samchain/econo-pairs-v2 huggingface dataset:
1 / what bdf does to support inclusion by the financial sector in the last decades, banque de france has been entrusted with different tasks to support financial inclusion. our contributions in that area are today quite diverse and is a major part of our mission to provide services to the public. this is not a traditional mission for a central bank : it is usually focused on monetary policy and financial stability. yet, i believe that all these missions go hand in hand : whether we are working towards financial inclusion or price stability, the overarching goal is the same – supporting inclusive and sustainable economic growth. on financial inclusion, the role of banque de france has always been to support the efforts of public authorities and of the private financial sector in helping widening access to financial services. and this support is provided to help meet 3 main objectives : improving fair access, preventing inequalities of treatment and improving financial 1 / 5 bis central bankers'speeches literacy. let me take a few examples. to help improve fair access, banque de france is part of the “ right to an account ” procedure set up by french law. if a bank refuses to open a bank account to a client, he or she can make a request to us and we will designate a bank within 24 hours. this specific bank account will provide basic services free of charge. in 2018, 50000 people made use of that right. reducing the usage cost of a bank account is also essential for financial inclusion. and “ fragile ” clients, for instance because of low resources or a bad credit history, are the most likely to pay fees because of issues with their accounts – 300 euros a year on average. this is why french law imposes on banks to provide a specific offer for these clients, comprising minimal services with reduced fees of 3 euros per month. to follow up on the implementation of this provision, an observatory for banking inclusion was created in france. chaired by the governor of banque de france, it brings together public authorities, ngos and banks and has proved to be a very helpful forum. a second example is the “ mediator of credit ” function. led by an official of banque de france, it is aimed at small businesses and it relies on the operational support of the local branches of banque de france. its objective is to help entrepreneurs who have been refused a loan by providing mediation with their banks and creditors to overcome these financing difficulties. 20. 000 successful mediations have taken place since the creation of that function

42. see financial stability in focus : the fpc's approach to assessing risks in market - based finance i bank of england 43. see this recent article for further detail. 44. see financial stability risks from the non - bank sector : thinking system wide - speech by lee foulger i bank of england sarah breeden deputy governor, financial stability a©2024 bank of england
programme coordinator from the ecb, and to all participating experts from the ecb, the european system of central banks and the national bank of the republic of macedonia. thank you. bis central bankers ’ speeches

aspect that, therefore, needs to be addressed, in relation to the theme of the book fair, is the availability of appropriate reading materials. achieving a sustainable economic future requires the active participation of a dynamic private sector. such dynamism requires the availability of relevant and specialised reading materials. the agricultural sector, for example, is an important part of the zambian economy whose success holds the key to the rapid reduction in poverty that must be achieved if zambia is to take its place amongst the community of progressive nations. higher literacy levels in the rural areas will help to propagate better farming methods and conservation techniques. these are methods that contribute to sustained economic growth and protect the environment. master of ceremonies, ladies and gentlemen, the development of a reading culture in our nation should be placed high on the national agenda if we are to achieve a sustainable economic future as a country. i am aware of the initiatives that the government through the ministry of education has come up with to encourage reading at an early stage. the primary reading programme and the concept of reading tent by the zambia library service are some of the initiatives aimed at inculcating the habit of reading at an early age. other partners in development such as the private sector and our cooperating partners have also been active. important examples include the introduction of a reading bus by the british council. all of these initiatives will contribute positively to the development of the reading culture. they certainly are encouraging, but more needs to be done. particularly, the other key stakeholders who are parents and guardians of our school going children who should take interest in ensuring that children develop a culture of reading and writing. ladies and gentlemen, in closing my opening remarks, i wish to point out that currently most zambian publishers are pre - occupied with the development and publication of core school textbooks where the market is readily available. i wish to challenge publishers to invest some of the profits in the publication of more diverse reading materials including braille, music and physical education books. as you may be aware, a literate citizenry is a key prerequisite for a sustainable economic future. it is now my honour and privilege to declare the 2008 zambia book fair officially open. i thank you all for your kind attention.
rules should at least protect public investment. the third point on my european to - do list is to improve coordination in other areas of economic policy. to effectively tackle the divergent competitiveness in the euro area, all member states must play their part. less productive economies need to implement reforms and investments that increase their productivity and competitiveness. this has obvious benefits for exports, economic growth and employment. and it decreases the productivity gap with more productive economies. these reforms are, however, more likely to succeed if the stronger economies also do their fair share. large and persistent trade surpluses often hide underlying problems, such as corporate savings retained for tax reasons, or stagnant wage growth. reforms aimed at increasing households ’ purchasing power would therefore not only increase welfare in the more competitive member states, but also make life easier for the more vulnerable ones. but let ’ s be realistic : such reforms will take time. even with the right policies in place, it will still take decades for many member states to get to where they need to be. in the coming years, countries with high levels of public debt will unlikely be able to weather another serious downturn without implementing far - reaching budget cuts and tax hikes. these countries then risk falling even further behind. which would again overshadow our objective of creating a stronger and more coherent monetary union. the best way to deal with this, is something we will have to continue reflecting on. 4 i certainly do not have all the answers. but i do believe that the agenda i have outlined would put us on the way to a stronger currency union. with european governments investing in sustainable growth, both jointly and individually. through more closely aligned economic policy. more european integration is not a popular message nowadays, i realize that. we could also choose to abstain from further european integration. that ’ s also an option, certainly. but there is a price to pay for that option. the price involves continued economic divergence between euro area member states, more debt crises, more emergency support and lower levels of prosperity. would the euro survive such a scenario? all the same, we are living in a different economic and monetary union than we imagined back in the 1990s. with more sharing of risk. and more harmonization of policy. in recent years we have pushed the boundaries of the treaty. there is no guarantee we will not have to do that again. so it is equally crucial to reaffirm the political mandate. it is up to politicians to state their

you.
amando m tetangco, jr : the bsp and the banking industry – weaving a story of growth and development speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the annual reception for the banking community, malate, 23 january 2015. * * * on behalf of the members of the monetary board, your other hosts for tonight : finance secretary cesar purisima ( who is currently on official mission abroad ), freddie antonio, phillip medalla, andy suratos, juan de zuniga and val araneta, i thank all of you for accepting our invitation. this marks the 10th year that i am welcoming you to the fort san antonio abad for the bsp ’ s annual reception for the banking community. this is the only time in a year that the bsp hosts in one event, the leadership of the philippine banking industry – from the universal and commercial banks to the thrift banks and the rural banks – in a multi - sectoral gathering. after all, the banking industry serves the cross section of our society. in other words, all of us here have a stake in the banking sector, a very important pillar of our economy. as in the past, i will briefly review how we fared last year, discuss how we see the operating environment for this year, and share how we can move forward together to achieve even better results. review of 2014 well, 2014 certainly turned out to be a good year for the philippine economy in general and for the banking sector in particular, although it did not start this way. about this time last year, we were faced with significant capital outflows and as a result, the peso came under strong depreciation pressures. in may to august, inflation spiked to levels that threatened the attainment of the government ’ s inflation target. in addition, losses from a series of natural disasters slowed our economy. gdp grew 5. 8 % in the first three quarters last year, slower than in the comparable period in 2013. even so, the philippines still emerged as one of the fastest growing economies in the region. indeed, our country ’ s underlying story of resilience remained intact through the challenges of 2014 with continuing economic and governance reforms keeping us on the growth track. on our part, the bangko sentral implemented preemptive and sequential monetary and macroprudential policies that helped

and most people will see their budgets stretch further. consumer price inflation is projected to slow in the coming years and run slightly above 2 percent at the end of 2027. unemployment is projected to increase a little, albeit slightly less than we envisaged in september. 2 / 2 bis - central bankers'speeches
the trend of stable asset formation - - through the investment of surplus funds in financial assets focusing on the long term, on risk diversification, and on regular contributions - - gains traction, it will bring dynamism to household financial assets. this development will give more depth to disposable income in japan and as a result, japan's economy can expect more robust private consumption to help close the macroeconomic output gap and further boost corporate activities. with institutional support already available, such as the nippon individual savings account ( nisa ) and ideco pension plans, there is growing interest in investment trusts, especially among young people. moreover, the japanese government's council of new form of capitalism realization has announced its intention to formulate a plan to double asset income in japan. i look forward to these developments gaining momentum. as has been illustrated, i expect the virtuous cycle of income and prices to be reinforced as the dynamism of firms and employment spurs corporate growth, while the dynamism of employment and household financial assets stimulates a rise in household income. by providing accommodative financial conditions to persistently support these developments, i believe japan's economy will approach the realization of the 2 percent price stability target, which will in turn lead to its sound development. thank you. economic activity, prices, and monetary policy in japan speech at a meeting with local leaders in fukuoka august 25, 2022 nakamura toyoaki member of the policy board bank of japan chart 1 imf projections in the world economic outlook ( july 2022 ) y / y % chg. imf projections - 2 - 4 japan united states - 6 china world output euro area - 8 cy 80 source : international monetary fund ( imf ). chart 2 cpi ( less fresh food ) 3. 0 y / y % chg. 2. 5 2. 0 1. 5 1. 0 0. 5 0. 0 - 0. 5 - 1. 0 - 1. 5 mobile phone charges - 2. 0 effects of the consumption tax hike and free education policies excluding the above factors - 2. 5 - 3. 0 effects of the " go to travel " campaign energy cpi ( less fresh food ) - 3. 5 cy 17 notes : 1. figures for energy are those for petroleum products, electricity, and manufactured and piped gas charges. 2. figures for the " effects of the consumption tax hike and free education policies " from april 2020 onward are bank staff

britain and the member - states of the european union. this program will break for a discussion between leading academics and policy - makers on the issue of the parallel currencies in history. i would not crowd out the precious conference time by dwelling on each piece of research to be presented and discussed today. let me pause here, to give way to interesting and open exchange of opinion and deliberations which i believe this conference will stimulate. and once again – welcome to sofia and enjoy your stay in bulgaria! thank you. 2 / 2 bis central bankers'speeches
, d. and j. c. williams ( 2000 ). “ three lessons for monetary policy in a low inflation era. ” journal of money, credit and banking 32 ( 4 ), pp. 936 – 66 ; and woodford, m. ( 2013 ). “ forward guidance by inflation - targeting central banks. ” sveriges riksbank economic review 3, pp. 81 – 120. 13 / 13 bis central bankers'speeches

since so much energy is imported ), the high intrinsic uncertainty associated with the russian war on ukraine ( both in relation to energy and food costs and geo - political stability ), the slowdown in the world economy and the tightening in global and domestic financial conditions that has already occurred all constitute significant economic headwinds for the euro area. at the same time, all else equal, the recovery in labour market conditions that has occurred should support faster nominal wage increases, as has already been evident ( albeit only to a moderate extent ) in the course of this year. taken together, these forces suggest that cyclical inflation forces will be subject to push - pull dynamics. in one direction, the catch up adjustment of prices and wages to the steep cost increases that have already occurred constitutes a source of intrinsic persistence that, if excessive, could generate an unacceptable delay in the return of inflation to the two per cent target. in the other direction, the deterioration in the economic cycle will weaken the capacity of firms and workers to increase prices and wages in a sustainable manner. in turn, the meeting - by - meeting re - assessment of the appropriate terminal rate will reflect the implications of the incoming data for the relative strength of these opposing adjustment forces, together of course with the incidence of any further inflation shocks. turning to the appropriate speed in closing the gap between the prevailing policy rate and the appropriate terminal rate, it is important to appreciate that the middle and longer segments of the yield curve, which are most important for determining financing conditions in the economy, are much more sensitive to the expected terminal rate than to the precise timeline for converging to the terminal rate. a steady pace ( that is neither too slow nor too fast ) in closing the gap to the terminal rate is important for several reasons. first, there is uncertainty about the transmission of policy rate changes to overall financing conditions, such that it makes sense to allow the financial system to absorb rate changes in a step - by - step manner. in particular, the same cumulative rate hike over a fixed interval is less likely to generate adverse feedback loops ( that in turn could pose new risks to price stability ) if it takes the form of a multi - step calibrated series rather than a smaller number of larger rate increases. of course, in calibrating a multi - step series, the appropriate size of the individual increments will be larger the wider the gap to the terminal rate and the more skewed the risks to the inflation target. second, the
we believe that with an enabling regulatory policy environment and with access to affordable financial services, individuals and micro - enterprises will have the opportunity to flourish and bloom. like a small seedling, a budding micro - enterprise can in the right environment put down strong roots and grow over time. in the same way, micro - enterprises when managed well and in the right environment will not remain micro. they can always grow into small businesses and later on graduate to medium and large enterprises. many of our own local millionaires and renowned large companies in fiji like punjas, vinod patel, tappoos, marco polo, and joes farm, just to mention a few, all started from very humble beginnings. thinking about these companies and how they all started brings hope to those wanting to start a business. you can always start small ; the key is hard work, perseverance and prudence. allow me to mention some of the policy initiatives that rbf has recently implemented to create a more inclusive financial sector. in early 2010, under banking supervision policy statement 14, all commercial banks were directed to set up microfinance units at every branch to cater for the low income earners and especially those in the informal sector. i am pleased to report that the total value of micro deposits held by the commercial banks at 30 june 2013 was $ 40. 3million. this was followed by the launch of mobile money services in june and july 2010. the mobile money ecosystem continues to expand across fiji and is becoming an accepted mode of payment and offers many services similar to a bank. a wide range of services is available through mobile phones, such as bill payments, international remittances, domestic transfers, online shopping payments, savings, insurance repayments, payment for judicial fines, payment for municipal council services and payment of wages and salaries of civil servants. these new financial services, we believe, have created more opportunities for financial services providers and their clients to transact and conduct business with each other through the mobile phone. for example, one of the four microfinance institutions operating in fiji today offers loan disbursements to their clients, or clients can make their loan repayments using their mobile phones. other exciting developments that are expected to be transformational for business in fiji include the opportunity for farmers with the use of their mobile phones to post their crops they have ready for sale online and negotiate with potential buyers directly from their farm gate. earlier this year, the reserve bank issued agent banking guidelines to

will pull together in support of smes, we will see significant differences in the next few years – for the betterment of everyone in fiji. finally, i note some very interesting topics in the sessions you will be having today, and a very impressive lineup of speakers – i wish you well in these deliberations. thank you.
stability. so we would call upon the authorities to prepare the changeover in the best fashion possible, with extreme care. we would also tell the people, the customers, the households : be vigilant, in a market economy prices depend on supply and demand. they depend on the vigilance of the consumers, who must have the maximum level of vigilance at the moment of the changeover, this is truth. what should our government do against the inflation? again, structural reforms are absolutely of the essence, because they improve competition and competition is necessary to care for stable prices. it is a crucial element which permits to have stable prices. so we would encourage the government of slovakia to pursue reforms. we would also ask all governments, not particularly in slovakia, but including slovakia, to strictly respect the stability and growth pact. it is essential for the coordination and solidity of the euro area. it also permits to avoid inflationary pressures. as you look back on the two years of our current government, do you think it does enough in fiscal policy and structural reforms to fight against inflation? one should always encourage governments to go in this direction, so i would say yes, number of structural reforms has been made and that is encouraging for the future, but this is not a reason for complacency and it has to continue very actively. slovakia just adopted a law which allows the government to regulate the prices in some cases. do you think it is necessary to have such law for slovakia because of the euro? it has to be examined very carefully. i have to say, at this stage i do not have the complete analysis of this legislation, we will look at it very carefully. again, what counts essentially in a market economy is the level of competition, that you have between the producers, and the vigilance of the consumers themselves so that they exert maximum pressure on competition to work well. there was a suspicion about insider trading in slovakia before second change of central parity. did you hear about it and what do you think? i heard about it because it was public. i have no opinion on that. we considered in the ecb that it was a matter to be examined by the authorities in slovakia. what impact could have the financial crisis on eurozone and what impact it would have on slovakia after entering euro area? slovakia is part of the global economy and slovakia is in the global economy, as is the euro area and of course the usa. so i

stability. this is necessary for sustainable growth and sustainable job creation. and that is the reason why we recommend not only towards the social partners but also price setters to strictly avoid those second round effects.