samchain/econo-pairs-v2 huggingface dataset:
core inflation was concerned. the projection of the head line inflation, however, was systematically too low, because – among other reasons – the scale of the pass - through of past energy or commodity price shocks into output prices has been underestimated. secondly, upward risks to headline inflation stem from pronounced base effects. base effects occur when variations in the annual growth rate of the hicp are the result of an atypical movement in the index in the base period. they tend to be particularly influential during periods when inflation volatility 12 months earlier was high, for example as a result of sharp movements in commodity prices. it is expected that 2011 will benefit from negative cumulative base effects from energy and food in 2010 of up to 0. 7 percentage points. thirdly, the choice of leading sub - indicators is a tricky one. let me give an example. in recent years energy prices, namely for crude oil, contributed to an increasing extent to the volatility of headline inflation. there is, in fact, not just one price for “ oil ”. traditionally west texas intermediate ( wti ) commands a higher price than brent crude. most recently the price differences between the two benchmark sorts of crude oil showed anomalies : on 1 march, wti was trading around 100 us dollar per barrel, while brent was at 114 us dollar per barrel. while this huge difference could be partially explained by regional factors like the cold winter in europe and the large stock of wti oil in the us, the reliability of these prices to signal global scarcity can be questioned. fourthly, one major driver of inflation is the dynamics of the economy. to measure the slack in the economy, the deviation of aggregate demand from the economy ’ s potential supply – the so - called “ output gap ” – is often seen as a helpful guide for policymakers. on this logic, inflation rises, when aggregate demand exceeds potential output. however, the concept of a stable relationship between output gap and inflation is not only frequently challenged in theory but also hard to apply in practice. the operational appropriateness of the output gap as a guide to policy is limited by the availability of reliable real - time estimates. for example, estimates of the euro area output gap, as published by international organizations from 1999 to 2004, underwent significant revision. some revisions matched or even exceeded the original estimate of the gap itself. bis central bankers ’ speeches complexity has increased further because of the financial crisis : in this context, the crisis has had

huge budget ), as it has been suggested by former ecb president jean - claude trichet. but in any case, the institutional vacuum that currently exists must be filled in the long term. ladies and gentlemen, thank you for your attention. bis central bankers ’ speeches
’ s information and communication technology ( ict ) infrastructure and policies. the list of reform possibilities is longer than what i have offered. there are deep learnings that we should collectively heed if we are to rise above the crisis and forge ahead towards the goal of a stronger and more inclusive society. thank you and good day. 4 / 4 bis central bankers'speeches

amando m tetangco, jr : bangko sentral ng pilipinas ’ stakeholders ’ awards – a celebration of solid partnership speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( the central bank of the philippines ), at the 2013 awards ceremony and appreciation lunch for bsp stakeholders, manila, 16 july 2013. * * * magandang umaga sa inyong lahat! on behalf of my colleagues at the monetary board and the bangko sentral ng pilipinas, i thank all of you for accepting our invitation today to our stakeholders awards ceremony and appreciation lunch for bsp stakeholders. as in years past, this ceremony takes place during the bangko sentral ’ s anniversary month. this year however, is more special : this month – july 3 to be exact – we commemorated the 20th anniversary of the bangko sentral ng pilipinas. and today, we mark the 10th year of our stakeholders awards, the annual celebration of our fruitful partnership and collaboration. ladies and gentlemen. in observing these milestones, we take the opportunity to express our deep appreciation to all our guests in this hall and to our other stakeholders across the country for helping us craft policies and implement programs that make lives better for our people. among others, the continuous improvement in the quality of our surveys provides a good anchor for the monetary policies of the bangko sentral ng pilipinas, the main objective of which is to keep prices low and stable. with your support, we continue to be successful in this effort. we have tamed inflation at low single digit levels – 2. 8 % as of june 2013, with year - to - date inflation at 2. 9 percent. one of the monetary tools used by the bangko sentral to influence inflation is its policy rates, the benchmark used by banks to transact with their own customers. under the bangko sentral ’ s inflation targeting framework, policy rates are adjusted appropriately and pre - emptively to ward off inflation threats. in general, it takes policy rate decisions from 18 to 24 months to work their way through the economy. thus, the bsp ’ s monetary board ensures that its policy rate settings are based on accurate informationintensive studies such as business and consumer outlook. this includes the quarterly business expectations survey which covers the top 7, 000 corporations in the country and the quarterly consumer expectations survey which covers 5, 000 households. we are
improved professional and technical skills of the local workforce to generate wealth. the most visible and lasting benefit of economic liberalization will be that the citizens of the gcc shall no longer have to rely on the public sector to be the main driver of economic growth and provider of jobs.

continent's regulators, both bilaterally and through bodies such as the association of african central banks, the economic commission for africa, and the african union. areas of cooperation are not limited to the conventional missions of central banks, but include cross - cutting issues such as climate change and gender. ladies and gentlemen, despite the difficult international context, africa is expected to emerge and find its place on the world stage. the african union's 2023 accession to the status of permanent member of the g20, and the recent decision to grant the continent a third seat on the imf's executive board, are but a few signs that africa will ineluctably achieve its rightful status on the international scene. investing in this dynamic in favor of economic and social development remains a medium - and long - term endeavor. in order to rise to the challenge, " africa needs to trust africa ", as his majesty king mohammed vi emphasized in abidjan in 2014, and african countries are called upon to work together for a win - win co - development. as the african proverb goes, " alone, we go faster ; together, we go further ". 4 / 5 bis - central bankers'speeches finally, i would like to wish you every success in the proceedings of this conference, and hope that you will have the opportunity to enjoy the treasures of the pearl of the south, where the sea and the desert blend harmoniously. thank you all very much. 5 / 5 bis - central bankers'speeches
- committee on currency board operations on 5 november 1999, reproduced in hkma quarterly bulletin, february 2000.

eddie yue : remarks at media standup remarks by mr eddie yue, chief executive of the hong kong monetary authority, at the media standup, hong kong, 7 july 2023. * * * today i would like to announce that, after careful consideration, the hong kong monetary authority ( hkma ) has decided to adjust the countercyclical macroprudential measures for property mortgage loans. since the measures were implemented in 2009, the hkma has been closely monitoring market conditions, including property prices and transaction volumes, and the local and external economic environment, with the aim of evaluating the need for appropriate adjustments to the measures to ensure that banks manage the risks over their property mortgage lending business effectively, and have sufficient capacity to cope with challenges from a sharp correction in property prices. following the covid - 19 pandemic and with interest rates rising, there has been a correction in housing prices in hong kong since 2022. despite a rebound early this year, market data showed that at the end of june housing prices were down 13 % from their peak in 2021. the situation in the non - residential property market was similar. the prices of offices, flatted factories and retail premises fell by 20 %, 8 % and 17 % respectively from their peaks in 2018 - 2019. externally, as major economies continue to face high inflationary pressures, interest rates may remain elevated for some time. any slow - down in the global economy due to high interest rates would inevitably affect the local economy. taking all relevant factors into account, the hkma has decided to make several adjustments to the countercyclical macroprudential measures for property mortgage loans, while continuing to maintain banking stability and ensuring the proper risk management of property mortgage loans. these adjustments include : adjusting the maximum loan - to - value ( ltv ) ratio for self - occupied residential properties. the maximum ltv ratio for residential properties with a value of hk $ 15 million or below will be increased to 70 %. for properties valued at more than hk $ 15 million and up to hk $ 30 million, the maximum ltv ratio will be increased to 60 %. for residential properties with a value above hk $ 30 million, the maximum ltv ratio will remain unchanged at 50 %. to avoid a sudden drop in applicable ltv ratios, ratios for properties in certain value ranges will change gradually. the maximum ltv ratio for non - self - use residential properties will remain unchanged at 50 %. increasing the maximum ltv ratio for
i am grateful to share this award with ben, and i am even more grateful for the example paul douglas set for ethics in government that has guided countless public officials since his day and also shaped the public ’ s expectation that its leaders will put the public ’ s interests first. 1 see p. 228 in jeff biddle ( 2012 ), “ retrospectives : the introduction of the cobb - douglas regression, " journal of economic perspectives, vol. 26 ( spring ), pp. 223 – 36. 2 / 2 bis central bankers'speeches

different problems in the future. the innovative technologies that have helped us reap enormous efficiencies will doubtless present us with challenges that we cannot currently anticipate. we were fortunate, as i pointed out in my opening remarks, to have worked in a particularly favorable structural and political environment. but we trust that monetary policy has meaningfully contributed to the impressive performance of our economy in recent decades. see testimony of alan greenspan before the committee on banking, housing, and urban affairs, u. s. senate, february 11, 2003.
has been a formidable challenge, but formidable challenges make us stronger. it is not time to sit back in admiration ; it is time to use sepa. so, let ’ s rise to the challenge ; let ’ s use sepa, our key ; and let ’ s discover the great many opportunities that lie on the other side of that door.

##it effect ( the hit to the european economy is a real gdp decrease of around 0. 5 % over the next three years, but this is a very early forecast ). 3. last but not least, political risks have increased, posing a challenge to fiscal and structural reform implementation. rising political uncertainty ( especially in spain, portugal, greece, italy and france ) and increasing support for populist political parties which seem to be less reform - oriented and with eurosceptic credentials contribute to the downside risks to debt sustainability in the euro area. of course, in the aftermath of the british referendum the biggest political risk to the whole of europe is brexit. brexit represents a shock to the institutions and norms that underpin markets. thus, brexit is different from the euro break - up fears of 2012, the global financial crisis of 2008 or the bursting of the high - tech bubble of 2001. it is not financial contagion, as in 1998, or this february. instead, it represents a contagious political development. no matter whether we have a full - blown or a light brexit, the political risk for the rest of the continent is that the referendums will mushroom across europe in a tug - ofwar between populist forces and the political establishment and elites. this risk is particularly heightened for countries with strong anti - european sentiment such as hungary, the netherlands, denmark, even france. there is an old saying in brussels that europe ’ s leaders are known to have a tried - and - tested method for coming up with policy fixes when forced to cope with emergency situations. postbrexit europe has the potential to become an emergency in the not - too - distant future. i only hope that this time is not different. times will tell. bis central bankers ’ speeches
to fruitful discussions and collaborations during the south asian bfsi tech'24 summit and awards. thank you. 5 / 5 bis - central bankers'speeches

signed between nepal clearing house limited ( nchl ) and national payment corporation of india ( npci ) in june, 2023 during state visit to india by right hon. prime minister is expected to have paradigms shift on cross border connectivity for digital financial services between both countries. based on latest updates, nchl and npci are working on the issues regarding network operating rules, joint interface, operating guidelines, selection of settlement bank and developing the testing environment. the first phase of the project i. 2 / 5 bis - central bankers'speeches e., person to person ( p2p ) transfer would be rolling soon. similarly, some other operators are also expected to come up with arrangements of cross border payments. to further facilitate this arrangements from the central bank's side, recently a regulatory term of reference has been signed between nepal rastra bank and reserve bank of india on integrating national payments interface ( npi ) of nepal and unified payments interface ( upi ) of india. a joint steering committee formed to monitor the progress of the bilateral payment integration is also active. as we rollout the system in full phase, i expect that people traveling to both countries would leave their wallet at home and manage all payments through the smart phones, like we are doing it in our respective country. i would like to reiterate that this is just a beginning, nrb is always open to expand such arrangements with other countries in the region and beyond to make our economy more vibrant and add convenience to the citizens. ladies and gentlemen, now, let me put some light on the theme of today's gathering and allow me to highlight key strategic orientations of nepal rastra bank ( nrb ) aimed at further modernizing and revolutionizing the country's financial landscape. these initiatives are the result of our comprehensive studies, stakeholder consultations, technological advancements, national needs, and our vision for a less cash society. i've emphasized in numerous forums since assuming my role at nrb, that we should propel the digital landscape to such an extent that nepalese currency notes bearing governor's signature would become mere specimen notes. developing digital public infrastructure ( dpi ) is another agenda with the central bank. the first phase of the national payment switch ( nps ) i. e. retail payment switch is in full operation. the second phase of nps which is related with issuing national card ( nepalpay card ), is under progress. one of the major strategic areas nepal ras
too high. 3 / 3 bis central bankers'speeches

luis de guindos : banking union and capital markets union after covid - 19 speech by mr luis de guindos, vice - president of the european central bank, at the cirsf ( research centre on regulation and supervision of the financial sector, portugal ) online annual international conference 2020 on major trends in financial regulation, frankfurt am main, 12 november 2020. * * * it is a great pleasure for me to open this virtual conference on major trends in financial regulation. where would we be today if we had not improved the governance framework and policy toolkit in the aftermath of the 2008 financial crisis? imagine if the euro area had to face the coronavirus ( covid - 19 ) pandemic without single banking supervision, common resolution arrangements, higher capital requirements for banks and an organisational framework enabling swift decisions on crucial policy matters. indeed, we have been seeing the benefits of the post - crisis reforms throughout the covid - 19 crisis. banks ’ capital resources have substantially increased since the creation of the banking union. liquidity ratios have also risen and remained strong over the same period. and the fact that crisis - related decisions were taken at banking union level has enhanced the coherence, consistency and coordination of our response. this has been essential in ensuring an effective response and avoiding a patchwork of national measures with pronounced fragmentation along national lines. but we need to do more to help us rebound from the current crisis and secure an even better and more resilient future. the ecb is a staunch supporter of the banking union and the capital markets union ( cmu ) – two central policy initiatives aiming to catalyse financial integration in the european union. advancing these financial sector reforms is not only good for financial institutions, market players and investors but will benefit all of us as europeans. the more we integrate and develop eu capital markets, the more we will support a robust and uniform recovery across our economies, along with the transition to a low - carbon, sustainable and digitalised economy. and completing the banking union by establishing a common deposit insurance scheme would ensure depositors are equally protected across member states and preserve their confidence if we were to face turbulence. let me first say a few words on the current situation in financial markets. the situation in financial markets the coronavirus pandemic continues to have a major disruptive impact on the economic and financial environment. governments are taking new measures to contain the virus and the pandemic is still weighing on the outlook for financial stability. vu
the will power to make it happen. forrester report commissioned by clairmail. bis central bankers ’ speeches i wish you all successful deliberations in this conference. since the new year is less than a fortnight away, i would also like to wish you all a happy and prosperous new year. bis central bankers ’ speeches

usha thorat : treating bank customers fairly - regulatory initiatives inaugural address by ms usha thorat, deputy governor of the reserve bank of india, at the financial planning congress 2006 on “ establishing consumer centric financial services delivery infrastructure ”, organised by the financial planning standards board india, new delhi, 29 may 2006. * * * it gives me great pleasure to participate in this congress organised by the financial planning standards board india. today, there is much more awareness of the need to protect consumers'rights and ensure fair practices in financial services. countries are designating specific regulators or self regulatory watch dogs for overseeing whether there is mis - selling and whether fair and transparent practices are being observed by financial intermediaries. while specific grievances relating to deficiency in financial services can be a matter for consumer courts or the concerned ombudsman, from a systemic point of view, it is recognised that services have to be benchmarked against codes and standards developed by all stakeholders and as a matter of public policy. in this context, an organisation such as the fpsb india whose mission is the development and promotion of standards for financial planning professionals to benefit among others, the general public is indeed timely and relevant. the fpsb needs to be congratulated for holding this congress, which i am sure, will throw up a number of issues keeping in view the central theme viz. the interests of the consumer. i am glad to note that the fpsb india is also focusing on financial literacy and solutions for the rural population. the focus on the common man is extremely important in our country as he is usually the neglected one. at the annual meeting of iba last friday, the hon'ble finance minister has talked about financial inclusion and targeting the bottom of the pyramid. with greater penetration of formal financial services into the economy and society, there is a need for ensuring evolution and adherence to codes and standards in delivering financial services to the financially excluded. the banking system in india today has perhaps the largest outreach for delivery of financial services. apart from the traditional financial products viz. deposits, loans and money transfer, bank branches are also serving as an important conduit for delivery of mutual funds, other capital market and insurance products. the number of savings accounts with scheduled commercial banks in india stood at little over 300 million in march 2005. if one were to take into account cooperative banks, the number would be even higher. taking into account the number of households in the country this number certainly