we raised our key policy rate three times between april and july 2002. by the autumn, inflation was on the rise. but we refrained from raising interest rates because of geopolitical and financial uncertainties, high yield spreads and restricted access to funding for riskier corporate borrowers, as well as the expectation of weaker foreign demand for canadian goods. since then, inflation has been above the 2 per cent target midpoint. the total cpi inflation rate peaked at 4. 6 per cent in february, falling back somewhat to 4. 3 per cent in march. the jump in inflation reflected the sharp rise in oil and natural gas prices, increases in insurance premiums, and strong domestic demand that had led to price pressures in certain sectors, such as shelter and some services. in this environment, certain indicators of short - term inflation expectations have edged up — although longer - term expectations remain around 2
any time, should market conditions warrant it. a similar argument applies to provincial government bond markets, which are seeing significant strains — hence our decision to supplement our program to buy provincial money market securities by also buying up to $ 50 billion in provincial bonds. governing council also noted that the corporate bond market continues to show signs of stress, although our program to purchase commercial paper has helped. governing council reasoned that the bank ’ s presence in the secondary corporate bond market would ease some of these strains and announced a $ 10 billion purchase program aimed at high - quality corporate borrowers. in addition, canada ’ s major banks face relatively high longer - term funding costs in the corporate bond market, a factor that is leading to upward pressure on some longer - term mortgage rates, despite the 150 - basis - point drop in our policy rate. for this reason, governing council decided to lengthen the term of its weekly repo operations to allow for funding for up to 24 months. this should lead to improved funding conditions for the major banks and therefore help companies and households benefit more from monetary stimulus. the bank has so far accumulated over $ 200 billion of new assets — amounting to about 10 percent of canada ’ s gdp in liquidity support for the economy — and the bank ’ s balance sheet has expanded by about this amount as a consequence. this is natural at a time when financial market participants and firms seek to increase their levels of liquidity because it is the central bank ’ s job to fulfill those needs. if we failed to do our job, increased liquidity demands could instead lead to a contraction of credit availability, with obvious consequences for individuals and the economy. when financial tensions ease as the pandemic runs its course, these extra liquidity demands will dissipate, and the bank ’ s balance sheet expansion can reverse over time. the bank stands ready to augment the scale of any of its programs should market conditions warrant it. governing council agreed that the combination of aggressive fiscal action and monetary stimulus will create the best possible foundation for the recovery period. before concluding, let me point out that this mpr is unique in one other respect. this is the 25th anniversary of the first mpr, published under governor gordon thiessen ’ s leadership in may 1995. we have marked this event by using the same front page as 25 years ago. ironically, i was one of the architects of that first mpr, and today ’ s will be my last. i wish the circumstances were more favourable

. with that, senior deputy governor wilkins and i will now be happy to take your questions. 2 / 2 bis central bankers'speeches
a long way towards taking these concerns into account. however, monetary policy is not necessarily the most appropriate instrument to deal with credit or asset price imbalances. the use of macroprudential instruments targeted on the sources of financial exuberance may be more appropriate. the new european supervisory authorities can make an important contribution in this respect. let me just remark here that the ecb plays an important role in the european systemic risk board ( esrb ), to which it provides logistical, analytical and administrative support. an appropriate management of the interaction between macroprudential and monetary policy authorities will be crucial to success. the institutional arrangement adopted in europe appears well - suited to address any problem that may arise from the management of monetary policy and new macroprudential tools. it will certainly be important for there to be dialogue between the two bodies on policy issues that can affect systemic risk. °°° finally, let me mention the challenges to the construction of europe itself. the sovereign debt crisis is a real test of the solidity of european institutions and of the political will in europe to do whatever is needed to ensure the achievement of economic and monetary integration. the european surveillance of national budgetary policies proved to be inadequate. for a long time exceptionally favourable financing conditions have concealed the differences between member countries ’ underlying conditions and economic policies and the absence of really binding common rules. the global crisis has accentuated investors ’ perception of risk and revealed weaknesses in the architecture of the union. the exceptional response of national governments and european authorities limited the risk of contagion and safeguarded the area ’ s financial stability. the financial support granted to the countries in greatest difficulty allows them to proceed with adjustment sheltered from market volatility. it is not a fiscal transfer between countries and it is subject to stringent conditions. there are no shortcuts available : the response to the debt crisis lies first and foremost in national policies, in the complete implementation of the adjustment plans that have been agreed. solidarity among the member countries in the union must be matched by a sense of responsibility and compliance with the rules. looking ahead, i believe that the steps that have already been taken to tackle the weaknesses of the european architecture are important. the proposals of the eu commission and the council reinforce surveillance over budgetary policies. they can be made more ambitious by making procedures more automatic so as to shield them from the arbitrary nature of political negotiations. the european parliament is having an important influence in this regard. the extension of rules similar

vol. 14 ( 3 ), pp. 21 - 36. 5 / 5 bis - central bankers'speeches
alan greenspan : mortgage banking remarks by mr alan greenspan, chairman of the board of governors of the us federal reserve system, to the american bankers association annual convention, palm desert, california ( via satellite ), 26 september 2005. * * * in the weeks and months ahead, the federal reserve will continue to closely follow the consequences of the recent devastating events in the gulf coast region in order to assess their implications for our economy. however, we are well aware that the broader economic impact is only a part of the human misery left in the wake of these events. in my remarks today, i plan, in addition, to focus on one of the key factors driving the u. s. economy in recent years : the sharp rise in housing valuations and the associated build - up in mortgage debt. over the past decade, the market value of the stock of owner - occupied homes1 has risen annually by approximately 9 percent on average, from $ 8 trillion at the end of 1995 to $ 18 trillion at the end of june of this year. home mortgage debt linked to these structures has risen at a somewhat faster rate. this enormous increase in housing values and mortgage debt has been spurred by the decline in mortgage interest rates, which remain historically low. indeed, the thirty - year fixedrate mortgage, currently around 5 - 3 / 4 percent, is about 1 / 2 percentage point below its level of late spring 2004, just before the federal open market committee ( fomc ) embarked on the current cycle of policy tightening. this decline in mortgage rates and other long - term interest rates in the context of a concurrent rise in the federal funds rate is without precedent in recent u. s. experience. some of the decade - long decline can be ascribed to expectations of lower inflation, a reduced risk premium resulting from less inflation volatility, and a smaller real term premium that seems to be due to a moderation of the business cycle over the past few decades. besides these factors, the worldwide trend reduction in long - term yields presumably reflects an excess of intended saving over intended investment. since the mid - 1990s, worldwide saving has been boosted by a significant increase in the share of world output produced by economies with persistently above - average saving - predominantly the emerging economies of asia. this impetus to saving has been supplemented by shifts in income toward the oil - exporting countries, which more recently have built surpluses because of steep increases in oil prices. softness in intended investment, however, is also part

it is a matter of decades or even generations, rather than a year or two. but quite a bit can be done, within a relatively short time horizon, to make these economies much less vulnerable than they were. as well, there is now a better understanding of the balance between the benefits of foreign capital flows and their dangers. this will not do away with crises - nothing can. but it would make them less common.
mark carney : summary of canada ’ s january 2013 monetary policy report opening statement by mr mark carney, governor of the bank of canada and chairman of the financial stability board, presented to the house of commons standing committee on finance, ottawa, ontario, 12 february 2013. * * * good morning. tiff and i are pleased to be here with you today to discuss the january monetary policy report, which the bank recently published. • while the global economic outlook is slightly weaker than the bank had projected in october mpr, global tail risks have also diminished. • the economic expansion in the united states is continuing at a gradual pace, restrained by ongoing public and private deleveraging, global weakness and uncertainty related to fiscal negotiations. • europe remains in recession, with a somewhat more protracted downturn now expected than in october. • growth in china is improving, though economic activity has slowed further in some other major emerging economies. • supported by central bank actions and by positive policy developments in europe, global financial conditions are more stimulative. • commodity prices have remained at historically elevated levels, though temporary disruptions and persistent transportation bottlenecks have led to a record discount on canadian heavy crude. • in canada, the slowdown in the second half of 2012 was more pronounced than the bank had anticipated, owing to weaker business investment and exports. • caution about high debt levels has begun to restrain household spending. • the bank expects economic growth to pick up through 2013. • business investment and exports are projected to rebound as foreign demand strengthens, uncertainty diminishes and the temporary factors that have weighed on resource sector activity are unwound. • nonetheless, exports should remain below their pre - recession peak until the second half of 2014, owing to a lower track for foreign demand and ongoing competitiveness challenges, including the persistent strength of the canadian dollar. • consumption is expected to grow moderately and residential investment to decline further from historically high levels. the bank expects trend growth in household credit to moderate further, with the debt - to - income ratio stabilizing near current levels. • relative to the october mpr, canadian economic activity is expected to be more restrained. following an estimated 1. 9 per cent in 2012, the economy is expected to grow by 2. 0 per cent in 2013 and 2. 7 per cent in 2014. the bank now expects the economy to reach full capacity in the second half of 2014, later than anticipated in october. • core inflation has softened

balanced. but as we look further out to 2007 and beyond, we see increasing risks that the unwinding of global economic imbalances could involve a period of weak world economic growth. the bank will continue to assess the adjustments and underlying trends in the canadian economy, as well as the balance of risks, as it conducts monetary policy to keep inflation on target over the medium term. mr chairman, paul and i will now be happy to answer your questions. 1 / 1
delighted to have you with us and look forward to hearing you. bis central bankers ’ speeches

to achieve the national goal of inclusive growth. in our endeavour to enable enhancements in mobile banking both in terms of the nature of services offered and the value of transactions to be permitted under mobile banking, we have been in constant dialogue with the stake holders and intervened to liberalise the mobile banking guidelines in a phased manner. steps taken by rbi in mobile banking 5. the mobile banking guidelines have been modified in december 2011, to permit banks to facilitate funds transfer both for personal remittances and purchase of goods and services without any ceiling. in other words, banks are now free to decide on the limits, based on their own risk perception. in respect of small value transactions fund transfers up to rs 5, 000 / - can be effected through the mobile phone without the need for end - to - end encryption. 6. in order to provide domestic money transfer facility especially to migrant population who do not have access to formal banking channels, domestic money transfer guidelines have been issued in october 2011. remittance from a bank account for cash pay out to the beneficiary not having a bank account at an atm / bc outlet has also been facilitated up to rs 10, 000 / - per transaction subject to a monthly cap of rs 25, 000 / - per beneficiary with the remitting bank obtaining only the full name and address of the beneficiary. similarly cash pay in facility has been permitted up to rs 5, 000 / - per transaction subject to a monthly cap of rs 25, 000 / - per remitter for transfer of funds to a bank account. remitter has to provide only minimum details ( name and address ). bank need not take any document or proof of address. 7. the interbank mobile payment services ( imps ) operated by the national payments corporation of india ( npci ) with the approval of the reserve bank has enhanced the efficiency of mobile banking by enabling real time transfer of funds between bank accounts and providing a centralised inter - operable interbank settlement service for mobile banking transactions with confirmation features. current status of mobile banking in india 8. presently, 65 banks have been approved for conduct of mobile banking out of which 47 banks have commenced offering these services. transactions in mobile banking have bis central bankers ’ speeches been showing an uptrend. during february 2012, more than 2. 8 million transactions for close to rs. 1961. 23 million were transacted ; a 300 % increase in volume and more than 200