samchain/econo-pairs-v2 huggingface dataset:
today, we envisage many benefits to both countries. trade relationships between papua new guinea and fiji will be strengthened. we will see increased competition for banking services and products. there will also be an opportunity for capacity building as fiji staff work in other bsp branches and vice versa. we at the reserve bank of fiji look forward to working closely with bank of south pacific limited to ensure that fiji ’ s financial system is dynamic and sound. i look forward to your contribution to the economy and the financial system. once again, i congratulate you on the official opening of bank of south pacific limited and wish you every success in your operations. thank you.

savenaca narube : brief look at the commercial banking sector in fiji opening address by mr savenaca narube, governor of the reserve bank of fiji, at the official opening of bank of south pacific limited, suva, 18 december 2006. * * * your excellency, mr. peter eafeare mr. noreo beangke, chairman bank of south pacific mr. garth mcllwain, managing director bank of south pacific mr. kevin mccarthy, general manager, papua new guinea mr. greg watson, general manager, fiji mr. irfan rabbani, habib bank limited distinguished guests ladies and gentlemen : i am glad to be here this morning and thank you for the invitation to the official opening of the bank of south pacific branch in fiji. it is always pleasing to see a new bank join the financial sector in fiji. over the years we have seen several banks come and go. this of course is a commercial reality. i am particularly glad that the new entrant that we are welcoming today is a strong regional bank. it is also encouraging that, in our current political climate, the bank of south pacific has decided to go ahead with its plans to enter fiji. i warmly congratulate you on this new venture and wish bank of south pacific limited all the best in your operations in fiji. fiji is going through some turbulent times. we in the reserve bank of fiji have moved quickly to safeguard financial stability. we have asked the commercial banks to freeze their loan books. we have tightened exchange controls. but let me explain here that we have not stopped any foreign transactions. we have just asked the commercial banks that they seek our approval first before they make these deals. i must thank the commercial banks for their support and cooperation for the measures that we have put in place. bank of south pacific limited has a long history of banking in papua new guinea going back as far as 1957. bsp is listed on the port moresby stock exchange and has 54 percent market share of the total assets of the papua new guinea banking system making it the largest bank in the country. it operates a network of 39 branches across papua new guinea and one branch in niue. bsp is increasing its overseas presence – here in fiji today and in the solomon islands. bsp has satisfied all the licensing requirements of the reserve bank of fiji and we are pleased to issue the bank with a licence. with the commencement of bank of south pacific limited ’ s operations
perspective. in a low or negative inflation environment, consumption could be postponed in the expectation of further price reductions, putting pressure on firm revenues. given the downward rigidity in wages, firms cannot easily adjust through lower wages in a deflationary environment. so a deflationary environment could lead to higher unemployment and stagnation. also, low inflation increases the burden of servicing debt. indeed, with deflation the real interest rate starts rising. when nominal policy rates are close to the zero lower bound, higher real rates cannot be corrected by reductions in policy rates. the prolonged period of low inflation in the euro area since 2014 has prompted the ecb to introduce unconventional monetary policy measures ( see chart 6 ). chart 6 – hicp inflation these complement the reductions in the main policy rate so as to maintain an accommodative monetary stance. in january 2015 the ecb announced the launch of the asset purchase programme ( app ), first encompassing abs and covered bonds, and later extended to the purchase of sovereign bonds. at the euro area level, the ecb ’ s monetary policy strategy has gradually improved financial and credit conditions, as well as the ongoing economic recovery. the non - standard measures have resulted in higher equity and bond prices, higher liquidity and improved lending conditions. since june 2014 the transmission of policy rates to lending rates has improved, with declines in lending rates becoming more pronounced and more widely distributed across euro area countries. the bank lending survey confirms the improvements in broader credit conditions since the introduction of the app. as a result, credit to the private sector in the euro area has shown signs of recovery and registered a positive growth since may 2015, the first time in 36 months, as shown in chart 7. bis central bankers ’ speeches chart 7 – m3 and main counterparts on the inflation front, however, results continue to disappoint on the downside. the harmonised index of consumer prices in the euro area is just 0. 1 % in october 2015, following a period of negative or close - to - zero inflation. on the other hand, the latest inflation rate for malta, at 1. 6 %, is within reach of the ecb ’ s below but close to 2 % target ; it attests to the buoyancy of the economy. it also indicates that the app has had positive effects on malta ’ s economy. the main transmission channel has worked through the exchange rate. the depreciation of the euro against other major currencies has

have welcomed this opportunity to say something about brexit. however, in view of the coincidence between this event and the ongoing saga, i will not do so today. page | 5 document classification : public
in particular on events outside the single currency area. right at the start of the year, developments in a number of emerging market economies, especially in china, were a cause of disquiet. during the year, there followed, first, 1 / 8 bis central bankers'speeches the uk referendum vote on brexit and, later, the us presidential election, neither of which necessarily produced the outcome that many were expecting. finally, in december the failure of the referendum on electoral reform brought about a change of government in italy. some of these events led to the emergence of risks that economists had hitherto seen as grounds for a possible slowdown in the economic recovery. and these decisions are contributing to a situation of quite pronounced uncertainty at present with regard to key underlying economic conditions. even so, the financial markets and the real economy have coped pretty well with these surprises. that is all the more surprising given that uncertainty is generally regarded as the enemy of longterm investment. monetary policy, which is still very accommodative in many regions of the world, may also have played a part in this quite robust performance of global economy. especially with regard to the brexit vote, the fact that even greater turbulence did not occur in the markets was probably due just as much to the prudent conduct of banks and supervisors. but events also show that the upturn in the euro area has stabilised and stands increasingly on solid ground. you will perhaps remember that the projections in march last year were assuming growth of 1. 4 % for 2016. despite the vote on brexit and the outcome of the us election, the figure in the end was as high as 1. 7 %. this means that the economy grew more quickly than production capacity. enterprises ’ capacity utilisation is on the rise. this is also benefiting the labour market in many euro - area countries ; in 2016 the unemployment rate for the euro area as a whole declined by almost 1 percentage point to 9. 6 %. that means it is now just a little less than 1 percentage point above its average in the pre - crisis years. latest economic indicators also point to a continuation of the economic recovery. retail sales and registrations of new cars showed a marked rise in the final quarter of 2016, for example, and the underlying trend of industrial output is clearly pointing upwards. furthermore, the eu economic sentiment indicator is currently at its highest level for almost six years. the current eurosystem projection

##e will now provide you with more detail on the annual accounts, and then you will have the opportunity to ask any questions you might have. thank you for your attention. 1 spilimbergo a, berger h, schindler m ( eds ) ( 2014 ), jobs and growth – supporting the european recovery. international monetary fund. 8 / 8 bis central bankers'speeches
, gaining the public ’ s understanding of the bank ’ s policy intention may strengthen the process. the tax effects are irrelevant for the consensus forecasts data for six to ten years ahead. bis central bankers ’ speeches while the bank has been increasing its efforts to promote communication, i believe there is still room for further enhancement of communication practices. the results of various surveys showed that there are differences among households, firms, as well as market participants and economists in their understanding of the qqe framework and their views on achievability of the 2 percent target. in this regard, the bank could consider communicating more effectively with targeted approaches that take these differences into account. for example, the bank needs to review published documents to include clearer language and explanations. increased contact with a range of social groups and local communities in collaboration with the bank ’ s 32 branches and 14 local offices, as well as more effective use of the media and its web site, would likely be effective in reaching out to firms and the general public. on the other hand, for market participants and economists, increased dialogues to explain forecasting methods and the bank ’ s view backed by analytical output would be a powerful tool to enhance understanding of the bank ’ s conduct of monetary policy. a successful example of such communication practices was seen during april - july 2013, when the jgb market became unstable. the bank responded by holding several dialogues with market participants, which led to the adoption of a flexible operational framework and helped to stabilize the market. all such enhanced communication efforts are considered to be essential steps to achieving the 2 percent target in a stable manner. this brings me to the end of my speech. thank you very much for listening. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

to come, we are turning again to many of the same voices we heard from earlier to learn how the covid pandemic has affected your communities and what lies ahead. 1 / 1 bis central bankers'speeches
of financial institutions ’ risk management framework for addressing the year 2000 problem ( hereinafter simply “ the problem ” ). 1 on august 19, 1997, the checklist was also distributed to financial institutions to help them in their own evaluation of their action plans. the checklist emphasizes the significance of each financial institution ’ s understanding and awareness of the problem, and calls for the commitment of each institution, including the top management, to its action plans. in proceeding with the action plans, each institution is advised to fully assess the effects of the problem, carefully arrange the scheduling of the plans, and complete renovation and testing prior to the implementation of the action plans. the checklist also stresses the importance of other matters including ( 1 ) the monitoring of the progress as to the implementation of the action plans, ( 2 ) the scrutiny of legal responsibilities of outside vendors, and ( 3 ) the establishment of contingency plans. 1 many computer operating systems and applications use six - digit codes for dates - - date fields - - comprising two digits for the year, two digits for the month, and two digits for the day ( for example, december 31, 1999 reads 991231 ). with such a coding system, the code for the year 2000 will be “ 00, ” which may be interpreted as the year 1900, not 2000. this will cause errors in date - sensitive calculations and other issues. such problems are referred to as the year 2000 problem. if measures are not taken to address the problem, normal operations of financial institutions will be disrupted, which would lead to disturbances in payment and settlement systems nationwide, the effects of which may spread to other industries. * * * nb this review is available on the bis worldwide web site ( http : / / www. bis. org ) _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

learn from iliesa ’ s hard work, courage, determination and achievements to continue to strive for the best. you can achieve the most difficult of tasks if you set your mind to it. you are fiji ’ s future. if you have the will to do so, you will surely succeed. take that lesson from iliesa. we believe that this is the highest level of recognition that we at the reserve bank can give someone. what better way than to be featured on our fijian currency, be known to the rest of the world and promote fiji to the rest of the world. on behalf of the board, management and staff of the reserve bank of fiji, i once again congratulate iliesa on his magnificent gold medal win at the london 2012 paralympic games and wish him well for the future. i also extend my sincere appreciation and gratitude to you all for taking time out to celebrate this occasion with iliesa. vinaka vakalevu and god bless fiji! bis central bankers ’ speeches
the risk of our getting burnt. 5 / 5 bis central bankers'speeches

mojmir hampl : theory lagging behind practice speaking points by mr mojmir hampl, vice governor of the czech national bank, for the central bank of malaysia ( bank negara malaysia ) conference “ the future direction on monetary policy frameworks and strategies in emerging market economies ”, kuala lumpur, 21 may 2014. * * * ladies and gentlemen, thank you for your kind invitation to this conference. it is an utmost pleasure to be here today and to speak in front of such a distinguished audience. the issues being discussed here are important and i will echo many of the points already raised. it seems to me that we all to some extent share a feeling that there are many good questions, but sometimes we don ’ t have that many good answers to them. and because i don ’ t either, i will use the standard escape tactic of those who find themselves intellectually in dire straits – if you don ’ t have a smart answer yourself, use a quote by someone really smart and you might look smarter. so i will begin with one of the famous quotes by albert einstein : “ in theory, theory and practice are the same. in practice, they are not ”. yes, exactly. and it is true not only in physics, but also in the areas of monetary policy and financial stability. in theory we central bankers believe we can control inflation, or the sustained growth of the general price level. but in practice we tend to say that there are prices that are beyond the control of monetary policy, that are somehow disconnected from the conduct of monetary policy, or that are “ completely different ”. real estate prices, asset prices etc. interesting, isn ’ t it? and conversely, in practice we know what financial instability looks like and what it is. but in theory we haven ’ t created a rigorous operationalised theoretical system for achieving financial stability, or even for defining financial stability. there is no single, universally accepted definition of financial stability, as quantifiable as the definition of price stability. and what is worse, many believe there will never be one. again, quite interesting. so this, in my eyes, is the first constraint we face. at least in the area of financial stability, theory lags behind practice. inflation targeting is a formalised, practical and handy system, while “ financial stability targeting ” is not, despite huge steps forward recently. and i can ’ t resist dreaming of a day when we have a system in the financial stability area that
rounded sense of judgement. and i hope that this will play at least some small part in strengthening the resilience of your institutions. and in closing, i look forward to interacting with you all as well. thank you very much. 4 / 4 bis - central bankers'speeches

##s market discipline and is a precondition for the establishment of early warning systems for credit institutions, markets and supervisors. the basle committee has initiated important provisions for improving transparency at the international level. key - words in this context are the improved disclosure requirements for derivative transactions and the recommendations on appropriate public reporting of merchandise transactions. as mentioned before the need of greater transparency is not limited to banks ’ information policy. the business of other market players, and their role in different markets, must become really transparent, too. at the european level, the main issue in the next few years will be meeting the growing needs of banking supervisors and credit institutions for information on the borrowers of banks in other european countries. it will be necessary to further step up the co - operation that has prevailed for a number of years between the credit registers already existing in the eu ( in austria, belgium, france, germany, italy, portugal and spain ), and to foster the construction of such systems for reporting cross border loans in other eu countries. as part of such european co - operation between credit registers, it is intended to make that information, which has hitherto been exchanged only for prudential purposes, accessible to the lending banks as well in future. in my opinion the need for a central credit register is not limited to the european level. an international credit register and the publication of aggregated figures could play an important role in making existing risks in the global financial markets more transparent. vii in emu, too, capital standards as a protection against loss will remain the cornerstone of banking supervisory provisions. an adequate capital base both in terms of quantity and quality stabilises not only the institutions themselves but also the banking system as a whole. in this context, the capital adequacy directive lays down an eu - wide foundation, which relates to market risks. in the course of the further development of the directive, banks were given the option, as an alternative to the prescribed standard procedure for computing the required capital backing of market - price risks, of using their own risk - management models, subject to certain conditions. by thus modifying their instruments, european banking supervisors have responded swiftly to the changes in the markets, and have shown themselves to be consistent with market economy principles and close to the market as well. in addition, this new quality of supervision is geared more closely to individual business practices and a bank ’ s risk situation. the european capital provisions are based on the basle capital standards adopted in 1988.
thomas jordan : monetary policy and the business cycle summary of a speech by mr thomas jordan, chairman of the governing board of the swiss national bank, at the 75th anniversary celebrations of the kof swiss economic institute, zurich, 23 september 2013. the complete speech can be found in german on the swiss national bank ’ s website ( www. snb. ch ). * * * monetary policy contributes to the prosperity of an economy by ensuring price stability in the medium and long term. this makes it possible to put resources to more efficient use, from an economic point of view, and also promotes investment and, with it, long - term growth. price stability also helps to avoid undesirable distribution effects. households with lower incomes derive particular benefit from this. monetary policy can be used to dampen cyclical fluctuations. however, it is not suitable for short - term fine - tuning of the economy. from the point of view of the business cycle, the goal of monetary policy must rather be the reduction of larger risks and the alleviation of extreme situations. an example of one such measure is the minimum exchange rate, which the swiss national bank ( snb ) set on 6 september 2011 to halt the swiss franc's upward trend, thus averting a deflationary spiral and warding off the danger of a serious economic crisis. monetary policy decisions are always subject to uncertainty. it is therefore of key importance that the snb has a sound decision - making basis. to this end, it uses a variety of models and empirical approaches, and also conducts its own surveys. in addition, the snb analyses economic indicators for switzerland and abroad, and follows the assessments and forecasts of other institutions. kof swiss economic institute at the swiss federal institute for technology zurich ( eth ) is without doubt the best - known for economic analysis. it makes a significant contribution towards understanding the swiss economy with its regular data surveys ( for example, the survey of companies it has been systematically conducting since 1955 ), as well as its economic forecasts and special analyses. in doing so, kof fulfils an important role for the snb's monetary policy and, ultimately, for the greater good of our country. for this reason, the snb has been connected with the kof swiss economic institute since its beginning in the 1930s. both institutions maintain a stimulating exchange of information and ideas to this day. with high - quality economic analysis closely linked to scientific research, kof swiss economic

institute will continue to make a valuable contribution in future - to ensure an even better understanding of the swiss economy. bis central bankers ’ speeches