samchain/econo-pairs-v2 huggingface dataset:
benoit coeure : interview in delo interview with mr benoit coeure, member of the executive board of the european central bank, in delo, conducted by mr miha jenko and published on 15 february 2014. * * * delo : mr cœure, your last visit to slovenia was in october 2012 when it hosted an ecb governing council meeting. how do you see developments in the country since then, over the last 16 months? benoit cœure : over the last 16 months, slovenia has been through a very difficult period, with many serious challenges both from an economic and also from a financial standpoint. the slovenian authorities have acknowledged and understood the challenges and have been addressing them in a systematic and serious way. the first appropriate and important steps have been taken, in particular when it comes to the restructuring of the banking sector. by completing the asset quality review and the stress tests they have reached a milestone, allowing for the restructuring of the banking system. but there remains a lot to be done. indeed, what else should be done? what are the tasks that still lie ahead? both the slovenian government and banka slovenije have a very good understanding of what has to be done. this relates to three key issues. the first is financial sector restructuring. this is well advanced. the asset quality review and the stress tests have been important and have been done in a serious and professional way, but this is only the first step. from now on you need a comprehensive reform of the banking system as part of a broader strategy for the entire economy. in this respect there are quite a few further steps to be taken. second, there is the fiscal dimension, where you need to bring down the fiscal deficit, but it is also very important to bring down the public debt. in this respect, slovenia must observe the recommendations issued by the european commission regarding the reduction of the structural deficit. this fiscal effort should be aimed towards a visible reduction in the debt level. and the third aspect is obviously economic reform and improving the efficiency of the economy. no other effort will be successful if the economy does not become more efficient. yes, the imf has also warned slovenia in its latest report about the risk of rapidly increasing public debt which could soon go beyond the hard - to - manage level of 85 %. what are the necessary steps to reduce this risk of unmanageable public debt and high interest rate costs? one of the key policy actions is privatisation,

that underlying inflation is on the decline, the policy rate may be kept on hold. there will likely be a need to maintain a tight stance for some time ahead to bring inflation down to the target. for borrowers, higher interest expenses come on top of a broad increase in prices. we know this is hard for some people. but by making sure that inflation comes down, we contribute to restoring purchasing power and to promoting high employment and economic stability over time. 2 / 3 bis - central bankers'speeches 3 / 3 bis - central bankers'speeches
and our tight monetary stance ( chart 11 ). accordingly, the marked first - half inflation increase in core indicators was reversed in the third quarter. yet, i would like to note that underlying trend indicators are still above the target - consistent levels. in this period, international commodity prices, especially oil, fell in line with the weak global growth outlook and usd - denominated import prices dropped. in addition to this favorable outlook of import costs, aggregate demand conditions and the relatively slow pace of growth in consumer loans alleviate the pressures on inflation. in fact, excluding food products and associated services subcategories, we see that annual consumer inflation declined considerably in the third quarter ( chart 12 ). in sum, the negative effects of cumulative exchange rate developments continued to wane in the third quarter, yet food prices remained on a relatively unfavorable track. the prolonged high level of consumer inflation and the ongoing deterioration in inflation expectations adversely affect pricing behaviors in certain categories, particularly services. we expect the fall in commodity prices, which is driven by the weak global demand, to bring consumer inflation down, and the awaited moderate pace of domestic demand to restrain the upside risks. thus, we believe that underlying inflation will move downward in the forthcoming period. distinguished guests, now, i would like to give a brief account of developments in economic activity and the shortterm outlook on which the inflation forecasts are based. according to the gdp data of the second quarter of 2014, economic activity was relatively weaker compared to the outlook we presented in the july inflation report. in the second quarter, we saw that industrial production remained virtually unchanged quarter - on - quarter, while national income posted a decline after eight quarters in seasonally adjusted terms ( chart 13 ). this decline was mostly attributed to the agricultural sector, which made a 0. 3 point negative contribution to quarterly growth. therefore, national income growth lagged behind industrial production growth ( chart 14 ). bis central bankers ’ speeches industrial production, which grew by 1. 1 percent in the july - august period of 2014 compared to the preceding quarter, contributed to growth in the third quarter. on the other hand, we may see some decline in the agricultural value added. thus, there are signals that gdp growth may fall short of the industrial production growth in this period as well. factors like the slowdown in the european economic growth and geopolitical developments led the external demand to decelerate, inducing a marked slowdown in the growth of exports excluding gold

engaged with the broader society. that may involve entering public service at some point, as many mit graduates have chosen to do. but it need not. there are always opportunities to make a difference in the world, through volunteering, civic participation, charitable activities, or the type of work you choose to do. i congratulate all graduates and your families for what you have accomplished and wish you the very best for the future.
christian noyer : lessons from the crisis. a central banker ’ s reflections on some accounting policy issues speech by mr christian noyer, governor of the bank of france, at the european meeting of the accounting profession, paris, 11 december 2008. * * * ladies and gentlemen, i am delighted to be taking part in this european meeting of the accounting profession. this discussion seems to me to be especially timely since the current crisis has raised a whole series of questions related more or less closely to accounting policy. it is no coincidence that the latest banque de france financial stability review is devoted to issues of valuation. i am convinced that the crisis will force us to carry out an in - depth assessment of the concepts and tools relating to valuation. i am not an accountant. the point of view i am putting forward today is that of a central banker who is responsible in particular for financial stability. with this perspective in mind, i propose that together we take a look at three topics. • an overview of the crisis from the point of view of valuation • the issue of the neutrality of accounting conventions • the consistency of rules and practices with regard to valuation financial crisis, a crisis of valuation in many respects, the current crisis is about valuation. to be sure, the factors underlying and accounting for the crisis are numerous. however, one of its significant features is that the uncertainty surrounding the “ true ” value of complex financial instruments has undermined the confidence of global markets, increased uncertainty about counterparty risk and led to contagion across asset classes, financial markets and economic regions. the crisis has highlighted the fact that the valuation of financial instruments is not only a question of accounting. it raises issues about risk measurement and management by financial institutions, prudential issues via the definition of capital requirements and, more widely, financial stability issues. however, valuation is also without any doubt an accounting issue. it is therefore hardly surprising that the debate about the application of accounting standards to financial instruments is a highly topical one. i think it interesting to note that the crisis has occurred in a financial system that has seen two far - reaching developments. i am referring first of all to the rapid growth in securitisation and products whose valuation is complex. i will not dwell on this aspect as it is not the subject of today ’ s meeting. the aspect i would like to focus on is the transition to the “ fair value ” accounting of financial instruments. the rationale behind this accounting development is understandable and can be

over the last few months and that will continue in the coming period is in fact both a modest and a difficult one. it is to ensure that accounting conventions fully reflect the reality of financial activities and are not overambitious. this undoubtedly means reviewing the role of fair value in the accounting treatment of financial instruments. thank you for your attention.
interpreted as representing different nuancings. it is self evident, and desirable, that members of a decision making in the the area of public policy bring their own views to the table, as the input for the process of coming to common decisions. some of the central banks practising inflation targeting even publish summary minutes or voting records. outside analysts have not been of the opinion that this would have reduced their credibility, quite the contrary. a relatively broadly based engagement with the media and the broad public is a hallmark of the ecb. this is in part due to its non - federal institutional basis. but it is also more in tune with a world in which everyone who so wishes has equal and real time access to facts, information, analysis and forecasts, and in which we know that nothing, literally nothing but the trivial, is certain. in line with what i earlier set out regarding transparency, i believe in accepting and indeed encouraging open debate in all areas of public policy. so, even if some of the debate about the ecb ’ s transparency and its communication profile has been tongue in cheek, it is, as usual in an engaged debate, for a good cause, with great conviction and in good faith. my personal conclusion from all this is that a devoted involvement on the part of the academic community is highly desirable. if it is to weigh in public debate, it must of course be visible, which by the way is important also as a counterweight to the populist brand of debate that tends to get more attention. my second conclusion is that central banks, the eurosystem central banks included, should consider own research as fundamental to their ability to participate in the shaping of policy and in the debate. their involvement in the public debate is needed ; otherwise the academic community has no one to debate with.

. hong kong is one of the major international financial hubs in the world. it has an open and free business environment, sophisticated financial markets, well - functioning financial infrastructure, a vast talent pool, a sound legal system, and a regulatory system well aligned with international standards. it is the world's largest offshore rmb market. it is also asia's largest asset and wealth management center and 2nd largest center for hedge funds and private equity. the pboc is committed to supporting hong kong's role as an international financial center. we will continue to create an enabling environment for the rmb business in hong kong. we will continue to support hong kong's role as an international asset center and risk management center, and its goal to become a fin - tech and green finance hub in the asia - pacific region. we will continue to support hong kong's financial stability. we believe that, with all its strengths, a favorable policy environment and its talented and hard - working people, hong kong's standing as an international financial center will be further enhanced. finally, before i take up your questions, let me wish this conference a great success! 4 / 4 bis - central bankers'speeches
designed to come to an abrupt end between september and october 2016. the federal reserve has been finding out how difficult it is to exit and has been tapering its purchases. does the ecb have to make some adjustments in that respect? first of all, i ’ m very glad you asked me about the exit. many others are only focusing on what else the ecb can do. we still have a lot of persuading to do. but of course you have a point, we absolutely have to avoid “ cliff - edge ” effects. the entire monetary policy is oriented towards smooth developments. so that ’ s a question which we will have to deal with when the time comes. but we are not yet at that point. but when embarking on such a policy shouldn ’ t you have an exit strategy ready? i am convinced that we have not yet arrived at a point where we need to conduct a public discussion on the exit. in germany there ’ s a debate raging about the ecb ’ s inflation target of “ below, but close to, 2 % ”. some are saying that price stability is actually 0 % and that it is crazy for the ecb to use all ways and means to create inflation. we had a detailed discussion on this matter in the early 2000s under the ecb ’ s chief economist at the time, otmar issing. we quickly and unanimously concluded that we should not have an inflation target of 0 %. in that scenario we would tend to be deflation - oriented, not least because of statistical distortions in measuring prices. an economy therefore needs a little inflation in order to have a buffer. i don ’ t think much at all of unsettling our definition of price stability – just as i don ’ t think much of questioning our strategy, as we have seen in the discussion on price - level targeting. bis central bankers ’ speeches greece is currently another major issue for the ecb. how painful is it for you to rubber - stamp the emergency liquidity assistance ( ela ) for greece ’ s banks in volumes of more than €70 billion? for ela decisions we apply our rules strictly. this works both ways : i ’ d really feel the pain if we didn ’ t observe our rules. but of course we have to be careful that this step doesn ’ t lead to hidden monetary financing of governments. this risk increases if a country has no access to markets. with this argument the ecb is also rejecting athens ’ attempt to

that's not the only reason. it is also important that authorities finish implementing the measures we've all agreed are needed to address existing vulnerabilities. vulnerabilities that could lead to the next crisis, if they are allowed to persist. this calls for maintaining our ambition as policy makers, and for law makers to take the agreed policies all the way through to implementation. i wish for us to have the determination and collaborative spirit that the leaders in pittsburgh collectively felt. let's work together to finish what we started. let's stay sharp, focused and committed to preserving financial stability. and where better to express that commitment than in the city that never sleeps. 3 / 3 bis - central bankers'speeches
something goes wrong. conclusion in conclusion, when times are good, we rarely feel an urgency to make changes. and these are certainly good times. but numbers can have a funny way of not revealing the whole truth. a sound spreadsheet may mask unethical behavior, a well - capitalized bank may be on the road to ruin, and a neglected corporate culture can turn toxic. we must stay vigilant around the “ softer ” side of supervision. strong culture and robust corporate governance are our first lines of defense. they ’ re a critical part of the tool kit when it comes to protecting people, banks, and the economy from risk, scandal, and harm. 3 / 3 bis central bankers'speeches

integration with our asean neighborhood will require continued vigilance on the part of the bsp and more active involvement from our banks. most of the policy directions i have outlined are geared to sustain what we have started even before the global financial crisis. we believe that this strategy remains appropriate amid heightened volatility in the market. today ’ s summit issues a timely notice for us to be flexible and adaptive to shifting market dynamics. for investors in particular, a good strategy is to recognize and seek out new opportunities. the philippines offers a host of them, and it is our hope that you also see and positively respond to their great, untapped potential. thank you, and have a pleasant afternoon. bis central bankers ’ speeches
( 2020 ), “ alternative scenarios for the impact of the covid - 19 pandemic on economic activity in the euro area ”, economic bulletin, issue 3, european central bank. chart 2 shows the household savings rate, as projected in the european commission spring forecast that was published a couple of weeks ago. the household savings rate is forecast to jump by a remarkable 6 percentage points to around 19 percent for 2020, and is expected to remain elevated even in 2021. although “ forced saving ” during the lockdown is surely contributing to the increase in household saving, it is plausible that the precautionary motive will remain significant so long as virus - related uncertainty persists. elevated uncertainty may also hamper investment prospects for an extended period of time. the private investment rate is forecast to drop this year after trending upwards since 2013, and next year it is expected to remain below the level recorded in 2019 ( chart 3 ). the fiscal response to the covid - 19 crisis ( including short - time work schemes, public credit guarantees in many countries and other direct and indirect support for firms and households ) is helping to cushion the impact of the shock : the euro area general government balance is projected to reach a deficit of 8. 5 percent of gdp this year ( chart 4 ). chart 2 euro area household saving ratio https : / / www. ecb. europa. eu / press / key / date / 2020 / html / ecb. sp200519 ~ e5203d3520. en. html 2 / 14 5 / 19 / 2020 pandemic central banking : the monetary stance, market stabilisation and liquidity ( percentage of gross disposable income ) source : european commission spring forecast ( 2020 ). chart 3 euro area private investment rate ( percentage of gross domestic product ) source : european commission spring forecast ( 2020 ). chart 4 euro area general government balance https : / / www. ecb. europa. eu / press / key / date / 2020 / html / ecb. sp200519 ~ e5203d3520. en. html 3 / 14 5 / 19 / 2020 pandemic central banking : the monetary stance, market stabilisation and liquidity ( percentage of gross domestic product ) source : european commission spring forecast ( 2020 ). in the context of the current unprecedented macroeconomic shock, monetary policy has three key roles : first, it must ensure that the overall stance is sufficiently accommodative ;

europa. eu / press / key / date / 2020 / html / ecb. sp200519 ~ e5203d3520. en. html 14 / 14
funds are increasing their allocation to asia, specifically in asian real estate. singapore can play an important role as a gateway for global investors to access asian opportunities via our capital markets. as a leading home for global fund managers, total assets under management in singapore exceed s $ 720 billion with over 50 % of these funds invested into asia pacific. the singapore exchange is an established listing venue for regional property companies based in singapore as well as foreign property developers. alongside singapore ’ s vibrant reit market, we offer a strong value proposition for real estate players to tap on singapore ’ s capital market to finance the rapid growth in the asian real estate sector. singapore ’ s real estate investment trust ( reit ) market singapore was the first country in asia to introduce a regulatory framework to facilitate the offering of real estate investment trusts ( reits ). this framework allows property companies to securitise their completed real estate assets in the capital markets, realise capital gains and re - invest into developing new properties. by offering investors direct exposure to assets with stable cash - flows, reits tap a new pool of investors who are seeking higher - yielding securities, including pension funds and insurance companies. since the first reit listing in 2002, the singapore reit market has become the largest reit market in asia outside of japan. currently, singapore has 16 listed reits, making up a total market capitalization of over s $ 26 billion. singapore reits offer investors access to a diversity of real estate assets including retail malls, office buildings, industrial properties and serviced apartments. in 2006, we also saw the first dedicated hotel reit as well as asia ’ s first healthcare reit. several key factors have contributed to the growth of the singapore reit market. our established and robust, yet pro - business regulatory framework and competitive tax regime have drawn the attention of global investors, attracting the securitization of not just domestic, but increasingly offshore assets. the number of cross - border reits listed on the singapore exchange has increased, further consolidating singapore ’ s status as a regional reits hub. these reits offer global investors exposure to properties throughout asia pacific via the singapore market, including properties in china, hong kong, australia, indonesia, vietnam, malaysia and japan. to sharpen singapore ’ s edge as an asian reits hub, it is crucial for us to maintain a conducive environment both for issuers and for investors. to this end, mas regularly reviews its regulatory regime to

markets. i wish you continued success as we build together on our strong foundations. with this, i wish all participants at this conference a fruitful exchange of ideas and discussion.