samchain/econo-pairs-v2 huggingface dataset:
product and labour markets that restrict competition, employment flexibility and wage differentiation, and we support them in these efforts. they would not only promote employment and support potential growth, but would also contribute to moderating price pressures. we are now at your disposal for questions.

is imperative that all the parties concerned meet their responsibilities. second - round effects stemming from the impact of higher energy and food prices on wage and price - setting behaviour must be avoided. in the view of the governing council, this is of key importance in order to preserve price stability in the medium term and thereby the purchasing power of all euro area citizens. the governing council is monitoring wage negotiations in the euro area with particular attention. in this context, the governing council is concerned about the existence of schemes in which nominal wages are indexed to consumer prices. such schemes involve the risk of upward shocks in inflation leading to a wage - price spiral, which would be detrimental to employment and competitiveness in the countries concerned. the governing council therefore calls for such schemes to be avoided. the monetary analysis confirms the prevailing upside risks to price stability at medium to longer - term horizons. annual m3 growth remained very vigorous at 11. 3 % in february, supported by the continued strong growth of mfi loans to the private sector. while annual m1 growth has moderated further in recent months, as higher short - term interest rates have increased the opportunity cost of holding the most liquid components of m3, the growth of time deposits remains extremely strong. this reflects the relatively flat yield curve, which has made it more attractive to hold monetary assets remunerated at close to market rates than to hold riskier, longer - maturity instruments. overall, the impact of the flat yield curve and a number of other temporary factors suggest that annual m3 growth currently overstates the pace of the underlying monetary expansion. however, even after taking such effects into account, a broad - based assessment of the latest data confirms that the underlying rate of money and credit growth remains strong. the growth of household borrowing has moderated over recent months, reflecting the impact of higher key ecb interest rates since december 2005 and cooling housing markets in several parts of the euro area. however, the growth of loans to non - financial corporations has remained very robust. bank borrowing by euro area non - financial corporations grew at an annual rate of 14. 8 % in the year to february 2008. overall, bank loans to the domestic private sector have grown at around 11 % on an annual basis for the past two years. for the time being, there is little evidence that the financial market turbulence seen since early august 2007 has strongly influenced the overall dynamics of broad money and credit aggregates. notwithstanding the tightening of credit standards reported in the bank lending survey for the euro area, continued
markets. i very much welcome this initiative by the ebrd to communicate the modalities of the programme and how exporting and importing firms in greece can benefit from it. i am sure that we will have a fruitful, informative and interesting discussion. bis central bankers ’ speeches

structural reform process begun in 2012, is one of the factors behind the resilience of the mexican economy ’ s rate of growth to the difficult external environment. all in all, on the basis of an adequate macroeconomic management and a comprehensive package of structural reform, in a context of financial stability, the mexican economy has been able to successfully weather the turbulent times of recent years. the task, however, is not complete yet. to start with, the role of the reforms in setting the economy ’ s pace over the long term is heavily dependent on their adequate implementation. furthermore, structural reform is a dynamic process and therefore additional measures may be needed. finally, it is also important to remember that, as in the case of other emes, the country ’ s macroeconomic position and financial stability are still subject to challenges, particularly in what is likely to remain an uncertain and volatile external environment. the annual rate of growth of the prices of telephone services fell from 13. 7 percent in december 2013 to minus 14. 5 percent in december 2015 and minus 12. 8 percent in the first two weeks of may 2016. the us economy grew at an average annual rate of 2. 6 percent during 2000 – 2007. after the crisis, its pace of expansion declined to 2. 0 percent per year, on average, during 2011 – 2015. bis central bankers ’ speeches
of good governance in word and in deed. in closing, i would like to thank baiphil for its steadfast support for bsp ’ s reform initiatives, particularly, in championing corporate governance. congratulations to the newly elected officers, directors and committee chairpersons! i am confident that you will lead baiphil in a professional manner and exemplify the very ideals of good governance. thank you all. mabuhay ang baiphil! mabuhay ang philippine banking sector!

as social media and cloud computing are radically changing the business landscape. with an estimated value of usd19 trillion over the next decade, digitization has the power to enable countries to boost gdp growth, job creation, and innovation. through enhanced transfer of knowledge and technology sharing, the eu and the asean could potentially be transformed into full - blown digital economies. the third area for stronger cooperation is human resource development. with eu ’ s population of 510 million and asean ’ s over 625 million people, we have the potential to develop formidable pools of talent and productivity. we can harness these through policies that support healthy exchange and flow of talent, as well as the development of appropriate education and skills. 1 / 2 bis central bankers'speeches ladies and gentlemen, to me these are imperatives for cooperation to make growth in asean and eu both sustainable and inclusive – the development of msmes, the development of a digital economy and advancing human resource development. this is particularly relevant today when the global environment remains confronted with certain challenges. one major risk we face is the growing tendency towards protectionism and populism. brexit and the potential shift in us economic policies are manifestations of this trend. if these inwardoriented sentiments continue to gain traction, this will undermine cooperation and potentially shrink global trade. this could, in turn, derail the global economy ’ s already protracted path to recovery. another challenge is the re - emergence of monetary policy divergence. in particular, the us fed is signaling a continuation of its normalization path through policy rate increases while other central banks in major economies remain accommodative by keeping a lid on interest rates. this divergence can result in volatility in financial markets and possibly dampen credit activities in the near - term and growth in the longer - term. given, all these, the challenge is how to achieve economic resilience. in the philippines, our thrust over the years has been to focus on ensuring sound macroeconomic fundamentals and building these as homegrown sources of resilience. such focus has yielded considerable gains for us. we have registered 72 consecutive quarters of uninterrupted gdp growth, propelled by broad - based economic drivers, well - managed inflation environment, sound external sector dynamics, and a stable banking system. headline inflation of 1. 8 percent for 2016 reflected the prevailing manageable environment of low and stable prices. average inflation for the first 2 months of the year is at 3 percent, exactly at the mid
ms. mary e barth bis central bankers ’ speeches

has a critical role in each of the five areas i covered today. the enabling policy environment would evolve around the initiatives taken by india ’ s businesses to seize these opportunities and actualise the potential of the indian economy as a rising economic power of the 21st century. covid - 19 has changed our lives and it is increasingly clear that life will never be the same again. we should look upon these fundamental changes as opportunities rather than threats, converting them into game changing new vistas of progress. i do believe that together as a nation, we can certainly do it. let me conclude on this optimistic note. 1 ourworldindata. org 2 world bank, 2020 “ global productivity : trends, drivers and policies ” ( chapter 3 : what happens to productivity during major adverse events ). 3 dollar, david ( 2019 ), “ global value chain development report ”, world trade organisation, geneva. 4 world bank ( 2020 ), world development report, washington, d. c. 5 30 cultural, 7 natural and 1 mixed. 6 bain and company ( 2017 ), “ tourism opportunity for india ”, draft discussion document prepared for the world economic forum, september 2017. 7 “ incredible india 2. 0, india ’ s $ 20 billion tourism opportunity ”, world economic forum, 2017. 6 / 6 bis central bankers'speeches
##en europe ’ s financial integration is also a chance to underline the real but often forgotten successes in the construction of europe, as well as the costs and dangers of incomplete integration. it illustrates, once again, that europe is not only a project that can benefit everyone, but also one that cannot be achieved without the fullhearted and determined commitment of each and everyone of us. 7 / 7 bis central bankers'speeches

francois villeroy de galhau : monitoring large and complex institutions welcome address by mr francois villeroy de galhau, governor of the bank of france and chairman of the autorite de controle prudentiel et de resolution ( acpr ), at the acpr academic conference, paris, 11 december 2017. * * * good morning, i am very pleased to welcome you to this high level academic conference jointly organised by the financial stability department of the banque de france and the french prudential supervision and resolution authority ( acpr ). this year, the conference will focus on the challenges posed by the monitoring of large and complex banking institutions. it is true that large global banks might look complex. the 2008 great financial crisis showed how highly interconnected financial institutions that were exposed to overly complex derivative products could spread and amplify domestic shocks. since then, the “ too - big - to - fail ” issue has been put high on the agenda of the financial stability board and significant progress has been made in this regard. however, there is evidence that some global banks are growing bigger and perhaps becoming even more complex than before. complexity is not in itself a drawback. after all, the globalisation of trade might require a certain dose of complexity either due to the nature of the financial products required to hedge against traditional or newly emerging risks, or due to the organisational structures that result from crossborder activities. similarly, one should not preclude the diversification benefits associated with large global financial institutions exposed to partially correlated domestic markets. the true question is how to strike the right balance between the diversification benefits that arise from multiple businesses financing the real economy and the potential weaknesses in risk management caused by this increased complexity. this morning, i will start by quickly reminding you of some key features of the complexity of the global banking system before the financial crisis. then, i will give a short overview of the strong regulatory and supervisory actions undertaken to reduce inefficient levels of complexity. lastly, i will mention two important challenges we face today in shaping the global european banking system. a – some stylised facts from the pre - financial crisis period : organisational complexities and complex activities before the great financial crisis, we observed a steady increase in the number of foreign banks, from 784 in 1995 to 1, 301 in 2007, according to claessens and van horen ( 2014 ). 1 at the same time, the number of domestic banks
these developments, and do they have implications for the level of the long - term real natural rate of interest, or the equilibrium interest rate, r *? to answer these questions, it is useful to look at whether production is being reshored or transferred back home at substantial levels. in other words, is globalization indeed reversing? slide 8. geopolitics is shaping the operating environment – along with other secular trends yes, we are witnessing signs of trade fragmentation. given the steep rise in trade barriers and protectionism, the ramifications to the world economy, not least the emdes, should not be underestimated. but so far, no fully - fledged reversal of economic globalization has taken place. what we are mostly seeing is the lengthening of global value chains. even if direct trade between china and the west is in modest decline, chinese value - added imported by the u. s. and eu have not diminished – our bofit staff analysis indicates that, in between 2018 and 2023, chinese value added remained stable in us manufacturing imports and slightly increased in europe – as shown in the left - hand graph. it seems that value chains have simply been rerouted via connector countries, such as mexico and vietnam. smaller countries like finland and the other nordics have greatly benefited from deepening economic integration. multilateral trading system has been a win - win and a key building block of the strategic community of liberal democracies. economic cooperation with the united states remains crucial for this achievement and alliance, even if this fact has not been overly prevalent in the u. s. presidential elections. trade wars would only damage this bond. suffice it to say that we europeans are forced to pre - emptively prepare for different options. thanks to finland's accession to nato, our ties with the us and our trade partnership has strengthened, also in strategic areas ( right - hand graph ). notable cases are cruise ships and tech products exported to the us, and on the imports side, the new american f - 35 fighter jets that will replace soon our cherished but aging f - 18 hornets. 4 / 7 bis - central bankers'speeches the biggest increase in finland's trade with the us has come from trade in digital products and it services. in my view, this underlines the substantial mutual benefits of this economic partnership. slide 9. estimates of the natural rate of interest in the euro area the precise implications of geoeconomic fragmentation for inflation, growth

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the three gorges area will definitely be able to embrace an economic take - off at an early date. thank you.

about your role as insurance brokers in economic growth, as the remarkable economic gains that i have outlined above would not have been possible without your contribution. in my humble understanding insurance brokers are independent intermediaries who provide the link between clients and insurance companies. by performing this function, your firms are important economic agents acting in the best interest of clients by providing them with sound and impartial professional and practical advice regarding insurance services. the intermediary role that you play undoubtedly makes you critical in the growth of the zambian economy in general, and the insurance services sector in particular. the advice that you provide to your clients is important because it promotes a more competitive market within the insurance industry. this may includes an analysis of the most suitable firm, the various types of cover on the market and importantly a fair price for the given product. in some instances, you even go as far as carrying out surveys on various insurance products, negotiating prices of those products for your clients and presenting reports to insurance underwriters. ladies and gentlemen, with your contribution, and that of other stakeholders, zambia could easily achieve the national socio - economic goals in the medium to long - term. every economic unit needs the services of a booming insurance sector, through your brokerage, for them to contribute more to economic growth and development. in this regard, i wish to urge you to continue facilitating and promoting investments in the insurance sector. mr chairman, allow me to point out that, in order for you to contribute positively to the development of the insurance sector in the country, it is imperative that you carry out your work in an honest manner, maintaining the highest degree of integrity, only then can your firms become credible enough to attract business from the public and private firms operating in zambia. one of the most important attributes of a credible insurance broker is the ability to remit funds to insurance companies on time. as intermediaries between clients and insurance companies, you are entrusted with a heavy responsibility of looking after other people ’ s funds. clients pay premiums due to insurance companies through insurance brokers. to enhance credibility of your institutions and contribute to the growth of the insurance industry, i would like to urge you to ensure that you remit your clients funds to insurance companies on time and as agreed. delays in remitting funds may tempt you to put such funds to other uses which may lead to default and erosion of the integrity upon which your intermediary role is based. mr chairman, zambia has come
houses has followed a similar trend in particular in the united states. finally, the cost of corporate borrowing in excess of a riskless rate, which remunerates credit risk, had also decreased significantly in both economies. obviously, we observed the same movements across all markets. facts common to multiple markets suggest the existence of a common factor : one of these common factors, i will argue, was the lack of sufficient medium - term orientation of global macro policies. a second measurable macro development on the quantity side is the accumulation of “ global imbalances ”. the expression “ global imbalances ” refers to saving - investment imbalances within – and external imbalances among – a number of systemically relevant countries, which were unsustainable over a medium - to long - term perspective. conceptually, it is helpful to separate the drivers of global imbalances into structural and cyclical components. 3 structural issues have been at play in the development of imbalances in advanced economies. while main distortions were to find at the micro level, they had important macroeconomic implications. as argued before, insufficient oversight of financial markets in advanced economies, which ultimately allowed for the originate - and - distribute banking model to develop, led to a separation of those holding credit risks from those monitoring and managing them. the resulting excessive focus on near - term returns led to a misjudgement of the underlying risk, and created wrong incentives for originators. such an environment created the conditions for the observed herding behaviour, in which risk control easily became a secondary issue. at the same time, rapid financial innovation and the emergence of new, non - standardised structural products made the risk assessment difficult for rating agencies, leading to considerable underpricing of the embedded unit of risk and to biased expectations about the evolution of asset wealth. ultimately, at the macro level, this system led to an inefficient allocation of capital and resulted in very low savings rates in some systematically important advanced economies. structural factors have dominated the emergence of excess savings in emerging asia. the latter happened in a context of quickly rising incomes, growing productivity and commodity prices in emerging economies, and was partly attributable to structural factors such as : • the propensity of residents to accumulate precautionary savings due to lacking welfare provisions ; and • relative financial underdevelopment. recent studies show 4 that the lower degree of financial development in emerging economies, compared with mature economies, has been

asset relief and funding guarantees, which altogether corresponds to around 23 % of euro area gdp. i thank you for your attention.
mario draghi : ecb press conference – introductory statement introductory statement by mr mario draghi, president of the european central bank, and mr vitor constancio, vice - president of the european central bank, frankfurt am main, 2 june 2016. * * * ladies and gentlemen, the vice - president and i are very pleased to welcome you to our press conference. i would like to thank governor nowotny for his kind hospitality and express our special gratitude to his staff for the excellent organisation of today ’ s meeting of the governing council. we will now report on the outcome of our meeting. based on our regular economic and monetary analyses, we decided to keep the key ecb interest rates unchanged. we continue to expect them to remain at present or lower levels for an extended period of time, and well past the horizon of our net asset purchases. regarding non - standard monetary policy measures, we confirm that the monthly asset purchases of €80 billion are intended to run until the end of march 2017, or beyond, if necessary, and in any case until the governing council sees a sustained adjustment in the path of inflation consistent with its inflation aim. as a next step, on 8 june we will start making purchases under our corporate sector purchase programme ( cspp ). moreover, starting on 22 june, we will conduct the first operation in our new series of targeted longerterm refinancing operations. further information on implementation aspects of the cspp will be released after the press conference on the ecb ’ s website. the comprehensive package of decisions taken in early march underpins the momentum of the euro area ’ s economic recovery and fosters the return of inflation to levels below, but close to, 2 %. in particular, our measures continue to ease the cost of credit and contribute to a strengthening in credit creation. the economic recovery is gradually proceeding. additional stimulus, beyond the impetus already taken into account, is expected from the monetary policy measures still to be implemented and will contribute to further rebalancing the risks to the outlook for growth and inflation. in the current context, it is crucial to ensure that the very low inflation environment does not become entrenched in second - round effects on wage and price setting. the governing council will closely monitor the evolution of the outlook for price stability and, if warranted to achieve its objective, will act by using all the instruments available within its mandate. let me now explain our assessment in greater detail, starting with the economic analysis.

frequent numerical target misses. nevertheless, the czech republic enjoys low inflation, and inflation expectations seem to be firmly anchored at low levels at present. monetary policy decision - making is rule - based and transparent, thereby enhancing the credibility of the cnb. such a framework allows an independent central bank to commit credibly to its long - term goal of price stability, and at the same time preserves enough discretion for an active anti - cyclical monetary policy that takes into account not only inflation, but also other factors such as variability of output.