samchain/econo-pairs-v2 huggingface dataset:
people not having access to financial services. this is a wake - up call for us, especially for us central bankers. it is a call for us to use modern technologies to improve our systems, enhance security and to attain a higher degree of [UNK]. thank you very much for your attention.

economic depression. after a historically deep but brief recession, in mid - 2020 the economy began to grow again. as the risks of a severe, extended downturn receded, and as the economy early examples include ball, leigh, and mishra ( 2022 ) and di giovanni and others ( 2022 ). more recent work includes benigno and eggertsson ( 2023, 2024 ), blanchard and bernanke ( 2023, 2024 ), crump and others ( 2024 ), bai and others ( 2024 ), and dao and others ( forthcoming ). public reopened, we faced the risk of replaying the painfully slow recovery that followed the global financial crisis. congress delivered substantial additional fiscal support in late 2020 and again in early 2021. spending recovered strongly in the first half of 2021. the ongoing pandemic shaped the pattern of the recovery. lingering concerns over covid weighed on spending on in - person services. but pent - up demand, stimulative policies, pandemic changes in work and leisure practices, and the additional savings associated with constrained services spending all contributed to a historic surge in consumer spending on goods. the pandemic also wreaked havoc on supply conditions. eight million people left the workforce at its onset, and the size of the labor force was still 4 million below its prepandemic level in early 2021. the labor force would not return to its pre - pandemic trend until mid - 2023 ( figure 3 ). 6 supply chains were snarled by a combination of lost workers, disrupted international trade linkages, and tectonic shifts in the composition and level of demand ( figure 4 ). clearly, this was nothing like the slow recovery after the global financial crisis. enter inflation. after running below target through 2020, inflation spiked in march and april 2021. the initial burst of inflation was concentrated rather than broad based, with extremely large price increases for goods in short supply, such as motor the federal reserve board staff ’ s estimate of the labor force makes two adjustments to the bureau of labor statistics ’ published estimates : ( i ) reweighing current population survey respondents such that the labor force estimates in all years reflect the census bureau ’ s latest vintage of population estimates ; and ( ii ) accounting for net immigration that is likely not fully reflected in the census bureau ’ s latest population estimates, as detailed in the cbo ’ s 2024 demographic outlook ( see https : / / www. cb
their roles more effectively, a need has been felt for redesigning the deposit insurance systems with, inter - alia, an increased role in bank resolutions. when individual institutions fail, rather than let depositors be rescued solely by insurance cover, which is anyway not comprehensive for larger depositors, it is more effective to involve the insurer in the process right from the beginning. this will give depositors, as a stakeholder group, a voice in the process, allowing them to better protect their interests, while simultaneously increasing the capacity of the insurance scheme. 4. in the light of the above, i am happy to note that this conference has been held on the theme “ role of deposit insurance in bank resolution framework – lessons from the crisis ” which is very relevant, appropriate and timely. the experts from a number of countries have made presentations on significant sub - themes viz., critical elements in bank resolution framework, country experiences, regulators ’ responses and international best practices. various aspects have been covered in this conference such as elements of insolvency framework, cross - border insolvency framework, role of deposit insurance in bank resolution, country experiences, crisis framework, regulatory reform ( basel iii ), deposit insurers ’ response to financial crisis, review of global practices with respect to resolution framework, bis central bankers ’ speeches key attributes for bank resolution and core principles for effective deposit insurance systems and challenges to assessment of safety net framework. several thoughts, views and experiences have been shared and discussed in this conference by the experts and delegates, along with prescriptions for policy makers. i would like to summarise these. key deliberations at the conference 5. in this conference, global regulatory reforms were overviewed and their impact on asia, especially on asian banks, was analysed. there is a need to create a buffer of capital, improve liquidity risk management of banks, reduce their reliance on short - term wholesale funding, promote resilience through incentives for banks to fund activities with more stable sources of funding, perform the micro and macro stress testing, and create stronger capital base. the relationship between macro - prudential policy framework and deposit insurance was discussed. the issues covered a macro - prudential perspective by deposit insurers, their specific role in financial stability, funding arrangements, deposit insurance premium, coverage, and cross - border coordination of deposit insurance. usa ( fdic ) ’ s experience revealed the need to restore discipline in the marketplace, allowing the failure

the health of the economy as a whole. therefore, let us be united in working for a better and brighter future for malaysia. greater governance and transparency will get us there. thank you. 5 / 5 bis central bankers'speeches
ecb will continue to provide banknotes. we will also facilitate the further development of an integrated, innovative, and competitive market for retail payment solutions in the eurozone. if, one day, cash is replaced by electronic means of payments, that decision should reflect the will of the people, not the force of lobby groups. 2 / 2 bis central bankers'speeches

built each year and between 30, 000 and 40, 000 units a year need to be renovated. activity may then grow rapidly in certain regions. now that construction is recovering, the increased concentration among construction companies and producers of construction materials, as well as the shortages in certain categories of skilled labour, are liable to push costs and wages up. certain problems with bottlenecks are already discernible ; in the business tendency surveys from the national institute of economic research, labour shortages are reported by 7 per cent of construction firms as against 2 per cent in march 1998. these shortages are accompanied by a high overall level of unemployment among construction workers ; part of the explanation is that unemployment is high in certain regions and those who are unemployed there are reluctant to move a long way to regions where labour demand is stronger. bottleneck problems in the construction industry are being studied on behalf of the government by industry representatives. this construction sector group has found that approximately one - third of unemployed construction workers lack occupational experience and around 6 per cent also lack formal training. in that the average age of construction workers is rising and young people do not find construction work attractive, the bottleneck problems may become even greater in the future. in order to prevent this from leading to sizeable problems, proposals have been put forward for increased mobility, improved competence and marketing of construction courses, for example. construction costs are measured by the factor price index ( fpi ) ; the largest item is wage costs. the price of completed dwellings, on the other hand, is measured by the building price index ( bpi ), which also includes the construction companies ’ productivity and profit margins. these indexes do show relatively large price increases but there are no actual signs of any direct risks of an inflationary development in sweden in the coming years, provided that the bottleneck problems do not increase. the rising costs associated with earlier upswings in activity have been connected with the contemporary subsidy systems as well as the high degree of concentration in the construction market. the revised system for financing residential construction has appreciably reduced one of these problems : construction companies as well as consumers are exposed more directly to production costs. but the problem of concentration in the construction market still remains and may be a future cause for concern. future monetary policy in the main scenario in the december inflation report, the 12 - month change in the cpi was projected to be 1. 2 per cent in december 1999 and 1. 4 per cent in december 2000. inflation ’ s underlying
now is the time for prompt and serious discussion of this matter to make a decision. i am now handing over the floor to sergey shvetsov, who will enlarge on these and other initiatives i have presented. i truly wanted to make sure that my opening remarks highlight this most acute problem — the need for protection of our consumers who are entering the stock market. thank you for your time. 4 / 4 bis central bankers'speeches

elvira nabiullina : review of recent inflation developments in russia and economic outlook statement by ms elvira nabiullina, governor of the bank of russia, in the follow - up to the board of directors meeting, moscow, 12 february 2021. * * * today, we have decided to keep the key rate at 4. 25 % per annum. the economy is bouncing back rather steadily. i would like to remind you that at our previous meeting we expected economic revival to pause at the end of 2020. however, gdp statistics and high - frequency indicators evidence that this did not happen. moreover, inflation also exceeds our expectations. i will further on dwell on the factors, which we were taking into account when making our decision today. i will start out with the situation in the economy. it has turned out to be better than we expected, and there is a range of reasons for this. first, the restrictions in autumn and winter were not as tough as in spring. second, both households and businesses were better prepared for the resurgence of coronavirus cases and adjusted faster. credit activity did not decline, and consumer demand remained unchanged, including owing to a rise in online purchases. third, external demand for russian exports also turned out to be higher than our expectations. we assume that demand in the economy will be recovering steadily further on, promoted by lending expansion amid accommodative monetary policy, mass vaccination, and an improvement in household and business sentiment. over the acute phase of the crisis, budget spending considerably supported the real sector. the effect of stimulus measures is expected to continue in the first half of the year as well. further on, the scheduled fiscal policy normalisation will reduce the extent of this influence. nonetheless, the budget will remain expansionary as compared to the long - term parameters provided for by the fiscal rule. in these conditions, economic growth will continue owing to a further revival of both domestic and external demand. the recovery of domestic demand will be driven by the cancellation of restrictions as the epidemic situation improves, especially in the service sector. external demand will be boosted by a rebound in the global economy. disinflationary demand - side pressure will thus be decreasing overall. given the current positive trends, we keep unchanged our forecast of gdp growth at 3 – 4 % for 2021. furthermore, the economy may reach its pre - pandemic levels already by late 2021, and not by mid - 2022, as we assumed earlier. this will become
you manage the euro transition smoothly and without any problems and that euro brings a positive change into in your lives.

ivan sramko : euro implementation in slovakia speech by mr ivan sramko, governor of the national bank of slovakia, at the opening of the european central bank exhibition in the national bank of slovakia, bratislava, 24 september 2008. * * * i am pleased to welcome you at the present ceremonial opening of the exhibition of the european central bank about euro and on the eve of a big international conference on euro implementation in slovakia. it is more than symbolic that this exhibition is located just here, on the grounds of the national bank of slovakia. already from the very beginning, when the initiatives for euro implementation in our country were only emerging, the nbs several times declared its support for the entry into the monetary union as soon as practicable. our recommendations were based on serious analysis a€ “ we were assessing the readiness of our economy for the eu membership, we were evaluating how quickly the slovak economy would be able to approach the economies of the countries within eurozone, we were assessing the possibilities to comply with the maastricht criteria from the points of time and costs. of course, we were considering both favourable and unfavourable impacts of our future membership in eurozone. according to all the analysis available the benefits were clearly prevailing. the development of euro implementation strategy in 2003 and later on the creation of the national plan of euro implementation in 2005 followed. the predictions and analysis were the basis for setting the economic policy that ensured smooth preparation of our economy to euro. at present, all the decisions and assessments are known and with the new year the common currency will become a part of our everyday life. by accepting the euro as the national currency slovakia will become the member of a strong club of monetary union states and a new space will be opened for our country for its stabile economic development which will be reflected in other aspects of our lives. hundreds of people from various institutions have been participating at various projects relating to the access of euro. many of them have been the employees of the national bank of slovakia. i would like to thank all of them for their efforts and persistency by which they significantly contributed to the fact than on january 1, 2009, slovakia will become the 16th country of eurozone. i would also like to thank the colleagues from the ecb and partner central banks for their support and co - operation. ladies and gentlemen, i believe we will all get used to euro in the course of time and that euro will become a natural part of our lives. i wish
ahead. i hope i have delivered on the terms of reference for this forum. you have been a wonderful audience. thank you for your attention. maraming salamat sa inyong lahat. 5 / 5 bis central bankers'speeches

be designed to ensure universal coverage, data integrity and security, and optimum utility. it will serve as an enabling platform for the efficient delivery of a whole range of government and private sector services for all filipinos – especially the currently unserved. establishing a readily - verifiable digital identity will enable our people to open accounts and use financial services more efficiently. closing thoughts this message obviously comes from a central bank governor wary of currencies that do not qualify as legal tender and which are not backed by any monetary authority. but it is a message that comes too from a central bank governor who has been labelled as a “ disruptor ” – one that leads an institution that is ready to embrace the challenges of a rapidly changing financial and economic landscape. this message is shared with this audience, a staunch advocate of investor rights and investors ’ need for information. it is a good match. as i close, to align this message better with your theme … let me summarize the truths and myths of cryptocurrency from the bsp ’ s viewpoint : myth : privately - issued cryptocurrencies are legal tender and shall soon replace fiat currency. truth : cryptocurrencies, not backed by any central authority are not legal tender. moreover, until they fully demonstrate stability, wide acceptability and other economic attributes, they will not replace fiat currency any time soon. myth : cryptocurrencies are bad and are only used for illicit activities. truth : cryptocurrencies, like fiat currencies, are neither good nor bad. they are neutral. but, no doubt, bsp is mindful of their wide use in illicit activities because of the anonymity of its transactors and is taking action in this regard. myth : the bsp endorses the use of and / or investment in privately - issued cryptocurrencies. truth : the bsp allows the market to develop but it has also issued responsive regulations to uphold consumer protection and to maintain financial stability. the bsp does not endorse or promote privately - issued cryptocurrencies but aims to address its risks as it intersects with the financial system. rest assured, the bsp maintains a forward - looking approach to ensure that regulatory and supervisory frameworks are in tune with emerging trends and developments. through constant 4 / 5 bis central bankers'speeches surveillance and monitoring of the market environment, the bsp stands ready to adapt to future challenges and opportunities
, enterprises have started seeking alternatives to the traditional bank loan and, where possible, have increasingly turned to the capital market. the scale of capital market financing nonetheless remains low in germany – especially when compared to the united states or the united kingdom. all the same, i am confident that the cooperation between banks and enterprises will still be of great importance going forward. for smes, in particular, the relationship with their principal bank continues to play a vital role – not least because trust is built on past experience. a principal bank thus has an information advantage over another investor, which is highly likely to benefit enterprises. but besides market - based funding, other lenders such as insurers, other financial intermediaries or trade credits from other enterprises are also increasingly taking the place of bis central bankers ’ speeches traditional bank loans. the use of own funds has also risen, primarily among smes. in short, the funding options for german enterprises are becoming more varied. at this point, one might worry that this development will have a negative impact on banks ’ earnings, but i would like to put something into perspective here. diversification of funding sources can surely contribute to the stability and efficiency of the financial system – and that ultimately benefits the banks, too. there is still a great deal of potential in this respect in germany especially, but also other european countries, compared with the english - speaking world. for this reason, i take a thoroughly positive view of the increased importance of bonds, securitisations and borrowers ’ notes, even in the sme sector. it is particularly important, however, to pay attention to the quality of these instruments, especially in such a young market segment. thus, even sme bonds do not provide a real way out of the funding problems of weak enterprises, but instead are a suitable instrument for larger smes with high credit quality. 6. conclusion let me sum up by saying that banks and enterprises are closely interconnected. they play a crucial role in the functioning of our economy, both individually and together. yet to a great extent, banks and enterprises shape their relationship themselves : banks decide which enterprises to lend to at which conditions, and enterprises return this trust with their demand for loans. i am therefore firmly convinced that credit institutions and enterprises, working hand in hand, will still be able to overcome the future challenges of business life. even so, their relationship will certainly experience further change in the coming years and incorporate additional participants, mainly in the capital market. i

growth, we will need to continue to remove monetary stimulus before the excess supply in the economy is completely absorbed. the pace and extent of this action will depend on the balance of domestic and external developments and on their implications for pressures on capacity and inflation in canada. now malcolm and i will be happy to take your questions.
mr. george assesses how sustainable the current rate of growth of the uk economy is speech given by the governor of the bank of england, mr. e. a. j. george, at the chartered institute of bankers in scotland biennial dinner in edinburgh on 20 / 1 / 97. mr. chairman, the last time we came together for this great occasion, two years ago, i was pleased to be able to report to you that the british economy was making encouraging progress. we had, already then, seen very nearly three years of continuous and reasonably steady economic growth, which had produced a gradual fall in unemployment. and this steady expansion had brought few of the usual tell - tale signs of emerging imbalance between overall demand in the economy and our supply - side capacity to meet that demand. our external current account was close to balance. and underlying retail price inflation was then lower than it had been for a generation. even so, we had - as you will recall - begun to apply a touch on the monetary policy tiller to avoid being blown off course by rising world commodity prices at a time when domestic activity had already gathered pace. i am delighted to be with you again this evening and to be able to report that this encouraging progress continues. output has now been growing, continuously and reasonably steadily - at an annual rate of 2. 2 % - for very nearly five years. unemployment has continued to fall, almost without interruption month by month, and is now down to 1. 9 million ( or 6. 7 % of the workforce ) compared with nearly 3 million ( or 10. 5 % ) at its peak, and 2. 5 million ( or 8. 6 % ) two years ago. it is of course still intolerably high - we are talking about people here not just numbers. but unemployment is at least a great deal lower than in any other major country in europe ; and it is falling in the uk whereas elsewhere it is all too often still rising. our external current account remains close to balance. and although our rate of inflation has edged up since we were last together, from below 2½ % to just over 3 %, and is, it must be said, somewhat higher than in most of the rest of the industrialised world, it is still relatively low by our own standards of the past 30 - odd years. the key question now - as it was last time - is can we keep it going? things have moved on over the past two years. we did in

around this country, and our fleet of three vehicles was due to be taken out of service. our staff immediately set about getting them ready, drove them to the polish - ukrainian border and handed them over. that made me very proud. thank you. i am grateful to jamie bell, alan castle, rashmi harimohan, jonathan haskel, bob hills, karen jude, nick mclaren, rhys phillips, huw pill, andrea rosen, michael saunders, martin seneca, fergal shortall, silvana tenreyro, and laura wallis for their assistance in helping me prepare these remarks.