samchain/econo-pairs-v2 huggingface dataset:
the bank of russia ’ s 4 % target. 3 / 3 bis central bankers'speeches

with our expectations. the most important factor that we analysed today is the situation in the economy. we expect that gdp growth rates will be closer to the upper bound of our forecast range of 0. 8 – 1. 3 %. the q3 results show that economic growth accelerated to 1. 7 %. industrial output keeps growing. in october, after a prolonged slowdown, we saw an increase in annual retail sales growth. this was supported by an acceleration in real wage growth largely due to inflation slowdown amid relatively unchanged nominal wage growth. starting in september, we have observed a notable increase in budget spending on national projects. in the second half of the year, government investment started to support economic growth. at the same time, we have yet to estimate the stability of higher economic growth rates. demand remains contained in general. various investment activity and business sentiment indicators show mixed dynamics. in particular, new ( especially, export ) order expectations in industry remain low. this reflects a slowdown in global economic growth, continuing global trade tensions and geopolitical risks. these are all restraining factors for our economy. regarding the three - year forecast horizon, our expectations here have not changed overall since october. we expect that the gdp growth rate will gradually increase to 1. 5 – 2. 0 % in 2020 and to 2 – 3 % in 2022. successful implementation of national projects should provide the largest contribution to the increase in growth rates. this will support internal demand while external conditions remain a factor of uncertainty in the forecast. as regards oil prices. last week, the opec + countries reached a deal to extend oil production cuts until the end of march 2020. as of now, we stick to a conservative assumption for oil prices in our forecast : their reduction to 55 us dollars per barrel in 2020 and to 50 us dollars per barrel in 2021 and further on. we will adjust this opinion depending on, among other factors, future changes in the opec + agreements and global demand for energy commodities. as to the balance of payments, we have slightly adjusted some indicators for this year, taking into account the actual data available. let me remind you that the current account balance will 2 / 3 bis central bankers'speeches gradually decrease over the forecast horizon remaining sustainably positive : approximately to 3 % of gdp in 2020 and to 1 – 2 % of gdp in 2021. this is associated with oil price trends and external demand. the financial account balance of the private sector will shrink to about 1 % of
proposal for a corporate sustainability reporting directive comes in. the ecb welcomed this proposed directive in a legal opinion and it is now awaiting approval by the co - legislators. the current standards on sustainability disclosure are insufficient to ensure that sustainabilityrelated financial risks are properly understood and priced by market participants. the proposed corporate sustainability reporting directive is a necessary step to address the gaps that currently hinder the development of appropriate sustainability policy, risk assessment and risk monitoring frameworks for the financial sector. this is because it will not only explicitly ask large banks to disclose their transition plans, it will also ask banks ’ corporate clients to do the same. this last point is crucial, as it will enable banks to assess the climate - related and environmental risks in their asset portfolios. these disclosures are therefore an important element in ensuring that banks manage all material risks, in line with what we as the prudential supervisor expect them to do. the climate - and - environmental puzzle is still highly complicated, but we can now see the pieces slotting into place. against this backdrop, it is crucial that the elements included in the commission ’ s proposals are implemented in actual binding legislation entering into force without 1 / 2 bis central bankers'speeches undue delay. this will smooth the path to paris for all. 2 / 2 bis central bankers'speeches

remained virtually unchanged since summer 1996 at around ¥20, 000 - 21, 000, varying across firms. recently, however, it has weakened somewhat. in the foreign exchange market, the yen ’ s appreciation reversed its course and depreciated against the u. s. dollar between summer 1995 and autumn 1996. since early 1996, the yen has continued to depreciate and has recently moved at around ¥114. meanwhile, the yen depreciated temporarily against the deutsche mark in october and november 1996, and has recently moved at around ¥72 - 73.
all strengthened, and iceland ’ s competitiveness and potential for expansion at home and abroad have improved enormously. the old cliche of iceland ’ s undiversified economy which also happened to be a fact is a thing of the past.

29 november 2018 deputy governor rannveig sigurðardottir. introductory remarks at the 2nd annual nordic cyber in finance conference, helsinki, 29 november 2018 let me begin by saying that this conference is both timely and interesting for me, as i have only been in office for five months. given that i come from the monetary policy department at the central bank of iceland, cybersecurity has not been much on my agenda until now. it is, nonetheless, a very important topic. the central bank of iceland, and other central banks are facing several new challenges in this area, both in the financial sector generally and central banking more specifically. last week i attended an interesting macroprudential policy conference at danmarks nationalbank. the discussion paper prepared for that conference was called while the sun is shining, prepare for a rainy day. sitting there, i pondered what the discussion paper for this conference today might be called. perhaps something like the snowstorm is here – what do we wear? cybercrime is now the world ’ s fastest - growing type of crime. it has shot up to second place on the list of the top ten business risks worldwide, after not even making the list five years ago. the financial sector is particularly important because it greases the wheels of our economies, and cyber risks pose mounting threats to the financial system. developments since the emergence of the internet show that new technologies have brought with them new challenges. we only need to think of robotics, artificial intelligence, blockchains, and smart phones with 5g wi - fi to realize the extent of the changes that lie ahead for financial services. new technologies also bring opportunities. the austrian economist, finance minister, and banker joseph schumpeter demonstrated in the 1920s that successive waves of technological change raise productivity, income, and living standards. however, we know from long experience that technological change often results in costs involving new risks that must be addressed in order to optimise the net benefit. so while fintech will broaden consumers ’ range of choices in financial intermediation, it also brings new risks, both to the security of transactions and to privacy. to maintain financial stability and real economic activity, we need payment and settlement systems that are secure. as a result, cybersecurity has moved from being a technical issue to a central bank issue. that is why the nordic central banks have set up this forum for discussion and cooperation so as to foster closer cooperation on cyber resilience and cyber
euro area bank lending survey for the third quarter of 2016 indicates some further improvements in both supply and demand conditions for loans to the non - financial private sector. furthermore, banks continued to report that the ecb ’ s asset purchase programme and the negative deposit facility rate had contributed to more favourable terms and conditions on loans. to sum up, a cross - check of the outcome of the economic analysis with the signals coming from the monetary analysis confirmed the need to preserve the very substantial amount of monetary support that is necessary in order to secure a return of inflation rates towards levels that are below, but close to, 2 % without undue delay. monetary policy is focused on maintaining price stability over the medium term and its accommodative stance supports economic activity. as emphasised repeatedly by the governing council, and as again strongly echoed in both european and international policy discussions, in order to reap the full benefits from our monetary policy measures, other policy areas must contribute much more decisively, both at the national and at the european level. the implementation of structural reformsneeds to be substantially stepped up to reduce structural unemployment and boost potential output growth in the euro area. structural reforms are necessary in all euro area countries. the focus should be on actions to raise productivity and improve the business environment, including the provision of an adequate public infrastructure, which are vital to increase investment and boost job creation. the enhancement of current investment initiatives, including the extension of the juncker plan, progress on the capital markets union and reforms that will improve the resolution of non - performing loans will also contribute positively to this objective. in an environment of accommodative monetary policy, the swift and effective implementation of structural reforms will not only lead to higher sustainable economic growth in the euro area but will also make the euro area more resilient to global shocks. fiscal policies should also support the economic recovery, while remaining in compliance with the fiscal rules of the european union. full and consistent implementation of the stability and growth pact over time and across countries remains crucial to ensure confidence in the fiscal framework. at the same time, all countries should strive for a more growth - friendly composition of fiscal policies. we are now at your disposal for questions. 2 / 2 bis central bankers'speeches

##dition for a stable and long - term growth. it also serves to anchor the inflation expectations and guarantee the adequate monetary support to the economy at this stage of development. the bank of albania remains committed to act in concordance with the actual and expected performance of economic indicators. the shift of the inflationary risk balance downward, the strengthening of financial stability and inflation expectations in economy will be carefully considered in the future decision - making of the bank of albania.
supervisory issues. i hope that the presentations that will take place today and tomorrow will stimulate and provide further ideas for the insurance community in further developing insurance markets and products in the gcc countries. all that remains is for me to wish you an interesting and productive forum, and to thank the organizers, once again, for putting on a stimulating program. thank you.

rasheed mohammed al maraj : financial sector education and training in bahrain address by his excellency rasheed mohammed al maraj, governor of the central bank of bahrain, at the signing ceremony : bibf - sii mou, manama, 20 february 2008. * * * good afternoon lord mayor, mrs. ruth martin and other members of the sii team, colleagues from the bibf, ladies and gentlemen, as governor of the central bank of bahrain ( cbb ) and in my capacity as chairman of the bibf, i would like to welcome you all to the launch of a new partnership between the bibf and the securities & investment institute ( sii ). i am delighted to note that the sii is the largest and most widely respected professional body for the securities and investment industry in the uk and that its vocational courses attract over 37, 000 candidates a year. the cbb welcomes and, indeed, supports the bibf - sii strategic partnership which will further deepen the scale and scope of internationally recognized qualifications and training courses offered by the bibf. in bahrain, we recognize and appreciate the value of education and training, so it is no surprise that fostering and nurturing a vibrant training institute, such as the bibf, has been an integral element of bahrain ’ s success as an international financial centre. through the provision of high quality training and education programmes catering specifically for the financial sector, the bibf has helped create a talent pool for banks and other financial institutions to draw from. today, bahraini nationals account for over 70 % of total financial sector employment, which has continued to accelerate over the years. in fact, bahrain ’ s financial sector continues to see the highest value - added per worker. the sector employs 2. 7 % of bahrain ’ s civil service and private sector workforce, while contributing over 25 % of gdp. however, as you are all aware, the financial services industry is one of the most rapidly growing and evolving segments of the global economy. this means that people working in this industry have to keep upgrading their expertise if they are to compete effectively in the market for financial sector jobs. the bibf, with the support of the cbb, is committed to fulfilling its mandate of continuously growing bahrain ’ s talent pool and “ shaping tomorrow ’ s financial leaders today ”. from its modest beginnings, the bibf has grown into a highly respected institution, which delivers a wide range of degree and diploma programmes, professional qualifications and short
feel they need to be supplemented by securities infrastructure which embodies an integrated approach at the european level. the infrastructure gap is mainly in the post - trading sector as there seems to be no shortage of new trading platforms which aspire to operate at the european level. the eurosystem operates as a catalyst, facilitator and operator in relation to europe - wide infrastructures. it provides a borderless and neutral infrastructure for settlement in central bank money, via target2. looking forward, the eurosystem will provide the next generation of “ collateral central bank management ” ( ccbm2 ). still more significantly, the eurosystem will deliver target2 - securities ( t2s ) no later than 2013, to make settlement of securities against central bank money at least as secure, efficient and cheap as domestic securities settlement are in any european market today. my understanding is that these projects need to work in harmony with other integration projects, especially harmonisation. i expect to see significant progress in harmonisation throughout the securities life cycle, through the catalytic effect of the target2 - securities. the eurosystem will initiate work together with market participants to develop action plans for harmonising both settlement - related processes and processes related to corporate actions. we expect that market participants will constructively contribute to this work and the key issue is to ensure that harmonisation solutions are implemented. the second area which i would like to address relates to the growing importance of cross border banking operations and the internationalisation of the wholesale market, which requires changes in the way national supervisory authorities operate. since systemic risks extend beyond national borders, we need to strenghten effective co - operation arrangements among national authorities. the task is complex, and i think the answer requires us to develop common practices for consistent supervisory structures in financial services, including common reporting and risk management standards. the third area relates to the greater interdependencies between trading and post trading partners. in consequence, the operational processes, risk management policies and procedures of each system are related to those of other systems. while these interdependencies between market users and systems generally improve the resilience and efficiency of markets and their payments and settlement processes, they may also allow financial disruption to pass, like a virus, across systems and their participants, with second round effects to other market activities. i feel that the risks inherent in these growing interdependencies throughout the european and cross - atlantic value chain require systems, market users and service providers

, oecd economics department working papers no 1309. 5 german council of economic experts ( 2017 ), “ towards a future - oriented economic policy ". 5 / 5 bis central bankers'speeches
current issues we are considering in the context of our revised guideline. we hope to have something ready for consultation with the industry later in the year. while this may impose new obligations on ais, we will try to ensure that these are of a nature that wellmanaged institutions would adopt of their own accord. after all, in essence, they amount to no more than being sure that you really do know your customer.

professional training and adherence to common set of professional ethical standards. getting this right will be an important piece in the puzzle towards building a world - beating sector here in hong kong. getting it right means raising competence and professional standards and, consequently, raising levels of trust and custom. to achieve that will take a full, team effort. so i very much welcome your input to developing these ideas further and flesh out the framework over the coming months. closing remarks at the outset of my remarks, i highlighted the banner headline indicating that we are “ heading into a new era ”. having journeyed this far, is this statement a fair one? given the opportunities i ’ ve outlined, i think the answer really should be “ yes ”. but if i ’ m cautious, i would have to say, “ yes, if ” : if we can rise to the challenges touched on earlier ; if we can capitalise on the great strengths and advantages of hong kong ; if we can invest in our people and our institutions to match the scale of the opportunities. if we can do that, i believe we can truly make this a transformative moment in the development of the banking landscape in hong kong. the prize for your institutions, your clients and for hong kong is great. i look forward to continue working with you so, together, we attain it. thank you. bis central bankers ’ speeches
’ s flagship industry, with future prospects looking very bright o fiji has been able to attract significant investment through this industry from major international hotel name brands o other supporting factors for this growing sector are : o • increases in airline seat capacity with air pacific introduction of low cost carriers development of new markets this industry has also spurred growth in other sectors like the wholesale and retail trade and building and construction strength 4 : strong and stable financial system o independent central bank o sound financial system o favourable report from the financial sector assessment programme conducted by the world bank / imf o financial intelligence unit has been set up o development of a real time gross settlement system strength 5 : sustainable political stability o 2 elections since 2000 and both were declared free and fair by international observers o formation of a multi party cabinet o strong investor and consumer confidence o affirmative action policies are addressing the needs and concerns of the marginalised and disadvantaged o clarification of the role of the military

on four major areas : first, building hong kong ’ s international profile and forging closer ties with market participants in the middle east ; secondly, promoting market infrastructure and establishing policies conducive to the development of islamic finance ; thirdly, promoting talent and knowledge of islamic financial principles among market professionals in hong kong ; and fourthly, encouraging the development and launch of islamic finance products in hong kong. concluding remarks ladies and gentlemen, the potential for the growth of islamic finance is clear. the foundations for its development here in hong kong have already been laid. it is essential for all of us to look beyond the current global financial turbulence and treat the development of islamic finance as an investment in the future. with this in mind, i would like to encourage all of you, whether you are regulators, financial institutions or investors, to look critically at the opportunities that lie before us. islamic finance is a new asset class that has the potential to bring new economic growth to hong kong and the region given our wealth of knowledge in financial intermediation, our experience, and our agility in adopting innovative products. so let us work together towards building a stronger and stronger link and increasing cooperation with other global players to identify and capitalise on new opportunities. today ’ s holding of the islamic finance forum in hong kong is a significant step on a journey that is just beginning. i look forward to travelling this road with all of you. thank you.
efficient. i would now like to declare this workshop officially open. bis central bankers ’ speeches

##igate the conflicts of interest in financial institutions and avoid negative externalities, governments impose prudential regulations, such as minimum capital adequacy requirements for banks, and mandate a public agency to supervise financial institutions and enforce the regulations. but we also recognise that statutory bank regulation and supervision by a public agency such as the bank of uganda cannot be expected, on its own, to guarantee the sound management of banks. moreover, excessively heavy handed regulation, although it might protect depositors, can also stifle innovation and risk taking in banks, which would be detrimental to economic development. in a market economy, the onus for sound management, including the proper management of risks, must lie with the banks themselves. bank regulators cannot be a substitute for bad bank managers. as such good corporate governance is an essential complement to good bank regulation and supervision. the financial institutions act, 2004, includes a framework for good corporate governance in financial institutions, which is supplemented by a set of corporate governance regulations which were issued by the bou in 2005. uganda ’ s corporate governance regulations for financial institutions were influenced by the guidelines published by the basel committee on banking supervision, based at the bank for international settlements, which is responsible for formulating global standards for bank regulation and governance. the corporate governance regulations for deposit taking financial institutions in uganda focus on four key themes : i ) the fiduciary responsibilities of the board of directors ; ii ) the importance of independent oversight of bank management ; iii ) the priority which must be attached to risk management ; and iv ) the need for independent audit functions. these are also themes which receive emphasis in the king iv report, which i believe should be viewed as a complement to the corporate governance requirements which are already in place for the ugandan financial sector. the king iv report also includes features which, although not specifically covered in our own corporate governance regulations because they fall outside the ambit of prudential concerns, are nevertheless relevant for financial institutions as well as non financial corporations ; these include the importance of corporations establishing responsible and transparent tax policies and organisation wide remuneration policies. the king iv report should help to strengthen standards of corporate governance both in the financial sector and in the non financial corporate sectors of our economy. thank you for listening. prof. emmanuel tumusiime mutebile governor