samchain/econo-pairs-v2 huggingface dataset:
issue warnings where risks are deemed to be significant ; and issue recommendations for remedial action where appropriate. ” thank you very much for your attention, i am now at your disposal for questions.

isabel schnabel : pulling together - fiscal and monetary policies in a low interest rate environment speech by ms isabel schnabel, member of the executive board of the european central bank, at the interparliamentary conference on stability, economic coordination and governance in the european union, frankfurt am main, 12 october 2020. * * * the title of this morning ’ s session is intriguing in many ways : it speaks of a “ new partnership ” between monetary and fiscal policy and of the “ requested ” fiscal support. the title suggests that the environment in which monetary policy operates may have changed in recent years – even well before the outbreak of the pandemic – and that this may have altered the way monetary and fiscal policies interact to deliver stable prices and sustainable growth. and indeed, a few key numbers summarise how radically our world has changed. over the past two decades, the ecb ’ s main refinancing rate has declined from levels close to 5 % to 0 %. consumer price inflation averaged 2. 2 % from 1999 to the eve of the global financial crisis in august 2008, but only 1. 2 % since then, well below our inflation aim of “ below, but close to, 2 % ”. these developments raise important questions, especially as the same developments have occurred in many other advanced economies. many people are wondering why central banks, despite record low interest rates, have not been able to deliver inflation rates in line with their aim. a related question is what needs to be done to change this. in my remarks this morning, i will not be able to give definitive answers to these fundamental questions. a deep analysis of these and other issues will be the subject of our monetary policy strategy review that the ecb ’ s governing council has just resumed after the pandemic - induced pause. but what i would like to offer is a way of thinking about the origins and implications of the current low interest rate environment and how it affects the conduct of both fiscal and monetary policy. i will argue that it would be misleading to speak of a new “ partnership ” between fiscal and monetary policy. after all, partnership implies a degree of coordination that would be inconsistent with an independent central bank. but i will suggest that, in a low interest rate environment, there are strong complementarities between fiscal and monetary policy that can help lift the euro area economy out of the current low - growth, low - inflation trap. the need for novel monetary policy measures low interest
benoit cœure : productivity and growth - innovation and diffusion introductory statement by mr benoit cœure, member of the executive board of the european central bank, at the session " revitalizing the global economy ", world economic forum, davos, 20 january 2017. * * * the panel ’ s main theme is the question of how can we boost productivity and economic growth in the long - term. this is a topic that matters for central banks. long - term growth rates are important for interest - rate setting since they influence and define equilibrium real interest rates in the economy. and policymakers taking the question seriously will help dispel misplaced expectations that monetary policy can create sustainable long - term growth. when it comes to economic growth, it is always useful to go back to the textbook and conduct simple growth accounting decompositions. by definition, growth in output per capita equals growth in labour productivity plus growth in hours worked per capita. in many advanced economies and in the euro area in particular, growth in hours worked per capita looks set to shrink, in the long run, due to adverse demographics and a falling working age population. using oecd population projections and holding labour productivity constant, by 2050 the decline in output per head induced by ageing would be 14 % in germany, 16 % in italy and 22 % in spain. a continuation of current rates of labour productivity growth in the euro area would just about offset that scenario. but this would mean running just to stand still. if we are to raise living standards within ageing societies, productivity growth must accelerate. and yet what we see today is sluggish labour productivity growth relative to twenty years ago in most advanced economies. this is in part because so - called capital deepening has slowed – the amount of capital per worker – as investment has fallen during the crisis. but it also reflects weak trends in total factor productivity, which captures increases in efficiency from new technologies or more efficient business processes, and which is thought to be the main contributor to long - term economic growth. raising total factor productivity is about two main things : innovation and diffusion. the former is about the creation of new technologies at the global frontier, and the latter about their spread to other countries and non - frontier firms, that is, firms that are less productive than those at the frontier. to lift aggregate productivity both mechanisms need to be working – and we are not seeing that sufficiently in the euro area at the moment. regarding innovation or technology creation, we

“ structural reforms : learning the right lessons from the crisis ”, speech at the bank of latvia economic conference 2014, riga, 17 october 2014. 3 / 3 bis central bankers'speeches
with only 5 % that had implemented measures to return production to the company ’ s home country. at the same time, companies were shifting from just - in - time to just - in - case supply chain management systems. similarly, the european investment bank ’ s investment survey 9 found that half of us companies and one - third of eu ones have reacted to the recent trade disruptions by focusing more on the domestic market. meanwhile, the mckinsey survey of supply chain leaders worldwide10 found that, last year, 81 % of firms adopted dual - sourcing strategies for raw materials ( up from 55 % in 2021 ). in other words, the response seems to be moving more in the direction of increased diversification – in terms of suppliers and final demand, and both internally and externally rather than reshoring, at least for the time being. this diversification may, in fact, generate greater macroeconomic stability and less volatility. second, and linked to the above, countries ( including china and the united states ) have started to prioritise safety over efficiency. lagarde, c. ( 2022 ). “ a new glo bal map : euro pean resilience in a changing wo rld ”. keyno te speech at the peterson institute fo r internatio nal eco nomics, april. euro pean investment bank investment survey, 2022. alicke, k., e. barriball, t. fo ster, j. mauho urat and v. trautwein ( 2022 ). taking the puls e of s hifting s upply chains. mckinsey. a case in point is the “ friend - shoring ” concept as a strategic objective in the united states, while europe aims to double its share of global semiconductor production to 20 % by 2030. companies are also reacting. for example, according to the european investment bank investment survey, the share of eu firms putting effort into shortening their supply chain increased from 10 % in 2021 to 20 % in 2022, while that increase was from 20 % to 30 % in the us. and around 40 % of german companies are trying to reduce their dependence on chinese inputs. this increased security is likely to lead to less risk - sharing capacity between countries and higher transaction costs. third, to the extent that international trade is negatively affected by geopolitical factors, a trend towards regionalisation will also emerge, as

are still at the early, founding stages of the ssm. and foreseeably for some time, even for some years, adjustments and changes will have to be made to the different components of our supervisory arrangements, both in terms of organisation and of working procedures and staffing levels. thank you. bis central bankers ’ speeches
university of massachusetts, amherst, mass., september 24. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

to the development level of the country and calibrated according to domestic conditions. second, international standards pose a minimum of requirements, leaving it at the discretion of individual countries to undertake more stringent requirements. the model of global integration is the economic model that has been adopted by most of the transition countries, such as albania. under this guidance, the albanian banking market has demonstrated clear willingness and objectives for a swift harmonization with the legal framework of the european union ’ s banking system, as well as with its significant changes since 2008. although there are no cases of bank failures in the history of the albanian banking sector, we have identified in our banking legislation the same loopholes found in other european economies. the development of hypothetical scenarios for coping with a potential exposure of the albanian economy to the greek sovereign debt crisis evidenced that the bank of albania – as the supervisory authority of the banking sector – did not have all the necessary legal instruments to manage insolvency situations in systemically - important banks. this need for a new legal framework is addressed in both national and cross - border aspects, by the bank recovery and resolution directive. in fact, the initial efforts to prepare and present the first recovery plan to the bank of albania started in 2012. the relevant regulation was approved by the supervisory council of the bank of albania in 2014. but, of course, these efforts were made within the supervisory legal authority and, as such, they were not sufficient. for this reason, during 2015, with the support of world bank ’ s finsac project, the bank of albania started the difficult but necessary work of harmonizing the european directive into a new albanian law. the law ‘'on the recovery and resolution of banks in the republic of albania'’ entered into force 3 / 5 bis central bankers'speeches in july 2017, vesting the bank of albania with a new attribute, i. e. the resolution authority. this attribute completes the financial security mechanism of the banking sector, with the bank of albania responsible for regulating and supervising the banking sector, drafting macro - prudential policies, performing the function of the lender of last resort as well as the implementation of banks ’ resolution. together with the deposit insurance scheme provided by the deposit insurance agency since 2002, the financial safety net framework in albania is complete. for the purposes of this law, the resolution fund was created with contributions from the banking sector. this fund aims to reach all 6. 3 billion within 2027. the implementation of the albanian
yield changes on the daily average surprise in the variables within the economic surprise indicators. the diamond shows the regression coefficient and the bars indicate plus or minus two standard deviations. bis central bankers ’ speeches chart 9 : composite pmi and spread between 2 - year swap and overnight rates net balance percentage points 2. 0 1. 5 1. 0 0. 5 0. 0 - 0. 5 composite pmi ( left - hand scale ) - 1. 0 spread between 2 - year swap and ( a ) overnight rates ( right - hand scale ) - 1. 5 ( b ) - 2. 0 sources : bloomberg, markit economics, ons and bank calculations. ( a ) three - month moving average of the end - month spread between the 2 - year swap rate and the sonia rate. ( b ) based on the markit / cips manufacturing and services pmis. bis central bankers ’ speeches

##ability at what would be a time of great uncertainty. we need to know how we will work with and communicate with public authorities and with the private sector. there is a different set of factors which impact our decisions in this area. first, our “ must do ” roles are dependent on crisis preparation and an adequate general understanding of how the financial system operates, with all the complexities entailed. second, while each national authority has its specific responsibilities to fulfil, the speed with which decisions would then need to be made and actions implemented make it also essential to act effectively as a single operational unit. in the uk the fsa, hmt and the bank have developed mechanisms designed to turn this into reality and to provide necessary confidence to the market. and third through testing programmes, we can obtain feedback as to whether our efforts are likely to prove successful and to refine preparation as we go along. the costs to the economy of failure would be high and the expectation is that we would be well prepared. this puts a strong onus on collecting in advance up to date information on firms and markets, or being confident of its availability and source. and also of regular and exacting testing programmes – working with other authorities and with the private sector. 6. conclusion so in conclusion, the field of financial stability oversight presents us with plenty of challenges. not only is the world more complex, but we need to devote real thought as to how best to operate and organise ourselves so as to contain risks. defining the resources you need, and how to deploy them is challenging in itself. my prediction is that as the system ’ s complexity increases we will all find ourselves asking the same questions : just what should we do? why? and what effect will it have?
the stability and growth of the korean economy. thank you.

uncertainties through policy coordination among countries at international forums including the g20. now then, what are the challenges facing the korean economy? the growth outlook for the korean economy this year is clouded by the existence of several downside risks, among them the political unrest in the middle east and north africa, and resultant rise in international oil prices, and domestically, the damage caused by foot - andmouth disease. on the other hand, there are also upside risks, such as the strengthening of the economic recoveries in the us and other major advanced economies. and as the effects of these downside and upside risks are likely to be of similar magnitude, we at the bank of korea expect the korean economy to achieve favorable growth at the originally - forecast level of around 4. 5 % this year, with balanced contributions from exports and domestic demand. employment has exhibited a trend of recovery since 2010, led by the private sector, with the unemployment rate holding steady at the mid - 3 % level, while a solid trend of surplus has been maintained in the current account, albeit at a declining ratio to gdp. for this year as well, we foresee outcomes similar to those of last year both in employment and in the current account balance. given such prospects, i believe price stability to thus now be the greatest challenge facing the korean economy. amid the build - up in demand pressures from our swift recovery from the global crisis and economic upswing, consumer price inflation, after recording 4. 1 % in january, marked 4. 5 % in february, exceeding the upper bound of the bank of korea ’ s medium - term inflation target. this is due mainly to three factors. first are the run - ups in oil and other international commodity prices, and the surge in prices of agricultural, livestock and fisheries products owing mostly to the abnormal cold wave experienced this winter and to the outbreak of footand - mouth disease. second is the demand - side pressure, as measured by the positive output gap. and the third factor is the rising inflation expectations. roughly speaking, the supply - side factors account for half of the price inflation that we are seeing. bis central bankers ’ speeches in the coming months, consumer price inflation may remain elevated at a high level for some time. having said that, i expect inflationary pressures to be concentrated more in the first half of this year than in the second half, and particularly those stemming from supply - side factors like international commodity prices to ease in the second half relative to the first. given
central banks are financial markets in particular and the public in general. when communicating we try to make our messages simple and straightforward. however this is easy said than done. again this is the art side of monetary policy. ladies and gentlemen, before concluding, i would like to note that the existence of independent and autonomous institutions along with the practice of good governance principles is vital for turkey. an independent central bank has constituted and will continue to constitute a cornerstone for structural transformation towards good governance and good institutions in turkey. the central bank of turkey aims to fulfill expectations by operating as a sound institution through its independent, transparent and accountable status, by policy implementations focused on its sole mandate of price stability and by practices to increase efficiency in institutional design. hence, it is a great honor for me to be here with all the executives and former governors who have made the central bank of turkey what it is today throughout this period. i would like to extend my thanks to them all again for all their valuable contributions to this important institution. thank you.

investors. what is necessary for the jgb market to achieve the global standard? needless to say, policy decisions that might impair confidence in jgbs must be avoided. in this regard, budget policy of the government should be constrained in the long run. it would also be significant to improve the safety and user friendliness of the jgb market from the viewpoint of such aspects as the usability of futures and repo markets, the tax treatment of jgbs, and the standardization of trading and settlement customs. in my speech today, i have touched upon three conditions for a currency to be internationally used, namely, confidence in the currency, high degree of user friendliness, and an international network. i believe that these conditions coincide with the direction that japan should move in the coming century. let me add that every time i refer to the “ internationalization of the yen ”, it carries my strong hope that japan will adjust to the new global economic order and contribute to international rule making and the foundation for sustainable economic and financial development in the asian region.
15th east afritac steering committee meeting officially open. thank you all and enjoy the rest of the evening. bis central bankers ’ speeches

to be modified to reflect the changes in risks. in some cases, the controls failed with respect to newer risk exposures that were not identified, or growth put strains on existing control processes that were not suitable for a larger organization. don't assume that what was acceptable in the past is good enough for the future. remember that there is a tendency for an organization to go on autopilot if the compliance officer is not vigilant. you should view this as an opportunity to convince the board and management to adopt a rigorous selfassessment process for compliance controls. further, use this as an opportunity to improve your own quality assurance process. are you surprised by exceptions? do you find your staff coming to different findings for compliance reviews that have similar fact patterns? are you harder on some managers in your findings, and " trust " others to improve without citing the weaknesses? when you do not have a consistent quality for the work of the compliance function you send mixed messages to employees and officers. further, you weaken your credibility. and more importantly in the current environment, you are not part of the process to strengthen corporate governance. now, certainly, we must know which way the ethical compass of the organization is pointing. are the product designs, marketing practices, and disclosures communicating a solid image of trust and integrity that your organization is targeting? conclusion my objective today was to exhort you to take a stand and make a difference for the better in the corporate governance of your company. you should help lead the dialogue on corporate governance. although i recognize that some of you are compliance officers of companies that are not subject to sarbanes - oxley, i believe the act is a wake - up call more generally for everyone who is part of designing and testing a system of internal controls. the events of the past two years demonstrate how quickly a corporation's reputation can be tainted by accusations of inappropriate activities or lack of attention to regulations. success in banking still is heavily dependent on winning and keeping the trust of customers, employees, and communities. when corporate reputations are tainted, it can take a considerable time to rebuild customer and community relationships.
over time as new information becomes available. ultimately, the bank of canada's commitment to canadians about monetary policy boils down to this : we will continue to work at maintaining a rough balance between demand and supply in the economy, in order to keep inflation low, stable, and predictable. and as we pursue this objective, we will continue to explain the reasons behind our policy actions, and our view of the outlook for inflation and for economic growth in canada.

of responsibility, and in a good number of financial and non - financial businesses, disregarded these cardinal guiding principles of good corporate governance and conveniently forgot that what is legal is not necessarily ethical. in the end, the financial and economic structure could not bear the weight of accumulated lapses ; so, it collapsed. while all this is now water under the bridge, it has been recognised in some quarters that the international accounting standards contributed more than their fair share to the financial crisis. it is pointed out that one new standard abandoned the traditional prudent principle of historical asset valuation and replaced it with a highly subjective and pro - cyclical “ fair value ” concept. as a result, brokers, analysts and investment bankers abused the standard. the upward movement of stock prices immediately inflated balance sheets which, in turn, further inflated the asset price and, when the economic downturn set in, the bubble eventually burst. it was known that the paper profits resulting from inflated asset book values could not be realised ; and yet banks and other non - bank institutions took inordinate debt issuance risks. in addition, the “ fair - value ” principle was not much understood by the market, and was not transparent. in the event, balance sheets were hardly a useful basis for decision - making by economic agents. the far reaching economic and social consequences of this accounting practice are now a matter of record. distinguished ladies and gentlemen, it has been said that war is too serious a business to be left to the generals only. likewise, it is now widely recognised that accounting is too important a profession to be left to accountants only. indeed the united states of america and the european union recently took measures to “ soften ” or dilute, as it were, the deleterious effects of “ fair - value ” accounting practice in financial institutions. another emerging change is the call for more disclosures in accounting standards with which those of us outside the profession are grappling, obviously with the helping hand of accountants. long gone are the days when accountants confined themselves to the boring ivory tower of “ number crunching ” or, as at times pejoratively referred to, “ bean counting ”. in fact, it has been said that accounting has now entered a golden age ; an age of the changing role of the accountant ; an age of wide - ranging roles that include professional business advice, planning, reporting, identification of value drivers and risk mitigation. in particular, it is increasingly desirable that the