samchain/econo-pairs-v2 huggingface dataset:
of these assets at the fed reached 2. 1 trillion dollars. in the second round, it bought another 600 bln usd. similar non - standard measures have been taken by the bank of england and bank of japan. the unconventional measures of the ecb in response to the crisis have been somewhat different. ecb ’ s tools focused on supporting liquidity and funding for the banking system. the ecb introduced the fixed rate and full allotment principle to all refinancing operations in october 2008. it extended collateral eligibility to less liquid assets. between 2009 and 2011, the longer - term refinancing operations ( ltros ) were extended to maturities of up to rajan, r. ( 2013 ), a step in the dark : unconventional monetary policy after the crisis. andrew crockett memorial lecture, bis, 23 june 2013. bis central bankers ’ speeches 3 years. the ecb also started a purchase program of covered bonds which are a key source of funding credit for private banks in many euro area countries. 2 most importantly, the ecb did not initiate purchases of government bonds. however, in 2010 – 2012 the ecb operated the securities market programme ( smp ), which amounted to sterilized interventions on public and private bond markets ( in practice only public ). this was done to to facilitate monetary policy transmission in countries that faced severe sovereign debt problems. the culmination of the eurozone crisis in mid - 2012 was tamed by the creation of the ecb ’ s omt ( outright monetary transactions ) program. i quote president draghi ’ s promise that “ within [ its ] mandate, the ecb is ready to do whatever it takes to preserve the euro ”. 3 omt is a conditional promise to buy in the secondary market without limit government bonds of selected euro area countries. omt has worked and remarkably, there has so far not been any need to activate the program. international spillovers liquidity support operations by central banks at different stages, explicit state guarantees to banks and expansionary policies succeeded in stopping the recession, which changed the course of developments in comparison to the 1930 ’ s. these unconventional policy measures were not implemented in a group of economically disconnected islands, but in a globalized world with synchronized financial cycles and few borders for capital. 4 it is therefore important to ask what the consequences of these new forms of monetary policy for other countries are and how strong are the potential spillovers. one new line of theoretical research points

stability is the core contribution of central banks to enhance a sound environment for the vast investments needed in the digital transformation and greening of our economies. to sum up, this is no time for small talk. instead, it is indeed the moment for big - time action for economic reforms and productivity growth, for innovation and investment. that's'a challenge worth striving for, both for us europeans and for our closest partners, allies and friends in the united states! thank you for your kind attention! 5 / 5 bis - central bankers'speeches
lawrence schembri : monetary policy framework issues - toward the 2021 inflation - target renewal remarks by mr lawrence schembri, deputy governor of the bank of canada, at the bank of canada workshop " monetary policy framework issues : toward the 2021 inflation - target renewal ", ottawa, ontario, 14 september 2017. * * * good morning everyone, et bonjour a tous. bienvenue a la banque du canada. je m ’ appelle larry schembri. je suis un sous - gouverneur ici a la banque. it is a great pleasure for me to open this workshop on issues central to the monetary policy framework and its implementation. given the significant challenges central banks have faced in achieving their monetary policy goals since the global financial crisis, this is a propitious moment to step back and re - examine these fundamental issues from a variety of perspectives. as many of you know, the current monetary policy framework in canada consists of two components : a consumer price index ( cpi ) inflation target of 2 per cent, the midpoint of a control range of 1 to 3 per cent ; and a flexible, market - determined exchange rate. while the second component has been in place for almost 60 of the past 70 years, our inflationtargeting regime was implemented in 1991 and the current specification has existed since 1995. this framework has served canada well in the face of significant movements in commodity prices and canada ’ s terms of trade, as well as other shocks, including the great recession. inflation has averaged just below 2 per cent since we implemented the target, and both output growth and inflation have been much more stable relative to before 1991. in addition, two important features of our inflation - targeting regime have drawn favourable international recognition : first, the price stability policy goal of the regime is founded on a joint agreement between the bank of canada and the government of canada ; and second, the agreement is reviewed regularly on a five - year basis. the joint agreement with a democratically elected government enhances the legitimacy of the price stability objective and thereby boosts its credibility. it also gives the bank of canada operational independence to achieve this goal. the regular five - year review, meanwhile, affords the bank the opportunity to revisit many important aspects of our monetary policy framework and its implementation. while the framework has worked well in the past, improvements should always be considered — especially given the changing economic environment, the lessons learned from experience in canada and elsewhere, and

position for autonomous central banks.
: evidence from the open - ended real estate funds in germany ” journal of financial intermediation, 23, pp. 376 – 399. see brumm, j., m. grill, f. kubler and k. schmedders, ( 2015 ) “ margin regulation and volatility ”, journal of monetary economics, forthcoming. bis central bankers ’ speeches address asymmetric shocks. furthering financial integration, namely with an ambitiously implemented capital markets union, would facilitate capital flows across sectors and countries, ultimately improving risk - sharing across countries. but reaping the benefits from integration without raising financial stability concerns requires adjustments to the macroprudential toolkit. the current bank - centred framework has its limits. improvements require a more harmonised legal framework involving the review of the crr / crdiv framework and an extension of the toolkit to the non - banking sector and to market - based instruments. this will be a gradual process, but we need to address it already now while designing the capital markets union, in order to ensure a successful and sustainable financial integration in europe. bis central bankers ’ speeches

scenarios, the monetary policy stance will remain accommodative for several quarters ahead. we are, however, willing to take any additional measures necessary to maintain price stability and the purchasing power of albanian households. • safeguarding the country ’ s financial stability, in cooperation with all the stakeholders. we are in on - going contact with our international partners and other public agencies. our analyses show that the banking system is stable. however, even under shocks, we have detailed measure plans available to avoid financial constraints. • developing the financial system further through the implementation of measures agreed upon under the fsap arrangement and provided for in cooperation with the continued imf assistance. • continuous improvement of the bank of albania, with a view to enhancing its professionalism, reputation and independence. in this context, the bank of albania will continue to work on improving the control and management systems, to reduce operational risks and improve communication and transparency. in addition, the bank of albania emphasizes the need to continue structural reforms, which will allow faster, more sustainable and more inclusive growth for different social levels of the society. thank you! bis central bankers ’ speeches
approaches and, most importantly, should help central banks better carry out their mission to promote the public welfare. the papers at this conference make a variety of welcome contributions to this endeavor. two contributions consider the implications of recent events for the conduct of monetary policy, both conventional and unconventional. 1 another paper addresses the relationship between monetary aggregates and financial stability. 2 and several papers investigate issues in the field of regulation and macroprudential supervision, including the design of an integrated framework for regulation, a proposal for see mark gertler and peter karadi ( 2012 ), “ qe 1 vs. 2 vs. 3... a framework for analyzing large - scale asset purchases as a monetary policy tool ( pdf ), ” march ; and athanasios orphanides and volker wieland ( 2012 ), “ complexity and monetary policy, ” forthcoming. see hyun jeong kim, hyun song shin, and jaeho yun ( 2012 ), “ monetary aggregates and the central bank ’ s financial stability mandate ( pdf ), ” march 6. bis central bankers ’ speeches dealing with systemically important resolution issues in the repurchase agreement markets, and a review of the progress to date in reengineering the financial system. 3 the discussants ’ remarks, the general discussions, and the policy panel will surely be very helpful in identifying fruitful directions for further research. i thank our guests for coming and participating. i once again welcome you to washington and wish you a stimulating and productive conference. see charles a. e. goodhart, anil k. kashyap, dimitrious p. tsomocos, and alex p. vardoulakis ( 2012 ), “ an integrated framework for multiple financial regulations ( pdf ), ” march ; viral v. acharya and sabri oncu ( 2012 ), “ a proposal for the resolution of systemically important assets and liabilities : the case of the repo market ( pdf ), ” march 23 ; and darrell duffie ( 2012 ), “ replumbing our financial system : uneven progress ( pdf ), ” march 17. bis central bankers ’ speeches

enables a company to purchase its own shares provided an auditor opines that the consideration given is a fair value ( i. e. market value ). if a company is to alter the articles to reflect a removal or an addition of business activity or to carry out a major transaction or an amalgamation, minority shareholders could request the company to purchase their shares. auditor has to make a fair judgment on this, which is introduced as a facility to minority shareholders. unlike in the previous companies act, the external auditor is given a specific responsibility in making the judgment. there may be several other clauses in the new companies act which casts additional responsibility on the external auditor. there are experts to discuss these topics in this forum and let me not pre - empt them. i hope the deliberations today will bring such issues into light and that there will be a meaningful discussion. i wish the seminar a success.
, or a condition that is met some of the time. it has to be a condition that is fulfilled all of the time. and for this reason, to complete monetary union we will ultimately have to deepen our political union further : to lay down its rights and obligations in a renewed institutional order. bis central bankers ’ speeches

louis kasekende : developments in uganda ’ s banking industry speech by dr louis kasekende, deputy governor of the bank of uganda, on the occasion of celebrating forty ( 40 ) years of tropical bank limited ’ s banking operations in uganda, kampala, 4 december 2013. * * * your excellency, the president of the republic of uganda the hon. minister of finance, planning and economic development the board of directors, tropical bank limited the managing director and senior management of tropical bank limited invited guests in your respective capacities ladies and gentlemen i wish to first and foremost, welcome and thank his excellency the president of the republic of uganda, president yoweri kaguta museveni for taking time off your busy schedule to come and join us at this auspicious occasion when tropical bank limited is celebrating forty ( 40 ) years of successful operations in uganda and also launching its new corporate identity. i also wish to congratulate the shareholders ( the governments of libya and uganda ) together with the board of directors, management and staff of tropical bank upon the attainment of 40 years of banking operations in uganda. tropical bank, as you have already heard, opened its doors to the public in uganda in 1973 under the name the libyan arab bank for foreign trade and development. in order to suit the changing trends and maintain its competitiveness in the banking industry, tropical bank has rebranded a number of times since inception in 1973. in 1994, the bank ’ s name was changed from libyan arab uganda bank for foreign trade and development to tropical africa bank limited. in may 2006, the bank again changed its name to tropical bank ltd. your excellency, please allow me also to point out that the bank has continued to work very closely with bank of uganda especially during its challenging times. in 2011, the un security council imposed a freeze on assets of the government of libya and associated entities including the libyan foreign bank, the majority shareholder of tropical bank. consequently bank of uganda on march 25, 2011 put in place measures that were intended to protect the interest of depositors. tropical bank continued to operate normally and remained in a safe and sound condition. the bank ’ s financial condition has remained strong with capital position of shs. 46. 51 billion ( well above the statutory requirement of shs. 25bn ), branch network of ten ( 10 ) and sixteen ( 16 ) atms. the bank has also improved its it platform in order to provide customized financial services in the
to express it like a central banker : perhaps 3. 25 out of 6. 5 working days! the rest of the time i spend working elsewhere, in europe and further afield. in 2011 the ecb will leave frankfurt's city centre for a former industrial area on the edge of the city. do you regret the fact that you will have to leave the city centre? on the contrary, i believe that the design of the renowned viennese architects coop himmelb ( l ) au, with its two intertwined towers and incorporating the listed grossmarkthalle building, will greatly enrich the city's skyline while creating a european icon.

by the interest rates on new corporate and household loans, which in q3 moved close to the lowest levels recorded in the past months. better financing conditions are a result of monetary policy easing, lower country risk premium, increased competition and persistently low interest rates in the international money market. in nearly all of these segments we can recognise the importance of domestic factors – primarily of macroeconomic stability, which reflects well - coordinated monetary and fiscal policies. in such conditions, economic growth, accompanied with labour market recovery, contributes to the further increase in lending activity. in september, the y - o - y growth in total domestic loans accelerated to 7. 7 % excluding the effect of exchange rate changes. this credit growth was recorded against the background of continued efforts to resolve npls which led to their significant write - off and sale to non - banking sector entities, supporting the investment upswing and the acceleration of economic growth. chart 4 falling borrowing costs supported lending activity chart 3 interest rates on dinar loans are close to minimum ( annual level, in % ) ( at constant exchange rate as at 30 sept. 2014, y - o - y rates, in % ) 20. 6 16. 4 11. 9 10. 2 5. 05 7. 7 - 5 - 10 non - financial corporations - new business households - new business non - financial corporations - outstanding amounts households - outstanding amounts key policy rate source : nbs. - 15 total domestic loans total domestic loans * source : nbs. * excluding the effect of npl write - off and sale since early 2016. implementation of the npl resolution strategy continues to yield excellent results. in slightly more than three years since the adoption of the npl resolution strategy the amount of npls was slashed by over 67 %. at the same time, their share in total loans was cut by close to 16 pp, to 6. 4 % in september which is their lowest level since 2008 when the monitoring of this indicator of bank asset quality began. owing to the considerable drop in the npl ratio, high capital adequacy of banks and better access to smes financing, serbia made a significant progress in the international competitiveness list of the world economic forum for 2018, as judged by the financial system indicators. chart 6 high capitalisation of the banking sector chart 5 npl share fell to its lowest level ( in % ) ( gross principle, in rsd bn ) ( in % ) 22. 8 21. 9 21. 8 21. 4 21
accompanied by his discussant, deputy governor liviu voinea. i wish you all a fruitful debate today! 2 / 2 bis central bankers'speeches

mugur isarescu : regional economic outlook - europe opening speech by mr mugur isarescu, governor of the national bank of romania, at the conference " regional economic outlook - europe ", bucharest, 17 november 2017. * * * your excellences, ambassadors, members of the diplomatic corps, ladies and gentlemen, distinguished guests, it is my pleasure to welcome you to the national bank of romania. the board and i are honored to host the presentation of an important imf document, one of their flagship reports, namely “ 2017 regional economic outlook report ”. it is a tradition for the national bank of romania to host this event and we are pleased to greet the presence of many foreign diplomats – this is a clear testimony of its importance. allow me to extend a warm welcome to mr. jeffrey franks, who has been a long - standing friend of romania. mr. franks is a veteran of the fund, who – over the last 25 years – has managed challenging assignments, including the resident offices in ukraine and ecuador, and has led teams in pakistan, romania, france, belgium, and paraguay. he was the imf mission chief for romania for almost 3 years, from 2009 till 2012. as many of you may remember, during his mandate as mission chief, romania overcame a very difficult period, with the support of the imf, wb and ec. i would also like to welcome mr. emil stavrev, deputy division chief, and mr. mariusz jarmuzek, senior economist, both of them from the imf european department, who have contributed extensively to the report under debate today. now, returning to the main topic : the national bank of romania has always valued the regional economic outlook report as it gave us a full and unbiased image of where we stand as compared to our peer countries. it has helped us to better understand the macroeconomic developments in our region and the interconnectedness / connections between our economies. the current report marks a turning point in our post - crisis economic history : we should take advantage of the improved economic context to focus on structural reforms needed to accelerate the real convergence and to raise romania ’ s economic capacity in the long run. we need to preserve competitiveness and enhance the quality of public expenditure. we are all glad to see the global economy back on track and the european recovery strengthening. these results are even more encouraging, if we think back to 2010, in the aftermath of the crisis, when economists and policymakers started
conference will provide excellent platforms for insurers, regulators and supervisors to exchange ideas on these subjects and more, and to enhance our understanding of the key issues of the day. • this morning his excellency jeroen dijsselbloem, the minister of finance of the netherlands and president of the eurogroup, will be sharing with us his ideas on the subject of insurance and financial matters. i am very grateful for his making time, in what must be a very busy schedule, in order to speak to us today. • in closing i would like to thank everyone who contributed to making this year ’ s event possible, and i wish you all a successful and productive conference. and of course a pleasant stay with us in amsterdam. • thank you. • i will now give the floor to mr. peter braumuller, chairman of the iais, who will take you through the programme of the next two days. bis central bankers ’ speeches

for the eurosystem's monetary policy. indeed, it was emphasized that some growth dispersion within monetary union is inevitable and even desirable. related to this, i am personally fully convinced that individual euro area countries can cope with asymmetric shocks that are inevitable fact of life in a monetary union. indeed, before finland joined emu, there was much skepticism about its suitability for a country whose economy, in particular its export structure, was very different from the rest of the euro area. after more than eight years in the monetary union, many of the feared asymmetric shocks have been realized ( e. g., volatile swings in the telecom sector and significant weakening of the u. s. dollar ) but the finnish economy has performed well, both in terms of growth and price stability. turning back to the case of africa, it seems that the combination of heterogeneity ( both cultural and economical ), the larger number of initial participants and the proliferation of overlapping integration initiatives implies special challenges for devising clear and credible decision - making structures to support integration process. at the same time, these initial conditions imply that such structures are indispensable for successful broadening and deepening of economic integration. against this background, the importance of strengthening domestic and supranational institutions by clarifying their decision - making and by making them more transparent and accountable was regarded as essential. conclusion finally, i would like to thank all the participants, especially our speaker and discussants. i think that we had a frank and meaningful discussion of the challenges facing both eu and africa. i think that we all benefited and learned from this discussion that has offered many different perspectives to issues of common interest. it seems to me that, notwithstanding formidable challenges and many potential pitfalls, the outlook for greater integration in the both regions is fundamentally positive. with these remarks, i like to conclude and wish my african colleagues success in their challenging road toward further economic integration in africa.