samchain/econo-pairs-v2 huggingface dataset:
an issue we have been discussing around our board table for some time. while low growth in wages has helped boost employment, it has also put the finances of some households under strain, especially those who borrowed on the basis that their incomes would grow at the old rate. and in terms of the inflation target, it is difficult to see how a continuation of 2 per cent growth in wages is compatible with us achieving the midpoint of the inflation target – 2½ per cent – on a sustained basis. so from that perspective alone, a pick - up in wages growth over time would be welcome. perhaps more importantly, sustained low wages growth diminishes the sense of shared prosperity that we have in australia. in our liaison with businesses, including here in adelaide, many tell us about the very competitive environment in which they are operating. they tell us about how this competitive environment means that they have limited ability to pay bigger wage increases. at the same time, though, we are hearing a few more reports of larger increases in those areas where there is a shortage of workers with the necessary skills. after all, the laws of supply and demand still work. we also see evidence in the aggregate data that wages growth has troughed and we expect to see a further pick - up. this is likely to be a gradual process, though. at today ’ s meeting, the board also reviewed the staff ’ s latest forecasts for the economy. these will be published on friday in our quarterly statement on monetary policy. those of you who are close readers of this document will notice some changes in this issue, as we seek to make the report more thematic. the latest forecasts should not contain any surprises, with only small changes from the previous set of forecasts, issued three months ago. this year and next, our central scenario remains for the australian economy to grow a bit faster than 3 per cent. this would be a better outcome than the average of recent years. if we are able to achieve this, we will make inroads into the remaining spare capacity in the economy and see a further modest decline in the unemployment rate. inflation is expected to remain low, at around its current level for a while yet, before gradually increasing over the next couple of years, towards 2½ per cent. a key element here is the pick - up in wages growth that i just mentioned. so, in summary, there has been progress in lowering unemployment and having inflation return to around the middle of the target range,

challenge. the relative strength of the various forces that will shape 2002 are yet to be determined. at the federal reserve, we stand ready to do what is necessary to maintain financial stability, as we did on september 11, and to maintain a monetary policy stance that will foster price stability and promote maximum sustainable growth in output.
become successively chairman of consob, member of the board of the ecb, and italy ’ s minister of economy and finance cannot be summarized in a few minutes. and memory is sometimes incomplete and distorted, even if i have had the benefit of some brief conversation with some of his closest collaborators during those years. 4 in any case, i am sure that my recollection of his accomplishments errs on the side of understatement. let us remember that in the 1970s the italian economy was plagued by substantial nominal and real instability. high and volatile inflation rates preceded, accompanied, and followed a series of large and sometimes sudden depreciations of the currency, in a context of social unrest and substantial rigidities. for several years the economy we lived in was the “ 100 % i will only provide very limited references to his extensive written contributions, but on the reshaping of monetary policy we are fortunate to have his views and assessment summarized in the contribution to franco modigliani ’ s festschrift ( macroeconomics and finance, essays in honor of franco modigliani, edited by rudiger dornbusch, stanley fischer and john bossons, mit press, cambridge, mass., 1987, pp. 265 – 86 ). a collection of padoa - schioppa ’ s speeches and papers on the payment system has been published, in italian, in the book la moneta e il sistema dei pagamenti, il mulino, bologna, 1992. it is sufficient here to refer to the writings contained in his book on the road to monetary union in europe, clarendon press, oxford, 1994. i would especially like to thank giovanni carosio, francesco papadia and franco passacantando for sharing some of their memories with me in the process of writing down these recollections. bis central bankers ’ speeches plus ” indexed economy described in well - known essays written together with franco modigliani in 1977 – 78. 5 meanwhile, italian society was racked by violent waves of terrorism. the policy challenge was enormous, as italy ’ s financial markets were very underdeveloped, public debt management non - existent, and capital flights massive. the large and rising budget deficits were being financed only by the central bank and the banking system. financial repression was extensive, with such administrative measures as controls on capital movements, interest rate caps, ceilings on bank credit to the private sector, and constraints on

nature and have their origin in defaults, must necessarily involve not only the technical authorities but also the political authorities because they may require interventions that, directly or indirectly, have a cost for the public purse. modern and efficient regulation provides protection for the weak and at the same time fosters competition. it is an essential instrument for promoting the growth of the economy. partly in response to traumatic events, parliament and the government have laid the foundations for a far - reaching reform that will affect basic aspects of the framework of rules governing finance. the work must be completed. legislation in the pipeline will provide an opportunity to do so. the bank of italy ’ s collaboration is unstinting.
2 see federal deposit insurance corporation, fdic quarterly banking profile ( pdf ) 13, no. 4 ( third quarter 2019 ). 3 see www. communitybanking. org / ~ / media / files / publication / cb21publication _ 2019. pdf. 6 / 6 bis central bankers'speeches

of local currency bond market effectively mobilize long - term capital and mitigate currency mismatch risk. increased use of local currency helps reduce exchange rate and currency mismatch risks. fifth, the green development philosophy will be practiced. we welcome the endorsement and signing of bri green investment principles by enterprises and financial institutions and hope to see more green projects that are ecologically, environmentally and climate friendly and the development and increased use of green financial instruments. at the same time, it is necessary to enhance transparency and information disclosure of data on carbon emission, emission reduction, and etc. financial connectivity supports the smooth and sustainable development of bri, and quality development of the bri requires an open and market based investment and financing system. i invite you to contribute your proposals and wisdom, participate in and promote investment and financing cooperation for the belt and road. i wish the forum a success. thank you. 2 / 2 bis central bankers'speeches
globalisation of the indian economy and the efforts must be to bring all genuine users seeking to hedge underlying exposures on - shore. thank you once again for inviting me to this conference and for your patience. bis central bankers ’ speeches

between banks and clients are a part of the relationship banking. secondly, often the corporate does not need derivative products to profit from its position but to reduce or eliminate the uncertainty from their future cash flows. thus, the use of a derivative product by a corporate would have to be dictated by the character of its exposures, nature of the uncertainties and the risk appetite or aversion as embodied in its risk management framework. we often notice that the volatile foreign exchange market, or any other market for that matter, entices ordinary mortals to throw their hat into the ring and make money on the side, mechanically projecting the immediate past. the banks owe it to their clients to ensure that they do not fall prey to such temptations and the derivative positions they contract are “ appropriate ”. while we have issued comprehensive guidelines on the subject, i would like to impress upon you the imperative of this aspect from the perspective of credibility of the otc market, financial stability and above all, stable relationship banking. in the same breath, i would like to exhort the corporates ( who are also members of the fai ) to put in place a strong governance framework, which will ensure comprehensive understanding of the product to be contracted, proper oversight of the financial products that bis central bankers ’ speeches are being bought by their dealing rooms, assess the inherent risk characteristics of these products and have a strong system of checks and controls which can prevent any dealing room from running astray. this brings me to my next theme, i. e, improvements in the otc market infrastructure. as you are aware, the pittsburg declaration of the g - 20 mandates that all standardised otc derivatives contracts should be traded on exchanges or electronic trading platforms, where appropriate and cleared through ccps by end 2012. further, otc derivative contracts should also be reported to trade repositories. the financial stability board ’ s report “ implementing otc derivative market reforms ” ( october 2010 ) addresses the practical issues concerning standardisation, central clearing, exchange or electronic platform trading, and reporting of otc derivatives transactions to trade repositories that authorities may encounter in implementing. however there are strong views in favour of the otc products. their bespoke nature imparts flexibility to cater to specific requirements of any market participant. further, the otc market acts as a nursery for new products and has remained the major source of product innovation. again, in a market that is essentially wholesale in nature and confined to a few
ever to increase the supply - side capacity and flexibility in europe and page 14 sur 14 in france. 8 let us acknowledge it : if we are lagging behind today in europe, it ’ s in this domain of supply transformations, and not in monetary policy. francois villeroy de galhau, letter to the president of the republic, « how france and europe will defeat inflation », april 2023.

transmission to the real economy remain more uncertain. i would draw from this three policy conclusions : a. in the usual alleged time lag of one to two years for monetary transmission, our economic situation makes it likely that we are presently closer to the upper range. and hence the commitment i reaffirm today to bring inflation back towards 2 % by 2025, is consistent with the full transmission of the monetary tightening that will have been put in place by summer 2023. page 13 sur 14 b. against this backdrop of significant transmission “ in the pipe “ and still to come, a deceleration in the size of the policy steps ( from 50bp to 25 bp ) was wise and cautious. we obviously keep our hands free, but we add the capacity of observing and monitoring the pass - through of our substantial and exceptionally rapid past hikes. persistence is now more important than speed ; the duration for which we will maintain rates is now more important than the precise terminal level we will reach. or in other words, for interest rates as with ballistics, “ longer ” is becoming more significant than “ higher ”. c. hence, our next rate decisions should not monopolise attention ; we already have completed most of our rate - hiking journey, and we are clearly in restrictive territory. that said, as i said already last january, i expect today that we will be at the terminal rate not later than by summer. summer is a long and beautiful season, which starts in june and ends in september. in the meantime, we have three possible governing councils either for hiking or pausing ; but don ’ t deduce a guidance from this or a preference for a given terminal rate. we will remain data driven, looking meeting by meeting at the outlook for headline inflation as well as for the dynamics of underlying inflation and the strength of monetary policy transmission. * * * monetary policy is at work and rest assured, we ’ ll do the job : we ’ ll bring inflation back towards 2 %. we ’ ll do it with the necessary patience – looking at the 2025 horizon for full transmission, with persistence – maintaining restrictive interest rates for long enough, and pragmatism – monitoring actual economic data. but once more, monetary policy cannot be the only game in town. fiscal policies should gradually adjust and consolidate, reducing first and foremost energy subsidies ; wage negotiations and mark - up decisions by firms should incorporate the expected decrease in inflation ; and still more, structural reforms are needed more than
, “ regulating systemic risk, ” remarks delivered at the 2011 credit markets symposium, charlotte, nc, march 31. see, for example, simon p. anderson, andre de palma, and jacques - francois thisse ( 1992 ), discrete choice theory of product differentiation ( cambridge, ma : mit press ). bis central bankers ’ speeches immediate significance for systemic risk regulation. others are perhaps more speculative. and i hope to have provoked you, and readers of this speech, to add some items to the agenda. as is often true, efforts to tackle new questions and to confront new problems may not lend themselves immediately to well - worn research approaches. contributions in this area may come in many forms, including case studies and other less conventional approaches to research. i hope that, at least in the early stages of research into these issues, referees and journal editors will be sympathetic to any research that may advance our knowledge in this new area. bis central bankers ’ speeches

positive contributions they and their peers will make to the economics profession and to the world of economic policy. it feels like another example of dr. alexander showing up to mark an inflection point. thank you all, thank you for your work, sadie collective, and warm congratulations to : sarah deschenes peyton dunham nishan jones camillah canty tarikua erda lauryn mwale 1 these remarks represent my own views, which do not necessarily represent those of the federal reserve board or the federal open market committee. 3 / 3 bis - central bankers'speeches
also insufficiently decisive supervision played an important role. 1 / 5 bis - central bankers'speeches to ensure the stability of the us banking system and prevent a further expansion of the crisis, us authorities had to intervene, securing uninsured deposits, providing liquidity, and ultimately taking control of these banks. subsequently, credit suisse also lost confidence of financial markets and had to be rescued, through a remarkable, publicly supported'private'operation, of which the swiss insisted a la magritte : " ceci n'est pas une resolution. " so what happened to the credo " higher interest rates are good for banks "? let's not exaggerate. the long period ( 2019 - 2022 ) with very low ( and even negative ) interest rates put downward pressure on banks'interest margins, as the cost of a large amount of liabilities reached a floor, while the yield on assets continued to decline. this led to a drop of their net interest margin. banks compensated this negative impact on their profitability by boosting lending volumes, which partly compensated declining margins in the core business of banks, and definitely of co - operative banks : deposit - taking from and lending to the retail sector and small businesses and corporates. but since the second half of 2022, as interest rates increased, there was a significant recovery of the net interest margin. it contributed to a significant increase in bank profitability, to levels not seen since 2014, also driven by a lower than expected repricing of retail deposits in some countries. so, apart from the accidents in switzerland and the united states, the credo of higher interest rates being good for banks remained valid, although the current inverse yield curve is not helpful. good asset quality and low loan losses also contributed to this increase of bank profitability in europe. so far, the higher interest rates do not yet seem to have led to an important increase in loan defaults, notwithstanding rising debt service costs for debtors with variable interest rates or for debtors needing to refinance a maturing loan. the immediate conclusion on the impact of monetary policy tightening on eu banks hence seems to be a message of " so far, so good ". but we might have not yet seen all the consequences of the transition from an ecb deposit facility rate at - 0, 5 % in july 2022 towards 4 % in september 2023, in 14 months'time. transmission to the real economy takes time and is not yet complete.

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
extensively the issued tokens are backed by swiss franc - denominated assets – and the more liquid and intrinsically valuable these assets are – the more credible the pledge will be. and indeed, some stable coin issuers seek to lend their ‘ stable value ’ pledge maximum credibility by ensuring that their tokens are fully backed by bank deposits or banknotes in the anchor currency. the facebook - affiliated libra project has attracted a lot of attention in recent weeks. libra can be classified as a stable coin, as its value is supposed to be kept stable against a basket of official currencies. libra ’ s creators have sought to underpin this claim by fully backing their stable coin with a reserve of assets ( including government bonds ) in the relevant currencies. however, there is no guarantee that libra will be converted – proportionally and at any time – into the currencies in the basket. libra is thus its own unit of account and a private currency. libra and the swiss franc stable coin i mentioned earlier represent only a small part of the spectrum of possible stable coins. irrespective of their precise structure, such stable coins share one core characteristic : they are pegged to stable currencies in order to minimise fluctuations in value. stable coins therefore hold greater promise for widespread deployment as a payment instrument and store of value than today ’ s crypto tokens. this is why it is important that we analyse and classify stable coins rigorously from a regulatory and monetary policy perspective. first, on the regulatory front, it is essential that we are clear about the economic function of stable coins. depending on how they are structured, stable coins may have the characteristics of a bank deposit or a privately issued banknote. this would be the case for the swiss franc stable coin, were it to be used widely for cashless payments or as a store of value, as it would effectively become a substitute for swiss franc bank deposits. the issuers of such swiss franc stable coins would take on functions similar to those of a bank – all the more so if they were to use the funds collected to finance risky, long - term projects and engage in maturity transformation. if the economic function of stable coins is comparable to that of bank deposits, their issuers should have to play by the same rules as banks. the principle of regulating by activity rather than by technology ( ‘ same business, same risks, same rules ’ ) must apply here

in the asean region. thank you. 1 / 1 bis central bankers'speeches
if we do not take external factors into account too much, there is a possibility that the neutral interest rate will decline in the long run driven by internal factors such as demographic shifts due to the low birthrate and the population aging. contrastingly, there is a view that developed economies, especially the u. s., might see a reversal in the downtrend of their neutral interest rate as fiscal deficits are expected to widen, investment demand to increase significantly in response to climate change, and productivity to rise due to technological innovations, such as ai. in an open economy heavily influenced by external factors, how the neutral interest rate is determined when internal and external factors work in different directions is a key element in determining future monetary policy. so we would like to see some further academic research on this issue. preparing for digital bank runs 2 / 4 bis - central bankers'speeches the fourth topic concerns improvements to the central bank lending facility in preparation for the potential occurrence of a digital bank run unfolding more rapidly than anticipated. the most valuable lesson learned from the svb collapse last year was that large - scale bank runs can spread very rapidly in a digitalized financial market, and that deposits are not a stable funding source anymore. based on this lesson, the bank of korea announced its'reorganization of the bok's lending facility'last july. to be specific, the bank came up with reorganization to lower the loan interest rate and to expand the scope of eligible collateral in an attempt to enhance accessibility to liquidity adjustment loans, the equivalent of the u. s. fed's discount window. regarding this matter, two more tasks still remain. the first is about the inclusion of nonbank financial institutions ( nbfis ). although the proportion and the role of such nbfis have been steadily growing across financial markets, it remains challenging for the bank of korea to implement inspections of them and request documents from them under the current bank of korea act. therefore, it is necessary to conduct studies on how collaboration between the bok and the government should evolve in terms of supervision and investigation, in order to be able to add nbfis to the list of eligible entities for liquidity adjustment loans. the second issue is to strengthen the function of liquidity adjustment loans, a standing facility. under the current bok act, the bank cannot accept loans receivable from banking institutions as collateral during normal times. taking loans receivable as acceptable collateral is only possible when there is a need for

, “ financial stability a decade after the onset of the crisis ", 25 august 2017, www. federalreserve. gov / newsevents / speech / yellen20170825a. htm 13 / 13 bis central bankers'speeches