samchain/econo-pairs-v2 huggingface dataset:
the key to taking advantage of these opportunities. thank you for listening and i would be very happy to answer any questions. bis central bankers ’ speeches

, and the prospects for success, of both the fsb and the iais will turn on how we address the challenges of the changing nature of financial services that are coming from technological innovation and other sources. your conference theme this year, “ supervision in a digital era ” is timely, and the panels you have planned on these topics can inform the supervisory responses that all our governments are weighing. the rapid changes transforming the financial landscape mean we can ’ t rely on the past for answers. the fsb is committed to a forward - looking agenda to address new vulnerabilities and new challenges. like the iais, we are developing a new financial stability surveillance framework. we ’ re also examining possible unintended negative consequences of market fragmentation. and something that is capturing the attention of many regulators are recent proposals to launch stablecoins on a global scale. the fsb has been looking at crypto - assets and has formed a group of experts to examine the implications of these recent proposals. the fsb and iais share many common concerns about risks to financial stability — fintech, cyber risk and operational resilience are just some of them. the iais has advanced the effort to tackle these problems with an active and comprehensive program of outreach : by extending the length of public consultations whenever possible ; by expanding participation of new stakeholders in public events ; by organizing subject matter specific workshops on emerging risks ; by expanding efforts to seek input from consumer groups ; and, by reaching out to academics with more roundtable discussions with investors and rating agencies. in closing, congratulations again to the iais on its silver anniversary, and doubly so for embracing such an ambitious agenda for the future. on behalf of the fsb, we look forward to working with you to set standards for financial regulation and supervision that will promote a strong and stable financial system. thank you for this opportunity to speak, and i wish you a successful and engaging conference. 1 1. www. federalreserve. gov / newsevents / speech / quarles20191003a. htm 2 / 2 bis central bankers'speeches
like to warmly invite you to this exhibition, which opens on 20 november here at the museum fur kommunikation in berlin, before it continues its journey around europe, having already been shown in italy, slovakia and spain. i should like to take this opportunity to wish you a very enjoyable and informative experience during your visit to the “ language of money ” exhibition and to once again congratulate the museum fur kommunikation in berlin on this valuable initiative.

of 2003, though only slowly. at the same time, the growth of loans to the private sector has been edging up. both monetary and credit growth seem to be supported by the low level of interest rates prevailing in the euro area and may also reflect the improvement in the economic environment since the summer of 2003. given the strong m3 growth over the past few years, there is currently more liquidity in the euro area than is needed to finance non - inflationary growth. the effects of this high liquidity on inflation over the medium term will greatly depend on future developments in the economy and financial markets. should excess liquidity persist, it could lead to inflationary pressures over the medium term. to conclude, the economic analysis continues to indicate that the outlook for price developments in the medium term is in line with price stability. cross - checking with the monetary analysis does not alter this picture. let me also make a few remarks on other policies in the euro area. with regard to fiscal policies, the governing council sees continued reasons for concern. recent information indicates that significant imbalances are emerging in a growing number of countries and that current policies would not be sufficient to attain the consolidation objectives specified in the latest stability programmes. we strongly urge governments to take corrective action in a timely and sustained fashion, where and when necessary. finally, with regard to structural reforms, the governing council welcomed the presidency conclusions of last weekend ’ s brussels european council. structural reforms are necessary to meet the lisbon challenge and thus reap the benefits of higher sustainable growth and employment. as pointed out by the european council, the pace of reform needs to be significantly stepped up and the critical issue now is the need for better implementation of commitments already made. ending the political uncertainty and delays surrounding the implementation of sustainable fiscal policies and effective structural reforms would indeed support private sector confidence, which would add momentum to the economic recovery in the euro area, given the supportive stance of monetary policy. we are now at your disposal for questions.
see rba ( reserve bank of australia ) ( 2020 ), ‘ regulators release feedback on financial institutions'preparation for libor transition ’, media release no 2020 - 12, 8 april. available at https : / / www. rba. gov. au / media - releases / 2020 / mr - 2012. html. while there are limited exceptions where authorities are providing for legacy libor contracts to be supported beyond this date, this cannot be relied on in general. any firm relying on this would be pursuing a very risky strategy. see kent c ( 2020 ), ‘ benchmark reforms ’, remarks to the australian securitisation forum virtual symposium, sydney, 17 november. available at https : / / www. rba. gov. au / speeches / 2020 / sp - ag - 2020 - 11 - 17. html and kent c ( 2019 ), ‘ bonds and benchmarks ’, speech at the kanganews dcm summit, sydney, 19 march. available at https : / / www. rba. gov. au / speeches / 2019 / sp - ag - 2019 - 03 - 19. html the materials on this webpage are subject to copyright and their use is subject to the terms and conditions set out in the copyright and disclaimer notice. © reserve bank of australia, 2001 – 2021. all rights reserved. the reserve bank of australia acknowledges the aboriginal and torres strait islander peoples of australia as the traditional custodians of this land, and recognises their continuing connection to country. we pay our respects to their elders, past, present and emerging.

our understanding : firm - level interest rates and corporate investment ’, rba research discussion paper. [ 13 ] debelle g ( 2017 ), ‘ uncertainty ’, speech at the 7th warren hogan memorial lecture, sydney, 26 october. [ 14 ] once the work is complete there can be a transfer of ownership recorded between the private and public sector. © reserve bank of australia, 2001 – 2017. all rights reserved. http : / / www. rba. gov. au / speeches / 2017 / sp - dg - 2017 - 11 - 13. html 13 / 13
order - a house, though, which should not just be stable but open as well. 6. ensuring the stability of the financial system is one of the core tasks of the supervisory authorities and of the central bank in its capacity as lender of last resort. however, the market players ’ sense of individual responsibility is also of key importance. if a third party is to offer assistance in a system run on free market principles, this can and should be seen as nothing more nor less - than helping the others to help themselves.

that we believe that conditions are in place for such higher growth in 2011 and 2012. we entered this year with a fair amount of momentum. business and household spending has strengthened, presumably reflecting greater confidence in the economic outlook and progress in the repair of household balance sheets. businesses are expanding their investments in equipment and software at a healthy pace. and, their spending on nonresidential structures, such as office and factory space is no longer contracting as sharply as it was a year ago. further support comes from the agreement by congress and the administration to postpone some tax increases, to reduce payroll taxes temporarily and to extend unemployment benefits. in addition, our exports continue to expand, supported by strength in demand abroad, particularly in asia. higher growth, a steady reduction in spare capacity in the economy and continued stability in inflation expectations should also slowly begin to reverse the recent decline in core inflation. inflation was quite low during the second half of 2010, but we expect that to be the low point of the cycle. in short, viewed through the lens of the federal reserve ’ s dual mandate – the pursuit of the highest level of employment consistent with price stability – the current situation remains unsatisfactory. however, we appear now to be moving in the right direction. regional economic conditions ( update since the october regional press briefing ) now, how is our region doing? overall – in contrast to the pick - up in the nation – the regional economic recovery appears to have paused in the fourth quarter. more similar to the nation, joblessness in the region has retreated somewhat from the peaks recorded toward the end of 2009, but remains unacceptably high. as attendees at previous regional press briefings may recall, the new york fed produces indexes of coincident economic indicators to help monitor the performance of the regional economy. based on these measures, the upturn in economic activity that we saw for much of 2010 in both new york state and new york city has paused. to be sure, activity in both the state and the city is higher than a year ago, but we saw no increase over the prior quarter. this pause is particularly evident in new york city where the economic recovery had been relatively strong. by the way, let me note that this pause occurred before mid - december, so it cannot be attributed to the recent spate of heavy snow storms. bis central bankers ’ speeches by contrast, new jersey ’ s economy has seen no pick - up in activity and, in fact, activity there continued
doing business. finally, end - users will gain access to a greater variety of products through increased interoperability between payment service providers, which will aid financial inclusion and in turn positively impact the lives and welfare of all fijians. honourable chair and members, thank you again for this opportunity to discuss the national payment systems bill and we welcome any questions that you may have. 4 / 4 bis central bankers'speeches

. as prices have fallen, the value of production has increased a lot less than its volume. the growth in labour productivity has not been accompanied by a corresponding increase in the ability of firms to pay higher wages. the main reason for the exceptionally weak price developments is the large share that both paper and electronics industries have had in finnish manufacturing. price developments have been exceptional in these two industries. decline in paper demand, together with overcapacity has depressed paper prices. prices in electronics, in turn, have declined due to the rapid technological advances leading to better and better products. as prices are measured in quality - adjusted terms, measured prices are declining, which means that measured production volumes increase significantly when compared to current - price production in electronics. asymmetric shocks and wage divergence the possibility of adverse developments such as the current problems was foreseen in the finnish discussion about the pros and cons of membership in a monetary union. for example, the report of the expert group commissioned by the finnish prime minister in 19971 raised concerns about the risk of asymmetric negative shocks and about the risk of domestic wage developments diverging from those of other emu countries. finland and the emu, publication 1997 / 26 of the prime minister's office. bis central bankers ’ speeches evidently, the two risks have been realized. the decline of finland's electronics and paper industries are an example of a negative asymmetric shock. wage developments since 2008 are a clear case of wage divergence between finland and other emu countries. to mitigate the impacts of these problems, the finnish economy must try to create new areas of strength in industrial and service activities. simultaneously there must be corrections to the wage divergences. the latter is not going to be easy for a monetary union country. public finance concerns even though the state of finnish public finances is better than in many other european countries, there has been a clear deterioration. general government deficit has increased considerably. the debt level looks likely to exceed the 60 % level soon, perhaps next year, unless new consolidation measures are imposed. as the problems in the economy can be seen as being largely structural by nature and not only cyclical, the government deficit cannot be expected to be corrected by a recovery in the international economy. at the same time, the effect of population ageing on the economy has begun to show. the size of the working - age population has started to diminish. finnish public finances have a long - term sustainability gap
to take further measures at any time. bis central bankers ’ speeches

analysts said this was an over reaction. others criticized the tyranny of the short term compromising medium term sustainability. but received wisdom and mainstream view have been that it was clearly safer to err on doing too much rather than doing too little. thus the policy response should be seen as an insurance against this risk. but there is no real way of judging whether we are overinsuring or underinsuring. if indeed the world has overinsured, then there is a risk that all this liquidity has the potential to trigger a bout of undesirable inflation. conversely, if we have underinsured, then this recession could turn deeper, nastier, and longer. and as we know from experience, there is no way to measure apriori whether we have insured right. so policymakers all over the world are perhaps erring on the side of overinsuring – keeping financial markets flush with liquidity, providing substantial fiscal support, using the breathing space provided by the policy support to restructure the financial system, and hoping that they can withdraw the liquidity and stimulus as the recovery firms up and before inflationary threats take root. notwithstanding the relative calm in recent weeks, the global financial outlook continues to be uncertain. it is not clear that we have seen the end of the emergence of tainted assets, and doubts persist on whether the initiatives underway are sufficient to restore the stability of the financial system. there is continued debate on the adequacy of the fiscal stimulus packages across countries, and their effectiveness in arresting the downturn, reversing job losses and reviving consumer confidence. many major central banks have nearly or totally exhausted their conventional weaponry of calibrating policy interest rates and are now resorting to unconventional measures such as quantitative and credit easing. given the erosion of the monetary policy transmission mechanism, there are concerns about when and to what extent monetary response, admittedly aggressive, will begin to have an impact on reviving credit flows and spurring aggregate demand. india – crisis response and challenge at home, the impact of the crisis has been deeper than anticipated earlier although less severe than in other emerging market economies. the extent of impact has caused dismay, mainly on two grounds : first, because our financial sector remains healthy, has had no direct exposure to tainted assets and its off - balance sheet activities have been limited ; and second, because india ’ s merchandise exports, at less than 15 per cent of gdp, are relatively modest. despite these mitiga
bankers and asset managers will put forward their views on strategies for effective risk mitigation and how should asset managers prepare for the “ new normal ” in the converging monetary policies. session 4 will focus on south east europe and the perspectives of the region for european integration and growth. i am particularly delighted that we have prominent speakers and excellent panelists to address the topics of the conference. allow me to express my sincere gratitude to mr benoit cœure, executive board member of the ecb and mr. tao zhang, deputy managing director at the imf, for honoring us with their presence today. 1 / 2 bis central bankers'speeches it is a pleasure to have mr. luiz awazu pereira da silva, deputy general manager at bis and governor gudmundsson to address the audience. i would also like to express my appreciation to all other distinguished panelists in the today ’ s sessions – deputy governors, representatives from international organizations, global banks and investors and other honorable speakers for contributing to the event. it is an honor to have mr. dragan tevdovski, minister of finance of the republic of macedonia and mr. vladislav goranov, minister of finance of the republic of bulgaria to give their reflections on see region perspectives. i look forward to your discussions and wish all the delegates an enjoyable and rewarding conference day. i thank you all for coming, particularly given that many of you had to travel long distances to come to skopje. i hope that all of you will enjoy the agenda and find the conference productive and worthwhile. in closing, i would like to thank all of those who have worked very hard to make this event happen. my most sincere thanks and appreciation goes to our co - organizer marc uzan, executive director of the reinventing bretton woods committee. marc ’ s work is wellrecognized among the global economic community. with the mission of promoting stability of international financial architecture and monetary system, he has organized roughly 100 seminars around the world facilitating dialogue among high - ranking officials, academics and market participants. i had the pleasure of attending some of his seminars and can only compliment to his expertise and passion to do great work at any time. marc, it is a true pleasure and privilege working with you. i hope that we will be able to do this again. please, the floor is all yours. thank you! 2 / 2 bis central bankers'speeches

also reminded us that stories are the core of our lives and that they are not something that is planned, but something that is created and won every day a€ “ just like the freedom. therefore, the national bank will continue to write and add to the monetary chapter of our story, working professionally and responsibly for the benefit of the citizens, guided by the european central banking principles. congratulations on the anniversary and the celebration of the stable denar which is something that belongs to all of us, the citizens, the present and future generations! 4 / 4 bis - central bankers'speeches
ben s bernanke : monetary policy and the stock market - some empirical results speech by mr ben s bernanke, member of the board of governors of the us federal reserve system, at the fall 2003 banking and finance lecture, widener university, chester, pennsylvania, 2 october 2003. the references for the speech can be found on the board of governors of the federal reserve system ’ s website. * * * the ultimate objective of monetary policymakers is to promote the health of the u. s. economy, which we do by pursuing our mandated goals of price stability and maximum sustainable output and employment. however, the effects of our policy instruments, such as the short - term interest rate, on these goal variables are indirect at best. instead, monetary policy actions have their most direct and immediate effects on the broader financial markets, including the stock market, government and corporate bond markets, mortgage markets, markets for consumer credit, foreign exchange markets, and many others. if all goes as planned, the changes in financial asset prices and returns induced by the actions of monetary policymakers lead to the changes in economic behavior that the policy was trying to achieve. thus, understanding how monetary policy affects the broader economy necessarily entails understanding both how policy actions affect key financial markets, as well as how changes in asset prices and returns in these markets in turn affect the behavior of households, firms, and other decisionmakers. studying these links is an ongoing enterprise of monetary economists both within and outside the federal reserve system. the link between monetary policy and the stock market is of particular interest. stock prices are among the most closely watched asset prices in the economy and are viewed as being highly sensitive to economic conditions. stock prices have also been known to swing rather widely, leading to concerns about possible " bubbles " or other deviations of stock prices from fundamental values that may have adverse implications for the economy. it is of great interest, then, to understand more precisely how monetary policy and the stock market are related. in my talk today, i will report the results of research that i have done on this topic with kenneth kuttner of the federal reserve bank of new york, as well as the findings of some related work done both within and outside the federal reserve system. the views i will express today, however, are my own and not necessarily those of my colleagues on the federal open market committee ( fomc ) or the board of governors of the federal reserve system. in our research, kuttner and

##ptroller of the currency, “ agencies finalize amendments to swap margin rule, ” news release, june 25, 2020. return to text 3 / 4 bis central bankers'speeches 12 see quarles, note 2. return to text 13 randal k. quarles, “ global in life and orderly in death : post - crisis reforms and the too - big - to - fail question ” ( speech at the exchequer club, washington, d. c. ( via webcast ), july 7, 2020 ). return to text 4 / 4 bis central bankers'speeches