samchain/econo-pairs-v2 huggingface dataset:
were small – the sums of squares were close to origin. this can be contrasted to the situation in early 2009 when the fluctuations in both of the forecasts were considerable and the sums of squares were far up to the right in the figure. finally, before i move on to discuss the evaluation of monetary policy after the event, i would like to say that ex ante evaluations have the major advantage that they can be carried out on an ongoing basis in real time and that you do not need to wait several years to see the outcomes for inflation and the real economy. i would like to see competent ex ante evaluations become a lasting feature of the ongoing public debate on monetary policy so that they could constantly encourage the central banks to improve their analyses and their policies. evaluation ex post – after the event the most relevant starting point for an evaluation of monetary policy is, as i said earlier, the information and data that was available when the monetary policy decisions were made. that is an ex ante evaluation. however, an ex post analysis may also be relevant. the forecast evaluation that i discussed earlier was, for example, ex post. but an evaluation of monetary policy after the event can also provide valuable insights regarding the monetary policy conducted. the question we should then ask is : given what we know today, what form would a better monetary policy have taken? would it have been possible with a different monetary policy to achieve a better stabilisation of resource utilisation without undermining the stabilisation of inflation, or vice versa? as this is an analysis in which we know what actually happened and what the results were, it is rather likely that we will discover that this would in fact have been possible. we would then have to get to the bottom of why such a monetary policy was not chosen. could any of the outcomes have been predicted ex ante? anyone may of course have luck with a single forecast. but was there another analyst who in a convincing way actually predicted the shocks to the economy that occurred and that the central bank missed? a large part of this analysis will thus concern evaluating and explaining forecast errors – even individual errors – and deviations from the central bank's targets. it is actually fairer to focus on forecast errors as deviations from targets under a flexible inflation targeting regime may be deliberate on the part of the central bank. evaluating the central bank's forecasts is thus important ; that is investigating whether the forecasts systematically over - or underestimate

financial market, enabling a fair competition between financial institutions that ensure increased access to finance and improvement of conditions, but will never allow the operation of those institutions that do not comply with the regulatory and legal requirements of the country, and of those that take advantage of the difficult financial conditions in which a part of our citizens may find themselves, bringing services which impoverish them and make their lives even more difficult. 2 / 2 bis - central bankers'speeches
by maintaining inflation at between 4. 0 and 6. 0 per cent. ( 3 ) foreign exchange market stability is a significant contributor to price stability, and the bank is equally committed to maintaining stability in the foreign exchange market. thank you. i will now take questions. 3 / 3 bis - central bankers'speeches

lowered their expectations for inflation 12 months ahead to 7. 6 per cent from 8. 2 per cent, a continuation of the declining trend since the middle of 2022. second, both the change in the exchange rate and businesses'expectations about the pace of depreciation in the future have remained fairly stable. the exchange rate has depreciated by 2. 1 per cent on a year - over - year basis at 19 november 2024, which is a mild uptick when compared to the 1. 1 per cent depreciation for the same period a year earlier. the foreign exchange market has been adequately supported by the bank's use of its foreign reserves to augment flows in the market. boj sold over us $ 1. 0 billion via its b - fxitt facility over the 12 months to end - october 2024, compared to us $ 947 million sold over the similar 12 months to end october 2023. however, it is important to note that the bank net purchased approximately us $ 1. 2 billion over the 12 months period to october 2024, which in part, resulted in the gross reserves increasing to us $ 5. 7 billion at end - october 2024. the bank is committed to ensuring that the foreign exchange market remains stable. the third source of inflation that has moderated is international commodity prices. the international prices of grains ( particularly wheat, corn and soybeans ) for the september 2024 quarter were lower, on average, by approximately 25. 3 per cent, compared to the september 2023 quarter. energy and shipping prices also declined in the september 2024 quarter. importantly too, inflation in the us fell to 2. 6 per cent at october 2024 from 3. 2 per cent a year earlier. lower grains price inflation and lower us cpi inflation have reduced the pace of increase in jamaica's import costs. the continued existence of these factors increase the likelihood of a further reduction in interest rates in the us, all of which benefit our economy. finally, demand in the economy continues to moderate. some of this is the result of the bank's past monetary policy decisions to reduce inflation. however, the shock to the jamaican economy from hurricane beryl has also significantly slowed growth. the economy is estimated by the pioj to have contracted by 2. 8 per cent for the september 2024 quarter, in contrast to the growth of 0. 2 per cent recorded for the june 2024 quarter. the decline mainly reflected contractions in
demand pressures have abated. corporate pricing behaviour has continued to normalize. at the same time, measures of near - term inflation expectations and wage growth suggest that underlying inflationary pressures remain. let me conclude. we've come a long way from the inflation peak in 2022. monetary policy is working, and we need to continue to let it work. we remain resolute in our commitment to return inflation to the 2 % target. 2 / 3 bis - central bankers'speeches with that summary, the senior deputy governor and i would be pleased to take your questions. 3 / 3 bis - central bankers'speeches

mario draghi : verbatim of the remarks at the global investment conference speech by mr mario draghi, president of the european central bank, at the global investment conference, london, 26 july 2012. * * * ( … ) i asked myself what sort of message i want to give to you ; i wouldn ’ t use the word “ sell ”, but actually i think the best thing i could do, is to give you a candid assessment of how we view the euro situation from frankfurt. and the first thing that came to mind was something that people said many years ago and then stopped saying it : the euro is like a bumblebee. this is a mystery of nature because it shouldn ’ t fly but instead it does. so the euro was a bumblebee that flew very well for several years. and now – and i think people ask “ how come? ” – probably there was something in the atmosphere, in the air, that made the bumblebee fly. now something must have changed in the air, and we know what after the financial crisis. the bumblebee would have to graduate to a real bee. and that ’ s what it ’ s doing. the first message i would like to send, is that the euro is much, much stronger, the euro area is much, much stronger than people acknowledge today. not only if you look over the last 10 years but also if you look at it now, you see that as far as inflation, employment, productivity, the euro area has done either like or better than us or japan. then the comparison becomes even more dramatic when we come to deficit and debt. the euro area has much lower deficit, much lower debt than these two countries. and also not less important, it has a balanced current account, no deficits, but it also has a degree of social cohesion that you wouldn ’ t find either in the other two countries. that is a very important ingredient for undertaking all the structural reforms that will actually graduate the bumblebee into a real bee. the second point, the second message i would like to send today, is that progress has been extraordinary in the last six months. if you compare today the euro area member states with six months ago, you will see that the world is entirely different today, and for the better. and this progress has taken different shapes. at national level, because of course, while i was saying, while i was glorifying the merits of the
me just add that the return to intergovernmentalism for fear of treaty changes will destroy the eu, as europe, over the centuries, has repeatedly seen the breakdown of such alliances of dominant states. thank you very much for your attention. i look forward to the many fruitful discussions and exchanges we will no doubt have at this conference. 1 standard eurobarometer 87. 4 / 4 bis central bankers'speeches

of the measures imposing the stipulation of explicit agreements will increase as they are included in new and renegotiated loan contracts with greater frequency. shorter recovery times can increase the value of non - performing loans substantially, making it easier to dispose of them on the market. a significant contribution could come from improving the efficiency of the courts ; there are considerable geographical disparities in the length of foreclosure and bankruptcy procedures, sometimes even within the same region. the disposal of bad debts could be further facilitated by the state guarantee scheme for securitized bad debts ( gacs ), which will help to raise the sale price by making the senior tranches of securitizations more attractive for investors. bis central bankers ’ speeches the growth of the market in non - performing assets will also receive a boost from the investments of atlante, a private fund that can concentrate on the riskiest securitization tranches. even with relatively modest resources for the moment, atlante can demonstrate that buying bad debts at higher prices than those now offered by specialized investors can in fact produce attractive returns. we believe the fund has the determination, independence and professionalism to meet this challenge ; the more it succeeds, the more it will become possible to raise fresh resources, creating a virtuous circle. sale is only one of the ways of dealing with the problem of non - performing loans. supervisory authorities and banks have a common interest, in this phase, in making the active, efficient and informed management of such loans a strategic objective. possible improvements range from strengthening internal procedures to outsourcing to specialized operators. as part of its efforts to motivate the banks, the bank of italy has recently launched a new periodic survey to gather detailed information on the stock of bad debts, the related collateral and guarantees, and recovery procedures. it lays the basis for vigorous organizational intervention which, in turn, is the precondition for solving the problem, not overnight but within a reasonable timespan. those responsible for european supervision are aware that the reduction of non - performing exposures can only be gradual. the actual situation of the individual banks will be assessed and the most appropriate supervisory measures identified considering the context in which they operate. at the same time, within the single supervisory mechanism we are striving to make our action more effective with respect to all the risks that bear on banks ’ balance sheets, more importantly those associated with structured financial products. the law reforming the cooperative banks has created
. credit cycles : past and present. ” ( 498 kb pdf ) note, however, that whereas this previous analysis focused on the evolution of credit following business - cycle peaks, staff analysis is now focused on the evolution of credit following business - cycle troughs.

management of their reserve assets and the conditions associated with their issuance. fatf ( 2012 ), “ international standards on combating money laundering and the financing of terrorism & proliferation ”, available at : https : / / www. fatf - gafi. org / media / fatf / documents / recommendations / pdfs / fatf % 20recommendations % 202012. pdf. fatf ( 2021 ), “ updated guidance for a risk - based approach virtual assets and virtual asset service providers ”. https : / / ec. europa. eu / info / publications / 210720 - anti - money - laundering - countering - financing - terrorism _ en. in this respect, matters such as restricting said activities to supervised deposit institutions, 34 constraining reference assets to higher quality ones and imposing transparency measures on the latter35 are emerging issues that could ultimately become global trends. at the national level, in spain there are no specific regulations on crypto - assets. the spanish national securities market commission ( cnmv ) has issued a circular on advertising of crypto - assets intended for financial investment36. the circular aims to ensure that the advertising content is accurate, easily understandable and not misleading, and that it clearly includes mention of the associated risks, including the possible loss of the entire investment. as such, this regulation establishes the tools and procedures for effective supervision of crypto - asset advertising, but it does not regulate either crypto - assets, their issuance or crypto - asset - related services and, since october 2021, the banco de espana37 has held a special register of providers, although its scope is currently restricted to only a subset of players. 38 unlike other registers, this one has a limited purpose, catering only for anti - money laundering and counter terrorist financing needs. in other words, an entity ’ s inclusion in the register does not imply that it has been granted prudential authorisation, i. e. it does not guarantee that the agent is solvent or has the technical capabilities necessary to correctly pursue its activity. nor does the register impose specific transparency requirements vis - a - vis the agent ’ s clients. in sum, initiatives such as the register of certain crypto - asset service providers are a step forward. but they should not be interpreted as authorisation comparable to that granted to banks, nor do they mean that the banco de espana performs any supervision of their activities. these examples are a sample of the initiatives which are under way
continually strengthening and providing opportunities for our respective institutions, in order to share their best practices, implementation experiences, and novel proposals, to address the issues that emerge in this dynamic, evolving and challenging risk environment. for us, at banco de mexico, it is a privilege to be part of the international operational risk working group ( iorwg ) and i am sure that during these three days of work, in this space and platform, countless ideas and strategies will arise that will allow us to expand our vision to successfully address the challenges that we are all facing. once again, i welcome you all to banco de mexico and i thank you in advance for your valuable contributions to these topics of interest to all of us.

##ing climate were significant but manageable, while delayed action was dangerous and much more costly. importantly, the report concluded that there was still time to avoid the worst impacts of climate change, if we took strong action. source : world meteorological organization, 3 december 2019, january to october. https : / / public. wmo. int / en / media / press - release / 2019 - concludes - decade - of - exceptional - global - heat - and - high - impactweather intergovernmental panel on climate change ( 2018 ). european parliament, press release 29 - 11 - 2019. https : / / www. europarl. europa. eu / news / en / pressroom / 20191121ipr67110 / the - european - parliament - declares - climate - emergency http : / / www. lse. ac. uk / granthaminstitute / publication / the - economics - of - climate - change - the - stern - review / https : / / webarchive. nationalarchives. gov. uk / 20100407163608 / http : / / www. hmtreasury. gov. uk / d / summary _ of _ conclusions. pdf 2 / 5 of course, it is worth repeating that these conclusions were flagged already in 2006, more than thirteen years ago. unfortunately, it would seem that it hasn´t been till recently that this call for action has been taken seriously. in his keynote presentation lord stern will shed some light on whether we are still in time to avoid the worst impact. thank you very much for accompanying us today. still, we shouldn´t forget that the fight against climate change also has a human and social dimension. the transition to a low - carbon economy must also be “ fair ” or “ just ” for the economic sectors most affected. this is one of the objectives of the 2030 agenda for sustainable development, which commits to eradicate poverty and achieve sustainable development worldwide by 2030, ensuring that no one is left behind. the agenda integrates in a balanced manner the three dimensions ( economic, social and environmental ) of sustainable development through seventeen sustainable development goals. ms. cristina gallach, high commissioner for the 2030 agenda, will moderate the panel that will follow lord stern´s presentation, and will share with us the progress that is being made in this respect. thank you very much, cristina, for being here today. i am sure we are all looking
on the lagging regions such as sub - saharan africa, lagging countries within the achieving regions such as cambodia and papua new guinea and lagging provinces, states and districts within the successful countries such as guizhou, yunnan and xinjiang in china. there is a strong evidence to confirm the existence of virtuous cycle linking education and economic growth. education is critical to better health and nutrition. better education, health and nutrition increase the productivity that leads to economic growth. growth then generates resources that are deployed to finance improvement in health and education, further raising productivity. critical in this cycle is the female education which has the highest direct and indirect rates of return among all types of investment. educated and healthier women participate in the labor force, contribute to higher productivity by adopting new techniques and innovations and thus raise level of household incomes. the higher growth outcome achieved in this benign way also reduces incidence of poverty. thus investment in female education must be given the highest priority. within a country, the scale and effectiveness are the two main determinants of achieving the millennium goals. the scaling up effort cannot take place without the active involvement and capacity of the government at all levels. planning, coordination, monitoring and filling in the capacity gaps by the government are essential ingredients of any meaningful scaling up. improved delivery of education and health services as well as availability of water and sanitation to the poor people can best be done by the government. these not only require investments but also reforms in policies and institutional framework. on the other hand the effectiveness of the delivery of services and right targeting are difficult to achieve without the active involvement and serious efforts of the communities for which volunteers and voluntary organizations are best suited. the capabilities of poor people to participate in and benefit from growth will have to be upgraded and that can be done only by the volunteers and community leaders. successful innovations such as educo in el salvador, the progreso programmed in mexico, female secondary school assistance in bangladesh are good examples of community engagement in effective service delivery. in bangladesh are good examples of community engagement in effective service delivery. in porto alegre, brazil, public monitoring of local budgets has brought huge improvement in services. the various stakeholders involved in this global partnership i. e. the developing countries, developed countries, international financial institutions and the un family, ngos and voluntary organizations, the academia and media should examine their own role, responsibilities and attainments. they should mainly focus on the system - wise issues and the lagging regions, countries and areas to

give them a helping hand in boosting their outcomes.
excluded citizens. in order to ensure that persons who are excluded, both in urban and rural areas do not encounter difficulties in opening bank accounts, the know your customer ( kyc ) procedures for opening and operating accounts has been simplified. the simplified procedure or relaxed „ kyc [UNK] note allows banks to use various forms of reference documentation such as community leaders other than the traditional approach used in the past. in addition, over the years, there have been a number of positive developments in the economy. some of these include easier access to banking services through lower bank account opening balances ; relaxed kyc procedures for opening and operating accounts ; improved payments systems through mobile banking, e - money, increased numbers of atms and point of sale terminals, and improved access to foreign exchange through various bureau de change across the country. we have also seen a broader range of financial services, including products tailored for women. under the second phase of the fsdp, government is implementing a number of programmes, and building capacity for key stakeholders. specific milestones include : bis central bankers ’ speeches ( i ) development of a rural finance policy – a draft report has been developed and among others, focuses on proposals for developing warehouse certificate systems, supporting financial services providers towards rural banking as well as agency banking and initiatives for rural branch expansions ( e. g. natsave ). ( ii ) establishment of development fund – dbz is now the appointed apex body for wholesale funds and is also expected to launch an enterprise development fund co - financed with the zambia development agency ( zda ). ( iii ) launch of the national strategy on financial education – this strategy which was launched in july 2012 will centre on increasing financial literacy levels in the country with education programmes targeted at children ( in schools ) ; youth, male and female adults and msmes as well as teachable moments. the bank intends to partner with women [UNK] s organisations to ensure proper coverage of women. ( iv ) development of awareness campaigns – related to the above, boz and other financial sector regulators are involved in awareness programmes through media briefs, trade and commercial shows, radio and tv programmes as well as road shows. the bank of zambia has also entered into a partnership with the ilo to implement the famos check tool which should assist banks to better serve their famos clients. the bank has also embraced many stakeholders, including some women ’ s organisations, onto the famos implementation task force. the bank has also licensed a credit reference bureau which will ultimately

declare, with these few words, this national conference officially open. i thank you. bis central bankers ’ speeches