samchain/econo-pairs-v2 huggingface dataset:
result of our partnership with the world bank we should use every opportunity to say thank you. working together on the structural reforms, many of our institutions, members of the administration, and even politicians became acquainted with the best practices in the world in many important areas of the economy, and in general the organization of work, important for improving the quality of life. in fact, the world bank has always emphasized the importance of knowledge, the necessity of continuous training – a key part of the educated workforce for creating jobs and economic growth. an additional argument are the targeted investments aimed at improving the quality of the educational process in the republic of macedonia and taking actions to facilitate the access of macedonian citizens to the best global expertise. the importance of investment in human capital, as economists say, or in the so - called social capital, according to sociologists, is unquestionable. within that platform, within the slogan – learn continuously to progress continuously, the cooperation between the national bank and the world bank has produced a nice event, a good product : logistical support for the process of increasing the knowledge. this logistical support is called : joint public information center of the nbrm and the world bank. today, we are practically announcing its official opening. its primary function is to promote awareness of the macedonian public about the work of the world bank, through the dissemination of information and documentation of the bank, and to provide access for the macedonian citizens to extensive collection of contemporary professional literature. in fact, this center is another public information service of the world bank in macedonia, along the depository library, which operates within the faculty of economics, “ ss. cyril and methodius ” university in skopje. located within the nbrm library, the center provides access to over 400 publications of the world bank, electronic access to the world bank databases, as well as a specifically authorized direct access to the electronic world bank library, with a possibility to browse over 6, 000 copies of professional literature. what makes this center additionally useful for the public is that, within the cooperation with nbrm, it simultaneously provides the external users with an access also to the national bank publications, in the form of annual reports and working papers, and to the professional literature that the nbrm library has at its disposal. the access to all publications, as well as to the world bank statistical database is open for all interested users in the republic of macedonia, because of which this center can bear the epithet of a rich trove of

wider public in the republic of macedonia. thank you!
technological innovation proliferates, activities of financial sector players, including nonbank financial institutions ( nbfis ), fintech firms, and traditional banks, increasingly overlap and compete for market share. the non - bank financial institutions sector comprises a wide spectrum of entities with very diverse business models and risk profiles. indeed, it is becoming increasingly challenging to categorise key market players, as the domains of finance and technology continue to blur. this is why regulation both from a micro and a macro perspective is expanding beyond banking. entities that perform some bank - like activities are susceptible to propagate bank - like risks and may amplify risks through the liquidity and leverage channels. these institutions are typically also less regulated, hence exacerbating counterparty risk for the banking sector. this is why at the european level we are now also looking at implementing macroprudential tools on non - bank financial institutions. but beyond the systemic aspects of this sector, risks increase as the constellation of firms in this sector expands. while such risks need to be managed, the contribution of such firms in terms of innovation and competition is undoubtedly beneficial to the consumer. therefore, a balance is needed to foster the right working environment for nbfis to continue thriving, while minimising risks, including reputational ones for our jurisdiction from possible misconduct of individual firms. this must be seen in the context of the ever - intensifying competition on the speed of transaction execution and onboarding spurred by technology. regulation and oversight need to keep pace with such developments, but, as the first line of defence, practitioners attracting such business also have a crucial role in fostering a safe environment for these emerging sectors to grow sustainably. while delving into the topic of non - bank financial activity, i would also like to make some reflections on the local capital market and its potential to play a bigger role in funding the changing needs of maltese firms, mostly arising from climate change and technology - driven considerations. to realise this potential, capital markets require the trust and confidence of investors. this is achieved, amongst others, by strengthening regulatory frameworks and requirements and minimising asymmetric information. introducing private debt issuer and issuance ratings should be a fundamental 4 / 5 bis - central bankers'speeches requirement to enable investors better assess whether yields are commensurate with the risk being taken, and to establish a more level playing field in financial markets. similarly, use of sinking funds should be required to ensure private debt

truly, the future is bright and this is indeed, myanmar ’ s moment. bis central bankers ’ speeches
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in many countries. equally interesting is the open method of co - ordination of pension reform operated by the european commission with the aim of promoting sustainability of pension systems across the eu without imposing uniformity. this method places a strong emphasis on social acceptability coupled with supply - side reforms designed to ensure that the pension system is sustainable. a society like ours that is devoting more resources to welfare payments than it can afford, is saving and investing too little and is spending more than it is earning - while financing these excesses with borrowed money - stands in blatant contradiction with its professed commitment to social justice, because it is bequeathing to its children an inheritance of debt in selfish rejection of the principle of inter - generational equity. this prospect is clearly unacceptable. it is time for all to recognise this and to shoulder what has become a moral responsibility. environmental degradation it is in a similar spirit that i approach another important challenge, namely that of environmental degradation. there is no question that a significant part of our economic achievements in recent years have been attained at the cost of the environment. it is doubtful whether this constitutes real progress, as it is eroding the welfare of current and future generations and depleting the productive potential of an economy that is highly dependent on quality tourism. from a more practical economic viewpoint, environmental sustainability, involving the conservation of existing amenities and resources for an indefinite time period, will entail significant resource outlays. this is in addition to the resources necessary to finance the investment needed to face the competitive pressures of globalisation and to meet the costs of population ageing. this requires us to produce more, and more intelligently, and to devote a larger share of the nation ’ s resources to fund the investments which are vital for its continued economic development. policy dimensions i have often stressed that the solution to such problems lies in the implementation of a coherent reform strategy that enjoys as wide a measure of support as possible. today i would like to dwell on two considerations arising directly out of eu membership, which should in themselves help to promote progress in this direction. these are malta ’ s expected contribution to the realisation of the lisbon agenda and its participation in the economic and monetary union ( emu ). malta and the lisbon agenda the central objective of the lisbon agenda is to address supply - side impediments to growth. the agenda states : “ the union has today set itself a new strategic goal for the next decade : to become the most competitive and dynamic
at recent international meetings : the exit strategy. this strategy sets a course for progressively reversing the policy measures that were implemented in recent months, i. e. the interest rate levels and non - standard instruments. let me make it quite clear : this is not – yet – the time to implement the exit strategy. we clearly stated our view last week that the level of interest rate is appropriate, and we decided to conduct another one - year refinancing operation at the mro rate ( 1 % ) with full allotment. but it ’ s critical to have a well thought - out exit strategy, because markets have to realise that the current policy is temporary and will be reversed when it is no longer appropriate, in particular when risks to price stability re - emerge and conditions in financial markets have improved. as far as the euro area is concerned, the primary goal of monetary policy remains on friday 4 september 2009, three, six and 12 month rates in the us ( libor ) stood at 0. 31 %, 0. 71 % and 1. 29 %. the corresponding rates in the euro area ( euribor ) were 0. 80 %, 1. 07 % and 1. 28 %. price stability ; and the ecb will do whatever is needed to carry out its mandate. inflation expectations over the medium term have to remain well anchored. this is essential to ensure that long - term interest rates remain low, thereby supporting the economic recovery. having an exit strategy is thus an act of responsibility for a central bank. drawing up an exit strategy entails two questions above all : how? and when? i won ’ t touch upon the how – the instruments – as both chairman bernanke and president trichet have examined this particular question recently. 2 instead, i will address the issue of the when from an analytical point of view. the concrete implementation will depend on many imponderables, not least the prospects for economic recovery and for the stabilisation of financial markets – and those prospects are fraught with uncertainty. i intend to discuss a few issues that – in my view – central banks will have to consider when taking the decision to exit. this will show how complex and difficult that decision is going to be. my analysis does not pretend to be exhaustive, but in my view the following five issues demand our full attention. one issue is reversibility. once the decision has been taken, we can ’ t easily go back on it. this

, or a condition that is met some of the time. it has to be a condition that is fulfilled all of the time. and for this reason, to complete monetary union we will ultimately have to deepen our political union further : to lay down its rights and obligations in a renewed institutional order. bis central bankers ’ speeches
the morning session. thank you.

that is too high. the global economy has experienced a slowdown during the last year. the downturn in the us has had contagion effects on european and asian economies through its impact on world trade and the financial markets. capital markets are global, and when revenues decline in the us, enterprises with operations in many countries also reduce investment and operating expenses in europe and asia. industrial production has declined markedly in all major regions of the world economy. in norway, manufacturing output has been more stable. norges bank presented its last inflation report on 27 february. we expect price inflation to be about 2½ per cent in two years, if growth in the global economy picks up as assumed. the tight labour market will probably continue to result in fairly strong growth in labour costs and rather sharply rising prices for domestically produced goods and services. annual wage growth is projected at 5 per cent in the period ahead. a subdued rise in prices for imported goods is pushing down overall price inflation. the projections are based on the technical assumption that the krone exchange rate will remain stable. on the whole, the risk associated with the inflation projection is regarded as balanced. exchange rates between the major currencies fluctuate widely. the effective exchange rate on the us dollar has risen by more than 30 per cent since 1995. the german mark ( later euro ) has depreciated by about the same amount. the effective exchange rate for the japanese yen has fluctuated sharply. small countries have also experienced wide exchange rate fluctuations. the swedish krona has changed considerable in the last 10 years and is now 10 per cent weaker than in the summer of 2000. the australian dollar has depreciated by more than 30 per cent since the spring of 1997. countries whose exports include a large component of raw materials tend to experience considerable volatility in their exchange rate. australia is one example. fluctuations in commodity prices entail changes in countries ’ terms of trade, which measures the ratio of export to import prices. changes in the terms of trade have an impact on the exchange rate, which in turn dampens the impact on profitability. the exchange rate acts as a buffer. in the 1990s, the fluctuations in norway ’ s terms of trade were especially wide. changes in oil prices were an important reason for this. the krone exchange rate has not fluctuated much compared with other countries. the petroleum fund acts as a buffer against fluctuations in the oil price, because the fund ’ s capital is invested abroad. this
benjamin e diokno : internal audit at the forefront of digital innovation welcome remarks by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), for the 6th asean central bank heads of internal audit network meeting “ internal audit at the forefront of digital innovation ”, 16 november 2021. * * * distinguished heads of internal audit ( ia ) and delegates of central banks in the asean region and the asian development bank, esteemed guest speakers, colleagues from the bangko sentral ng pilipinas, ladies and gentlemen, a pleasant day to all. on behalf of the monetary board and the bangko sentral ng pilipinas, i welcome you all to the 6th asean central bank heads of internal audit network meeting, which the bsp is hosting for the first time. it is unfortunate that we could not have hosted this meeting in manila where we can personally meet and welcome you, but i am sure that this virtual conference will be just as engaging and productive. behind the theme of this year ’ s meeting, which is aptly entitled “ internal audit at the forefront of digital innovation ”, is a similar novel concept : digital darwinism. it revolves around a simple rule : evolve or risk being irrelevant. in the last decade, we have witnessed how technology has dramatically advanced our day - to - day lives. we have also seen how the financial services industry has evolved to offer more customer - centric financial products, leveraging on emerging technologies, such as artificial intelligence, machine learning, and robotics, among others. the pandemic has further quickened this evolution. if anything, the pandemic has taught us that digitalization is no longer desirable to have, but a must - have. like other asean nations, the philippines aims to regain and surpass opportunities lost to the covid crisis. we want an economy that is stronger and more technologically advanced than ever before. one way of achieving this is through financial digitalization. going digital, building on it, tailoring it, securing it, and pushing it to new frontiers is imperative if central banks are to be successful in navigating the post - covid - 19 economy. in 2020, the bsp has launched the digital payments transformation roadmap where we aim to achieve two major goals by 2023 : first, that at least half of all financial transactions in the country are done digitally ; and second, at least 70 percent of filipino

you fear a “ secular stagnation ”, a long period without growth? i ’ m not sure and i think nobody can be sure. certainly there is a trend to a continuous decrease of real interest rates that has been visible in the advanced economies in the past decades. in this context, it is very important to increase potential growth. therefore a lot of different policies are needed. we must hope that this period will not last too long and that we will be able to increase potential growth in our economies again. bis central bankers ’ speeches
ardian fullani : recent developments in the albanian banking system speech by mr ardian fullani, governor of the bank of albania, at a meeting organised by raiffeisen bank with business representatives and its major clients, tirana, 14 june 2011. * * * dear minister of finances, dear mr. lennkh and mr. hodell, dear mr. canacaris, dear ladies and gentlemen, today ’ s meeting organised by the raiffeisen bank with the business community is very significant. firstly, it shows a well - defined strategy of the raiffeisen group to increase its market share in albania through dialogue with business partners. secondly, such forums serve also as a platform to generate development ideas and projects of national, and why not, regional importance. thirdly, i think that today ’ s meeting is indicative of the maturity and rising awareness of the banking system and the business community. personally, i would wish that such meetings be intensified in the future : they should also be more structured, oriented towards a constructive debate, and involve the entire system and all sectors of the economy. in short, banks and businesses need to sit together for the best. dear ladies and gentlemen, we are in mid - 2011 now, which is a complex year in terms of its challenges for objective reasons owing to the international financial dynamics of the past 3 – 4 years. whilst our economy has posted positive growth, it continues to operate below its potential. the international setting is filled with uncertainty for a group of advanced economies, while agricultural products and raw materials prices remain high. despite last year ’ s narrowing current deficit, albania ’ s external position remains a constant structural weakness. the albanian banking system is considered to have adapted commendably to this complex situation. i would like to underline that we have done an immense amount of work so far. therefore, i take this opportunity to congratulate all central and local managing units of banks operating in albania. during this period, the albanian banking system has continued to expand its activity and lending to the economy. financial soundness and profitability indicators have improved and system ’ s activity capitalization is in a good position. the banking sector remains the main actor of financial intermediation in albania, whose financing continues to rely mainly on public deposits. the main problem of the banking system has been the growing non - performing loans share, which has also reflected the active policy of the bank of albania to enhance the transparency of banks ’ balance sheets. credit risk

##ants, the chairpersons, as well as the bank of albania's staff for dedicating your time and efforts to this important activity. i kindly invite you to actively participate in and conduct a very lively and fruitful debate. i truly believe that the productive discussions which will certainly take place during these two - day workshop, will contribute to strengthening further cooperation among researchers, and between the institutions. thank you! 4 / 4 bis - central bankers'speeches
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sabine mauderer : putting our money where our mouths are - joint efforts to finance the global green transition speech by dr sabine mauderer, member of the executive board of the deutsche bundesbank, at the un climate change conference cop 27, sharm el - sheikh, 9 november 2022. * * * to limit global warming and adapt to the impact of climate change, large - scale investments are necessary. the international energy agency highlighted in its recent world energy outlook that, to stand a chance to limit global warming to 1. 5 degrees, investments in clean energy alone would have to reach usd 4 trillion a year by 2030 from only usd 1. 3 trillion today. 1 and a study by the london school of economics pointed out this week, even without considering the investment needs in china, emerging and developing countries will have to spend around usd 2. 4 trillion or 6. 5 % of gdp per year by 2030 on climate change adaptation and mitigation. 2 this will require both public and private funds : public money from governments and multilateral development banks especially but not only for adaptation ; and for innovative projects that mitigate climate change, private money is key, be it from private banks, funds, institutional investors or philanthropic organisations. but as such innovative projects are often risky, governments and multilateral development banks may have to take on part of this risk via equity shares to trigger the necessary private investment. such blended finance would give a boost to the green transition in emerging, developing as well as developed economies. yet public and private investors need transparency about climate impact and climaterelated risks to drive the green transition. improving transparency first, helps financial markets to work efficiently and scale up green finance, and second, allows investors to make sure that their funds are being used as they intend. regulators are in the driver's seat when it comes to increasing market transparency around climate - related risks. central banks can play a supporting role in boosting transparency. they can cooperate internationally to identify best practices as well as inefficiencies and existing obstacles. the ngfs is an excellent forum to this end. a recent ngfs study showed that transparency initiatives around the world differ significantly and that numerous divergent taxonomies, standards and guidelines have been developed. to a large degree, these differences reflect the varying needs in different markets. 1 / 2 bis - central bankers'speeches what works well in one country may not necessarily be a suitable blueprint for other countries or regions. that