samchain/econo-pairs-v2 huggingface dataset:
european central bank : press conference – introductory statement introductory statement by mr jean - claude trichet, president of the european central bank and mr lucas papademos, vice - president of the european central bank, frankfurt am main, 7 february 2008. * * * ladies and gentlemen, the vice - president and i are very pleased to welcome you to our press conference. let me report on the outcome of our meeting, which was also attended by commissioner almunia. on the basis of our regular economic and monetary analyses, we decided at today ’ s meeting to leave the key ecb interest rates unchanged. this decision reflects our assessment that risks to price stability over the medium term are on the upside, in a context of very vigorous money and credit growth. the current short - term upward pressure on inflation must not spill over to the medium term. the firm anchoring of inflation expectations over the medium and long term is of the highest priority to the governing council, reflecting its mandate. against this background, the governing council remains committed to preventing second - round effects and the materialisation of upside risks to price stability over the medium term. as the reappraisal of risk in financial markets continues, there remains unusually high uncertainty about its overall impact on the real economy. while the economic fundamentals of the euro area are sound, incoming data have confirmed that the risks surrounding the outlook for economic activity lie on the downside. we will continue to monitor very closely all developments over the coming weeks. allow me to explain our assessment in greater detail, starting with the economic analysis. the latest information on economic activity around the turn of the year points to a more moderate pace of growth in the euro area than the quarter - on - quarter rate of 0. 8 % observed in the third quarter of 2007. this assessment is in line with indicators for business and consumer confidence which, while having declined over the past few months, overall remain consistent with ongoing growth. looking ahead, while the slowdown in the economies of some of the euro area ’ s major trading partners is likely to have an impact on euro area real gdp growth in 2008, both domestic and foreign demand are expected to support ongoing growth. this assessment is broadly in line with available forecasts from private and public - sector sources. the fundamentals of the euro area economy remain sound. the euro area economy does not have major imbalances. profitability has been sustained and unemployment rates have fallen to levels not seen for 25 years. as a result of

., 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
##ly so as to ensure that the above - mentioned risks to price stability do not materialise.

c., “ have we underestimated the likelihood and severity of zero lower bound events? ”, journal of money, credit and banking, 44, 2012, pp. 47 – 82. background studies for the ecb ’ s evaluation of its monetary policy strategy, european central bank, november 2003. bis central bankers ’ speeches of levels below but close to 2 % is reached. current ecb staff projections foresee inflation at 1. 7 % by the end of our projection horizon, 2017. so, what was overlooked in pre - crisis times? going beyond the fact that the crisis caught us “ culturally unprepared ” as i tried to say before, the answer is a combination of factors. at a deeper level, models had been shaped too much by the great moderation period. they were lacking structural relationships, propagation mechanisms and shocks that have become globally relevant since the onset of the crisis. one example may suffice to make the point : the likelihood of zlb events depends strongly on what you assume for the equilibrium real rate. a level of 2 %, an assumption often made in pre - crisis models, is far from “ innocent ” : if you estimate the frequency of lower bound hits by shocking a model whose steady state nominal interest rate is 4 %, because the real rate of equilibrium is assumed to be 2 % and 2 % is steady state inflation, the occurrences of zero or negative interest rates will be much fewer than if you start from a steady state of 3 % ( 2 % inflation and 1 % natural rate ). with hindsight, it seems safe to point out that models were by and large lacking features like a non - trivial financial side, sufficient consideration of demographic developments and deep global linkages. in sum, it seems that it was not only the general design of the mainstream pre - crisis models that made them inadequate for interpreting the crisis, but also the fact that they relied on data mostly drawn from the time of the great moderation. remark 2 : at the lower bound, monetary policy has remained effective via non - standard measures. before the crisis, central bankers were aware that non - standard monetary policies would be required when the main policy rate reached the zero lower bound. however, the effectiveness of these policies was not taken as given. prominent lines of research, for example, had been debating the irrelevance of central bank asset purchases. 4 today, with the benefit of several years of experience of implementing such policies, central banks have shown these
##ants, the chairpersons, as well as the bank of albania's staff for dedicating your time and efforts to this important activity. i kindly invite you to actively participate in and conduct a very lively and fruitful debate. i truly believe that the productive discussions which will certainly take place during these two - day workshop, will contribute to strengthening further cooperation among researchers, and between the institutions. thank you! 4 / 4 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
site at https : / / www. brookings. edu / opinions / survey - finds - mixed - feelings - on - fedcommunication. ) powell, jerome h. ( 2018 ). “ monetary policy in a changing economy, ” speech delivered at “ changing market structure and implications for monetary policy, ” a symposium sponsored by the federal reserve bank of kansas city, held in jackson hole, wyo., august 23 – 25, https : / / www. federalreserve. gov / newsevents / speech / powell20180824a. htm. rachel, lukasz, and lawrence h. summers ( 2019 ). “ on falling neutral real rates, fiscal policy, and the risk of secular stagnation, ” paper presented at the brookings papers on economic activity conference, spring, held at the brookings institution, washington, march 7 – 8, https : / / www. brookings. edu / wpcontent / uploads / 2019 / 03 / on - falling - neutral - real - rates - fiscal - policy - and - therisk - of - secular - stagnation. pdf. reifschneider, david, and john c. williams ( 2000 ), “ three lessons for monetary policy in a low inflation era, ” journal of money, credit and banking, vol. 32 ( november ), pp. 936 – 66. wiley - blackwell ( 2000 ). journal of money, credit and banking, vol. 32 ( november ), pp. 707 – 1109. wolman, alexander l. ( 2005 ). “ real implications of the zero bound on nominal interest rates, ” journal of money, credit and banking, vol. 37 ( march ), pp. 273 – 96.

that housing markets around the country are on the mend.
iii ) coordination of examinations ; and, most importantly, ( iv ) your unwavering moral support. to this end, we, at the bank do sincerely believe that although this mou will expire in september 2005, its legacy shall linger on and that the signing of this mou will further cement the cordial relations existing between the embassy of france and the bank. i thank you.

denny h kalyalya : zambian financial sector – responding to the needs of business speech by dr denny h kalyalya, deputy governor - operations of the bank of zambia ; at the opening of standard chartered bank zambia solwezi branch, solwezi, 10 december 2008. * * * the minister of commerce, trade and industry, hon. felix mutati the minister, north - western province, hon. joseph mulyata the chairman of the board of standard chartered bank zambia, mr. george sokota his worship the mayor of solwezi the managing director of standard chartered bank, mrs. mizinga melu distinguished guests members of the press ladies and gentlemen i am pleased to be here at the official opening of the new solwezi branch of standard chartered bank zambia limited. ladies and gentlemen, recent times have shown a proliferation of commercial bank branches in areas which had previously been considered unattractive for business. rural areas had even experienced closures where banks felt that they were unable to establish a case for business. the economic environment that the government created through the reforms instituted in the early 1990 ’ s has given new confidence to investors and has provided an opportunity for businesses to grow, thereby attracting banks to the areas which were deprived of basic financial services. the opening of this branch today, in a town which has attracted major investments, is a demonstration that the financial sector is indeed, now responding to the needs of business. the world ’ s financial markets have been plunged into turmoil which some say is unprecedented, or at least comparable to the levels experienced in the most severe financial crises of the last century. notwithstanding this, our financial system has demonstrated a level of stability which to an extent has been derived from the strong capital positions that have characterised the zambian banking industry in the past few years. however, this turbulence has already resulted in a reduction in projected global economic growth and a decline in demand for africa ’ s exports. notwithstanding this, we remain confident that the banking sector will continue to show resilience and expansion through branch networks, thereby acting as a channel through which services will be extended to the financially excluded. ladies and gentlemen, a recent survey established that fewer than 15 % of the zambian adult population have access to the services provided by commercial banks. the key reasons for this low level of access were cited as the distance that needs to be overcome in order to access the services and the cost of these services. it is therefore a welcome development that commercial
##er for households and businesses. as i said at the outset, i believe these goals are related and mutually reinforcing, so that progress in one area will advance efforts in the other. i have discussed a number of specific issues to illustrate these principles, but i ’ ll have more to say about these ideas, and other important reforms, in the coming weeks and months. thank you.

increases pass through into producer output prices, 3 / 5 bis central bankers'speeches and now into consumer prices, to some extent. in some cases these increases reflect prices returning to pre - covid levels, and in part they also reflect bottlenecks in supply chains as we experience a rapid but uneven recovery. there are good reasons to interpret this as a temporary feature, but we must be on the lookout for the risk that these features are more sustained. second, we could see demand pressures on either side of the most likely outcome. demand could be weaker if covid continues to be a material health concern and prompts more caution in activity and spending habits. but there is also an upside risk that the substantial build - up of excess savings in the last year or so raises consumer spending to a larger degree than currently projected. third, we could also see wage pressures arising if the number of people in work or seeking work does not return to pre - covid levels, and inactivity remains at a higher level. a return of labour supply is therefore important. fourth, a further challenge would arise if these temporary price pressures have a more persistent impact on medium - term inflation expectations, which shift to a higher level inconsistent with the target. as set out in the minutes of the mpc ’ s june meeting, taking together the evidence from financial market measures and surveys of households, businesses and professional forecasters, the committee judges that uk inflation expectations currently remain well anchored. it will be important to continue to monitor closely movements in measures of medium - term inflation expectations, however, and to adjust policy accordingly. the post - pandemic economy i want to look further forwards, to the second big question that will shape the performance of the economy. i have described the bounce - back of the economy from the covid shock. but that does not tell us whether the experience of the last year or so points to a change in the underlying economic fundamentals that existed before covid. this is a key question in judging the path of growth after this year and whether higher inflation will be transitory. our current view, as set out in the may monetary policy report, is that the economy will revert to the lower average underlying growth rates that we have seen since the financial crisis, other things equal. this will be accompanied by the continuation of low equilibrium interest rates around the world, which tend to be influenced by structural factors such as ageing populations and persistently low productivity growth. reverting to
##financed domestic assets that could revert to foreign residents with the unwinding of these estates will amount to 25 % of gdp ( see figure 12 ). when considering the complication that this creates for iceland, you should bear in mind that it is partly because the resolution of the third - largest bankruptcy in the history of mankind is taking place in one of the smallest countries in europe. therefore, potential outflows amounting to 40 % of gdp might seek a speedy exit if we were to lift the capital controls tomorrow. if our relatively large fx reserves ( 30 % of gdp ) were our first line of defence, they would be wiped out completely, and then the exchange rate would give way, with potentially serious consequences for economic and financial stability in iceland. we are currently working hard on solutions to this problem, and such solutions do exist. from a logical standpoint, the solution must take the form of either a significant reduction before early exit or a secure longer - term holding period before the controls are lifted. i am coming towards the end of my talk and will have to leave discussion of the lessons learned for the q & a session. the list is long and includes the need to avoid policy conflicts in small, open, and financially integrated economies, to better regulate fx risk in domestic banking systems, to give up the dream of financial centres in small countries if they do not have access to credible and comprehensive international or regional safety nets, and to improve policy frameworks and tools in light of the experience that we have been through. in iceland, this process has gone past the talking stage : frameworks for monetary and financial stability policies have been improved, new prudential rules have been introduced, financial sector legislation has been amended, and supervision has been improved and strengthened. and there is more to come. thank you very much. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

in the long run, and it will continue to be implemented under conditions of uncertainty in a constantly changing world. under most circumstances, however, it should be able to provide us with medium - term price stability, and that is no small achievement. bis central bankers ’ speeches
learn about the euro in an entertaining and enjoyable way. ladies and gentlemen, i sincerely hope that you will enjoy your visit to the euro exhibition. it is a pleasure for me, on behalf of the european central bank, to declare the exhibition open. bis central bankers ’ speeches

, even when we are not exercising our core decisionmaking powers, also comply with the legal requirements that are intended to confer fundamental rights on individuals at eu rather than national level. the european ombudsman and the european court of auditors also play a role. the ombudsman can act in matters involving the ecb regarding transparency and good governance, while the court of auditors examines our operational efficiency. the european antifraud office has the power to conduct administrative investigations within the ecb for the purposes of fighting fraud, corruption and other illegal activity, as well as to investigate serious matters relating to the discharge of officials ’ professional duties. finally, we are also subject to the scrutiny of the european data protection supervisor, which monitors and ensures that data protection legislation is appropriately applied to our dataprocessing operations. aligning accountability with sovereignty in the eu the ecb ’ s monetary policy provides an example of how sovereignty and accountability can – and, ideally, should – be aligned when transferring a competence to european level. it also shows that it is possible to keep pace with events and meet the demand for greater accountability from society, while respecting essential principles enshrined in primary law. however, there are two challenges in this regard that i would like to discuss as they also have broader relevance for the eu, with its unique institutional framework. first, the distinction between the euro area and the eu means that it is more difficult to fully tailor accountability to euro area tasks. in particular, the european parliament does not sit in euro area composition when discussing euro area matters, even though it would be common sense for it to do so. second, accountability and sovereignty also need to be proportionate in areas that are not exclusively dealt with at eu level but of shared competence. for instance, more specific arrangements within our accountability framework have been established for banking supervision. although the ssm regulation and interinstitutional arrangements focus mainly on relations with the european parliament and the eu council, the ssm regulation also provides for specific reporting requirements to national parliaments. this reflects the significant potential impact of microprudential supervision on banks, their customers and public finances at national level and justifies ad hoc reporting at different levels. at the same time, the national competent authorities remain accountable at national level for their tasks in the context of the single supervisory mechanism. these arrangements are, however, incomplete as the single resolution mechanism backstop is not operational, and neither is the european deposit insurance scheme