samchain/econo-pairs-v2 huggingface dataset:
i wish you all the best in this and future endeavors that seek to raise the standards of journalism in the country. i thank you.

these risks. we started with banks ’ selfassessments in 2021, followed by a climate stress test and thematic review of c & e risks in 2022. last year ’ s supervisory exercises were stepping stones to what i would call an immersive supervisory approach which is aimed at holistically integrating c & e risks into all parts of the supervisory dialogue with banks. many examples from around the globe show that prudential regulators and supervisors have embarked on this immersive supervisory approach. for instance, as early as 2019 the bank of england published its climate - related supervisory expectations addressed to banks and insurers. [ 3 ] in 2020 the philippines gave banks three years to develop transition plans with specific timelines to implement board - approved sustainability principles into their governance and risk management. in the united states earlier this year the federal reserve launched a pilot climate scenario analysis exercise assessing banks ’ resilience to a set of forward - looking scenarios. earlier this month, the canadian financial regulator osfi released final guidelines outlining how financial firms should manage climate - related risks. also, the ngfs now brings together 121 members from around the globe. this shows that more and more authorities are committed to ensuring the sound management of climate - related risks by the banks they supervise. based on this global convergence of supervisory expectations, i am always puzzled whenever i hear that europe is allegedly too ambitious in tackling c & e risks. the pace at which we are moving is very much in lockstep with our global peers. thanks to the bcbs ’ s task force on climate - related financial risks, which i co - chair with kevin stiroh from the us federal reserve, we took steps in converging the plethora of international expectations into an initial formal consensus. as a result, there is progress on all three pillars of the basel framework for the prudential regulation of banks. for instance, in june 2022 the bcbs published the pillar 2 principles for the effective management and supervision of climate - related financial risks [ 4 ], and it expects implementation as soon as possible. to ensure this, the bcbs made the monitoring of progress across jurisdictions a key element of its 2023 - 24 work programme. this is good news since this global approach ensures a level playing field for a source of risk that everyone agrees is material to them. moreover, as a first step on pillar 1, the bcbs has recently published a set of frequently asked questions to clarify how climate - related financial
, the current stance of monetary policy will likely remain appropriate. of course, policy is not on a preset course. if developments emerge that cause a material reassessment of our outlook, we would respond accordingly. taking a longer view, there has been a decline over the past quarter - century in the level of interest rates consistent with stable prices and the economy operating at its full potential. this low interest rate environment may limit the ability of central banks to reduce policy interest rates enough to support the economy during a downturn. with this concern in mind, we have been conducting a review of our monetary policy strategy, tools, and communication practices. public engagement is at the heart of this effort. through our fed listens events, we have been hearing from representatives of consumer, labor, business, community, and other groups. the february monetary policy report shares some of what we have learned. the insights we have gained from these events have informed our framework discussions, as reported in the minutes of our meetings. we will share our conclusions when we finish the review, likely around the middle of the year. the current low interest rate environment also means that it would be important for fiscal policy to help support the economy if it weakens. putting the federal budget on a sustainable path when the economy is strong would help ensure that policymakers have the space to use fiscal policy to assist in stabilizing the economy during a downturn. a more sustainable federal budget could also support the economy ’ s growth over the long term. finally, i will briefly review our planned technical operations to implement monetary policy. the february monetary policy report provides details of our operations to date. last october, the fomc announced a plan to purchase treasury bills and conduct repo operations. these actions have been successful in providing an ample supply of reserves to the banking system and effective control of the federal funds rate. as our bill purchases continue to build reserves toward levels that maintain ample conditions, we intend to gradually transition away from the active use of repo operations. also, as reserves reach durably ample levels, we intend to slow our purchases to a pace that will allow our balance sheet to grow in line with trend demand for our liabilities. all of these technical measures support the efficient and effective implementation of monetary policy. they are not intended to represent a change in the stance of monetary policy. as always, we stand ready to adjust the details of our technical operations as conditions warrant. thank you. i am happy to

take your questions. 2 / 2 bis central bankers'speeches
central bankers ’ speeches

kootenai tribes and blackfeet nation. tribal members described the need to address persistent housing challenges and insufficient access to credit in their communities. while there is a range of housing experiences across indian country, many communities face an inadequate housing supply, substandard housing conditions, and limited access to credit for home purchases and improvements. research from the center for indian country development has found that native americans pay more for 1 / 3 bis - central bankers'speeches home loans than white borrowers on average, and the gap widens for native american borrowers living on reservations. 1 in a community roundtable, tribal members of diverse ages and income levels shared their personal stories of struggling to find affordable housing and secure the financing they need. my conversations with bankers and community leaders raised hopeful avenues for addressing these challenges. in a roundtable with community banks, lenders described efforts to expand capital and financial services in indian country. banks are also building their capacity to leverage federal housing resources and navigate the complexities of trust land, but these efforts are time - consuming. these lenders see an opportunity to simplify the administrative complexity of federal housing programs on tribal lands. native cdfis may also offer innovative ways to address housing and other credit needs in indian country. 2 these culturally centered community institutions are finding new ways to support positive credit outcomes and loan performance, and to facilitate mortgage loans in indian country. the modernized cra regulation includes important updates that can benefit indian country by encouraging affordable housing and expanding access to credit, investment, and banking services in native land areas. i'm grateful for the work that the center for indian country development, our fellow regulatory agencies, and organizations serving indian country are doing to help communities understand the new provisions. the new rule reflects changes to the current cra framework intended to clarify and recognize community development activities in native communities. i'm hopeful about the new opportunities these updates open, and i'll highlight a few of those key changes today. one major change is that the updated rule newly defines " native land area " and eligible activities in those areas. in addition, under the new rule, certain investment and community development activities in these areas are given special consideration. this important update will recognize banks providing more banking services, community development financing, and volunteer work in native communities. another key change is that banks can now get credit for qualifying activities that take place outside of their assessment areas. what this means is that even banks whose assessment areas fall outside of native land areas can
##cured debt of fdic - insured depository institutions and their associated holding companies. in taking the dramatic steps of providing capital to the banking system and expanding guarantees, the united states consulted with other countries, many of whom have announced similar actions. given the global nature of the financial system, international consultation and cooperation on actions to address the crisis are important for restoring confidence and stability. these measures were announced less than a week ago, and, although there have been some encouraging signs, it is too early to assess their full effects. however, i am confident that these initiatives, together with other actions by the treasury, the federal reserve, and other regulators, will help restore trust in our financial system and allow the resumption of more - normal flows of credit to households and firms. i would like to reiterate the critical importance of the recent legislation passed by the congress ; without that action, tools essential for stabilizing the financial system and thereby containing the damage to the broader economy would not have been available. that said, the stabilization of the financial system, though an essential first step, will not quickly eliminate the challenges still faced by the broader economy. economic outlook even before the recent intensification of the financial crisis, economic activity had shown considerable signs of weakening. in the labor market, private employers shed 168, 000 jobs in september, bringing the total job loss in the private sector since january to nearly 900, 000. meanwhile, the unemployment rate, at 6. 1 percent in september, has risen 1. 2 percentage points since january. incoming data on consumer spending, housing, and business investment have all showed significant slowing over the past few months, and some key determinants of spending have worsened : equity and house prices have fallen, foreign economic growth has slowed, and credit conditions have tightened. one brighter note is that the declines in the prices of oil and other commodities will have favorable implications for the purchasing power of households. nonetheless, the pace of economic activity is likely to be below that of its longer - run potential for several quarters. as i noted, the slowing in spending and activity spans most major sectors. real personal consumption expenditures for goods and services declined over the summer and apparently fell further in september. although the weakness in household spending has been widespread, the drop - off in purchases of motor vehicles recently has been particularly sharp. increased difficulty in obtaining auto loans appears to have contributed to the decline in auto sales. consumer sentiment has been quite low, reflecting concerns about jobs

such actions might be particularly effective at promoting economic growth and job creation. thank you. i would be pleased to take your questions.
central bankers ’ speeches

zeti akhtar aziz : asia school of business – meeting asia ’ s increasing demand for talent remarks by dr zeti akhtar aziz, governor of the central bank of malaysia ( bank negara malaysia ), at the signing ceremony of the collaboration between asia school of business and massachusetts institute of technology, cambridge, massachusetts, usa, 8 april 2015. * * * president rafael reif, dean david schmittlein, and dear colleagues from mit and the asia school of business it is my very great pleasure to be here in cambridge at this ceremony today, for the formalisation of the collaboration between bank negara malaysia and mit for the establishment of the asia school of business in kuala lumpur. bank negara malaysia has for more than a decade now, been involved in extensive investment in education – not only for the financial sector, but for the broader economy. our reach has also not only been for the development of talent from our own country, but it has also extended to the asian region and beyond. this is based on our conviction that the next generation of talent – whether in the private or public sectors – needs to recognise and understand the dynamics and interconnectivities of the new regional and international environment. in particular, as the pace of economic and financial integration that is now taking place in asia intensifies, the talent needs to appreciate the implications of the new inter - linkages and its implications. our aspiration is to contribute to the development of future leaders that are able to effectively operate in this new environment. the establishment of the asia school of business is, therefore, a complementary initiative to meet the increasing demand for talent with such leadership and management capabilities. bank negara malaysia is most honoured to partner with the mit sloan school of management in the establishment of the asia school of business. the bank is very much drawn to the education philosophy of mit sloan that emphasises on both analytical rigour and practical application to real - world challenges through project - based, action learning, and the focus of its relevance to the different economic sectors. the bank also shares mit sloan ’ s dedication to encouraging innovation and entrepreneurship. the increasing importance and influence of asia in the global economy has increased international interest to better understand asia – the economies, businesses and people that comprise the region. being home to a significantly diverse group of businesses – from multinational corporations to large home - grown conglomerates and vibrant small and medium - sized enterprises, asia provides unique educational and research opportunities to advance thought leadership in
and the fact that productivity growth during the first three quarters appears to have been somewhat more favourable than we had anticipated. the risk of contagion effects via energy prices also appears to have declined. however, as we said, we are in the midst of our forecasting work and not all of the information is complete as yet. our monetary policy meeting will be held on 5 february and this is when the final decision on the repo rate will be made. thank you.

future, we have no other. ” europe belongs to frankfurt like almost no other city, apart from brussels and strasbourg. the euro sculpture has taken its place alongside the ecb, the ssm, eiopa and also the bundesbank as an expression of this belonging. thanks to your support, the sculpture is now shining again in due splendour. i personally wish to thank all of you very sincerely – and i firmly believe that, in expressing my gratitude, i also speak for many of frankfurt ’ s residents as well as its innumerable international visitors. it remains to be hoped that europe, too, will shine in future with the same lustre as the restored euro sculpture. let us all do what we can to achieve this goal going forward. thank you very much. bis central bankers ’ speeches
. with this pattern of development there was only limited diversification of the non - energy sector. in principle, this scenario could continue for a while, once the oil and gas industries continue to provide increasing amounts of foreign exchange to finance increasing imports of food, for the construction sector ( which is heavily import - intensive ) and for the retail industries. since mid - 2008 our economy has gone into a downturn similar to that of so many developed and developing economies all over the world. the indicators suggest that there has been a reduction in private consumption as well as in business investment. activity is now being sustained, even more than previously, by government expenditures. clearly, this is not sustainable. while some of the current stagnation may be cyclical, there is no doubt that something fundamental has changed. going forward, it ’ s more than likely that fiscal policy will need to be more constrained to avoid an unacceptable public debt burden ; and that the private sector will need to assume a greater role in driving the economy. it is my view, ladies and gentlemen, that the uncertainties that surround our energy sector ( including the maturing oil fields and the pressures to reduce global energy demand ), combined with the impact of the international economic crisis, which has not yet fully run its course, make it very clear that we will have to find alternative growth sources to complement the energy sector, if we are to attain medium - term economic sustainability. all private sector business activities ( including small and micro business activity ) benefit the economy in some way. they meet specific consumer needs and they provide employment and income. for medium - term sustainability, however, we need a diversification strategy that focuses on sectors that exploit our comparative advantage and which are efficient and globally competitive. for sustainability, we need to develop more of those activities that generate foreign exchange or that save on foreign exchange. against this background, our economy faces both immediate and longer - term challenges. the immediate challenge is to spur a recovery in economic activity after a prolonged downturn. this afternoon the central bank will announce data for 2009, which suggest that real growth declined in the third quarter of 2009, making it the fourth consecutive quarter of gdp decline. the indicators suggest that private sector construction remains depressed ; that private sector investment in the non - energy sector is at a low point and that the manufacturing sector is operating with significant spare capacity. the stagnation in economic activity is reflected, in a tangible way in the absolute decline in bank credit outstanding. after increasing

is to expand and if the economy is to enjoy sustained growth. i am confident that you have the capacity to do this because you have so demonstrated in the past. i wish you a very productive and rewarding two - day conference. thank you.
incomes but risk leading to persistence in domestic wage and price setting, socalled second round effects. the bank of england will, as always, take monetary policy decisions to ensure that the inflation target is met over the medium term. we have raised the official rate four times so far and have made clear that in order to bring inflation down to target we are prepared to do so again based on the assessment at each of our meetings. i am grateful to ben broadbent, alan castle, karen jude, nick mclaren, huw pill, dave ramsden, fergal shortall and seb walsh for their assistance in helping me prepare these remarks.

opening remarks at oenb monetary policy panel by andrew bailey given at oesterreichische nationalbank, annual economic conference, vienna published on 23 may 2022 remarks this is a time of very large economic shocks, and particularly very large external shocks, most recently from russia ’ s invasion of ukraine. i say that as someone who wholeheartedly supports the cause of ukraine and the assistance we must give. we are in a period of rapidly rising energy, goods and some food prices. these are the most visible prices too. this is by far the main cause of high inflation, and is painful, particularly for those less well off. what can and should monetary policy do? there is a very important distinction between : whether monetary policy can anticipate and stop the effects on inflation of shocks ; and, if not, whether it should respond when they happen? with shocks such as pandemics and wars, the answer to the first question is more likely to be “ no ”. but the answer to the second is very much “ yes, monetary policymakers can and must take the actions needed to return inflation to target over a period that avoids unnecessary volatility in the economy ”. it is domestic actions that have to get us back to price stability. for monetary policy, the choice of policy actions is influenced by the nature of the shock we are facing. in the uk we are facing a very big negative impact on real incomes caused by the rise in prices of things we import, notably energy. we expect that to weigh heavily on demand. we judge the appropriate degree of monetary tightening taking that into account. what i reject is the argument that in our response to covid the bank ’ s monetary policy committee let demand get out of hand and thus stoked inflation. the facts simply do not support this. on the latest number, uk gdp in march was only 0. 6 % above its pre - covid level, and it is substantially below the path it was expected to follow pre - covid. what we do have is a very tight labour market. but that does not look like a story about rapid demand growth. the labour force has shrunk by around 1 % since the onset of covid. it looks much more like an impact from the supply of labour. the job of the bank of england is to return inflation to target at a time when a very large headwind from external shocks, and an internal shock from a fall in the labour force, are reducing real
, 12 may 2015. panel remarks by vitor constancio at the annual congress of the european economic association, university of mannheim, 25 august 2015. 4 / 4 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