samchain/econo-pairs-v2 huggingface dataset:
timely fashion and proactively in the interests of preserving the stability of the financial system. the complex evolution of banking business and the concomitant increase in risk can no longer be coped with by the traditional instruments. the globalisation of the financial markets calls for a departure from purely national rules and regulations, and the adoption of greater flexibility and greater proximity to the bank on the part of supervisors, so as to foster financial market stability. europe cannot disregard these trends if it wants to hold its own in the international competition for market shares. furthermore, european banks will have to adjust to the introduction of internal rating systems if they do not wish to get out of touch with the united states in the field of up - to - date techniques of credit - risk management. market players and others are called upon to lend a hand in shaping the definitive regulations during the consultation phase that is now in progress and subsequently during the second such period from autumn 2000 onwards. academic economists, in particular, can likewise help to answer the still unresolved issues posed by the basle accord. we should face up to this major challenge, which is not least an intellectual competition for the best proposals, by making a joint effort.

the money stock has been around 2. 0 percent. as for developments in financial markets, money market conditions continue to be extremely easy, as the bank of japan continues to provide ample liquidity. in the foreign exchange and capital markets, the yen's exchange rate against the u. s. dollar and long - term interest rates have been around the same level as last month. meanwhile, stock prices rose significantly through mid - january, and later fell. they are currently above the level of last month. japan's economy is expected to deviate slightly above the outlook presented in the outlook for economic activity and prices ( the outlook report ) released in october last year, as both domestic and external demand continue to increase steadily. as for prices, domestic corporate goods prices are expected to deviate slightly above the outlook, reflecting the rise in international commodity prices and the depreciation of the yen in the second half of last year. meanwhile, consumer prices are projected to be broadly in line with the outlook. this report is based on data and information available at the time of the bank of japan monetary policy meeting held on january 19 and 20, 2006. the text of " the bank's view " was decided by the policy board at the monetary policy meeting held on january 19 and 20, 2006.
years ago as we prepared our first estimates of loan loss. not fixed, to be sure, but on its way. if my hopes for the banking union are realised, and the pitfalls avoided, a recurrence in any part of the banking union of a disaster as great as these banks brought to ireland can surely be avoided. bis central bankers ’ speeches

##vernmentalism in finance, the union has firmly determined on greater centralisation as a foundation for the way forward. not only the commission, but the council, the parliament and the ecb have, through their presidents, called for a closer union including on fiscal and growth policies, as well as the banking union, all underpinned by a stronger political union. each of these dimensions calls for greater centralisation and therefore a relative reduction in the role of distributed decision making or, specifically, intergovernmentalism. but will it all work. how big are the potential benefits and can it all be made workable? bis central bankers ’ speeches to answer those questions would take me well beyond my competence. instead let me confine myself to some observations about the banking union and in particular the single supervisory mechanism. banking union as we work at breakneck speed to construct what is undoubtedly a most ambitious project, european banking union, it is good to stop from time to time and take stock of what we are hoping to achieve and what might stand in the way of success. as i have already pinned my flag to the mast as an enthusiastic supporter of banking union, i may be permitted to dwell a little longer on the pitfalls, with a view to exploring how we can best work around them. but let us start with the potential, and here i will list four hopes that i have for the project. first, i hope that it will go some distance to removing politics from the enforcement of bank supervision. second, i hope that it brings emotional detachment to the process of supervision. third, i hope that it manages to lever the diversity of supervisory experience and aptitude across europe to provide multiple cross - checks on bank soundness, while not limiting into straitjacket bank behaviour. fourth, i hope it is effective in breaking the link between sovereign and banks, not only to protect the sovereign but to allow banks to operate effectively and have access to european funding markets on a basis that is not subject to a sovereign risk - add on, but depends only on the bank ’ s own creditworthiness and standing. as to pitfalls, let me mention four here also. first, i hope that it doesn ’ t get bogged - down in overly complex layering of decision - making structures. second, i hope that the huge task of transferring knowledge to the centre and building new communications channels between national supervisors and the central team does not result in process overwhelming product in an interim period with the result
joseph o sanusi : small and medium enterprises in nigeria opening remarks by dr joseph o sanusi, governor of the central bank of nigeria, at the national summit on the small and medium industries equity investment scheme ( smieis ) held at the lagos chamber of commerce and industry auditorium, victoria island, lagos, 10 june 2003. * * * representative of the honourable minister of industry ; the president, lagos chamber of commerce and industry ; captains of industry ; eminent bankers ; members of the organized private sector ; entrepreneurs ; distinguished ladies and gentlemen. i am most delighted to join the president of the lagos chamber of commerce and industry in welcoming all dignitaries to this national summit on the small and medium industries equity investment scheme ( smieis ) and to make a few opening remarks. the establishment of smieis was informed by the lingering problems of the dearth of long - term funding and poor business management skills which have inhibited the realization of the potentials of the small and medium - scale industries as the engine of growth in the nigerian economy, despite the various schemes that had been initiated in the past to provide incentives for development of this sector. smieis is an innovation designed for our peculiar situation in the country. this initiative has recorded satisfactory progress so far within the short period of its existence. as at 31st may, 2003, a total of n14. 6 billion had been set aside by banks for equity investment under the scheme. however, despite the rapid accumulation of resources, only n4. 3 billion, or 29. 4 per cent of the fund had been invested so far. the reasons for this slow pace are not far - fetched. first, equity investment requires skill - sets which are quite different from what the banks are familiar with in credit appraisal and management. secondly, at the time the scheme took off in 2001, the necessary structures for the investing banks to effectively administer the scheme were not in place. however, it is encouraging to note that several applications are being processed by the securities and exchange commission ( sec ) for the registration of subsidiaries of banks as venture capital companies for the purpose of channeling investments under the scheme. thirdly, the dearth of attractive projects in which banks can invest, owing to poor record - keeping, poor managerial capability and lack of business packaging skills remains a limiting factor. fourthly, there was resistance from the entrepreneurs who were reluctant to dilute their shareholding. it took them time to accept the idea of patronizing equity

will surely succeed and realize its intended objective of making smes the engine of growth in this economy and a veritable tool for the development of indigenous technology, rapid industrialization, generation of employment for our teeming youths and the pivot for sustainable economic development in nigeria. distinguished ladies and gentlemen, it is now my honour and privilege to declare this national summit on smieis open. i thank you for your kind attention.
2 / 2 bis central bankers'speeches

per callesen : the role of financing and regulation amid broader policies to mitigate climate change speech by mr per callesen, governor of the national bank of denmark, at the green climate fund's 2019 private investment for climate conference, seoul, 8 october 2019. * * * thank you for the invitation. it is good to be back at the gcf. 2011 – 2014, i served as a member of the transitional committee and the board. today, i will focus on the role of financing and regulators in the context of broader policies to mitigate and adapt to man - made climate change. this past year has seen stronger engagement in climate issues around the world. this is most welcome. there has been better engagement by the financial industry. central bankers and financial regulators are now involved in addressing climate - related financial risks. the climate challenge is so large that all players in our economies, all areas of policy, and all countries in the world will have to deliver and push in the same direction. we need to be aware of the context. others are better placed to consider developments in emissions and the setting of targets for future reductions. my perspective is the policies needed to meet objectives. i remember the early 1990s, almost thirty years ago. we understood the climate impact of co2 emissions, and we began assessing how economic scenarios affected emissions. the policy implication was pretty clear : announce a credible path of gradually increasing carbon pricing to set expectations right without affecting already undertaken investments by firms and households too much. that has not happened. an appropriate pricing of fossil fuels, in line with the true costs of co2 emissions, would still be the most efficient driver of the needed climate - friendly innovation, investment and behavioural change of billions of people and hundreds of millions of firms. that behavioural change is needed to incentivise the rolling out of existing and upcoming technologies. we need more information on policies setting emissions, country by country. but we know that the current average direct global price of carbon is 2 usd per ton, approximately zero. only about 20 per cent of global greenhouse gas emissions are covered by a carbon price. only a fraction hereof is priced at levels consistent with the paris agreement. the price of most co2 - intensive products, such as oil, gas and electricity, etc., is in some cases raised by close proxies of direct carbon pricing, such as fuel taxes. in other cases, the price of such products is reduced by fossil fuel subsidies.
our economy, have important roles to play to prevent the blood from being infected as well as to ensure the well - functioning of our blood circulation for more productive, better immuned, and more inclusive economies in asia. thank you very much for your kind attention.

##it vote and the u. s. presidential election. ladies and gentlemen, while all sectors of asian economies, including businesses, households, banks, financial institutions, as well as authorities, must transform themselves in order to thrive in the new world, i strongly urge that banks and financial institutions look beyond their conventional financial intermediary function, and get actively involved in addressing the key issues of the economy. after all, the financial system is the blood vessel of the economy. facing with these challenges, and aspiring to achieve a sustainable and prosperous asia for many more years to come, financial system must, at the very least, help with the three key words i mentioned earlier : 1 ) productivity, 2 ) immunity, and 3 ) inclusion. first, to enhance productivity, the trend in technology advancement together with research and development will be the key enablers to increase productivity in asia. the imf ’ s chief, madame christine lagarde, has recently warned that “ another decade of weak productivity growth would seriously undermine the rise in global living standards ”. in this regard, banks have to embrace and employ technologies not only to improve their organisation ’ s own competitiveness, but also to be able to provide more efficient and lowercost financial services to asian businesses and households. regulators also need to establish an ecosystem that encourages financial innovation, competition, and efficiency improvement. in my view, there are at least two areas that banks and financial institutions could help improve productivity. first, digitization will certainly enhance productivity in financial services. in thailand, electronic payment and digital banking are becoming increasingly widespread. under the national e - payment program, businesses, households, and the government will significantly benefit from the cost reduction of financial services both in terms of money and time saved. many initiatives under the national e - payment program, for instance, the new faster payment system or “ promptpay ” and electronic government payments will provide foundation for many new add - on applications that will improve productivity across different segments of the thai society. thai banks have definitely played significant roles in hatching out these initiatives, starting from ideas and all the way through to implementation. second, financial connectivity, particularly within our region, will also play a key role in enhancing productivity. regional cooperation amongst asian countries, not only in trade and investment, but also in finance has a potential to expand much further. i strongly believe that improved financial connectivity in asia will be mutually beneficial to all. there are already many ongoing initiatives, for instance, promoting the usage
has improved to some extent, even if there is considerable uncertainty about how much. in conclusion, the swedish economy appears to have undergone only some of the structural changes that the american economy has implemented. it remains to be seen whether the “ new economy ” can have any further impact in sweden.

of the economy. in the last few years, the growth of the american economy has surpassed most forecasts. not only has the rate of growth been high in historic terms during the present upswing - around 3. 5 % per year on average since the end of 1991 - it has besides been very stable and unusually long lasting. at the same time, unemployment has fallen to near 4 % ; levels this low have not been witnessed since the 1960s. however, in distinction to previous booms, there has been no increase in the rate of inflation and the underlying rate of inflation has been more than halved since 1991, from over 4 % to 2 %. public finances have improved considerably, from a deficit of 5 % of gnp in 1991 to an expected surplus of around 1 % this year. looking at productivity per hour worked in american business, which is perhaps the best measure of how good a country ’ s growth potential is in the longer term, this has risen sharply, by over 2. 5 % on average since 1997 ; this figure can be compared with an average growth of productivity of around 1. 5 % over the period 1974 - 96. a substantial part of the improved productivity of labour can be explained by very high investments - so - called “ capital deepening ” - not least in computer equipment. in spite of the fact that unemployment has continued to fall throughout the period, the growth of productivity has been impressively high. this is remarkable considering the fact that the new jobs have principally been created in the service sector, where productivity generally increases at a lesser rate than in manufacturing. three principal groups of reasons for the positive trend in america can be distinguished. one important reason behind the upswing appears to be good economic policies. since the beginning of the 1990s, fiscal policy has been directed towards achieving a balanced budget, and for a year or so now the budget has been balanced. in order to achieve this, taxes have been raised, expenditure diminished and budgetary procedures made more stringent. monetary policy has been directed towards keeping inflation low and stable and has succeeded in warding off both destabilising inflationary and deflationary pressures at an early stage. the policy mix of monetary and fiscal policy therefore appears to have been favourable. a number of structural factors seem to have been important. deregulations in many sectors and increased globalisation have intensified already tough competition and increased the pressure on the partners on the labour market, leading to greater flexibility in the labour market and enhancing
so certainly the new part of this job is the inner machinery of the ecb. but the monetary policy decisions and the related decisions were part of my knowledge even before, because we shared decisions that were taken in the past. wsj : your first months saw a lot of activity. is there much more the ecb can do when it comes to financial stability and economic growth? has it done about as much as it can? draghi : what i am going to say doesn ’ t imply anything as far as future monetary policy decisions are concerned. within its primary mandate the ecb will do its utmost to ensure price stability in the medium term and within the remit of the treaty to foster financial stability. wsj : what ’ s the first statistic you look at in the morning? draghi : stock markets. wsj : do you look at the euro exchange rate? draghi : not in the early morning. bis central bankers ’ speeches

financing. to this end, the cbk has adopted a risk - based supervisory framework for aml / cft. this framework complements the existing framework on prudential supervision and legal compliance with special attention directed to anti - money laundering and combating financing of terrorism. nevertheless, all agents have a responsibility in reducing aml / cft risks and building a robust framework for cross - border payments. third, financial sector regulators need to remain vigilant on potential risks, while safeguarding an effective processing of payments and ensuring that a consumerfocused environment is maintained. as a regulator, financial stability continues to be our primary objective, regardless of the transaction channels that are deployed. however, cyber security and data privacy continue to pose the greatest concerns in terms of the efficacy of regulatory protections, and further concerted work is called for. there is certainly a lot of room for peer learning. these are the issues that will likely come up in your discussions, and i hope a way forward will be found. i look forward to interesting and lively interactions, but more importantly, to learning from your diverse experiences in this area. once again, i am grateful for this opportunity to engage with you. thank you for your attention!
position, and is ready to meet the new challenges. the path to the euro area has the potential to become a catalyst for consolidating the political and macroeconomic framework. this is a real opportunity that we should not miss. 5 / 5 bis - central bankers'speeches

##b. the more specific reason is related to the particular features of bulgaria's system of fixed exchange rate of the bulgarian lev to the euro, and to the high level of synchronization of our business cycle with that of the euro area. while the monetary policy direction is quite clear, the fiscal policy outlook raises more questions. in the context of the euro area this is due to the absence of a fiscal union, the different fiscal positions of the individual countries, and the different, but on the whole high, levels of their debt burden. against this backdrop, bulgaria's fiscal position continues to be solid, with its second lowest debt - to - gdp ratio in the eu. however, the country's fiscal position faces some serious potential risks arising from the severely disrupted budgeting process over the last two years and the trend, emerging in this period, towards continued loosening of fiscal policy. the issue is not so much the high expenditures which were needed and largely unavoidable, especially during the covid - 19 crisis, but rather their quality. the higher expenditures in that period, which led to a higher deficit, were meant to be targeted and temporary, and this was the right approach. within the strongly fragmented budgeting process, however, these targeted and temporary expenditures mostly became allencompassing and continuous, and tended to increase further. in this case risks occur along two lines. on the one hand, the persistent and progressive loosening of fiscal policy could bring us back into the long - forgotten times of high deficits, growing debt, and liquidity difficulties of the budget. this would in turn adversely change the internal structure of budget expenditures, with increasing debt service expenditures, especially in the context of rising interest rates, at the expense of investment and social expenditures. the cure in such cases is to achieve primary surpluses in the future, and this can be done in two ways : cutting fixed expenditures or raising taxes. we know, even from our own experience in the 1990s, that this process is painful. on the other hand, there is real danger of conflict between the objectives and directions of the fiscal and monetary policies. tightened monetary conditions and loosened fiscal conditions have contrary macroeconomic effects, at least on demand. to this we could add the significantly delayed structural reforms which could have supported the resolution of supply - related problems, but have not yet been brought into the focus of the budgeting debate. the combination of these two factors would seriously hinder the endeavours