samchain/econo-pairs-v2 huggingface dataset:
of longterm interest. this infrastructure is central to the functioning of financial markets. it is a challenge of primordial importance to the financial markets. today, we are the beneficiaries of an effective infrastructure, in part thanks to the adoption of “ gemeinschaftswerk ”, a collaborative modus operandi which has permitted a near - perfect alignment of stakeholders ’ individual and collective interests. it cannot be taken for granted, however, and it is our collective responsibility to act. the “ gemeinschaftswerk ” may not be the sole means of ensuring that progress is made but, in any case, a well - defined proactive strategy is called for if we are to rise to the challenges ahead. bis central bankers ’ speeches

philipp m hildebrand : monetary policy situation and economic prospects summary of a speech by dr philipp m hildebrand, member of the governing board of the swiss national bank, at the centre for banking studies, lugano, 28 september 2004. the complete speech can be found in french on the swiss national bank ’ s website ( www. snb. ch ). * * * in formulating its medium - term monetary policy, the swiss national bank ( snb ) must take the uncertainty surrounding the development of the economic environment into consideration. the snb believes that the economy is well on the road to recovery, both in switzerland and abroad. for our country, it anticipates real gdp growth of close to 2 % in 2004. sustained growth is also expected for the coming years. consequently, the utilisation of the economy ’ s production capacity will steadily improve, while unemployment will gradually decline. the improved utilisation rate will be accompanied by a rise in inflationary pressure in the medium term. this scenario could be revised, however, if new information were to come to light. the snb will thus continue to monitor economic developments closely and will subsequently draw the necessary monetary policy conclusions.
benoit cœure : interview in ebra newspaper group interview with mr benoit cœure, member of the executive board of the european central bank, in ebra newspaper group, ( l ’ alsace, les dernieres nouvelles d ’ alsace, le republicain lorrain, l ’ est republicain, vosges matin, le bien public, le journal de saoneet - loire, le progres, le dauphine libere and vaucluse matin ), conducted by mr francis brochet and published on 11 september 2015. * * * can we have confidence in the growth in the euro area? yes. growth has returned and the unemployment rate is falling in the euro area. we can trust in the euro to protect us in an international environment where major emerging economies are experiencing a slowdown and financial markets are very volatile. the european central bank is protecting growth by clearly stating that its policy of very low interest rates and its asset purchases will continue for as long as necessary. but growth is still not strong enough to create a sufficient number of jobs. many people see the euro area as more of a straitjacket than a form of protection … sharing a currency is like living under the same roof – there must be common rules. these rules, for example regarding deficit and debt reduction, do act as constraints, but they also establish collective trust, making it possible to have very low interest rates and stable prices. if a country were to free itself from these rules, it would be completely unprotected and find itself alone in the face of the volatility of global markets. but joseph stiglitz, winner of the nobel prize for economics, recently said in this publication that the rules are too strict and that austerity kills growth … in economics, as in politics, it ’ s all a matter of degree. today, the euro area as a whole has a balanced approach to fiscal policy, and fiscal adjustment, which was necessary, is no longer hampering growth. as for france, there is still some way to go. greece is still in the process of adjusting. are you concerned about the result of the elections on 20 september? there is a fairly broad consensus among the governing parties and, i believe, the greek people that it is in the country ’ s interests to remain in the euro area, and that this requires adjustment efforts. that is the rationale of the programme adopted in august. wasn ’ t the

us realise how essential europe really is. bis central bankers ’ speeches
would make us a less open bank. figure 1. is the market always right? repo rate expectations according to implied forward rates per cent 7. 5 7. 5 7. 0 7. 0 6. 5 6. 5 6. 0 6. 0 5. 5 5. 5 5. 0 5. 0 4. 5 4. 5 4. 0 4. 0 3. 5 3. 5 3. 0 3. 0 2. 5 2. 5 2. 0 2. 0 1. 5 1. 5 1. 0 1. 0 0. 5 0. 5 0. 0 0. 0 source : the riksbank

thinking about it. we had some voices yesterday saying that even with a hard brexit, euro clearing will remain in london. how does the ecb feel? well, i mean, first,, before moving to clearing, per se, generally it seems pretty clear now that the 2 / 4 bis central bankers'speeches uk will not stay in the single market. single market is not only about tariffs, it ’ s not only about free access to a market. it ’ s a set of rules. it ’ s a set of rules to protect investors, it ’ s a set of rules to protect consumers, it ’ s a set of rules to ensure a level playing field, among institutions, and it ’ s a set of rules to provide -, to deliver financial stability. when this is gone, we ’ ll have to know which set of other rules will protect investors, provide a level playing field and provide financial stability, and that ’ s very much the background against which any specific issue has to be assessed. so when it comes to clearing, it ’ s very simple. we have an mou with the bank of england, we have ways to know what ’ s going on in terms of euro clearing in london. it works very well. thanks to our good cooperation with the bank of england, it works very well. but it has foundations, the foundations are the emir regulation, the foundation is european law, and it ’ s european law being implemented under the authority of the european court of justice. so when this is gone, we ’ ll have to know what are the new foundations, and whether this is good enough to ensure financial stability in the eurozone. so really, our core concern will be financial stability and investor protection, and having a level playing field for eurozone consumers, citizens and companies. so there are situations where the uk could leave the single market, and you would be comfortable leaving euro clearing derivatives in london, rather than bringing it to the eurozone. if the new framework is strong enough, yes. is that possible? i don ’ t know. i don ’ t know. it sounds challenging. what ’ s the probability of that? it ’ s not for the ecb to judge alone. the commission will have a say, governments will have a say. it ’ s only the start of a discussion. so we ’ ve had a number of banks, ubs, hsbc, already saying they ’ re going to remove staff from
early to draw any more farreaching conclusions from recent events. as usual, the riksbank will monitor developments and how these may affect inflation and other macroeconomic developments, ” concluded mr oberg. 2 / 2

svante oberg : the swedish economy and monetary policy speech by mr svante oberg, deputy governor of the sveriges riksbank, at ohman fondkommission, stockholm, 30 may 2006. * * * “ on 27 april, i and my colleagues on the executive board of the riksbank decided to hold the policy rate unchanged at 2 per cent, on 11 may the minutes of the executive board ’ s monetary policy meeting were published and on 19 may we published a description of the monetary policy framework. these events provide the basis for the speech i will give today, " began mr oberg. “ at the meeting on 27 april we agreed to hold the policy rate unchanged. this decision was based on the inflation assessments presented in the riksbank ’ s inflation report in february and the new information on economic developments received since then. underlying inflation was expected to approach 2 per cent, but to be below this figure during the forecast period. the forecast is based on the assumption of gradual increases in the policy rate, ” said mr oberg. “ however, the decision to hold the interest rate unchanged was not self - evident. some of us expressed the opinion at the meeting that there was reason to consider an increase as early as april. i was one. i would like to take this opportunity to elaborate on my reasoning. this is in the light of the document we published on 19 may regarding the monetary policy framework, ” continued mr oberg. “ the riksbank conducts what is known as flexible inflation targeting. i shall here take up three aspects of flexible inflation targeting : measures of inflation, taking consideration of developments in the real economy and taking into account financial developments, ” said mr oberg. “ monetary policy is guided by various measures of underlying inflation. there is no single measure of inflation that at each point in time indicates the proper stance of monetary policy. the riksbank can choose to disregard effects that contribute to inflation deviating temporarily from the target. this occurs on a regular basis with regard to, for instance, indirect taxes and household mortgage interest expenditure, as well as supply shocks that are assessed as temporary. in practice, monetary policy today is mainly based on one measure of underlying inflation, und1x, ” observed mr oberg. “ the riksbank also takes into account developments in the real economy when making monetary policy decisions. in the preparatory works for the sveriges riksbank act, it was stated that the riks
concretely – and with great enthusiasm – to ensure that banks and insurers better integrate climate change risks and promote green financing. and we must, as christine lagarde told the european parliament, take climate change into account in monetary policy : i made proposals in this respect. 2. 4 a new model to renew multilateralism european integration is based first and foremost on a method : multilateralism and cooperation. these are no longer very fashionable terms, but we must use them without wavering. nationalist escalation does not provide solutions for the major issues facing citizens. we still need to re - establish multilateralism on the basis of three convictions stemming from our european experience, with its limitations : page 9 of 10 - an agenda that meets people's expectations : more inclusive growth, and the protection of common public goods, starting with the climate - an ability to decide and act comprehensively with regard to a few wellidentified projects, rather than discussing everything, at too much length. - a distinction between the independence of states – which may be formal – and real sovereignty on key issues. emmanuel macron was among the first who dared to advocate a " european sovereignty ", which is still an oxymoron for many, who only dream of national sovereignty. but it is this common sovereignty that mario draghi promoted in a speech in bologna last february, stressing that : “ independence does not guarantee sovereignty " and that " countries need to work together to exercise sovereignty. ” xxv let me give you a testimony : this is what we have achieved with the euro. it is never easy – we have cultural differences, including economic differences. but we are proud to have created together a sovereign currency, globally respected, with popular support – 76 % of citizens are attached to the euro – and a federal institution – the eurosystem, consisting of the ecb and the 19 national central banks – which is undoubtedly the one that works the best in europe. * * a social, environmental and multilateral model must now be europe ’ s message to the world. i do not underestimate any of the difficulties involved : we must first manage today's threats. we must involve and convince the citizens, who too often fear that more economic integration threatens their european social model, when conversely it would strengthen it : we should state much more clearly our commitment to these common " fundamentals ". finally, we must have the courage to assert our values openly. but i will

/ 3 bis central bankers'speeches * * since we are in berlin, allow me to conclude with a european perspective : europe has not developed global social networks like some important countries. this raises the stakes for the european authorities, if they want a stronger, more autonomous and more innovative european financial sector, to succeed in developing a coherent strategy. we do not have much time to decide this consistent european payment strategy, including epi and a possible cbdc : one to two years. this makes our today ’ s discussion still more welcome. 3 / 3 bis central bankers'speeches
here and that this type of dialogue will continue after the roundtable has ended.

for release on delivery 3 : 30 p. m. ct october 13, 2021 financial inclusion and economic challenges in the shadow of the pandemic : a conversation with tribal leaders remarks by lael brainard member board of governors of the federal reserve system at fed listens : roundtable with oklahoma tribal leaders oklahoma city, oklahoma october 13, 2021 i would like to join esther george in expressing my appreciation to the leaders of tribal nations assembled here for this opportunity to listen and learn from this afternoon ’ s conversation. i also want to thank governor anoatubby for hosting us. 1 i am humbled to be here at the first americans museum, which is promoting a richer understanding of native american history by sharing the cultural diversity, history, and resilience of the 39 native nations of oklahoma. in addition to civic and cultural contributions whose impact reaches far beyond tribal lands, i want to recognize the important economic contributions native american communities are making, despite daunting impediments that were exacerbated by the covid - 19 pandemic. by working together to address economic challenges and improving access to financial services, we can build a more inclusive economy that supports the economic potential of native communities here in oklahoma and across the country. the covid - 19 pandemic in indian country : challenge and resilience tribal nations have long been a critical source of economic opportunity and stability. for the u. s. economy overall, tribes provided over 1. 1 million jobs prior to the pandemic. 2 here in oklahoma, when looking at how the economic activity of tribes compares with different industries in the state, tribes would rank 9th in output, at over $ 7 billion, and 11th in job creation — greater than either the construction or utilities industries. by one estimate, tribal government activities supported nearly 100, 000 jobs in the state and brought nearly $ 5 billion in wages and benefits to oklahoma workers as of 2017. 3 oklahoma tribes also contributed nearly i am grateful to megan cruz of the federal reserve bank of st. louis and katherine arnold, charlene van dijk, and david kaufmann of the federal reserve board for their assistance in preparing this text. these views are my own and do not necessarily reflect those of the federal reserve board or the federal open market committee. see james robert colombe and rory taylor, “ tribal enterprises drive economic activity in indian country and beyond, ” federal reserve bank of minneapolis, july 6, 2021, https : / / www. minneapolis
mervyn king : a tale of two cities speech by mr mervyn king, deputy governor of the bank of england, at cardiff business school, cardiff university, 18 june 2001. * * * vice - chancellor, ladies and gentlemen, it was once said that economic forecasters are the unfathomable in pursuit of the unpredictable. as a student i found this odd. whenever england played wales at rugby the result was wholly predictable. the reason was simple. my fellow - student, gerald davies, ran faster than englishmen, even when he carried the ball and they didn't. economics is, unfortunately, less straightforward. yet any decision that involves an elapse of time between its implementation and its effects requires a forecast. time lags are the essence of the transmission mechanism of monetary policy. and that is why the monetary policy committee spends much time thinking about the likely future path of the economy. the severe limits on our ability to anticipate future events means that forecasts can be no more than a description of the relative likelihood of a range of possible outcomes. anyone who presents you with a point forecast for the future path of the economy is either concealing the most interesting part of their analysis, or suffering from self - deception. so the monetary policy committee presents forecasts in terms of probabilities. and it is the balance of risks to the economy which determines monetary policy. so what are the balance of risks to the british economy at present? overall, the past five years have been a period of remarkable stability for the uk. annual gdp growth has averaged 2. 8 %, and there have been 35 consecutive quarters of positive economic growth. since the mpc was set up in may 1997, inflation has averaged 2. 4 %, very close to our target of 2½ %, and been in the remarkably narrow range of 2 % - 3 % in 43 out of the past 49 months. this degree of stability reflects well on the new framework for monetary policy in this country. but if i focus today on the risks ahead, it is not simply because as a central banker i know that to every silver lining is attached a cloud, but because the small deviations of inflation from the target over the past four years give a misleading impression of the greater volatility of inflation that we might reasonably expect to see in future. there are two sources of uncertainty facing the uk at present, one domestic and the other international. both are related to imbalances. the correction of

currency at some point, certainly most probably from 1 january, 1999. fifteen countries? i doubt it from that date, but eventually who knows?
in the meantime, the bank of thailand will continue to ensure that our suspension system be well maintained in order to have a smooth ride on the bumpy road toward sustainable economic prosperity. 1 include the central banks of euro area, sweden, switzerland, denmark, japan and hungary. 5 / 5 bis central banker's speeches

attempts in china to reform the financial sector should support sustained growth in the longer term, although with some impacts on short - term growth. in emerging economies, the turbulence in financial markets has somewhat receded following these economies ’ attempts to address vulnerabilities and also in thailand, the financial market has stabilized. volatilities in foreign exchange market have been contained. the imf, in their april report, projected that the global economy will grow at 3. 6 per cent this year, which is an improvement from 3. 0 percent growth last year. this more favorable external environment should benefit export - reliant countries such as thailand. medium - term challenges 5. ladies and gentlemen, looking at the more medium - term prospects, i am convinced that the underlying fundamentals that have been attracting international investors to thailand over the years are still in place. the country ’ s overall macroeconomic fundamentals remain bis central bankers ’ speeches sound against the back - drop of a healthy banking system, low and well - anchored inflation, and the government ’ s relatively strong financial position. a flexible exchange rate and our strong position in terms of international reserves provide ample cushioning for the central bank to be able to manage capital flow volatility. these solid fundamentals command trust from investors and credit rating agencies. recently, moody reaffirmed thailand ’ s stable credit outlook citing that “ in many respects, thailand ’ s credit metrics remain well positioned compared with its immediate rating peers ”. 6. having said this, we cannot take things for granted. in fact, many problems point toward a need for structural reform. the mpc, in its last meeting, expressed concern over a number of structural issues, which, if not addressed, could restrain the country ’ s potential growth in the long run. these problems include fiscal sustainability, inequality in terms of both income distribution and access to education and health care, as well as supply bottlenecks such as a labor shortage. these problems cannot be solved by monetary policy, but require a concerted effort from all stakeholders. 7. in addition, as we are all aware, the prospect of the thai economy is largely clouded by political uncertainty, which continues to impair the ability of the government to steer the economy forward. public investment in infrastructure, as a source of potential growth, has been put on hold. i do hope that the political instability will not drag on for a long time and that an acceptable solution will be reached among all stakeholders in society soon
and to perfecting our responses to the unexpected. also we look forward to being proactive and innovative in how we inspire reforms for the benefit of the bahamas. 3 / 3 bis central bankers'speeches

we will also provide education on how to conduct transactions in safer and more secure fashions, especially given the increasing importance of electronic commerce, online banking and electronic money. this pushes along the desired path of being less dependent on physical cash in our daily transactions. we are pleased to be partnering with the clearing banks ’ association with this campaign. we will also be working with several industry stakeholders throughout the year to ensure that the campaign is well - rounded, relevant, and can reach as many people as possible. we encourage the public to visit the campaign website www. getmoneysmartbahamas. com /, for 1 / 2 bis central bankers'speeches information that will be updated at regular intervals throughout the year. we also encourage the public to follow get money smart bahamas on facebook and twitter and to join the conversation online using the hashtag # getmoneysmartbahamas. 2 / 2 bis central bankers'speeches