samchain/econo-pairs-v2 huggingface dataset:
are " puso at diwa [ ay ] sa bayan. " these are the principles that have guided our decisions and actions for 75 years. they are what will guide us on to the next 75. maraming salamat! mabuhay tayo at mabuhay ang bsp! 2 / 2 bis - central bankers'speeches

widened, with annual productivity growth averaging about 2 - 1 / 2 percent since 1995 in the united states, compared with about 1 - 1 / 2 percent in japan and just less than 1 percent in the euro area over the same period. 2 another important measure of the success of monetary policy is how well the fomc has responded to threats to our nation ’ s financial stability. this claim is surely hard to quantify. but everyone would agree that, compared especially with the deleterious effects of the federal reserve ’ s policy response during the great depression, the fed has responded effectively to more - recent crises so as to help minimize the impact of such shocks on the greater economy. these episodes include the stock market crash of october 1987, the asian financial crisis, and the collapse of long - term capital management in the late 1990s. thanks in no small part to the flexibility of our policy framework, which i will discuss in greater detail in a few moments, the federal reserve appropriately discharged its responsibility as lender of last resort by providing ample liquidity and ensuring confidence during these and other troubling episodes, including the aftermath of the terrorist attacks of september 11, 2001. there is greater disagreement about how well the federal reserve responded to the bursting in recent years of the so - called bubble in technology stocks. this topic is broad, but i would like to note that, as many of my colleagues and i have previously argued, prospectively addressing perceived asset - price bubbles is a matter of such great uncertainty that, even with the benefit of hindsight, it is not clear that policy decisions in the late 1990s, for example, should have been any different. in any case, the recession that followed the sharp decline in stock prices was shallow by historical standards. how can we safeguard good policy outcomes? i would now like to turn to issues related to preserving, as best we can, a continuation of good policy practice in the future. central bank transparency consider first the important role of central bank transparency. transparency of central bank decisionmaking is desirable, not only for economic reasons, but also because it is supportive of central bank independence within a democratic society. because of the lagged effects of monetary policy on output and prices, the time horizon of central bankers is necessarily more distant than that of other policymakers. thus, the central bank needs substantial insulation from political pressures to execute policy : an independent monetary authority is less tempted to make policy for the short term, such as boosting output or refinanc
we should never take peace for granted, not in europe, nor anywhere else in the world. 2. the benefits of european integration churchill ’ s vision was a political one. but the re - creation of the european family was advanced largely by the integration of national economies. and while peace and stability are rightly the most celebrated achievements of the european union, economic integration has produced remarkable results in its own right. economic integration raises welfare through two mechanisms : first, via increased trade, and second, via increased competition, which in turn strengthens innovation and productivity. judging economic developments against a non - existing counterfactual, in this case nonintegration, is obviously a tricky business. but the studies available show that the effect is bis central bankers ’ speeches sizeable in any case. europe is wealthier because of economic integration, with estimates of the output boost ranging from 5 % to more than 25 %. 1, 2, 3 and it seems that britain, too, has gained. half of its trade is with the european union, and studies suggest that eu membership has boosted britain ’ s trade in goods with other eu countries by more than 50 %. 4 the center for economic performance 5 at the london school of economics has found that the immediate benefits of increased trade amount to 1¼ % to 3 % of gdp. and if the longer - term effects of strengthened competition and increased productivity are taken into account as well, eu membership is estimated to have provided a boost of up to 10. 5 % of gdp. but as much as the uk gains from being part of the eu, so the eu gains from having the uk as a member. the eu is stronger today because of britain ’ s contribution to it. the european economy is more open and dynamic as a result of britain ’ s commitment to open and flexible markets – a position very much in tune with the bundesbank ’ s, i might add. 3. eu ’ s and emu ’ s unfinished business and that commitment to open and flexible markets holds the promise of even bigger returns. a lot of the potential inherent in our most important european catalyst for growth, the single market, is still untapped. the single market has been very successful in facilitating trade in goods. hence, competition in this area is intense. the mark - ups that firms are able to charge in addition to their costs due to market power are low and are comparable to those in the us, for example. when it comes to services,

transparency, fairness and accountability. good luck and congratulations! mabuhay!
ceps forum : reconstructing the union emu governance : a reality check address by dr mario vella governor of the central bank of malta brussels, 23 february 2017 the five presidents ’ report on completing europe ’ s economic and monetary union argues that economic and political convergence underpinning emu needs to go deeper if it is to ensure prosperity for all its members and fairer outcome for its citizens. in the first phase, which was meant to be completed in june, the report envisages a number of steps including : − a new boost to convergence, employment and growth, through the creation of a euro area system of competitiveness authorities and stronger implementation of the macroeconomic imbalance procedure ; − the completion of the banking union and the launch of the capital markets union ; − the establishment of a new advisory european fiscal board ; − a reorganisation of the european semester, with greater parliamentary control and accountability. the commission should soon be publishing a related white paper on the future of europe. before moving forward, let ’ s see what ’ s been achieved so far. in the twenty - five years since the maastricht treaty was signed, the euro has been established a successful currency. it is widely accepted as a medium of exchange and store of value, not only within the euro area itself, but also beyond it. it enjoys popular acceptance and support. although the process of financial integration in the euro area was heavily disrupted in the aftermath of the global financial crisis in 2008 and the sovereign debt crisis in the euro area in 2011, the single currency area has held together. these gains should not be lightly discarded. but the double shock of the financial crisis and the subsequent fiscal crisis has hit emu hard. the euro area economy is currently in a moderate, gradual recovery that has been under way since the second quarter of 2013. however, in some member states that were hit the hardest by the sovereign debt crisis, output remains considerably below the levels registered in 2008. unemployment rates diverge considerably across the euro area, ranging from over 20 % in greece to below 4 % in germany. the euro area is facing pressure along four different fault lines. first, there is the tension between euro area member states that are in different cyclical and, in some cases, secular positions and yet face the same nominal interest rate and exchange rate. second, there is the related tension between monetary policy that is determined at the level of the euro area as a whole and fiscal policy which has remained, in effect,

we need, therefore to be more open about what we are doing, to fully engage all our citizens and to build a case for a stronger emu that can enjoy broad popular consensus rather than being imposed from above.
workshop fruitful and informative. please feel free to bring to our attention the kind of facilitation that you may need to make this workshop successful. thank you very much.

njuguna ndung ’ u : the role of the central bank of kenya in kenya ’ s economic transformation talking notes by prof njuguna ndung ’ u, governor of the central bank of kenya, at the nesc workshop on the role of central bank in economic transformation, kenya school of monetary studies, nairobi, 29 may 2007. * * * hon. amos kimunya, minister for finance, republic of kenya amb. francis muthaura, permanent secretary, head of civil service and secretary to the cabinet, permanent secretaries, mr. byung hwa kim, deputy governor, bank of korea, mr. muhammad ibrahim, assistant governor, bank negara malaysia, mr. hemraz oopuddye jankee, director of research, central bank of mauritius, distinguished guests, ladies and gentlemen i take this opportunity to warmly welcome you all to the kenya school of monetary studies. it is also a pleasure to specifically welcome our esteemed visitors from korea, malaysia and mauritius who have joined us on this occasion. i also wish to thank the national economic and social council ( nesc ) for their effort so far in developing the vision 2030 that provides a roadmap for kenya to attain middle income status by the year 2030. the vision, as we have witnessed presented is well thought out. but there are still some building blocks required and this forum is one of those. the importance and significance of it is to situate the role of central bank into the vision. the central bank of kenya is a key institution in this vision and like other key institutions, should learn from other successful countries. central banks in the eastern african region seem to face similar challenges – but the important role the cbk is expected to play in the vision 2030 is critical but some challenges are evident : • effectiveness of monetary policy instruments and fighting inflation. • thin markets ; foreign exchange and financial markets. • problems of exogenous shock particularly those arising from bad weather and volatility in oil prices complicates for price stability. • financial sector stability in a global setting. this workshop is timely and provides an opportunity for the cbk to re - evaluate its role in the kenyan economic transformation in the context of the vision 2030. i will come back towards the end to tie up what experiences the cbk will learn and adopt from the experiences of those successful cases. ladies and gentlemen, let me wish you productive deliberations and hope that we will find the
stands ready to meet in between its regular meetings, if the need arises. 63. the mpc will issue the minutes of its meeting on wednesday 7 october 2020. 64. the bank is committed to support economic recovery by maintaining price stability, orderly and balanced economic development, as well as financial stability. the bank will make use of all its firepower to steer the economy towards a strong and lasting recovery path. 65. the next meeting of the mpc has been convened on wednesday 25 november 2020. 66. i now welcome your questions. 5 / 5 bis central bankers'speeches

norman chan : welcome remarks - 2018 green and social bond principles annual conference welcome remarks by mr norman t l chan, chief executive of the hong kong monetary authority, at the 2018 green and social bond principles annual conference, hong kong, 14 june 2018. * * * financial secretary, martin, distinguished guests, ladies and gentlemen, 1. welcome to the 2018 green and social bond principles annual conference, co - organised by the hong kong monetary authority ( hkma ) and the international capital market association, supported by the hong kong financial services development council. 2. today ’ s conference is the flagship event in the world of green finance, and rightly so. since the publication of the green bond principles ( gbp ) in 2014, it has become the de facto global standard for green bond issuance. these days, a majority of the green bonds issued globally follow the gbp framework, and many major markets base their local green bond standards on the gbp. in this conference, we will have the opportunity to hear more about the latest enhancements to the gbp, and how green standards have been developing in different parts of the world. 3. today ’ s conference is notable also because of its location. as martin said, it is the first time that the conference is held in asia. looking at the turnout, it is a good choice. i am not just referring to over 900 registered attendees – this is clearly impressive. i am also referring to the geographical mix, with a large showing from asia, in addition to delegates from europe. this is a testament to the rapid growth of the green bond market in region. 4. indeed, over the past few years, the green bond market has grown exponentially, including the green bond market in hong kong, and we are very pleased about this development. for many years, the hkma has been working to promote the development of the hong kong bond market. today, hong kong is the third largest bond issuer in asia ex - japan, behind only the mainland of china and south korea. 5. the hkma plays more than just the promoter role in green finance. as many of you may know, the hkma is the investment manager of the exchange fund. with assets under management over usd500 billion at the end of last year, we are one of the world ’ s largest asset owners. the hkma has been very supportive of responsible investment, and has incorporated environmental, social and governance, or esg, principles into our investment
us that the nature of money changes with the available technology. to help us explore the various possibilities, we have recently issued a small amount of digital currency as part of a research project with the digital finance cooperative research centre. this central bank digital currency is being used by the industry to explore possible use cases, and we are very interested to see the results. the rba is also the banker to the australian government. this means that we process all social security payments, tax payments and medicare refunds. that is a big and important job in itself. we also operate the core of australia's payments system – when you send money from your bank to another it goes through the reserve bank. we operate a central part of australia's 24 / 7 real - time payments system. i hope that you all have a payid, so that you can take best advantage of this system. if you don't have one, i encourage you to go get one. payids are not only convenient to use, but they can also reduce the incidence of some types of payment scams. the rba is also the regulator of critical parts of the payments system and financial infrastructure. we have a broad responsibility for financial stability and are the lender of last resort in a liquidity crisis. and we are a large financial institution in our own right, with a balance sheet of $ 620 billion. these are all important functions that we perform for the nation. they are carried out by highly dedicated staff who are strongly motivated to serve the public interest. finally, i would like to thank you again for joining us this evening and for your interest in the rba. we look forward to learning more from you about how things are going here in the great state of western australia. i am happy to answer some of your questions. thank you. 4 / 4 bis - central bankers'speeches

not the banks against the acpr or the banks against each other : trust in artificial intelligence is a matter for everyone and we really stand to gain from working as an ecosystem on this subject ”. i would like to conclude with a quotation from georges bernanos, who was certainly not a lover of technology, but was a great writer : “ we don ’ t endure the future, we create it ”. faced with the acceleration of digital technology and bigtechs, we must develop a more “ schumpeterian ” finance capable of fostering the emergence of innovative european players. and i firmly believe in the role that you, the fintechs, have in reshaping the financial landscape alongside the existing players who are themselves undergoing transformation. keep that spark of originality that encourages you to push the existing limits even further, and continue to develop french and european technological know - how. thank you for your attention. 3 / 3 bis central bankers'speeches
per cent, even though the labour market is quite segregated between full - time, permanent jobs and more casual or part - time jobs. excluding restaurant meals and take - away food. © reserve bank of australia, 2001 – 2018. all rights reserved.

, one thing is for sure : aging will change the canadian economic landscape. we have started to see the impact of this process and it will intensify. this will the topic of population aging in developed countries was brought to the attention of a broad audience by the first of many un studies in 1956 in “ the aging of populations and its economic and social implications, population studies ”, no. 26 ( united nations publication, sales no. 1956. xiii. 6 ). by 1982, the global relevance of the topic was acknowledged in the first world assembly on aging in vienna, and a call for action was put forward. see david dodge, “ past adjustments and future trends in the canadian economy, ” ( remarks to the london chamber of commerce, london, ontario, 8 december 2003 ) ; “ canada ’ s competitiveness : the importance of investing in skills ” ( remarks to the humber college institute of technology & advanced learning, toronto, ontario, 30 march 2005 ) ; “ demographics, labour input, and economic potential : implications for monetary policy ” ( remarks to the st. john ’ s board of trade, st. john ’ s, newfoundland and labrador, 13 june 2007 ). see also mark carney, “ the coming thaw ” ( remarks to the winnipeg chamber of commerce, winnipeg, manitoba, 4 february 2010 ) ; “ the virtue of productivity in a wicked world ” ( remarks to the ottawa economics association, ottawa, ontario, 24 march 2010 ) ; “ growth in the age of deleveraging ” ( remarks to the empire club of canada, toronto, ontario, 12 december 2011 ). bis central bankers ’ speeches have broad implications, including for monetary policy. this is what i would like to discuss today. current demographic situation let ’ s first quickly remind ourselves of the facts. when we think of population aging, we immediately think of the baby boomers who are just starting to retire. canada did indeed have the most sizable baby boom among the g - 7 countries, and it is certainly an important demographic phenomenon ( chart 2 ). but as someone who has come of age in the shadow of the baby boom, let me say this : baby boomers, this is not just about you. although the post - wwii baby boom is speeding up the transition toward an older population, it is neither the cause nor the main driver. the aging of canada ’ s population would have occurred, with or without the baby boom. there are two much more important and persistent drivers at
clear, harmonised regulatory framework for crypto - asset service providers ( casps ) and stablecoins issuers, with the support of the banque de france. second, the development of digital payments comes with increased dependence on a few dominant non - eu players – international card schemes and global 2 / 3 bis - central bankers'speeches technology providers ( bigtechs ). those stakeholders exploit large network effects and own many proprietary standards used in retail payments. in europe, that trend raises issues in terms of operational resilience, market competition and innovation, and ultimately, challenges the strategic autonomy of european players. the banque de france has helped to address those dependency issues with first a clear support, along with the eurosystem, to the emergence of pan - european solutions for retail payments such as the european payments initiative. their digital wallet called wero has just been launched in france, after germany and belgium, for person - toperson payments in the first stage. it will gradually expand coverage, to other countries and use cases ( e - commerce and in - store payments ) in the next years. we have also intensively contributed to the preparation underway of a retail cbdc, namely the digital euro. this new form of public money would be comparable to a " digital banknote ". its legal tender would make it usable everywhere in the euro area, in all contexts – therefore supporting european integration. it would offer cash - like privacy – notably thanks to the offline functionality that would also strengthen our resilience. the underlying standards and infrastructures would be governed by european players – also supporting our strategic autonomy. the digital euro is also intended to perpetuate the " public - private partnership " that lies at the heart of our monetary system. it would be distributed by banks and other private intermediaries, with a viable and attractive business model, therefore preserving financial intermediation. it could also facilitate the development of private pan - european projects that could benefit from its open and harmonised standards to extend their scope and benefit from large network effects. conclusion as payments become increasingly digital, central banks face the issue of revisiting the way they provide central bank money services to their economy. at the banque de france, we consider that the eurosystem should stand ready to adapt its provision of central bank money both in the wholesale and retail spaces. we see this as necessary to maintain the'singleness of money'in our economy and the robustness of our monetary system,

both from a stability and sovereignty perspective. on the wholesale side, a cbdc would appropriately accompany and secure a trend towards the tokenisation of financial assets. it could also be a first step towards the provision of a new and decentralised form of infrastructure, a european unified ledger. in the retail sphere, we see the deployment of a digital euro as a natural evolution of, and complement to cash, whose success should be built on a strong public - private partnership. 3 / 3 bis - central bankers'speeches