samchain/econo-pairs-v2 huggingface dataset:
stability is the core contribution of central banks to enhance a sound environment for the vast investments needed in the digital transformation and greening of our economies. to sum up, this is no time for small talk. instead, it is indeed the moment for big - time action for economic reforms and productivity growth, for innovation and investment. that's'a challenge worth striving for, both for us europeans and for our closest partners, allies and friends in the united states! thank you for your kind attention! 5 / 5 bis - central bankers'speeches

range of data, analysis and forecasts. in our decision - making, we evaluate three factors in particular : the inflation outlook, the dynamics of core inflation net of energy and food prices, and the strength of monetary policy transmission. if confidence in the slowing trend of inflation becomes more robust, monetary policy easing and interest rate cuts can be continued. without pre - committing to any specific interest rate path, let me add that, in my view, the recent increase in negative growth 2 / 5 bis - central bankers'speeches risks in the euro area has reinforced the case for a rate cut at the next ecb monetary policy meeting in september – provided that disinflation is indeed on track. slide 7 : reflections on the ecb's next strategy review in 2025 let me now turn to longer term economic policy challenges facing europe. in the monetary policy domain and keeping in mind the ecb's forthcoming strategy assessment we need to gain a better understanding of the inflation dynamics of recent years and of the secular trends affecting the real economy and thus monetary policy. in the 2021 strategy review, we reviewed the previous asymmetric target, " below but close to 2 percent ", and replaced it with a symmetric 2 % target. symmetric in the sense that, as we stated, both negative and positive deviations from the target are regarded as equally undesirable. and we underlined the medium - term orientation for reaching the target. in my view, the symmetric, medium - term 2 % inflation target [ that we re - defined in 2021 ] has served us well, so far : it has provided a clear and comprehensible anchor, and enough flexibility both in terms of the temporal definition and the instruments used. this has allowed us to avoid taking any excessively drastic measures that the old ['below but close to 2 percent'] target might have implied. thus, the inflation target itself does not, in my view, need re - consideration. but we need to analyse the inflation dynamics of the recent years – and the functioning of the strategy – in more depth. geopolitical challenges and geoeconomic fragmentation, in particular, will continue to shape the operating environment of monetary policy in the years ahead. the changes that are taking place in the world economy, from trade wars to supply chain diversions, are likely to increase the probability of supply shocks and inflation volatility, but they also importantly shape the new equilibrium of the euro area economy that emerges after the current
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for our monetary policy to have the intended effect, the transmission channel must be effective. that is why we have started a dialogue with the commercial banks to ensure that the transmission mechanism works effectively. there are some who suggest that our actions in this regard are irresponsible. they accuse us of causing financial instability. they also accuse us of chasing away potential investors. let me assure you that, as a regulator of the banking sector, we are well aware of our responsibilities. in carrying out our responsibilities, we will always do so in the best interest of namibia. after all, financial stability is one of our main objectives and we take our responsibilities seriously. let me now return to the main topic for tonight. in less than five months we will celebrate our 20th independence anniversary. twenty years is an appropriate period to take stock of our achievements since independence and to reflect on the way forward. our 20th anniversary as a sovereign nation is also symbolic in the sense that we will be exactly 20 years away from the target date of vision 2030. according to v2030, in twenty years from now we want to be a prosperous and industrialized nation ; and we want to enjoy peace, harmony and political stability. more specifically, the vision states that namibia will be an upper income country. that means that we should have a per capita income of at least us $ 17, 000 and unemployment of below 5 percent. let us therefore pause for a moment and ask ourselves whether we are on track towards meeting these noble objectives. to be sure, we certainly have achieved a lot in the last twenty years and we have every reason to celebrate our achievements. it is not an overstatement to say that we have been the envy of many countries in the sub - saharan african region. our achievements can be grouped under three categories, namely political, macroeconomic, and social. political stability is an indispensable condition for sustainable economic development. without political stability economic development is simply not possible. we should be proud that in a relatively short time we were able to establish a stable and mature democracy. we have managed to build strong institutions, including independence of the judiciary, good governance and protection of property rights. in just a few days from today, namibians will for the fifth time go to the ballot boxes for the presidential and national assembly elections. i would like to wish all the political parties taking part in the elections good luck. indeed we have reason to celebrate. as to macroeconomic stability we have equally been successful
of the bank of albania. it is important that the difference between the two velocities reduces, in order that our dialogue with the market will be standardized and transparent. to enable an as much as possible contemporary communication, among others, an important part plays the cooperation between bank of albania, the financial market, ministry of finance, instat and the other institutions. in addition, it must cooperate more with other groups of interest, such as chamber of commerce, konfindustria, medias and the general public. at this point, i want to emphasize that the role the media plays is really special. a professional media would be able to construct reliable and comprehensible communication models, easily understandable by the public. the products we are getting ready to launch soon, that means the confidence indices, have to justify their designation. stated differently, the public must believe the product of the bank of albania is reliable, that product is the object and the real indicator of the public ’ s expectations. in the meantime, we expect to have back the echo of the public ’ s trust. wishing you all a fruitful working - day, thank you!

and financial instruments as well as the ability to manage personal and household finances, are crucial to achieve individual, and societal welfare. on the other hand, a well - informed financial decision of households helps central banks to accomplish their mandate in achieving price stability and safeguarding financial stability. a better understanding of monetary policy accelerates its effective transmission to the real economy. meanwhile, the quality of decisions for financing or investment has a direct impact on the stability of the whole financial system. the bank of albania has been intensively involved in financial education over the years and this long - standing experience has clearly identified the need for a coordinated initiative at national level up to the upgrading this objective to a reform level of crucial importance for the country. for this purpose, the bank of albania, driven by the requirements of other authorities, and of market stakeholders, considered as indispensable the drafting of a national strategy for financial education that you are also going to address in this meeting and the real outcomes in this regard are expected to become materialised very soon. we are confident that such a strategic document – tailored for the local financial education context – would help through joint and coordinated actions and resources of various stakeholders in increasing effectiveness of objectives for cultivating a financial literacy in the albanian society. i invite, therefore, all the participating institutions to engage and contribute actively to this 2 / 3 bis central bankers'speeches initiative. concluding, i sincerely hope that this npsc meeting will actively discuss and deliberate on various issues that need to be addressed about relevant topics. thank you for your attention! 3 / 3 bis central bankers'speeches
monetary policy must work in concert to reduce the impact of a decline in labor demand ; neither can do it alone. returning to the question posed at the beginning, this model suggests that the federal reserve is performing about as well as it can on both mandates. the federal reserve ’ s accommodative policy has offset much of the impact of product demand shocks and so has kept inflation near target. however, this policy has been unable to offset the large adverse shocks to labor demand. the model implies that, in terms of employment, there are limits to what monetary policy can achieve on its own. bis central bankers ’ speeches

indeed, possibly far - off future – monetary policy choices. the fomc announced its 2 percent inflation target in january 2012. since that date, inflation has averaged about 1. 3 percent per year. like the cbo, i anticipate that inflation will rise only slowly, returning to the fomc ’ s target in about 2018. as you know, the inflation rate is the growth rate of the price level – that is, how much people pay for a typical bundle of goods and services. hence, the downside misses with respect to inflation cumulate into a significantly lower price level. if my inflation forecast is right, the price level in 2018 will be about 2. 5 percent below what it would have been had the fomc hit its inflation target over the preceding six years. bis central bankers ’ speeches how should the fomc respond to this shortfall in the price level? if the fomc simply targets a 2 percent inflation rate after 2018, then the price level will be permanently 2. 5 percent lower than was expected in 2012. this approach to policy – which is the standard one followed by most leading central banks around the world – is called inflation targeting. but there is an alternative : the fomc could target a slightly higher inflation rate for a few years after 2018 in order to make up for the shortfall in the price level. this latter policy approach is often termed price level targeting. why would the fomc want to use price level targeting? there are two reasons – and they are closely related to the concerns about low inflation that i raised earlier. the first reason is that price level targeting makes long - term contracts safer for borrowers and lenders. for example, suppose a family took out a 30 - year mortgage in 2012, under the expectation that the fomc would deliver on its commitment to keep inflation at 2 percent. because inflation has been so low over the past two years, the borrower ’ s current repayments are now surprisingly expensive in real terms. ( by “ real terms, ” i mean that the borrower has to give up a surprising amount of goods and services to be able to afford the repayments. ) the fomc can ’ t solve that problem today, of course. but if the fomc uses inflation targeting, the borrower ’ s repayments are likely to remain surprisingly expensive in real terms even in 2042, 30 years after taking out the mortgage. in contrast, if the
##b working paper no. 273. ( b ) long - term inflation expectations from the survey of professional forecasters refer to 5 years ahead for the euro area and 10 years ahead for the us. last observation is july 2005 for the euro area and august 2005 for the us. chart a long - term implied forward break even inflation rates in the euro area and the united states source : reuters and ecb calculations. euro area beirs are derived from italian government inflation indexed bonds maturing in 2008 and 2014.

the international community differ depending on the eurosystem tasks involved in international relations. in particular, the ecb can play three different roles. first, the ecb is a primary and autonomous counterpart whenever the eurosystem ’ s exclusive competencies - ie monetary policy and related central banking tasks - are involved in international relations. second, with regard to issues related to the exchange rate of the euro, the ecb shares with the ecofin council the responsibility for both consultations with third parties - for example at g7 level - and communication to the general public. however, the ecb is solely responsible for deciding foreign exchange operations. third, within the limits of the eurosystem ’ s field of competence, the ecb can advise other euro area policymakers on international issues. in specific circumstances the ecb may also act as a “ catalyst for cooperation ”. this may happen when the eurosystem develops common views on issues which fall within the competence of other euro area authorities ( mainly national governments ), but in which the eurosystem has a strong institutional interest, in accordance with its statute. this applies, for instance, to issues related to the stability of the global financial markets and the architecture of the international monetary system. in dealing with these issues, the ecb may provide value added to the development of common euro area positions to be taken at the international level. rationale for cooperation the relations of the ecb with other policymakers at the international level involve a number of cooperation activities designed to increase the “ joint welfare ” resulting from their policies. generally speaking, “ international cooperation ” takes place within the relevant organisations ( eg imf ) and fora ( eg g7 ), between the competent authorities of different countries for either a given policy ( eg monetary policy ) or a set of policies ( eg macroeconomic policies ). in this context, the term “ country ” should be understood to include monetary unions such as the euro area. in principle, cooperation can include a wide spectrum of activities, namely : • consultation, which simply consists of a mutual exchange of information and views ; • surveillance, ie the systematic monitoring and assessment, by an independent organisation, of the economic policies of its members. within this context, the international community may also develop “ standards ” and “ codes ”, which constitute a form of multilateral rule - making to be implemented on a voluntary basis ; and • coordination, ie the agreement between separate policymakers to take and implement joint
factors concerning the outlook for economic activity. while both upside and downside risks exist, i personally assess the downside risks as greater. the main downside risks include ( a ) possible downward adjustments related to overseas economies, including issues such as the sovereign debt problems in the euro area, the “ fiscal cliff ” in the united states, and the continued slower economic growth in china, ( b ) uncertainty related to firms ’ and households ’ medium - to long - term growth expectations, which may be adjusted downward by the delayed efforts of various agents to strengthen the growth potential of japan ’ s economy, ( c ) the greater - than - expected adverse impact of the consumption tax hike, and ( d ) japan ’ s fiscal sustainability issues. regarding the risks concerning the outlook for prices, i also assess that the risk balance is tilted to the downside, while the bank ’ s projection could deviate either upward or downward. first, the responsiveness of prices to the output gap may be less elastic than projected. thus, careful attention should be paid to whether firms will raise prices with improved economic conditions as expected. second, if firms and households increasingly expect the pace of price increases to remain slow based on price behavior in the recent and more distant past, downward pressure may be exerted on both actual prices and wages ( even if the medium - to long - term inflation expectations remain stable ). third, there is a possibility that volatility in crude oil and other commodity prices may fluctuate, mainly reflecting geopolitical risks and weather conditions. fluctuations in foreign exchange rates could also affect consumer prices, both directly through changes in import prices and indirectly through changes in economic activity. e. conduct of monetary policy finally, i would like to talk about the conduct of monetary policy. so far, financial conditions in japan have been accommodative, as the bank continuously pursues powerful monetary easing. specifically, firms ’ funding costs have remained low, with the average contracted interest rates on new loans and discounts – both short - and long - term rates – registering just 1 percent. issuing conditions for commercial paper ( cp ) and corporate bonds have remained favorable thanks to resilient demand among investors – notwithstanding the widening of some credit spreads because of worsening corporate performance. a range of indicators bis central bankers ’ speeches reflecting ( a ) financial institutions ’ lending attitudes as perceived by firms, as well as ( b ) the financial positions of firms have been above the historical average since 2000. nevertheless,

continue to firmly support economic activity. if the outlook presented in the july outlook report will be realized, the bank will accordingly continue to raise the policy interest rate and adjust the degree of monetary accommodation.
that underlying inflation is on the decline, the policy rate may be kept on hold. there will likely be a need to maintain a tight stance for some time ahead to bring inflation down to the target. for borrowers, higher interest expenses come on top of a broad increase in prices. we know this is hard for some people. but by making sure that inflation comes down, we contribute to restoring purchasing power and to promoting high employment and economic stability over time. 2 / 3 bis - central bankers'speeches 3 / 3 bis - central bankers'speeches

, interest rates will rise again. central banks will have to consolidate their balance sheets. some countries will then find themselves in vulnerable position. norway was well positioned norway clearly stands out in this regard. we were well positioned to face the economic crisis triggered by the pandemic. unlike many other countries, we have been able to pursue a very active fiscal policy without having to borrow. we also had room for manoeuvre in monetary policy. in a little over a month, it will be 20 years since the current framework for the division of responsibility in economic policy was established. fiscal policy would be guided by the fiscal rule, while monetary policy would target inflation. up until 2001, fiscal policy was responsible for stabilising employment and output. after the switch to inflation targeting, monetary policy has functioned as the first line of defence in stabilisation policy. the primary task of monetary policy is to ensure monetary stability. it must not pursue its primary objective to the exclusion of other relevant considerations. monetary policy must also take into account the real economy. a monetary policy regime that ends up amplifying fluctuations in the real economy will fail the test of time. as long as confidence in low and stable inflation is well anchored, monetary policy can contribute to high and stable output and employment. this monetary policy regime has performed well through several rounds of shocks to the norwegian economy. both during the financial crisis in 2008 and after the oil price fall in 2014, monetary policy was able to respond quickly. moreover, the krone exchange rate has functioned as an important shock absorber. when norway ’ s terms of trade weakened owing to the oil price fall, a weaker krone helped to support business sector competitiveness. chart 9 historically low policy rate percent norges bank economic perspectives 18 february 2021 source : norges bank with a policy rate of 1. 5 percent, monetary policy could again make a contribution when norway and much of the global economy locked down nearly a year ago. in the space of a short time, the policy rate was lowered to zero ( chart 9 ). the policy rate cuts had a broad impact and freed up funds for indebted businesses and households. as containment measures are scaled back, continued low interest rates will underpin consumption and investment, paving the way for a resumption of business activity. the room for manoeuvre in monetary policy is nearly exhausted. we do not envisage making further policy rate cuts from today ’ s level. yet as long as the crisis
sustainability of the monetary policy. after the hard work in spring, we have welcomed a harvest – the long awaited launch of the gem – in the golden autumn. we sincerely hope that the newly - launched gem will grow in an orderly and healthy manner! thank you.

zhou xiaochuan : china ’ s growth enterprise market address by mr zhou xiaochuan, governor of the people ’ s bank of china, at the ceremony marking the first listing on the growth enterprise market ( gem ), shenzhen, 30 october 2009. * * * distinguished guests, dear friends, ladies and gentlemen, good morning! it is a great pleasure to attend this gathering at the invitation of shenzhen stock exchange and the 28 companies. today, the growth enterprise market will see the listing of the first 28 companies, which is an event long awaited by the financial community, the scientific and technological circle and entrepreneurs. on this occasion, i would like to extend sincere congratulations to the successful launch of the gem in my own name and on behalf of the people ’ s bank of china. in the 1970 ’ s, the growth enterprise market was designed to accommodate vigorous scientific and technological innovation and the boom of start - ups around the world. after three decades of development and especially after the test of this international financial crisis, the gem is again, showing great vitality. the gem in china does not come easy. years of comparison and analysis of international experiences, policy and system and repeated feasibility studies have finally led to the successful listing of the first 28 companies on the gem. therefore, my thanks go to everyone who contributed to this long process. the pbc and the financial community have been watching and actively supporting the development of the capital market and the launch of gem. direct financing should accelerate its pace of development to account for a larger share in financing. we advocate healthy development of the market and have been supportive of reforming the issuance and pricing mechanism on the capital market. the whole financial community attaches great importance to the role of capital market in financing by smes and innovative enterprises, especially hitech enterprises and growth enterprises. the development of gem is consistent with the scientific outlook of development. the pbc and the financial community will continue to support the advancement of the gem in the future. at present, china ’ s economy is at the key juncture of stabilization and recovery. in accordance with the overall arrangements of the cpc central committee and the state council, we will try to strike a balance between maintaining stable and relatively rapid development of the economy, economic restructuring and managing inflationary expectation. in order to keep the consistency and stability of macroeconomic policies, we will continue to implement the relatively loose monetary policy. the intensity and pace of the monetary policy conduct will be carefully handled to enhance the flexibility and