samchain/econo-pairs-v2 huggingface dataset:
accompanied by his discussant, deputy governor liviu voinea. i wish you all a fruitful debate today! 2 / 2 bis central bankers'speeches

will be prolonged. the continued positive investment stance appears to suggest that firms consider the current weakness in exports and production as temporary. business fixed investment is projected to keep rising moderately as the improvement in corporate profits and monetary easing effects continue to exert upward pressure, and as firms will continue increasing their domestic investment. household sector : continued improvement in the employment and income situation and resilient private consumption next, i will turn to the household sector. positive developments in the corporate sector have led to a tightening in labor market conditions and to an improvement in the employment and income situation in accordance with that tightening. the unemployment rate was 3. 3 percent, a low level last seen in 1997 ( chart 7 ). judging from firms ’ view on employment, the labor shortage is growing further. tight labor market conditions have been creating upward pressure on wages. nominal wages have increased moderately, albeit with fluctuations, due partly to the fact that many firms increased wages, including base pay, which was raised to a larger extent than last year in the annual labor - management wage negotiations this spring. consequently, since the number of employees has been increasing and nominal wages per employee have risen, overall employee income has been increasing moderately ( chart 8 ). private consumption for fiscal 2014 was relatively weak. this is due to the effects of the consumption tax hike having been larger than expected and of the bad weather during the summer, both creating a strong headwind to private consumption. however, this wind grew calm this fiscal year, and a tailwind has started to blow. nominal wages have continued to increase, as they did last year, and the increase has been seen in small and medium - sized bis central bankers ’ speeches enterprises ( smes ) as well. moreover, reflecting in part the past decline in crude oil prices, real wages are projected to increase in a sustainable manner. consumer sentiment, which fell considerably towards last year - end, has evidently been picking up. in this situation, private consumption has become more resilient, and with steady improvement in the employment and income situation continuing going forward, supported in part by the wealth effects resulting from the rise in stock prices, private consumption is expected to maintain its resilience. interim assessment of the outlook for economic activity and prices regarding japan ’ s economy, with a virtuous cycle from income to spending in both the corporate and household sectors expected to continue operating, domestic private demand is likely to be firm, and exports are expected to increase moderately, albeit with some fluctuations. the
utilisation of large value payment system by all stakeholders including the government ; 5. enhancing and retaining skills in oversight of payment systems ; 6. ensuring effective cooperation between different regulatory authorities in the regulation of payment systems ; 7. maintaining and enhancing market competition and cooperation in the development and operation of payment systems ; and 8. ensuring consumer protection in payment system services. i am glad that this workshop is going to address these key issues and challenges with respect to the above and i am confident that the rich discussions you are going to hold and the lessons of experience you are going to share will not only enhance your skills but also bring out pertinent issues that require to be addressed when you go back to your home countries. ladies and gentlemen ; let me take this opportunity to express my gratitude to the northwest university, south africa, the south african reserve bank and the reserve bank of zimbabwe for releasing their officials to share with us their knowledge and experience at this workshop. to all of you, i wish you the best and i encourage you to participate actively during the presentations and discussions. use every opportunity to tap from the vast experiences of the resource persons during these five days. last but not least, i wish to thank the mefmi secretariat for organising this important workshop and for choosing zambia as the venue. with these remarks, ladies and gentlemen, i declare this workshop officially open.

jean - pierre roth : the euro – a stabilising factor in the international currency system summary of a speech by mr jean - pierre roth, chairman of the governing board of the swiss national bank and chairman of the board of directors of the bank for international settlements, at the fondation jean monnet pour l'europe, lausanne, 21 september 2007. the complete speech can be found in french on the swiss national bank ’ s website ( www. snb. ch ). * * * the euro is undoubtedly a success story. it has contributed to stabilising the international currency system. in europe, the former monetary disorder has been replaced by a new monetary order. the european payment system has become more transparent and price stability is guaranteed. switzerland, too, is benefiting from european currency stability. the swiss franc is taking advantage of a monetary environment that is considerably calmer than previously. the euro and the franc are coexisting very successfully. nevertheless, it would be wrong to claim that all the effects of european currency integration have already worked their way through to the real economy. in spurring on competition and promoting transparency, the euro is having an integrating effect. however, there are still considerable obstacles standing in the way of this integration process.
lower than twelve months earlier. payment providers have facilitated these moves. the transaction limit below which a pin is not required for a contactless card payment was ( temporarily ) raised from $ 100 to $ 200 to further reduce the need to touch terminals. banks promoted mobile payments, which, because of biometric identification, often do not require pins even for large purchases. and banks also obtained dispensation to mail out debit cards to a large number of their customers that did not already have them. all of these changes are likely to result in permanent shifts in behaviour as some people maintain the new ways of doing things. people who have recently obtained a debit card for the first time now have the ability to use a card at the point of sale as well as make online purchases. the increased use of online shopping, either through necessity or preference during the ‘ stay at home'period, seems likely to be a permanent shift. in response, many retailers have increased their online offerings and may even find that they can reduce their physical presence. there have been some calls for the ‘ no pin ’ limit to be maintained at the current higher level, which would make point - of - sale card payments even easier. and mobile payments have probably received a permanent leg - up. there are a number of policy implications we have been thinking about the policy implications of the changing payments system for some time. many of the issues were raised in our consultation document on the review of retail payments regulation ( the review ). [ 1 ] i am going to focus on five issues here : the cost of electronic payments ; technological lock - out ; resilience of electronic payments ; access to cash ; and the future of cheques. costs to merchants of electronic payments must be kept as low as possible the cost of payments for merchants is an issue that the bank has been focused on since it was given responsibility for efficiency and competition in the payments system in 1998. from the early days of its work on interchange fees, the bank has been concerned with the way in which competition between payment systems works. in particular, since merchants are reluctant to refuse any payment method that consumers present, for fear of losing a sale, they typically take as many as possible. if a sufficient number of their competitors take a payment method, it is very difficult for a merchant to refuse that payment mechanism. the result of this is that they have limited ability to resist increases in the cost of taking payments. and as costs of payments rise, they ultimately find

answering your questions. 5 / 5 bis central bankers'speeches
affect economic policy choices which in turn may have a negative impact on economic growth. why deflation has continued for a prolonged period next, i will discuss the second question, namely why deflation has continued for a prolonged period. although japan ’ s deflation is quite mild when compared with oft - quoted episodes of deflation such as that in the 1930s, this is a question that has attracted a lot of attention. the direct cause of deflation is the slack in the economy ( chart 7 ). i therefore attribute the most recent price declines to the global plunge in demand following the failure of lehman brothers. however, the prolonged, albeit moderate, deflation since the end of the 1990s cannot be explained only by short - term and cyclical factors. a more fundamental cause is the long - term downtrend in the growth potential of japan ’ s economy. when the growth rate continues to decline for a protracted period, people ’ s expectations for future income growth are reduced and firms and households restrain their spending. as a result, downward pressure on prices continues ( chart 8 ). it is sometimes said that deflation will be solved only if the central bank provides liquidity more aggressively. provision of ample liquidity is important, of course, but this alone does not solve the problem of deflation. in the united states, the federal reserve has expanded its balance sheet by a factor of 2. 5 since the second half of 2008, but the inflation rate has continued to decline ( chart 9 ). thus, to overcome deflation in japan, two things – consistent monetary easing and efforts to strengthen the foundations for economic growth – are essential. why yields on jgbs have been stable at low levels the third question in relation to the severe economic conditions in japan is why yields on japanese government bonds ( jgbs ) have been stable at low levels despite the deterioration in the fiscal balance ( chart 10 ). in fact, the average yield on 10 - year jgbs since the beginning of 2000 has been around 1. 4 percent, an extremely low level. bis central bankers ’ speeches long - term interest rates are influenced by three factors : the expected growth rate, the expected inflation rate, and the risk premium associated with holding government bonds. accordingly, one possible explanation for the low and stable long - term interest rates is that it reflects the market ’ s view that, for the time being, japan ’ s economy will continue to grow slowly and have low inflation. however, this explanation

##ts : annual pace of about 90 bil. yen → annual pace with the upper limit of about 180 bil. yen ( for the time being ) chart 10 yield curve control 1. 2 % 1. 0 target level of the long - term interest rate ( 10 - year jgb yields ) : around 0 percent 0. 8 0. 6 0. 4 short - term policy interest rate : minus 0. 1 percent 0. 2 0. 0 - 0. 2 residual maturity, year
money in our financial system and to minimise individual economic losses. thank you! 3 / 3 bis - central bankers'speeches

##rdizing both the economic growth and financial stability. many central banks have already starting to understand that their objectives and the long - run sustainability of their policies encompasses multiple dimensions, extending beyond mere price stability to align with the sustainable development goals. the role of the central bank in achieving these goals - whether directly or indirectly, through monetary policy and financial regulation, financial education and inclusion - is more vital than ever, for the society, as well as for the central bank itself and the success of its policies. we have embarked on two major strategies, which support the achievement of the sustainable growth objectives : the climate strategy and the financial education and inclusion strategy a€ “ in addition to developing a new focus, the one on digitalization. these initiatives are based and informed by the extensive scientific research taking place at the bank of albania on areas covering climate change, financial education and inclusion of households and the private sector. the advent of digitalization is fundamentally altering economic and financial landscapes, changing public perceptions and behaviours towards monetary and financial decisions. this thorough transition demands new approaches of analyses, decision making and communication with the public, especially in the face of unknowns brought about by emerging technologies. thus, i encourage you to scrutinize your studies on these critical issues. as we look into these complex and dynamic conditions in economy and finance, we must remember the lessons from history, particularly albania's economic and monetary journey. as we approach the centenary of the bank of albania and central banking foundation in albania, we must delve into this rich history to enrich our modern understanding about the economy and finance, in turn to tailor global knowledge to the specific context of albania. this historical perspective is crucial in understanding the cycles and evolutions of the economy, reminding us of the rationale and main reasons which have underpinned our fundamental choices, regarding the monetary and financial regimes. it helps us to better understand what stands behind the choice of free floating exchange rate regime, liberalization of trade and capital controls, the independent monetary policy and price stability objectives, and how they are relevant under the current challenges. concluding, i urge our researchers to adhere to principles of unbiased analysis, scientific rigor, and clear recommendations. this is a challenging task, but i am confident in our collective ability to uphold these standards. the research at the bank of albania has already gained credibility with policymakers and respect from academia, as evidenced by the international participation in this event. however, we must also ensure that our research
the outlook was for a gradual decline in core inflation. 4 see blanchard ( 2016 ), kiley ( 2015 ), and brainard ( 2015a ). similarly, inflation did not fall very much as the unemployment rate climbed to 10 percent during the great recession. 5 the inflation information refers to core pce inflation measured on a 12 - month average basis. 6 see nalewaik ( 2016 ). 7 see brainard ( 2017 ). 8 this rationale is in brainard ( 2015b ). 9 bonis, ihrig, and wei ( 2017 ) estimate that the cumulative effect of the federal reserve ’ s asset purchases results in a reduction in the 10 - year treasury yield term premium moderately in excess of 90 basis points currently. 10 it seems likely that many investors have developed an expectation of the likely path of the federal reserve ’ s balance sheet once the process of normalization is well underway, and these expectations are already priced into asset prices. see, for instance, federal reserve bank of new york may 2017 responses to survey of primary dealers ( pdf ), and responses to survey of market participants ( pdf ). 11 there may be differences in the specific ways changes in short - term rates and the balance sheet transmit to different asset prices and the exchange rate, although estimates are limited and lack precision. 12 see the committee ’ s policy normalization principles and plans, available on the board ’ s website at www. federalreserve. gov / newsevents / press / monetary / 20140917c. htm. 7 / 7 bis central bankers'speeches

se, but rather against “ world economic forums ”. clearly, the risk is that support for restrictions on trade is not dead, only quiescent. in many important respects, the past half century has represented an uneven struggle to repair the close linkages among national economies that existed before the first world war. the hostilities bred of war, the substantial disruptions to established trading patterns associated with that conflict, and the subsequent poor economic performance over the next few decades triggered the erection of trade barriers around the world that have taken even longer to dismantle. to repeat that error would be a tragic act of foolishness and waste. central bankers can make two contributions to ensure an open trading system. for one, we should not hesitate to remind our fellow citizens of the manifest net benefits of free trade in goods, services, and assets, benefits that accrue not only to all trading partners on average but also especially to some of the least fortunate within those trading societies. i would further emphasize that the free market system has proven itself better than all other forms of organization dedicated to harnessing the underlying competitive forces of the division of labor and comparative advantage. for another, we monetary policymakers must keep hold of the anchor provided by price stability so as to support maximum sustainable economic growth over time. by fostering such economic performance, our arguments for free trade and open markets should find a receptive audience.
operations in order to eliminate any “ challenges ”. - besides, serbia is the first country in the region in which the “ vienna initiative ” has been successfully implemented. - we have received today a communication from the imf informing us that the so called “ safeguard assessment ” of our country has been successfully completed. - the nbs has initiated a number of regional initiatives relating to the financial sector : last week we received the president of the german bafin, an institution in charge of supervision of the german financial sector, while bank of england and banque de france have been holding a number of regional seminars, etc. and finally, allow me to remind you once again that europe will certainly give serbia a chance. i have never doubted that, but when it comes to the european integration processes, nobody will nor anybody should do our job for us. how many challenges on that road will be created by us depends only on us and nobody else!

improvement in economic activities has not stimulated corporate demand for external funds, since firms ’ cash flow is increasing in parallel with a recovery in profits. moreover, firms continue to reduce debts as part of their balance - sheet restructuring measures. as a result, credit demand in the private sector has continued to be basically stagnant. in view of this, the underlying tone of private banks ’ lending remains sluggish. issuance of corporate bonds and cps has been steady. money stock ( m2 + cds ) grew faster in july compared with the previous month on a year - on - year basis. in this financial environment, the lending attitude of financial institutions is perceived by firms as less severe, and corporate financing conditions are easing.
have just described, the snb continues to take the view that targeted mortgage loan - related measures are necessary in the residential investment property segment. the snb supports the federal council ’ s proposal to raise the capital requirements for highltv loans in this segment. specifically, this would involve increasing the risk weights for loan tranches exceeding two - thirds of the residential investment property ’ s value. the snb welcomes the swiss bankers association ’ s readiness to consider a revision to the selfregulation guidelines as an alternative to the federal council ’ s proposal. such a revision would reduce the ltv ratio and shorten the amortisation period for new loans financing residential investment property. in the snb ’ s assessment, the domestically focused banks hold sufficient capital to cover their risk exposure. despite a fall in profitability in 2018 as a result of a further reduction in interest margins, they have been able to maintain their capital situation. snb stress tests continue to suggest that most of these banks have a sound capital base, enabling them to cover any losses they might incur under adverse scenarios. the proposed measures should help to ensure that the level of risks incurred in the mortgage market remains bearable in the future. for its part, the snb will continue to monitor developments on the mortgage and real estate markets closely, and will regularly reassess the need for an adjustment of the countercyclical capital buffer. page 3 / 3

a financial crisis with serious economic consequences for switzerland and the rest of the world. even in an acute crisis situation, however, the snb must always adhere to the framework established by law and comply with the allocation of roles to authorities envisaged therein. 3 / 3 bis - central bankers'speeches
. in response, we have taken a fresh look at our approach to banking regulation and supervision. in particular, we are developing our capacity to respond to banking crises in ways that serve the interests of new zealand. this includes policies that aim to ensure that foreign - owned systemically important banks can be run legally and operationally from new zealand on a stand - alone basis if and when needed. we are also working to ensure that there is as much coordination and cooperation as is possible between regulatory authorities both here and abroad during times of financial stress. “ we also have a brief to monitor the wider financial system for emerging signs of stress. the publication of our first regular financial stability report ( pdf 888kb ) is another step in raising awareness and debate around financial stability issues. “ banking policy should be part of a safeguard against rare, but costly, financial crises. we can think of it as a form of insurance : if the potential loss from an unforeseen event rises, it is appropriate to add a little more insurance cover. we believe that recent policy developments provide this extra cover, in ways that are consistent with our duty to promote the soundness and efficiency of the financial system. ”

##rted. now, a new world is emerging, one that is very different from the one before the crisis. in this new world, the prospects for asia is encouraging, in both contributing to and assuming greater responsibility for supporting global stability and longer - term growth. for malaysia, sustained growth and successful transformation of the economy towards a higher level of development would depend crucially on how we prepare ourselves in facing the coming challenges and seizing the emerging opportunities.