samchain/econo-pairs-v2 huggingface dataset:
- 1993 ). dominique began his career as an assistant professor and was subsequently engaged as a professor of economics at the universities of nancy and paris. from 2001 to 2007, he taught economics at the paris institute of political studies. he was also a visiting professor at stanford university in 2000. the title of his speech is “ beyond the crisis – sustainable growth and a stable international monetary system ” – a highly relevant and interesting topic to all of us. i am looking forward to hearing your insights. the floor is yours.

introductory speech at the presentation of the inflation report – may 2024 dr jorgovanka tabakovic, governor belgrade, 14 may 2024 ladies and gentlemen, esteemed members of the press, dear colleagues, welcome to the presentation of the may inflation report. as usual, in today ’ s conference we will present key information from the report, notably current economic developments, new macroeconomic projections and monetary policy decisions taken in the period since the previous report. we will also be glad to take your questions and provide additional clarifications, if needed. at the very start of the conference, i would like to underline that in the past year inflation in serbia has been on a solid downward trajectory, and over the previous months it has slowed even faster than we anticipated. in view of such movements, our current projection expects inflation to enter the bounds of the target tolerance band already in may, while the previous projection expected this to transpire in midyear. at the same time, economic activity in the first quarter of 2024 picked up the pace beyond our expectations, to 4. 6 % y - o - y, giving us reasons to believe that we will achieve the 3. 5 % gdp growth rate this year, whereas in the previous projection we forecast growth in the 3 – 4 % range. all of this indicates that our monetary policy was adequate and that it also ensured price stability in the medium - term, a continuation of positive economic growth rates and preservation of npl ratios close to the historical lowest level of 3 %. we will now give a more detailed presentation of achieved macroeconomic movements and our latest projections. * * * as noted in the beginning, inflation in serbia continued to lose breath, even faster than we projected in february, as well as a year ago. relative to its peak from march last year, headline inflation this april was more than three times lower, measuring 5. 0 %. it slowed further owing to the smaller increase in food prices amid the easing of global cost - push pressures, which stood below headline inflation as of february and measured 2. 9 % y - o - y in april. core inflation also acted as an important drag on headline inflation and, thanks to the past monetary policy tightening and the lower imported inflation in the same period, it edged down by 6. 5 pp to 4. 8 % in april. 1 оf 10 chart 2 change in contribution of main cpi components to y - o - y inflation - relative to march 2023 *
money market operations such as the provision of sufficient funds during the run - up to the calendar and fiscal year - ends.

as a result of swift and aggressive responses taken by the government and central bank in each country and region, tension in financial markets has abated somewhat. however, the markets have remained nervous due to a decline in liquidity. in addition, although japan's financial system has maintained stability on the whole, financial conditions have become less accommodative in terms of corporate financing, as seen in deterioration in firms'financial positions. ii. conduct of monetary policy next, i will explain the bank's conduct of monetary policy. the bank considers that the important thing in terms of monetary policy under the recent economic and financial situation is to support financing mainly of firms and maintain stability in financial markets. with this in mind, in march and april, it enhanced monetary easing. moreover, at the unscheduled monetary policy meeting held on may 22, the bank decided to introduce a new fund - provisioning measure to further support financing mainly of small and medium - sized firms. the bank has introduced and enhanced the following three measures since march : purchases of cp and corporate bonds, ( 2 ) the special funds - supplying operations to facilitate financing in response to the novel coronavirus ( covid - 19 ), and ( 3 ) the new fund - provisioning measure. through these three measures, which are referred to as the special program to support financing in response to the novel coronavirus ( covid - 19 ) with the total size of about 75 trillion yen, it will actively support financing mainly of firms while cooperating with the government. in addition, with a view to maintaining stability in financial markets, the bank has been providing ample yen and foreign currency funds without setting upper limits mainly through purchases of japanese government bonds ( jgbs ) and the conduct of the u. s. dollar funds - supplying operations, and has been actively purchasing assets such as exchange - traded funds ( etfs ). by conducting these measures, it will continue to contribute to supporting financing mainly of firms and maintaining stability in financial markets. the bank recognizes that powerful monetary easing measures will contribute to supporting economic and financial activities, coupled with various measures by the japanese government as well as those by the government and central bank of each country in response to the spread of covid - 19. on this basis, the bank will closely monitor the impact of covid - 19 for the time being and will not hesitate to take additional easing measures if necessary. thank you.
the us economy, the relatively weak canadian dollar and increasingly competitive canadian manufacturers are allowing us to sell into the united states very successfully. what we are expecting to see now, however, is an increase here at home in consumer and business spending. we believe that the improvement in business and consumer confidence that we have seen in the last few months, the better employment picture and recent reductions in interest rates will all help support domestic spending. to be more specific, compared with six months ago, we at the bank have raised our projection for growth in the economy in 1999 to between 2¾ and 3¾ per cent. we have such a wide range because of the international uncertainties that i mentioned a moment ago. the high end of this range is well above the latest consensus among private sector forecasters. if the economy does grow at the higher end of this range, it is likely to be because of stronger exports and more substitutions of canadian goods for imports due to canada ’ s good price and cost performance. our economy should continue to expand next year at a broadly similar pace. on the basis of these growth forecasts, we would expect the trend of inflation to rise modestly over the next 18 months but remain in the lower half of the bank ’ s 1 to 3 per cent target range for inflation. there is an increasing level of confidence, both at home and abroad, that canada ’ s inflation will remain stable. another source of uncertainty for the bank at the present time is in estimating the margin of unused capacity in the economy. if economic activity expands as forecast, the traditional way of measuring these things tells us that the current margin of economic slack should be taken up in the second half of next year. however, the economy seems to have undergone some significant changes during the 1990s, and the traditional estimates of slack may no longer be accurate. as a result, the bank will be placing increased weight on a range of indicators to assess the degree of pressure on the economy ’ s production capacity. what we have in mind are such things as movements in inflation relative to expectations, growth of money and credit, wage pressures, evidence of supply bottlenecks and the information provided to our regional representatives from their business contacts. we will not know just how much the canadian economy has changed until its capacity limits come under more pressure. while the confidence of canadians in ongoing low inflation allows monetary policy more room to accommodate demand pressures that test the limits of capacity, it will be very important for the bank to be vi

##gilant in following the array of indicators i have mentioned. we must not undermine the solid basis of low inflation and low interest rates that has been established in canada.
higher sustainable growth, the pursuit of far - reaching structural reforms is essential. major reforms are particularly needed in those countries that have experienced competitiveness losses in the past or that are suffering from high fiscal and external deficits. measures should ensure a wage bargaining process that allows wages to adjust flexibly to the unemployment situation and losses in competitiveness. reforms to strengthen productivity growth would further support the adjustment process of these economies. we are now at your disposal for questions.

their nominal anchor currency. the euro also serves as a catalyst for economic reform. among other things, the adoption of a single currency means that member states participating in the euro area no longer have their own national currencies which they can devalue to protect inefficient industries in times of need. instead, other ways must be found to maintain competitiveness, both within the euro area and internationally. i believe it is no coincidence that policy - makers across europe are now focusing more than ever on how to overcome the economic rigidities which, in recent years, tended to hold europe back in terms of economic growth. ladies and gentlemen! but above all, the prime objective of the independent eurosystem is to guarantee price stability in the euro area. and this is what the eurosystem, now also including the bank of greece after greece has joined emu, has done. monetary policy decisions have been appropriate to the prevailing economic situation. the decisions of the governing council of the european central bank ( ecb ) have guaranteed internal price stability. with an average hicp increase of just 1. 1 % in 1999 and 2. 3 % from january to november 2000, the euro area has one of the lowest levels of inflation worldwide. during the last year, the emergence of external upward price pressures and the upswing of the euro area economy have generated some risks to price stability. in a preemptive manner, the governing council of the ecb has tightened monetary policy, thus helping to maintain the favorable conditions for sustained, non - inflationary growth with a positive impact on employment. over the medium term, there are still elements of upward risks to price stability which warrant close monitoring. financial markets have developed confidence in the eurosystem policies, as can be seen from the fact that long - term interest rates in the euro area have remained persistently at, or below, us levels. therefore, the independent eurosystem will stick, in a credible manner, both to its prime objective of safeguarding price stability and to its successful single monetary policy according to the specific needs of the euro area. this was clearly the case, when the governing council of the ecb did not take any action after the fed ’ s surprising interest rate cut by 50 basis points on january 3th, obviously expressing some concerns with a “ soft landing ” in the us. summing up, a lot of progress has already been made. in addition to low inflation, economic growth in the euro area has
best practices and experiences of other, fully developed central banks. in the end, allow me to say that i am proud that the central bank is a fully independent, credible and transparent central bank, presenting the anchor of the country ’ s macroeconomic stability. for all these years, in the complex reality of bosnia and herzegovina, one thing has been certain : the value of convertible mark, expressed in euro, has never been questioned. i also have to emphasize that this institution ’ s successful performance is brought about by its human resources. the bank ’ s highly skilled employees have been dedicated to developing this institution and achieving the results that we are proud of today. the success that we have achieved during the last twenty years and the contribution we have made to the society that we serve are largely due to the trust invested in the central bank. therefore, my dear colleagues, representatives of the government and friends, representatives of the media that have professionally reported on our work, thank you for the support that you have always provided to the central bank and its objectives! the governing board, the management and the employees of the central bank will continue to work in the way which will prove worthy of your confidence. 4 of 5 thank you once again for celebrating with us this important anniversary and we wish you a pleasant stay in sarajevo and bosnia and herzegovina. # # # 5 of 5

this program is highly important for the central bank of bosnia and herzegovina, because it will provide the assessment of situation in seven areas and compare them with the standards of european system of central banks. in the same time, the program is important for bosnia and herzegovina as a whole, because by its implementation we mark the strengthening of economic and financial cooperation between the european union and bosnia and herzegovina. all citizens of bosnia and herzegovina have a wish to join the european union. on this road it is necessary that each institution should make a lot of efforts in order to reach the european standards. my pleasure is even larger, because the central bank of bosnia and herzegovina is among the first going in that direction. i sincerely hope that this is only a first step in cooperation of the central bank of bosnia and herzegovina and the european central bank. to everybody with whom we will cooperate in the realization of this program during the following six months, i wish a pleasant stay in sarajevo, thank you.
individuals. thank you for your attention. 3 / 3 bis - central bankers'speeches

institutions i want to conclude my lecture with some comments on the institutional design of economic institutions. many internationals, and quite a lot of bosnians, are critical of the performance of many of the state institutions in bh. i do not want to comment on the structure of state political institutions. but i know it is possible to build successful state economic institution in bh. the cbbh is a state economic institution. it works successfully. in my view, the major reason it works successfully is the way it is structured. i set out some of the features earlier in the paper but they are so important that i will repeat them : · the cbbh has clear and unambiguous goals ; · it has a sound and clear legal framework ; · it has good internal decision - making and monitoring processes ; · it has a sensible degree of independence. in other words, the legal and operational structure of the cbbh is much the same as that of central banks in other countries – and it works, even in bh. but most other state institutions, and particularly the economic ministries, are constructed in a completely different way. they have unclear goals, rotating heads, consensus decision - making, frequent changes of staff etc. they are built on political criteria rather than on effective operational criteria, even though there job should be to implement decisions taken by politicians, not to act as politicians. we should not therefore be surprised by the relatively poor performance of many of these organisations. i believe the design of state economic institutions is an issue the bh authorities and the international community need to pay more attention to. setting up an institution isn't enough. the way it is structured will have a big impact on how effectively and efficiently it operates - no matter who its staff are. also, making the ministeries political undermines the responsibility and effectiveness of the institutions in bh that should deal with political issues – the presidency, the council of ministers, the state parliament, and the entity governments and parliaments.
christ roman philosopher : “ as i approve of youth that has something of the old man in him, so i am no less pleased with an old man that has something of the youth. he that follows this rule may be old in body, but can never be so in mind. ” it is now my honour and pleasure to launch the bank of uganda retired staff association. i wish the association the very best for the future and i am sure it will make a very useful contribution to the welfare of all retired staff of the bank. thank you and good afternoon. bis central bankers ’ speeches

that can attract long term private investment. the bou has also taken the lead in championing financial inclusion which entails spreading access to financial services to those who currently are not served by financial institutions. finance trust bank is expected to make a very important contribution to the promotion of financial inclusion given the nature of its customer base. i would also like to mention that, through the uganda bankers association, the commercial banks have put in place financial literacy campaigns aimed at educating the public about financial services. these campaigns augment the bou ’ s financial inclusion efforts. bis central bankers ’ speeches on the regulatory front, your excellency assented to the anti - money laundering act last year. this legislation is essential to our efforts to combat money laundering, the effects of which on our economy and society are pernicious. in addition, legislation is in the pipeline to provide a regulatory framework for islamic financial services and banc assurance. the east african payments system went live last year and this enables financial institutions to speed up settlement of cross border transactions and to support the growth of trade in the east african community. with these remarks allow me to once again extend my heartfelt congratulations to finance trust bank for the successful transition to a commercial bank. thank you very much for listening to me. bis central bankers ’ speeches
data breaches. additionally, ai's opacity makes it difficult to audit or interpret the algorithms which drive decisions. this could potentially lead to unpredictable consequences in the markets. banks and other financial institutions must put in place adequate risk mitigation measures against all these risks. in the ultimate analysis, banks have to ride on the advantages of ai and bigtech and not allow the latter to ride on them. conclusion 4 / 5 bis - central bankers'speeches despite the difficult trials and trade - offs, central banking in the current decade is a success story. in the realm of monetary policy, central banks have been successful in bringing inflation closer to targets. major financial collapses or recessions, seen during earlier episodes of crisis, have been averted. central banks are now at the forefront of technological innovations and are driving them through sandboxes, innovation hubs and hackathons. as we navigate the high intensity tail events and black swans of the current decade, the lessons imbibed can well form the basis of our deliberations today to chart out a course for the future. central banks must remain vigilant, adaptable, continuously assess risks and build resilience. they should remain prepared to navigate complex challenges, support sustainable growth, maintain price stability and promote sound and vibrant financial systems. thank you. 1 imf fiscal monitor, april 2024. 2 the value of global cross - border payments is estimated to surpass us $ 250 trillion by 2027 ( cross - border payments | bank of england ) 3 the global cross - border b2c e - commerce market which was valued at us $ 889 billion in 2022 is estimated to grow by more than six times to us $ 5. 6 trillion in revenue by 2030 ( cross - border b2c e - commerce market size report, 2030 ) 4 these include project nexus, a multilateral international initiative to enable instant cross - border retail payments by interlinking domestic instant payment systems ( ipss ) of four asean countries ( malaysia, philippines, singapore, and thailand ) and india. under bilateral arrangements, cross - border payment linkages have already been established by india with singapore, uae, mauritius, sri lanka, nepal, etc. 5 / 5 bis - central bankers'speeches

building shanghai into an international financial center. thank you all. 4 / 4 bis central bankers'speeches
example and advice as colleagues. but there is more to the story than successful leadership. the success of our institution is really the result of the way all of us carry out our responsibilities. we approach every issue through a rigorous evaluation of the facts, theory, empirical analysis and relevant research. we consider a range of external and internal views ; our unique institutional structure, with a board of governors in washington and 12 reserve banks around the country, ensures that we will have a diversity of perspectives at all times. we explain our actions to the public. we listen to feedback and give serious consideration to the possibility that we might be getting something wrong. there is great value in having thoughtful, well - informed critics. while the challenges we face are always evolving, the fed ’ s approach will remain the same. today, the global economy is recovering strongly for the first time in a decade. we are in the process of gradually normalizing both interest rate policy and our balance sheet with a view to extending the recovery and sustaining the pursuit of our objectives. we will also preserve the essential gains in financial regulation while seeking to ensure that our policies are as efficient as possible. we will remain alert to any developing risks to financial stability. 1 / 2 bis central bankers'speeches i am deeply grateful for the opportunity to lead the fed as we face these evolving challenges. i believe that the way we approach our work, the strong values we hold, and the dedication to public service i see throughout the federal reserve have been the keys to our success. as chairman, i will uphold these values and do my very best to further our pursuit of something we all seek — an economy that works for all americans. 1 on monday, february 5, 2018, jerome powell officially took the oath of office as chairman of the board of governors of the federal reserve system ( for more information, see the board ’ s press release available at www. federalreserve. gov / newsevents / pressreleases / other20180205a. htm ). this february 13 event is a ceremonial swearing - in. 2 / 2 bis central bankers'speeches

to adopt the new technology, but in practice, alternatives to stored - value products are cheap and safe enough that such intervention is both economically unwise and politically unlikely. it is also possible that this network consideration leads to the development of many closed electronic money systems – for transportation, for university students, for one - employer towns and the like. this is perhaps not the visionary ’ s dream, but even the development of closed systems cuts the demand for cash and checks and makes the payment system more efficient.