samchain/econo-pairs-v2 huggingface dataset:
five percentage points higher than in 2008 and more than 10 percentage points higher than in countries like the united states and germany. and that is a reminder of the importance of strengthening mechanisms to analyse and diagnose promptly the risks and vulnerabilities facing the economy and, in particular, the financial system. 3 / 17 many of these vulnerabilities have been corrected during the current decade, in particular those relating to the high indebtedness of the non - financial private sector, which is now at similar levels to those of the euro area, having fallen by 69 percentage points of gdp since peaking in 2010. however, new vulnerabilities have emerged, such as public debt. this, among other consequences, limits fiscal policy ’ s future room for manoeuvre. however, i would like to focus today on the financial sector and the challenges it will have to address. a decade of transformation and downsizing of the spanish banking industry as i have already mentioned, the crisis highlighted the need to adjust the size of the banking industry. since non - financial private sector debt was excessive by any reckoning, its reduction had to be matched by a slimming down of the financial sector and, thus, banks, whose assets accounted for two thirds of the total assets of the sector. this capacity adjustment, moreover, had to be confined to business in spain, since business abroad was one of the main factors behind the resilience of some institutions. 4 / 17 in fact, the geographical diversification of spanish banks, especially their participation in emerging economies, which were little affected by the international financial crisis, allowed spanish banks with an international presence ( which accounted for almost half of total bank assets ) to limit their overall losses and to continue to cover part of their capital requirements internally. furthermore, these institutions played a very important role in resolving the crisis, since they were able to take over other institutions in a weaker position. it is not surprising, therefore, that the international presence of spanish banks has increased since the crisis, in contrast to that of the banks of most european countries, which have tended to reduce their international operations. over the last decade, spanish banks have increased their international exposure by 45 %, while the banks of countries such as germany, france and italy have reduced theirs by 38 %, 16 % and 15 %, respectively. 5 / 17 on the other hand, the effort to adjust business in spain has been highly significant. specifically, over the last 10 years,

in our decision - making what should constitute responsible and efficient management of private and public matters : accumulating buffers in good times so they can be used in hard times. and this applies not only to lenders, but also to borrowers and, above all, to those responsible for managing economic policies, including myself. contributing transparency and rigour to the establishment of this culture of stability is part of the mission entrusted to the banco de espana as an independent institution at the service of the community. thank you for your attention. 17 / 17
is necessary to cross - check against other inflation expectations ’ measures. this leads me to my third and final point. 3. other useful indicators of expected inflation inflation - indexed bonds are not the sole financial instrument to provide information on long - term expectations of inflation, as similar information can be extracted from inflation - linked swaps. the market for inflation - linked swaps has developed rapidly since 2002 in the euro area. companies with revenues linked to inflation may use this market to hedge against the perspective of low inflation while companies with liabilities linked to inflation may use it to hedge against the risks of high inflation. compared to inflation - indexed bonds, they provide a wider maturity spectrum for short and medium horizons. however, they are affected by the same biases, in particular the inflation risk and liquidity premia. this tool, however, usefully complements inflation - indexed bonds in the eurosystem ’ s information set7 and, so far, the information provided by this new financial instrument has been broadly see f. alonso, r. blanco and a. del rio : “ estimating inflation expectations using french government inflation - indexed bonds ”, banco de espana, documento de trabajo, n° 0111, 2001. see for instance the box entitled “ deriving euro area inflation expectations from inflation - linked swaps ”, ecb monthly bulletin, september 2003. in line with the information derived from indexed bonds, suggesting an average ten - year expected inflation rate of around 2 %. in addition to financial indicators, central banks, and the ecb in particular, also rely heavily on surveys to extract relevant information as regards long - term inflation expectations. i will limit myself to two examples : the first is the quarterly survey that has been carried out by the ecb since 1999, in which information is gathered from professional forecasters. in particular, it surveys inflation expectations over the medium term, at a 4 - year horizon, and delivers very useful information since each forecaster is asked about his own probability distribution of inflation over the forecast horizon. it might then be completed by other surveys looking at longer horizons, such as the consensus forecast for instance. according to these surveys, medium to long - term expectations have proven remarkably stable in the euro area, standing at a level around 1. 8 - 1. 9 %, in spite of short - term inflation dynamics being adversely affected by a series of sizeable supply shocks that have impacted the economy since 2000. another very useful kind of survey

institute will continue to make a valuable contribution in future - to ensure an even better understanding of the swiss economy. bis central bankers ’ speeches
of banks ’ balance sheets. it remains essential to prevent balance sheet strains and tightening financing conditions from reinforcing each other. conclusion summing up, the euro area economy is rebounding strongly. but the outlook continues to depend on the course of the pandemic and progress with vaccinations. the current rise in inflation is expected to be largely temporary. underlying price pressures will likely increase gradually, although leaving inflation over the medium term still well below our target. our policy measures, including our revised forward guidance, will help the economy shift to a solid recovery and, ultimately, bring inflation to our two per cent target. we are now ready to take your questions. 3 / 3 bis central bankers'speeches

development ”. we cannot have an economic model that allows excesses to go uncorrected, which relies exclusively on self - regulation of markets and in which individuals believe that “ anything goes ”. 1 ultimately, we must be guided by a higher moral standard and a profound belief in creating an economic order that serves every person. m. draghi “ non c ’ e vero sviluppo senza etica ” – articolo per “ l ’ osservatore romano ” del 9 luglio 2009 : “ la crisi attuale conferma la necessita di un rapporto fra etica ed economia, mostra la fragilita di un modello prono a eccessi che ne hanno determinato il fallimento. un modello in cui gli operatori considerano lecita ogni mossa, in cui si crede ciecamente nella capacita del mercato di autoregolamentarsi, in cui divengono comuni gravi malversazioni, in cui i regolatori dei mercati sono deboli o prede dei regolati, in cui i compensi degli alti dirigenti d ’ impresa sono ai piu eticamente intollerabili, non puo essere un modello per la crescita del mondo. ” bis central bankers ’ speeches here i find myself in the company of marx. not karl, but reinhard. cardinal reinhard marx has rightly insisted that “ the economy is not an end in itself, but is in the service of all mankind. ” and caring for the welfare of our neighbours is not only an ethical principle of the christian faith : it also makes eminent economic sense. no - one knows this better than the successful entrepreneurs of bavaria. interdependence is not just a catchword. the economic health of the countries around you affects us here and now. so these are the challenges facing european policy - makers today : how do we recreate confidence in the capacity of our economies to grow and generate prosperity so that they can ultimately serve the people? how do we shape our economic model so that it reconciles individual freedom and social justice? and how, as the european union, do we strike the right balance between the responsibilities of individual countries and those of the union as a whole
with our forecasts. this is a stark contrast from 2018 when inflation was pushed beyond the target range to average at 5. 2 percent. looking ahead, we expect inflation to remain on a target - consistent path for 2019 and 2020. bsp ’ s latest baseline forecasts indicate that inflation is projected to average 2. 6 percent this year and 2. 9 percent next year and 2021. the risks to the inflation outlook appear to be broadly balanced for 2019 and 2020. the main upward risks are the petitions for electricity rates and transport fare adjustments, and the proposed increase in the excise taxes of alcoholic beverages and cigarettes. the risk of a prolonged el nino episode has gone down. on the external front, the global economic slowdown due to protectionist policies in advanced economies, as well as geopolitical tensions continue to be the main downside risks to inflation. inflation expectations are also starting to converge with the government ’ s target range. based on the bsp ’ s latest round of expectations surveys, businesses and consumers expect inflation to remain within the 2 to 4 percent target for 2019. similarly, bsp ’ s survey of private sector economists for june 2019 showed lower mean inflation forecasts for 2019 and 2021. likewise, institutions such as the adb and the imf are projecting that inflation for 2019 and 2020 will be within the government ’ s target range for this year and the next. on june 20, the monetary board deemed it appropriate to maintain its monetary policy settings unchanged following the 25 - basis point cut in the bsp policy rate in may 2019. with better - behaved inflation dynamics, the monetary board also decided to cut the reserve requirement ratio by 200 bps phased within 3 months beginning in may up to july. this is to help ease some of the tightness in domestic liquidity. moving forward, monetary policy has been and always will be data - dependent. to determine whether further monetary easing is warranted, we will first have to see how macroeconomic conditions will unfold. two days from now ( 8 august 2019 ), the monetary board will be conducting its regular review of the monetary policy stance. until then, we will continue to look at the widest possible set of available economic and financial variables. these include the recent inflation numbers to be announced today — if not yet announced, and the second quarter ( q2 2019 ) gdp growth set to be released on thursday. meanwhile, the credit - liquidity dynamics in the country remain consistent with expanding economic activity. bank lending

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
and quality development. thank you. 3 / 3 bis central bankers'speeches

##fis can play a big role. green finance is also one of the topics of the conference tonight. the pbc has been proactively promoting green finance. by the end of june this year, the outstanding green loans in china had reached around rmb14 trillion, growing 26 percent year on year. by the end of september, the outstanding green bonds in china had exceeded rmb1. 1 trillion, increasing 35 percent year on year. based on international experience and the specific practices in china, we need to address the following four respects to better guide market capital to support green development. first, we should refine green classification criteria. the pbc led and finished the task of revising the green bond endorsed projects cataloguethis year. we are also planning to jointly issue the china - eu shared classification catalogue for green financewith relevant authorities of the eu to drive the cross - border flows of green capital. meanwhile, as the co - chair of g20 sustainable finance working group, the pbc will proactively promote the alignment of classification criteria of various countries by playing its role in the international organization. second, we should enhance the disclosure of climate change information. recently, the pbc has formulated and issued the guidance on environmental information disclosure for financial institutions based on international experience and common criteria to guide financial institutions in disclosing information like carbon emissions. third, we should manage the transition risks related to the climate. the pbc has been organizing climate risk stress tests. financial institutions should also proactively assess and manage relevant risks through environmental risk analysis. fourth, we should improve the pricing mechanism of carbon emissions. currently, the national carbon trading market in china has already been up and running. it gives full play to the role of the market, which is conducive to maximizing the incentives and constraints of carbon emission prices. financial institutions can actively carry out research in this regard. in addition, the pbc has been working on the launch of support instruments for carbon emission reduction which provide low - cost funds for qualified financial institutions to support the development of clean energy and enhance china ’ s overall energy supply capacity. 2 / 3 bis central bankers'speeches in the coming years, the pbc will continue to refine the policy framework for regulating china ’ s sifis and effectively maintain financial stability. we also expect that systemically important banks within and outside china can jointly establish climate - friendly visions and goals to drive more market capital to support green, low - carbon
though we continued to operate for a time under different laws for banking, insurance and capital markets. in short, a single regulator in our experience has offered many benefits – but it is not an instant solution. to be successful, it requires sustained effort and focus over several years. five years on, we believe we have made significant progress in this respect, but there still remains more to do. thank you.

rasheed mohammed al maraj : supervising islamic financial institutions – developments in bahrain speech by his excellency rasheed mohammed al maraj, governor of the central bank of bahrain, at the 4th ifsb summit, session 1 : an overview on alternative regulatory structures for effective supervision, dubai, 15 may 2007. * * * your excellencies, ladies and gentlemen : good morning. it is a pleasure and an honour to be with you here today, and to see so many people participating in this 4th ifsb summit. bahrain was a founding member of the islamic financial services board, and we very much support its objectives of developing common regulatory standards for the islamic financial services industry. this task is becoming all the more important, as the industry grows and internationalizes. today ’ s panel on alternative regulatory structures is a pertinent one, given the need for effective supervision to underpin a healthy islamic financial services industry, as well as the development in recent years of new regulatory organizations in the gcc. of course, innovations in regulatory structures in many developed markets can be traced back to the late - 1980s, so experience elsewhere has helped inform many of this region ’ s developments. i am sure that my distinguished fellow panel members will provide us with useful insights as regards the wider international experience in this area. for my part, i will focus on our own regional experiences, with particular attention to developments in bahrain, where over the past 5 years we have significantly changed our institutional regulatory landscape, by moving to a single regulator model. let me also preface my remarks by stating that they do not explore the issue of whether particular regulatory structures are best suited to islamic finance, as compared to conventional forms of finance. suffice it to say that in our experience, we have been able to support the growth of the islamic finance industry both as a sectoral banking regulator and, now, as a single regulator. on this issue the key point i believe is that whichever structure is in place, supervising islamic financial institutions obviously requires specialist knowledge. more importantly, given its nature as a fast developing industry, much attention and focus needs to be placed on putting in place the infrastructure and standards that will help support its growth in a healthy and sustainable manner. until a few years ago, then, regulatory structures in the gcc were predominantly sectoral in nature, and bahrain was no exception. banks tended to dominate the financial sector and financial intermediation, and they were therefore the primary focus of regulation. in all cases,
senad softic : bosnia and herzegovina pursuing sound monetary policy and a stable financial system to support economic growth speech by mr senad softic, governor of the central bank of bosnia and herzegovina, at the regular annual economic and financial dialogue between the european union and the countries of the western balkans and turkey, brussels, 17 may 2019. * * * thank you mr. chairman, distinguished participants, first of all, good morning to everyone, it is nice to be again at the end of another round of economic dialogue between the eu and our countries. i can ’ t avoid to repeat again how important and beneficial this process is for our economic governance and coordination with the eu counterparts. it is very visible we are making good progress each year and the whole process becomes better coordinated. the process is ongoing, but we need to keep in mind that we have to deal with many initiatives and reforms at the same time, as well to harmonize with eu legislation and procedures. the central bank of bosnia and herzegovina has undertaken several steps to implement recommendations from previous joint conclusions. those steps include : new statistics and development of analytical tools. we have recently improved analytical framework for forecasting and impact of policy measures. results are generally in line with previous estimates, where we expect steady, but moderate growth with some acceleration of over 3 % in the next three years. these growth rates are encouraging, but also our economic performance significantly depends on external developments. private consumption remains the main growth driver, but we also have gradual increase in investment rate. there is an obvious need for increasing of growth potential in order to create more jobs and faster real convergence with the eu. 2 sound monetary policy and stable financial system should be supportive for better economic performance, and we are very committed to work in this direction. existing monetary arrangement works very well, and our financial system is getting stronger and well capitalized. however, sound monetary and fiscal policies, are not enough. for faster growth and better living standard, there is a great need to carry out structural measures. the dialogue with the eu helped to identify those measures and implementing them will require more time and external assistance. the proposed topic about attractiveness of our region for fdis is very well chosen and timely. from the central bank perspective, fdis provide reliable funding for current account deficit and make us less sensitive to external shocks. our banking sector clearly demonstrates positive effects of fdi inflow. we worked very hard on several domains and progress is visible. many international organizations provided technical assistance

eslick, the floor is yours.
well as improvement in households'employment, wages, and consumption. an economy in which a virtuous cycle among prices, wages, and economic activity continues to operate would create a world in which the price stability target of 2 percent is achieved. b. why are prices sluggish? however, we are still halfway toward achieving the price stability target of 2 percent. the latest outlook report presents a fairly detailed analysis on reasons why prices have remained sluggish even though the economy has improved significantly. today i would like to present the essence of the report. there are likely to be two main factors behind the fact that the pace of improvement in prices has remained moderate. one is that the mindset and behavior based on the assumption that wages and prices will not increase easily have been deeply entrenched among firms and households due to the experience of prolonged low growth and deflation. the other is that the large room to raise productivity and the technological progress in recent years have allowed firms to constrain price rises as much as possible. let me explain these factors in detail by households'and firms'behaviors. first, it has been taking time for wage increases to fully take hold despite labor shortage. in particular, scheduled cash earnings of regular employees, who account for the majority of total employees, have been sluggish. the year - on - year rate of increase in such earnings over the past year has remained at around 0. 5 percent ( chart 4 ). it is said that regular employees, whose wage levels are relatively high, have a strong tendency to place priority on the stability of employment over wage increases. such tendency still seems to be persistent, reflecting the experience of severe employment adjustments under prolonged low growth. in addition, wage developments also are affected by growing diversity in terms of worker type. from a long - term perspective, an increase in labor participation by women and seniors in recent years is essential to cope with the declining trend in the working - age population, which is a challenge for japan's economy. in the short term, however, this increase will ease labor shortage, thereby constraining wage increases. second, the fact that households'tolerance of price rises has not been increasing clearly has been constraining a rise in inflation. according to the bank's survey, following the introduction of quantitative and qualitative monetary easing ( qqe ) in 2013, the level of households'tolerance of price rises shifted upward in a favorable direction compared to past levels. however

for listening to me. bis central bankers ’ speeches