samchain/econo-pairs-v2 huggingface dataset:
. following the collapse in gdp during the hard years of recession, spain, supported by the european central bank ’ s measures, has reached an annual growth rate of 2. 8 % over the last five years, well above the european average. spurred by the need to search for new markets during the years in which domestic demand tightened4, spanish businesses have managed to find opportunities overseas and many are now global leaders in their sectors. spanish society has worked very hard to return to economic growth after almost a decade marked by the crisis, and it has done so while remaining true to its commitment to europe. 40 years ago the spanish people voted for a better country – one that was democratic, open and modern. the 1978 constitution and the process of european integration have enabled us to make this better country a reality. 1 the text was published as an op - ed in expansion on 6 december 2018. 2 see the survey entitled “ europe as seen from spain and france ” ( europa vista desde espana y francia ), elcano royal institute, march 2018. 3 see “ the international role of the euro ”, ecb interim report, june 2018. 4 see almunia, miguel, pol antras, david lopez - rodriguez, and eduardo morales. 2018. “ venting out : exports during a domestic slump ”. 2 / 2 bis central bankers'speeches

the consequences of this expansion have been disastrous and will perhaps be felt for years to come. given the obvious negative impact of an excessively large financial industry, we keep asking ourselves whether limits should be imposed on the size of the financial sector itself. i hope it is clear from the evidence i have presented that the answer to this question is yes. however, it is also essential to make sure that we do not repress financial markets to the point of jeopardising their contribution to growth. therefore, the measures i outlined are aimed at making the industry safer rather than weaker, and should not be considered “ punitive. ” their goal is to “ re - direct ” the financial sector so that it avoids embarking on unsustainable patterns. these actions are aimed at commercial banks as well as at non - traditional financial players to make sure that excessive risk - taking is not taking place outside the auspices of regulators. ensuring that the financial sector is large enough to strengthen the economy while not being “ too large ” is a task that we take very seriously. there is a clear trade - off between economic growth and financial stability, and it is a difficult but critical task to strike a good balance, ensuring that we end up neither with too little growth nor with too little stability. it is my firm belief that the recent reforms to the regulatory and supervisory process, as well the ecb ’ s new role in systemic risk management will contribute greatly to this process. thank you very much. the charts are also to be found on the website of the european central bank.
invests half its capital in corporate equities, with a duration gap of around ten years, and a cover ratio of 130 %, has a chance of about 2. 5 % of facing under - funding within the next year. this degree of risk, viz. 1 in 40, is considered acceptable by politicians. however, when the cover ratio falls to 105 %, this chance rises to about 1 in 3. i can hear you thinking that this is a totally different matter and you are right. so you see how important it is to look at both the chance and the measure of under - funding. as soon as the average pension fund ’ s cover ratio falls below the required 130 %, not just the risk of under - funding goes up, but so does the measure of under - funding. ( when a fund ’ s cover ratio is 105 %, that ratio will, by the time the fund is confronted by under - funding within one year, have dropped to 90 %. ) the point i wish to make is that, if our pension system is to be durable, such a situation needs to be avoided. prevention is better than cure. we saw that low cover ratios necessitate much higher contributions, as well as lower indexation. in addition, low cover ratios hamper value transfers and labour mobility, and create uncertainty when the sponsor goes bankrupt. adequate buffers, on the other hand, allow of stable contributions and lasting indexation. buffers furthermore offer protection against downward risks, as well as the advantage of extra return, which can be used to realise indexation ambitions. but back in 2002, there was no question of sustainability. in its quarterly bulletin, the nederlandsche bank began to draw attention to the pension sector ’ s financial position. one article was titled “ sustainability under pressure ”. the tone was sombre. today, more than three years later, much has changed for the better. far - reaching measures have been taken to put the dutch pension system back on track again. the number of pension funds with a funding problem has fallen drastically, contributions are practically cost - effective again and the average cover ratio has all but recovered to the minimum desired level. this is good news. transparency and sustainability go hand in hand now let ’ s look at my second message : sustainability and transparency go hand in hand. pension funds need to be sufficiently transparent about what their participants can expect to get. transparency rules out surprises and thus enhances confidence among participants. this is a

##ber working paper 14644. robinson, j. ( 1952 ), “ the rate of interest and other essays ”, chapter “ the generalization of the general theory ”. macmillan. schumpeter, j. a. ( 1934 ), “ the theory of economic development : an inquiry into profits, capital, credit, interest and the business cycle ”, harvard university press. sirri, e. r. and p. tufano ( 1995 ), “ the economics of pooling ”, in crane, d. b. et al ( eds. ), “ the global financial system : a functional approach ”, boston, ma : harvard business school press : 81 – 128. pollins, h. ( 1954 ), “ the marketing of railway shares in the first half of the nineteenth century ”, the economic history review, 7 ( 2 ) : 230 – 9.
product and capital markets would significantly improve the prospects for non - inflationary economic growth in the euro area, thereby facilitating the conduct of monetary policy and enhancing its effectiveness. eu enlargement i should like to conclude by commenting briefly on the event that marked 2004 as a milestone in the history of european integration, namely the accession of ten new member states to the european union. with this step, europe has passed another landmark along the road to ever closer union. since 1 may 2004, these ten countries have been full members of the european union and have assumed the rights and responsibilities associated with that membership. the national central banks of these countries have become members of the european system of central banks ( escb ), and their governors participate in the meetings of the general council of the ecb. the integration of the ten new national central banks into the escb proceeded very smoothly, thanks to the comprehensive preparation and the active assistance provided by the ecb in various fields. the economic integration of the new member states has been progressing at an impressive pace. it is notable that the new member states ’ share in euro area exports and imports has doubled since 1995 and that direct investment from the euro area in these countries has increased significantly. the potential economic benefits of enlargement are substantial, both for the fifteen old and for the ten new member states, just as previous rounds of enlargement have also benefited the entire european union. as described in detail in the convergence reports issued respectively by the ecb and the commission in october 2004, the new member states have also made substantial progress in terms of nominal convergence. however, these convergence reports concluded that none of these countries have yet fulfilled all the conditions required for adopting the single currency. one of these conditions is participation in the exchange rate mechanism ii ( erm ii ). three new member states – estonia, lithuania and slovenia – joined erm ii in june 2004. in this respect, i should like to reiterate the importance of undertaking major policy adjustments – in particular with regard to price liberalisation and fiscal policy – prior to participation in the mechanism, as this is key to ensuring smooth membership of erm ii. the 2004 accession process does not, however, mark the end of the eu ’ s enlargement. indeed, yesterday we witnessed the signing of the accession treaty with bulgaria and romania. i am convinced that, as past experience has demonstrated, the prospect of eu membership will continue to serve as a catalyst for macroeconomic stabilisation and structural reforms

in these countries. i am now at your disposal for questions.
. banks have focused on c & i lending because business borrowers ’ creditworthiness is improving and because the majority of c & i loans carry floating interest rates that reduce interest rate risk. in addition, domestic banks reportedly are picking up customers as a result of a pullback by some european institutions. auto lending also has reportedly been solid, reflecting strong fundamentals in auto markets – such as robust demand for used cars and relatively low delinquency rates on existing auto loans. the strong fundamentals for auto loans in turn also appear to have contributed to an easing of lending standards and terms. but, as i mentioned earlier, residential mortgage lending has been particularly sluggish. tight lending standards and terms remain especially evident. to be sure, a return to pre - crisis lending standards for residential mortgages wouldn ’ t be appropriate ; however, current standards may be limiting or preventing lending to many creditworthy borrowers. for instance, in the april sloos, we asked banks a hypothetical question about their willingness to originate gse - eligible mortgages relative to 2006 for borrowers with a range of credit scores and available down payments. the sloos found that even when the loans were accompanied by a 20 percent down payment, many banks were less likely to originate loans to borrowers with given gse - eligible credit scores, despite the originating bank ’ s ability to sell the mortgage to the gses. most banks indicated that their reluctance to accept mortgage applications from borrowers with less - than - perfect records is related to “ putback risk ” – the risk that a bank might be forced to buy back a defaulted loan if the underwriting or documentation was judged deficient in some way. small businesses owners, who in the past might have tapped into the equity in their homes or used their homes as collateral for small business loans, also have found conditions challenging in recent years. the stock of small loans to businesses on bank balance sheets at the end of last year was more than 15 percent below its peak in 2008. these loans looked to have ticked up in the fourth quarter of 2011, consistent with the reported increase in demand for loans by small firms in the sloos. responses to the monthly national federation of independent business survey also suggest some modest improvement in the small business sector : the share of respondents reporting a need for credit has moved up from lows of recent years, and the net share of respondents who say that credit is more difficult to obtain than it was three months ago is notably

there are only private monies in circulation. each country will have to choose different positions along the continuum, given its own cultural norms, social compact, and institutional structures. 3 / 4 bis central bankers'speeches as stefan ingves once told me, ultimately, it is not even a monetary question but a political one. for whatever we decide, it must have the “ consent of the people ”. the future of money is too important a matter to be left entirely to central bankers. 4 / 4 bis central bankers'speeches
anselmo l s teng : update of the economic development in macao opening remarks by mr anselmo l s teng, chairman of the monetary authority of macao, at the bis – advanced reserve management workshop, macao, 22 - 25 may 2007. * * * honoured guests, dear delegates, ladies and gentlemen, good morning, first of all, i would like to thank the bis for choosing the macao special administrative region ( msar ) as the venue for this workshop, and for inviting me to deliver this opening remark. i would also like to wish the participants a great stay in this enclave which is a combination of nostalgia and excitement, as well as a good blend of eastern and western culture. let me also take this opportunity to provide you an update of the economic development of macao. as you are aware, macao is a highly open economy. in 2006, macao registered another year of two - digit economic growth, at 16. 6 %. its gdp per capita reached usd28. 4 thousand, representing one of the highest among asian economies. tourism - dominated service exports, investment and private consumption all witnessed strong growth. as the leading industry, tourism showed splendid performance, with visitor arrivals reaching an all - time high of 22 million last year. the economy continued to fare well in the first few months of 2007 as the growth of the tourism sector hardly showed any moderating signs. visitor arrivals increased by 21. 4 % in the first quarter. after years of strong growth, however, the resource constraint and inflationary pressure have become apparent. while unemployment rate further shrank to 3. 2 % in the first quarter of this year from 3. 5 % in the last quarter of 2006, inflation was 4. 57 % in the first quarter after easing from 5. 15 % last year. in the past few years, the economic prosperity has been largely built on the thriving tourism services sector. specialising in a few economic activities, however, is widely believed to be risk prone and unfavorable to macroeconomic stability. diversifying the structure of our economy is therefore closely related to the sustainability of macao ’ s development, employment environment and the stability of the community. for a very small economy like macao that easily faces tight resource constraints and possesses a competitive tourism services sector, any diversification initiative naturally opts for a gradual approach with a long - term perspective in order not to incur a high cost of disrupting the development of the leading

the arrangement and choosing macao to hold such a practical and meaningful workshop. thank you very much. enjoy your workshop and the rest of your stay in macao.
john c williams : achieving balance amid uncertainty remarks by mr john c williams, president and chief executive officer of the federal reserve bank of new york, at the housatonic community college, bridgeport, connecticut, 31 march 2023. * * * as prepared for delivery thank you. it's great to be here at housatonic community college today. fairfield county in connecticut is part of the federal reserve's second district, which also encompasses new york state, northern new jersey, puerto rico, and the u. s. virgin islands. an important, and enjoyable, aspect of my job is to meet with members of the community - students, educators, and business and civic leaders - from throughout the second district, so i can hear firsthand about their experiences on issues like the economy, housing, and, of course, inflation. high inflation hurts everyone, but it's hardest on those who can least afford to pay more for groceries, rent, and gas. persistently high inflation also undermines the ability of our economy to reach its full potential. today, i'm going to talk about inflation, which remains a top concern. i'll also give my views on the economic outlook and monetary policy. before i go any further, i need to give the standard fed disclaimer that the views i express today are mine alone and do not necessarily reflect those of the federal open market committee - what we call the " fomc " - or others in the federal reserve system. a series of events over the past three years, our economy has endured a remarkable series of events that have added to economic uncertainty. first came the pandemic, which caused huge and prolonged imbalances between demand and supply that are still with us today. then russia's war on ukraine fueled higher global energy and food prices. more recently, stresses in parts of the banking system are likely to result in a tightening of credit conditions that will in turn reduce spending by businesses and households. the magnitude and duration of these effects, however, is still uncertain. the fomc is responsible for setting monetary policy. we are mandated by congress to promote maximum employment and price stability. on the employment side, the u. s. labor market has been extremely resilient. job growth has been strong, job vacancies are plentiful, and at 3. 6 percent, the national unemployment rate is near half - century lows. i should also note that connecticut's unemployment rate

, 2023. 3 / 4 bis - central bankers'speeches 6 in addition, the committee said it will continue to reduce its holdings of treasury securities and agency debt and agency mortgage - backed securities, according to the board of governors of the federal reserve system, plans for reducing the size of the federal reserve's balance sheet, may 4, 2022. 4 / 4 bis - central bankers'speeches
year, i encourage you to continue to write and to hone your craft. finally, i am grateful to you in the audience who have turned out tonight, either to support specific writers or barbadian writing in general. i thank you. 2 / 2 bis - central bankers'speeches

the 12 dimensions included in the report. but we know we must do even better. we therefore aim to : • accelerate the growth of worker productivity ; • upgrade the quality of services offered ; • enrich our product offerings and exploit market niches ; • selectively penetrate promising new markets, and sharpen our focus within well established markets. the main thing we need from the international community is a better understanding of our reality, and support for these policies. instead, the imf, the rating agencies, the basel bis central bankers ’ speeches committee and the oecd have all taken well - meaning initiatives which have in some way threatened the success of our adjustment and growth strategy. we are engaging with these bodies with a view to gaining greater voice to express the realities of economic policy making in svoes. we welcome the establishment of small states fora at the imf and world bank, the regional consultative groups of the financial stability board, and the peer reviews of the global forum. these are all fora we may use to get our message across. this regional network of central banks and finance ministries is a further opportunity to get the message across, and we express our sincere thanks for the invitation to share these thoughts with you. bis central bankers ’ speeches
has the potential to affect the balance of risks on the downside. turning to the monetary analysis, the underlying pace of monetary expansion remained subdued. the annual growth rate of m3 stood at 3. 2 % in june 2012, slightly higher than the 3. 1 % observed in the previous month and close to the rate observed at the end of the first quarter. overall, inflows into broad money in the second quarter were weak. annual growth in m1 increased further to 3. 5 % in june, in line with the increased preference of investors for liquid instruments in an environment of low interest rates and high uncertainty. the annual growth rate of loans to the private sector ( adjusted for loan sales and securitisation ) declined to 0. 3 % in june ( from 0. 5 % in may ). as net redemptions of loans to non - financial corporations and households ( both adjusted for loan sales and securitisation ) were observed in june, the annual growth rates for loans to both nonfinancial corporations and households ( adjusted for loan sales and securitisation ) decreased further in june, to – 0. 3 % and 1. 1 % respectively. to a large extent, subdued loan growth reflects the current cyclical situation, heightened risk aversion and the ongoing adjustment in the balance sheets of households and enterprises, all of which weigh on credit demand. a considerable contribution of demand factors to weak mfi loan growth is confirmed by the euro area bank lending survey for the second quarter of 2012. this survey also shows that the net tightening of banks ’ credit standards at the euro area level was broadly stable in the second quarter of 2012, as compared with the previous quarter, for loans to both enterprises and households. looking ahead, it is essential for banks to continue to strengthen their resilience where this is needed. the soundness of banks ’ balance sheets will be a key factor in facilitating both an appropriate provision of credit to the economy and the normalisation of all funding channels. to sum up, the economic analysis indicates that price developments should remain in line with price stability over the medium term. a cross - check with the signals from the monetary analysis confirms this picture. while significant progress has been achieved with fiscal consolidation over recent years, further decisive and urgent steps need to be taken to improve competitiveness. from 2009 to 2011, euro area countries, on average, reduced the deficit - to - gdp ratio by 2. 3 percentage points, and the primary deficit improved by

cope with the same acute challenge, i am convinced that this time we would not obtain from our political democracies the same gigantic effort. then a depression would be unavoidable. this is why my colleagues and i are calling for perseverance and for resolve in financial reform. our economic environment remains very demanding. this is no time for complacency. it is a time to remain alert, vigilant and inflexibly determined. i thank you for your attention.