samchain/econo-pairs-v2 huggingface dataset:
of constant change and innovation. and, especially since the mainland ’ s reform and opening up, we have always been a testing bis central bankers ’ speeches ground, a buffer zone and a springboard. when hong kong ’ s manufacturing base moved to the mainland, we changed to trade intermediation and focused on logistics management and offshore trade. we also developed our services industries, especially high value - added and modern services including professional and financial services. our economy has always adapted and transformed itself in response to the constantly shifting economic landscape of the mainland and the rest of the world. conclusion : levering the mainland while engaging the world 12. the pivot of the mainland ’ s economic growth is expected to shift to domestic consumption, innovation and efficiency enhancement, as well as market opening. there will also be more mainland companies investing abroad. the prospects of hong kong rest on whether we can ride on this trend, developing and introducing the right products and modern services for the mainland market ; whether we can attract more mainland companies to use hong kong as the springboard to go global, and anchoring in hong kong their operating and treasury centres for overseas expansion. 13. i have always been optimistic about hong kong ’ s future. yet my optimism rests on the very presumption that hong kong people would continue to make the right choice for our future. indeed it is our choice : what ’ s the way forward? where will it lead us? we could well choose to indulge in past success and languish in self - pity, fretting that our monopoly access to the mainland market would chip away as reform and liberalisation continues to take hold. we could choose to squander our time and opportunities resting on our laurels. alternatively, we can choose to maintain a healthy and positive interactive relationship with the mainland on the basis of “ one country, two systems ”. we can cherish the hard - earned success made possible by the concerted efforts of generations of hong kong people and pass on our “ cando ” spirit. we can also capitalise on our strategic position to leveraging the mainland while engaging the world. i trust and remain hopeful that we would make the right choice that promotes hong kong ’ s prosperity, maintains our stability and leads us to a bright future. bis central bankers ’ speeches

success to all who will be involved in translating the design into reality.
europe. even after the end of the plan, us experts continued their missions to europe as industrial consultants, and european engineers continued to visit the united states for training. a good number of italian public administrators took advantage, including the bank of italy ’ s salvatore guidotti, who learned “ modern ” national accounts methods in washington. a number of management schools on the harvard pattern were founded in italy. two of the leading figures in the italian industrial renaissance, vittorio valletta and adriano olivetti, were influenced by this climate. us department of state, office of public affairs, current development report on european recovery, no. 3, 1948. today the european economic community is an established fact, the soviet adversary has dissolved, asia has stridden purposefully onto the world stage and other regions too are clamouring for a larger role. the economic supremacy of the united states remains, but now it must come to grips with a series of other economic power centres. how, and how profoundly, have these developments affected the interdependence between the economies on the two sides of the atlantic? let us examine the facts. economic interdependence must be assessed in three respects : the real economy ( trade and direct investment ) ; the financial economy ; and economic policy ( reciprocal influence and cooperation ). 2. trade and foreign direct investment 2. 1 on trade. first, a premise : both the us and europe were and are still relatively “ closed ” economies. for the united states, foreign trade in goods represents scarcely a fourth of gdp today. the openness of today ’ s 27 - member european union is of about the same order of magnitude. however, this similarity conceals significant differences in trend. the united states built its internal market much earlier than europe, in the nineteenth century ; and even in the 1950s and 1960s american foreign trade was much more modest than now, accounting for just one tenth of gdp. the dynamics was very different. the us were a closed economy with a predominant internal market until recently. the single countries of europe were much more open versus the us than vice versa before european integration. as this took off the ground, the internal market replaced external trade. america ’ s “ discovery ” of the importance of the world around it is historically recent. it has been fostered by globalization and spurred by the deficit of domestic saving. but the secular dominance of the us domestic market makes american firms and policymakers alike primarily inward - looking. europe does still consist of

to bordering countries. but the premises would appear to be in place for an extension of its international role in both trade and finance. the transatlantic link is extremely precious and must be cultivated at the policy level. new prospects will open up shortly. to overcome today ’ s challenges, it will be necessary for objectives to be shared and decision - making to be based on solidarity. the united states and europe, more closely united, are a guarantee for the world ’ s stability.
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christine lagarde : opening remarks at the eui ’ s state of the union event opening remarks by ms christine lagarde, president of the european central bank, at the online edition of the state of the union conference organised by the european university institute, 8 may 2020. * * * today marks the 75th anniversary of the end of the second world war in europe, while tomorrow marks the 70th anniversary of europe ’ s response to that cataclysm : the schuman declaration that set us on the path towards deeper european union. the declaration famously maintained that “ europe will not be made all at once, or according to a single plan. it will be built through concrete achievements which first create a de facto solidarity. ” schuman ’ s idea was that europe needed to become so deeply integrated – and so interdependent – that solidarity would become self - interest. and, thereafter, it would become natural to build stronger common institutions that reflected the depth of those ties. by and large, this is the path that integration has followed. when europeans saw that the common market was not delivering in the 1980s, we launched the single market. when we realised the single market was vulnerable to competitive devaluations, we launched the euro. and when the euro members recognised that the single currency was vulnerable to self - fulfilling crises, new institutions were established and new instruments were developed – such as the european stability mechanism ( esm ), the ecb ’ s outright monetary transactions programme ( omt ), and the banking union that still needs to be completed. whenever our “ concrete achievements ” were threatened, we did not backtrack : we made them stronger – because they had created the de facto solidarity that schuman promised. european integration paved the way for prosperity, stability and peace. the coronavirus pandemic today is both confirming and testing this thesis. we are seeing once more how interdependent we have become. if not all countries are cured from this crisis, the others will suffer – and not just in terms of health, but economically too. trade within the euro area accounts for 45 % of gdp. the success of the single market means that supply chain integration is three times tighter within the euro area than with the rest of the world. as a result, analysis by the ecb finds that a common shock is amplified by about 30 % – meaning all countries have to act together to mitigate large crises effectively. so the question we face today is
##inish the binding nature or the efficiency of the pact. let me conclude by mentioning how much we have achieved in europe over the last fifty years. the eu has reached a diversified but, broadly speaking, very ambitious level of integration : it is complex because the degree of integration is largely dependent on which areas are at stake, it is ambitious since, in some areas precisely, the system is completely integrated and relies on one single policy. the euro, in that regard, is both the symbol of our achievements and our best hope for the future of european integration. thank you.

##ing the stability of the euro is the biggest responsibility of the european central bank. the safest currency for all investors is the currency of the country with the lowest inflation rate over time. here, the prospects for the euro are good. over the years, inflation in european core countries has been constantly lower than in the united states, and there is no reason to believe that this would change with the start of emu. it is also very important that the euro will be strengthened by the institutional independence of the european central bank and its objectives of price stability. furthermore, safeguards have been put in place, such as the stability pact, to prevent emu countries from pursuing unhealthy fiscal policies. all in all, i firmly believe that the euro will be a strong currency. 5 as regards the other major determinants of the future importance of the euro - trade and financial markets - the role policy - makers can play is more limited. this is not to say that the euro ’ s starting position is unfavourable. on the contrary, over the last twenty years international private portfolios have been gradually diversified in the direction of european currencies. also, european currencies have been increasingly used as vehicle and, to a lesser extent, as invoicing currencies. there is every reason to believe that these trends could be strengthened by the introduction of the euro. after all, the euro will eventually cover an economy whose gross domestic product is larger than that of the united states. if intra - eu trade is excluded, the eu and the us both account for around 20 percent of world trade. furthermore, with 350 million inhabitants the eu is the largest consumer market in the oecd area, consumers whose needs will partly have to be met by trading with the rest of the world. companies which trade principally with european counterparties may be inclined to invoice and pay in euros. if the euro is going to be widely used in international trade transactions, exporters and importers within the european union will no longer be exposed to exchange rate risks nor have to hedge against such risks. the european business community thus has ample opportunities to reap the benefits provided by the introduction of the euro. 6 it is more difficult to predict the future role of the euro in international financial markets. fortunately, at the european level agreement has been reached on legal provisions that guarantee the continuity of ecu contracts. this provides a good starting point for euro capital markets. ultimately, however,
##ce. i hope this ideal of dharma that is so much a part of indian heritage and culture will guide and inform corporate governance of our banks. bis central bankers ’ speeches

joseph o sanusi : management of nigeria ’ s domestic debt keynote address by dr joseph o sanusi, governor of the central bank of nigeria, at the 7th monetary policy forum organised by the central bank of nigeria at the cbn conference hall, abuja, 22 may 2003. * * * distinguished senators, honourable members of the house of representatives, distinguished invited guests, ladies and gentlemen, it is my honour and privilege to welcome you to the 7th edition of the cbn monetary policy forum. the theme of today ’ s forum “ management of nigeria ’ s domestic debt ” has been chosen in view of the increasing concern over the rapid growth of nigeria ’ s public debt and its implications for economic stability. an escalating debt profile presents serious obstacles to a nation ’ s path to economic growth and development. the cost of servicing public debt ( domestic and external ) may expand beyond the capacity of the economy to cope, thereby impacting negatively on the ability to achieve the desired fiscal and monetary policy objectives. furthermore, a rising debt burden may constrain the ability of government to undertake more productive investment programmes in infrastructure, education and public health. to avoid such a situation, it is imperative that the quantum and structure of the nation ’ s debt be carefully managed in a manner that is consistent with the country ’ s growth and development aspirations. to appreciate the dimension of nigeria ’ s domestic debt burden, it would be pertinent to undertake a brief review of its development. first, nigeria ’ s domestic debt stock stood at n23. 5 million or 1. 0 per cent of gdp in 1960 and subsequently, increased rapidly to n8, 231. 5 million or 16. 2 per cent of gdp in 1980, reaching n1, 160. 0 billion or 83. 6 per cent of gdp as at end - december, 2002. the sharp increase in domestic debt stock, over the years, was attributable largely to the failure to embark on necessary adjustment, particularly at the time of declining revenue, that resulted in growing fiscal deficits and further domestic debt accumulation. secondly, the bulk of the debt has been in short - term treasury securities with maturities of less than one year. thirdly, the banking system, mainly the cbn remains the dominant holder of federal government securities. ladies and gentlemen, it bears repeating that one major problem that has hindered the attainment of macroeconomic stability and sustainable growth has been the excessive reliance by the federal government on borrowing from the banking system,
relationships that are often conflicting. while this is not new, what has changed is the intensity and the scale of the interconnectedness of businesses and of the goals that need to be achieved. the management of the global financial crisis and its aftermath in the advanced economies have highlighted the importance of this aspect of leadership. how then do we unleash and harness the leadership energy to perform and be effective in this new and more challenging environment. it lies in self - hacking the mind and the heart. we can draw inspiration from the brain - training secrets of the olympic athletes which start with oneself and the ability to tap into our internal reservoir of strength. just like athletes, one can tap into this impressive mental prowess to train the mind to remain focussed eliminate distractions, reduce stress and anxiety and build the stamina needed to achieve optimal performance. in the business of central banking – a business that i have described as being “ an unfinished business ” because there are always new challenges on the horizon, endless demands emerging in an ever changing and more complex environment and great bis central bankers ’ speeches expectations that the central bank will provide the solutions and the necessary actions to resolve the monetary, financial and economic problems that continue to confront our world. in conditions of financial and economic crisis, a phenomenon that has now become more frequent, in which central banks are at the forefront in its management. the drive to deliver in the face of great odds from my experience has been about having great focus on the results and goals to be achieved and a strong conviction of how this might be pursued. the energy begins with having great clarity of the vision and a great sense of purpose on the objective that needs to be achieved and the results that needs to be delivered. it also involves mobilising energies of the organisation to be aligned to achieving these results. it is having the ability to generate and ride on the positive cycle of leadership energy. in the actions pursued towards achieving the outcome and in the achievement of the desired outcome, it generates a second round of energy burst from others in the group or in the organisation. this continuous positive energy loop provides continuous motivation and momentum that can drive the organisation. it is a mutual reinforcing phenomenon that i have experienced in the bank time and again. let me conclude my remarks. the demands on leadership going forward will be immense. it requires tremendous leadership energy that needs to be sustainable. this leadership energy summit will hear from successful individuals on the source of their energy in generating outcomes and results that have made

a difference. we will also learn about other sources of energy from which we can tap on and strengthen. this is the challenge of the new generation of leaders if they will truly be able to make lasting and meaningful changes in their environment. on this note, let me wish you an enriching and highly energised summit. bis central bankers ’ speeches
on our targeted longer - term refinancing operations ( tltro iii ). specifically, we decided to reduce the interest rate on tltro iii operations during the period from june 2020 to june 2021 to 50 basis points below the average interest rate on the eurosystem ’ s main refinancing operations prevailing over the same period. moreover, for counterparties whose eligible net lending reaches the lending performance threshold, the interest rate over the period from june 2020 to june 2021 will now be 50 basis points below the average deposit facility rate prevailing over the same period. we also decided on a new series of non - targeted pandemic emergency longer - term refinancing operations ( peltros ) to support liquidity conditions in the euro area financial system and contribute to preserving the smooth functioning of money markets by providing an effective liquidity backstop. the peltros consist of seven additional refinancing operations commencing in may 2020 and maturing in a staggered sequence between july and september 2021 in line with the duration of our collateral easing measures. they will be carried out as fixed rate tender procedures with full allotment, with an interest rate that is 25 basis points below the average rate on the main refinancing operations prevailing over the life of each peltro. 1 / 4 bis central bankers'speeches further details on the amendments made to the terms of tltro iii and on our new peltros will be published in dedicated press releases this afternoon at 15 : 30 cet. since the end of march we have been conducting purchases under our new pandemic emergency purchase programme ( pepp ), which has an overall envelope of €750 billion, to ease the overall monetary policy stance and to counter the severe risks to the monetary policy transmission mechanism and the outlook for the euro area posed by the coronavirus pandemic. these purchases will continue to be conducted in a flexible manner over time, across asset classes and among jurisdictions. we will conduct net asset purchases under the pepp until the governing council judges that the coronavirus crisis phase is over, but in any case until the end of this year. moreover, net purchases under our asset purchase programme ( app ) will continue at a monthly pace of €20 billion, together with the purchases under the additional €120 billion temporary envelope until the end of the year. we continue to expect monthly net asset purchases under the app to run for as long as necessary to reinforce the accommodative

must be implemented to ensure that the opportunities of the single currency are achieved. monetary policy alone - however well designed and implemented - cannot solve europe ’ s economic problems. policy - makers in all areas must be determined to take proper account of the new environment of stage three of emu and its consequences when forming their policies.
size of the eu to see that the consequences and the disruption would be much more significant for the smaller part in that negotiation than for the eu as a whole. i don ’ t expect and no one is expecting that a brexit will mean that there would be no trade between the two parts. that won ’ t happen. there will not be a total disappearance of trade. mr constancio, you are in this position since 2010. so, you experienced the hardest times of the eurozone. what was your personal most difficult moment? well, it was the start of the phase of the crisis when greece came to a situation where the revelation about the budget deficit created a situation of non - access to the financial markets. that was in 2010. could you say that the end was close? well, i wouldn ’ t say that especially with hindsight but during those moments, indeed it was the first big shock of the crisis. then we had many other vicissitudes later on, some related with greece, some related with other countries, 2015 was also a difficult moment but the beginning and the big shock and the surprise of what could imply was indeed the more difficult moment. mr constancio many thanks for being with us. 2 / 2 bis central bankers'speeches

) or not, like cash. either option has implications for household behaviour. should dbm not be remunerated and the deposit facility rate be negative, as it is now, commercial banks may try to circumvent the regulations by setting up nonbank subsidiaries, which could in turn affect the efficacy of monetary policy. in any case, dbm would require significant safeguards to protect individuals from theft and from loss of personal information. in addition, any potential dbm solution needs be assessed against some high level principles, including : ( 1 ) technological safety, ( 2 ) efficiency, ( 3 ) technological neutrality and ( 4 ) freedom of choice for users of means of payments. the different options have potential impacts – both positive and negative – that need to be studied and considered carefully. only when the best way of designing dbm has been identified, can it be decided if dbm for non - banks should be introduced at all. the most important question for the ecb is whether introducing dbm would affect our ability to honour our mandate. adopting untried technology that ultimately proves unreliable could seriously endanger public trust in the currency and in the central bank. conclusions there are valid reasons for maintaining cash, from the perspective of commercial banks and central banks alike. given the widespread desire to use cash, banks should facilitate rather than obstruct customers in using their preferred method of payment. time will tell how the use of cash will evolve once instant payments are introduced in the near future. for central banks, cash is a tool to build trust. cash provides the general public with direct access to central bank money. for an independent institution like the ecb, maintaining that link is important, which is why we place great emphasis on ensuring people ’ s continued trust in cash. 3 / 3 bis central bankers'speeches