samchain/econo-pairs-v2 huggingface dataset:
david dodge : central bank website of the year remarks by david dodge, governor of the bank of canada, at the website awards event, central banking publications and lombard street research, london, england, 12 march 2003. * * * it is very gratifying to be here tonight to accept, on behalf of the bank of canada, this award for " central bank website of the year. " it has become almost a cliche to point out that " internet time moves faster than normal time. " but i'm reminded of that observation as i accept this award - an award for achievement in a medium that barely existed ten years ago. for that matter, it was only eight years ago - in 1995 - that the banco de mexico, the bank of canada, and a few other central banks launched their first web sites. back then, it would have been hard to imagine just how quickly the web would evolve into the hugely influential medium it is today. it would also have been hard to imagine back then just how far central banks would move towards greater openness and transparency in their day - to - day operations. so it seems significant that these two trends - the push towards more open, transparent communications, and the unexpectedly rapid ascendance of the web - should have coincided. at the bank of canada, our web site has been an integral part of our communications strategy over the past eight years. the web offers us a cost - effective global distribution channel for vast amounts of data, analysis, and commentary pertaining to our main functions - that is, the conduct of monetary policy, the promotion of financial stability, the supply of bank notes, and the provision of central banking services to the federal government. our site also offers a growing amount of purely instructive material. through the use of glossaries, " backgrounders ", and other information, we have made a concerted effort to ensure that every document we publish provides enough context to help non - specialists read and understand it. this is no small challenge, given the admittedly dry and complex nature of much of the material a central bank deals with. we have also developed " inflation and investment calculators " so that our message about the benefits of low inflation is clear to the public. and we use a graphic presentation to explain the transmission of monetary policy. as well, we are currently developing a web - based simulation game, designed to explain the intricacies of monetary policy to high school and undergraduate students. based on our efforts to

’ s interest in other languages. the name of this booklet is : ( in espanol, catala, euskara, galego, valencia ) • ana y alex contra los falsificadores de billetes • l ’ anna i l ’ alex contra els falsificadors de bitllets • ana eta alex, billete - faltsutzaileen aurka • ana e alex contra os falsificadores de billetes • ana i aleix contra els falsificadors de bitllets after these introductory remarks it is now a pleasure for me to declare this euro exhibition open. you are kindly invited to come closer to view the exhibition and the children ’ s booklet.
nationals of five countries namely, kenya, tanzania, uganda, rwanda and burundi. in 2008, the five countries had a combined population of 126. 6 million people and a nominal gdp of usd73 billion ( based on eac facts and figures report, 2009 ). in the same year, kenya ’ s gdp stood at usd26. 9 billion, that is 37 percent of the eac total. it is the dominant economy in the bloc. this enlarged market means potential for increased free trade among members. free trade is expected to lead to rapid expansion of trade and output, which in turn is expected to lead to demand for further investment, employment and gdp growth. these gains result from the dynamic effects of a common market, which have been shown to overshadow the static effects, that is, trade creation, trade diversion and terms of trade effects. the dynamic effects, which are cumulative in nature lead to growth. indeed, the dynamic effects of a common market are often described as the long - run consequences for the economic growth of member countries as a consequence of increased market size and exploitation of economies of scale, increased competition, learning by doing and increased investment. also, the stronger the potential economies of scale are, and the more rapid the autonomous productivity advantages, the more likely the economic integration will lead to growth. thus, the contribution of the eac common market to economic growth and employment will be greater if the economies of scale are possible by increased market size, takes place pari passu with learning by doing. however, higher levels of economic integration that would ensure such benefits are realized require heavy infrastructural investments in the region. with this realization, the eac development strategy sets out the priority programmes for the region focusing on among others, cooperation in infrastructure development. an efficient infrastructure development mainly for eac in terms of roads and railway interconnectivity has the potential to increase from 3. 7 million tonnes in 2007 to over 16 million tonnes by 2030, at an annual rate of growth of 6. 7 percent, according to a study on the eac railways master plan. current eac efforts to develop regional infrastructures are complemented at the continental level by such initiatives as the infrastructure consortium for africa ( ica ), established in 2005 and mandated to support and promote increased investment in infrastructure in africa from both public and private sources. in addition, with the implementation of the eac common market protocol, regional infrastructural projects will

in line with the government ’ s development agenda. thank you. bis central bankers ’ speeches
changed its fiscal policy and the riksbank did all it could to defend the currency, raising its steering interest rate to 500 per cent. however, sweden was forced to abandon the fixed exchange rate as an anchor to achieve price stability in november 1992. finland had replaced its fixed exchange rate regime earlier in the autumn. the overheating changed into a severe setback at the beginning of the 1990s. between 1990 and 1994 the swedish gdp fell by a total of 4. 7 per cent. in finland the fall experienced during the same period amounted to 10. 4 per cent. finland was hard hit by the large decline in export brought about by the collapse of the then soviet union. open unemployment in sweden rapidly soared from a level of around 3 per cent in 1991 to 8. 2 per cent in 1993. in finland, the number of unemployed increased from just over 6 per cent to 16 per cent. some of this difference can, however, be due to the slightly different form taken by labour market policy in the two countries and to how unemployment is defined. the deficit in public finances increased considerably ; in sweden it was at worst 12 per cent of gdp in 1993 and the borrowing requirement amounted to almost 17 per cent. the deficit in finland in the same year was 7. 3 per cent of gdp. the crisis in the banking system at the beginning of the 1990s hit both swedish and finnish banks hard. sveriges riksbank, like the bank of finland, found itself in a difficult situation at the end of 1992, following the currency crisis. the decision on a new monetary policy strategy was taken in an environment where confidence in monetary and foreign exchange policy was low. earlier actions in economic policy – resorting on several occasions to devaluation in the cost crises that arose – as well as losing the battle of the fixed exchange rate were some explanations for this. alternative strategies for finding an intermediate or direct target for monetary policy were investigated and the riksbank studies solutions used in other countries. as in the case of finland, we in sweden were not used to working in an environment with a floating exchange rate. the last time sweden had a floating exchange rate was for a few years in the 1930s. the general opinion among both politicians and economists was that a fixed exchange rate was the best solution for small, open economies that were very much dependent on other countries. this opinion has since changed – not only in sweden and finland, but also in many other countries. sweden and finland decided on a new

repo auctions, and secondary market trading at the primary dealer level. turning to today ’ s function, this is the 5th ceremony bou is hosting to recognize the pd of the year. i wish to acknowledge the role this year ’ s award winner has played especially in providing more consistent coverage in the primary auction and repo operations and particularly their pricing. ladies and gentlemen, on behalf of the bank of uganda, i wish to announce that standard chartered bank uganda is the primary dealer of the year 2009. i now invite the managing director to receive the award. congratulations. i thank you.
that our economic and monetary union was more than a precarious arrangement among nation - states and stands as an important pillar of the european integration project. proof of this can be found in the package of loans with stringent conditionality put together for greece, in the creation of an european financial stability facility with 500 billion euro, and in the adoption of further non - standard measures to defend the monetary transmission mechanism for the whole euro area by buying securities and providing liquidity. we did this in full consistency with our mandate to deliver price stability, and with the determination to overcome the unfounded misunderstanding that purchases of securities could in some inexplicable way be more inflationary than the use of the same securities in regular repurchase agreements. what counts, of course, are the overall development of primary liquidity and the management of short - term money market rates. incidentally, measured in terms of the monetary base, provision of liquidity has decreased from €1256. 8 billion on 7 may to the current level of €1149. 8 billion and eonia went up from 0. 321 to 0. 398 yesterday. at the same time, market inflation expectations are well anchored bellow 2 % up to 10 years. apart from the determination shown in taking appropriate measures, europe has also recognised that the current episode of the crisis points to the existence of real problems with respect to public finance imbalances and has even exposed some institutional weaknesses in our framework for monetary union, which need to be corrected. consequently, europe has now embarked on the preparation of significant reforms of the euro area governance in the context of the task force created under the leadership of president van rompuy. every good reform starts with a good understanding of the problems. the fundamental point relates to the issue of imbalances in euro area countries. by imbalances, i do not mean just fiscal imbalances, but also imbalances stemming from private sector behaviour. i will concentrate my remarks on the issue of imbalances, starting by analysing their causes and the necessary policies to correct and, preferably, avoid them in the future. finally, i will draw conclusions as to what the experience implies for economic policy and economic governance. 2. imbalances and adjustments in a monetary union there are severe fiscal imbalances in euro area countries. triggered, in particular, by developments in greece, markets have dramatically reassessed their view of fiscal positions leading to sharp rises in bond yield

to ensure that innovations are adopted to increase efficiency instead of becoming a hurdle to financial integration and efficiency. in its catalyst function, the ecb uses its position as “ honest broker ” to facilitate the harmonisation of standards among market participants and the interaction of the industry with other public authorities. the ecb stands ready to work together with all interested parties in its catalyst capacity to move towards interoperability of any developed services. thank you. 2 / 2 bis central bankers'speeches
njuguna ndung ’ u : reflections on inclusive business in africa keynote speech by prof njuguna ndung ’ u, governor of the central bank of kenya, at the g20 inclusive business workshop in africa, nairobi, 30 october 2013. * * * representatives of the german and saudi arabian governments who are the cofacilitators ; the g20 challenge partners ; distinguished guests ; ladies and gentlemen : it is my honour and pleasure to join you this morning at this very important workshop where we reflect on inclusive business in africa. before making my remarks, let me express my gratitude to the g20 challenge partners, the conveners of this workshop, for the invitation and choice of nairobi as the venue for the workshop. may i also take this early opportunity to welcome our distinguished guests from all over the world to this beautiful land of kenya, which enjoys a diversity of stunning and captivating landscape, wildlife and culture? i kindly urge you to take part of your time during your stay to enjoy this diversity and to always come back to enjoy it. ladies and gentlemen : the timing of this workshop could not have come at a better time for our continent. africa is composed of developing economies with untapped wealth, a youthful population and low volume of trade with itself due to infrastructure gaps. the binding constraints that the infrastructure gaps have created has not turned around the rich potential that exists in africa. but most of its economies are developing into a class of frontier and emerging economies. the g20 challenge on inclusive business innovation is a global entity that promotes employment through innovative, scalable and commercially viable ways of working with lowincome people in developing countries. this development should be appreciated in this region. ladies and gentlemen : building inclusive businesses holds the key to unlocking africa ’ s potential. this will integrate the poor into the businesses value chains in various capacities whether as producers, distributors, suppliers or employees. when the challenges of scaling and replicating the businesses are overcome, profitable and sustainable ways of engaging with the low - income segments of the population create sustainable livelihoods and contribute to sustainable poverty reduction. inclusive business models, as is said, aim to “ do well by doing good ” through creation of more stable jobs that provide sustainable income flows, build technical skills and local capacity at the bottom of the pyramid. if we achieve this we will not only have created inclusive businesses, but also inclusive growth and shared prosperity. this is the dream for africa on shared growth that will support end

##hip, and notably your commitment in driving and modernizing the financial sector in the region over the last 8 years of my term. let me conclude by once again, thanking the bank of tanzania for the warm welcome and hospitality. with these few remarks, i look forward to fruitful engagement in discharging our mandate in this meeting. thank you. bis central bankers ’ speeches
http : / / www. bankofengland. co. uk / monetarypolicy / pages / forwardguidance. aspx. see http : / / www. ecb. europa. eu / press / pressconf / 2013 / html / is130905. en. html. bis central bankers ’ speeches

developments. the medium term : eventual exit from unconventional policies unconventional monetary policy measures have been of the utmost importance to strengthen accommodative monetary policy, and they will continue to be an important policy tool as long as the economy is in troubled waters. yet it is clear that central bank balance sheets cannot grow forever. in the medium term, when the economy is back on track and solid growth is restored, some unconventional measures will have to be reversed. this eventual exit will but note that many central banks have recently given similar forward guidance about their policy intentions. bis central bankers ’ speeches pose unprecedented challenges to central banks, and it is our responsibility to prepare for these challenges well in advance. the following three aspects are particularly relevant. first, we must find the adequate timing and sequence of actions. second, we must ready the public for the eventual exit by carefully communicating our exit strategy. third, we must take into account potential international spillover effects of our policies. given the strong international linkages of banks and financial markets, monetary policy changes in one major currency area can have significant global effects. timing finding the right timing is the first key challenge when exiting unconventional policies. exiting too early or too fast may create risks to economic growth and employment. exiting too late or too slowly may create risks to price stability, both over the short and the medium term, and distort the private sector ’ s incentives to continue balance sheet repair. exit strategies thus need to be designed in a cautious manner. they must be flexible to respond to changing economic conditions. they must involve gradual and steady adjustments rather than occasional and disruptive action. they must provide the right incentives. of particular importance to the design of exit strategies is also the initial composition of a central bank ’ s balance sheet. as outlined in greater detail before, the fed ’ s quantitative easing program mainly relies on large - scale asset purchases, especially purchases of mortgage - backed securities and treasury bonds. the exit strategy will therefore have to incorporate a detailed state - contingent plan that formulates when, or under what conditions, purchases of new assets in either asset class will cease and existing portfolios will be sold off. as indicated by the disruptions following the fed announcement in june, market participants expect that these actions will have significant impacts on asset prices and thus the overall economy. moreover, finding the adequate sequence of reversing actions will be critical to keeping disruptions in asset prices to a minimum, and to ensuring the stability of the financial system. 5
, especially when benefits come at the cost of one ’ s partners, but, if we aspire to have far - reaching results, this is the right manner and the appropriate moment to react. thank you! bis central bankers ’ speeches

single voice. in this regard, the bank of albania, assuming a coordinating role, has invited other non - eu countries to contribute in formulating a common regional approach towards the banking union and its effects on these countries. we also argue that it is at the benefit of the ecb, and other monetary and supervisory authorities and eu authorities to bring the cesee countries on board of discussions, like a responsible doctor, who, while providing a strong remedy for his patient, tries to minimize potential side effects. the ecb must consider the potential side effects of its policies in our region. this consideration concerns five important issues : first, the ecb has a large theoretic and empiric expertise on financial stability, monetary and economic analysis ; however, the cesee countries may have a more precise and direct view of potential side effects on their economies ; second, this discussion among the ecb and the cesee must start early, possibly in the design process rather than after the implementation of legislation and regulation. this will allow enough time for cesee authorities to implement legal and regulative amendments to complement eu regulation and adapt its institutional structures in timely manner. the reforming eu deposit insurance and banking resolution mechanisms, for example, will have legislative and regulative implications for economies of the cesee due to dominance of european banking groups in our financial sectors. however, until the ecb and the eu decide on a solution and legislation is eventually approved, we would not know what the potential implications ( like regulatory arbitrage opportunities ), the required legal changes, and the financial costs are for our banking system and our economies. information is clearly in the interest of the cesee countries as it would remove uncertainty and risk among host supervisors ( non - eu and non - euro area ) regarding the effective resolution ( including burdensharing ) of multinational european banks ; third, establishing “ resolution colleges ”, similar to “ colleges of supervisors ”, might be an intelligent and efficient way to prepare for extreme situations. these colleges would allow home and host supervisors to discuss ex - ante regarding possible resolution of multinational european banks, with the purpose of bridging differences in the process and burden sharing as much as possible. in principle, some form of supervision could be designed to allow the ecb to share the responsibility of supervising multinational european banks with the host supervisors ( particularly in case of their systemic importance in host countries ). fourth, establishing swap lines of liquidity in euro, between the ecb and the host
made over the last few years. it would be a shame to undermine that now. 4 - fourth, we need to recreate what keynes called “ opportunities to invest ”. too often, markets are constrained by obstacles, regulations and bans which act as a disincentive for investment. if we are going to apply a keynesian economic model, then we need to apply it to the full, and avoid distorting his thinking. structural reform doesn ’ t have to be painful ; on the contrary, it often creates a brighter future, and opens up opportunities to those who have none. 5 - fifth, we need to incorporate the structural changes in the financial sector into our prudential oversight. we need to adapt to a new environment where asset managers play the dominant role in capital allocation and asset price formation. this means changing the way we think, as well as our methods of analysis and action. in this context, the french model of integrated supervision is particularly apt. 6 - lastly, number six, we need to refocus financial innovation on the long - term. today, literally billions of dollars are spent finding ways to shave a few nanoseconds off arbitrage transactions between two trading platforms. at the same time, investors struggle to find secure long - term financing tools for public infrastructure, even though experience has shown that the private ( and social ) returns of this type of investment are much higher. “ infrastructure bonds ” have been shown to offer return / risk ratios that are often higher than those on traditional assets. the g20 has rightly made this issue a priority and is looking for ways to strike a better balance between incentives and initiatives, through regulation and financial engineering. bis central bankers ’ speeches

major central banks and supervisors are on the verge of applying. stephen hawking once famously said about the internet : “ we are all now connected [ … ] like neurons in a giant brain ”. this could also apply to the finance of tomorrow in an interconnected world. each of us – whether regulators or professionals – is at least a neuron ; we need to be connected to other neurons to produce innovative ideas. similarly, no country or financial institution can adequately respond to the challenges of this changing world on its own : we must definitely join our efforts to build our future. thank you for your attention. 1 acpr study on the digital revolution in the french banking and insurance sector, march 2018. 3 / 3 bis central bankers'speeches