samchain/econo-pairs-v2 huggingface dataset:
, we have been through several waves of higher infection rates and strict containment measures. nevertheless, economic activity has rebounded strongly from the trough in spring 2020, and many of those who became unemployed have fortunately re - entered the workforce. we are now pleased to note that infection rates are heading downward and that the reopening of society is underway. there is still uncertainty about the road ahead, but we can see the light at the end of the tunnel. thank you for your attention. 4 / 4 bis central bankers'speeches

me add from my personal perspective that many supervisory processes also had to be reorganised in advance – given, for example, that the new regime requires that all supervisory decisions be passed by the supervisory board, which comprises the supervisory authorities from all 19 countries. so the first pillar was created with great vigour. and at the beginning of 2016, the second pillar – the single resolution mechanism – likewise became operational. by then, another major component of the new resolution regime for european banks, the bank recovery and resolution directive, or brrd, had been implemented in all member states. please bear in mind that the european resolution fund is still in the process of being filled. its full capacity of 1 percent of covered deposits or roughly € 50 – 60 bn is 1 / 5 bis central bankers'speeches planned to be achieved by 2023. today, the volume stands at € 17. 4 bn. the overall impression is that the banking union started with a great deal of momentum and a lot of changes. and this has caused some to ask : why shouldn ’ t we complete the banking union by erecting its third and final pillar with equal determination? indeed, thoughts on a third pillar of the banking union have been gaining more and more attention of late. one likely reason is that, despite many reform measures and efforts from all sides, we do not yet regard the euro area as being crisis - proof. consider, for example, the large piles of non - performing loans held in bank balance sheets in several member states. although some banks have succeeded in reducing them, the overall stock of €950 bn across the entire european union remains a significant threat to stability. what ’ s more, some member states are still vulnerable due to high levels of public debt. at the same time, the strong connection between a country ’ s government and banks domiciled there continues to exist. i am referring to the notorious sovereign - bank nexus which played an important role during the euro crisis. as we cannot rule out that someday, another crisis will challenge the euro area, the big question is : what still needs to be done – and what can still be done? it is in this context that the third pillar of the banking union is talked about, with arguments based on perceived justifications such as the idea that “ we have already put in so much effort – now it ’ s time for the third pillar of the banking union. " you are probably aware that the bundesbank is among those institutions that
discussions will provide us all with valuable insights into possible consequences of china ’ s financial liberalization, both for china itself and for others as well. given the size of the chinese economy, other countries should monitor the developments. it is my pleasure to open this conference and welcome you to the bank of finland. bis central bankers ’ speeches

council. thus, we are firmly committed to contain unwarranted fragmentation that would impair monetary policy transmission. in the case of more profound structural economic weaknesses and debt sustainability problems, there is always the option to activate outright monetary transactions, which would be preceded by a programme of the european stability mechanism. the omt programme was created in august - september 2012, operationalising draghi ’ s ‘ whatever it takes ’ speech, which helped greatly to put a stop to the eurozone debt crisis. while fiscal - monetary interaction is a basic feature of policy coordination in a currency union like the eurozone, it cannot be in contradiction with the independence of central banks. we are fully committed to preventing fiscal dominance – and / or financial dominance, for that matter. all our measures will be taken on the grounds of our mandate, which is to safeguard price stability, and in line with our monetary policy objectives. in addition to the eu member states ’ own actions to support and reform their economies, the importance of european - level measures has been demonstrated by the 700 billion euro next generation eu ( ngeu ) fund, which has provided supplementary fiscal support across the eu during the pandemic. it may not have been the hamiltonian moment for the eurozone, but a very substantial policy innovation nevertheless. dear colleagues, ladies and gentlemen, [ slide # 8 monetary policy at a crossroads ] let me conclude by stressing the relevance of our strategy review for the ecb ’ s contemporary and future monetary policy. even though the strategy was worked out during the not - so - distant low - flation era, it has served us well also in the rapidly changing operating environment. going forward, we will lean on the revised strategy in order to proceed simultaneously, i. e. in parallel with, both the gradual, orderly normalisation of monetary policy, on one hand, and the necessary measures for containing unwarranted financial fragmentation, on the other. and trust me that we have both the instruments and – at least equally important – the firm will to make sure that eurozone inflation stabilizes at its 2 % target over the medium term. thank you very much for your kind attention.
, iscommendable. so are the efforts of the ombudsman commission, the institute of directors, inc., transparency international and other organisations that aim to promote good governance and accountability. these institutions not only advocate the use of proper rules and guidelines in conducting business, but also the use of one ’ s good sense and due diligence. whilst it is one thing to have in place the best rules and regulations, it is another thing to practice them using common sense. the collapses of large companies abroad, some due to accounting fraud but others due to carelessness and neglect, highlight the need for continued diligence. closer to home, the turn around of the former png banking corporation, prior to its sale, other financial institutions that the bank supervises, such as superannuation funds ( case of npf ) from loss - making institutions to profitable ones in a short space of time was based on one thing alone ; the newly appointed board and management of these institutions ensured that everyone was diligent and followed the established rules and guidelines re - sounding good governance. the important lesson here is, do not take short cuts. it is important that we all remain a “ fit and proper ” person for purposes of directorships, management appointments and general community recognition and acceptance. this applies equally to a managing director of a company as it does to an honorary treasurer of a church. this good reputation must come to us over time and we must work at it - we cannot buy an excellent reputation. we must earn it. conclusion the theme of this workshop is a very meaningful and timely one : partnership in development understanding the issues. we all have a part, those in government, the private sector, non - government organisations, and the in - formal sectors in ensuring that the real benefits of economic development is passed on down to our people. the central bank realises that its policies and activities cannot be done in isolation from those of other organisations. monetary policy on its own cannot deal with the problems of this country. it has its strengths, as well as its limitations. however, working together, understanding the issues, abiding by established rules and procedures, as well as practising good governance would enable organisations and institutions to perform effectively. this would go a long way in ensuring our people receive tangible benefits, and achieving a harmonious and better society for all our people. in conclusion, may i once again thank the convenor of this forum, mr. stephen mokis,

and his committee, for your invitation and all of your contribution and participation at this event. thank you and god bless all.
supply in the economy diminishes, core inflation is expected to move back to 2 per cent by the end of 2005. the main uncertainty for the outlook continues to relate to how the canadian economy adjusts to global developments. overall, the risks to the outlook appear balanced. mr. chairman, paul and i will now be glad to answer the committee ’ s questions.

australian banks have higher credit ratings than most other banks, proving attractive to customers whose mandates are rating constrained. another contributing factor is that the australian banking sector can raise us dollar deposits from customers who do not have direct access to the us federal reserve and then deposit the funds at the fed and earn the ( small ) spread. one might expect this activity to decline when us interest rates move away from zero. arsov i, b shanahan and t williams ( 2013 ), “ funding the australian resources investment boom ”, rba bulletin, march, pp 51 – 61. as i have previously discussed, a part of the reason for this preference is that a number of these resource companies have been able to access debt markets more cheaply than the banks themselves. see debelle g ( 2013 ), “ funding the resources investment boom ”, address to the melbourne institute public economic forum, canberra, 16 april. bis central bankers ’ speeches graph 4 the third key development has been an increase in net capital inflows to the public sector, reflecting an increase in foreign holdings of australian commonwealth government debt over recent years. gross inflows to the public sector have risen from an average of close to zero in the decade prior to the crisis to around 2½ per cent of gdp, on average, over the 2008−2013 period. the increase in foreign purchases of australian government debt has seen the foreign ownership share of the stock of commonwealth government securities ( cgs ) increase from 50 per cent in the early 2000s to be just under 70 per cent currently, even as the stock of issuance has risen fivefold ( graph 5 ). at the same time, there have also been smaller net foreign purchases of australian state government debt. but these purchases have not kept pace with net issuance by the states, resulting in the foreign ownership share of state government debt declining from around 45 per cent in 2008, to around 30 per cent currently. graph 5 bis central bankers ’ speeches the increased foreign investment in australian national government debt appears to have been underpinned by increased “ official ” holdings of australian assets by foreign reserve managers, including central banks. i say “ appears ” because we don ’ t have any particularly concrete evidence of this. the abs statistics do not break down the holders of australian government debt. however, our analysis of information published by some of these sovereign asset managers suggests this is the case. this evidence is far from complete, however. with yields on australian government debt remaining relatively high compared to
in emerging economies ’ growth and financial market. we may simply face a period of emerging market - originating spillbacks, from the previous emerging marketreceiving spillovers. 8. despite tangible results from efforts to increase resilience to external shocks, the vulnerability of emerging economies remain, due to their rather weak economic structure. bis central bankers ’ speeches indonesia ’ s economy in particular, has managed to pick up its growth in 2015 with the help of increased government consumption on goods and investment in infrastructure projects. 9. in the meantime, dissipating global economic uncertainty and improved confidence on indonesia ’ s economy have led to a surplus in capital and financial account during the last quarter of 2015, bolstered by increase in foreign capital inflows, mainly to government securities. 10. the confidence on indonesia ’ s economy also contributed to a more stable rupiah with an upward trend and less volatility, while foreign exchange reserves still hover well above the international standards. moreover, the low global prices amid weakened domestic demand also brought domestic cpi inflation to slow down. outlook, risks and policies 11. against the background of maintained stability with carefully monitored vulnerabilities, we are still optimistic that domestic economic growth is going to be slightly higher in 2016, supported by the acceleration of infrastructure projects on the fiscal side, and increased private investment as a result of government policy packages and measurable monetary easing while maintaining macroeconomic stability. 12. inflation is expected to be at around of the 4±1 % inflation target, with the current account deficit projected to be below 3 % of gdp. 13. however, this outlook is presented with some overshadowing risks in the horizon, both external and domestic, including another ffr increase expected in the second half of 2016, the slowdown in the chinese economy, the continuing decline in commodity prices, and domestically, rising volatile food inflation. distinguished guests, ladies and gentlemen, 14. the recent economic dynamics show us the significance impact of external economic conditions on indonesia ’ s economy, and emerging economies in general. while indonesia is still optimistic toward rising growth, risks are weighing down, especially those from the external sector, normally uncontrollable to a small open economy or emerging markets in general. 15. in this juncture, we are arriving at the point why domestic economic strength needs to be increased, and the effective way to do it is by rising its own growth potential. monetary and fiscal policies are mainly aimed at supporting demand, but

i hope we will have a better insight in risk management area and a fruitful discussion to enhance our understanding and more importantly to increase confidence in implementing it. thank you.
be participating today - i hope we manage to play a small part in sending you down that path. 1 / 2 bis - central bankers'speeches finally, on that note, i would like to encourage everyone to reach out to others joining today. strong networks of both mentors and peers can be a lifeline. they are critical to entering and completing advanced degree programs. they help navigate the professional landscape. and they will offer both support and advice as you advance in your career. and we do hope that for some of you, that path is economics, and you will make the federal reserve a stop along the way. thank you for joining us and enjoy the day. 2 / 2 bis - central bankers'speeches

lisa d cook : exploring careers in economics welcoming remarks by ms lisa d cook, member of the board of governors of the federal reserve system, at the " exploring careers in economics " conference, sponsored by the board of governors of the federal reserve system, washington dc, 4 april 2023. * * * good afternoon, and welcome to " exploring careers in economics. " i am disappointed i cannot be with you in person, but i am thrilled you will hear from boston fed president susan collins. she is an outstanding colleague and economist, a good friend. you are in for a fantastic discussion. this event has a fairly self - explanatory title - exploring careers in economics. but the broad range of opportunities is anything but straightforward. economics touches every aspect of daily life, and you can see its impact in the world outside your door - and inside as well. some of you are veterans of economic study, while some of you are just " econ - curious. " either way, i hope that when you sign off today, you will have a totally different view of what economics can offer you. i was raised by academics in a college town, but even that access and insight did not give me the full picture of what was out there. a career in economics can take you in directions you never thought possible. we live in a constantly changing world, which means there is always new research to undertake, questions to be posed, and ground to break. my own studies allowed me to investigate everything from the impact of patents on the nation's economic growth to the banking system in post - soviet russia. they also took me to the archives of the kremlin and to university in the united kingdom and senegal. and that was just during my education! my career has taken me all over the globe. economics can take you just about anywhere, figuratively and literally. so i do hope that we do a good job of showing you the world of possibilities in the field. because economics needs you. any field that studies the behavior of an entire population, as economics does, should reflect the population it studies. we all come to the table with different experiences and backgrounds, which give each of us unique perspectives. your generation has seen two once - in - a - century economic events within two decades. your economic experiences are different from anyone else's. that insight and understanding will be critical to policymakers. the economics profession needs your perspective. future fed staff, governors, and chairs may
##mittances - in - recent - history fsb report on enhancing cross - border payments : https : / / www. fsb. org / wp - content / uploads / p090420 - 2. pdf all speeches are available online at www. bankofengland. co. uk / news / speeches the covid - 19 crisis has accentuated these trends and brought new challenges. the covid - 19 crisis has accelerated these trends. temporary closure of shops and restaurants, or the desire to socially isolate led people to increasingly turn to online shopping. and many shops are encouraging contactless forms of payment over the use of cash. in the uk, data from link, the uk ’ s largest cash machine network, suggests that cash transactions have plummeted. since the uk lockdown began ( 24th of march ), atm cash withdrawals in the uk have dropped by around 60 %. 4 a recent link survey found that 75 % of survey respondents are using less cash than before the crisis. 5 and online sales have taken off, jumping to 30 % of total retail transactions in the uk in april 2020 from just over 18 % a year earlier. 6 to make these stats more real, my parents have for the first time in their lives begun shopping for groceries online. now, i don ’ t know whether my dad ’ s extreme grumpiness about having someone else pick his produce means he ’ ll return to shopping in - person once it ’ s safe for him to do so or whether the convenience of having someone arrive at his door with his groceries will win him over. in time, we ’ ll see how enduring the broader shifts are. indeed, in that same link survey, 76 % of respondents said that the coronavirus crisis will affect their future cash use. internationally, covid - 19 has also exacerbated challenges in sending remittances. 7 and many countries, advanced and developing, has necessitated sharp increases in government to person payments – raising new challenges. 8 4 link : coronavirus crisis means cash use down but uk still withdrawing £1billion from atms each week : https : / / www. link. co. uk / about / news / coronavirus - cash - usage - data / see link article above. ons : internet sales as a percentage of total retail sales : https : / / www. ons. gov. uk / businessindustryandtrade / retailindustry / timeseries /

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##ality associated with the functioning of global finance. i thank you for your attention.

on an entirely level playing field. they might have to implement different regulatory regimes for group entities in member states with different national legislation. this is certainly at odds with the idea of having a banking union. certainly, much has been done to harmonise regulation – through the single rulebook, through the work of the european commission and the eba, and through the ecb ’ s work on options and national discretions, for instance. nevertheless, the single market for banking is still divided by differences in national legislation. and as i mentioned before, in some cases, new differences are being created right now. with regard to newly minted national laws, i would therefore like to state this : national banking legislation adopted after the establishment of the ssm should facilitate the exercise of the ssm ’ s responsibilities – and that includes the ecb ’ s capacity to enhance the consistency of banking supervision across the ssm. in any case, member states should balance the alleged benefits resulting from converting non - binding guidelines into binding legal acts against the objectives of the banking union. conclusion ladies and gentlemen, i have made the point that the regulatory playing field in europe is not as level as it should be. and i have argued that this state of affairs hampers the work of bis central bankers ’ speeches european banking supervision, that it is at odds with the objectives of banking union, and that it inhibits the establishment of the single market. to me it is obvious that we have to level the regulatory playing field. nevertheless, this is certainly an issue for legislators and not for supervisors. and national laws are the prerogative of national law - makers. but still, we have to acknowledge that circumstances changed when the ssm came into play. there is now an imbalance between the harmonisation of banking supervision and banking regulation. in order to fully exploit the potential of the banking union, and to reap its benefits, we should restore that balance. the de larosiere report, published in 2009, provided a blueprint for harmonised banking regulation and supervision in europe. on page 49 of that report, the authors state that “ there is no point in converging supervisory practices, if the basic financial regulations remain fragmented ”. i fully share that view and i urge legislators to reassess the necessary degree of regulatory harmonisation against the backdrop of the european banking union. thank you for your attention. bis central bankers ’ speeches