samchain/econo-pairs-v2 huggingface dataset:
for the powers of each institution and the specific character of their respective areas of activity. for our institution, the year 2004 had featured a new strategic review of the future of its activities. in 2005, that review led to the adoption of master plans which define the future pattern of activities and employment at the bank. those plans provide a stable medium - term framework up to the year 2009. for the bank, it is a question of working within the eurosystem, adopting a more selective approach with increasing specialisation, maintaining cost control and continuing to improve the quality of the services provided for the community. * * * the progress of the various activities in 2005 is set out in the annual report which has been sent to you and which is also available on our website. in addition, that document contains the annual accounts for the year and describes the governance of our enterprise. a number of questions have been sent to us by shareholders, particularly by the deminor company, on the subject of the bank ’ s corporate governance statement. why does it not conform to the lippens code when the bank is a listed company, and why does it not explain, for each of the code ’ s provisions, the reasons for not conforming to it? first, it must be remembered that the special legal framework governing our institution and its specific position as a central bank mean that we cannot systematically compare its governance with the “ lippens code ” recommendations. the belgian corporate governance code, which supplements the ordinary legislation on listed companies, itself affirms the code ’ s character as a recommendation. it cannot replace the existing laws and treaties, particularly those applicable to the bank. the bank is in fact governed first by the provisions of the maastricht treaty, and then by its organic law and its own statutes, and finally – on a purely additional basis – by the companies code. the bank is therefore not subject to the same legal rules as other public limited liability companies. furthermore, the lippens code is inappropriate to the special characteristics of the bank, a company which – unlike other listed companies - does not aim primarily to maximise its profit, but which, in accordance with the treaty and the law, promotes monetary and financial stability in the public interest. it is the dominance of the public interest that caused the legislature to determine the composition and powers of the bank ’ s organs. these are different from those of the companies addressed by the belgian governance code. while the organs of conventional companies are the administrative

market disruptions, impedes economic resiliency, and limits the world ’ s ability to realize the full potential of the rise in global productivity to lift standards of living.
individuals. thank you for your attention. 3 / 3 bis - central bankers'speeches

ryuzo miyao : japan ’ s economy and monetary policy speech by mr ryuzo miyao, member of the policy board of the bank of japan, at the 2014 autumn annual meeting of the japan society of monetary economics, tokyo, 18 october 2014. * * * accompanying charts can be found at the end of the speech. introduction it is a great honor to be invited to the 2014 autumn annual meeting of the japan society of monetary economics. both the bank of japan and i have been deeply indebted to the society over the years. in the four and a half years since i took office as a policy board member of the bank – how time flies – the global economy has faced strong headwinds caused mainly by the sovereign debt crisis in europe, the fiscal cliff in the united states, and the great east japan earthquake in japan. central banks in advanced countries have adopted their own unconventional monetary policy, stepping further into uncharted territory. the bank of japan, for its part, introduced quantitative and qualitative monetary easing ( qqe ) in april 2013 and has been conducting further aggressive monetary easing. i am aware that there are various views and opinions in academia about the initiatives by the bank and other major central banks. discussions and research have been actively underway. as a central banker who came from academia, i too have been asking myself the following questions. first, economic recovery has been driven by consumption in japan for about the past two years. why consumption, and why now? what is the driving force behind this? can such recovery be sustained? second, contrary to what many people had expected, the rate of increase in the consumer price index ( cpi ) has been rising steadily since 2013. what is the driving force for that? firms increasingly have been passing on costs to sales prices, but why is this happening now? third, views are divided among those in academia with regard to the effects of the unconventional monetary policy, such as the purchases of japanese government bonds ( jgbs ). how should we respond to skeptical views about the policy effects, stating, for example, that ( 1 ) the policy by itself does not produce any effects in ordinary times, but it appears effective only because some market participants believe so ; and ( 2 ) such policy will only cause a temporary asset price bubble, and thus make the economy unstable? in finding my own answers to these questions, i realized that such answers critically depend on an assessment of the potential strength of the supply side
have taken the first step, albeit cautiously, toward internationalization of the korean won, and that there may ultimately be a need to examine measures for expanding this effort to all economies with which korea has concluded ftas. in order to support economic exchanges involving islamic banking, an area in which economic cooperation is expected to increase in the future, we signed an mou with the central bank of the united arab emirates last week. going forward we also plan to sign mous with central banks in south america, and we would like to meaningfully expand our personnel and resource exchanges with the various central banks that have signed exchange agreements with the bank of korea. to my mind, it is only when all of these various efforts bear fruit that a ‘ global bok ’ will truly be established. dear members of the bank of korea, if the various wide range of new operations that we have discussed so far is limited to the purview of only a small number of departments, then we can never achieve the sought - after results. their effects can only be realized when all departments of the bank of korea, including our domestic branches and our overseas representative offices, hold them as common goals and put them into practice. i would like to make it clear that no one among the 2, 200 staff members of the bank of korea is unconnected with these activities. i emphasize this because the operation of our organization must not be rigid, and we can come up with effective alternatives as needed only when we have established a climate of flexible mutual cooperation. if globalization refers to the disappearance of borders between countries, then we can only truly find ways of responding to globalization within our organization when the borders between our departments disappear. the mission given to us is to be able to nurture individuals who are in tune with these changes in our environment, meaning those whose ways of thinking and behavior are globalized. it is in truth impossible to overemphasize the importance of a multi - disciplinary knowledge. bis central bankers ’ speeches it is my judgment that the education and training of our staff carried out over the past few years, to strengthen their potential capabilities, have come to great fruition. increases in various kinds of publications written under our staff members ’ names, as well as the spread in the writing of papers to staff from almost all departments are major features in this regard. for example, the numbers of entries in the bok staff paper competition were 23 in 2011 and 27 in 2012, and have increased substantially to 38 this year

becomes more interested in and more in demand of our talents. to this end, greater spirits of sacrifice and service should be the foundations of our lives. if we steadily move forward with consistency and a strong belief in our future, the bank of korea will be recognized for its contributions to the national economy. perspiration, tears and pain are the fates of those who sow seeds. i look forward to seeing many such leaders emerging in our bank. bis central bankers ’ speeches
and investment. before the pandemic – i need to remind you – we had agreed that the equilibrium real interest rate was zero or even negative. has this changed? what are the fundamental forces that could have produced such a change? personally, i am not convinced at all that the deflationary tendency that we witnessed for a number of several years in the euro area before the pandemic has now turned into an inflationary one. as i mentioned earlier, the inflation surprise that we have recently observed has to do with supply - side shocks. fourth, on the relationship between the growth rate of money supply and inflation : αs we all know, this relationship is not stable ; it has broken down in the past. have you noticed for instance that, despite the very high growth of money supply recently, inflation expectations have stayed anchored at below 2 %? this is extremely important. having said that, i can also tell you that i do not belong to this school of economists that totally ignore money supply. i actually believe that the economy is being governed by aggregate demand and aggregate supply forces and money is part of the aggregate demand forces. however, under certain circumstances, money does not matter, in the sense that it cannot affect economic variables. keynes for instance had talked about the “ liquidity trap ”. in addition, we know from various variations, old or new, of the mundell – fleming model, that there are conditions under which money supply does not matter. so let ’ s not be dogmatic either way. there is no doubt that in the long - term inflation is a monetary phenomenon, but the “ long term ” might actually be too long! fifth, we should not forget that monetary tightening in the eurozone will start in june, with the likely repayments of tltros. finally, i want to reassure you once again that we will do “ whatever it takes ” to safeguard price stability. 2 / 2 bis central bankers'speeches

further underlining the need in europe to lift the financing obstacles for the dynamic technology sectors.
markets. i very much welcome this initiative by the ebrd to communicate the modalities of the programme and how exporting and importing firms in greece can benefit from it. i am sure that we will have a fruitful, informative and interesting discussion. bis central bankers ’ speeches

yannis stournaras : the ebrd ’ s trade facilitation programme on financing foreign trade with greece introductory remarks by mr yannis stournaras, governor of the bank of greece, at the european bank for reconstruction and development ( ebrd ) information session on its trade facilitation programme ( tfp ) on financing foreign trade with greece, athens, 15 september 2016. * * * ladies and gentlemen, distinguished guests, it is a great pleasure to welcome you all here today to this information session on the trade facilitation programme of the european bank for reconstruction and development. i would particularly like to welcome today ’ s speakers from the ebrd as well as representatives from the local banking community who will be participating in a panel discussion later on. the importance of the trade facilitation programme for greece cannot be over - emphasised. one of the features of the greek economy on the eve of the crisis was its lack of openness. economics textbooks talk about the economics of “ small open economies ” in contrast to that of “ large closed economies ”. greece was best described as a “ small closed economy ” whose growth was largely driven by internal demand and, in particular, consumption. exports and imports averaged 53 per cent of gdp in the period 2000 - 2009 compared to almost 70 per cent in the euro area as a whole. in 2008, the current account deficit had reached almost 15 per cent of gdp. this unsustainable growth model has been changing through the crisis. the competitiveness gap, which had opened up post entry into emu, was eliminated through internal devaluation. the current account deficit is now close to balance. whilst the majority of adjustment in the current account since 2008 has come about through a fall in imports, exports of goods and services ( excluding shipping ) have increased by 27 per cent in real terms. moreover, greek goods export shares have increased significantly since 2010, especially vis - a - vis non - eu countries. exports and imports as a percentage of gdp now stand at just over 63 per cent. crucial to continued rebalancing of the economy in this fashion is the provision of finance and, in particular, trade finance. the ebrd ’ s trade facilitation programme was developed precisely to facilitate international trade by providing guarantees to international commercial banks. the programme can thus help to support greek companies in their endeavours to increase their exports to traditional markets as well as to open up new
doing business. in terms of cash, over the last 3 years, an average of 547 million cash withdrawals at atms were made amounting to rm276 billion per annum. this represents 93 % of the total financial transactions conducted at the atms, while only 7 % of the atm transactions were for noncash withdrawal. these included funds transfer, bill payment, card and loan repayment, purchase of share application and reload of mobile prepaid applications, which was valued at rm37 billion on average per year. so the usage of atm for e - payment purposes was underutilised and the industry should do more to improve this situation. bis central bankers ’ speeches atms to cater to those that have not adopted online banking 92 % ( or 18. 4 million ) of the total adult population in malaysia has banking accounts and of these, the internet banking population accounts for about 74 % ( 13. 7 million ) of bank account holders. whilst 74 % of the bank account holders have internet banking access but only 43 % ( 5. 9 million ) of the internet banking subscribers are active users in conducting financial transactions. still a long way to go to encourage users to adopt electronic means in conducting their banking transactions. in this regard, we have to do more to reach critical mass where the public are familiar with or comfortable in using internet banking to conduct their financial transactions. to achieve this aim, banks should continuously increase their efforts to educate their customers and businesses on the safety of online banking practices and provide incentives to them to migrate away from cheques and cash. meps ’ initiative on widening the atm network would also provide convenient access points across the country to enable those who have not yet adopt online banking to migrate to cashless banking services. in particular, the target groups are the smes and microenterprises. banks should extend all necessary assistance to help these groups to migrate to the e - payment platform. to realise the full potential of the payment network, banks that offer cheque issuing and atm cash withdrawal facilities should provide the full suite of funds transfer and electronic payment functionalities over the atms. of the 20 banking institutions that offer atm services, 17 of them today provide the ibft service, a real time interbank funds transfer service that enable customers to transfer funds via the atm in a safe and secure manner. banking institutions are strongly encouraged to also offer the interbank giro ( ibg ) via their atms as a lower cost option to the ibft.

programs and to start making tradeoffs is long overdue. the significant improvement in the budget in the 1990s reflected persistent efforts on the part of this committee and others. if similar efforts are made now, they should assist in preparing our economy for the fiscal challenges that we will face in the years ahead.
., freier, m., maier, s., garcia - miralles, e., pidkuyko, m., ricci, m. and riscado, s. ( 2023 ), " inflation, fiscal policy and inequality : the distributional impact of fiscal measures to compensate consumer inflation ", occasional paper, ecb, forthcoming. 4 / 4 bis - central bankers'speeches

bankers'speeches let me conclude. the green transition poses a uniquely difficult policy challenge, because the stakes of failure are so high and yet the path to success is so complex. but the answer to this challenge is not to dilute our ambition. it is not to detract our focus from the goal of net zero. and it is not to delay the time for action. the answer is to follow through with the transition by understanding the challenges it entails and ensuring that the costs are shared fairly. by bringing together a wide range of expertise and intellectual and financial firepower, this conference provides us with a unique opportunity to map such a strategy out. i wish us every success in this endeavour. 1 world meteorological organization ( 2021 ), " weather - related disasters increase over past 50 years, causing more damage but fewer deaths ", press release, 31 august. 2 emambakhsh, t. et al. ( 2023 ), " the road to paris : stress testing the transition towards a net - zero economy " occasional paper series, no 328, ecb, frankfurt am main. for a discussion of the effects of a delayed transition on potential output, see parker, m. ( 2023 ) " how climate change affects potential output ", economic bulletin, issue 6, ecb. 3 ferrando, a., groß, j. and rariga, j. ( 2023 ), " climate change and euro area firms'green investment and financing - results from the safe ", economic bulletin, issue 6, ecb. 4 european central bank ( 2022 ), " ecb takes further steps to incorporate climate change into its monetary policy operations ", press release, 4 july. 5 lagarde, c. ( 2023 ), " policymaking in an age of shifts and breaks ", speech at the annual economic policy symposium " structural shifts in the global economy " organised by federal reserve bank of kansas city in jackson hole, 25 august. 6 bobasu, a., di nino, v. and osbat, c. ( 2023 ), " the impact of the recent inflation surge across households ", economic bulletin, issue 3, ecb. 7 amores, a. f., basso, h. s., bischl, s., de agostini, p., de poli, s., dicarlo, e., flevotomou, m
required to ensure a sound basis for economic growth. with china being one of the most important trading partners for the euro area and vice versa, recovery in the euro area and china is in our mutual interest. i am confident that we are on a good track. thank you for your attention.

of poverty. in empowering women. in helping governments deliver services to their people. ” to help ensure prosperity! isn ’ t that exactly what central banks do? now i'd like to read the words of vince shorb, ceo of the national financial educators council of the united states. he stresses the importance of deploying knowledge to learn skills, and to bring about changes in behaviour : “ it takes more than financial literacy to truly help people work towards a stronger financial situation. attention must also focus on their behaviors, self - efficacy and help them develop systems to truly make a positive impact. ” again, this is clearly one of the jobs of central banks and other financial authorities! financial and digital inclusion initiatives in the netherlands now i want to consider some of the practical implications. i ’ d like to take a couple of minutes to show you how we promote financial and digital inclusion here in the netherlands. in the hope that you, the bright minds gathered here, get some ideas to inspire you in your own good work. anyone with access to payment services. anyone with a bank account. anyone with access to mobile banking. the way is also open to them to take advantage of other financial products. for example, savings, loans or even more complex products like a mortgage or pension. that is why everyone should be able to open a payment account, preferably at a bank. nearly all adults in a rich country like the netherlands have a bank account. but even here it is not a given that everyone knows how to use this account properly. or that they will be able to keep using it. that is largely down to the speed with which payment methods and other financial services go digital. for many people, this is too fast. the dutch consumer's association estimates this is the case for around a quarter of the people living in the netherlands. 2 million older people and 2 million disabled people. you can pay by card or cash, but payments with smart mobile apps are becoming increasingly popular. vulnerable groups like the elderly, illiterate people, and people with no internet literacy, run the risk of being excluded ….. also in the netherlands. digitisation is an easy way of connecting people, but it can also obstruct financial inclusion. the digitisation we see happening around us requires consumers to have knowledge of digital resources. the dutch government is also aware of this. that ’ s why it launched a major digital inclusion project at the end of last year. over two and