samchain/econo-pairs-v2 huggingface dataset:
overall cooperation between guangdong and macao has entered into a new stage. under the auspices of the guangzhou regional branch and zhuhai branch of the people ’ s bank of china and china unionpay, the macaupass issues today the unionpay dual currency quickpass cash card which realizes the cross - border use of the ic cards in guangdong and macao. with immediate effect, the macaupass quickpass cash card will be applicable to chinaunion terminals located in both places. at the same time, mainland residents can make use of macaupass terminals via unionpay quickpass cash card. the service has signified further integration of financial infrastructures of both areas. it has realized the interchangeable use of stored value cards issued separately in the north region and south region of the country. simultaneously, it facilitates small payments made by bis central bankers ’ speeches residents of macao and tourists of the mainland, perfecting financial services of the mainland and the macao sar. it further embodies the gradual implementation of financial cooperation under the “ guangdong - macao cooperation framework agreement ” by practitioners of both areas. it has injected fresh momentum into financial cooperation between guangdong and macao. we do hope that the guangdong - macao financial cooperation can ride the tide to strengthen cooperation, enhance the already fruitful results, within regulated framework and under risk control, so as to promote full economic integration between guangdong and macao and synchronize infrastructures of both areas. i hereby would like to express, on behalf of the monetary authority of macao, our gratitude to all sectors of the community for their support in the process. thank you for your endeavour and cooperation and our best wishes to the macaupass unionpay cash card for a tremendous success in their business endeavour. at the same time, i do hope guangdong and macao will continue to work shoulder to shoulder to fulfil every item of financial cooperation under the “ guangdong - macao cooperation framework agreement ”, so as to achieve guangdong - macao financial cooperation and secure more fruitful results in promoting appropriate diversification of the macao economy. thank you! bis central bankers ’ speeches

the arrangement and choosing macao to hold such a practical and meaningful workshop. thank you very much. enjoy your workshop and the rest of your stay in macao.
growth, we will need to continue to remove monetary stimulus before the excess supply in the economy is completely absorbed. the pace and extent of this action will depend on the balance of domestic and external developments and on their implications for pressures on capacity and inflation in canada. now malcolm and i will be happy to take your questions.

david dodge : economic and financial trends in canada opening statement by mr david dodge, governor of the bank of canada, at a press conference following the release of the monetary policy report, 23 october 2002. * * * today, we released our october monetary policy report, in which we discuss economic and financial trends in the context of canada's inflation - control strategy. the canadian economy has been expanding strongly so far this year and is now operating fairly close to its full production capacity. consumer price inflation has risen above the 2 per cent target and is expected to rise further before year - end because of high oil prices and a number of other relative price movements. what is important for monetary policy is that these one - off influences on specific prices not feed more generally into price and wage inflation. the canadian economy has grown more rapidly than those of all other g - 7 countries over the past year. annualized growth exceeded 5 per cent in the first half of 2002a€ ” well above the growth of the economy's potential. we estimate that canada's economy grew at an annualized rate of about 4 per cent in the third quarter. thus, we have seen a significant reduction in the amount of excess supply in the economy so far this year. as we look ahead, global economic, financial, and geopolitical uncertainties are likely to moderate the rate of canada's economic growth over the next three quarters. growth should come in at the bottom of, or slightly below, the 3 to 4 per cent range that we anticipated in our last update. bear in mind that the output gap is very small. assuming the uncertainties now clouding the outlook dissipate in the second half of next year, we expect growth to accelerate to above potential at that time, absorbing the remaining small amount of excess supply. the bank's core measure of inflation is running above our earlier projections. this largely reflects sharp increases in home and auto insurance premiums and, in ontario, electricity prices. core inflation is also being pushed up by strong demand for housing. all told, core inflation is expected to peak at about 3 per cent by the end of this year. but, as the onetime influences that i just mentioned fade, core inflation is expected to decline in the second half of 2003, provided those one - time factors do not feed into price and wage inflation more generally. we must remember that the canadian economy is now operating not far from its capacity. in order to sustain non - inflationary
this award in the spirit of challenge it represents. i am forever mindful of samuel dubois cook's belief that there is much work ahead of us as we seek to build a world that is more just and offers more opportunity for all. although this may be called a career achievement award, i accept it with the conviction that i am just getting started. 2 / 2 bis - central bankers'speeches

for release on delivery 1 : 30 p. m. edt october 10, 2023 monetary policy analysis and the development of federal reserve policymaking remarks by christopher j. waller member board of governors of the federal reserve system at “ the legacy of bennett mccallum and lessons for monetary policy today, ” a conference sponsored by the mercatus center at george mason university washington, d. c. october 10, 2023 it is a pleasure to be here to honor the legacy of bennett mccallum by discussing his work on monetary policy. over the years, i was fortunate to cross paths with ben several times — from when i was a young academic economist to when i was research director at the federal reserve bank of st. louis. but, like many of you, most of my exposure to ben mccallum ’ s thinking has consisted of reading, and learning from, his writings on monetary policy. ben was an influential researcher who focused on a number of topics that are key to monetary policy, some of them highlighted in today ’ s panel sessions, including policy rules, instruments, and targets. when i was an academic, these were research interests that i shared with ben. more recently, since i became a member of the federal open market committee ( fomc ), the same issues have been at the forefront of my work, as i will explain in my remarks today. i will cover these issues in the context of discussing broad developments in u. s. monetary policy over the past quarter - century. 1 in doing so, i ’ m motivated by mccallum ’ s 1999 paper “ recent developments in monetary policy analysis : the roles of theory and evidence, ” which was a review of the previous 25 years. 2 in my remarks, i ’ ll first talk about changes that have taken place since the 1990s in the way in which the fomc has conducted policy. then i ’ ll turn to a discussion of monetary policy rules, how ben thought about them, their use as an input into policymakers ’ decisions, and the choice of instruments and targets in policy rules. the views expressed here are my own and not necessarily those of my colleagues on the fomc or the board of governors. see mccallum ( 1999b ). - 2developments in monetary policy from 1998 to 2023 mccallum ’ s review, which was largely written in 1998, contrasted monetary policy analysis in 1973 and 1998. in 1973, many economies were adjusting to the demise of the bretton woods
exports of goods and services, excluding the shipping sector, have increased by 50 % in real terms since their trough in 2009, similar to euro area exports. the share of tradables goods and services in the economy has increased by 10 % relative to non - tradables in terms of real gross value added since 2010. also, relative prices and net profit margins of tradables ’ sectors have increased, facilitating the rebalancing process of the greek economy towards tradable 8 / 9 bis central bankers'speeches goods and services. 12 based on september 2017 data the cet1 ratio came to 17. 1 % ( december 2016 : 16. 9 % ) and the car to 17. 2 % ( december 2016 : 17 % ). 9 / 9 bis central bankers'speeches

date / 2015 / html / sp151221. en. html, december. bis central bankers ’ speeches
hand, a more robust recovery will lead to lower deficits and debt in coming years. on the other hand, a plan that clearly and credibly puts fiscal policy on a path to sustainability could help keep longer - term interest rates low and improve household and business confidence, thereby supporting improved economic performance today. fiscal policymakers can also promote stronger economic performance in the medium term through the careful design of tax policies and spending programs. to the fullest extent possible, our nation ’ s tax and spending policies should increase incentives to work and save, encourage investments in the skills of our workforce, stimulate private capital formation, promote research and development, and provide necessary public infrastructure. although we cannot expect our economy to grow its way out of our fiscal imbalances, a more productive economy will ease the tradeoffs that we face and increase the likelihood that we leave a healthy economy to our children and grandchildren. bis central bankers ’ speeches

already applied, through passive replication of a green equity index preselected by our customers. green bonds, however, do not play an important role in this regard. due to the small market size and low market depth, they could only be used as an addition to a portfolio. ladies and gentlemen, to foster the necessary transition to a low - carbon economy some observers are actually calling for monetary policy to take climate risks into account. however, neutrality is an important principle of the eurosystem ’ s operational framework. in a monetary union with 19 national financial systems, which differ in various ways, it is important not to favour certain financial instruments over other forms of financing. any type of privileged treatment would increase national differences in the transmission of our single monetary policy. thus, to avoid opening pandora ’ s box, we should not to award preferential treatment to green bonds, for example, either in the corporate sector purchase programme or in the collateral framework. the eurosystem ’ s mandate is to maintain price stability. and in order to safeguard its ability to maintain price stability, monetary policy should not be overburdened by other policy objectives. 4. conclusion ladies and gentlemen, i began by telling you about goethe ’ s studies on the weather. the reason why his weather theory was widely ignored by mainstream scientists is that he made an abstruse hypothesis concerning the mechanism of air pressure variations – which shows us that even universal geniuses sometimes get it wrong. but it doesn ’ t take a genius to understand why the transition to a green economy is necessary. a financial system that facilitates this transition is indispensable. on that note, i wish you a fruitful debate and thank you for your attention. 3 / 3 bis central bankers'speeches
war ii. in 1948, they were enshrined in the universal declaration of human rights. the famous five recognized the importance of economic rights much earlier than that, and worked to put in place laws that extended these rights to women. for example, louise mckinney, henrietta muir edwards, and emily murphy helped to establish the dower act in 1917, which granted alberta women property rights in marriage. and nellie mcclung spent much of her political life fighting for mother ’ s allowances, better public health services, and improved property rights for married women. now, in canada, we have created a society where most of us can take for granted our right to earn a fair wage and provide for our families. but we should not underestimate the importance of macroeconomic policies, frameworks, and institutions that support the standard of living that we enjoy. for example, low, stable, and predictable inflation means that our salaries and our savings aren ’ t eroded by rising prices, nor will our economy be devastated by deflation as it was in the 1930s. good monetary policy means that we can plan for the future with confidence. a sound financial system means that we can conduct financial transactions with equal confidence. a secure currency means that we can use cash with confidence that bank notes will be readily accepted, and without fear of being stuck with a counterfeit bill. at the bank of canada, we are always mindful of our commitment to canadians - to contribute to the economic well - being of this country. part of that commitment is to communicate our objectives openly and effectively and to stand accountable for our actions. the famous five and therese casgrain remind us of the tremendous influence that individuals can have on society. as louise mckinney said, and i quote, “ the purpose of a woman ’ s life is just the same as the purpose of a man ’ s life - that she may make the best possible contribution to the generation in which she is living. ” we each have a responsibility to contribute to the society in which we live. as a public institution, the bank of canada takes this responsibility seriously. we know that by fulfilling our economic role in canadian society - by giving canadians confidence in the value of money - we make an important social contribution as well. the bank of canada will continue to promote the economic well - being of canada and canadians. that is our commitment to you. tonight, we celebrate the commitment of five individual canadians to the advancement of human rights in our

country. this is something truly worth celebrating, and i thank the famous 5 foundation for inviting me to join you on this occasion of the 75th anniversary of the persons case.
borrowing limit for banks was also raised from 50 to 100 per cent of unimpaired tier i capital with option to swap with rbi. these schemes mobilised us $ 34. 3 billion. [ swap schemes were closed by end - november 2013. ] bis central bankers ’ speeches

with highly rated foreign commercial banks. in some circumstances official foreign exchange reserves are also used as a tool of domestic liquidity management by way of forex swaps. stabilization funds are normally expected to constitute a macro hedge against a sharp fall in the export receipts from commodities that are mainly exported. they are set up primarily to insulate the budget and the broader economy from excess volatility, inflation, dutch disease, etc., by smoothening revenues flowing to the budget i. e. saving during a revenue windfall and dis - saving during a price slump. swfs seek returns over and above that required to preserve the real value on a sustainable basis. swfs attempt to invest in a wide spectrum of high yielding assets, for example, longer term government bonds, agencies and agency - backed securities, corporate bonds, equities, commodities, real estate, private equity, hedge funds, etc. the investment horizon is extended so as to enable sharing of wealth across generations or to achieve other long - term objectives. to illustrate, the economist of september 29 - october 5, 2007 refers to the swfs as “ the new rothschilds ” and sub - titles the write up as “ state - run funds are pumping money into the financial sector ”. whatever might be the medium - term or long - term objectives of stabilization funds or swfs, they could be utilized as official reserves as they are either under the control of the monetary authority or can be made available to the monetary authority in case of need. hence, these funds are sometimes described as “ quasi reserves ”. it is, therefore, useful to view all the three as components of national foreign asset funds. in most countries, the allocation of roles and responsibilities of agencies overseeing the foreign exchange reserve management function are explicitly stated in the laws and guidelines governing the reserve management entity. while it is usually the central bank or the monetary authority which is entrusted with the task of management of the foreign exchange reserves, in some countries, where foreign exchange reserves are owned by the government, management responsibilities between the central bank / monetary authority and government are clearly spelt out and disclosed. as custodians of the official reserves, the central banks are accountable to their governments or central legislatures even if the degree of autonomy of the central banks varies from country to country. in addition, central banks, by virtue of their relationships with international organizations, like the international monetary fund and the bank for international settlements, benefit by sharing best practices in reserves management, in
involved. conclusions the defining characteristic of any financial crisis is a collapse of confidence. the defining characteristic of the current crisis was a loss of confidence that seemed to permeate the whole world and almost instantaneously. at the height of the crisis – when irrational exuberance had turned into excessive pessimism – i repeatedly stated that regaining confidence was of the essence. since then, confidence in the short term has been restored, not least because of bold and courageous policy actions around the globe. going forward, we need to strengthen longer - term confidence, and that requires policy frameworks that will be robust against future challenges. that is the agenda on which i know we all plan to make some progress today. thank you for your attention.

activity. however, in order to increase investment activity, boost job creation and raise productivity growth, other policy areas need to contribute decisively. in particular, the determined implementation of product and labour market reforms as well as actions to improve the business environment for firms needs to gain momentum in several countries. it is crucial that structural reforms be implemented swiftly, credibly and effectively as this will not only increase the future sustainable growth of the euro area, but will also raise expectations of higher incomes and encourage firms to increase investment today and bring forward the economic recovery. fiscal policies should support the economic recovery, while ensuring debt sustainability in compliance with the stability and growth pact, which remains the anchor for confidence. all countries should use the available scope for a more growth - friendly composition of fiscal policies. we are now at your disposal for questions. bis central bankers ’ speeches
julia kiraly : governance, efficiency and integration in retail payments speech by ms julia kiraly, deputy governor of magyar nemzeti bank ( the central bank of hungary ), at the joint retail payments conference of the european central bank and the central bank of the republic of austria, vienna, 12 may 2011. * * * ladies and gentlemen, it is an honour that a hungarian central banker has been invited to represent the out eu countries in this panel. maybe i will not make a big mistake if i assume that this is somehow linked to the fact the hungary is the president of the eu council in the first half of 2011. i will focus on three 3 major topics : governance, efficiency and integration. i will speak primarily about hungarian aspects, and i would like to show you that most of hungarian aspects are closely linked to the european issues. governance i will take a bird ’ s eye view first. in my view in a network market such as that of payments, public authorities clearly have a responsibility in fostering the public good. we should not be shy even if this can be achieved only via regulation. governance mechanisms that integrate all stakeholders are very important. in lack of this, central bank or other public policy intervention is warranted. it is very important to find the proper governance model to steer the retail payments market at domestic level. in most countries, including hungary as well, central banks and banking communities set up payments councils or other special fora discussing payments related issues. in ideal case these fora should consist of representatives of market participants ( both supply and demand sides, i. e. payment service providers and payment service users ), and regulators. the involvement of payment service users is more difficult than the involvement of the payment service providers as the variety of users is significantly wider than that of payment service providers. consumers, retailers, businesses / corporates, small and medium - sized companies and national public administrations belong mostly to payment service users. we have to notice however, that the groups of payment service users are not homogenous and there is usually no single association for payment service users. therefore central banks have a key role in the governance of payments related issues. they should support the interest of customers, and act in accordance with the interest of the entire society and public good. central banks should act for social efficiency and should not be captive of short term banking community interests. i mention this because during our presidency work sometimes we have the impression that some central banks represent rather the short

chinese proverb that says “ a single conversation with a wise man is better than ten years of study ”. bis central bankers ’ speeches it has been a long day, in particular for those who departed early this morning or are still suffering from jet lag. therefore, i am not going to hold you up anymore. bon appetit! bis central bankers ’ speeches
once again for being a key partner and player in the financial inclusion game. i would like to encourage the fides bank to keep up this good work. your dream saver and other services are testimony to the fact that low - income people are not only bankable, but they also insurable. 10. through the dream saver, you have made a difference in the lives of many people now and for generations to come. with this product you have empowered our people. congratulations! i thank you for your kind attention. bis central bankers ’ speeches

refinement of financial stability arrangements should remain a key priority for the eu. there are three broad areas where the eurosystem sees room for enhancing the present arrangements, namely financial stability assessment, the management of financial stress and deposit insurance. in this respect, let me recall that the provision of emergency liquidity assistance is a central banking function and that there is an agreement within the eurosystem on how this facility operates in the euro ara. thus, there are no specific issues relating to the provision of emergency liquidity assistance that need to be addressed in the context of the post fsap work. finally, let me stress again that the governing council of the ecb is very strongly attached to the full completion of the single market for banking services and to a level playing field making absolutely no difference between nationalities. i am now ready to answer your questions. 3 / 3