samchain/econo-pairs-v2 huggingface dataset:
dream that, in my case, has become reality. however, it would never have become reality without the support, commitment, resolve and efforts of all of you. i really feel privileged having worked with you. you have all the reasons in the world to be proud of your achievements ”. never did this sentence have a better application than to yourself, wim : “ you have all the reasons in the world to be proud of your achievements ”. wim, je kunt met recht trots zijn op alles wat je hebt bereikt in je leven.

benoit cœure : heterogeneity and the european central bank ’ s monetary policy speech by mr benoit cœure, member of the executive board of the european central bank, at the bank of france symposium & 34th suerf colloquium on the occasion of the 20th anniversary of the euro on " the euro area : staying the course through uncertainties ", paris, 29 march 2019. * * * from the beginning of the euro area ’ s existence, it was well known that it did not meet all of the classic requirements of an optimal currency area. some critics have seen heterogeneity across member states as the factor that would ultimately cause the collapse of the single currency. but the euro is still here, despite years of crisis. while managing heterogeneity between regions and countries has been a challenge – at times tremendously so – this challenge is not insurmountable. no single currency area in the world is free of heterogeneity, including the ones widely regarded as most homogeneous. in my remarks this morning, i will argue that the ecb has always found ways to accommodate heterogeneity, particularly at times when it threatened to impair the uniform transmission of monetary policy. but i will also argue that if we want to minimise episodes of demoralising output and employment losses, as we experienced after the financial and euro area crises, and if we want to avoid overburdening monetary policy, then policymakers need to act more forcefully to reduce the major sources of euro area heterogeneity – that is, we need a better economic policy framework. pre - crisis view on heterogeneity to structure my remarks, i would like to briefly recall the pre - crisis view on heterogeneity in the euro area. inflation differentials between regions and countries were not only thought to be unavoidable, they were in fact thought to be a desirable feature of a currency union. 1 the idea was that the structural transformations sparked by monetary integration and the single market, together with the free movement of goods, capital, services and labour, would create the conditions for all countries to thrive and exploit their comparative advantages. the prime concern at the time was that if these inflation differentials persisted, they could undermine price competitiveness and thus hold back growth. this view was corroborated by the fact that inflation dispersion among euro area countries was not very different from the level observed
regional forum on “ emerging opportunities and challenges of financial inclusion ” talking points mr. erwin rijanto, deputy governor of bank indonesia “ financial inclusion for sme in indonesia ” kathmandu, 9 november 2016 i. introduction 1. a very good afternoon and warm greetings to : a. mr. shitangshu kumar sur chowdhury, chairman of apraca ; b. mr. shiba raj shrestha, vice chairman of apraca ; c. the member of apraca ; d. ladies and gentlemen. distinguished guests, 2. we are all aware that financial inclusion has become a priority in the world, but it has now also been considered as national agenda for indonesia. 3. in this honorable meeting, i would like to share indonesian ’ s experience regarding the financial inclusion in indonesia, and its relation to sme. ladies and gentlemen, ii. current condition in indonesia 4. considering the current condition, indonesia with its population of almost 250 million people which 28 million people living in poverty line remains to be unbanked. taking a closer look these large portion of the unbanked clustered around poverty line remains vulnerable. geographic condition adds the challenge in providing access to this target group as indonesia consist of almost 17. 000 island and most of poor people live in a very remote area with different culture. on the supply side, there are several factors inhibiting services to the community such as limited communication network and electricity infrastructure. 5. based on our survey, banked people reached 39 % in 2015. it is still in a long journey to reach the target of 75 % banked people at the end of 2019. the percentage of 39 % in our survey means they have a savings or credit account, insurance or formal means of low - cost payments. outside of 39 % still use financial services but rely on the age - old informal mechanisms : family and friends, the rotating savings club, the moneylender, the pawnbroker, cash under the mattress and long - term savings in the form of livestock. these mechanisms are incomplete, and can be very unreliable, risky and expensive. 6. interestingly, indonesia is one of the fastest - growing user smartphone in the world : nearly 60 million of the country's citizens will have smartphones in 2016. continuously, indonesia ’ s smartphone users are expected to grow at a compound annual growth rate ( cagr ) of 11. 2 % between 2016 and 2020, to reach more than 100 million and become the fourth - largest global market

##e, managing director of the imf : “ greater financial inclusion has tangible economic benefits, such as higher gdp growth and lower income inequality. by providing access to accounts, credit, infrastructure, women and low income users, financial inclusion helps make growth more inclusive ”. thank you. kathmandu, 9 november 2016 mr. erwin rijanto deputy governor of bank indonesia
close with a final thought. the largest problems that countries create for others often emanate from getting policy wrong domestically. recession or instability at home is often quickly exported. equally important, growth and stability abroad makes all our jobs easier. this means that there are externalities in the work we do, so that more effective fulfillment of our domestic mandates helps to bring us to a better place collectively. ensuring global growth and stability is and will remain our joint and common endeavor. this is what terry checki has worked for over his distinguished career. we have been very fortunate for his service and must carry the mantle forward. bis central bankers ’ speeches

having a reserve currency may also be desirable for other reasons. first, with more reserve currencies available, portfolio diversification opportunities are enhanced. this is desirable because, all else equal, it would allow investors to move further out on the risk / return frontier. second, more currencies are likely to be close substitutes, which could dampen currency volatility. with many viable reserve currencies available, no particular one would necessarily have to bear the bulk of any adjustment. the dollar ’ s dominant reserve currency status has sometimes been referred to as the united states ’ “ exorbitant privilege, ” implying that the u. s. benefits extraordinarily from this privileged status. i ’ d argue that the situation is much more nuanced. yes, this status does allow the u. s. to benefit from seigniorage. more than half of all u. s. currency outstanding is held abroad. but, there are also costs of being the dominant reserve currency. for example, this can lead to shifts in the valuation of the dollar that are due primarily to developments abroad that affect risk appetites and international capital flows. in such cases, the dollar ’ s valuation can be pushed to levels inconsistent with u. s. economic fundamentals. for the united states, i believe that the most important goal must be to keep our own house in order. if we do this, then i expect that the u. s. dollar will earn the right to remain the most important reserve currency in the world. the united states has a number of advantages in sustaining the dominant reserve currency status of the u. s. dollar. first, there is a first - mover advantage. as the leading reserve currency in the world, there is no strong incentive for countries to move to other currencies as long as the dollar continues to have the attributes i discussed earlier. the history of reserve currency usage is characterized by considerable inertia. the u. s. dollar emerged as the leading reserve currency quite a bit after it became the world ’ s largest economy. typically, the loss of dominant reserve currency status requires either substantial economic decline or political instability that motivates foreign counterparties to shift to a new reserve currency. second, the u. s. has the deepest and most liquid capital markets in the world. this is important in making u. s. treasuries and agency mortgage - backed securities attractive holdings as part of countries ’ foreign exchange reserve portfolio
tiff macklem : opening statement before the house of commons standing committee on finance opening statement by mr tiff macklem, governor of the bank of canada, before the house of commons standing committee on finance, ottawa, ontario, 30 october 2023. * * * good afternoon. i'm pleased to be here with senior deputy governor carolyn rogers to discuss our recent policy announcement and the bank of canada's monetary policy report. last week, we maintained our policy interest rate at 5 %. we held our policy rate steady because monetary policy is working to cool the economy and relieve price pressures, and we want to give it time to do its job. but further easing in inflation is likely to be slow, and inflationary risks have increased. before i take your questions, let me give you some economic and financial context for the decision. since the last time we were here with you, the canadian economy has slowed, and the data suggest demand and supply are now approaching balance. we're now seeing clearer evidence that higher interest rates are moderating spending and relieving price pressures. the economy has entered a period of weaker growth, with growth averaging about 1 % over the last year. growth in gross domestic product ( gdp ) is forecast to remain below 1 % for the next several quarters before picking up in late 2024 and rising to 2½ % in 2025. with the economy expected to move into excess supply this year and with growth anticipated to be weak for the next few quarters, we think there's more inflation relief in the pipeline. we expect inflation in canada to ease gradually and return to our 2 % target in 2025. but we're worried that higher energy prices and persistence in underlying inflation are slowing progress. the effects of higher interest rates on inflation are most evident in the prices of durable goods, like furniture and appliances that people often buy on credit. these effects have also spread to many semi - durable goods - a category that includes things like clothing and footwear - as well as many services excluding shelter. inflation in these categories is now running generally at or below 2 %. price increases for groceries, while still elevated at almost 6 %, have also eased and are expected to moderate further. however, a number of factors are getting in the way of low inflation. higher global energy prices are increasing prices at the pump. and that is pushing headline inflation back up. structural supply shortages in our housing market are boosting prices for shelter. in addition, near

. with that summary, i would be pleased to take your questions and begin our discussion. 2 / 2 bis - central bankers'speeches
been very efficient, yet it should be terminated in due time exactly as an anti - crisis measure. moreover, in our opinion, over the period of its gradual termination, this anti - crisis measure may still be preserved first and foremost in the regions facing a shortage of supply where prices have not risen significantly, since a considerable number of regions have confronted a situation where price growth has already exceeded the positive effect of the mortgage rate reduction. therefore, we consider that this measure should be more targeted in order to really achieve its goal of making housing more affordable for people and avoid overheating in the housing market. as regards ongoing preferential lending programmes, we should have them and did have them before the pandemic. in our opinion, there is a potential for these permanent preferential programmes to be expanded — not for anti - crisis but for permanent ones. they may also be regional, that is, programmes may be supported in those regions where this is not so profitable for construction companies to build these projects and they earn low margins. therefore, it is necessary to select the regions that could have such ongoing measures supporting construction through either mortgage lending or any other mechanisms. the second aspect is social programmes. for instance, we can see that the preferential programme for young families is not highly requested, and the amounts under this programme are not that large. this is why we believe that the criteria for providing support may be expanded in this regard, including for young families in general, while interest rates may be subsidised depending on the number of children in a family. this implies an expanded programme generally for young families, young specialists, as well as rural mortgage — these are the preferential programmes that may be implemented on an ongoing basis. of course, we will be discussing all these issues with the government and the banking community and we also encourage you to express your opinion. for many banks, mortgage lending is a key component of their business models. now, i would like to speak on regulation. while the focus is mostly put on the regulatory easing, 3 / 7 bis central bankers'speeches including temporary relaxations to be curtailed, the decisions we made in 2020 also covered systemic regulatory changes. these systemic regulatory changes have also largely helped banks to release capital. first and foremost, i am talking of the new approaches implemented that have enabled us to reduce the load on capital for low - risk loans, that is, for investment - grade borrowers when new standardised approaches are in place, mortgage loans

further discussions and are ready to elaborate joint approaches. thank you for attention. 7 / 7 bis central bankers'speeches
and guidelines that create a conducive environment for growth of the financial sector, encourage provision of financial services to the majority of the population at affordable cost and enhance the safety and soundness of the financial system. 9. with these few remarks, ladies and gentlemen, it is now my honour and pleasure to declare this workshop officially open and presuppose a fruitful engagement. thank you and god bless you all. bis central bankers ’ speeches

njuguna ndung ’ u : review of forex bureau guidelines remarks by prof njuguna ndung ’ u, governor of the central bank of kenya, at the workshop on the review of forex bureau guidelines, kenya school of monetary studies, nairobi, 24 february 2011. * * * the directors and principal officers of forex bureaus ; distinguished guests ; ladies and gentlemen : 1. it gives me great pleasure to be here today to officially open this consultative workshop that will comprehensively review the forex bureau guidelines. at the outset, i would like to take this early opportunity to express my sincere appreciation to all forex bureaus represented here and to those that took time to study the proposals made and submitted comments on the guidelines. this has allowed the central bank of kenya team to revise them considerably. 2. ladies and gentlemen, forex bureaus were first licensed in january 1995 to foster competition in the foreign exchange market and to narrow the exchange rate spread through this micro - structure of the market. as you are aware, the forex bureau sub sector has experienced rapid growth since it was first established with the number of operating bureaus having increased from 48 in 1998 to 126 as at december 2010. this rapid growth has to do with units in the market and also the volume of their trading. but this has also come with challenges. while the initial objectives have largely been met, it has become necessary to take stock of achievements and challenges so far. 3. ladies and gentlemen : in the last few years, the central bank has carried out comprehensive on - site and off - site review of the operations of forex bureaus. the review exercises have revealed major weaknesses in the operations of some of the bureaus that include ; engaging in unauthorized business activities ; non - compliance with the legal and regulatory requirements such as the central bank of kenya act and the laws that govern taxation ; and limited understanding of regulations and weak capacity in management of the bureaus. it is in light of this that central bank embarked on the process of identifying gaps in the regulatory framework and reviewing the guidelines in order to streamline the sub - sector, facilitate growth and ensure that all the players operate in accordance with the law. 4. the revised guidelines also seek to deal with the various challenges ; strengthen the corporate governance structure and financial position of the bureaus ; enhance competition in the foreign exchange market and more importantly re - define the basic tenets of this market. from the comments and discussions we have
and a large balance sheet : first experiences | thomas moser | © swiss national bank longer - term outlook for monetary policy implementation currently, two approaches to the longer - term implementation of monetary policy are being discussed internationally floor system corridor system supply % % central bank lending rate supply central bank lending rate demand market rate market rate central bank deposit rate demand structural demand reserves structural demand 09. 11. 2023 implementing monetary policy with positive interest rates and a large balance sheet : first experiences | thomas moser | © swiss national bank reserves several important questions must be answered before central banks potentially return to implementing monetary policy in a corridor system how precisely can money market interest rates be controlled? how will trading in the interbank money market be affected? how important to banks are reserves as high - quality liquid assets? how will banks ’ ability to make payments be affected? 09. 11. 2023 implementing monetary policy with positive interest rates and a large balance sheet : first experiences | thomas moser | © swiss national bank thank you for your attention © swiss national bank

play an even greater role in maturity - matched refinancing of mortgages in switzerland in the future. in addition, banks can improve their liquidity by holding portfolios of swiss mortgage bonds themselves. mortgage bonds could be converted into liquidity quickly and simply, as required, by means of repo transactions – either in the swiss franc interbank market or at the snb.
mario draghi : ecb press conference – introductory statement introductory statement by mr mario draghi, president of the european central bank, frankfurt am main, 15 april 2015. * * * ladies and gentlemen, the vice - president and i are very pleased to welcome you to our press conference. based on our regular economic and monetary analyses, and in line with our forward guidance, we decided to keep the key ecb interest rates unchanged. as regards non - standard monetary policy measures, on 9 march we started purchasing euro - denominated public sector securities as part of our expanded asset purchase programme, which also comprises purchases of asset - backed securities and covered bonds. purchases are intended to run until the end of september 2016 and, in any case, until we see a sustained adjustment in the path of inflation that is consistent with our aim of achieving inflation rates below, but close to, 2 % over the medium term. when carrying out its assessment, the governing council will follow its monetary policy strategy and concentrate on trends in inflation, looking through unexpected outcomes in measured inflation in either direction if judged to be transient and to have no implication for the medium - term outlook for price stability. the implementation of our asset purchase programmes is proceeding smoothly, with volumes in line with the announced figure of €60 billion of securities per month. in addition, there is clear evidence that the monetary policy measures we have put in place are effective. financial market conditions and the cost of external finance for the private sector have eased considerably over the past months and borrowing conditions for firms and households have improved notably, with a pick - up in the demand for credit. looking ahead, our focus will be on the full implementation of our monetary policy measures. through these measures, we will contribute to a further improvement in the economic outlook, a reduction in economic slack and a recovery in money and credit growth. together, such developments will lead to a sustained return of inflation towards a level below, but close to, 2 % over the medium term and will underpin the firm anchoring of medium to long - term inflation expectations. let me now explain our assessment in greater detail, starting with the economic analysis. real gdp in the euro area rose by 0. 3 %, quarter on quarter, in the last quarter of 2014. domestic demand, especially private consumption, continued to be the main driver behind the ongoing recovery. the latest economic indicators, including survey data up to march, suggest that the euro area economy has gained further momentum since the end of

in individual member states. we are now at your disposal for questions. bis central bankers ’ speeches