samchain/econo-pairs-v2 huggingface dataset:
that banks reclassify exposures as restructured or in default in a timely and adequate manner. the actions of the banks in this regard will also engage 2 / 3 bis central bankers'speeches the supervisory process as important input information in the supervisory review and evaluation by the bulgarian national bank. the above outlines the framework for action in the short term. the main points of this framework are : continuing the previously adopted anti - crisis measures for as long as necessary, including with regard to the dividends, the risk exposures and the countercyclical capital buffer ; maintaining the high capital and liquidity requirements, in this regard we are ready to respond to a scenario in which the banks may have to operate temporarily under the combined capital buffers requirement ; and implementation of the newly adopted eba framework for a moratorium on loan repayments. we are ready to activate additional measures if the development of the situation so requires. it is very important in the difficult environment, in which we find ourselves, and strongly committed to anti - crisis measures, not to lose our strategic focus, which is aimed at successfully continuing and finalising the project we started a few years ago for joining the euro area. the bulgarian national bank has serious responsibilities in this process and has been ceaselessly pursuing them. so far, the bnb governing council has adopted concepts for the work in the main areas of activity ; a package of amendments to the internal rules and regulations, as well as specific measures for resource and capacity improvement. our full participation in the institutions of the banking union plays an important role in consolidating the integration process. obviously, this is a topic that will be on the agenda in the next few years and one we will have many occasions to discuss. meanwhile, maintaining the capacity of the banking sector for continuity of lending activities will be our joint contribution to supporting each individual bank customer and the country ’ s economy. as during the most difficult phases of the crisis, the banking sector should be able to take on the supportive role as a source of credit in the subsequent period of recovery and growth as well. despite today ’ s crisis picture, such a period may occur relatively soon. the challenges arising from covid - 19 appeared unexpectedly and the negative results in the economy manifested themselves quickly ; yet overcoming the crisis may just as likely occur in the foreseeable future, if solutions are found to effectively restrict the pandemic. let us mark the banker ’ s day in the difficult and unprecedented 2020 on such a

note of hope and optimism! 3 / 3 bis central bankers'speeches
. if greece had made a mess of their budget but not lied about the numbers, it would be much easier for them and for all of us. handelsblatt : which are the qualities of a good ecb president? talking about monetary policy, do you consider yourself an “ hawk ”? mr draghi : you should ask ecb observers if they think of me as a “ dove ”. you must always keep in mind price stability and monetary policy credibility and their crucial importance for growth.

ready to lend. if there is clarity and firmness of direction investors are there to lend the money. only at the end of this, if we think we need some kind of emergency financial assistance like the one that mr. schauble proposed, we can think about it. handelsblatt : do you agree with minister schauble? mr draghi : the minister rightly makes a point there. now we have pooled monetary policy so it is considerably complex for the ifm dictate discipline to some country without saying anything on the monetary policy. still, this is the other “ macro - lever ” of the imf. handelsblatt : are you in favour of a european monetary fund? mr draghi : i think that if things are well done in laying out the monitoring and implementation mechanism probably you would not need a european monetary fund. we cannot think that the european fund would actually resolve the issue. i would not start from the financing of the crisis, but from the solution of the crisis. in the present market conditions, though, an emergency financing at rates higher than market rates, could only respond to temporary liquidity problems, but it would be wrong to make this mechanism the linchpin of our actions. handelsblatt : do we need a new structure for the enforcement mechanism? if so, what kind of structure? mr draghi : not so much a structure, but we need a concept very much along the way we had with the stability and growth pact, a concept to be endorsed by the governments. handelsblatt : another pact? mr draghi : yes, another pact. in the euro area we need a stronger economic governance providing for more coordinated structural reforms and more discipline. handelsblatt : going back to the emf, do you think it might send the wrong incentives? mr draghi : this danger exists and we must do whatever we can to consider it just an emergency measure exclusively for liquidity purposes. nobody wants to think about the fund as a mechanism that could resolve the crisis. countries must not relay on the availability of a fund where we can draw on when having difficulties. i don ’ t think that mr. schauble or anybody thinks this. handelsblatt : would you recommend stricter rules for countries which do not respect the agreements? mr draghi : yes, we need stricter rules providing for an economic and political cost higher than it is the case today for any
glenn stevens : the changing statistical needs of central banks address by mr glenn stevens, deputy governor of the reserve bank of australia, to the irving fisher committee for financial statistics of the international statistical institute, sydney, 8 april 2005. * * * it is a pleasure to speak to you today about central banking and statistics, and particularly to see such a large gathering of statisticians, including from central banks, here in sydney. it will be interesting to see whether there is a statistically significant impact on economic activity in the sydney region as a result of your conference. i suppose that will depend on whether your rate and type of expenditure differs in a statistically significant way from that of the various other groups who occupy this precinct from week to week. today's proceedings are organised by a committee named for irving fisher. reading just a little about his life, one is struck by the breadth of his endeavours. these were covered very nicely in a speech some years ago by hans van wijk, former chair of the irving fisher committee. 1 fisher worked on monetary theory, and on understanding the determinants of the rate of interest, saving and investment. the distinction between the nominal and real rate of interest – second nature to economists today – was first made by fisher. he worked on index - number issues – the'fisher ideal index'is named after him. and he worked on understanding the nature of business cycles. a particularly insightful analysis of the role of asset price and credit fluctuations in propagating business cycles appeared in the 1930s. 2 i have noticed that this has been quoted with increasing frequency in recent years, as similar issues have resurfaced ( a theme to which i want to return shortly ). so it seems particularly apt that either as central bankers or as statisticians, or both, we remember fisher. moreover central banks have long been intense users of statistics. using the rba as an example, our economics and financial markets areas track several thousand individual economic and financial time series on a monthly or quarterly basis, for the purposes of making an assessment of current and prospective economic conditions as background for the bank's monetary policy decision process. the majority of these data, particularly those seeking to measure the'real'side of the economy and prices, are produced by other bodies, usually the official statistical agencies, both in australia and abroad. let me say at this point how much we, in the rba, value the professionalism and assistance of the australian bureau of

we have also begun visiting first nations community organisations in key regional and remote locations across australia and the torres strait, to engage with local communities about the theme nomination process. i encourage all australians to be involved in contributing to this important endeavour. i will finish on that note. my colleagues and i look forward to answering your questions. 5 / 5 bis - central bankers'speeches
executed by these participants, and on instruments relating to ringgit and foreign currency islamic securities. approval has been granted to fully exempt from withholding tax any profits or income on non - residents'investments in non - ringgit islamic securities including sukuks issued in malaysia. malaysia maintains a liberal foreign exchange administration regime where investors are freely able to obtain ringgit and foreign currencies to fund their investments in malaysia. we have relaxed the rules further to allow resident and foreign issuers to raise foreign currency - denominated bonds, including islamic bonds. foreigners investing in malaysia are also free to hedge with onshore banks their committed flow of funds such as the repatriation of investment proceeds, dividends and profits from malaysia as well as the purchase of ringgit assets in malaysia. there is free mobility of inward and outward movement of funds relating to both foreign direct investment and portfolio capital investments. multilateral development banks and multinational corporations may also issue ringgit or non - ringgit denominated instruments in the domestic bond market. to enhance the delivery system, an executive committee of key government officials, financial regulators and industry players has been has been set up for the implementation of the initiatives to support the operations in the islamic financial system. among others, an " executive green lane " has been accorded to expedite applications by expatriates for long - term employment passes with multiple entry visas. the foreign investment committee rules will also be relaxed further to allow 100 percent foreign equity ownership in these financial institutions. moreover, the islamic financial system will also adopt a conducive stance on shariah interpretations and practices, consistent with its international dimensions. it will mutually recognise and accommodate the various juristic reasoning that has been approved by recognised shariah advisers. in conclusion, i wish the malaysia country showcase a success. i invite the business and financial communities from this region and the malaysian delegation to capitalise on this event to arrange for business meetings on the sideline of this summit. thank you.

few remarks, it is now my honour and privilege to declare the bank of zambia unzabeca lecture series officially closed. i thank you.
scenario is built on the basis of the average annual oil price in 2015, which will be slightly below the average price in 2014. further on, we project a gradual downward bis central bankers ’ speeches adjustment of the average annual oil price. if necessary, we shall review the base assumptions of oil price before submitting the final draft of the document to the state duma. another difference of the forecast prepared by the ministry of economic development is in the fact that its projected 2015 inflation is 5. 0 – 6. 0 %, which is higher than the forecast of the bank of russia. in our assumptions we expect the exhaustion of the factors that have caused the rise in inflation this year, and in the baseline scenario, we assume that the inflation will reach 4 – 4. 5 %. according to our estimates, the difference between the key parameters of the federal budget, calculated on the basis of the forecast of the ministry of economic development ( this is the way the draft budget is calculated ) and the one calculated on the basis of the bank of russia forecast, is also insignificant. the federal budget deficit in 2015 – 2017 will remain low. we welcome the policy aimed at ensuring the sustainability of public finance, especially bearing in mind long - term risks which may be caused, firstly, by the demographic situation, secondly, by the escalation of pension system problems, and thirdly, by a possible fall in oil and gas revenues. these long - term risks are already in place, and, therefore, in our opinion, it is very important to maintain a conservative approach to budgeting process over a longer - term horizon. besides, it is necessary to continue improving the efficiency of budget spending, particularly in terms of investment projects, in order to increase the share of expenditures that have a multiplication effect on the economic growth within the budget structure. it will also indirectly affect the monetary policy and the possibility of its easing. in our opinion, the bank of russia contributes to creating conditions for structural changes in the economy by decreasing inflation and keeping it at a consistently low level. firstly, we need to bring the inflation to a low level, and secondly, we need to keep it there. in 2014, the bank of russia is completing the longstanding transition to the inflation targeting regime, and from 2015 it plans to conduct monetary policy within the framework of this regime. why does the bank of russia pursue its previously set goals, in spite of the current difficult situation, high uncertainty of its future development and volatility

well think in terms of " before basel ii " and " after basel ii ".
household debt. this may lead to a build - up of financial imbalances, which in turn could amplify a future economic downturn. weight is given to this consideration when making monetary policy trade - offs. as economic conditions normalise, it will be appropriate to raise the policy rate. at yesterday ’ s monetary policy meeting, the monetary policy and financial stability committee decided to keep the policy rate unchanged at zero percent. at the same time, we stated that the policy rate would most likely be raised in the latter half of 2021. in the bank ’ s latest monetary policy report, which was published in march, we presented a policy rate forecast that indicated that the policy rate would be raised gradually over the coming years. the forecast implied a somewhat faster rate rise in norway than expected among our trading partners. developments in the real economy and inflation in the coming years suggest a gradual approach. raising the policy rate too quickly may stifle the recovery. we would then run the risk that the unemployed would remain out of work longer than necessary. the low level of global interest rates also has a bearing on how quickly it would be appropriate to raise the policy 3 / 4 bis central bankers'speeches rate in norway. an interest rate differential that is too wide may result in a stronger krone, which in turn will have a dampening effect on both economic activity and inflation. the economic outlook is still clouded by uncertainty. the pace of vaccination and relaxation of containment measures are crucial for when we can begin to live more normally. in the march monetary policy report, we projected a pronounced rebound in activity in the norwegian economy in the second half of 2021 as a large proportion of the population is vaccinated, and a continued upswing into 2022. unemployment was projected to fall in pace with the rise in activity. at the same time, inflation was expected to moderate ahead, to somewhat below the inflation target, before moving up again. we projected that house price inflation would be dampened as a result of a gradual rise in lending rates, a normalisation of household consumption patterns and an increase in residential construction. with regard to fiscal policy, we have assumed that public spending – in line with the fiscal rule – would be reduced as and when the situation permits. conclusion let me conclude. when i was here last year, the economic outlook was gloomy. we had just set the policy rate lower than it had ever been, and we were highly uncertain about what lay ahead. since then

, we have been through several waves of higher infection rates and strict containment measures. nevertheless, economic activity has rebounded strongly from the trough in spring 2020, and many of those who became unemployed have fortunately re - entered the workforce. we are now pleased to note that infection rates are heading downward and that the reopening of society is underway. there is still uncertainty about the road ahead, but we can see the light at the end of the tunnel. thank you for your attention. 4 / 4 bis central bankers'speeches
the euro once they fulfil the convergence criteria. it is no one ’ s intention in the euro area and certainly not in the ecb to bar the euro adoption in eu member states outside the euro area. what is fundamental – and we stick to that position - is the fulfilment of the convergence criteria as specified in the eu treaty. we examine the sustainability of the convergence process on the basis of a coherent analytical framework specified in our convergence reports. this framework has been used consistently across time and for all examined countries and we will continue to use this framework for the analysis in the future. the notion of sustainability implies for us that the convergence criteria must be fulfilled on a lasting basis and not only at the time of the convergence examination. a lack of sustainability would result in serious economic problems for the newcomer with maintaining economic and financial stability. in addition economic problems in an individual euro area country might also have negative consequences for the entire euro area. thus, a thorough and rigorous approach to fulfilling the convergence criteria on a sustainable basis is in the interest of all current and prospective euro area members. looking to the euro area since its inception of 1 january 1999, one is impressed by its success. not only the success of the single currency itself which has gained the same level of monetary stability and confidence that was the privilege only of the best previous national currencies. not only the fact that inflation over the last eight years has been in the euro area significantly lower than in the eight years before the euro. price stability is a necessary condition for growth and job creation. so it is not surprising that growth has been higher in the euro area since january 1999 than in the eight years before and that in the same period of eight years job creation has been significantly higher : 12 million jobs created since 1 january 1999 compared to less than 3 million during the eight years before. but this does not mean that the euro area should not strive to do even much better, taking into account in particular the present level of unemployment and the low level of yearly labour productivity increases. more flexibility of all markets is of the essence. we must continue to strive for the full liberalisation of the markets of goods and services, for further significant progress in financial integration and for flexibility in the labour markets including free movement of workers. this free movement of workers within the monetary union is not only important for its proper functioning but it also symbolises the depth of the economic integration achieved between euro area countries. thus, let me repeat here my

outlook for the u. s. economy ”, speech 85, federal reserve bank of san francisco. bis central bankers ’ speeches
bis central bankers'speeches

crisis, and with the policy response since march 2020 has helped to avoid the kind of harmful credit supply tightening that characterised the previous global financial crisis. a forward - looking assessment carried out and published at the end of 2020 indicates that banks currently have adequate capital headroom to withstand an adverse scenario without breaching capital requirements. 1 it will remain a policy priority of ours that the banking sector can support economic activity. in reflecting on what we have learned today, the most pertinent short - run issue facing us all relates to the survival prospects of businesses. up to now, the exceptional nature of policy support provided to the sector has meant that companies have in the main avoided insolvent liquidations. as things stand, for many smes, a normalisation of insolvency procedures at this point would lead to liquidation, given the sheer size of the shock they continue to grapple with. given the duration of closures due to public health restrictions, and the uncertainty levels that prevail around future demand in some sectors, it would seem that now is not the time to begin assessing companies ’ survival prospects based on pre - pandemic norms. the scale of potential closures would likely cause an unwarranted degree of damage to the labour market and the economy, including the risk of “ scarring ” which would hamper our economy over the long run. 1 / 2 bis central bankers'speeches this leads to a complex policy challenge that will require our focus throughout the rest of 2021 and beyond : firstly, over what timeframe, and subject to what economic conditions, should the government begin to taper its direct financial supports for businesses? second : at what point should the current system of creditor forbearance begin to adjust, and pre - pandemic insolvency criteria begin to apply? the continuation of unviable businesses indefinitely would lead to long - run economic damage through capital misallocation, a phenomenon sometimes referred to as “ zombie lending ”. similarly, the government must also take its fiscal sustainability into account as it plans for further direct support. however, given that the challenges facing the majority of businesses in financial distress currently relate to a pandemic outside of their control, rather than their own management decisions, as well as the progress with vaccination rollout which means that economic re - opening now feels close, the balance appears currently to weigh on the side of further protection and time for businesses to adjust and trade as conditions normalise. of