samchain/econo-pairs-v2 huggingface dataset:
all an additional perspective that you can use in your future corporate planning process going forward. i look forward to an engaging discussion with you this morning. 6 / 6 bis central bankers'speeches

felipe m medalla : onward and forward - the bsp in 2023 speech by mr felipe m medalla, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the new year's message / first flag raising ceremony for 2023, manila, 2 january 2023. * * * my beloved colleagues in the monetary board, deputy governors, officers and colleagues, magandang umaga po at isang masaganang bagong taon po sa ating lahat! i hope that the past few days offered some form of rest and respite from the year that just ended, as well as clarity and purpose for the year that has just started. to say that we've been through an eventful and challenging year is surely an understatement but i trust that despite all of these, you - my fellow bspers - were able to easily bounce back, find the time to recharge, recover, and spend time with your loved ones during the holiday season. over the past few months, the economy has also returned to some form of normalcy. businesses are opening up ; the malls are full again ; schools are welcoming students back ; and tourists are coming in. brighter prospects on the horizon? after years of holding off purchases, some consumers are spending more. pent - up demand, or what is now commonly referred to as " revenge spending " is real and so is the ensuing economic boost. with oil prices on the decline and diminishing pressures on the peso - again, thanks to actions taken by the monetary board - filipinos have more to spend on discretionary items. this year and hopefully beyond, we expect the economy to sustain this strong momentum. that said, we recognize that the global environment is not without risk. the global outlook is dimming, and recession fears are mounting, with the international monetary fund and world bank sounding the alarm as shown by their consistent upward revisions of inflation forecasts and consistent downward revisions of global gross domestic product growth rates. the fed's actions, of course, will be a key consideration for us. we're also looking at how china contains the virus without its covid - zero policy, the ukraine - russia conflict, shifting supply chains, the world's journey to decarbonization, and mounting geopolitical tensions in different parts of the world. staying true to bsp's three pillars but while the environment is
the financial sector. whilst the foundation for a sound financial system has been laid, we will continue to strengthen the financial system infrastructure that will support and sustain financial planning for tomorrow. it is a challenge for everyone – the business community, the commodity producers, the government and the general public, to take advantage of the current favourable macroeconomic and financial situation and the income earning opportunities it provides to improve on our financial being and for the whole country. it is now an opportune time not only to talk, but also to actually do financial planning for tomorrow. thank you.

economic history shows that inflation and inflation expectations can become unhinged. there are many self - regulating mechanisms in the economy, but inflation does not regulate itself. the inflation target of 2. 5 per cent also provides a framework for the social partners. over time, nominal wage growth above 2. 5 per cent will entail higher real wages and higher purchasing power. real wage growth that exceeds productivity growth may lead to higher inflation and higher interest rates. in government - financed enterprises, which are often labour - intensive, budgets are adapted to expected wage growth. this is usually in line with assumptions about cost inflation in the economy as a whole and with the inflation target. if wages rise more than this, efficiency must be increased in order to minimise the adverse impact on service production and customers. calmfors and driffill ( 1988 ) : “ bargaining structure, corporatism and macroeconomic performance ”, in economic policy, april, 14 - 61 and driffill ( 2006 ) : “ the centralization of wage bargaining revisited. what have we learned? ” in journal of common market studies, vol. 44, no. 4, november, 731 - 756. all economic agents can plan ahead on the assumption that inflation will be about 2. 5 per cent over time. this is the most valuable contribution norges bank can provide the social partners and other economic agents. thank you for your attention.
growth and keep inflation on target. while markets continue to function well, the bank will continue to ensure that the canadian financial system has sufficient liquidity. and we continue to closely monitor economic and financial conditions, in close coordination with other g7 central banks and fiscal authorities. i would like to thank erik ens for his help in preparing this speech. 5 / 5 bis central bankers'speeches

richard byles : update and outlook for the jamaican economy monetary policy press statement by mr richard byles, governor of the bank of jamaica, at the quarterly monetary policy report press conference, kingston, 21 august 2024. * * * introduction good morning and welcome to our quarterly monetary policy report press conference. we are pleased to be conducting this press conference in montego bay and will, later today, engage in discussions with key stakeholders in the north - western region of the island. bank of jamaica recognises that its policies and operations affect various stakeholders differently. we are therefore committed to maintaining an outreach programme that gives voice to a wide cross section of stakeholders. in kingston, we maintain an active engagement with various private sector groups, including the banking community, for which we have supervisory oversight as part of our statutory mandate. we have also in the past directly engaged with the citizens and businesses of central jamaica. the bank has, in fact, held its quarterly monetary policy press conference in montego bay before, with the last one having been held in may 2017. we will seek to replicate this outreach in other communities over time. i will now speak on the bank's monetary policy, the mpc's recent decision and outline some of the considerations that led to its decision. monetary policy decision the bank's monetary policy committee met on the 16th and the 19th of august and announced its decision yesterday to continue a gradual easing of its monetary policy stance. effective today, the 21st of august, the bank has reduced its policy rate by 25 basis points to 6. 75 per cent. we will also continue to gradually reduce boj's absorption of liquidity from dtis through our open market operations and will continue to strive to preserve the stability in the foreign exchange market. our previous decision, announced on the 28th of june 2024, to gradually reduce the absorption of liquidity, has already resulted in an injection of approximately $ 21 billion into the system and a 105bps reduction in interest rates on boj's 30 - day certificates of deposit. as a consequence, treasury bill rates also fell over the same period. the decision to further ease the monetary policy stance reflects the committee's view that headline inflation is becoming more anchored in the bank's target range of 4. 0 to 6. 0 per cent. while there will be an uptick in headline inflation over the next three to five months ( august to december 2024 ), caused by the impact of hurricane beryl, this
institutions themselves – the imf and the world bank – have the legitimacy to represent all of their 187 member countries. but their governance is outdated. at the height of the crisis, the g20 and the g7 provided strong leadership. but legitimacy and leadership should go together. one without the other does not offer a sustainable vehicle for international cooperation. so allowing the g20 to metamorphose into the governing body of the imf makes a good deal of sense. such an evolution would, with a little commitment and imagination, create a single effective framework for international economic cooperation. and in the long run a more powerful and legitimate international body might be able to use its clout to deal with the imperfections and frictions that i have discussed. it might even be the vehicle for a more rules - based framework for the imfs, based on a judgement about the sustainability of the pattern of world demand. although that seems a distant prospect today, there is a precedent for a system of internalising cross - border externalities : the wto already plays a similar role in international trade. so far, these rules have stood the test of time. indeed, it is now more likely that protectionism would result from high unemployment, which the rules were not designed to prevent, than the pressures from producers which have been resisted. there is much to do. none of the underlying causes of the current crisis have been removed. the problem of “ too important to fail ” banks is still with us. and even more intractable is the challenge of how to reconcile free trade with a stable international monetary and financial system. today, the most obvious problem at the global level is that the imbalances are growing again. and continuing high debt levels, although in many ways a natural response to low long - term interest rates, leave indebted countries particularly vulnerable to a rapid reversal of high saving rates in surplus countries and a rise in long - term interest rates – surely inevitable in the long run – which would drive down asset prices. it is clear that these vulnerabilities affect us all. so recognising our common interest in moving to a more sustainable pattern of world demand is in our self - interest. the global community showed that it could work together when the world economy was close to the abyss in 2008. the challenge now is to prove that we can also work together when we are no longer in an immediate crisis, but still facing deep - seated problems. will we create a more

stable imfs? the next few years will provide the answer. and they will, as our chinese friends say, be interesting. bis central bankers ’ speeches
ardo hansson : celebrating the tenth anniversary of estonia ’ s accession to nato and eu opening speech for europe day by mr ardo hansson, governor of the bank of estonia ( eesti pank ), at the seminar on the impact of the european union on estonia, eesti pank, tallinn, 9 may 2014. * * * today we are celebrating europe day. we have just passed the tenth anniversary of estonia ’ s accession to the european union, though the move towards europe had started when the country regained its independence and linked the estonian kroon to the german mark. to people in estonia, being part of europe means democracy, freedom, security and well - being. closer integration with the european union has been driven by the desire to ensure that these benefits are maintained. these core european values remain more in the background in our everyday life as we take them for granted, but events in ukraine have given a sharp reminder of their importance. accession to the eu has increased estonia ’ s influence on the world. estonia ’ s voice is heard better in europe than ever before and estonia is involved in setting the joint economic policy of europe and the euro area. this gives us the power to affect processes ourselves, and the responsibility to do our work as well as possible and to answer for the results. as the central bank of the republic of estonia and a member of the eurosystem, eesti pank has also contributed to the sustainable development and increased prosperity of the estonian economy. it is our job to ensure that companies and households can make transactions and calculations using a currency with stable purchasing power. during the time estonia has been a member of the european union, the well - being of the people of estonia has improved. eu membership has meant our economic environment has been more stable and deserving of confidence. in the past ten years, economic growth in estonia has surpassed average economic growth rates in the european union, so that estonian gdp in purchasing power terms has advanced from 55 % of the eu average in 2003 to 71 % in 2012. the incomes of residents of estonia have also increased, with real wages up more than 40 % in the past decade. eu membership has brought both opportunities and risks. it is the job of those setting national policy to make sure that risks are minimised and that we are best able to profit from opportunities and i am sure that the analysis provided here today by my colleagues will help in guiding the decisions behind that policy. the presentations we will hear today

have been prepared thanks largely to the initiative of the european commission representation in estonia to celebrate the tenth anniversary of estonia ’ s accession to nato and the european union. in summary we can say that in ten years we have made estonia and the space where estonian people operate much larger. bis central bankers ’ speeches
your questions. 3 / 3 bis central bankers'speeches

christine lagarde : ecb press conference - introductory statement introductory statement by ms christine lagarde, president of the european central bank, and mr luis de guindos, vice - president of the european central bank, frankfurt am main, 30 january 2025. * * * good afternoon, the vice - president and i welcome you to our press conference. the governing council today decided to lower the three key ecb interest rates by 25 basis points. in particular, the decision to lower the deposit facility rate – the rate through which we steer the monetary policy stance – is based on our updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. the disinflation process is well on track. inflation has continued to develop broadly in line with the staff projections and is set to return to our two per cent medium - term target in the course of this year. most measures of underlying inflation suggest that inflation will settle at around our target on a sustained basis. domestic inflation remains high, mostly because wages and prices in certain sectors are still adjusting to the past inflation surge with a substantial delay. but wage growth is moderating as expected, and profits are partially buffering the impact on inflation. our recent interest rate cuts are gradually making new borrowing less expensive for firms and households. at the same time, financing conditions continue to be tight, also because our monetary policy remains restrictive and past interest rate hikes are still transmitting to the stock of credit, with some maturing loans being rolled over at higher rates. the economy is still facing headwinds but rising real incomes and the gradually fading effects of restrictive monetary policy should support a pick - up in demand over time. we are determined to ensure that inflation stabilises sustainably at our two per cent medium - term target. we will follow a data - dependent and meeting - by - meeting approach to determining the appropriate monetary policy stance. in particular, our interest rate decisions will be based on our assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation and the strength of monetary policy transmission. we are not pre - committing to a particular rate path. the decisions taken today are set out in a press release available on our website. i will now outline in more detail how we see the economy and inflation developing and will then explain our assessment of financial and monetary conditions. economic activity the economy stagnated in the fourth quarter, according to eurostat's
are " puso at diwa [ ay ] sa bayan. " these are the principles that have guided our decisions and actions for 75 years. they are what will guide us on to the next 75. maraming salamat! mabuhay tayo at mabuhay ang bsp! 2 / 2 bis - central bankers'speeches

eli m remolona : off to the next 75 - celebrating 75 years of central banking in the philippines speech by mr eli m remolona, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the 75th anniversary of central banking in the philippines and 31st anniversary of the bangko sentral ng pilipinas, manila, 3 july 2024. * * * introduction monetary board [ members ] benjamin diokno, lea de leon, and romy bernardo ; deputy governors chuchi fonacier, francisco dakila jr., mamerto tangonan, eduardo bobier, and bernadette romulo - puyat ; our bsp ( bangko sentral ng pilipinas ) family ; guests, magandang umaga po! happy 75th anniversary! first 75 years after this ceremony, we will officially open the anniversary exhibit in the lobby. the exhibit is modeled after the [ la ] intendencia in intramuros, our first home. all 100 staff of the central bank [ of the philippines ] at that time, could fit comfortably there. medyo mapapayat kasi tayo noon. their main concerns were a change in our currency system and working with the government and banking sector to lift the country out of the devastation of world war ii. since then, the central bank and the bangko sentral ng pilipinas have played a leading role in navigating the financial sector and the economy through various challenges, some global and some home - grown. the most recent challenges have been the covid pandemic and the surge in inflation driven by global supply shocks. these were crises that had not happened for over a hundred years. as the central bank did after world war ii, the bsp lent the government massive amounts of money during the pandemic. we slashed interest rates to a record low [ of ] two percent. we imposed moratoriums on interest payments. we helped the growth of e - payments to counter lockdowns. then, as inflation rose, we raised policy rates to their highest in 17 years. today, inflation is poised to return to our target range while economic growth is among the fastest in the world. but crises are not all that define us. some of our most important work happens incrementally over years and decades. with diligence and technology, we have improved supervision to the point that we have not had a
attractive than holding bank deposits. there is considerable uncertainty as to the precise level of the “ reversal rate ” and current estimates suggest that the ecb has not reached the effective lower bound. yet, data on the volume of overnight deposits held by households in the euro area confirm the negligible pass - through of negative policy rates to banks ’ retail deposit rates ( chart 7 ). as a result, only a very small proportion of retail deposits are currently remunerated at negative rates ( chart 8 ). by contrast, banks more frequently charge negative rates on deposits held by nfcs. within the euro area, this primarily applies to germany, luxembourg and the netherlands ( chart 9 ). there is also evidence that negative rates affect a growing proportion of the deposits held by nfcs, suggesting that the pass - through associated with negative policy rates has increased gradually over time ( chart 10 ). this is in line with empirical studies that demonstrate that the pass - through from policy rates to corporate deposit rates intensifies as rates become more negative. this induces firms to decrease their cash holdings through investments, thus supporting the standard monetary policy transmission mechanism. interest rate margins, however, are only one part of banks ’ profitability. even though banks are reluctant to pass on negative rates to retail clients, and have only cautiously started doing so for firms, the impact of negative rates on banks ’ profitability is much broader. in particular, by stimulating aggregate demand, negative rates have measurably contributed to an improvement in the macroeconomic outlook, thereby enhancing credit quality. as a result, according to ecb staff analysis based on a sample of large euro area banks, the nirp had a negligible effect on bank profitability over the period from 2014 to 2019 ( chart 11 ). the negative effects from lower net interest income and the charge on excess reserves were broadly compensated by a reduction in loan - loss provisions. in addition, two additional policy measures by the ecb have actively contributed to mitigating the impact of negative rates on bank profitability with a view to protecting the bank lending channel. the first is the adoption of a two - tier system through which a significant portion of excess reserves are exempt from negative rates. the second is our tltros through which banks can secure borrowing at highly favourable rates, provided they extend sufficient credit to the real economy. in other words, the introduction of a “ dual rate ” system, where the pricing of tltros deviates from our key policy

system.
back of possible problems with the regularity of international aid provision and the repercussions of the war russias attacks on ukrainian energy infrastructure facilities are increasing the risk to ukraine's ability to go through the coming winter smoothly the duration and intensity of hostilities, are increasing the risk that a large part of ukrainians who had gone abroad, will not return, and that some more ukrainian may decide to leave the country. there is still a risk that the " grain corridor " will cease to operate. instead, the rapid implementation of a recovery plan for ukraine, generating foreign investment inflows and substantial funding could accelerate economic growth to twodigit figures, and facilitate faster return of inflation to its target of 5 % set by the nbu. the nbu board has decided to keep its key policy rate at 25 %. supporting the exchange rate stability and protecting international reserves require ensuring that yields on hryvnia assets stay attractive in the long run. this is one reason why the nbu has decided to keep its key policy rate unchanged. interest rates on hryvnia deposits continue to rise in response to the key policy rate hike in june. we certainly appreciate the ministry of finance's decision to increase the rates on hryvnia domestic government debt securities. first, such step has already enabled a sizeable increase in volumes of borrowing, which reduces the need of monetary financing of the budget. second, it will provide the additional necessary impetus to other rates, which will make hryvnia assets more attractive. 3 / 4 bis - central bankers'speeches in order to stabilize exchange rate expectations and reduce pressures on international reserves, the nbu developed a new mechanism that will provide households with more options to protect their savings from the risk of exchange rate fluctuations and will help dampen demand for fx cash. such an instrument will enhance the effect of monetary transmission, and improve resilience of the fixed official exchange rate regime. moreover, the nbu has developed a set of potential measures for reinforcing monetary transmission and optimizing the structural surplus of hryvnia liquidity. the detailed design of these measures is being discussed as part of current consultations of the nbu and the ministry of finance with the international monetary fund. the updated forecast, like the previous one, envisages maintaining the key policy rate at a level of 25 % at least until q2 2024. if required, the nbu stands ready to raise the key policy rate above its forecast and

will further deploy additional measures to protect international reserves, as well as and to maintain control over inflation. today we are facing a perfect storm, but the nbu continues to stand strong to hold the financial frontline. we will keep taking decisions aimed at maintaining price and financial stability. this will enable ukraine to come out of this perfect storm stronger than before. thank you for your attention! 4 / 4 bis - central bankers'speeches