samchain/econo-pairs-v2 huggingface dataset:
francois villeroy de galhau : ensuring confidence in the currency introduction by mr francois villeroy de galhau, governor of the bank of france, at the conference on " recent monetary policy developments ", paris, 4 may 2017. * * * our currency, the euro, is at the centre of debates that are particularly important to french citizens. the banque de france is independent from politics, but in keeping with our mandate within the french republic to ensure confidence in the currency, it is my role to provide certain clarifications. i hear proposals for a dual currency with the return of a national currency in parallel to a european currency. i must say that such suggestions would put confidence in the currency in danger. no advanced economy has this type of parallel circulation. where two currencies exist ( or have existed ) and can be used to make payments, one always inspires less confidence than the other. generally, it is the “ national ” currency that suffers – the only one accessible to households, particularly poorer households, and to smes. the currency therefore quickly loses its value, leading to excessive price increases and a negative impact on purchasing power. if we were to consider returning to the ecu, it is important to remember that it has not existed for 18 years and was not a real currency : the ecu was a unit of account that could not be used by either individuals or companies to make payments. even if it were possible, going back to the ecu would present major disadvantages compared to today ’ s euro : until the euro was introduced, france did not actually participate in decisions on interest rate levels and had to follow german monetary policy ; the franc was at the mercy of speculative attacks from the financial markets that drained our currency reserves as we saw in the 1992 - 1993 period. the euro was introduced to solve these problems. today, the euro is alive and well. it is the currency of 340 million europeans, is recognised worldwide and is trusted by the people of france. almost 70 % of french citizens are in favour of the euro because it protects their purchasing power, with prices that increase three times less rapidly than previously ; because it makes borrowing easier, with interest rates that are 1. 5 % to 3 % lower ; and because it safeguards the value of their savings. finally, i would like to add that the eurosystem has not modified its sovereign debt purchase programme in relation to france ’ s presidential elections. the distribution of monthly purchases between

further this debate. bis central bankers ’ speeches i will finish with a few words about the banque de france itself. when you heard me in september, i presented my view of the three main tasks of the banque de france : monetary strategy, financial stability, economic service, via its branch network. with the staff of the banque de france, we firmly believe in these tasks and in their future, and that is why our ambition is to be an exemplary public service, even more efficient, more innovative, and more visible in france and europe. bis central bankers ’ speeches
marzunisham omar : capital flows management for monetary and financial stability remarks by mr marzunisham omar, assistant governor of the central bank of malaysia ( bank negara malaysia ), at the seminar and meeting of the seacen expert group on capital flows, kuala lumpur, 11 june 2019. * * * i am delighted to be here today. let me take this opportunity to express bank negara malaysia ’ s appreciation for the collaborative efforts of the seacen centre and the bank of japan that have gathered us here for this biennial seg event. it has been six years since i last attended the seg seminar in manila, back in 2013 as the newly appointed co - chair. i am truly honoured to have had the opportunity to work alongside deputy governor diwa. under his capable stewardship and intellectual guidance, the seg has developed into a beneficial platform for its members since it was established 19 years ago. as we approach two decades of the seg, it is timely that we re - establish our bearings to ensure we remain relevant and true to the original mission of contributing to the international dialogue on capital flows to ensure that the concerns and interest of the seacen group are adequately protected. 1 as most of our economies continue to face wave after wave of large and often volatile capital flows, i am reminded of the remark by professor jon kabat - zinn, a professor emeritus of medicine at the university of massachusetts who famously said : “ you can ’ t stop the waves, but you can learn to surf ”. 2 just like the surfers who do not have control over the speed and patterns of the waves, policymakers from small open economies do not have much control over the size, speed, and the direction of capital flows that each country faces. like it or not, capital flow volatility and the risks it entails are a by - product we have to deal with as long as we intend to benefit from free capital mobility. to paraphrase professor kabat - zinn, we can ’ t stop the flows, but we can learn to manage these flows in the best way possible. unlike the surfers, however, we policymakers do not have the luxury of repeating a surf when we make a mistake. there is no room for policy missteps as investors can be very unforgiving. this is the reason why it has always been my firm belief that timely sharing of experiences and lessons between policymakers is in itself a big part of policymaking.

##ful discussion among members in our sessions today. i believe the forum will be thought provoking, with important learning points that 2 / 3 bis central bankers'speeches will help us better weather the new waves of challenges ahead. thank you. 1 terms of reference of the seg. 2 jon kabat - zinn ( 1994 ), wherever you go, there you are. new york : hyperion. 3 / 3 bis central bankers'speeches
gdp in 1990 to over 20 percent on average today. precautionary reserve accumulation, however legitimate, unavoidably creates side effects for domestic macro policies as well as spillover effects on other countries. stabilizing the demand for international reserves would therefore bring huge benefits in terms of world welfare. the need for national reserves could be reduced if credible mechanisms exist to provide for the supply of official liquidity on a multilateral basis. hence the current search for international financial safety nets which has taken first stage in the g20. finally, i would like to say a few words about financial development. differences between countries, are striking, whether one looks at capital account regimes, the broadness and debt of domestic financial markets or, more generally, their ability to generate locally a sufficient supply of safe and liquid assets. some of those differences reflect true social choices and preferences that must be respected and accommodated. others result from deliberate or inadvertent policy ‐ induced distortions, which should be reduced or eliminated. domestic financial imperfections and frictions in international capital flows interact with each other to create and amplify imbalances. ultimately, financial instability is a product of this interaction. part of this instability shows up in exchange rates movements. it is very unlikely that a global capital market driven by constant frictions between highly different domestic financial systems would lead to a stable – and fundamentals based – equilibrium in foreign exchange markets. ensuring that our different financial systems interact harmoniously should be a policy priority. greater compatibility in approaches to financial regulation between advanced and emerging economies is within reach. significant advances are being made. the institutional framework has adjusted to the new world reality. emerging economies, now fully take their part and role in the constellation of committees which, in basel, work on defining core principle of financial regulation. the largest sit as full members of the financial stability board, and its steering committee. finally, a landmark agreement on imf reform reached at the last g20 meeting has fully recognized their role and place in the new financial environment. i am therefore confident that we can – and will – make progress in tackling the difficult issues we face and build a better and safer world financial system.

the president of the republic, « how france and europe will defeat inflation », april 2023. 3 / 3 bis - central bankers'speeches
time. as the bank looks forward to the future, we trust that this exhibition would be the rbi ’ s mite to the cause of financial literacy in india. we trust it will evoke interest and take banking and finance not only to bankers and students of economics but also to the common person.

poverty alleviation programmes of the government. in the 80s, we started sowing the seeds of libralisation following the recommendations of the sukhomoy chakrabarty committee. we focused on developing markets in a sequenced and calibrated manner. early in the 90s, we headed into a balance of payments crisis. the stabilization and structural adjustment programmes that followed marked an inflexion point in india ’ s economic and financial development. banking sector reforms helped strengthen the banking system and made it more competitive. the new millennieum brought with it a new momentum where india made a decisive break from the “ hindu rate ” and shifted onto a higher growth trajectory. this was also the period when basel ii norms were adopted, the payments system was substantially revamped, and the focus shifted to issues of inclusion. india weathered the global financial crisis where the reserve banks ’ policy response and role brought it into a new public focus. as we turn into the second decade of the new millennium, our endeavour is to position the rbi as a knowledge institution ; conduct outreach efforts as well as a financial literacy and inclusion drive ; and finally make efforts to document the bank ’ s history and traditions. the 75 year journey of rbi gives us a glimpse of the spirit of the times and the policy concerns of the age. we also have delightful anecdotes on “ the note that never was ”. this was a note signed by the first governor osborne smith. it was not issued ‘ cos edward vii ’ s heart had its reasons. the king ’ s abdication delayed the note issues of the reserve bank and the first rbi notes were signed by the second governor james taylor. the exhibition also chronicles anecdotes about the reserve bank ’ s brush with art ( artists and philistines ) and public prudery in the commissioning of the imposing statues of the yaksha and yakshini on the frontage of the bank ’ s new delhi office. these offended the sensibilities of many and evoking a host of parliamentary questions. this exhibition tries to document events not only as they happened but also how they were viewed by the public at large through media reports. earlier, the rbi monetary museum documented the history of money in india and served as the focal point of the bank ’ s public education and outreach endeavours. this is a concept exhibition. we hope to expand and refine it to showcase how the reserve bank contributed to economic policy formulation in the country over
stability is the core contribution of central banks to enhance a sound environment for the vast investments needed in the digital transformation and greening of our economies. to sum up, this is no time for small talk. instead, it is indeed the moment for big - time action for economic reforms and productivity growth, for innovation and investment. that's'a challenge worth striving for, both for us europeans and for our closest partners, allies and friends in the united states! thank you for your kind attention! 5 / 5 bis - central bankers'speeches

- 2 nz - qsbo us germany - 3 - 4 - 5 australia uk - 2 - 3 - 4 - 5 source : quarterly survey of business opinion and bloomberg the future outlook as the global economic outlook weakened over 2019, central banks around the world responded by easing policy. the question for us now is whether enough has been done, and how confident we can be of sustainably achieving our dual policy mandate for inflation and employment. figure 10 : financial market expectations for ocr cuts source : bloomberg, reserve bank of new zealand in more recent months, in response to a mix of domestic and global developments, markets have scaled back their pricing of further interest rate cuts in new zealand ( figure 10 ). back in early november, markets placed almost a 90 percent chance that the ocr would be at 0. 75 percent by february, with some chance ( around 15 percent ) it would fall further to 0. 50 percent sometime in 2020. markets are now placing a smaller chance ( less than 10 percent ) of the ocr being cut to 0. 75 percent in february, and a 40 percent of this happening sometime in 2020. next week we will gather as the monetary policy committee to begin our february round of meetings, working through our in - depth assessment of developments and forecasts, following our approach set out in the monetary policy handbook. 15 one of the only certainties when producing a set of economic forecasts is that they are unlikely to be exactly right. for that reason, we will also discuss and consider at length the risks and uncertainties to the economic outlook. a key part of that assessment will be, not only global developments, but how they are transmitted to new zealand. applying our threechannel framework will help us with that assessment. there remain a number of short - to - medium - term risks to both the upside and downside. to be clear, this is not intended to be an exhaustive list, but rather an illustration of where relevant issues might be considered : • trade channel : if factors such as african swine fever and limited global dairy supply continue to support new zealand ’ s commodity prices, this might create some upside risk to our terms of trade. however, should these temporary factors fade more quickly than expected, our export prices and terms of trade could fall. additionally, any escalation of us – iran tensions could lead to rising oil prices16 from a relatively low base, increasing our import prices and further lowering our terms of trade. • financial channel : new
economics. met office ( 2014 ) “ how accurate are our forecasts? ” : http : / / www. metoffice. gov. uk / aboutus / who / accuracy / forecasts. stein, j ( 2014 ) “ incorporating financial stability considerations into a monetary policy framework ”, speech given at the international research forum on monetary policy, washington dc. summers, l ( 1985 ) “ on economics and finance ”, journal of finance, 40 tuckett, d, smith, r and nyman, r ( 2014 ) “ tracking phantastic objects : a computer algorithmic investigation of narrative evolution in unstructured data sources ”, social networks. varian, h ( 2014 ) “ big data : new tricks for econometrics ”, journal of economic perspectives, 28 ( 2 ). bis central bankers ’ speeches

of giving the batsmen more time to get a read on the trajectory of the ball as it swings and darts around. it avoids the risk of lurching forward and then needing hurriedly to reverse course if the first movement is misjudged. this is the way, joe root, the yorkshire and england batsmen, plays his cricket. if he were on the mpc, he ’ d be called a dove. but this strategy is not riskless. playing late relies on having an uncannily good eye and strong nerve. it runs the risk of having to react fast and furiously to avoid missing the ball entirely. an earlier front foot movement would avoid that risk, allowing a more gradual movement forward. this is the way ian bell, the warwickshire and england batsman, plays his cricket. if he were on the mpc, he ’ d be called a hawk. stein bis central bankers ’ speeches so which is the better strategy? benjamin disraeli told us there are lies, damned lies and statistics. here my analogy between cricket and the economy breaks down. economic statistics, as we know, do sometimes lie. cricket statistics, typically, do not. they tell us that joe root averages 43 in test matches to ian bell ’ s 45. in other words, it is a close run thing with the odds at present slightly favouring the front foot. but a good run of scores from either player could easily tilt the balance. that, in a nutshell, is where the mpc finds itself today. thank you. bis central bankers ’ speeches references anderson, a and maule, b “ assessing the risk to inflation from inflation expectations ”, bank of england quarterly bulletin 2014q2. barnett, a, batten, s, chiu, a, franklin, j and sebastia - barriel, m “ the uk productivity puzzle ”, bank of england quarterly bulletin 2014q2. bunn, p, domit, s, piscitelli, l, rostom, m, worrow, n “ the financial position of british households : evidence from the 2013 nmg consulting survey ”, bank of england quarterly bulletin 2013q2. farmer, d and hepburn, c ( 2014 ) “ less precision, more truth : uncertainty in climate economics and macroprudential policy ”, institute for new economic thinking, forthcoming. hansen, l and sargent, t ( 2010 ) “ wanting robustness in macroeconomics ”, handbook of monetary
30 april 1952. 3 / 3 bis central bankers'speeches

eurosystem in a flexible and timely manner in the month they fall due, on a best effort basis, or in the subsequent two months. as in the case of july, the monthly net purchase volume per jurisdiction may therefore fluctuate owing to the timing of these reinvestments. again, the allocation of purchases across countries is clearly rules - based. temporary deviations are due to various – in part, even overlapping – technical reasons. these deviations reflect the fact that we want to be as market - neutral as possible in our monthly purchases. on a side note : another instrument to support market liquidity is the eurosystem ’ s securities lending. bonds purchased under the pspp have been made available since 2 april 2015, while bonds purchased under the other programmes were added to the framework later. 2. 3 no rewriting of the rules whenever compliance would impose any kind of restrictions ladies and gentlemen, so far, i have explained to you what it means operationally to ensure a smooth implementation of the pspp. namely, to achieve the intended purchase volume and at the same time to minimise as far as possible negative side - effects on market functioning. but it is equally important to consider what a smooth implementation of the pspp does not mean. namely, to rewrite the rules whenever compliance would impose any kind of restrictions. apart from the detrimental impact this would have on our credibility and reputation, adherence to our monetary policy mandate is at stake. for instance, there has been talk of the flexibility of the issue share and issuer limit, and of abandoning the capital key as a reference value for the allocation of the overall purchase volume to bonds issued by euro area member states. the limits relating to issue shares and issuers are important to prevent an awkward situation from arising given that the eurosystem has a crucial role in any sovereign debt restructuring that may be deemed necessary. the eurosystem would have to make use of its blocking minority in order not to violate the prohibition of monetary financing. as i mentioned earlier, by using the ecb capital key as a reference value, the eurosystem intends to avoid the moral hazard that could arise as a result of purchasing a disproportionately large amount of bonds issued by highly indebted governments. it is quite obvious that changes to these parameters – which the ecb governing council has set itself for good reason – would take monetary policymakers deep into the realm of fiscal policy. government bond purchases blur the line between
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delisle worrell : challenges facing caribbean economists opening remarks by dr delisle worrell, governor of the central bank of barbados, at the annual monetary conference, bridgetown, 15 november 2011. * * * the annual monetary studies conference ( amsc ) is now well established. it is the leading conference of caribbean economists and economists working on the caribbean. the quality of research and presentation at this conference is uniformly high, and the meeting offers the best opportunity caribbean economists have for networking. the journal of banking finance and economics in emerging economies, the journal of the caribbean centre for money and finance, offers swift publication of the best papers from this conference. so we can say that amsc is no longer aspirational but a fixture of the caribbean economic landscape. the conference is now challenged to push to the next level. there are 2 aspects of the challenge facing caribbean economists that i would like to see this conference tackle : the need for new ways of conceptualising our economies, and the need to do research that points the way more clearly for policy makers and the public. why do we need new concepts? the conventional analysis gives counter intuitive answers to many of the questions that are of ongoing interest : conventional economics says that flexible exchange rates are better, but the countries with fixed exchange rates are more prosperous ; conventional economics teaches that it is good policy for the central bank to speak out publicly against bad fiscal policy, but in truth public disagreement destroys the credibility of both parties ; conventional economics recommends that to reduce inflation you should raise interest rates, even though higher interest drives up costs ; conventional economics suggests that stock exchanges are a good way to fund investment, even though new issues to fund capital formation have become a rarity. at the moment our research looks pretty much like any other. we used to argue that caribbean circumstances were different, that small open economies ( soes ) were different, and that resource rich and resource poor countries were different. nowadays we use the same models, the same specifications, similar data and the same tests. if you use these methods and you get the same result for barbados, with an economy the size of a small county in an obscure us state, as you get for the entire us, shouldn ’ t you be sceptical? the truth is that economies are so diverse in so many ways that the notion of universal theory is problematic. the simplifications which are the essence of modelling will make sense only if they mirror the essential features of each economy. we need