samchain/econo-pairs-v2 huggingface dataset:
##s and turmoil behind us. thank you very much. bis central bankers ’ speeches

description perhaps seems to suggest that the keynesian ideal of the economist as a dentist might become reality. to quote keynes : “ if economists could manage to get themselves thought of as humble, competent people on a level with dentists, that would be splendid. ” i am afraid, however, that this notion of the economist ’ s role will remain a pious hope. most economists are indeed humble or competent people – and sometimes they are both. but in the past few years, insights gained in the field of economics have probably experienced more ardent debate than the latest findings on dentistry. for given the complexity of reality, the dynamics of an increasingly interlinked global economy and the uncertainty that upheavals like the financial and economic crisis in particular generate, there are often no simple answers to economic policy questions. what is more, these answers may change with time. on the one hand, the specific set - up of an efficient competitive order is subject to constant change. as the framework conditions shift, so the regulatory principles i have just mentioned may have to be re - operationalised. at the same time, it is important to weigh other social policy objectives anew against the requirements of a competitive order, if necessary. on the other hand, not even a rule - bound, regulatory policy - driven economic set - up can do without discretionary decisions. generally speaking, therefore, rules are needed to give validity to regulatory principles such as the principles of competition and liability. they have to narrow the scope for action of participants in the economic process in such a way that market forces produce better economic results – results which are also more sustainable and more socially just than those of unbridled competition or of a centrally planned economy. to this end, the appropriateness of a given regulatory framework must be constantly reviewed, and adjustments made where necessary. one such example is agenda 2010. at that time, the rules laid down in employment and social welfare laws had shown themselves to be major obstacles to labour market entry, bis central bankers ’ speeches even in times of an economic upswing. in consequence, unemployment continued to rise across the business cycles until it reached a level that was no longer sustainable. the measures that were then taken boosted flexibility, lowering the barriers to entering the labour market. for example, the liberalisation of temporary employment makes it easier for employers to hire job - seekers. moreover, the amalgamation of unemployment assistance and social assistance and the shortening of the period of entitlement to unemployment benefits increased the incentive
. here in kansas city, and in all of our districts, the bank and branch directors have played an important role since the federal reserve's inception. as you might expect, at last night's dinner, we talked to some degree about the bank's history, our current challenges, and the future. in preparing for this event, i read a little bit about the dedication ceremony for the previous kansas city fed headquarters at 925 grand boulevard. one of my predecessors as chairman, william p. g. harding, spoke at its dedication on november 16, 1921, and i am happy to follow in his footsteps. considering the federal reserve's history, this location is a most appropriate site for a federal reserve bank, with its new neighbor being the national world war i museum at liberty memorial. those who have an appreciation of u. s. history know that the federal reserve played an important role in support of the funding of the first world war and that the war forced the early federal reserve to contend with an uncertain global environment with wide - ranging monetary and economic ramifications. the federal reserve has faced many such challenges since its founding, and the system has evolved in response. ours must be a dynamic institution if it is to successfully fulfill its mission in a changing financial and economic landscape. when the federal reserve bank of kansas city opened in 1914, it operated out of leased office space before moving to the building it is now vacating. in the more than nine decades since, the world has changed dramatically, especially in the areas of banking and finance ; however, the federal reserve's purpose, mission, and goals remain unchanged. and while the bank's former home on grand boulevard served it well, today we celebrate the opening of a building that will well serve this country, and this region. looking at the federal reserve more broadly, while we must continue to change, we also must recognize that one of the federal reserve's key strengths continues to be the strong regional connections fostered by the reserve banks. to quote from the federal reserve board's first annual report, published on january 15, 1915 : " it should never be lost to sight that the reserve banks are invested with much of the quality of a public trust. they were created because of the existence of certain common needs and interests, and they should be administered for the common welfare – for the good of all. " in that spirit, let us use this ceremony to recognize the federal reserve's unique structure with

##p, and hyun song shin ( 2008 ). " leveraged losses : lessons from the mortgage market meltdown ", presentation delivered at the u. s. monetary policy forum, new york, february 29. warsh, kevin ( 2008 ). " financial market turmoil and the federal reserve : the plot thickens ", speech delivered at the new york university school of law global economic policy forum, new york, april 14.
you.

information readily available on their mobile devices. the quest for efficiency in statistical reporting and compilation as we have seen, data - whether micro data or aggregate variables - are an essential ingredient for analysing and designing economic policies. but at the same time, reporting data are not free. this always means a burden on reporting agents. and i think that the responsibility of all of us as authorities is to minimise that burden and establish the mechanisms which ensure data collection is as efficient as possible and smooth the ensuing interactions with agents to check data quality. in a sense, collecting micro data may help reduce the reporting burden on economic agents ( such as banks, investment funds, non - financial companies, etc. ) if they are able to replace other aggregate requirements imposed by the authorities. moreover, these requirements may sometimes change over time, thus demanding a continuous and costly adaptation of the agents ’ reporting schemes, including complex it developments. but, in any case, data collection imposes short - term costs on agents. public institutions should be sensitive to their demands to establish an efficient system to collect information, avoiding overlaps and harnessing synergies. in order to tackle this issue there are already some data - sharing mechanisms in place across statistical institutions. indeed, the special relationship between ine and the banco de espana in the national accounts and balance of payments fields is a good example. yet more can probably be done both at the national and international level. on the international front there are good practices we can explore. a case in point is that in portugal, where non - financial companies have a sort of single window to report the data required by the main portuguese authorities ( tax agency, national statistical institute, mercantile register, central bank ). in particular, our neighbour has been able to build a single data platform to which every authority can subsequently resort to obtain the information they are entitled to access. i have seen that in the spanish national statistical plan ( pen ) for next year there is a reference to a project setting up a “ sistema integrado de informacion de las empresas ”, which i think is along the same lines. it could then contribute to significantly reducing firms ’ reporting burden in the future. as concerns financial information, we should also be open to more efficient financial reporting and statistical production at the banco de espana and the escb level. the banco de espana is very much committed to this goal. in fact, we already have a strategy to simplify and rationalise regulatory
and financial stability mandates. this has encouraged the quest for suitable instruments and actionable frameworks. the reserve bank of india has set up a sustainable finance group ( sfg ) within the bank and has also joined the network for greening the financial system ( ngfs ) in 2021. some of the steps already taken by the reserve bank include promoting green finance initiatives such as inclusion of finance to renewable energy projects in directed lending ( priority sector lending ) by banks ; issuance of sovereign green bonds ( sgrbs ) ; establishing a framework for acceptance of ‘ green deposits ’ ; and developing a disclosure framework on climaterelated financial risks and guidance on climate scenario analysis and stress testing. 18. at the cross - country level, i believe it is important to give due acknowledgement to the sharp trade - offs central banks face when dealing with climate - related risks. on the one hand, central banks have to operate within the confines of their specific legal frameworks and, as publicly accountable institutions, they have to provide rigorous evidence in support of all their actions. on the other hand, central bank balance sheets might already be exposed to climate - related risks and they may be forced to respond to them from behind the curve. 19. while recognising that the government is the most appropriate and effective authority to spearhead climate action, each country – based on its domestic conditions – has to decide between having explicit climate mandate for the central bank or subsuming it into its price and financial stability mandate. iv. conclusion 20. as i conclude, let me briefly speak on the indian macroeconomic experience. the indian economy rebounded from the severe contraction imposed by the covid - 19 pandemic and averaged a real gdp growth of above 8 per cent during the last three financial years. for the current year ( 2024 - 25 ), the reserve bank of india has projected real gdp growth of 7. 2 per cent, with risks evenly balanced around this forecast. improving domestic demand, lower input costs and a supportive policy environment 12, are spurring manufacturing activity. the services sector has been displaying strong growth. the growth outlook reflects the underlying strength of india ’ s macro - fundamentals, with domestic drivers – private consumption and investment – playing a major role. the government ’ s thrust on capex and healthy balance sheets of banks and corporates are expected to support private investment. private consumption, the mainstay of aggregate demand, appears to be on track for a strong improvement due to the favourable

need to measure up to such risks. internationalisation would make domestic monetary policy more challenging but the alternative of compromising on growth by playing it safe is clearly not an optimal choice. we need to calibrate our moves to the evolving size of our economy, particularly the size of the external sector and to our appetite for risk in framing policy for external trade and capital flows. but the direction is clear. * * *
. the use of unconventional measures in monetary policy implementation the second change i wish to discuss regarding monetary policy management is the role of what are dubbed unconventional measures. as you will recall, central banks ’ immediate reaction to the first signs of the crisis was to deploy all available conventional instruments. firstly, faced with clogged - up interbank markets, central banks had to directly assume the task of liquidity re - distribution among banks. also under the heading of conventional measures, most central banks aggressively cut official interest rates to prevent an abrupt and deep decline in activity from triggering a deflationary process. this policy ultimately took intervention interest rates to very low levels. accordingly, when the worsening of the crisis made it necessary to relax the monetary policy stance even further, most central banks had to look to unconventional instruments. unconventional measures can be grouped into three major blocks : forward guidance ; measures aimed at expanding the central bank balance sheet, and changes in the composition of this balance sheet. the use of forward guidance to steer inflation expectations and interest rates has spread among the main central banks. the ecb resorted to this last summer to anchor interest rate expectations. the federal reserve and, to a lesser extent, the bank of england have also used this instrument to signal their intention to provide a greater stimulus to the economy. unconventional measures affecting the size and composition of the central bank ’ s balance sheet are also being extensively used. in the euro area, in october 2008, the ecb changed its liquidity management policy, implementing its main refinancing operations at a fixed rate with full allotment. in may 2009 it lengthened the average maturity period of monetary policy operations and set in train a purchase programme for covered bonds and other similar assets to reactivate this market segment. one year later, faced with the qualitative leap that the euro area sovereign debt crisis entailed, it introduced the securities market programme. under this programme it purchased, always on the secondary market, public debt of the countries where the tensions were disproportionately restricting the funding of their economies. finally, when doubts over the viability of the euro reached critical levels in summer 2012, the ecb responded with an announcement that it would, within its mandate, do whatever was needed to save the euro. it designed a new securities purchase programme – the outright monetary transactions programme – which, though its use has not been necessary, has been instrumental in changing expectations in a favourable direction for market stability and normalisation

america, abraham lincoln, once said that the best way to predict the future was to create it. as i see it, today, digital technologies are bringing this vision one step closer to becoming a reality. thank you for your attention.
“ keynote address at the 4th convention of the south african institute of black property practitioners ( saibpp ), helderfontein conference centre ”, july 31. 7. schumpeter, j. a. ( 1949 ) “ english economists and the state - managed economy ”, journal of political economy, 57, no. 5. 8. south african reserve bank ( 2008 ) annual report 2007 : bank supervision department, pretoria.

however, in the current situation we need to recognise that we are faced with a crisis of confidence. there has been a partial loss of confidence in our fiscal rules as well as in the will of european countries to consolidate their public finances. moreover, there is the criticism that deficit targets may, in fact, become a moving target. in such an environment it is in my view particularly important for the heavy weights in emu to give clear signals, which boost the credibility of the fiscal rules and agreements in emu and the credibility of their consolidation strategy. but coming back to the countries at the centre of the crisis, both remedies, consolidation and structural reforms, are hotly debated. 3. 1. consolidation vs growth regarding consolidation, many people fear that it will hurt growth. hannes swoboda, an austrian member of the european parliament claimed that : “ austerity measures won ’ t bring people out of the crisis. it is like giving poison to a man or woman who is sick. ” personally, i tend to agree more with christian noyer. he said : “ in the current circumstances facing europe, i believe these concerns are misplaced ”. i, too, believe that these concerns are exaggerated. it is indeed likely that consolidation will have a short term dampening effect on growth. however, to quote mario draghi : ” what ’ s the alternative? ” putting consolidation off would just shift the problem into the future. it would buy time but in so doing also worsen matters today as there is the risk that trust in public finances would erode even more. moreover, a widespread lack of trust in public finances weighs heavily on growth. a study by carmen reinhart and kenneth rogoff implies that debt levels above 90 % will reduce growth. i do not advocate a strict ricardian view here. i do believe, however, that peoples ’ concerns about increasing adjustment needs in the future will affect their spending and investment today. thus, it is important that governments adhere to the consolidation plans they announced. this will inspire confidence, which is an important prerequisite for the economy to grow. as jean - claude trichet once said : “ when you ’ ve lost confidence, when households have no trust, when businesses have no trust, when savers have no trust, then the best way to find growth and jobs is to recreate confidence. ” in my view, this is true not just for the countries at the heart of the crisis. a failure
##visages that monetary cooperation, which would bring about macroeconomic convergence at sub - regional levels would serve as building blocks for the future african central bank. toward realisation of this goal, the aacb has developed an african monetary cooperation programme ( amcp ) with stipulated convergence criteria, for implementation in the continent. the amcp is sub - divided into six stages, beginning from the year 2002 to 2021, during which period all preparatory processes for introduction of a single african currency and african central bank would have been completed. i thank you for your attention.

full responsibility for government debt management, thereby relieving the cbn of such role. thirdly, there is a need to meet the west african monetary zone ( wamz ) convergence criterion, limiting central bank financing of government to 10 per cent of estimated current revenue. fourthly, the enactment of the fiscal responsibility act should be rigorously pursued. your excellency, distinguished ladies and gentlemen, there is no doubt in my mind that the issue of fiscal policy management is very critical to the successful implementation of our economic programmes. in this connection, i hope the seminar will find time to ponder on the following issues : ( i ) the need to establish a stabilization fund which will address the problem of revenue / expenditure volatility ; ( ii ) formulate viable fiscal rules which are consistent with our fiscal federalism, and ( iii ) propose the way forward in addressing the problems of inter - generational equity argument arising from debt overhang. i am convinced that the array of eminent professionals gathered here today will come up with concrete proposals that will enhance our fiscal policy in the medium to long - term. i thank you for your attention.
falls national park on saturday. i will be happy to join you later this evening at the dinner which the bank of uganda will host. ladies and gentlemen, i wish you a very successful meeting. thank you for your kind attention.

commercial banks in 2004. the licensing ban had been put in place following several bank failures in the late 1990s. you may recall that these bank failures resulted in the enactment of the financial institutions act, ( fia ) 2004 with more stringent regulatory standards that required new entrants to undergo rigorous due diligence and meet higher minimum capital requirements. kcb uganda has expanded to a bank with a branch network of sixteen branches across the country and has registered significant growth in its balance sheet and shareholder capital over the years. ladies and gentlemen, these are no mean achievements given the increasing competition in the banking sector. financial services ’ providers need to innovate continuously to remain competitive. in this regard, the bank has positioned itself as one of the leading providers of digital banking solutions in the market. it recently upgraded its core banking system to support the bank ’ s digitalization. mission : to foster price stability and a sound financial system macroeconomic stability vision : to be a centre of excellence in upholding the next decade promises to be even more exciting and challenging for banks in uganda. it will be characterized by accelerated dynamism in form of adoption of new technologies and service models that offer advantages but also pose new risks. it is a period in which fintech can be applied to spur efficiency gains in the financial sector, offer more specialized, better and more targeted products and services, and deepen financial inclusion. it is still too early to gauge the full impact of the current technological progress on the banking sector. however, it is not untenable to say that there is potential for many of the services and products currently on offer by banks and other financial market players to be rendered obsolete by new tech - savvy entrants or more competitive processes. with the increased use of technology in our daily lives, banks will be required to adopt more efficient mechanisms of leveraging the vast quantities of consumer and firm data. the advent of new fintech has implications for financial stability and the attendant regulation and supervision frameworks. first, a number of these financial services and products stretch beyond the realm of the existing supervisory and regulatory framework. second ; the near universal use of technological solutions could entail increased vulnerability to cyberattacks and inadequacies with respect to compliance with anti - money laundering and anti - terrorism financing regulations. to respond to these new risks and vulnerabilities, our regulatory framework will also have to change fundamentally from the present focus on intermediaries or “ entity - based ”