samchain/econo-pairs-v2 huggingface dataset:
reducing banking spreads. sbp is further developing capacities to monitor operational risks associated with weak internal control systems, delays in adoption of information technology solutions and outsourcing of processes by banks.

t t mboweni : recent economic developments speech by mr t t mboweni, governor of the south african reserve bank, at the dinner for heads of foreign missions, pretoria, 1 december 2003. * 1. * * introduction dean of diplomatic corps - ambassador alzubeidi members of the diplomatic corps, ambassadors and high commissioners representatives of : the united nations system - mr ohiorhenuan the european union - ambassador lake the international labour organisation - dr andoh the world bank - mr omar foreign affairs - ddg : africa, ambassador mamabolo management & staff of the south african reserve bank ladies & gentlemen as a relatively open developing economy, south africa was again affected considerably by world economic conditions during the past year. the weak and fragile global economic recovery impacted on domestic economic growth, low world inflation contributed to a decline in domestic inflation and substantial financial inflows led to a further recovery in the external value of the rand. 2. international economic developments global economic activity suffered a setback in the second half of 2002 when business confidence was detrimentally affected by revelations of corporate accounting malpractices, a further decline in stock exchange prices and a threat of war against iraq. in the first half of 2003 equity prices began to rise somewhat and the war in iraq was concluded without severely impacting on oil production. yet the international economy continued to move at a sluggish pace, with the result that most analysts downgraded their initial forecasts for world growth in 2003. more recently there have been encouraging signs that the macroeconomic environment has improved somewhat. production growth in the united states of 8, 2 per cent in the third quarter of 2003 seems to confirm that the much - anticipated economic recovery is gaining momentum. this acceleration in the pace of growth impacted favourably on the demand for labour, causing the us unemployment rate to edge lower to 6 per cent in october 2003. the real gross domestic product of japan also increased at stronger - than - expected rates during 2003, while growth in china remained high. a strong domestic demand, improved export performance and fiscal and monetary policies in the rest of asia are expected to support growth in the rest of this continent. in contrast economic activity in the euro area was weaker than expected in the second quarter of 2003, but indicators for this region indicate that economic activity could firm somewhat in the coming months. rising net exports and real exchange rate developments are expected to lead to a modest recovery in latin america. global inflation remains low and monetary and fiscal policies were
term. cross - checking the monetary analysis with the economic analysis therefore supports the case for vigilance to ensure that the risks to price stability over the medium to longer term do not materialise. the preservation of a solid anchoring of inflation expectations for the euro area as a whole at levels in line with price stability, as reflected in available surveys and indicators, has contributed to a sustained decline in risk premia across the whole maturity spectrum since the creation of the euro, thereby leading to lower levels of both short and long - term interest rates. the ecb ’ s high level of credibility and its stability - oriented policy have contributed to the very favourable financing conditions observed over the past few years for investors. they have also preserved the purchasing power of consumers, which is of greatest importance for all people and especially those with low incomes. it is essential that this important asset of the euro area economy is preserved. the governing council will exercise vigilance so as to continue ensuring the solid anchoring of medium to long - term inflation expectations at levels in line with price stability. such vigilance is indeed warranted, taking into account the present upside risks to the outlook for price developments and the historically low level of both nominal and real short term interest rates. as regards fiscal policy, recent information points to somewhat better than expected outcomes for 2005 in a number of countries and for the euro area as a whole. looking ahead, the targets presented in the latest round of stability programme updates are consistent with a moderate fiscal consolidation, although in some countries imbalances would still persist for a number of years. with the improvements in economic growth, determined fiscal consolidation is now even more important. in particular, countries with excessive deficits must take this opportunity to reduce their fiscal imbalances in a decisive and sustainable manner. this would strongly support the european fiscal framework as established by the stability and growth pact. delaying consolidation would be both inappropriate in the short term and risky in the longer term. adjustment efforts should be based on credible, fully specified measures as part of a comprehensive consolidation programme. moreover, windfall gains from higher than expected growth or other factors should be allocated to speeding up deficit reduction. this would help to prevent a repeat of past experiences, when complacency in good times contributed to persistent budgetary disequilibria. with respect to structural reforms, these remain an essential ingredient for improving competitiveness and growth performance in the euro area. let me also add that, given the services sector ’

treatment as possible to such issues as new types of transactions accompanying progress in information technology ( i. e., fund transactions using customers ’ computer terminals ).
finally, i would like to leave you with these words from steve jobs as food for thought, “ i am convinced that about half of what separates the successful entrepreneurs from the nonsuccessful ones is pure perseverance. ” let ’ s persevere, and make namibia a truly competitive, global player. ladies and gentlemen, it is therefore a great honour for me to present the awards to the winners of the business idea competition. i thank you! bis central bankers ’ speeches

. inflation has been low and stable ; fiscal policy has been prudent and sustainable ; and our external balance has been healthy over the years. moreover economic growth has been positive, resulting into modest gains in per capita income. recently the world bank reclassified namibia from being a lower - middle - income country, to an upper - middle - income country. this should bolster us to want to do more. we are one of only a few countries in sub - saharan africa that has an investment credit rating. with a credit rating, we are able to access international capital markets at relatively better terms. while we may not need to borrow externally for now, external borrowing may be necessary during times of crisis or when in need of additional capital to support faster economic growth. we also have one of the highest savings rates in the world, almost comparable to rates in east asia. however, i remain concerned that up to now we failed to transform all our savings into domestic investment. over the years we wasted precious time engaging in useless debates as how to utilise our own capital to generate higher economic growth. it is simply no longer credible on our part to request other countries to financially assist us while we are happy to continue exporting our own capital. this remains a challenge that we can no longer afford to ignore. equally, on the social front our achievements have been many and laudable. today there are many more children in schools than at independence. our national spending on education as a percentage of total spending is among the highest in the world. more health facilities have been constructed since independence. at least 90 percent of all namibians have access to safe drinking water. this is an achievement that even some of the dynamic fast growing emerging market economies is yet to achieve. so our achievements are numerous and we should celebrate. while our achievements are impressive, our challenges are equally daunting. the risk is that if we do not address the challenges facing us as a matter of priority, the gains we have achieved thus far might be eroded. as to whether we are likely to achieve v2030, according to our research the picture does not look too encouraging. indications are that on the two key goals of per capita income and employment creation, we are not making sufficient progress. the current per capita income is us $ 4, 200. at the current growth rate, we project that by 2030, our per capita income will be us $ 10, 000. this is no near the required level of us $
rate by 1 percentage point, all else being equal. 4 / 4

leveraged homeowners would be forced to sharply curtail their spending. to be sure, indexes of house prices based on repeat sales of existing homes have significantly outstripped increases in rents, suggesting at least the possibility of price misalignment in some housing markets. but a destabilizing contraction in nationwide house prices does not seem the most probable outcome. to be sure, the recent marked increase in the investor share of home purchases suggests rising speculation in homes. ( owner occupants are rarely home speculators because to sell, they must move. ) 10 however, nominal house prices in the aggregate have rarely fallen and certainly not by very much. and even should more - than - average price weakness occur, the increase in home equity as a consequence of the recent sharp rise in prices should buffer the vast majority of homeowners. for statistical methodology see karen dynan, kathleen johnson, and karen pence ( 2003 ), " recent changes to a measure of u. s. household debt service, " federal reserve bulletin, vol. 89 ( october ), pp. 417 - 26. a new survey by the national association of realtors reports that purchases of vacation homes and homes for investment amounted to more than a third of total existing home purchases last year. mortgage originations data reported under the home mortgage disclosure act ( hmda ) indicate that the share has been rising significantly since 1998. house prices, however, like those of many other assets, are difficult to predict, and movements in those prices can be of macroeconomic significance. there appears, at the moment, to be little concern about corporate financial imbalances. debt - toequity ratios are well within historical ranges, and the recent prolonged period of low long - term interest rates has enabled corporations to refinance liabilities and stretch out bond maturities. * * * the resolution of our current account deficit and household debt burdens does not strike me as overly worrisome, but that is certainly not the case for our fiscal deficit, which, according to the congressional budget office, will rise significantly as the baby boomers start to retire in 2008. our fiscal prospects are, in my judgment, a significant obstacle to long - term stability because the budget deficit is not readily subject to correction by market forces that stabilize other imbalances. one issue that concerns most analysts, especially in the context of a widening structural federal deficit, is inadequate national saving. fortunately, our meager domestic savings, and those
. 2 standard eurobarometer 89, spring 2018. 3 banca d ’ italia, financial stability report no. 2 – 2018. 4 results of the oecd ’ s piaac survey. 5 “ sul tempo della ratifica della ced ” 1 march 1954 in einaudi, lo scrittorio del presidente ( 1948 – 1955 ), giulio einaudi editore, torino, 1956. 5 / 5 bis central bankers'speeches

christian noyer : building on euro area achievements to prepare for enlargement speech by mr christian noyer, governor of the bank of france, at the 2007 annual conference on macroeconomic and economic policy issues, bank of latvia, riga, 10 october 2007. * * * ladies and gentlemen, it is a great pleasure and honour for me to address this conference hosted by the latvijas banka. having just passed the european union 50th anniversary, it is an appropriate time to reflect upon the essence and future of this extraordinary endeavour. never before, in the whole history of mankind, have democratic nations pursued and reached, through peaceful cooperation, such a close degree of interdependence, involving, in many crucial areas, deliberate pooling of sovereignty. of course, the process has not been without difficulties and tensions, many of which are still apparent and acute. of course, numerous challenges remain. but, for the first time in more than a thousand years, europe is at peace and prosperous, with democratic regimes everywhere. this is, by historical standards, an exceptional achievement. the whole process of european integration was based on a strong intuition : by sharing the instruments and policies underpinning economic prosperity, european nations would create an irreversible situation of interdependence and solidarity where conflicts and wars of the past would become impossible. the creation of the euro area is the natural consequence of this original intuition. it results both from a political vision and an economic and financial necessity. the process of monetary cooperation was launched as a response to the potential financial and economic instability stemming from the collapse of the bretton woods system. it met with many obstacles and went through several crises. at some point, it came close to being abandoned altogether. but today, the euro is alive and well : since 2002, it has been the sole currency with legal tender in all countries of the euro area, providing more than 300 million of european citizens with a new, practical unifying symbol as well as many direct economic benefits. before addressing the euro area enlargement issues let me first elaborate on the successes and challenges of monetary integration in europe. enlargement should both preserve these successes and help handling the challenges. the first, and most obvious achievement of the euro, is price stability. over the last five years, inflation has stayed broadly in line with the price stability objective set by the european central bank, i. e. inflation below but close to 2 % over the medium - term.
privilege to call upon his honour the vice president of the republic of zambia, mr rupiah banda to deliver the official opening speech for the seminar. your honour sir! thank you.

be given a charter which includes a strong commitment to price stability, and the freedom and sufficient scope to pursue it. this means that while central banks may not have goal independence, they should have operational or instrument independence to effectively pursue their primary objectives. in a democratic society, transparency and accountability are essential if central bank independence is to remain “ acceptable to the public ”. providing for a sufficient degree of transparency can help not only to increase the understanding of monetary policy which ultimately enhances central bank credibility. your honour, this conference follows a similar one held in botswana hosted by the botswana central bank from 5 to 6 february, 2007 and supported by the bis governance forum and the imf. it also comes shortly after our very successful conference held at this same venue in november last year on the theme, “ central bank independence, does it hurt the treasury? ” all these activities are part of the building blocks to a bigger project we have been undertaking in the sadc region aimed at developing a model central bank act. for us in zambia, efforts at perfecting the governance as well as the operational efficiency of the financial sector are being done through the financial sector development plan ( fsdp ). under the plan we have already developed corporate governance guidelines for the financial sector as a whole. many of these have a lot of relevance to the central bank as well. through the fsdp, even issues such as who should chair the board of the central bank are being discussed. lastly, let me say that we expect to learn from what other central banks have done, and what challenges they have faced in their quest for enhanced central bank governance. however, it should be noted that each country should establish a legal framework for its central bank governance, which best fits that country ’ s own history and institutional evolution. this should also take into account international best practice. your honour, apart from zambian delegates, this international seminar has drawn participation from several other countries including : angola, ghana, kenya, lesotho, madagascar, malawi, mauritius and mozambique. other participants are from namibia, nigeria, sweden, tanzania, swaziland and uganda. with this wide participation, i have no doubt that the seminar will be thought - provoking and highly participatory, given also the high calibre of resource persons from institutions such as the international monetary fund and the bank of international settlements. i therefore wish all of you good deliberations and a memorable stay in livingstone and zambia in general. it is now my
a purpose for the citizens of europe. it must offer them prosperity, security and freedom. in germany, european integration has thus far been largely a project for the political, economic and academic elites. our constitution does not provide for direct referendums, so many people are now saying “ i wasn ’ t asked ”. this is made all the more important by the fact that a monetary union is ultimately also partly a political union. i therefore suggest that we now engage in open political debate on what europe should look like ten years from now. in this we face a trilemma, which martin hoppner, armin schaefer und hubert zimmermann put well in an article on 27 april in the “ frankfurter allgemeine zeitung ” : “ enlargement, deepening and democracy – the trilemma of european integration. of the three aims of the eu, only two can ever be achieved at the same time, at the expense of the third ”. my choice would be deepening ( of the euro area ) and democracy. others may have other ideas. this is something that can and must be discussed. the advantages of monetary union are so great that we should stabilise them through deepening. this means a fiscal union and a financial market union ( banking union ) as well as a democratically legitimised political union. my first ideas on this are : i ) in the area of financial market union, europe is facing two central challenges : first, the close financial links between banking sectors and public finances in an environment of slowing growth has often led to a downward spiral. an economy that is barely growing or in recession has an effect on the budget situation and, as a consequence, on the prices and yields of the relevant government bonds, many of which are held on banks ’ balance sheets. at the same time conditions for banks deteriorate. all this leads to the aforementioned liquidity shortages on the interbank markets. these, in turn, can cause solvency problems. but the loss of confidence means there are fewer and fewer private investors willing to give the banks the capital they need. and the government has less and less leeway to push the recapitalisation or restructuring of the banks forward itself – and so the situation spirals further and further down. second, european financial market regulation and crisis management suffer from a potential conflict of interest. while national supervisory authorities are supposed to ensure the functioning of the european financial market, they are politically accountable

the economic and monetary affairs committee of the european parliament. these are just some initial ideas, and i think an open discussion on where europe should be in ten years would be worthwhile. thank you very much. bis central bankers ’ speeches
, a., veron, n., and wolff, g. b., 2012. what kind of european banking union, bruegel policy contributions, n. 12, june 2012. rossi, s., 2013. post - crisis challenges to central bank independence, speech given at the lbma / lppm precious metals conference. rossi, s., 2014. verso l ’ unione bancaria europea : in fondo a una strada lunga e tortuosa, speech given at the conference “ banking union and the european financial system ” universita degli studi di modena e reggio emilia. spinelli, f., and trecroci, c., 2006. “ maastricht : new and old rules ”, open economies review, vol. 17, pp. 477 – 492. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

r. g., 2012. “ illiquid banks, financial stability, and interest rate policy ”. journal of political economy, 120 ( 3 ), pp. 552 – 91. bis central bankers ’ speeches eichengreen, b., and dincer, n., 2011. who should supervise? the structure of bank supervision and the performance of the financial system. nber wp 17401. eijffinger, s., and masciandaro, d., 2011. handbook of central banking, financial regulation and supervision. edward elgar, cheltenham. feldman, r. j., kim, j., miller, p., and schmidt, j. e., 2003. “ are banking supervisory data useful for macroeconomic forecasts? ” the b. e. journal of macroeconomics, vol. 3 ( contributions ). gaiotti, e., and secchi, a., 2013. monetary policy and fiscal dominance in italy from the early 1970s to the adoption of the euro : a review, banca d ’ italia occasional paper no. 141. goodhart, c., 1988. the evolution of central banks. mit press, cambridge. goodhart, c., 2000. the organizational structure of banking supervision, occasional papers, no. 1, basel : financial stability institute, november. goodhart, c., and shoenmaker, d., 1995. should the functions of monetary policy and banking supervision be separated? oxford economic papers, vol. 47 ( october ), pp. 539 – 560. mishkin, f., 2001. “ prudential supervision : why is it important and what are the issues? ” in frederic mishkin, ed., prudential supervision : what works and what doesn ’ t, chicago : university of chicago press. oreski, t., and pavkovic, a., 2014. “ global trends in financial sector supervisory architectures ”, in proceedings of the 5th international conference on design and product development. phelps, e. s., 1967. “ phillips curves, expectations of inflation and optimal unemployment over time ”, economica, vol. 34, pp. 254 – 281. phelps, e. s., 1968. “ money - wage dynamics and labor - market equilibrium ”, journal of political economy, vol. 76, pp. 678 – 711. pisani - ferry, j., sapir