samchain/econo-pairs-v2 huggingface dataset:
has shown us that crisis management and resolution is also a public good, correlated with, but independent from, price and macro financial stability. for financial integration in europe to work, and for banking union to move forward, we should remember that there is one common market. the european legislation and the new proposals as well, which we broadly welcomed, do not refer to two asset classes of capital : inside and outside the banking union. eventually, we will all be members of the banking union, and it is our joint responsibility to secure a level playing field. 4 / 4 bis central bankers'speeches

mugur isarescu : transformation of central and eastern european economies - lessons learned and the way forward opening speech by mr mugur isarescu, governor of the national bank of romania, at the bucharest security conference, bucharest, 4 october 2019. * * * ladies and gentlemen, i am honoured to speak at this conference about a highly topical issue in front of such a distinguished audience. i believe it is a good opportunity to look back at the macroeconomic and financial developments in central and eastern european countries and, based on the past decades ’ experience, to look forward into the future of these economies, also from the perspective of euro adoption. generally speaking, the transition from a centrally - planned to a market economy proved to be a much more difficult task than it was first believed. the transition model was designed based on the concepts prevailing in the western countries in the early ’ 90s : free markets, globalisation and ensuring security and development via nato and eu membership. with the benefit of hindsight, i can say now that not many knew exactly what the right thing to do was, relevant experience was lacking, and every model – be it shock therapy or gradual reform strategy – proved to have its limits, so it was rather learning by doing. it was a time of experiments and many reforms were carried out in a sui generis manner. i dare say this as a veteran, serving also one year as a prime minister in 2000. in time, several aspects of transition differed from one country to another : smaller countries, such as the baltic states or slovenia and slovakia, opted for a fast track towards eurozone entry, inter alia because of geopolitical and security reasons, while states with larger and more complex economies, such as poland, hungary, czechia or romania, focused their efforts more on internal development. for instance, in poland there is talk of “ polish - ization ” and “ nationalisation ” of development, the spotlight being on the requirement to increase the country ’ s power resources : “ if you cannot stand on your own feet, no one will listen to you ”. in romania, we had a very difficult transition in the first post - communist decade, with half - hearted, gradual reform, yet after 2000 our economy has evolved more coherently, having two important anchors : the eu and nato. events that were hard to foresee in the early ’ 90s took place as well. for instance, who would have thought that slovakia, the less developed part of czechoslovakia,
s age and income. a survey conducted by the bank of canada shows that payment methods also depend on the size of the purchase. for purchases under $ 25, canadians generally prefer to use cash. for purchases of $ 26 to $ 100, debit cards are the most popular means of payment. for purchases over $ 100, credit cards are the most popular. 26 credit cards are also a preferred means of payment across distances. cash has one attribute that many people find attractive – it offers privacy and protection against identity theft. in coming years, we will likely see an increase in " contactless " payments using credit, debit, and stored - value cards, including those made by cell phones. such technology promises convenience to consumers and retailers, but it also presents security challenges. for a brief, informative overview of the history of canada's exchange rate regimes, see j. powell, op. cit., pp. 53 - 73. see, for example, c. arango and v. taylor, " merchants'costs of accepting means of payment : is cash the least costly? " bank of canada review ( ottawa : bank of canada, winter, 2008 - 2009 ), forthcoming. v. taylor. " trends in retail payments and insights from public survey results. " bank of canada review ( ottawa : bank of canada, spring 2006 ) : 25 - 36. while it's difficult to predict the future of money, it's safe to say it will be determined largely by people's preferences. we naturally gravitate towards a payment method that best suits our needs. conclusion with the limitations of this kind of presentation, i've really only scratched the surface of canada's monetary history. it is a fascinating and colourful story, and opens a window on our social, political, and economic history. sound money is fundamental to our economic well - being. while counterfeiting and inflation are ever - present threats to sound money, canada has pioneered some important innovations in deterring counterfeiting and in controlling inflation. the bank of canada plays a vital role by keeping inflation low, stable, and predictable ; by supporting the stability and efficiency of the financial system ; and by producing the currency we depend on in our commercial lives. in other words, we try to earn your confidence – and that of all canadians – every day. the next time you're in ottawa, i encourage you to visit the currency museum [ image : currency museum ]. it houses and

4 per cent. in line with the bank's outlook, further monetary stimulus is likely to be required in the near term to keep aggregate supply and demand in balance, and to return inflation to target over the medium term. with that, mr. chairman, john and i would now be happy to take your questions.
of inflation performance, low interest rates, employment creation, financial - market integration, and trade expansion demonstrate conclusively that the original objectives of the singlecurrency area are being fulfilled. furthermore, the euro has eliminated the potential risk of exchange - rate crises involving national currencies, to which many of our economies were previously exposed on a daily basis in a world characterized by free capital flows. moreover, the euro is now established as the world ’ s second most important currency, the significance of which is not lost upon a central banker. in effect, small countries, such as greece, have traded in the vulnerability associated with the free movement of capital for the greater security and credibility provided by a major international currency and its central bank. at another, no - less - important, level, the euro is a symbol of shared values and a common objective – the objective of bringing our citizens closer together in an environment in which they can prosper. i need to add, however, that the benefits of a single currency and a credible central bank do not come automatically. they depend to an important extent on the economic policies pursued by the euro area countries themselves. from a national perspective, therefore, the challenge is to maximize the benefits of participation in a monetary union by making further progress on the path of reform. for greece, it is particularly important to bring down the relatively high inflation rate in order to improve its competitive position. to achieve this objective, it is particularly important to continue on a sustainable and credible path to fiscal consolidation and to improve fiscal performance by reducing the country ’ s high government debt ratio. in particular, public finances should have sufficient room for manoeuvre in order to better cope with expected substantial increase in age - related expenditures. it will also be important, in both the public and private sectors, to attain moderate labor cost developments that take into account productivity growth, labor market conditions, and developments in competitor countries. attention must also focus on overcoming the structural constraints on economic growth and job creation, notably by fostering labor force participation. in this regard, the strengthening of competition in product markets, which will help keep profit margins at levels consistent with price stability, and improvements in the functioning of labor markets, are key elements in raising potential growth. for fifty years, the eu and its predecessor organizations have brought peace and stability to the member states. the single market and emu have built on that achievement by creating an edifice on which european economies can grow. by continuing to work

together as a team, we will be able to ensure ever - more prosperous lives for our citizens. let me not take up any more of your time, but let me wish you an enjoyable time during the remainder of your stay here. ladies and gentlemen, thank you for your attention.
on the part of the customer. further, the onus of proving contributory negligence will lie with the bank. 7 / 7 bis central bankers'speeches

masaru hayami : remarks on the bank ’ s view of japan ’ s recent economic and financial developments statement by mr masaru hayami, governor of the bank of japan, concerning the bank ’ s semiannual report on currency and monetary control ( before the committee on financial affairs, house of representatives, on 19 july 2002 ), tokyo, 5 august 2002. * introduction * * the bank of japan submitted its semiannual report on currency and monetary control for the second half of fiscal 2001 to the diet in june 2002. i appreciate this opportunity to present an overall review of the bank's recent conduct of monetary policy. today, i would like to make some remarks on the bank's view of japan's recent economic and financial developments and on the thinking behind our recent conduct of monetary policy. i. developments in japan ’ s economy japan's economy continued to deteriorate throughout 2001 and into early 2002, reflecting the rapid deceleration of the world economy due to adjustment in it - related industries. after the spring of 2002, however, the pace of the deterioration moderated, reflecting the recovery in overseas economies. recently, japan's economy has almost stabilized as a whole with an increasing upward impetus from exports and production, and an improvement in corporate profits and business sentiment. employment conditions continue to improve, albeit marginally, with an increase in overtime hours worked and in new job offers. in contrast, private demand, a key factor for a sustainable recovery of the economy, has not displayed any clear movement toward recovery. business fixed investment continues to decrease, and private consumption remains weak as a whole. as for the economic outlook, if overseas economies continue to recover, the stabilization of japan's economy will become more secure as the increase in exports and production will underpin domestic private demand through the improvement in corporate profits. however, considering that forces restraining the economy, such as excessive employment and debt, are still persistently at work, momentum for a self - sustaining recovery will be subdued for some time. in addition, uncertainty regarding external conditions which supported the recent economic recovery is rising somewhat amid a fall in stock prices in the united states and worldwide as well as depreciation of the u. s. dollar. regarding prices in japan, domestic wholesale prices have been generally leveling off, due partly to the effects of the increase in import prices in the past and of the completion of inventory adjustment. the pace of year - on - year decline in domestic wholesale prices has
and the scientific committee for having put together such a rich and interesting programme. once again, i express my gratitude to the presenters, moderators and all the other participants in this event for their presence here today. i wish you all two days of very fruitful interactions and discussions. 2 / 2 bis - central bankers'speeches

##s new products engineering. smis will have the chance to play an important role if they are able to cover the many niche markets that will arise. on the other hand, this still largely unexplored world is full of threats, in particular for smis. cyber risk is a clear example of opportunity / threat coming from technological innovation. it is a relatively new and promising market for insurers : as soon as firms and families realize how dangerous cyber risks are, a lot of new insurance policies could be designed and sold. however, insurers themselves may gain more visibility as a target for cyber - attacks while they migrate towards highly integrated and big data storage systems. the higher the sophistication of the security system in place, the lower the exposure. are smis able to use sophisticated enough security systems? that's an open question. another risky factor for smis is the persistently low interest rates environment. it is partly linked with the monetary policies in the current phase of the cycle, but also, in a longer term perspective, with the evolution of longer term fundamentals and demographic trends ; it is intertwined with technological change, since it may accelerate it, and so the ensuing m & a process 2. we still don't know how long this environment will last : as for monetary policy, headline inflation has increased lately, largely owing to energy prices, but underlying inflation pressures remain subdued. most insurance companies are being induced to change their business models, lowering guarantees offered to policyholders or shifting towards products with a stronger " financial " component, or to take more risk on the asset side. smis are less equipped to weather this storm. is a smi capable of managing more complex, innovative products? is it capable of managing more risky assets like stocks? here is another engine of potential consolidation. it is likely that, eventually, market interest rates will have to somehow normalize from the current very low levels. when that happens, the market value of bonds in insurers'portfolios will be reduced. at the same time returns on bonds will get back to more " normal " levels, allowing insurers, in particular life insurers, to offer again to their customers traditional insurance products, with a guarantee attached. that would require new contracts. timing will be crucial : if the rise in market interest rates is gradual, as well as the shift in policyholders'demand from existing contracts to new ones, then the regime change can be managed
my home county, i can say that having both monetary policy and financial stability responsibilities under the same roof has proved rather useful. 40. this expanded role reminds us that the monitoring responsibility of a central bank is crucial. our dedication to stability and our forward looking approach in a globalised financial world is a challenging task. long lasting cooperation among central banks and stimulating conferences like this one largely contribute to this achievement. thank you for your attention.

to guide our policy decisions. 1 / 2 bis - central bankers'speeches cpi inflation has been about 2 % since the summer, and we expect it to be close to target, on average, over the next couple of years. we thought elevated shelter price inflation would continue to ease, and it has. and the downward pressure on inflation from goods prices has also moderated as predicted. we expect the gst holiday to temporarily lower inflation to around 1½ % in january, but that effect will be unwound after the gst break ends in mid - february. we will be looking at measures of core inflation to help us assess the trend in cpi inflation. while the upward and downward pressures on prices have been moderating, risks to the inflation outlook remain. elevated wage increases combined with weak productivity could push inflation up. or the economy could keep growing below its potential, which would pull inflation down. in addition, the economic outlook is clouded by the possibility of new tariffs on canadian exports to the united states. no one knows how this will play out in the months ahead - whether tariffs will be imposed, whether exemptions get agreed, or whether retaliatory measures will be put in place. this is a major new uncertainty. to summarize, inflation is back to the 2 % target and lower interest rates are beginning to pass through to stronger spending by households. but the economy remains in excess supply and the growth outlook now appears softer than we projected in october. with inflation back to target, we have cut the policy rate by 50 basis points at each of the last two decisions because monetary policy no longer needs to be clearly in restrictive territory. we want to see growth pick up to absorb the unused capacity in the economy and keep inflation close to 2 %. the governing council has reduced the policy rate substantially since june, and those cuts will be working their way through the economy. going forward, we will be evaluating the need for further reductions in the policy rate one decision at a time. in other words, with the policy rate now substantially lower, we anticipate a more gradual approach to monetary policy if the economy evolves broadly as expected. our decisions will be guided by incoming information and our assessment of the implications for the inflation outlook. the bank is committed to maintaining price stability for canadians by keeping inflation close to the 2 % target. with that, the senior deputy governor and i would be pleased to take your questions. 2 / 2 bis - central bankers'speeches
jerome h powell : brief remarks on the us economy speech by mr jerome h powell, chairman of the board of governors of the federal reserve system, at rhode island business leaders day, washington dc, 27 september 2018. * * * good afternoon. thank you, senator reed, for the kind words and the opportunity to be a part of the annual rhode island business leaders day. and thank you, all, for sticking with the program for the last speaker of the day. the federal open market committee, the body within the federal reserve that sets monetary policy, just concluded a meeting yesterday. i plan to talk briefly about how my colleagues and i see the economy evolving and our role in keeping it healthy. importantly, i want to hear from you. i very much appreciate your views, as business people, of economic conditions where you live and work. and, of course, i will be happy to respond to questions. our economy is strong. growth is running at a healthy clip. unemployment is low, the number of people working is rising steadily, and wages are up. inflation is low and stable. all of these developments are very good signs. of course, that is not to say that everything is perfect. the benefits of this strong economy have not reached all americans. many of our countrya€™s economic challenges are beyond the scope of the fed, but we are doing all we can to keep the economy strong and moving forward. that is the best way we can promote an environment in which every american has the opportunity to succeed. each time we meet, we face the same question : how can we set monetary policy to best support job growth and low, steady inflation? for many years, this question called for very low interest rates to help an economy that had been damaged by the deep financial crisis that gripped the world 10 years ago. as the economy has steadily gained strength, the fed has been gradually returning interest rates closer to the levels that are normal in a healthy economy. we took another step on that path yesterday, with a quarter - point increase in short - term interest rates. these rates remain low, and my colleagues and i believe that this gradual return to normal is helping to sustain this strong economy for the longer - run benefit of all americans. as i mentioned, 10 years have now passed since the depths of the financial crisis a painful part of our history that cost many americans their jobs, their homes, and, for some, their hopes and dreams. in addition to holding interest

rates low to support the recovery, we have taken many steps to make the financial system safer. in particular, we are holding the largest banks to much higher standards in the amount of capital and liquidity they hold and in the ways they assess and manage the risks they take. i am confident that the system today is stronger and in a far better position to support the financial needs of households and businesses through good times and bad. we continue to work to sustain these fundamental improvements while also ensuring that regulation is both effective and efficient. thank you. i am happy to take your questions. 1 / 1 bis central bankers'speeches
##ment of on - hand liquidity has been less significant than that of the same period in the previous year. in these financial environments, credit conditions, which had tightened previously, have eased somewhat. the following continue to warrant careful monitoring : how actively investors will take risks ; how far private banks will ease their lending stance ; and how these changes will affect firms ’ propensity to invest.

rate – mainly due to the effects of the planned next consumption tax hike and cyclical deceleration – although the positive rate of growth is still likely to be maintained. my outlook for real gdp growth is in the range of around 1. 5 – 2. 0 percent for fiscal 2015, around 1. 5 percent for fiscal 2016, and slightly above 0 percent for fiscal 2017. my projection for fiscal 2015 is somewhat lower than the median of the policy board members ’ forecasts, perhaps because of differences in the projected pace of wage increases. because labor productivity growth in the nonmanufacturing sector has hardly improved over recent years, i project that the pace of increase in wages – and hence that in consumption – is likely to be moderate up through fiscal 2017. b. medium - term outlook for prices according to the bank ’ s baseline scenario of the outlook for prices, the year - on - year rate of increase in the cpi is likely to be about 0 percent for the time being. the rate of increase is projected to accelerate from around the second half of fiscal 2015 and reach about 2 percent around the first half of fiscal 2016 ( chart 2 - 2 ). the output gap is projected to expand within positive territory. it is also likely that medium - to long - term inflation expectations will follow an increasing trend and gradually converge to around 2 percent. regarding my outlook for prices, although the mechanism of price increase is the same with the bank ’ s baseline scenario, i project that the rate of increase in the cpi is likely to rise closer to around 2 percent toward the end of fiscal 2016 ; thereafter, it will remain somewhat lower than 2 percent in fiscal 2017. the average rate of increase for fiscal 2015 is projected to be around 0. 5 percent ; this is lower than the median of the policy board members ’ forecasts – perhaps due to the cautious view that the pace of increase in firms ’ sales prices will be moderate. according to various corporate surveys ( including the bank ’ s tankan – short - term economic survey of enterprises in japan ), recent price - setting behavior of some firms has revealed moderation in the rising trend in their sales prices as a result of the decline in their input prices. given that the rate of increase in the cpi is likely to be about 0 percent for the time being, i believe this tendency will prevail for some time. my outlook for fiscal 2016 is that the average rate of cpi inflation will reach around 1. 5 percent and thus be lower