samchain/econo-pairs-v2 huggingface dataset:
, or a condition that is met some of the time. it has to be a condition that is fulfilled all of the time. and for this reason, to complete monetary union we will ultimately have to deepen our political union further : to lay down its rights and obligations in a renewed institutional order. bis central bankers ’ speeches

jean - claude trichet : lessons to be learned from the european sovereign debt crisis – interview with liberation interview with mr jean - claude trichet, president of the european central bank, in liberation, conducted by mr jean quatremer on 8 july 2010 and published in french via his blog on 13 july 2010. * * * q : is the sovereign debt crisis that has rocked the euro area since last january over now? a : the concerns of investors and savers over sovereign debt are a global phenomenon and have particularly affected industrialised countries. indeed, industrialised countries were hit hard by the financial crisis of 2008 and 2009 and, for the most part, their government financial accounts suffered badly. in the particular case of greece, some investors were convinced that the greek government would be unable to take the bold decisions that were absolutely necessary, and that neither in europe nor within the international community would there be the capacity to support its recovery plan. on a more general level, the ability of the europeans to face up to a difficult situation seems to me to have been seriously underestimated initially. consider that, at the time of speaking, we have a recovery plan for greece that has been approved by the international monetary fund, by the european commission, in liaison with the european central bank ( ecb ), and by the european governments of the eurogroup. several european countries have adopted ambitious recovery packages. all of them have committed to stepping up their fiscal consolidation. the euro area governments decided to support the greek recovery plan to the tune of €80 billion. they also decided to set up a financial stabilisation fund ( european financial stability facility ) for the euro area with guarantees amounting to €440 billion, and this on top of the above - mentioned €80 billion and the €60 billion which can also be mobilised at the european union level. just a few months or even weeks ago, investors deemed all of this impossible. they are progressively taking these decisions into account. q : was it the case, then, that the markets underestimated the political will of the european union? a : there is a tendency among some investors and market participants to underestimate europe ’ s ability to take bold decisions. in their defence, i would simply say that the institutional structure of europe is very different to what they are used to, especially on the other side of the atlantic. the decision - making processes are not the same. but it would be a mistake to underestimate europe,
jerome h powell : community banking opening remarks by mr jerome h powell, member of the board of governors of the federal reserve system, at the webinar on “ community banking ”, washington dc, 20 october 2014. * * * thank you for the opportunity to speak with you today about some of the key issues facing community banks. as the chairman of the federal reserve board ’ s community and regional bank subcommittee, i try to meet with groups of community bankers whenever i can to better understand what is on community bankers ’ minds. while today ’ s webinar is no substitute for face - to - face meetings with bankers, it is a special treat to be able to leverage technology to speak to and hear from so many community bankers across the country at the same time. as all of you surely know, community banks play a vital role in the u. s. financial system. community banks have strong links to the people and businesses in their communities, as well as direct knowledge of local economic conditions. these close ties give community bankers a clear advantage in understanding local needs and tailoring their products and services to meet those needs. my colleagues on the federal reserve board and i are committed to making sure that we understand the issues that are most important to community banks as you strive to serve the financial needs of your communities. one way that we further our understanding is by talking to the bankers themselves in a variety of venues, such as this webinar and a community banking research conference that i attended last month in st. louis, which was co - sponsored by the federal reserve system and the conference of state bank supervisors. and there is another opportunity to communicate with the federal reserve and our fellow regulators that i want to make sure you are aware of. the economic growth and regulatory paperwork reduction act ( egrpra ) of 1996 tasked financial regulators with reviewing regulations issued by the agencies at least every 10 years to identify outdated, unnecessary, or unduly burdensome regulations. the agencies kicked off that process earlier this year, and in addition to collecting comments in writing, we are beginning a series of meetings with the public in december. one of the themes that we hear in our interactions with community bankers is concern that the regulatory environment could be tailored more effectively for community banks, and the egrpra process gives all interested parties a voice in identifying areas where regulatory requirements may be disproportionate to risk. i therefore encourage you to participate in this important process and hope you will raise

any concerns and ideas you have. the federal reserve is committed to tailoring its supervisory practices as appropriate for community banks to reduce unnecessary burden, while still ensuring that community banks continue to operate in a safe and sound manner. i am looking forward to our conversation today and, in particular, am interested in hearing about topics that are of importance to you as you work to serve your customers, meet the credit needs of your communities, and thrive. bis central bankers ’ speeches
ida wolden bache : policy rate will likely be reduced in march introductory statement by ms ida wolden bache, governor of norges bank ( central bank of norway ), at the press conference following norway's announcement of the policy rate, oslo, 23 january 2025. * * * presentation accompanying the speech chart 1 : policy rate kept unchanged at 4. 5 percent norges bank's monetary policy and financial stability committee has decided to keep the policy rate unchanged at 4. 5 percent. norges bank is tasked with keeping inflation low and stable. the operational target is inflation of close to 2 percent over time. we are also mandated to help keep employment as high as possible and to promote economic stability. we have raised the policy rate significantly to tackle high inflation. since december 2023, the policy rate has been held at 4. 5 percent. the interest rate has contributed to cooling down the economy and to dampening inflation. the current outlook suggests that inflation will return to target without a large increase in unemployment. inflation fell further towards the end of last year and has moved closer to target. at the same time, the rapid rise in business costs is likely to contribute to stoking inflation ahead. the committee is concerned with the risk that if the policy rate is lowered too quickly, inflation could remain above target for too long. on the other hand, the committee does not want to restrain the economy more than needed to stabilise inflation around 2 percent. the committee judges that a restrictive monetary policy is still needed, but that the time to begin easing monetary policy is soon approaching. if developments turn out as we now envisage, the committee will reduce the policy rate in march. we have not made new forecasts for this monetary policy meeting but have assessed new information about economic developments against the forecasts presented in december. chart 2 : unemployment is little changed growth in the norwegian economy picked up slightly in 2024. activity has been lifted by high public demand and large investments in the petroleum industry. at the same time, housing construction has shown a sharp decline. unemployment has risen somewhat from a low level in recent years. in recent months, unemployment has changed little in line with our december projections. chart 3 : inflation has moved closer to target 1 / 2 bis - central bankers'speeches inflation has fallen markedly over the past year, and in december inflation stood at 2. 2 percent and was lower than expected. however, excluding energy prices, which fluctuate widely,

our obligation as central bankers to continuously search for the best practice for monetary policy. and we do not have to agree with friedman's prescriptions to revisit the important questions he posed. we are privileged to have such a distinguished group of central bankers and academics present at this conference to help us with this task. i am looking forward to learning from what i hope will be both an open - minded and a constructive dialogue about the future of monetary and macroprudential policies. thank you. bis central bankers ’ speeches
chee hong tat : building a stronger tomorrow : family offices in our flourishing wealth management landscape speech by mr chee hong tat, minister for transport and second minister for finance, and deputy chairman of the monetary authority of singapore, at the global - asia family office summit, singapore, 16 september 2024. * * * ceo of the wealth management institute, ms foo mee har distinguished guests, ladies and gentlemen, i am delighted to be here at the global - asia family office summit. earlier this year, i joined the monetary authority of singapore ( mas ) as a board member, and i have enjoyed meeting with management and professionals running our financial industry, ranging from banks to asset managers, insurers and capital market entities. today, i look forward to speaking with the community of family offices in singapore. continued growth in wealth management sector the family office community in singapore is a vibrant and growing space. from just 400 single family offices awarded mas tax incentives as at 2020, it grew 3. 5 times to 1, 400 at the end of last year. in the first 8 months this year, we added another 250 to reach 1, 650 single family offices. growth has continued to be robust, and we expect the number of new single family offices for 2024 to surpass the 300 that we added in 2023. to those who have recently chosen to set up your family office here, a warm welcome to singapore. you have joined us at a good time – asia's prospects ahead are bright and the growth momentum remains strong. the asia pacific region is expected to grow by 4. 9 % in 2025, faster than any other part of the world. and singapore as a hub in asia will benefit from this positive development, growing together with our region. as a strategic gateway to asia, singapore remains a trusted financial centre and wellregarded destination for asset and wealth management. growth in assets under management, or aum, last year was driven by increase in valuation and net inflows across traditional and alternative assets, as well as in wealth management and many other activities. the wealth management aum recorded a growth of more than 8 % in 2023, continuing the trend of growth in the past few years. and overall, the 5 - year compounded annual growth rate of wealth management aum came up to about 10 %. wealth owners choose singapore for many reasons – our strong rule of law, robust and predictable regulatory regime and a comprehensive ecosystem of wealth managers

journal of central banking, vol. 8, no. s1, 2012, pp. 137 – 165. 3 summers, lawrence h., remarks at the imf fourteenth annual research conference in honor of stanley fischer, washington, dc, 2013. summers, lawrence h., “ demand side secular stagnation, " american economic review, vol. 105, no. 5, 2015, pp. 60 – 65. 4 yellen, janet l., “ macroeconomic research after the crisis, ” speech at the 60th annual economic conference sponsored by the federal reserve bank of boston, 2016. 5 krusell, per, and anthony a. smith, jr., “ income and wealth heterogeneity in the macroeconomy, " journal of political economy, vol. 106, no. 5, 1998, pp. 867 – 896. 3 / 3 bis central bankers'speeches
other federal banking agencies, we issued an amended policy statement on the internal audit function that called for each regulated institution to have an internal audit function that is appropriate to its size and the nature and scope of its activities. this amended policy statement addresses several different areas of internal audit in general, including director and senior management responsibilities. in our view, the board of directors and senior management cannot delegate the responsibility for having an effective system of internal control. certain portions of the implementation of the control system may be conducted by more junior management, but this does not relieve the board and senior management of responsibility for the design and effectiveness of the system. we also describe the four areas that we believe must be included in the internal audit function. those areas address the structure, management, scope, and communications of the internal audit function. structure. the internal audit function must be independent from day - to - day operations. the structure section of the policy statement specifically states, “ the manager of internal audit should report directly to the board of directors or its audit committee, which should oversee the internal audit function. ” it also states that the board should develop objective performance criteria to evaluate the work of internal audit. the auditor should meet periodically with the chair of the audit committee outside of formal meetings to review audit plans and the results of audits, determine issues of concern to the committee, and create an agenda that engages audit committee members in effective oversight of the internal audit process. management, staffing, and audit quality. directors should assign responsibility for the internal audit function to an internal audit manager. the audit manager should be responsible for control risk assessments, audit plans, audit programs, and audit reports. the management section states that institutions should follow professional standards, such as the iia ’ s standards. one of the most important roles of the auditor is to identify emerging areas of risk and report management ’ s progress in implementing mitigating controls and monitors of changing exposures. scope. we take the position that frequency and extent of internal audit review and testing engaged in during the audit “ should be consistent with the nature, complexity, and risk of the institution ’ s on - and off - balance - sheet activities. ” we also state that the audit committee should at least annually review and approve the internal audit manager ’ s control risk assessment, the scope of the audit plan, including how much the manager relies on the work of an outsourcing vendor, and adherence to the audit plan. at the end of each audit plan year

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it relates to the first company printing the albanian banknote. mr bundy will show the unspeakable on the designing, techniques and art of conceiving the albanian banknote, illustrated by photos and sketches. in the end, we invite you to explore our temporary exhibition on this topic and see the unspeakable through your own lens. 2 / 2 bis central bankers'speeches

natasha ahmetaj : interesting facts from the treasury - art in albanian banknotes welcome address by ms natasha ahmetaj, second deputy governor of the bank of albania, at the launch of “ interesting facts from the treasury : art in albanian banknotes ", tirana, 19 may 2017. * * * dear friends, dear guests, today, we are together at the premises of the bank of albania, not only in the attribute of this place as the house of money, figuratively, but also in the physical sense of the word, as this room is next to the old treasury room. we have invited you today to enjoy another dimension of the currency, that of an authentic artwork. a work of art always speaks more broadly and deeper than its mere physical dimension. today, we are in a museum of works of art. museums are more than just expositions. while you move from one display to the other, you are not simply walking some centimetres along the street, but you travel through centuries of history. those few centimetres take you through eras of social civilisation. this is a unique feeling you can only experience in a museum. a zoo or a botanical garden depicts the real world in miniature. but it shows the actual living world. by contrast, a museum brings together different eras, the past and the present. this is especially true in a museum of banknotes and coins. modestly, our museum does that as well. it was only founded a year ago and we believe it will continue to develop and be fully fledged as a legacy of our national memory. in mid 1800s, announcing the competition on american banknote, the us secretary of the treasury, specified two obligatory requirements to participants about the design : it had to be original, and unpublished previously, and have a national character. since at the beginning, the banknote is thought as not only a means of exchange, but also as an education tool for the public. as such, it should bear important moments of the history. the banknote performs this function through complicated techniques of subtly fine lines, to prevent reproduction, attributable also to robust security features. although we frequently have these valuable papers on our hands, seldom do we concentrate for a few minutes and enjoy the art embedded in them. we very rarely focus on examining how the work of a talented painter is intertwined in a sort of a miniature canvas with that of a talented engraver, turning that piece of paper into an elegant expression of creative art. the image
past 3 years. being a mature system today, islamic finance is poised to scale up value - based finance solutions and continue to take the lead to create greater impact on the environment, economy and society. allow me to share how we can make this a reality. first, is by harnessing the power of digitalisation. technology may not be the silver bullet. but, it holds massive potential to revolutionise and transform the way value is delivered in finance. studies show that an estimated 70 % of new value to be created in the economy over the next decade will be based on digitally enabled platforms3, priming conditions for breakthrough innovation to perennial problems. i believe, with the right and responsible application, emerging technologies can amplify the impact of islamic finance in meeting sustainability goals. for example, the infusion of big data, artificial intelligence and machine learning allows a better understanding of the varied and specific needs of the different segments especially the unserved and underserved. this enables better customisation of financial solutions and offerings and choice of shariah contracts as islamic financial institutions have greater understanding of the risk dimensions and hence more robust decisions. one example is the application of big data analytics on geospatial data to identify flood - prone areas and anticipate financing and protection needs of those in the area. it 1 / 3 bis central bankers'speeches also enables islamic financial institutions to better deliver the expectations of shariah as digitalisation allows for greater transparency and traceability of the flows of funds within the system and with the customers. in supporting more vibrant digitalisation of financial services, the bank will continue to foster an enabling environment for innovation, such as by enhancing pathways for digital innovations to test, learn and exit. the upcoming refresh of our regulatory sandbox will provide a greater boost to support industry players in bringing financial innovations safely to the market, across different stages of the innovation cycle. we recognise that solution development is not the only way to deliver impact. this leads me to my second point – embracing transformative change. a whole - of - organisation effort to instil total change of institutional behaviour and culture. what this entails is the need for leaders to cultivate a transformative mindset that puts positive impact first in every aspect of the financial institution, including strategy development and operations. one area that is prime for disruption is data. shared data infrastructure can help minimise reporting costs, especially in sectors where data is scarce – a dilemma that constantly plagues sdg

. 2 / 3 bis central bankers'speeches 1 source : unlocking sdg financing : findings from early adopters 2 source : aibim, value - based intermediation ( vbi ) preview report 2017 - 2020 3 source : world economic forum, shaping the future of digital economy and value creation 3 / 3 bis central bankers'speeches
tax hike in 2014, has been on an improving trend on the whole ( chart 6 ). private consumption for the april - june quarter was somewhat weak bis central bankers ’ speeches due to lackluster sales of small cars and the effects of bad weather, but results of various sales statistics suggest that private consumption has turned to an increase since around july in many categories, and can be judged as being resilient on the whole. with a virtuous cycle from income to spending in both the corporate and household sectors, japan ’ s economy through fiscal 2016 is likely to continue growing at a pace above its potential, which is currently estimated to be around 0. 5 percent or lower. thereafter, through fiscal 2017, the economy is projected to maintain its positive growth, although with a slowing in its pace to around a level somewhat below the potential growth rate. the slowdown is due mainly to ( 1 ) the effects of a front - loaded increase and subsequent decline in demand prior to and after the consumption tax hike planned in april 2017 and ( 2 ) cyclical deceleration. ii. price developments and the path toward achieving the price stability target of 2 percent current state of and outlook for prices let me turn to price developments. the year - on - year rate of change in the cpi for all items less fresh food, which was minus 0. 5 percent just before the introduction of qqe, increased to as high as 1. 5 percent in april 2014, excluding the effects of the consumption tax hike. however, as somewhat weak developments in private consumption continued after the consumption tax hike and crude oil prices declined substantially from the summer of 2014, annual cpi inflation declined and has been about 0 percent in recent months ( chart 7 ). nevertheless, the underlying trend in inflation has steadily improved, excluding the effects of the decline in energy prices. for example, the year - on - year rate of change in the cpi for all items less fresh food and energy has been positive for 24 consecutive months since october 2013, increasing to 1. 2 percent this september. this was the first time since the late 1990s, when japan ’ s economy fell into deflation, that a continued price increase was seen. meanwhile, the rate of increase in the daily or weekly price indices, such as for food and daily necessities, has followed an accelerating trend since this april. firms ’ price - hiking has become widespread and sustained, as seen in the fact that the share of items in the cpi for which prices

high and sustainable rates of economic growth and employment and maintenance of overall macroeconomic stability. thank you for your attention.