samchain/econo-pairs-v2 huggingface dataset:
especially in the 1970s and 1980s when the economy collapsed. the industry hung on and survived during the economic turmoil of those years and then rose, phoenix like, to recover in the 1990s. with the same spirit of enterprise, hard work and cooperation we can help to ensure that the next half century is one of prosperity, sustainable growth and structural transformation for the ugandan economy. thank you very much for listening. bis central bankers ’ speeches

appear to be in the interest of higher employment. unemployment in the euro area is largely structural in origin. implementing a monetary policy stance which is more lax than is justified by the monetary, financial and economic conditions will not solve this problem. instead it will exacerbate it over the medium term, as inflation distorts investment and savings decisions, raises the risk premium in long - term interest rates and undermines the allocative efficiency of the price mechanism. only effective structural policies that improve the flexibility and efficiency of labour and goods markets can reduce unemployment in a successful and lasting manner. i appreciate that such reforms are not always easy, not least because the benefits which they yield occur mainly in the medium to long term. however, they are essential. in those euro area member states that have taken up the challenge of structural reform, unemployment has fallen significantly. other euro area member states are called upon to follow these examples : structural reform throughout the euro area is fundamental to the success of monetary union and to improving europe ’ s economic performance. in this respect, we may also be able to learn something by looking at the reasons behind strong employment growth and low unemployment in some of the member states of the european union and in the united states, in particular regarding the flexibility of labour markets and incentives to create and accept new jobs. monetary policy decisions and the outlook for price stability since the start of this year the governing council has taken the following main monetary policy decisions. in december 1998 the governing council of the ecb announced that the level of interest on the main refinancing operation would be 3 %. since then, the governing council has kept this rate unchanged, as it has judged that doing so was serving best the maintenance of price stability. the 12 - month growth rate of the broad monetary aggregate m3 increased to 5. 7 % in january 1999 from 4. 5 % in december 1998. this increase is mainly due to rapidly growing overnight deposits, which account for around one - third of m3. the three - month moving average of m3 ( for the period from november 1998 to january 1999 ) increased to 4. 9 %, that is, slightly above the announced reference value of 4½ % per annum. in view of the uncertainty relating to special factors pertaining to the changeover to the stage three environment and the introduction of the euro, the governing council does not view the recent acceleration in m3 as a signal of future inflationary pressures. however, monetary developments need to be monitored closely in the coming
ewart s williams : a brief overview of developments in trinidad and tobago opening remarks by mr ewart s williams, governor of the central bank of trinidad and tobago, at the launch of intercommercial trust & merchant bank limited, port of spain, 16 february 2006. * * * i am delighted to be here to share in the celebration of what i believe is the rebirth of the intercommercial trust and merchant bank limited ( itmbl ). let me extend my sincere congratulations to the board, management and staff of intercommercial bank limited and its trust and merchant bank. the rebranding of the intercommercial trust and merchant bank and all that goes with it – its standalone status ; a new, restructured entity ; its new location, situated in port of spain, in the middle of the financial centre, as it were – all of this carries enormous significance. it sends the message that ibl is now a full - fledged national financial institution which, with the support of its strategic partners, is willing to take on competitors both locally and regionally. ladies and gentlemen, this significant event is taking place at a most important juncture in our country ’ s economic and financial ( history ). in 2005, trinidad and tobago registered its twelfth consecutive year of robust economic growth ; with inflation still basically in check ; with a very strong balance of payments and with unemployment at perhaps at its lowest point ever. while much of this success can be traced to our oil fortunes, it also has to do with several years of sound economic policies, of which the liberalization of the financial sector was a significant part. this re - launch of intercommercial trust and merchant bank is taking place at a time when we are seeing the full benefits of financial sector liberalization. this is being reflected in the proliferation of a diversified range of financial institutions and the exponential growth in the financial asset base. with the structural changes now ongoing in the financial sector, trinidad and tobago has become a major source of regional financing, while our home - based financial institutions have expanded their presence through the caricom region. despite the rapid pace of expansion, the banking system has remained robust, as evidenced by all the main macro - prudential indicators. the data shows, for example, that : ( i ) the banks are more than adequately capitalized, with their capital adequacy ratio averaging close to 20 percent, far exceeding the statutory 8 percent minimum ; ( ii ) non -

rather it is a free informal alternative to going to court. over the next several months the ombudsman ’ s office will intensify its education and outreach programs through direct contact with the public and through its new website. i would like to invite the financial sector to join us in educating the public on financial matters. let me once again thank you for joining us at this ground breaking event. i have full confidence that all parties present here today will ensure the success of the operations of the office of the financial servicesombudsman which will redound to the benefit of our society as a whole.
banking industry should make the necessary proposals in a prompt fashion and the public authorities should commit to considering them. lastly, i want to elaborate on two other issues. the first relates to governance and accountability in banking operations and the second to the improvement of capacities for the identification, evaluation and management of risks. these two issues have continuously been part of our regular communication as they rest on the cornerstone of a safe and successful banking activity, public confidence on which remains unwavering. concerning governance, last year i constantly highlighted the need for professionalism, commitment, responsibility, farsightedness and accountability to be reflected not only by you but they should also be embodied in your staff. to make this happen, policies and rules for defining strategies for the development, concrete decision - making, control of particular activities and their reporting to the institution and the public need to be continuously completed and improved. internal control systems are the ones to determine the institution ’ s capacity to operate safely. they are indispensable to avoid any room that may be used for abusive actions that would impair the institution. i therefore request that you take the necessary measures in terms of financial, human and technological capacities in order to ensure the safety of each banking operation. in pursuing its supervisory function, the bank of albania will have this matter under close focus and i assure you that any decision that may have hampered the safety of the activity will be handled with utmost stringency by the law. in a broader context, banking activity, in addition to operational risks, is faced with other financial - related risks. we will therefore increase the regulatory requirements for banks to be engaged in an integrated process of risk evaluation and management proportionate to the level of development and sophistication. in a more practical approach, this implies that banks should have specific functional structures that monitor risks in the main activity areas and endeavour to anticipate their possible evolution and impact on banks ’ activity. these structures must be in place in the largest banks and their products should be an integral part of the decisionmaking process. dear participants, we are leaving behind a challenging year but other numerous challenges will follow for banking activity. they provide us the opportunity to put our vision into practice, in order to ensure a stable banking activity as a precondition for conducting an efficient intermediation activity with remarkable contribution to economic development at home. weathering the challenges requires courage and professionalism. in addition, banking institutions should provide an environment where accountable and professional human capacities are in the

service of the public and the institution. i am confident that you will prioritize the foregoing matters in 2011. i wish you success in your work and many wishes for the new year! thank you.
and challenges. the most prominent risk is the risk of disintermediation if the issuance of digital currency results in deposits flowing from commercial banks to central bank accounts with adverse implications for lending activity and consequently, real economy. in particular, in case of financial systems distress, it can intensify the run risk and amplify the shocks. the need to balance between integrity and the privacy of money also comes to the fore. elevated cyber risk is also inevitable, given the technologies deployed for digital currencies. all this indicates that central banks have " fulltime job " in devising the most appropriate cbdc design that will minimize these risks and maximize benefits. our national efforts more or less resemble global trends and initiatives. as a central bank, we strive towards encouraging innovation in finance, as visible through the establishment of our innovation hub. we map the ecosystem, via fintech surveys to better understand its current state and act towards eliminating barriers, while containing risks. the recently adopted fintech strategy is providing a platform for coordinated and streamlined efforts by all stakeholders in the regulatory area. a recent central banking survey revealed that only 54 % of surveyed central banks do have a strategy that underscores our visionary approach towards the fintech area. we have already created a stimulating legislative background, with the new law on payment services and payment systems that entered into force this year, furthermore, we have recently embarked on exploring the possibilities for introduction of digital denar. last but not least, propelling efficient and harmonized cross border payments is key to support and stimulate cross border integration. this is particularly the case for small - size economies, such as ours, with growth model based on international trade and finance. our regional efforts to comply with european standards, fulfill sepa requirements, and integrate into the target instant payment system - tips of euro system is a step in a right direction. looking forward, it is always challenging to foresee the future, but it is highly probable that the pace of financial transformation is set to continue, if not to accelerate. few years ago, a study denoted ten avenues that will shape the future of payments, and some of them are already taking place. issuance of digital currencies, more active role of regulators, data – based payments value chains, a consensus on data privacy, biometrical id, and strong collaboration between new entrants and traditional players. these are now all already existing dimensions of the finance matrix. i would add that esg concerns are

i now declare the 10th jubilee conference on payments and market infrastructures open. i wish you pleasant days here in ohrid and many fruitful discussions. thank you! 2 / 2 bis central bankers'speeches
, forthcoming. rungcharoenkitkul, phurichai ( 2011 ), “ risk sharing and financial contagion in asia : an asset price perspective ”, imf wp / 11 / 242. kim ( 2012a ). bis central bankers ’ speeches

of the financial markets in asia and the pacific does not match that of the real economy seems to be because the degree of regional financial integration is relatively low compared to that of trade integration, in other words, real integration. while the share of regional trade in total trades in asia and the pacific, by the way, in my speech this morning, asia and the pacific refer to 12 acc members of the region, has generally maintained a high level of around 49 % for the past ten years, the degree of capital integration is low, with the share of regional portfolio investment running at only around 10 %. ahuja and nabar ( 2012 ). elekdag et al. ( 2012 ). imf ( 2012b ). bis central bankers ’ speeches consequently, at a time of shocks external to the region like the global financial crisis, the real sector showed relatively high resilience thanks to its high regional dependence, but the financial sector even became an innocent bystander due to its heavy extra - regional dependence. more specifically, when the global financial crisis broke out, financial institutions in the us and the euro area embarked on massive deleveraging. hence asia and the pacific experienced large scale capital outflows, which were unrelated to pull factors, and consequent financial market unrest. in this regard, one step toward enhancing the resilience of the asia - pacific financial system is to further strengthen regional financial integration in such a way as to relieve the asymmetry between the degrees of financial and real integration. the initial target level for strengthening financial integration can be taken as that of regional trade integration. if so, risk sharing with offshore regions including the u. s. and the euro area will decrease, while risk sharing through the asia - pacific financial system will increase. 4 besides the risk diversification effect in moderating offshore shocks, closer regional financial integration will lead to consumption smoothing in regional economies, a typical effect of financial integration, and will also contribute to the easing of global imbalances and the development of regional financial markets. in the course of the euro area crisis, the asia - pacific is actually enjoying certain positive effects ― its financial system has become more stable along with a rise in regional financial transaction. this appears attributable to the fact that, while european banks have deleveraged out of asian emerging market economies, regional banks, such as those of japan and australia, have stepped up their lending to regional emerging market economies, which has helped ease the
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i am honored to be with you today, to inaugurate the opening of the new raiffeisen bank head office. your investment in this facility is a clear indicator of your commitment to continue operating successfully in kosovo's banking and non - banking systems, in the future as well. raiffeisen bank has played a very important role in creating a safe and sound financial system that has contributed to kosovo's economic growth. we are very honored with your presence and the success you have shown so far and we hope you will continue with this success in the future. raiffeisen bank has greatly contributed to the development of fair competition, continuous improvement of products and development of new products, by increasing access to finance, contributing to the development of trade relations with other countries, helping to attract more foreign investors and, as well, in improving the reputation of kosovo in general. we are thankful for this. raiffeisen bank has also helped in the development of human capital, and continues to use the potential of our youth. among other things, raiffeisen bank remains an example of a good employer, for which, we are all proud of. the cbk as a financial system supervisor will continue to work on maintaining a safe and sound financial system and will continuously improve the economic environment, in which the financial industry operates. the financial sector is a sector with great dynamic development and rapid changes in the economic environment that surrounds it. the financial systems of different countries are constantly integrating and this requires increased cooperation between these countries. the cbk remains committed to cooperating, with the aim of overcoming challenges in the future and integrating kosovo's financial system into the systems of developed economies. banks in kosovo, as in all other countries, have a special status in the economy. this status is associated with different regulatory requirements and greater requirements for social responsibility, and i am pleased to say that banks in kosovo successfully meet these requirements. today in kosovo our savings are safe and advancements in technology allow us to access them faster. banks are an example of success in kosovo, so i urge them to promote their success even further, in order to attract and increase foreign investments in other sectors as well. this would affect the economic development that is most needed for financial stability, as well as the further advancement of the banking sector in which raiffeisen bank plays a very important role. at the end, i would like to thank you for your contribution to the economic development of kosovo and wish you success in the future
this is a good sign. thank you for your attention. 4 / 4 bis central bankers'speeches

as the outlook for the norwegian economy has improved. economic activity is now approaching a normal level, and inflation is projected to move up in the period ahead. our latest analyses, presented in march 2018, suggest that the key policy rate will most likely be raised after summer 2018. at the same time, the executive board has given weight to the consideration that uncertainty as to the effects of a higher interest rate suggests a cautious approach to interest rate setting. chart : consumer prices looking at the wider picture, we can, 17 years after inflation targeting was formally introduced in norway, draw the conclusion that the system has functioned well. we can now look back on a quarter of a century of low and stable inflation. chart : fluctuations in output and employment a monetary policy oriented towards low and stable inflation has not compromised stability in the real economy – in fact, the opposite is true. employment variability has been lower since 2001 than in previous periods, despite the substantial shocks that have impacted the norwegian economy. 2 / 4 bis central bankers'speeches however, lessons have been learned along the way. initially, most inflation - targeting central banks emphasised the importance of steering inflation towards the target within a clearly defined time horizon. experience of this regime provided useful insight, and ambitions were later adjusted. international events, such as falls in global commodity prices and other major changes in export and import prices, can have a considerable impact on small open economies. this can result in wide fluctuations in inflation that cannot be counteracted without having a substantial impact on the real economy. norges bank has addressed this concern by giving greater weight to output and employment. the inflation target horizon has been extended and monetary policy has gradually become more flexible. chart : monetary policy mandate the benefits of flexible inflation targeting were emphasised when the government in march 2018 presented a new regulation on monetary policy. the new regulation specifies that inflation targeting shall be forward - looking and flexible, so that it can contribute to high and stable output and employment and to counteracting the build - up of financial imbalances. in the interest of long - term economic stability, fiscal policy, monetary policy and the wage formation process must complement each other. a shared understanding of how these components interact is very important. monetary policy ’ s most important contribution to economic stability is to maintain monetary value through low and stable inflation. both too high and too low inflation can involve costs to society, with arbitrary wealth redistribution, underinvestment and scarce resources that may be misallocated or
is a necessary but insufficient condition to ensure the existence of a single european financial system, efficiently channelling savings to investment opportunities within the european union territory. given that financing in europe is dominated by the banking system, it must be ensured that banks are granted the possibility of securitising their credits and placing those securities with institutional investors. on the one hand, this would allow european banks torelease funds to finance new investment and to have alternative sources of funding in the capital market ; on the other hand, insurers and pension funds, which currently invest in long - term securities issued outside europe, would have the opportunity to invest in european securities. the development of a european securitization market is hindered by the fragmentation of the fiscal and regulatory frameworks ( capital markets, insolvency, etc. ) prevailing in europe. although the harmonisation of national frameworks within a reasonable time frame is not realistic, it would be advantageous, in particular for smaller countries, to develop an opt - in european scheme that would make it possible to overcome the identified barriers. bis central bankers ’ speeches

their short - and medium - term costs, in particular if reforms are appropriately designed in order to mitigate the latter while not jeopardising the former. today we have gathered here all the ingredients for a rich and fruitful debate on the topics i have touched upon. i thank you all for your participation and wish you a very pleasant and constructive workshop. www. bportugal. pt