samchain/econo-pairs-v2 huggingface dataset:
to declare cetzam ’ s “ tusunge ” savings product officially launched. i thank you for your attention. bis central bankers ’ speeches

scale farmers. mining mr. chairman, the ongoing activities in mining suggest that the sector is poised to be, once again, one of the major contributors to the future growth of our country. it is expected that copper output in particular will soon reach and probably even exceed the mid - 1970s levels. increased output is expected from the existing mines and those under establishment such as lumwana in north - western province and konkola deep on the copperbelt. exploration for other mining ventures has continued with high prospects for nickel mining in southern province. although in the early stages increased employment will be created, the ability to absorb more labour in future will reduce as some mines employ more efficient and less labour intensive techniques in the production processes. i should mention here that though copper mining has again become prominent in terms of exports and to some extent employment, government strategies and policies are focusing on reducing the country ’ s dependence on copper mining through economic diversification as articulated in the fndp ( 2006 - 2010 ). in our diversification efforts, due attention will be paid to those that have high potential for creating employment. this will make our economy resilient to future external shocks and ensure sustained development, and have a required impact on the quality of life of the zambian people. manufacturing ladies and gentlemen, the zambian government has demonstrated its commitment to the development of a vibrant but competitive manufacturing sector in this year ’ s national budget. this is in line with its commitment to facilitate increased value addition which is one of the key ingredients in achieving sustainable development in the country. to this effect, several measures and incentives aimed at enhancing the competitiveness of the sector will be provided in conformity with the future growth objectives. one such example is the government ’ s move to implement a new initiative called the multi - facility economic zone ( mfez ). this will replace the export processing zones ( epz ), as special industrial zones for both export - oriented and domestic - oriented industries. the zones will have all the necessary infrastructure for the easy commencement and conduct of manufacturing activities. in addition, several concessions will be provided for those companies that will operate in the mfez. ladies and gentlemen, we see the growth in manufacturing emanating from increased investment in agro - processing whose potential has not yet been fully exploited. it is in this respect that current and future initiatives emphasise forging of stronger linkages between agriculture and manufacturing, particularly through upstream linkages to agro - related processing. the other
the risk of second - round effects from past oil price increases, wage developments need to be monitored carefully. thank you for your attention.

efforts it has been avoided. according to our estimates, in serbia, if we did not react fast and strong, our gdp would have fallen by more than 6 % last year, and the recovery would have taken three to five years, instead of one. the price of non - responding would have been too high, and it would be measured by undermined stability, lost jobs and lost billions of euros of potential gdp. at the beginning i said that serbia entered the crisis in excellent shape : inflation has been under our control for more than seven years, 1 / 3 bis central bankers'speeches we have built a strong fiscal position we resolved the npl legacy – npls are no longer an issue in serbia, we increased our fx reserves as a good buffer against external shocks, we strongly improved our external position. i gave just some results because one of the conclusions by all key players is that the countries that had built good fundamentals before the crisis were in a better position to react strongly and swiftly by large and timely support programmes. the national bank of serbia was the first institution in the country to react at the beginning of the crisis. to stimulate the economy, the nbs reacted timely and forcefully, by using different instruments. we lowered the key policy rate four times - to 1 %, and we kept good access to finance and favourable financing conditions for the government, banks and the private sector. the nbs was the lender of first resort in times when this was needed the most. to provide liquidity we used different monetary operations of different maturities and currencies, to send a clear signal that the central bank will be there to support people and companies, and to calm the market and prevent potential panic. we used repo purchase auctions, bilateral outright purchase of government securities in the secondary market, and we also included corporate bonds in collateral for our monetary operations. the nbs was also among the first regulators to introduce a moratorium for all debtors. also, by several measures we additionally facilitated access to financing for our households, especially to housing financing. when it was needed, the nbs intervened in the fx market and kept relative stability of the dinar exchange rate against the euro, as this is one of the most important pillars of the overall macroeconomic stability in serbia. on top of this, our communication was clear – to shocks of temporary nature we respond by temporary measures. when it comes to the government response, we had three well - calibrated packages. the
nestor a espenilla, jr : presentation of new generation currency banknotes and coins to the president speech by mr nestor a espenilla, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the presentation of the new generation currency ( ngc ) banknotes and coins to president rodrigo r. duterte, manila, 9 may 2018. * * * on behalf of the monetary board and the bangko sentral ng pilipinas ( bsp ), we thank president rodrigo roa duterte for this opportunity to present the new generation currency ( ngc ) banknotes and coins. magandang hapon po. thank you for having us in malacanan palace. under the new central bank act, the bsp has the sole power and authority to issue currency within the philippines. the notes and coins put into circulation are liabilities of the bsp and are fully guaranteed by the government. they enjoy legal tender power. these notes and coins pass from hand to hand, are used as payment for public and private debts, are reminders of significant moments in our history and narrate our peoples ’ patriotism and bravery. the ngc banknotes also showcase world heritage sites and iconic natural wonders while the coins feature endemic flora. today, we are honoured to present all denominations of the ngc banknotes which bear the signature of president duterte and yours truly as fourth governor of the bsp. we are also pleased to present all denominations of our ngc coins which will replace the previous series, which has been in circulation since 1995 or for over 23 years. one of the most serious threats to national security is the destruction of the integrity of our currency. this point was made on 9 june 1993, during the 9th congressional bicam - committee hearing on the bsp ’ s charter. in demonetizing the old banknotes series and issuing the new coins, the bsp complies with section 57 of r. a. no. 7653. it provides that the bsp may call for the replacement of banknotes which are more than five ( 5 ) years old and coins which are more than ten ( 10 ) years old. the ngc banknotes and coins have enhanced security features. for the coins, the latest minting technology to prevent counterfeiting is used. microprints and mint marks are among the security features that make them very difficult to counterfeit. the durability of the coins

is improved significantly with the use of nickel - plated steel. the coins are also more resistant to discoloration, corrosion, and everyday wear and tear. mr. president, ladies and gentlemen, the bsp is honored to discharge its mandate to maintain currency integrity, to further promote public trust and confidence in philippine currency. we respectfully present these banknotes and coins. thank you. now, we have a short avp on the ngc coin series. 1 / 1 bis central bankers'speeches
rare, as most of these countries were affected at some point by the various crises that occurred over that period. australia ’ s performance, therefore, is quite unusual and i think it is worth spending some time thinking about how it was achieved. 3. factors contributing to this performance part of the growth came, of course, from the fact that the population grew strongly over the period, particularly in recent years. some people might also say that australia was just lucky : that it was well - placed to take advantage of the emergence of china, both in terms of its location and the composition of its exports. i think these factors have played a role, but they are only a small part of the explanation. the china story has been significant only over the past five years ; most of its significance still lies ahead. remember, too, that the country that was our main export market, japan, has experienced very subdued economic growth over the past 20 years, and that several other of our asian trading partners experienced a very severe economic crisis in the 1990s. i would therefore conclude that our luck has been somewhat mixed, and we need to look to other factors to explain australia ’ s good growth performance. i won ’ t pretend to be able to provide a detailed analysis of these factors in the short time available today, but i do want to highlight a couple of factors i think have been important. these are the increased flexibility of the australian economy and the pursuit of prudent and disciplined financial policies. the australian economy over the past 20 years has shown a greater degree of flexibility than was the case in the 1970s and 1980s. this has made it more resilient to the various external shocks that have been experienced over the period : the asian crisis ; the collapse of the dot - com bubble ; and the recent collapse of the us sub - prime credit bubble, to name some of the more severe. one of the key elements in that flexibility has been the floating exchange rate. the australian dollar has played an important countercyclical role by rising and falling in response to various external events that otherwise might have had the potential to destabilise the domestic economy. this was evident both during the asian crisis and the dot - com bubble, when the australian dollar fell sharply in response to deteriorating economic conditions abroad, helping to insulate the domestic economy. that period, however, was broken by consecutive quarters of negative growth in december 1971 and march 1972. evidence of the role played by the exchange rate in stabilising

the rba's business liaison program pdf ’, rba bulletin, september, pp 1 – 6. gabaix x ( 2011 ), ‘ the granular origins of aggregate fluctuations ’, © reserve bank of australia, 2001 – 2019. all rights reserved. the reserve bank of australia acknowledges the aboriginal and torres strait islander peoples of australia as the traditional custodians of this land, and recognises their continuing connection to country. we pay our respects to their elders, past, present and emerging. https : / / www. rba. gov. au / speeches / 2019 / sp - so - 2019 - 10 - 04. html 13 / 13
joachim wuermeling : exploring dora – the digital operational resilience act and its impact on banks and their supervisors speech by dr joachim wuermeling, member of the executive board of the deutsche bundesbank, at the european savings and retail banking group ( esbg ), virtual, 23 september 2021. * * * 1 introduction ladies and gentlemen, friends and colleagues, in 1974, reinhard mey, one of germany ’ s best - known singer - songwriters, released one of his biggest hits, “ uber den wolken ”, meaning “ above the clouds ”. in the song, the protagonist stands on an airfield watching a plane take off. he imagines that the sky beyond the clouds must be where freedom can be found. in the chorus he sings : “ above the clouds, freedom must be boundless. ” nowadays one could be tempted to change the words of the chorus to : “ inside the cloud, freedom is boundless. ” perhaps it is a little too sketchy to draw a parallel between the freedom above the clouds and the opportunities that come with cloud technologies. but still, let me focus on another parallel between reinhard mey ’ s song and cloud computing. for the protagonist in the song, the sky beyond the clouds seems boundless, probably without any rules. but in reality, of course, there are plenty of international rules for the clouds, for air traffic, and air traffic controllers use rules to keep the airspace organised and, above all, safe. without rules and oversight, air traffic would never be as safe and reliable as it is today, and it wouldn ’ t offer the freedom of travel we normally enjoy ( except when a virus comes along, of course … ). working in the cloud, having all your data available anytime, anyplace, seems boundless and offers many opportunities. but just like in air traffic, cloud providers and online traffic need rules and oversight in order to be stable and beneficial. the cloud is just one example of the potential, and also of the risks that come with the digitalisation in the financial sector. this is where dora comes into play. with dora – or, to give the act its full name, the digital operational resilience act –, the eu has begun to forge an oversight framework for banks ’ information and communications technologies ( ict ) risks and for critical ict third - party service providers. dora introduces stricter regulation of ict service providers, including cloud providers. so you could

banks courage, perseverance and vision as they plot their course to the future. thank you.
questions. endnotes [ * ] i am grateful to james bishop and jess young for excellent assistance in preparing this speech, and to alex ballantyne for his valuable input and comments. job loss can be financially costly for workers, particularly when a long - term job is lost. see lancaster d ( 2021 ), ‘ the financial cost of job loss in australia ’, rba bulletin, september. mathers c and d schofield ( 1998 ), ‘ the health consequences of unemployment : the evidence ’, medical journal of australia, 168 ( 4 ), 178 – 182. see also cassidy n, i chan, a gao and g penrose ( 2020 ), ‘ long - term unemployment in australia ’, rba bulletin, december. see, for example, day i and k jenner ( 2020 ), ‘ labour market persistence from recessions ’, rba bulletin, september ; cassidy et al, n 2 ; borland j ( 2020 ), ‘ scarring effects : a review of australian and international literature ’, australian journal of labour economics, 23 ( 2 ), 173 – 187 ; kroft k, f lange and mj notowidigdo ( 2013 ), ‘ duration dependence and labor market conditions : evidence from a field experiment ’, the quarterly journal of economics, 128 ( 3 ), 1123 – 1167 ; cohen jp, ac johnston and as lindner ( 2023 ), ‘ skill depreciation during unemployment : evidence from panel data ’, nber working paper no 31120 ; jarosch g ( 2021 ), ‘ searching for job security and the consequences of job loss ’, nber working paper no 28481. lowe p ( 2023 ), ‘ inflation and recent economic data ’, keynote address to the financial review business summit, sydney, 8 march. this outperformance of previous downturns is also true of other labour market aggregates, such as the employment - topopulation ratio and unemployment rate. see coates b and a ballantyne ( 2022 ), ‘ no one left behind : why australia should lock in full employment ’, grattan institute report no 2022 - 07. see der merwe m ( 2016 ), ‘ factors affecting an individual ’ s future labour market status ’, rba bulletin, december ; rba ( 2018 ), ‘ box b : the recent increase in labour force participation ’, statement on monetary policy, may. coates and ball

getting ready for this eventuality sooner, than later. basel ii should not be looked at as an exercise in compliance but as an impetus to more efficient risk management across the banking sector. its benefits would be seen in the ability of the financial system, to promote sustainable economic growth which would be beneficial to the banks, the central bank and to the consumers of banking business. it would naturally require commitment of substantial capital and human resources from both the banks and the regulators. we should all work together, therefore, to achieve these goals. this should not only be the objective of the central bank as we are all guardians of financial stability – i trust this conference will provide an adequate forum for open discussion. thank you. 2 / 2
interest. this is key to creation of common understanding. i wish to conclude by urging participants, to actively participate in the deliberations of this conference. i am certain that this conference will benefit both the local institutions and our visitors from abroad. once again, i would like to thank standard chartered bank zambia plc, for organising such an important workshop for mfis and smes. honourable minister, distinguished ladies and gentlemen, i thank you.

youth, who usually make up the greatest proportion of the unemployed. however, this sector has faced difficulties in accessing credit for working capital and expansion of their investments. mr chairman, even if more smes wished to modernise their plant and equipment, they would find it hard to do so because of the difficulty of obtaining financing. many banks choose not to provide credit to smes as they are perceived to be more risky and yet less profitable. some banks that might want to make such loans may lack the knowledge of how to make small loans and package them appropriately. the other challenge lenders have to work with in assessing smes for them to access credit is the lack of reliable data. for example, data on the share of bank credit to smes are almost non - existent in zambia. even in banks where credit data are available from credit registries, in most cases they do not include information about the size of firms. any estimates regarding the share of credit to smes have to rely on proxies, such as the size of loans. mr chairman, it is clear that lending to smes is different from lending to large firms. in the case of young firms, it is more difficult to acquire information. moreover, given the small size of the loans, it does not pay for the bank to undertake a detailed review of the creditworthiness of smes. thus, for sme lending to be profitable, banks must experiment with new approaches and technologies for risk assessment and loan management. such experimentation produces positive externalities by generating knowledge that is difficult for the bank to keep for itself, since trained agents can leave the bank to work with competitors. the other benefit we get from smes is that when there are adverse shocks in the market, their small size and flexibility allow them to speedily adjust to market changes. ladies and gentlemen, it is encouraging to note that, in the recent past, banks and non - bank financial institutions have expanded their provision of finance to smes, although there is still a lot of room for further improvement. we have recognised that a long - term strategy for smes calls for action across a wide range of policy domains, including education, research and development, financial sector regulations, competitive policies and a sound banking sector. these actions should address the need to create a healthier overall economic environment in which the business sector, smes in particular, operate. all key stakeholders should therefore strive to put in place smespecific policies and programmes
early to draw any more farreaching conclusions from recent events. as usual, the riksbank will monitor developments and how these may affect inflation and other macroeconomic developments, ” concluded mr oberg. 2 / 2

also cause problems if one fails to identify the imbalance sufficiently early and tries to remedy it too late. then there is a risk of larger fluctuations in both asset prices and economic activity, completely contrary to the initial aim. is this criticism justified? yes, it is difficult to identify an imbalance at an early stage. the fact that exaggerated optimism and high risk propensity can push up property prices and lending does cause problems, for instance. it is difficult to capture this type of factor in the models used to analyse the economy, as they are often based on everyone acting rationally, at least on average. moreover, it is difficult to capture the risk of a bubble bursting and the consequences this might have. the idea behind “ leaning against the wind ” is that the actual probability of the shock occurring can be reduced by the policy the central bank is conducting today. it is difficult to incorporate this into the formal analysis. however, the scope for identifying an imbalance is probably better in the property market, which goes hand in hand with credit growth, than in other asset markets. the financial crisis has also contributed to central banks and other authorities now working even harder to better capture financial variables in their models and other analyses. constructing early warning systems that signal imbalances in, for instance, the property market is also part of this work. however, it is difficult to say today how much we will eventually achieve here. but even if the criticism is justified – is it sufficient argument for not “ leaning against the wind ”? one must compare what the central bank can reasonably be expected to win and lose by taking action with the possible effects of not doing anything until a potential bubble has burst. i will return to this in a moment. a too weak and blunt weapon? another argument against “ leaning against the wind ” concerns the effectiveness of the interest rate in this context. to “ lean against the wind ” one must be able to count on dealing with the imbalances by making reasonable increases to the policy rate. one hypothesis is that the optimistic mood often prevailing during a boom in the property market means that significant increases in the policy rate are required to have an effect. otherwise it would be rather like trying to bring down an elephant with a pea - shooter. the critics claim that the severe monetary policy tightening that would be needed could have serious effects on the rest of the economy. here we also have the problem that the interest rate is a blunt weapon that affects the entire economy and cannot be