samchain/econo-pairs-v2 huggingface dataset:
financial stability by providing financial consumers the means to be well - informed of their financial opportunities. our work with infe has in fact led to the creation of the bsp ’ s consumer protection framework which is a milestone in many respects. final thoughts on the whole, market conditions remain fluid and this requires constant diligence in monitoring, evaluating and responding to developments. while there is much that a century of business education has taught us, we also have to accept that the change in the market is more than just its landscape. more fundamentally, the market ’ s dynamics and its architecture – how products, transactions, institutions and industries affect one another directly or indirectly – have evolved. the very nature of risks and how regulators approach these risks have likewise seen significant change thru the years. all these were the focus of our attention even before the chinese economy showed weakness, the us fed ’ s decision to raise its benchmark rates in december, the subsequent tightening of market liquidity and well before brexit. the integration of asean as a single bis central bankers ’ speeches production base and a harmonized market for banking, securities and insurance products adds a further layer of market evolution that all of us need to fully appreciate and prepare for. indeed, there are many challenges ahead. a century of experience and learnings in business gives us a solid foundation. but now is the time too to shift gears. we accept that we do not know everything ahead but we can count on a century of collaboration to move us forward. let us not forget that strength is not granted. rather it is achieved. reforms such as the integration of asean allow us to position ourselves within an evolving market, not just for today but more so for the foreseeable future. the changes that reforms instigate may not always be convenient, but with the right mix and a healthy dose of collaboration, they will make us better. i am confident that we have the capacity and the commitment to build a better foundation for the future. we accept that change is the norm. thru cooperation and collaboration, i am optimistic that the uncertain future can be managed, putting us in an excellent position to face risks and allowing us to reap benefits. thank you and good day. bis central bankers ’ speeches

the various countries is based on the ecb ’ s capital allocation principle. 1 / 1 bis central bankers'speeches
eye on the risks associated with cryptoassets. we are working with our domestic and international partners to ensure they do not pose a risk to the canadian or global financial system. canadians need universal access to means of payment that they can trust. as advances in technology open up new opportunities and transform the financial 11 see digital currencies and fintech. - 9system, we at the bank of canada will continue to do what is needed to maintain that trust.

during the height of the cold war, stating a view that remains applicable today, “ [ w ] e now stand in the vestibule of a vast new technological age - one that, despite its capacity for human destruction, has an equal capacity to make poverty and human misery obsolete. ”
we believe that these opportunities complement the maybank group ’ s long - term sustainability goals. as i end my presentation, let me assure that the bsp will remain steadfast in leading sustainability principles in the banking sector, in line with our national aspirations for sustainable development. congratulations to maybank philippines incorporated on your silver anniversary. thank you and mabuhay! 2 / 2 bis central bankers'speeches

ewart s williams : national financial literacy programme of trinidad and tobago opening remarks by mr ewart s williams, governor of the central bank of trinidad and tobago, at the launch of the national financial literacy programme, port - of - spain, 22 january 2008. * * * ladies and gentlemen, i am delighted that you are able to join us in recognizing ( and celebrating ) the one - year anniversary of the launch of the national financial literacy programme ( nflp ). we are also taking the occasion of the anniversary to release the results of the national financial literacy survey conducted last year. roughly one year ago ( on january 31, 2007 to be exact ), following the announcement of the programme by the honourable prime minister in his budget speech, the bank launched the nflp whose major objective is to provide citizens of trinidad and tobago with the knowledge and skills to enable them to make informed financial decisions. one year along the way, we can be pleased that we have made an auspicious start but we can also confirm that this is going to be a long journey. if there are two things that stand out from the first year experience, they are : ( i ) the recognition that financial literacy must be a critical element for successful monetary policy implementation and financial market development ; and ( ii ) that we have increased the awareness of the population of the need to become more financially literate. ladies and gentlemen, as you all know, inflation has been one of our principal economic challenges. one of the main contributors to our current inflationary momentum is the continued significant growth in credit expansion, particularly credit expansion for consumer purposes. this has happened in the face of increasing interest rates, induced by central bank liquidity absorption measures. the figures show, for instance : • consumer credit has been increasing at a rate of 24 percent a year, compared with 9 percent a few years ago ; • credit for automobiles has risen by about 52 percent in the past year ; while • outstanding credit card debt has more than doubled since 2000. ladies and gentlemen if there is a silver lining to the high level of food inflation, it is that it is beginning to force consumers to be more discerning and more price conscious in their purchases. i am also told that backyard gardening is making a comeback. we would hope that the financial literacy programmme would bring an even greater level of consumer awareness into people ’ s financial dealings. over the past year we have been able to make a number of important interventions under the national financial literacy programme.
monetary policy, ” a symposium sponsored by the federal reserve bank of kansas city, held in jackson hole, wyo. ( via webcast ), august 27. 7 see richard h. clarida ( 2020 ), “ the federal reserve ’ s new monetary policy framework : a robust evolution, ” speech delivered at the peterson institute for international economics, washington ( via webcast ), august 31 ; and richard h. clarida ( 2020 ), “ the federal reserve ’ s new framework : context and consequences, ” speech delivered at “ the economy and monetary policy, ” an event hosted by the hutchins center on fiscal and monetary policy at the brookings institution, washington ( via webcast ), november 16. 3 / 3 bis central bankers'speeches

assigned to the federal reserve by the congress — maximum employment and price stability — that remain unchanged. 7 concluding remarks notwithstanding the recent flow of encouraging macroeconomic data, the economy remains a long way from our goals, and it is likely to take some time for substantial further progress to be achieved. our guidance for interest rates and asset purchases ties the path of the federal funds rate and the size of the balance sheet to our employment and inflation goals. we are committed to using our full range of tools to support the economy for as long as it takes until the job is well and truly done. 2 / 3 bis central bankers'speeches 1 the views expressed are my own and not necessarily those of other federal reserve board members or federal open market committee participants. i would like to thank chiara scotti for her assistance in preparing these remarks. 2 the 2020 statement on longer - run goals and monetary policy strategy is available on the board ’ s website a t www. federalreserve. gov / monetarypolicy / review - of - monetary - policy - strategy - tools - and - communicationsstatement - on - longer - run - goals - monetary - policy - strategy. htm. 3 the statements issued after the september 2020 and subsequent fomc meetings are available, along with other postmeeting statements, on at www. federalreserve. gov / monetarypolicy / fomccalendars. htm. 4 the the board ’ s most recent version of the 2012 statement is available on the at www. federalreserve. gov / monetarypolicy / files / fomc _ longerrungoals _ 201901. pdf. board ’ s website website 5 the fed staff ’ s index of common inflation expectations — which is now updated quarterly on the board ’ s website — is a relevant indicator that this goal is being met. see hie joo ahn and chad fulton ( 2020 ), “ index of common inflation expectations, ” feds notes ( washington : board of governors of the federal reserve system, september 2 ) ; and hie joo ahn and chad fulton ( 2021 ), “ research data series : index of common inflation expectations, ” feds notes ( washington : board of governors of the federal reserve system, march 5 ). 6 see jerome h. powell ( 2020 ), “ new economic challenges and the fed ’ s monetary policy review, ” speech delivered at “ navigating the decade ahead : implications for
all those decisions that have been taken to put the euro area economy back on course. the monetary policy measures taken last week by the ecb ’ s governing council will support the flow of credit to firms and households in the euro area economy. ludwig erhard faced a situation that was much more difficult than what we face today. still, he was able to look through the challenging present and to work hard to build a future that he never doubted would be brighter. the european policy makers might well be inspired by his style : “ den strom der zeit konnen wir zwar nicht lenken, aber wir werden unser schiff sicher steuern. ” thank you very much for your attention. bis central bankers ’ speeches

as technical experts in this case before the constitutional court. we have also authorised the disclosure of our extensive explanation on proportionality that we submitted to the court of justice as well as excerpts from minutes of governing council meetings. the german authorities have assessed the pspp as proportionate before the constitutional court. with the new documentation, they are in a position to further corroborate their initial finding if necessary. our authorisations respect and are consistent with the independence of the ecb and the deutsche bundesbank, the fact that the bundesbank is an integral part of the eurosystem, the primacy of eu law and the binding nature of judgments of the court of justice of the european union. and they are in the spirit of european cooperation. i see no obstacle to the bundesbank continuing its purchases under the pspp after 5 august. and i trust that my german colleagues share the spirit of european cooperation and will continue 1 / 2 bis central bankers'speeches with their pro - european and constructive track record. 1 federal constitutional court ( bundesverfassungsgericht ), judgment of the second senate of 05 may 2020 – 2 bvr 859 / 15 -, para. 111. 2 judgment of the court ( grand chamber ) of 11 december 2018, weiss and others, c - 493 / 17, eu : c : 2018 : 1000. 3 account of the monetary policy meeting of the governing council of the european central bank held in frankfurt am main on wednesday and thursday, 3 - 4 june 2020. 2 / 2 bis central bankers'speeches
2014, “ thoughts on liftoff, ” speech, global interdependence center, sixth annual rocky mountain economic summit, jackson hole, wy, july 11. bis central bankers ’ speeches

the transposition of european union directive ( psd ), which is considered as one of the most avant - garde pieces of legislation in this field, is a concrete initiative in this regard. the bank of albania, in collaboration with the experts of the world bank and bank of italy, has prepared a draft - law, which will be subject to public discussions very soon. to support these initiatives, the bank of albania is analysing the possibility of innovative 1 / 2 bis central bankers'speeches developments in the systems we operate, such as : instant payment, which, based also on international experience, would reform the payment markets from the digitalisation point of view. * * * * * * dear participants, given its very nature, this new dimension of payment systems development requires certainly broader cooperation by all the stakeholders. in this regard, the inter - institutional cooperation has resulted as very effective through the organisation and functioning of the national payment systems committee. the committee is a collegial advisory body, chaired by the bank of albania, and is making important steps forward toward reformation and modernisation of retail payment systems. its vision for the future is “ creating a contemporary and all - inclusive retail payments market, supported by safe and efficient infrastructure, and a broad range of instruments and services that satisfy the needs of the users ”. the realisation of this vision requires legal, regulatory and infrastructural developments. it must be noted that the above - cited initiatives, formalised in the relevant national strategy, have been substantially supported by renowned international institutions such as the world bank, the european central bank, and central banks from eu countries. hence, let me now extend my sincere appreciation to these institutions for their support, and to their distinguished representatives who will share with you today their experience in the development of retail payment systems market. from the perspective of communication and cooperation, the regional cooperation and sharing of experiences is deemed as very important and fruitful. as a result of market development and cultural characteristics and financial education level in the countries of our region, experience sharing assumes particular importance, as it may contribute significantly to achieving the goals more effectively. last but not least, another development is the joint initiative of the bank of albania, ministry of finance and economy, and minister of state for diaspora for a higher attention related to attracting and effectively using remittances, as a component of retail payments. at the international level, remittances make a significant contribution to the economy and welfare of the people
. i ’ d like to conclude by touching briefly on the issue of central bank credibility because i believe it ’ s been an enabling factor in our taking a cautious approach. over the last twenty years, the fed has built a reasonably good reputation for containing inflation. this credibility has allowed us some flexibility to delay raising interest rates - despite many forecasts that inflation would soon rise. without this leeway, we might have faced a jump in inflation expectations with adverse reactions in financial markets. going forward, we intend to maintain our credibility by continuing to keep inflation under control.

or later in either case. if we were dealing mainly with excess demand, of course, the reason for tightening is obvious. but even if we were dealing mainly with a technology shock, the fed still would have had to raise the federal funds rate eventually. i would point to three reasons for eventually raising the policy rate in response to a technology shock. the first reason has to do with the effect of higher productivity growth on equilibrium real interest rates. since higher productivity growth raises the rate of return on investment, it also raises the level of equilibrium real interest rates. thus, just to maintain the stance of policy, interest rates would have to rise. in simple models, there is a one - to - one relationship between the increase in trend productivity growth and the increase in the equilibrium real interest rate. of course, things are not usually this simple. for example, in the us economy today, two developments have tended to mitigate the glenn d rudebusch and lars e o svensson. 2000. “ eurosystem monetary targeting : lessons from us data ”. frbsf working paper # 99 - 13. http : / / www. frbsf. org / econrsrch / workingp / wp99 - 13. pdf increase in equilibrium rates. the large federal budget surplus has increased the supply of national saving, while the rising trade deficit was matched by an increased supply of capital from abroad. but overall, it appears that we would have been contributing to an inflationary monetary policy if we had tried to hold real rates at their old levels. the other two reasons support an actual tightening of the stance of policy. inflation tends to decline initially when productivity accelerates in response to a technology shock, because increases in labor compensation tend to lag behind increases in productivity growth. eventually, though, the shock wears off, as the rate of productivity growth stops increasing and wages accelerate to catch up. so a technology shock is a “ golden opportunity ” - initially, it gives us lower inflation without a slowdown in growth or a rise in unemployment. however, to lock in the benefits and keep inflation at the new lower level, monetary policy would have to tighten. after all, in the end, inflation is determined by monetary policy, not by productivity growth. the final reason has to do with the “ permanent income hypothesis ”. a technology shock raises the prospect that incomes will continue to be higher in the future : in other words, permanent income may increase. this could mean that
jean - pierre roth : steps to strengthen the swiss financial system introductory remarks by mr jean - pierre roth, chairman of the governing board of the swiss national bank and chairman of the board of directors of the bank for international settlements, at the news conference, bern, 16 october 2008. * * * pursuant to art. 5 of the swiss national bank act ( nba ), the snb shall contribute to the development of our economy and the proper functioning of our monetary system. this is why the snb has decided to extend a loan not exceeding usd 54 billion to the special purpose vehicle ( spv ) set up to take over illiquid assets currently held by ubs. a similar offer has also been extended to the cs group, which has refrained from making use of such a possibility. for the snb, this operation is highly unusual, both with regard to its scope and the reasons for it. scope of operation as to the scope of the operation, usd 54 billion is clearly a substantial amount for the national bank. i would like to emphasise, however, that the loan amount is entirely guaranteed by the portfolio assigned by ubs, i. e. securities valued at usd 60 billion in the ubs balance sheet. given the fact that in the past twelve months, ubs has made aggressive write - downs on its risky positions and that its portfolio is fairly diversified ( it does not only consist of toxic assets ), we feel that the risk of further losses on this portfolio is limited. we will, in any event, reassess the value of each portfolio component before making the transfer to the special purpose vehicle. the lowest valuation will be applied. to secure initial financing for the operation, we will obtain us dollars through a dollar - swissfranc swap with the federal reserve. thereafter, we will turn to the market for refinancing. the snb will therefore not incur any currency risk. since the entire operation will be effected in us dollars, it will not affect the national bank's monetary policy in any way. reasons for operation this operation is nevertheless unprecedented with regard to the reasons for it. in carrying it out, we are making a contribution to an essential element of the swiss financial system, at a time when financial markets have been in turmoil for some months now. a better functioning of the financial markets – in particular the banking sector – is essential so that our country will be able to weather the economic difficulties resulting from the anticipated global economic slowdown

in the months ahead. it is therefore preferable that we go ahead with this operation now, in an orderly fashion, despite the fact that the markets have regained a certain degree of optimism in the past few days – rather than at a later point under potentially more adverse conditions. the federal council and the swiss federal banking commission have been kept abreast of the preparations underway and our negotiations with ubs.
ducoulombier and your colleagues every success. 19. thank you. bis central bankers ’ speeches

financial instabilities occur in the course of corporate restructuring, the bank of korea will have to respond actively through use of various policy tools, including open market operations and its lending facilities. although the recapitalization of state - owned banks, where worsening capital adequacies are feared, is an issue that should in principle be addressed through fiscal measures, the bank of korea has decided to also take part in this project, as a precaution against financial system instability. and going forward the bank of korea must do its utmost to fulfill its role in achieving the desired goals, while maintaining its fundamental principles. we also need to step up our efforts devoted to policy communication. to achieve effective communication there is nothing more important than heightening the accuracy of evaluations of and forecasts for economic conditions, and then delivering consistent policy signals to the market based upon them. the bank of korea needs to continuously improve its monetary policy decision statements, while expanding its channels of communication with economic agents. from this year on we have accountability to provide the public more detailed explanations of our inflation targeting operations. we will therefore have to fulfill this responsibility faithfully, and by doing so will ensure enhanced public understanding of and confidence in our monetary policy. dear fellow members of the bank of korea, given the challenging conditions facing the korean economy, expectations of the role of the central bank have become higher than ever. the policy environment around us can however be described as one of “ radical uncertainty, ” since the directions and speed of changes are very hard to understand. against this backdrop, if we hope to lay out policy alternatives that reflect reality well, then we should change our fundamental patterns of behaviour and thinking decisively. we should also listen carefully to new ideas, with flexible thinking and open minds free from the influence of past custom. however, this does not mean that we can overlook the basic principles of a central bank. if we are bent on keeping step with external changes without deep reflection, then we may easily forget where we stand and what the raison d ’ etre of a central bank is. we must bear in mind the fact that the central bank has to conduct its policies from the long - term perspective of the national economy as a whole, rather than being distracted by short - term outcomes. as in any organization, it is it sector capability that will determine the bank of korea ’ s development in this 4th industrial revolution era. we will therefore have to review how we can change our it - related work