samchain/econo-pairs-v2 huggingface dataset:
hard to say. the area is relatively new and there is therefore a lack of experience and research in the field. this means that we will have to test our way forward for several years. there are a lot of reports that explain why macroprudential policy is needed and the tools it may entail. but not a lot has been written about how it should actually be conducted in practice. this is of course because the policy area is new and we still have a lot to learn. i believe that the imf can contribute here too by increasing our knowledge about which tools are most appropriate in which situations and by issuing recommendations to countries on how they should actually conduct macroprudential policy and implement various tools. the imf ’ s articles of agreement should reflect a clearer surveillance mandate one way to strengthen the imf ’ s surveillance is to ensure that the imf ’ s articles of agreement cover what the fund actually does. according to the articles that set the frameworks for the imf ’ s work, the fund ’ s bilateral financial surveillance should ensure that “ each member shall avoid manipulating exchange rates or the international monetary system in order to prevent effective balance of payments adjustment or to gain an unfair competitive advantage over other members. ” the articles were written in a different era and, as we have seen, the imf has been carrying out financial surveillance and analysis that is broader than stipulated in the articles for a number of years now. the modernisation and clarification of the imf ’ s articles is now needed to enable the fund to fully take on the task of supervising the global financial system, but this will require a long process. however, a first step towards a more formal mandate was taken in july 2012 when the imf ’ s executive board adopted the integrated surveillance decision ( isd ). this agreement stipulates, for example, that the fund ’ s bilateral surveillance should be conducted on the basis of a broader perspective than set out in the articles. the links between countries and how their economic policies can affect the global economy should now be included in the surveillance. the isd thus underlines the multilateral dimension of the fund ’ s bilateral surveillance. bis central bankers ’ speeches it is positive that there is now a board decision on how the imf should work. but the longterm goal should still be to change the articles of agreement so that they reflect what the imf actually does. this is also an issue that we are pursuing in our constituency. until financial

third, the integration of impact evaluations into wb projects and programs, which requires building capacity in client countries and allows for optimizing design and delivery. strengthened international cooperation is essential to assisting those in need and enhancing preparedness for future crises in order to prevent their most dramatic impacts. our constituency firmly supports multilateral institutions and international coordination efforts. as with its 2021 g20 presidency, italy enters the 2024 g7 presidency firmly committed to those efforts. 3 / 3 bis - central bankers'speeches
nestor a espenilla, jr : turning vision into partnership speech by mr nestor a espenilla, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the awards ceremony and appreciation lunch, manila, 11 july 2017. * * * pdic president roberto tan, national statistician lisa bersales, members of the monetary board, sector heads, fellow bspers, former central bank governor jaime c. laya, guests, a pleasant good morning to all of you. magandang umaga especially to our stakeholders and awardees. every year for the last fourteen ( 14 ) years we at the bsp have held this annual ceremony traditionally right around this time : our anniversary month … there is significance in this chosen timing. the message we wish to convey is that, not only do we value you : our stakeholders... more so, we recognize that the bsp would not have achieved all it has if it were not for your partnership. this is why we celebrate with you during our milestone month of july. the theme of our 24th anniversary here at the bsp is “ together moving forward : a new season of excellence. ” there is a journey implied, and a needed collaboration and cooperation expressed. this theme includes, not just the members of the bsp family progressing onward in unity, but this includes you too, our esteemed stakeholders, whom we honor today. i have been with the bsp – then, the central bank of the philippines – since 1981 … and as a young central banker one of my tasks was to draft technical speeches … so even thirty - six years after, i still have a passion for words. let me focus on this event ’ s keyword. stakeholder. it sounds quite ominous. its origin is consistent with this sense of foreboding. the word “ stakeholder ” first appeared in the oxford english dictionary in 1708. it referred to one holding a wager, a bet. thankfully, for us now, the word has evolved into a dynamic — even an exciting and active concept, where speculation has no role. as presently understood, stakeholders are partners and can be involved in the successes of an enterprise, from whose accomplishments they too can greatly benefit. the importance of collaboration and partnerships was stressed by governor amando m. tetangco, jr. in his two ( 2 ) terms at the bsp ’ s helm … gov. say repeatedly said that in

. these indicators help the bsp craft and assess our policy settings. so as you can see, there are more exciting times ahead, more collaboration planned, and better avenues to make them more successful and productive. we look forward to continuing the journey with you. congratulations to all our stakeholders. mabuhay kayo. mabuhay ang bsp. 2 / 3 bis central bankers'speeches mabuhay ang ating bansang pilipinas! 3 / 3 bis central bankers'speeches
test frameworks, but also the sustainability of their income sources vis - a - vis the green transition. let me emphasise that in this exercise we define resilience very broadly. we test the capabilities of banks to analyse, assess and respond to the consequences of climate - related and environmental stress in both a quantitative and qualitative fashion. what i call a narrow stress test – i. e. the typical number - crunching to assess the impact of physical and transition stress on capital and income – is only one part of the overall exercise. at this stage, the fact that banks provide proof of their climate stress testing capabilities is as important as the results of the test. the results from this stress test will complement the information from the thematic review, in which we will assess the evolution of the soundness, effectiveness and comprehensiveness of banks ’ c & e risk management practices, as well as their ability to steer their c & e risk strategies and risk profiles towards the targets they set forth in their action plans. i will now delve a little deeper into this exercise. thematic review on climate - related and environmental risks a year has passed since banks completed their self - assessments and drew up their action plans. so, where do banks stand in terms of their alignment with the ecb ’ s supervisory expectations on managing c & e risks? this is the question the ecb ’ s thematic review on c & e risks seeks to answer. the thematic review is being carried out jointly by the ecb and the national competent authorities and assesses 107 significant banks and 79 less significant banks. truly all of european banking supervision is pitching in – supervisors from the ecb and the national competent authorities are working together to ensure the consistency of the supervisory approach as well as the outcomes of the exercise. this broad scope and our close cooperation have been incredibly enriching, as they have enabled us to actively share our knowledge and experience and to learn from each other ’ s practices on a daily basis. while the ultimate objective is for all banks to be fully aligned with our supervisory expectations, the thematic review is intended to be a learning exercise – not just for supervisors across europe, but also for the banks. this is why we have made a point of sharing good practices we have observed – so that banks can draw inspiration and push forward. new supervisory tools are being developed as banks step up their modelling and management of c & e risks. there is now a common understanding that these risks are a fundamental part of

is vitally important. thank you. buena suerte. 1 / 1 bis - central bankers'speeches
euro. the time remaining must therefore be used efficiently. those who have prepared and are ready will also be those who will also derive the greatest benefits. i do believe that we are heading in the right direction.

##ling not more than 3 percent of that year ’ s incremental budget appropriations over the previous year. in addition to that, the treasury and the central bank have signed a seven - point protocol to cooperate in fighting inflation. the official aim of this accord is also to give the central bank more independence. so, an important development towards the full independence of the central bank has been initiated, as required in the maastricht treaty. however, we have been in the process of preparing a new central bank law in parallel with the same institutions in the eu. the work has already been done and we are ready to submit it to the government if and when the political environment is appropriate. on the other hand, in addition to the already installed electronic payments clearing system, the cb has signed a contract to develop and install a modern national securities settlement system. the new system will allow the bank to increase the efficiency with which government securities can be traded on the capital markets and ensure that the payments system will match the standards of those in the eu and other western nations. the new system will also be capable of being connected to the - 3target network. at the same time the system will strengthen turkey ’ s links with the european member countries and will enable it to trade in the same currency as other members, a requirement for participation in the emu. as far as the technical infrastructure is concerned, turkey is ready to integrate itself into the eu. i would like to remind you that turkey has been pursuing a series of liberalization policies since 1980 which are broadly in line with economic tendencies in the world. a wide range of policy measures were put into effect to achieve the restructuring of the economy. changes in exchange rate and trade policies were the main instruments in this process. this program has brought a radical change in turkey ’ s development strategy by increasing its dependence on market forces. in this context, the fixed exchange rate policy was replaced by the flexible one, restrictive control measures on imports were abolished and protection was reduced gradually. similarly, foreign exchange transactions were thoroughly liberalized, free trade zones were established, foreign investment was further encouraged along with the privatization of public enterprises. as a result of these newly adopted policies, there have been spectacular changes in the turkish economy, with exports and foreign investments having proved to be responsive to the structural adjustment process ; within this process, the turkish lira has become fully convertible and restrictions on capital movements have been effectively removed. even though the liberalization policies were adopted independent of
and jori kandra ( 2023 ), " class of 2023 : young workers have experienced strong wage growth since 2020, " economic policy institute, working economics blog, may 4. 2 see anna crockett and xiaohan zhang ( 2023 ), " young adults are disconnected from work and school due to long - term labor force trends, " federal reserve bank of dallas, communities blog, april 6. 2 / 2 bis - central bankers'speeches

a result, the dispersion of bank lending rates among the four largest euro area member states – and this you can see on the right - hand side ( slide 3b ) – is currently at its lowest level since the introduction of the euro. and with the launch of banking union, the link between banks and sovereigns has started to loosen too. 4 / 15 bis central bankers'speeches one thought - provoking way of illustrating just how far dispersion has fallen across the euro area is to do a simple exercise : when we compute a standard forward - looking taylor rule based on next year ’ s inflation and output gap projections from the european commission, it would suggest an interest rate for germany and italy that is, by and large, the same. 2 such an exercise is, of course, overly simplistic – there are good reasons why we do not set policy according to taylor rules. in particular, policy rules are overly mechanistic and lack a deeper analysis of the underlying forces of growth and inflation, such as whether inflationary shocks are due to supply or demand shocks, which is a key aspect of our monetary policy strategy. nevertheless, this simple exercise puts into perspective the view of some observers that the ecb ’ s policy is too loose for some member states and too tight for others. but it also serves a different purpose. it shows that, while the broadening of the recovery is certainly welcome, a persistent convergence of growth rates is not unconditionally a good thing. for example, although simple policy rules would prescribe a broadly similar monetary policy stance for germany and italy, few would disagree that these two economies should ideally be on different growth trajectories, so living standards in italy could catch up with those in germany. this, however, is not what we are seeing today. although the left - hand chart of slide 4shows that the euro area did not converge to growth rates much lower than those we had seen prior to the crisis – a process that some academics have coined “ superhysteresis ” – it also shows that the distribution of growth rates is pointier with flatter right - hand tails when compared with its pre5 / 15 bis central bankers'speeches crisis pattern. this implies that, compared to the pre - crisis period, fewer countries are growing at rates faster than the average. in other words, we are seeing little evidence of lower - income countries catching up with higher - income countries. as you can see on the right
yves mersch : challenges of retail payments innovation speech by mr yves mersch, member of the executive board of the european central bank, at the belgian financial forum, organised by the national bank of belgium, brussels, 26 october 2015. * * * introduction i am sure that almost all of you in this room today have a smartphone in your pocket. with the smartphone, you feel as if you have the world at your fingertips : you can call or message anyone across the globe, access up - to - the - minute information and news on the internet, and stay entertained by downloading music, films or books. you can do all this at any time of day, wherever you are. this is the smartphone ’ s great innovation : making communication, information and entertainment available 24 / 7, on the spot, around the globe. i am also sure that all of you have a wallet in your pocket, containing banknotes, coins and some credit or debit cards. you use these to pay for things, but there are limitations. what if there were none? what if you could pay anyone, anytime, wherever you are? be it with cash, by card, online or with your smartphone? and what if all these payments were instant? in a nutshell, this is what i will talk about today : how we can make this happen. we already have the euro, making it possible for you to pay with the same banknotes and coins throughout the euro area. now we want to make cashless payments as easy, fast, and far reaching as smartphone services. users – be they consumers, retailers or businesses – do not see why payments cannot be instant and boundless like e - mails, text messages or whatsapp. what are the challenges of innovation in cashless payments? how do public authorities contribute to the process? who is involved in the market, and how can a level playing field be ensured? how should innovative payment services be designed? these are some of the questions i will address. to give you a broad roadmap, in the first part of my speech i will talk about the key institutions involved in bringing innovation to the payments arena. the eurosystem, which comprises the european central bank and the national central banks of the euro area, plays a key role, as does the european commission and the european retail payments board. the second part of my speech will address the supply side of the market, i. e. the retail payments service providers. here

monetary conditions – due to the depreciation of the swiss franc against the euro – that has occurred since our last monetary policy assessment in mid - june.
to synchronize regulations for the otc and the exchange traded markets. 22. adam smith famously said “ people of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices. ” 3 i am sure this does not apply to the meetings of the forex association and i am confident that in this event, your deliberations will help to make the forex markets a place where people can trade with confidence, volatility notwithstanding. 23. i wish your deliberations over the next two days all success. theory of moral sentiments. bis central bankers ’ speeches

v k sharma : the international financial crisis and india – the impact, response and outlook address by shri v k sharma, executive director of the reserve bank of india, at the conference on “ doing business with india ”, jointly sponsored by the confederation of indian industry and the indian high commission, johannesburg, 23 july 2009. * * * his excellency the high commissioner of india mr. bhatia, mr. navdeep suri, consul general of india, mr. hari bhartia, vice - president of cii, dr. guma, dy. governor, south african reserve bank, mr. rudolf gouws, chief economist, rand merchant bank, distinguished invitees and delegates, first of all i would wish to thank his excellency the high commissioner of india for giving me the opportunity and privilege to address this distinguished and august audience. second, i must congratulate and compliment the high commissioner of india and his very passionate team as well as the cii for having taken the bold initiative in conceptualizing and organizing this conference with a very imaginative theme of “ building partnerships when the chips are down. ” the current global financial crisis was caused primarily and fundamentally by extended structural global macro economic imbalances. these global imbalances were reflected in current account surpluses of china, asia and emes and current account deficits of the usa, in particular. these large and persistent imbalances represented “ unearned ” prosperity for deficit reserve currency countries and “ unshared ” prosperity for surplus countries. such a global economic order was inherently unsustainable and unstable from the word go. in other words, the only sustainable and durable global economic growth model would be where growth and prosperity are both “ earned ” and “ shared ”. in fact, the whole thing can be likened to cosmic balance / equilibrium / harmony where stars, suns, planets, all orbit within the inviolable discipline of their elliptical orbits which do not permit deviant behaviour beyond the shortest and the longest distance from the suns and stars of the orbiting planets! any deviant behaviour / conduct, inconsistent with the cosmic harmonious balance and equilibrium, will invite and inflict extremely retributive backlash ; the more severe and prolonged the disequilibrium and imbalance, the more wrenching and excruciating will be the resulting pain as is currently being experienced. in refreshing contrast, india ran modest current account surpluses to modest current account deficits
randal k quarles : don't chase the needles - an optimistic assessment of the economic outlook and monetary policy remarks by mr randal k quarles, vice chairman for supervision of the board of governors of the federal reserve system, at the economic club of new york luncheon, new york city, 18 october 2018. * * * thank you for having me. 1 i very much appreciate the opportunity to speak to this distinguished group and look forward to my discussion with greg ip. now almost exactly a year into my appointment as vice chairman for supervision, i have, as might be expected, spoken publicly most often about banking and the financial system more generally. however, supervision and regulation are not all that i do at the federal reserve, and i welcome this opportunity to speak to another part of my day job, as a member of the federal open market committee ( fomc ). today i would like to offer my take on the economic outlook, which is optimistic, and explain how i view my optimism as consistent with the continued gradual pace of policy tightening that many committee participants have projected. in particular, i will explain how my views on potential growth help shape my outlook, both for the economy and for the appropriate path of monetary policy. relatedly, i will discuss the uncertainties that arise when a central element of the outlook - in this case, the potential capacity of the economy - - is unknown and largely unobservable. such uncertainty can complicate policymaking in even what appears to be a very healthy economy, providing a further argument for gradualism. where we are now in previous remarks on the economic outlook, delivered at a national association for business economics conference in february, i characterized the u. s. economy as being in a " good spot " and asked if the economy had reached a positive turning point following an extended period of post - crisis slow growth. i argued that while it might be too soon to call a turning point, there was a definite possibility of an upside surprise. 2 so now that we are fairly deep into 2018, where do we stand overall? my view has not changed all that much from february. while many other forecasters had to revise up their forecasts over the course of the year, my own outlook is basically unchanged, because the economy is evolving essentially as i expected at the outset of the year. the economy remains in a good spot. gross domestic product increased a robust 3 1 / 4 percent in the first half of

accomplish. in light of what has happened over the past two years, it is imperative that governments convince markets that they can and will put large financial firms into a resolution process rather than bail out creditors and shareholders. yet no one can guarantee that future resolutions of systemically important firms will proceed smoothly or predictably. resolution mechanisms must be understood not as silver bullets, but as critical pieces of a broader agenda directed at systemic risk and the too - big - to - fail problem.