samchain/econo-pairs-v2 huggingface dataset:
financial conditions take longer to normalize. the bank judges that these risks are roughly balanced. against this background, the bank lowered its policy rate by 50 basis points on tuesday to 1 per cent, bringing the cumulative monetary policy easing to 350 basis points since december 2007. guided by canada's inflation - targeting framework, we will continue to monitor carefully economic and financial developments in judging to what extent further monetary stimulus will be required to achieve the 2 per cent target over the medium term. low, stable, and predictable inflation is the best contribution monetary policy can make to long - term economic growth and financial stability.

weather and a port strike in los angeles. we had some unusual weather ourselves. however, our best judgement is that the data we have received so far remain consistent with the view that the impact of the oil price shock is proving to be faster than initially expected, not larger. outside of the energy sector, other areas of the economy appear to be doing well. in particular, the segments of non - energy exports that we have been expecting to lead the recovery have been doing so, and we expect this trend to be buttressed by stronger u. s. growth and the lower canadian dollar. our business outlook survey indicates that capacity constraints are beginning to emerge for exporters, which is promising for new investment. and, although we still have material slack in our labour market, the market ’ s fundamentals have begun to improve. even so, companies remain cautious about new investment and hiring intentions. weighing these various forces acting on the economy, we are anticipating a rebound in growth in the second quarter, and a move to above - trend growth thereafter, for annual growth of 1. 9 per cent this year. this projected growth profile gets us back on track to use up our excess capacity around the end of 2016, at which time inflation will settle sustainably on bis central bankers ’ speeches 2 per cent. we see the risks around this projection as roughly balanced, but they will be reassessed continuously as new data become available. the main risk is the size and duration of the negative impact of the oil shock, weighed against the positive forces that are building in the non - energy export sector. our outlook is for the positives to begin to reassert themselves during the second quarter, and to do so clearly in the second half of the year. the interest rate cut of january and the lower canadian dollar are working to speed up the transition. to give just one example, exporting companies with existing contracts denominated in u. s. dollars are seeing an immediate 8 per cent increase in canadian - dollar cash flow, and will be able to compete more aggressively for future sales. inflation as measured by total cpi today is running at about 1 per cent, well below our 2 per cent target. this is largely due to the drop in gasoline prices, a temporary effect. but total cpi inflation would be even lower than 1 per cent, in fact quite close to zero, were it not for exchange - rate effects, which are boosting total inflation by 0. 6 to 0. 7 percentage points
##ong kumi - latis ng tao at magbigay galang. it is not enough that you have physical stamina, it is also important that you deal with your co - workers and our legitimate visitors with courtesy. they should feel safe even in the presence of armed personnel ; let them know that you are there to protect them. always remember to work with vigilance, diligence, intelligence, and courtesy. these are the trademarks of excellent security personnel of the bangko sentral ng pilipinas. and so, on behalf of the bangko sentral, i congratulate all our graduates today for completing their rigorous training. palakpakan po natin sila! i also congratulate the sitd led by col. ed gatumbato, managing director noli torres, and deputy governor andy suratos for contuining these training programs for our security personnel. palakpakan din po natin sila! keep up the good work! mabuhay ang sitd! mabuhay ang bangko sentral ng pilipinas! maraming salamat sa inyong lahat.

is fiscal space to pursue infrastructure investments geared towards increasing the productive capacity of the economy. and the new administration has promised to ramp up infrastructure spending. on the part of the bsp, we will continue to be steadfast in delivering on our mandates of maintaining price and financial stability in the economy, thereby serving as the wind at the back of our stakeholders, including investors like you. based on the unctad ’ s export similarity index. bis central bankers ’ speeches the philippines presents excellent relative value ladies and gentlemen, the philippines means business. while the challenges to the investment environment appear formidable, our collective vigilance and prudence will help us achieve our objectives of sustainable growth, as well as stability. i trust that the bsp can further engage you in pursuing the economic agenda of the philippines. at the top of my remarks, i said investing is all about relative values. i hope that in the time that had been given to me, i have been able to show you that the philippines presents excellent relative value, an investment choice that will allow you to achieve your target risk / return and more. thank you very much and i wish everyone a productive forum. bis central bankers ’ speeches
had been no signs of asset overvaluation in the euro area. finally, i would like to mention that all major central banks around the globe, including the federal reserve bank and the bank of england, reacted in a similar way to the economic circumstances prevailing in recent years, although the extent and the timing of their monetary policy interventions differed. therefore, i believe that the criticism of the german constitutional court regarding an unjustified decision on the pspp does not hold. on the contrary, given the plethora of material available in this regard, i must confess that this criticism was rather unexpected. in light of my foregoing remarks, what conclusions emerge? in the two decades since the inception of the euro area, we have witnessed the exceptional dynamism and strength conveyed by the european unification process, the significant benefits and the considerable successes associated with it. we have also witnessed the dysfunctionalities and imperfections imminent in the institutional architecture of the euro area, which were amplified by the great financial crisis, and by the outbreak of the current pandemic - related crisis. the answer to these – existing — problems is in my view the quest for the deepening of european integration – not a flight into nationalism. while criticism in good faith of decisions of european institutions, including the ecb, is indeed valid and useful, decisions which provide fertile grounds for backtracking on european integration are rather harmful. the ecb needs to be able to continue designing and implementing monetary policy for the entire euro area, taking care for the smooth functioning of the transmission mechanism and tackling fragmentation in financial markets. allow me to conclude by quoting aristotle, who said « τουνομα εχει νομισμα, οτι ου φυσει αλλα νομω εστι ». the currency is based on the law. the law needs to be upheld, in order to lend credibility and stability to the currency. and this is exactly what the ecb has been doing – in trying to fulfill its mandate according to the treaty for the european union. 1 bundesverfassungsgericht, decisions, para. 235. 3 / 4 bis central bankers'speeches 2 account of the monetary policy meeting of the governing council of the ecb, held on21 – 22 january 2020. remarks by benoit coeure, at the snb - imf conference “ monetary policy challenges in a changing world, ” zurich

speeches
projection exactly and reflected the impact of increased oil prices on electricity and transportation - related costs as well as the announced increase in minimum wages. more broadly, for the year, world prices for commodities increased. for example, oil prices rose by 18 per cent and the price of corn rose by 31 per cent. this is worth stressing so that we can appreciate that the success of the policies in reducing inflation from 13. 3 per cent the year before to 7. 8 per cent last year ( a reduction of 5. 5 percentage points ) was achieved in an environment of sharply higher world commodity prices. the success in bringing down inflation occurred, though, in a weaker economy than had originally been projected. adverse local and international weather conditions ( tropical storm nicole, ash clouds in europe ) and the temporary fall - out that the economy experienced, particularly in the tourism sector, from the disturbances in west kingston in may played a part. overall, however, the tourism sector remained the brighter star. stopover tourist arrivals for the full fiscal year are estimated to have grown in the region of 3. 5 per cent to 4. 0 per cent. cruise passenger arrivals, of which about a third come through the montego bay port, recorded growth of approximately 5. 0 per cent following three successive years of decline. bis central bankers ’ speeches the industry is now poised to grow substantially in the coming year because of the opening of the new port in falmouth. to round out the picture, the balance of payments left us with even stronger net international reserves. the nir ended the year at us $ 2. 5 billion, up us $ 800 million for the year. gross reserves ended at us $ 3. 4 billion, representing nearly 23 weeks of projected imports of goods and services. this performance was underpinned by heightened confidence about the prospects for the economy as the government demonstrated repeated success in meeting the quantitative targets under the agreement with the imf. we saw this confidence reflected in the strong preference for jamaica dollar assets which influenced the steady appreciation in the exchange rate that we experienced last year. what is our prognosis for the next fiscal year? we are expecting that the process of fiscal consolidation will continue, even while the government embarks on a path to induce growth. we are currently expecting inflation for the fiscal year to fall further even in the face of rising commodity prices. the fall will not be as pronounced as the 5. 5 percentage points fall that we saw in the 2010 / 11 fiscal year.

on which to sustain economic activities that generate jobs and improve the lives of filipinos. the task before us therefore is to secure this position of strength and deliver on our commitment to our constituents, amidst continuing change and challenges. let us continue to work on our common goal : to promote sustainable inclusive growth and good governance in 2016 and beyond. marami pong salamat sa lmp. mabuhay ang ating mahal na bansang pilipinas! mabuhay po tayong lahat! bis central bankers ’ speeches
in this context, i am more and more convinced that the global crisis was a development that advanced in time the need for inevitable steering of many imbalances that our economies accumulated over the last 10 - 15 years.

force was set up. its main responsibility still continues to be the daily monitoring of the situation for each individual bank. our direct conclusion was that the analysis should consider all micro - level aspects, each and every cell of the system and its indicators. second, a number of facilities were adopted for the incessant supply of the system with the required liquidity. the type of auction for the injection of liquidity changed to fixed - price auctions, the collateral base for repo agreements expanded, the use of the required reserve increased from 20 to 40 percent, and the spread between the bank of albania ’ s key interest rate and overnight loan dropped from 175 to 75 basis points. third, through a special act, the bank of albania required higher capitalization of banking activity from the banking sector, adding to the guarantee of the banking sector ’ s financial soundness. making a generalization, i deem that the measures adopted over this period are unusual, extraordinary and contrary to the “ constitution ” of modern central banks as regards the liquidity, money market and monetary policy transmission channels. however, we well understood the philosophy that “ the purpose justifies the ways ”. for the sake of financial stability, all the measures taken are justifiable and have proved effective. so far so good. however, i think that the current situation makes the central bank more vulnerable from the viewpoint of monetary policy independence and efficiency. liquidity by all means, whatever the size, whatever the maturity, and whatever collateral for an indefinite period of time, would damage irremediably the monetary policy and the financial stability in a second round. preserving balances is more complex, if we take into consideration even the other major vulnerability related to high degree of euroisation ( high share of foreign currency component to money supply structure ) and lack of convertibility of our national currencies. taking into consideration even the impossibility of the european central bank to serve as liquidity provider to our countries, i would deem that the spaces available to us in the framework of current legal and regulatory aspect have already been exhausted ( from the liquidity viewpoint ). otherwise, i would say we have reached a critical point, below which no space for action is left. let me emphasise that now that the crisis highlighted many “ vulnerabilities ” of this rapid catching up, the analysis should go beyond just accepting it as valid. this becomes necessary if we take into consideration the designing of a different economic growth model.
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

zeti akhtar aziz : fostering linkages in islamic finance opening remarks by dr zeti akhtar aziz, governor of the central bank of malaysia, at the global islamic finance forum 2007 : " fostering linkages in islamic finance ", kuala lumpur, 27 march 2007. * * * bismillahir rahmanir rahim yang amat berhormat dato'seri abdullah badawi, honourable prime minister of malaysia your excellencies, distinguished guests, ladies and gentlemen, it is my very great pleasure and honour to welcome you to this global islamic finance forum ( giff ) 2007, hosted by bank negara malaysia in conjunction with the islamic financial services board ( ifsb ) annual meetings and seminars. allow me to first express my gratitude to the honourable prime minister of malaysia, yang amat berhormat dato'seri abdullah ahmad badawi, for graciously accepting to be with us this afternoon to deliver the keynote address and to officiate this important forum. the significant gathering at this forum, with the theme fostering greater linkages in islamic finance ', is a manifestation of the increasing interest towards evolving the international dimension of islamic finance. indeed, building stronger alliances and greater intermediation inter - linkages forms part of the endeavor to facilitate greater international trade and investment flows. the islamic financial system, comprising the financial institutions, the markets and the financial infrastructure, has demonstrated its viability and robustness as a form of financial intermediation. its growing role in mobilising and channeling the funds to productive investment activities across borders brings two significant benefits to the global economy. firstly, it enhances the potential for higher global growth, while also contributing towards some rebalancing of the global growth. secondly, the strengthened international financial linkages allows for greater potential for the diversification of risks. the increase in the islamic financial products, the growing number of assets classes being offered, the increased cross ownership of assets all have expanded the possibilities for greater diversification of risks and the potential for return. today, islamic finance represents a multi - billion dollar industry which has a presence in many countries and more recently, there has been widening participation by established financial centres. there are now more than 200 islamic financial institutions, some of which are global players, offering an extensive range of shariah compliant products and services to a broad spectrum of consumers and businesses that transcends beyond the muslim world. this global forum has aimed
task ahead of us, i shall not extend my remarks any further. i look forward to the fruitful deliberations which i am sure we shall have. thank you for your attention.

collateral process, central bank, kenya bankers association ( kba ) and financial sector deepening ( fsd ) kenya commissioned a study aimed at reviewing the cost associated with collateral in the credit granting process. the study brought forward some invaluable insights on the intricacies surrounding the collateral process and recommendations which when implemented will result in both cost and time reduction. provision of long - term finance : a small committee to look into development banking products was formed in february 2010 to explore avenues through which development banking products, also referred to as “ long - term financing products ”, can be introduced into the market. this was necessitated by several reasons, among them ; the commercial banks credit market structure that focuses more on short term loan maturities ; the moribund development financial institutions ; the opening opportunities with flow of international funds that are intermediated by local institutions ; and the need to develop the bonds market. the basic question : how can we lengthen the maturity profile of term loans to 5 – 10 years for smes? interactions with market players : since september 2009, the mpc has been holding regular meetings with the chief executive officers of commercial banks to brief them on the background to its decisions in the bi - monthly meetings. the meetings are part of a wider strategy to enhance the transmission of monetary policy decisions to the real sector through feedback, sensitization of the market on the activities of the mpc, as well as engaging banks on the need to lower the cost of credit in order to support economic growth. 5. on the market front, the central bank of kenya, the capital markets authority and the nairobi stock exchange undertook significant reforms in the domestic bond market. these reforms included introduction of an automated trading system aimed at enhancing the safety and efficiency in the processing of secondary trading of government securities as well as corporate bonds in the market. the move is also expected to improve market liquidity thereby encouraging more investors to participate in the bond market. this development fits in very well with the aspirations of the capital markets development as envisaged in vision 2030. 6. we have accomplished much since we last met, but a lot more remains to be done to expand the depth and breadth of the financial sector. i am sure that together as the financial sector regulators we shall seek the necessary synergies to foster a safe, sound, efficient and inclusive financial system. but more demands as the eac monetary union shapes up will be coming to us. 7. being cognisant of the onerous
- 19 pandemic. frankfurt. financial stability board ( 2020 ). evaluation of the effects of too - big - to - fail reforms : consultation report 2020. basel. imf, eurostat, deutsche bundesbank ( 2020 ). second phase of the g20 data gaps initiative ( dgi - 2 ) – status report on the implementation of recommendation ii. 20 “ promotion of data sharing ”. 1 for more information on the international banking research network, see : 2 for details on the international 3 see the status report on the implementation of recommendation ii. 20 “ promotion of data sharing ” 4 the idea of such a standard was also expressed at the 8th imf statistical forum : measuring the economics of a pandemic : 4 / 4 bis central bankers'speeches

ben s bernanke : the ten suggestions speech by mr ben s bernanke, chairman of the board of governors of the federal reserve system, at the baccalaureate ceremony at princeton university, princeton, new jersey, 2 june 2013. * * * it ’ s nice to be back at princeton. i find it difficult to believe that it ’ s been almost 11 years since i departed these halls for washington. i wrote recently to inquire about the status of my leave from the university, and the letter i got back began, “ regrettably, princeton receives many more qualified applicants for faculty positions than we can accommodate. ” 1 i ’ ll extend my best wishes to the seniors later, but first i want to congratulate the parents and families here. as a parent myself, i know that putting your kid through college these days is no walk in the park. some years ago i had a colleague who sent three kids through princeton even though neither he nor his wife attended this university. he and his spouse were very proud of that accomplishment, as they should have been. but my colleague also used to say that, from a financial perspective, the experience was like buying a new cadillac every year and then driving it off a cliff. i should say that he always added that he would do it all over again in a minute. so, well done, moms, dads, and families. this is indeed an impressive and appropriate setting for a commencement. i am sure that, from this lectern, any number of distinguished spiritual leaders have ruminated on the lessons of the ten commandments. i don ’ t have that kind of confidence, and, anyway, coveting your neighbor ’ s ox or donkey is not the problem it used to be, so i thought i would use my few minutes today to make ten suggestions, or maybe just ten observations, about the world and your lives after princeton. please note, these points have nothing whatsoever to do with interest rates. my qualification for making such suggestions, or observations, besides having kindly been invited to speak today by president tilghman, is the same as the reason that your obnoxious brother or sister got to go to bed later – i am older than you. all of what follows has been road - tested in real - life situations, but past performance is no guarantee of future results. 1. the poet robert burns once said something about the best - laid plans of mice and men ganging aft agley,
discussions will provide us all with valuable insights into possible consequences of china ’ s financial liberalization, both for china itself and for others as well. given the size of the chinese economy, other countries should monitor the developments. it is my pleasure to open this conference and welcome you to the bank of finland. bis central bankers ’ speeches

of the mou can only mean more opportunities for both our stock markets to seek greater collaboration, and i urge officials from the sgx and hanoi stc to move beyond just the mou document to plan for even deeper level of partnership and cooperation. i understand as well that a couple of the vietnamese state - owned enterprises have also made plans to explore a listing on singapore ’ s bourse – these are indeed concrete demonstrations of the close synergies between our two marketplaces. the stage is now set for an enduring relationship between vietnam and singapore that will last for years to come. i am confident that the vietnam - singapore listing preparatory program will be but the first of many other initiatives that will further cement the growth of vietnamese companies in singapore. let me now conclude by wishing all of you a fruitful and enriching conference ahead and a productive process tapping the international capital markets down the road. thank you.