samchain/econo-pairs-v2 huggingface dataset:
at the same time, we must be prepared for the possibility that an altered market structure and technological innovation may lead to new vulnerabilities and risks. this may necessitate further regulations. norges bank will consider measures if they are required. the aim must be the continued existence of a robust and efficient payment system. 1 / 5 bis central bankers'speeches the payment market is characterised by network effects and platform competition. global technology companies, such as facebook messenger, google, apple and samsung, are relevant providers of payment services. these companies are able to capitalise on their popularity among users. in the long term, this may adversely affect competition and efficiency, since it is difficult for other providers to challenge large networks. there is also a danger that the owners of popular technological platforms could exclude other payment service providers from offering services on their platforms. if this proves to be the case, this is a matter for the competition authorities. under psd2, also commercial undertakings can seek authorisation as payment initiation service providers. mobile phone apps can combine direct advertising, loyalty programmes, storage of receipts with actual payments. even so, banks will play a key role. banks will also be able to provide payment services to persons who do not hold an account with the bank. this may strengthen interbank competition for payment customers. new technology must be used for the good of society. in principle, it is up to the business sector and customers to find suitable methods of payment. at the same time, we must ensure the security of the payment system. new payment service providers will increase the dissemination of payment information. this may also increase the risk that payment information gets into the wrong hands. vulnerabilities related to accessing, processing and storing information may affect the public ’ s confidence in the payment system. it may ultimately be appropriate to implement new measures to ensure that this information is processed in a secure manner. fast payment solutions the general public increasingly expects to be able to transfer funds on any day of the week and outside traditional opening hours. they also expect that payees will be credited quickly. in the future, there will have to be a good reason not to credit payees immediately, rather than with a delay, as is the case currently. this means that the payment system must meet new requirements. in norway, there is a provisional instant payments solution, which an increasing number of banks are adopting. it is positive that the solution is becoming more widely used, but it has its draw

in the future, to have one of the most efficient and robust payment systems in the world. this will require change and willingness to invest. we have a job to do, but we have what is required to succeed. 5 / 5 bis central bankers'speeches
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

in the short and medium term. nemo is an empirical model, that is to say it is estimated on norwegian data. nemo can help us provide economic interpretations of observed developments. changes in key variables such as gdp and inflation can be explained by factors such as productivity, competitiveness in labour and product markets and the propensity to save. in that respect, nemo is quite different from the “ weather forecasting models ” i cited earlier, which provide little scope for interpretations based on economic theory. chart : effect of monetary policy shocks in the var models and in nemo as indicated by the red line in the chart, nemo provides a description of monetary policy that is broadly consistent with that derived from the var models9. in nemo, an unexpected interest rate increase of 1 percentage point implies, in isolation, a decline in gdp of around 0. 4 per cent around one year later. inflation is reduced by about ¼ percentage point with a lag of around two years. compared with the var models, nemo is in the upper part of the area for gdp and in the lower part for inflation. nemo is estimated from the mid - 1990s and the results are also close to those derived from the var models that are estimated over the same time period. a model will never be able to provide an exact indication of how the interest rate should be set. the ultimate assessment is, as mentioned, a result of norges bank ’ s professional the estimation is based on a one percentage point increase in the interest rate, followed by a gradual reduction in line with the response pattern in the model. the analysis shows the impact of the interest rate increase on mainland gdp for norway and inflation adjusted for tax changes and excluding energy products ( cpi - ate ). bis central bankers ’ speeches judgement and will also capture considerations that are not sufficiently safeguarded by our models. as such, the models are only a tool. but, a model such as nemo is a very useful tool for analysing developments and in interest rate setting. it helps us interpret and understand the dynamics of the norwegian economy. the model apparatus is continually being developed. among other things, we are exploring how financial markets and the linkage to the real estate market can be incorporated into such a model. norges bank ’ s response pattern expresses the assessments we make and how we set the interest rate to attain our objectives. we must use professional judgement and our experience of how the norwegian economy functions. we attempt to incorporate
will emulate your commitment towards developing the youths so that they can contribute to the welfare of our country. mr. president, i salute and urge you to keep up with the good work that you are doing. to the sponsors and the board of directors, may the good lord continue blessing your deeds and may he give more to those who had a hand in helping the cause. let me finish by saying that i can not wait to see these beaming young faces to lead our future generations into a better zambia and a better life for all. i thank you.

. you therefore need to be forward looking even as you select your subject. plan your lives. do not have the attitude of fikaisolva. have a recipe for a successful life. it is never too early. i had decided when i began to study law that i wanted to specialize in commercial law. that path has brought me to where i am today. i must make mention that you are fortunate in that the environment of the college is ideal for learning. i had the opportunity to be taken around the college and i observed that you have modern facilities and equipment that support your learning. your classrooms have the necessary furniture, the computer laboratory has access to internet and the physical building conditions are solid. faith and wisdom it is very important not to ignore your spiritual wellbeing. it is what will make you a whole being. i will end by sharing with you a scripture passage from the paul ’ s second letter to timothy chapter 2 : 22 – 25 “ have no part at all in the wrong things that young men like to do. believe. have love. follow what is right. live at peace. do these things along with others who have a clean heart and talk to god. ” bis central bankers ’ speeches
be a problem for countries in the periphery that depend on the ecb ’ s support through its bond - buying program. would it be possible for the ecb to raise rates to address rising inflation in core countries while keeping nonstandard measures in place to prop up peripheral states? noyer : generally speaking, it is technically feasible. i am not signaling that we are going to raise interest rates. as a matter of fact we have done a lot to start unwinding nonstandard measures. excess liquidity in the euro - system has decreased dramatically and the situation has normalized. now the market is working much better. people know that we never have hesitated to do whatever was necessary to restore the proper functioning of the monetary market and the effectiveness of monetary policy transmission. we have been sometimes criticized but the results are there. wsj : do you think the euro zone ’ s bailout fund – the european financial stability facility – should be expanded? noyer : the european response has been an ambitious response to the present crisis and the fund has been a remarkable success. we would clearly favor the fund to be enhanced both quantitatively and qualitatively. i think increasing it quantitatively is probably the intention of governments. the fund ’ s firepower is limited by a number of technical constraints to get a triple - a rating. how to move closer to the original intention in terms of firepower is clearly up to the reflection of governments. it is appropriate to think about [ enlarging the size of the fund ] even if there is no immediate need. as far as the qualitative aspect of the fund is concerned, it seems to me that having the capacity for instance to intervene in secondary markets could probably be an interesting feature in some cases, if only to facilitate access to the market. this of course raises for governments the question of conditionality of the support … but probably they can find answers to that. another possibility would be that of precautionary programs [ such as credit lines ], like what the imf is doing. it ’ s useful that governments look into that and look at the various tools that could be effective and which could correspond to the various goals that they want to pursue, including making sure that the policies followed by member states receiving efsf support are aimed at restoring a sound fiscal and the appropriate competitiveness. bis central bankers ’ speeches

we are facing. this, in my view, is the beauty of our monetary analysis. it invites us - indeed it forces us – to face the complexity of our world and the ever changing nature of our environment and our behaviour. this is precisely the aim of this conference. i thank you for your attention.
, and researchers of monetary and economic history. 1 / 2 bis central bankers'speeches turning to the very reason why we are all here today... recently, research has focused on various topics related to : financial market infrastructure and potential implications for financial stability and banking supervision ; implementation of the new ifrs standards ; rapid development of the financial market and its instruments, and institutional developments in domestic and international markets. all of them are currently hot topics of economic research and i am happy to note that they occupy a significant part of this workshop ’ s agenda. additionally, i am very happy to see that traditional issues of monetary policy and developments in the external sector of the economy will also be discussed during the two days of the workshop. in my opinion, such a broad coverage makes the agenda quite interesting. we are confident that research papers that will be presented during the workshop days will provide some guidance on how to approach several issues arising from the recent economic developments, regionally and beyond. many of them are similar across countries ; therefore, collective cooperation would be quite useful. without further ado, i would like to invite you to actively participate in and conduct a very lively and fruitful debate. i truly believe that constructive discussions and comments, which will certainly take place during the workshop, will contribute to enhancing further cooperation among researchers, and between the institutions. for all these reasons, i thank you once again for your invaluable contribution to this annual meeting of researchers and wish you a successful and fruitful workshop! 2 / 2 bis central bankers'speeches

paid the right attention and in a timely manner to the consecutive shocks we have suffered recently, i would like to conclude this speech by pointing out that policy - makers and private sector's operators should keep in mind that structural reforms are an indispensable instrument to strengthen the producing potential of the country and to increase the competitiveness of products " made in albania ". these reforms turn even more important while we advance in our integration path to the european union. i wish good proceeds to the assembly! 2 / 3 bis - central bankers'speeches thank you! 3 / 3 bis - central bankers'speeches
- 132 ( ed. prabhu & rao ), 3rd edn., 1968 2 2 source : the collected works of mahatma gandhi ( cwmg ), vol. 83, p. 411 5 / 5 bis central bankers'speeches

##ological uncertainties, it would not be appropriate to embed the term, " exchange rate misalignment " in a formal decision. the fact that alternative approaches produce widely divergent estimates of " exchange rate misalignment ", it would not be appropriate to anchor policy advice on such exchange rate assessments. moreover, given the sensitivity of exchange rates for emerging markets, it would be desirable in the spirit of the fund ’ s role as a confidential advisor to keep the exchange rate assessment internal. the discussion on remit, independence and accountability framework has two important elements : ( i ) to improve focus of surveillance with greater prioritization, and ( ii ) to improve the methodology to assess the effectiveness of surveillance. we are very much for strengthening the methodological aspects of surveillance reviews and prioritization. however, it needs careful consideration whether there would be any value addition in introducing a new policy statement devoted to this purpose alone. another approach could be to prioritise surveillance objectives through the triennial surveillance reviews. i am sure the board would consider the pros and cons of both approaches and come up with proposals, with wider acceptance. i welcome the emphasis on the core areas of the fund ’ s mandate in bilateral surveillance. it is important to aim at better integration between multilateral and bilateral surveillance with a greater focus on cross - country spillovers. there is also a need for an evenhanded approach in order to build confidence among both borrowers and lenders, which is critical for the effectiveness of surveillance. quotas and voice i note the discussions in the board on this most critical area of governance of the fund. after the first round of ad hoc quota increases, it is important that the international community shows the resolve to move forward with the second round in a time - bound manner. the commitment in this regard is embedded unambiguously in the singapore resolution. the main objective should be to realign the quota formula to meet the current global reality. the fundamental reform has to come by giving greater share to the under - represented countries while that of the over - represented countries would need to come down. the challenge today is to achieve this reform through a new, simple, transparent and linear quota formula. we believe that this is possible if we work towards a new quota formula that seeks to achieve two outcomes. first, such a formula must result in the rebalancing of quota shares in keeping with the economic changes that have taken place globally. second, and equally important
##ndering - and - counter - terrorist - financing 2 / 2 bis central bankers'speeches

10 % in the middle of the last decade to close to 15 % today, a proportionate rise of 50 %. on the face of it the financial incentive to expand capacity is very strong. yet growth in new investment has been falling, and in the past year or so has turned negative. to me this suggests that even the rise in the profitability we ’ ve seen has not been enough to compensate for the increase in the risk premium that ’ s been occurring in the background. and if you take seriously the crude estimates we ’ ve just been through, you might expect that to have had a significant effect on productivity growth. a brief summary let me try and sum up. business investment fell in every quarter last year and surveys suggest the underlying trend is still negative. this is remarkable at a time when profits are high, when the economy ’ s not been in recession and when employment has been growing strongly. a plausible explanation is that rising uncertainty has acted like an extra hurdle on the required rate of return for new capital projects, deterring expansion in productive capacity and encouraging firms to meet new demand with labour instead. the economics tells us that, because such spending is costly to reverse, perceived downside risks to future profits can act as a powerful disincentive to all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx new investment projects. if something ’ s easier to get into than out of, you naturally worry about what might subsequently go wrong. those perceptions may have been worsening for some time. the evidence suggests that we ’ ve been living with a high risk premium on new investment for several years. the spread between the rate of return on risky investments and the risk - free rate of interest has been historically high since the financial crisis. i think this has probably contributed to lacklustre investment and weak productivity growth over that period. but the risk premium seems to have taken another leg up since the eu referendum in 2016. and if you believe the surveys, the perceived downside risk in this case – the thing the firms seem to view most negatively – is a no - deal, no - transition outcome to brexit. the economics also tells you that the value of waiting for relevant news – and therefore the disincentive to invest in the meantime – is higher if you think that news is going to arrive relatively soon. this helps to explain why the impact of brexit uncertainty on investment
achievable when all parties work together.

: did the economics profession recruit and promote the individuals best able to bring the energy, the fresh insights, and the renewal that every field and every body of knowledge needs to remain healthy? when this question is asked again someday, when economics is tested by future challenges, i hope that our profession will be able to say that we have done all we could to attract the best people and the best ideas. that, i believe, is the very worthy goal of this conference, and i look forward to seeing it advanced by today ’ s discussions and by the continuing commitment demonstrated by the aea to diversity. thank you to those who organized the conference and to the distinguished members of our profession who have come here today to take part in it. bis central bankers ’ speeches
the monetary conditions are appropriate for compliance with the mid - term inflation target and decided to keep the key interest rate unchanged at 5. 25 %. bis central bankers ’ speeches

ardian fullani : latest economic and financial developments in albania speech by mr ardian fullani, governor of the bank of albania, at the press conference on the monetary policy decision - making of the supervisory council of the bank of albania, tirana, 27 april 2011. * * * today, on 27 april 2011, the supervisory council of the bank of albania reviewed and approved the quarterly monetary policy report. based on a thorough analysis of albania ’ s latest economic and financial developments and following discussions on their performance outlook, the supervisory council of the bank of albania decided to leave the key interest rate unchanged at 5. 25 %. the supervisory council holds that the actual monetary conditions are appropriate for meeting the inflation target and for continuing to stimulate the economic activity. let me now proceed with an overview of economic developments and main issues discussed at today ’ s meeting of the supervisory council. the albanian economy is deemed to have had a positive performance during 2011 q1. economic activity increased, main macroeconomic balances improved, and risk premiums and interest rates in financial markets dropped. economic growth during 2011 relies on foreign demand for albanian goods as well as on domestic demand. consumption and investments in the country remain slow, beyond the seasonal effect that characterises the first quarter. rapid expansion of exports and moderate growth of imports have led to an improvement in trade deficit, contributing to the balancing of demand and supply for foreign currency and retaining the national currency value. demand - generated inflationary pressures remain contained, due to the existence of free capacities in the economy and controlled consumption, while import prices increase was a principal contributor to the price rise in the country. in march 2011, inflation pointed to 4. 3 %. during the first quarter of 2011, inflation averaged 4. 0 %, i. e., one percentage point above the mid - term inflation target. the country ’ s economy continued to grow during the fourth quarter of 2010, and indirect available data suggest that even the first quarter of 2011 was positive. on average, this growth is estimated to have been lower than the potential growth of the economy, suggesting that domestic demand inflationary pressures have been weak. the rapid upsurge in prices over the last two months is mainly due to the effect of food and oil prices increase in international markets, thus leading to light increase of inflationary pressures and initial appearance of second round effects, in february. in response to this phenomenon, the bank of albania increased the key interest rate by 0. 25 percentage points at the end