samchain/econo-pairs-v2 huggingface dataset:
projections, force of action of the monetary policy transmission mechanism and other financial stability considerations, the bank of albania deems that the monetary policy will maintain a similar stimulating direction and range within similar parameters, over the medium term. bis central bankers ’ speeches

, this entails the risk of overloading central banks with too many tasks and too much responsibility. the crisis management measures taken by central banks have set a debate in motion, both in the euro area and in other economic areas. it is a debate which is anything but pleasant, and, above all, one that seemed to be long since over. following the inflation shocks in the 1970s, the 1980s saw a consensus gradually emerging that central banks should be primarily responsible for safeguarding price stability and need to be as independent as possible to perform this task. independent central banks such as the bundesbank or the swiss national bank proved to be more successful in combating inflation than other central banks which were under political direction. as a result, central banks around the world were granted independence so that they could credibly carry out the task of fighting inflation. however, of late, central banks ’ independence and their price stability orientation have been called into question again. indeed, central banks are not completely innocent with regard to this issue. they, too, have greatly stretched the boundaries of their mandate at times in the crisis. otmar issing fittingly commented on this problem recently, saying, “ it is clear that the more tasks central banks take on which go beyond the policy framework established to safeguard price stability, the more they come into the firing line of political disputes. central banks also endanger their independence when they promise more than what they are actually capable of delivering with the monetary policy instruments available to them ”. bis central bankers ’ speeches 3. 3 european monetary union the roots of the current crisis in the euro area notably include excessive lending fostered by insufficient financial market regulation, inadequate compliance with fiscal rules, inefficient use of capital inflows and a cumulative loss of competitiveness in several euro - area countries. much like an earthquake exposes design flaws in a building ’ s construction, the financial crisis has clearly brought to light the dangerous cracks lurking in the structural framework of the monetary union. the cornerstones of the maastricht framework include the concept of an independent central bank with the primary objective of safeguarding price stability, and national sovereignty in fiscal policy matters. the framework assigns liability for and control over national finances to national governments. the framework sets out fundamental principles to ensure compliance with this agreement. member states commit themselves to maintaining sound public finances ; they are strictly prohibited from providing each other with financial assistance ( no - bail - out rule ), although some exceptions were allowed
field of ideas and the commitments we make for searching consensus ensure that the results of our work are even better, more robust, and policy - oriented. in closing, i wish us all a productive and successful meeting. as we engage in fruitful deliberations over the coming days, i am sure that fortaleza, with its receptive and warm people, vibrant culture, rich history, and stunning coastline, will provide an inspiring backdrop for our discussions. thank you. 3 / 3 bis - central bankers'speeches

europe had similar rules in place before the basel framework was published in april 2014, this new standard provides a global approach to regulate relations between banks and other financial institutions. the framework was designed to protect banks from significant losses caused by the sudden default of an individual counterparty. by extending the scope of coverage beyond banks to exposures to funds, securitisation structures and collective investment undertakings, the framework has also become a useful tool in helping to strengthen the oversight and regulation of the shadow banking system. 4. conclusion ladies and gentlemen, unfortunately all of us here will have to work in this challenging environment for some time to come – ultra - low interest rates, digitalisation, deleveraging, and a high degree of investment uncertainty will continue to frame our decisions. yet, as i have outlined, we are seeing a considerable improvement in the condition of the banking and financial sector. such developments and the regulatory reforms around basel iii have made the financial system more stable. bis central bankers ’ speeches nevertheless, further reform efforts are needed, and the momentum for reform cannot be lost. a resilient resolution regime with sufficient bail - in capital, prudent regulatory treatment of sovereign exposures, and the regulation of shadow banking activities are necessary to make the financial system more resilient. i think this is good news for investors, because it promises to boost transparency, enhance stability, and generate new investment products. my talking a lot about outstanding regulatory reforms might give you the impression that most of the work lies ahead of us. nevertheless, as the title of my speech suggests, we have already achieved a great deal – more than is still ahead of us. as a supervisor, i am happy to say that, while we still have a lot of work to do, the glass is half full, not half empty! ladies and gentlemen, that concludes my speech – thank you very much for your attention. bis central bankers ’ speeches
least temporarily. however, if we are able to boost our investment in people, ideas, and processes, as well as in machines, the economy can readily adapt to change and support everrising standards of living for all americans.

capitalize on it. fostering education that will enable individuals to overcome their reluctance or inability to take full advantage of technological advances and product innovation in the financial sector can increase economic opportunity. as market forces continue to expand the range of providers of financial services, consumers will have more choice and flexibility in how they manage their personal finances. they will also need to learn ways to use new technologies and to make wise financial decisions. in considering means to improve the financial status of families, education can play a critical role by equipping consumers with the knowledge required to choose from among the myriad of financial products and providers. financial education is especially critical for populations that have traditionally been underserved by our financial system. in particular, financial education may help to prevent vulnerable consumers from becoming entangled in financially devastating credit arrangements. regulators, consumer advocates, and policymakers all agree that consumer education is essential in the quest to stem the occurrence of abusive, and at times illegal, lending practices. an informed borrower is simply less vulnerable to fraud and abuse. financial education can empower consumers to be better shoppers, allowing them to obtain goods and services at lower cost. this process effectively increases consumers ’ real purchasing power, and provides more opportunity for them to consume, save, or invest. in addition, financial education can help provide individuals with the knowledge necessary to create household budgets, initiate savings plans, manage debt, and make strategic investment decisions for their retirement or for their children ’ s education. having these basic financial planning skills can help families to meet their near - term obligations and to maximize their longer - term financial well - being. the importance of basic financial skills underscores the need to begin the learning process as early as possible. indeed, improving basic financial education at the elementary and secondary school level will provide a foundation of financial literacy that can help prevent younger people from making poor decisions that can take years to overcome. in particular, it has been my experience that competency in mathematics - - both in numerical manipulation and in understanding the conceptual foundations - enhances a person ’ s ability to handle the more ambiguous and qualitative relationships that dominate our day - to - day financial decisionmaking. for example, through an understanding of compounding interest, one can appreciate the cumulative benefit of routine saving. similarly, learning how to conduct research in a library or on the internet helps one find information to enhance decision - making. focusing on improving fundamental mathematical and problem - solving skills can develop knowledgeable consumers who can take
framework that has guided our monetary policy for nearly two decades now : seeking to keep the growth of demand sustainable so as to achieve an average inflation rate of between 2 and 3 per cent. it is worth noting, incidentally, that the recently re - elected government has once again committed, as have i, to this framework, which will continue to guide our decisions. my colleagues and i are here to respond to your questions.

increased for a time. they are currently a little below their peaks in 2015, but only a little. as an aside, you might have noticed the sharp move down in the latest data for medium - term unemployment. one should never make too much of one month ’ s figures. it ’ s hard to know whether it will persist, or whether it ’ s a result of the vagaries of our seasonal adjustment process. 1 and it ’ s a good example of the signal extraction problem that gives rise to learning lags in economic policymaking. an important lesson here is that, most of the time in an expansion, growth at socalled ‘ potential ’ is not enough. there is a stock of unemployment that needs to be worked down. that means that an above - average flow out of unemployment back into employment is needed. and that is one reason why macro policy might need to be supportive of growth for an extended period during an expansion. a natural question to ask is why one wouldn ’ t seek to run the economy even faster, to open that spigot back into paid employment even wider and get long - term unemployment down sooner. it ’ s a legitimate question. in essence it depends on how quickly unemployed people can be matched with vacant jobs. it is possible that there are limits to the efficiency of the labour market ’ s ability to do that matching. job search involves process lags, such as the window of time that an employer chooses to receive applications, as well as the decision lag involved in selection. so beyond some point, running the economy faster might not open the spigot that much wider. there is also the question of how much faster the economy could be induced to run at all. for the economies most affected by the financial crisis ( by which i don ’ t mean australia ), that might also have had its limits. banks ’ credit supply had been weakened and existing spare capacity reduced firms ’ need to invest. at the same time, during this period, it was not always the case that the various arms of macroeconomic policy in these countries were all pulling in the same direction. the abs only publishes seasonally adjusted data for some categories of unemployment by duration. the figures shown here have been seasonally adjusted by rba staff. 8 of 12 on lags in the australian context, as the bank has explained on several occasions, there have instead been concerns regarding a different stock – flow dynamic. one key way expansionary monetary policy works is by getting
hu xiaolian : successful experiences of further reforming the rmb exchange rate regime article by ms hu xiaolian, deputy governor of the people ’ s bank of china, beijing, 30 july 2010. * * * china moved into a managed floating exchange rate regime based on market demand and supply with reference to a basket of currencies on july 21st, 2005. positive results produced thereafter showed that the reform was launched at the right time in the right direction. i. the reform of exchange rate regime has been furthered at an appropriate time it is at the 3rd plenary session of 14th cpc central committee that the goal of establishing a managed floating exchange rate regime based on market supply and demand was outlined. in january 1994, with the unification of rmb ’ s official exchange rate and swap rate, the single, managed floating exchange rate based on market supply and demand was officially adopted. the rmb exchange rate gradually approached an adaptive level, which helped enhance the competitiveness of export - oriented enterprises and facilitated the shift from trade deficit to surplus. during the asian financial crisis in 1997, the rmb exchange rate was kept stable around 8. 3 yuan to one dollar in order to brake competitive devaluation of asian currencies. though the impacts of asian financial crisis subsided in 2001, the rmb was kept at a stable level against the us dollar as unfavorable factors, such as deflation, arose domestically. reflecting on the crisis, china stepped up the financial reform and infrastructure building. researches and preparation on resuming exchange rate floating were also well underway. as financial institutions had not completed reform and were not yet prepared to handle exchange rate movements or provide enterprises with relevant services, the reform of largesized state - owned commercial banks was conducted before exchange rate reform. the reform in large financial institutions, which is the basis for exchange rate regime reform, was completed by july 2005. the bank of communications, china construction bank and the bank of china finished financial restructuring and became listed companies. the financial restructuring of industrial and commercial bank of china was put on agenda and the preparation for the reform of china development bank and the agricultural bank of china was underway. in addition, china ’ s accession into the wto had significantly enhanced the competitiveness of export - oriented enterprises. with continued expansion of trade surplus, chinese enterprises and financial institutions were better prepared for the reform of the rmb exchange rate regime. with these conditions in place, the reform of exchange rate regime was launched decisively. around

openness to the world has helped us build a nation that i believe is the best place to live in the world. imagine what we can build over the next 150 years. i would like to thank james powell for his help in preparing this speech. 7 / 7 bis central bankers'speeches
that labour market reforms need time to take their full effect. the measures introduced in particular in spain, italy and greece will not lead to full employment overnight, especially as the devil is often in the detail. it is therefore not certain whether the changes adopted so far are enough to increase the flexibility and performance of the labour markets there sufficiently. however, the reforms must lead in the medium term to “ light at the end of the tunnel ” on the labour market. pessimists who deny the possibility of a turnaround in the crisis countries are currently having a field - day. however, if we remember the state of the german labour market as recently as the middle of the last decade, few would have dared to hope for the development emerging in subsequent years. the external environment was naturally favourable at that time and the starting point was not as serious as that currently faced by other countries. i believe that the crucial lesson is that with appropriate measures the functioning of the labour market can be changed so that this per se, in a very broad economic framework, allows more opportunities and thus also a more favourable employment trend. 3. germany ’ s contribution to reducing imbalances the aim must be for europe as a whole to emerge stronger from the crisis. but in the discussion on macroeconomic imbalances, there are often calls to force the core countries to actively reduce their current account surpluses – through interventions in the wage discovery process, for instance, or by way of additional fiscal stimuli – so as to bring relief for the deficit countries. i won ’ t beat around the bush here : besides the fact that narrowing the problem down to an analysis of current account balances is, in itself, unfortunate, to say the least, this michael krause and harald uhlig ( 2011 ), “ transitions in the german labor market : structure and crisis. ” deutsche bundesbank discussion paper series 1 : economic studies no 34 / 2011. bis central bankers ’ speeches path would do a disservice to europe. after all, the euro area is not an island but a region competing with the usa, japan or china. what is more, fixing one ’ s sights on a greater contribution by germany overlooks the reality of the situation. firstly, germany ’ s trade surplus with the euro area is less than 2 %, 2 and secondly, boosting demand in germany would trigger only negligible spillover effects in the periphery countries. this is also confirmed by imf research. on top

attention.
of us. thank you for your attention.

jean - claude trichet : structural reforms and growth, as highlighted by the irish case keynote address by mr jean - claude trichet, president of the european central bank, delivered at the whitaker lecture organised by the central bank and financial services authority of ireland, dublin, 31 may 2004. * * * ladies and gentlemen, it is a real pleasure for me to speak at this inaugural lecture in honour of dr. t. k. whitaker, for several reasons. firstly, in doing so i have the satisfaction of honouring a great man, a great european and a great central banker. dr. whitaker is a man whose inspiration and efforts were used at a critical time in irish history to bring ireland on a journey of transformation from economic stagnation to a position of stunning and exemplary economic success. secondly, you, dr. whitaker, deserve to take the satisfaction and pride of knowing that your contribution to the success of the irish economy has not been bounded by ireland ’ s shores. rather the process of transformation that you began over four decades ago has become a model for the millions of new citizens of the european union. the new member states of the eu have had to confront economic challenges whose magnitude and long - term importance are similar to those that faced ireland when you began your work. thanks to ireland ’ s economic success, to which you devoted your life, we can be confident that economic reform works. today i have the opportunity to highlight the importance of structural and fiscal reforms in an enlarged europe. ireland ’ s contribution in this area is not confined to inspiration from its exemplary policy record. the irish presidency of the european union is working to stimulate progress in structural reform through its prioritisation of the lisbon agenda. together with the great events of european union enlargement and the progress being made in other areas, this should be a source of pride for ireland. speaking about ireland ’ s eu presidency, and noting that the outgoing president of the european parliament, pat cox, is also irish, i cannot resist mentioning with pride my own celtic roots as a native “ breton ”! before experiencing economic spring, ireland has had to go through a long winter of economic inertia. for decades after the establishment of ireland ’ s independence a climate of economic and social pessimism became prevalent in a country which appeared to have little to offer its citizens but the prospect of emigration and low revenues. between 1951 and 1958, as europe ’ s economy rebounded, ireland ’ s relative gdp per capita actually fell from
and to be fully dedicated to our own responsibilities both in the private sector and the public sector. ”

. you mean deliver more than 1 % deficit reduction per year? a. “ for some it is a necessity that has already been agreed upon by the ecofin. ” q. greece has had problems ever since the beginning of the euro. does that mean sgp - sanctions are not effective? a. “ in that particular case, it ’ s up to the euro group, the commission and the greek authorities to first of all improve definitively the way the figures are produced, the way they are computed, the way they are certified and stamped by the national authorities and by the european authorities. that is essential. we must work on the basis of reliable figures. on top of that the stability and growth pact has to be applied fully and rigorously for all countries, as i said earlier. ” q. some economists call a loose monetary policy the real cause for the crisis. in let ’ s say 2005, did you see the danger of that policy? a. “ the governing council of the ecb has demonstrated its dedication to its mandate during this period. we refused to decrease rates when we were called upon to decrease rates, in the beginning of 2004 by the chancellor of germany, the president of france and the prime minister of italy. in december 2005 we decided to increase rates. this decision was criticised by ten out of twelve governments that belonged to the euro area at that time. not by the dutch government, by the way. the international institutions and many economists were calling upon us not to increase rates. in 2006 and 2007 we mentioned publicly that global finance had to prepare for a correction due to a marked underassessment and underpricing of risks. i was public myself in january 2007, before the start of the turbulences, expressing the sentiment of most central bankers, who were diagnosing this underpricing of risk. ” q. some economists say interest rates are so low for so long, that the new bubble is being born now? a. “ the governing council of the ecb has always taken decisions commensurate with the challenges we had to cope with, and quick and expeditious when exceptional circumstances were requiring it. at the same time we have always been dedicated to our mandate and did not hamper, in any respect, our capacity to deliver price stability in the medium term. we can tell our 330 million fellow citizens : you can have confidence, we will deliver price stability. our credibility has helped us solidly anchoring inflation expectations which