samchain/econo-pairs-v2 huggingface dataset:
the coming days. and sense of direction. jean monnet had for us, for our future, this exclamation : « continuez, continuez, il n ’ y a pas pour les peuples d ’ europe d ’ autre avenir que dans l ’ union ». “ continue, continue. there is no future for the people of europe other than in union. ” and alcide de gasperi : “ e la volonta politica di realizzare l ’ unione che deve essere il fattore determinante, la forza di propulsione ”. “ the most important factor, which must prevail on others, is the political will to build the union. ” i thank you for your attention. bis central bankers ’ speeches

the governments with their high debts were weak. was i weak myself when i explained to all floor leaders in the german bundestag just why it was important to decide rapidly? was i weak when i informed the heads of state and government in full independence that the situation was grave and that they had to live up to their responsibilities? we took our decision on sunday in full independence. spiegel : thus far, the ecb has been strong and independent because it had repeatedly rejected demands from the political domain for lower interest rates or too expansionary a monetary policy. you have now consented for the first time. trichet : we have consented nothing to the heads of state and government. we always take our decisions taking into account only our own assessment of the situation and not the “ recommendations ” of governments, markets or social partners. we decided on 9 of august 2007 to supply €95 billion of liquidity in a few hours because our money market was being disrupted. and i could give many such examples. as i have already said, if there has been any direction of influence, it has been more in the opposite direction, from the ecb to governments, when making recommendations to them. and, let me tell you that those who took very significant responsibilities were those not applying the spirit and the letter of the stability and growth pact. and neither were those who did not carry out their surveillance as they should have, and as we constantly asked them to do. spiegel : in a talk he gave to the spiegel a few months ago, jurgen stark, the ecb ’ s chief economist, said that the ecb was not permitted to buy government bonds. who is right? trichet : i have already said that this is explicitly authorised by the treaty. over the past 11½ years, we have ensured price stability in europe and have successfully met our target of keeping inflation below, but close to, 2 %. we have done a good job fully in line with what the best central banks in europe were doing before the euro. those who believe – or, even worse, are suggesting – that we will tolerate inflation in the future are making a grave error. the governing council of the ecb did not hesitate to increase rates in july 2008 in a period of financial turbulence in order to ensure price stability. we were criticised at the time by the markets. this is a measure of our inflexible determination. spiegel : the germans react particularly sensitively
of nic bank. thank you and god bless you all.

assessing the quality of the products and services offered to the consumers. this will ensure that other barriers to access such as affordability, and significance of the products and services are addressed. for any new innovation that seeks to penetrate the kenyan market, our first concern is whether it will help bring the excluded population into the formal financial system. this would mean endorsing innovations that are adding value in the financial sector. 6. ladies and gentlemen, the future is bright with expectations and we have to face it with resolve. it is my hope that today ’ s discussions will help point to solutions for some of the challenges in expanding the digital financial ecosystem. it is also my hope that the conference will provide a roadmap for the work ahead of us, especially in discerning and tapping into the existing opportunities. i look forward to interesting and lively discussions on how we can use the challenges and opportunities to enhance financial inclusion in both fintech and mobile communication in the region. 7. with these remarks, ladies and gentlemen, it is now my pleasure to welcome hon. henry rotich, cabinet secretary to the national treasury, to deliver the keynote address.
to the technological frontier, and, in order to grow, a country has to know how to innovate. in the 1950s and 1960s, growth meant learning how to use and replicate well - known technology. this is no longer enough. we have to innovate and to do this we need two things : education and competition. * * * allow me to conclude these few brief remarks by reiterating my gratitude for having selected me for this award. i would like to wish the rector, professor carlo carraro, lecturers and the students at this university a year filled with success ; my warmest wishes and all the very best. bis central bankers ’ speeches

as recognised in the draft report, the ecb ’ s monetary policy – which is designed to fulfil our primary objective of maintaining price stability – has continued to be successful in anchoring inflation expectations at levels consistent with price stability, despite a number of challenges, in particular relating to the continued strong surge in oil prices until the most recent period of time. as already emphasised on several occasions, such anchoring is a prerequisite for monetary policy to make an ongoing contribution towards supporting sustainable economic growth and job creation in the euro area, fully in line with article 105 ( 1 ) of the ec treaty. in this respect, let me emphasise that the ecb ’ s open and transparent communication is a key element in guiding market expectations. in particular, my introductory statement at the press conference after the first governing council meeting each month provides a clear view, on the part of the governing council, on the current monetary policy stance in real time. hence, we make the outcome of our deliberations public. as such, the introductory statement is comparable with what other central banks call “ summary minutes ”. in 2005, the ecb ’ s monetary policy operated in an environment of increasingly improving economic conditions. while real gdp growth remained moderate in the first half of the year, in an environment of heightened uncertainties surrounding domestic demand, the pace of economic activity gradually strengthened during the second half of the year, from around 1. 2 % year - on - year on average in the first half of 2005 to around 1. 7 % year - on - year on average in the second half. overall, real gdp in the euro area grew by 1. 4 %. as regards price developments, annual hicp inflation averaged 2. 2 % in 2005, compared to 2. 1 % in each of the two preceding years. while annual hicp inflation eased to 2. 0 % in the first half of 2005, mainly reflecting base effects, hicp inflation rates accelerated to levels significantly above 2 % during the second half, reaching a peak of 2. 6 % in september, mainly on the back of substantial increases in energy prices. thus, reviewing the ecb ’ s monetary policy decisions in 2005 and early 2006, it is useful to split this time period in two parts. in the first half of 2005, against the background of subdued inflation developments and with inflation expectations for the euro area solidly anchored at levels in line with price stability, the governing council concluded that it remained appropriate to keep interest
the government ’ s interventions to support fannie mae and freddie mac have made it clear that there is no credit risk in the federal reserve ’ s purchase of such obligations. also, the authors don ’ t acknowledge that the ability to purchase agency mbs has two benefits. first, it enables the federal reserve to purchase longer - duration assets at a faster pace without disrupting market functioning. this facilitates larger lsap programs, when a larger program is viewed as necessary. second, it opens up another channel by which asset purchases can provide stimulus — by narrowing the spread between agency mbs and treasuries, the federal reserve can drive down long - term mortgage rates and provide support to the housing sector and to home prices. when monetary policy is constrained at the zero lower bound for interest rates, being able to purchase agency mbs seems like a good tool to have available. i am also a bit baffled by the conclusion that the fed should “ consider larger and looser caps, possibly specified in terms of quarterly rather than monthly changes, with caps perhaps removed completely by 2019. ” it seems to me that the current process of balance sheet normalization is proceeding very smoothly. we placed caps on redemptions because we wanted to limit the potential for market disruption that might occur if the amount of securities that had to be absorbed by private markets fluctuated unduly. the cost of the caps in terms of delaying the shrinkage of the balance sheet is very low. even if the caps were to be removed completely at the end of 2018, it would most likely pull forward the timing of normalizing the balance sheet size by only two quarters. the delay due to the caps is small because, when they are fully phased in, they are likely to be binding only for treasuries and then only in the middle month of each quarter. while i don ’ t agree with some of the broader conclusions of the paper, i do agree that a healthy skepticism about event studies is warranted. the major theme of the paper is that event studies that have sought to measure the impact of the federal reserve ’ s three major lsap programs are flawed for a number of reasons. these include potential selection bias of the events chosen and the fact that event studies may not capture all the factors that influence how market prices respond to lsap announcements. the first problem with event studies, of course, is the issue of how much new information is revealed by the actual policy announcement. i would argue that lsa

make forward guidance more credible. thus, lsaps remain useful to have in the toolkit for those times when the short - term interest rate tool may not be available. 1 lorie logan and paolo pesenti assisted in the preparation of these remarks. 3 / 3 bis central bankers'speeches
the inflation figures. the assessment in december was that resource utilisation would be lower than normal over the coming years, while inflation would undershoot the target for a while. given this, we executive board members were agreed that a substantial and long - lasting cut in the repo rate was needed to avoid an unnecessarily long period of inflation undershooting the target and of weak real economic development. nor were there any advantages to adjusting the repo rate in gradual stages. on the contrary, a large cut in the repo rate would in the opinion of the executive board have a faster effect than a smaller cut together with a downward adjustment in the forecast for the interest rate. uncertainty over what is around the corner another difficulty that monetary policy faces is that there is particularly great uncertainty over future developments right now. our decision in december that the repo rate needed to be cut substantially was, as i see it, relatively simple. but at the same time it was very difficult to assess economic developments over the coming years and thereby the future development of the repo rate path. some of the difficulty lies in assessing the scope and effects of different fiscal policy stimulation packages abroad. however, the greatest difficulty lies in assessing how long the financial crisis will persist and what demands it will make on monetary policy. my assessment at the most recent meeting was that a cut of 1. 75 percentage points and a repo rate around 2 per cent over the coming year was the closest we could come to a well - balanced monetary policy. but i considered the assessment to be very uncertain, particularly from 2010 onwards. will the expected recovery in the economy manifest itself or will the downturn be more prolonged? we will probably all have to continue to wrestle with this question. the plan is that the next decision on the repo rate will be made next month. we will then, as usual, take a stance on how the new statistics that have become available affect the prospects for inflation and economic activity and the repo rate forecast. at the same time, we will of course closely follow developments and be prepared to take action if and when necessary. some concluding reflections the events of last autumn clearly illustrate that with a credible monetary policy framework it is possible to conduct a flexible monetary policy that can quickly be adapted to sudden changes in circumstances. the fact that the actual rate of inflation has been far above the target has not been an obstacle to significant and rapid cuts in the interest rate. the forecasts for both growth

the necessary competence? should other agents become involved? there is also a larger question in the background. how far should this development be pursued? or, expressed another way : what can be done to help households wishing to minimise their financial risks, for instance, as they approach retirement age? these are large, but important, question that are raised by current developments. it is important to deal with them in time. 5 / 5
institute will continue to make a valuable contribution in future - to ensure an even better understanding of the swiss economy. bis central bankers ’ speeches

its highest level since the 1990s. it is considerably above the range the snb equates with price stability, namely between 0 % and 2 % over the medium term. how is the snb handling this situation? we made our initial response to the emerging inflationary pressure already in the final months of last year. at the time, both inflation and also our inflation forecast were still at a low level. abroad, however, inflation had already increased markedly. in order to reduce the inflationary pressure from abroad, at our monetary policy assessment in december 2021 we announced that the snb would allow the swiss franc to appreciate to a certain extent in nominal terms. the swiss franc appreciated nominally by around 4 % between autumn 2021 and spring 2022, making imports cheaper and so countering the general increase in prices. in june 2022, we then raised the snb policy rate by half a percentage point to – 0. 25 %. yesterday, we tightened our monetary policy further and raised the snb policy rate by 0. 75 percentage points to 0. 5 %. it cannot be ruled out that further increases in the snb policy rate will be necessary to ensure price stability over the medium term. to provide appropriate monetary conditions, we are also willing to be active in the foreign exchange market as necessary. our tighter monetary policy is countering the renewed rise in inflationary pressure and the spread of inflation to goods and services that have so far been less affected. for there are growing signs that higher prices are increasingly spreading to goods and services that are not directly affected by the war in ukraine or the consequences of the pandemic. in addition, energy prices have continued to rise overall and are increasing inflationary pressure in many sectors. this heightens the risk of second - round effects. ladies and gentlemen, the inflation and economic outlook remains subject to high uncertainty. ensuring price stability is a challenge and demands the full attention of the snb. thank you. page 5 / 5
: / / www. federalreserve. gov / newsevents / pressreleases / bcreg20200326a. htm ; board of governors of the federal reserve system, conference of state bank supervisors, consumer financial protection bureau, federal deposit insurance corporation, national credit union administration, and office of the comptroller of the currency, “ federal agencies encourage mortgage servicers to work with struggling homeowners affected by covid - 19, ” april 3, 2020, https : / / www. federalreserve. gov / newsevents / pressreleases / bcreg20200403a. htm. • we made practical adjustments to certain documentation and compliance requirements to ensure the continuing flow of credit, while maintaining critical consumer protections. 4 • we delayed implementation of new regulatory measures, and temporarily shifted supervisory activities from on - site examinations to off - site monitoring, to reduce operational burden and let firms concentrate on customer needs. 5 • we made targeted — and, where appropriate, temporary — changes to capital requirements, so firms could more effectively use their balance sheets to support customers and the functioning of financial markets. 6 4 see, e. g., board of governors of the federal reserve system, federal deposit insurance corporation, office of the comptroller of the currency, national credit union administration, and consumer financial protection bureau, “ federal banking agencies to defer appraisals and evaluations for real estate transactions affected by covid - 19, ” news release, april 14, 2020, https : / / www. federalreserve. gov / newsevents / pressreleases / bcreg20200414a. htm ; board of governors of the federal reserve system, “ federal reserve offers regulatory reporting relief to small financial institutions affected by the coronavirus, ” news release, march 26, 2020, https : / / www. federalreserve. gov / newsevents / pressreleases / bcreg20200326b. htm. 5 see, e. g., board of governors of the federal reserve system, “ sr 20 - 4 / ca 20 - 3 : supervisory practices regarding financial institutions affected by coronavirus, ” march 13, 2020, https : / / www. federalreserve. gov / supervisionreg / srletters / sr2004. htm ; board of governors of the federal reserve system, “ federal reserve

id. they serve. as the response to these public health concerns continues to unfold, the strength of the u. s. financial sector will reflect and depend on the strength of the u. s. economy. that strength, in turn, will depend on the calibration and effectiveness of our public health response. we at the federal reserve are seeking to play our role responsibly and effectively. the tools we have are ones no country should ever hope to need ; the hour of their use is one no country should ever hope to face. more may be required of us before the current crisis ends. we can only pledge to do what this moment demands. thank you for your time. i look forward to answering your questions.
. these fundamentals can most efficiently be constructed through careful policies and structural reforms during ‘ good times ’. hence, a degree of perspective should be retained when designing solutions to any short term challenge we face. dear colleagues, the scale of future challenges is potentially greater compared to what we have faced so far. beyond ensuring the cyclical recovery of our economies, we have yet to properly account for the structural changes this crisis is bound to leave with us. i believe we can only rise up to this task if we heed the lessons learned so far and proceed in the spirit of mutual coordination and solidarity. thank you! 2 / 2 bis central bankers'speeches

giving me the opportunity to address it. 1 https : / / www. imf. org / - / media / files / publications / wp / 2021 / english / wpiea2021221 - print - pdf. ashx 6 / 6 bis - central bankers'speeches
mario draghi : imfc statement statement by mr mario draghi, president of the european central bank, at the thirty - seventh meeting of the international monetary and financial committee, washington dc, 20 april 2018. * * * the euro area economy has been expanding robustly, with growth broad - based across countries and sectors. the economy grew by 2. 8 % in year - on - year terms in the fourth quarter of last year, according to the latest estimate. this strong performance has translated into notable improvements in the labour market. the unemployment rate in the euro area has dropped to its lowest level since 2008, while the number of people employed has increased by almost eight million since mid - 2013. notwithstanding the latest economic indicators, which suggest that the growth cycle may have peaked, the growth momentum is expected to continue. domestic demand remains the mainstay of the ongoing recovery, underpinned by the ecb ’ s monetary policy measures. private consumption is supported by employment gains and increasing household wealth. business investment has strengthened amid improvements in corporate profitability, very favourable financing conditions and solid demand. in addition, euro area exports are benefiting from the broad - based global expansion. the latest ecb staff projections put annual real gdp growth at 2. 4 % in 2018, 1. 9 % in 2019 and 1. 7 % in 2020. while recent data releases have overall been weaker than expected, risks to growth remain broadly balanced. downside risks continue to be related primarily to global factors, including rising protectionism. the latter may have already had some negative impact on global sentiment indicators. in this context, preserving free and open trade that is underpinned by multilateral cooperation is crucial to foster a favourable global economic environment. while headline inflation in the euro area has been somewhat volatile in recent months, this largely reflects the impact of base effects in energy and food inflation. measures of underlying inflation remain subdued overall, but are expected to rise gradually over the medium term, supported by the ecb ’ s monetary policy measures and in line with the ongoing re - absorption of economic slack and rising wage growth. the latest ecb staff projections point to annual euro area headline inflation of 1. 4 % in 2018, 1. 4 % in 2019 and 1. 7 % in 2020. exchange rate volatility and financial conditions represent sources of uncertainty which require monitoring with regard to their possible implications for the medium - term outlook for price stability in the euro area. looking ahead, while our confidence in the

the european stability mechanism and building a capital markets union. at the same time work needs to continue on designing and establishing a time frame for an effective and incentive - compatible euro area stabilisation function. a more complete emu will be the foundation for a stable and resilient euro area economy contributing to global economic growth and financial stability. 2 / 2 bis central bankers'speeches