samchain/econo-pairs-v2 huggingface dataset:
##vigating well the choppy waters of the global financial crisis, and will continue to do so. but this is not the message that we seem to be absorbing as a nation. instead, it is one of a country lurching from one crisis to another. we seem to have a penchant for self - inflicted wounds, looking at our country from the glass is half empty perspective. i appeal to all of us to look at our economy from a glass half full point of view. this is actually not difficult to do. growth is consolidating, unemployment is low, public debt is very manageable and our citizens still enjoy a high standard of living. the central bank is absolutely committed to maintaining macroeconomic stability so firms can make longer - term decisions in an environment of confidence. by explaining the crosscurrents at work in our economy, our projections for what ’ s ahead, and our monetary policy response, we are doing our part to help mend business confidence. we are open to meeting with all business groups to better understand your needs and the support required. i am convinced that we have high calibre business leaders who are smart, professional and innovative. and who are totally committed to this country. you must be the change you want to see in trinidad and tobago. i thank you. bis central bankers ’ speeches

smes cannot capture a share of the outsourcing market that is now dominated by countries such as india. to take this leap forward, the focus must be on innovation and increasing productivity and competitiveness. the strategy may need strengthened financial support and perhaps more trade and export market facilitation. in singapore, for instance, a new sme loan programme has been introduced to help singaporean firms penetrate global markets. as a start, a similar scheme could be devised under the recently launched caribbean single market programme to enable caribbean smes to develop the potential and capacity to export. while most smes will remain focused on the local market, those that are likely to thrive and expand are the ones that embrace the export challenge and are prepared to adopt new technology, develop new information systems and devise innovative products that are globally competitive. here at home, as part of its diversification effort, the government is investing in the development of a cluster of technology industries linked to the university of trinidad and tobago. this cluster is expected to develop a range of innovative products that can compete at the global level. there is no reason why this should not be fertile ground for the expansion of the sme sector. let me end by again congratulating the nova committee of the trinidad and tobago chamber of industry and commerce for arranging this most important forum. i am sure that the dialogue and the exchange of ideas and experiences that will take place over the next two days will help the sme sectors throughout the caribbean come closer to realizing their potential and expanding their contribution to the transformation of the region. the future of the region is in their hands.
2005 ending with the card system ( namswitch ) in 2008. the namswitch system was implemented in a phased approach because of the nature of payments, facilities, and systems that are involved. the automated teller machine ( atm ) solution went live on 21 april 2008 and the point - of - sale ( pos ) was recently rolled out on 16 november 2008, thus bringing the reform project on the clearing side, to an end. ladies and gentlemen this is an achievement worth mentioning as namibia now has its own independent payment infrastructures, with the bank of namibia having adequate regulatory oversight over these systems. i am aware that to a normal eye, it is difficult to notice the changes that have taken place because this change was managed seamlessly. however with a careful eye significant benefits brought about by the reform are visible. for example it use to take about up two weeks to clear a cheque, now this only takes at most fives days and in most cases is less than that. ladies and gentlemen, on behalf of the bank of namibia and indeed on my own behalf, let me thank and commend the banking industry for a job well done. the industry has shown commitment in ensuring that all the systems were implemented. despite the slippages that we experienced along this journey, we have proven that in unison we can achieve greater things. it shows that with the spirit of teamwork we can achieve all what we intend to achieve. i believe that this is the path we will continue to follow in the future. ladies and gentlemen, we should all understand that reform projects are done with due regard to national interests. i do not believe that our intention to bring about reform initiatives will negatively affect the operation of the industry and nps. the bank of namibia understands that such initiatives are expensive and sometimes costs involved run into millions of namibia dollars. our position is that benefits far outweigh the costs incurred in the process. we all need a situation where if there are disruptions in the south african payment environment, for example, namibia catches no cold. building our own systems will also enable us manage inherent payment system risks and exposures sufficiently well. in conclusion, ladies and gentlemen, although milestones have been achieved in terms of implementing required clearing and settlement systems, certain issues remain to be addressed. i am aware that there are some card transactions that are still cleared and settled in south africa. i am pleased to learn that there are measures in place to ensure that such transactions are cleared and settled

finally, i would like to leave you with these words from steve jobs as food for thought, “ i am convinced that about half of what separates the successful entrepreneurs from the nonsuccessful ones is pure perseverance. ” let ’ s persevere, and make namibia a truly competitive, global player. ladies and gentlemen, it is therefore a great honour for me to present the awards to the winners of the business idea competition. i thank you! bis central bankers ’ speeches
ladies and gentlemen, 2 / 3 bis - central bankers'speeches in conclusion, i would like to emphasise that this is not the time to rest in our laurels, but we need to reflect on future challenges in order to render the local capital market as vital and as functional as possible. the approval of the latest policy paper " on creating an environment which facilitates the development of capital markets in albania, 20232027 " is a qualitative step toward the identification of problems and obstacles and of relevant suggestions to improve the main components for the development of capital markets. they aim to further complete the legal and regulatory framework, the market infrastructure, financial education and the development of various capital market segments. in this framework, the bank of albania in cooperation with the afsa and the ministry of finances and economy is undertaking the necessary steps to start an important project with the ebrd, which will identify the need to amend the legal acts that regulate financial market activity, aiming to render the trading environment safer, for both international and national investors. given the characteristics of the albanian financial market, the bank of albania deems that the development of capital market must be stable and gradual. it should give priority to opportunities that attract more non - resident investors, strengthen investing capacities of non - bank financial institutions and increase liquidity in their secondary markets. furthermore, the expansion of both stock and derivative products will be driven by strengthening the harmonising capacities of supervision and reporting to lawabiding institutions. on the other hand, the policy - making should also allow fiscal facilitations, primarily in regards to investors, which would translate in low financing costs for the issuer. also, creating a special room in the administrative court to resolve financial market disputes will help improve the investing climate. in the same vein, the establishment of the financial ombudsman will ensure legal support to investors that are engaged in or benefit from financial services. last but not least, the banking system should support the capital market development through the diversification of investments toward corporate products. this market should be considered complementary rather than as a competition to the economy, where banks would profit in regards to both investment portfolio diversification, as well as better risk management. i wish the best of luck to the financial stakeholders present here! thank you for your attention. 3 / 3 bis - central bankers'speeches

paths that will encourage this market further.
the issue, publishing a number of vital reports. it is not my role to decide when or how we go about it, but i firmly believe our country needs to take a dispassionate look at the way it saves. savings are one of our foremost resources and they are in abundant supply ; business investment is one of our foremost needs. we mustn ’ t miss out on this opportunity in the current context of low interest rates. thank you for your attention and please feel free to ask any questions. bis central bankers ’ speeches

may create side effects that make the economy vulnerable to new shocks. this is what happened during the great moderation, and it is what has happened during the recovery from the global financial crisis. of course, the fact that we have only one policy instrument means that we cannot independently try to manage those side effects without putting our inflation target in jeopardy. the implication is that policy - makers need additional instruments to address these side effects. to this end, canada has developed a number of what we call “ macroprudential policies. ” these measures include new rules for mortgage borrowing, the so - called b - 20 guideline, for example, which was implemented by the office of the superintendent of financial institutions. the aim of these measures has been to reduce the economy ’ s vulnerability by ensuring borrowers will be able to manage their debt, even when interest rates rise. let me stress that the goal of these measures has always been to improve the quality of new household debt, not to slow down housing markets. that said, we have also seen various provincial and municipal governments put rules in place that are aimed specifically at containing house price growth. to help guide the use of macroprudential tools, we need a way to measure the economic importance of financial vulnerabilities as they rise and fall. this would allow us to account for these side effects of monetary policy. recently, the bank has started using a framework that estimates the economic growth that is at risk from financial vulnerabilities. when we forecast economic growth, there is always a range of 3 / 6 bis central bankers'speeches possible outcomes around that projected path. rising financial vulnerabilities make it more likely that an economic shock will cause the economy to follow a much weaker growth path, as the shock interacts with high levels of debt, for example. the gap between our most likely scenario and the possible adverse scenario where financial stability risks are realized is called “ growth at risk. ” we can estimate how much economic growth is at risk with our models. let us go back to the hypothetical scenario where we simulated keeping our policy rate unchanged at 0. 5 per cent from 2015 until now. as i said before, economic output would be higher, but inflation would be approaching 3 per cent by now and likely continuing to climb. household debt and house prices would also be higher, which would mean the economy would be more vulnerable to a new economic shock. the downside risk from these vulnerabilities to economic growth — and
##sco, 22 july. 7 see www. ecb. europa. eu / press / pr / date / 2013 / html / pr131010. en. html. 8 see knight, f. ( 1921 ), “ risk, uncertainty, and profit ”, mifflin, boston, new york. 9 dow jones euro stoxx 50 volatility index. 7 / 7 bis central bankers'speeches

but also by predictability. just as good drivers use their turning signals, good supervisors use indicators to signal transparently their direction of travel. this means we need to be upfront about supervisory standards and expectations, as well as the consequences banks will face if these are not met in a timely manner. where banks are too slow to remediate their 2 / 6 bis - central bankers'speeches weaknesses, we will apply supervisory measures with clearly defined objectives and timelines, targeting the root causes rather than just the symptoms. we will make full use of the available measures, remediation tools and enforcement actions, including, if necessary, sanctions for severe or persistent issues. one area i would like to highlight concerns strong governance and sound risk culture – the hallmark, i would even say the " north star " of a safe banking system. they are more important than ever, especially in the current risk environment, in which banks are facing economic, competitive and geopolitical headwinds. this is why we recently published for consultation a draft guide on governance and risk culture, with the final version scheduled for publication in early 2025. the draft guide clarifies expectations regarding management bodies and committees, the roles and responsibilities of internal control functions, risk appetite frameworks, and remuneration practices. finally, we are adjusting our supervision to harness the potential of technologies such as artificial intelligence. since the inception of european banking supervision in 2014, we have built and continuously improved our core it systems, launched our suptech efforts and created multiple cutting - edge tools which are already up and running. these tools have changed the way we conduct supervision, and i am incredibly proud of what we have already achieved. however, as the world is changing, we too need to continue to change and improve. our technology work is geared towards ensuring that our supervisors have the knowledge and prowess they need for the future : by developing and deploying the latest technology, not only are we helping supervisors assess risk more effectively, but we are also enabling them to learn the risks the technology itself poses, so as to better recognise and understand these risks in the institutions we supervise. in this context, we have recently adopted our ssm tech strategy for 2024 - 2028 to connect technology and people, and to empower our supervisors to continue delivering effective supervision today and tomorrow. tackling emerging risks – nbfi and rising geopolitical risks just as a doctor must diagnose a patient's condition accurately to provide proper
., “ the state and prospects of the euro area recovery ”, speech at the european banking congress, frankfurt am main, 18 november 2016. 9 eurobarometer april 2016. in particular, younger age groups associate europe more with social protection, free movement and a stronger say in the world. 10 see “ the five presidents ’ report : completing europe ’ s economic and monetary union ”, a report prepared by j. - c. juncker, in close cooperation with d. tusk, j. dijsselbloem, m. draghi and m. schulz, 22 june 2015. 4 / 4 bis central bankers'speeches

economic, and where available, fiscal policies at national and european level. organising our interdependencies we also need to better organise our interdependencies. first, we should not ignore our economic and financial connections when considering national policies. under eu treaties, member states have a duty to regard their economic policies as a matter of common concern and to coordinate them. second, the crisis has shown that common institutions can help respond to crises and also to prevent them from occurring in the first place by avoiding excessive risk - taking. important measures to improve the financial architecture of economic and monetary union ( emu ) have already been adopted. for instance, the creation of the european stability mechanism ( esm ) and the launch of banking union were essential steps towards safeguarding financial stability. as a result, our monetary union is considerably more resilient today than it was at the peak of the crisis in 2012. some institutional shortcomings remain, however. banking union still has to be completed. what has been called the “ doom loop ” between banking and sovereign risk remains to be broken. agreement on a european deposit insurance scheme is not within sight and the single resolution fund still lacks a common financial backstop. ecb banking supervision is doing impressive work, and euro area banks are now more resilient8. 2 / 4 bis central bankers'speeches but achieving a level playing field in banking supervision, at arm ’ s length from national and vested interests, will be a long journey given the place we started from. fiscal rules, albeit revised several times, have failed to build confidence in fiscal sustainability at national level, which is a prerequisite for any further move towards shared fiscal sovereignty. likewise, the rules aimed at preventing macroeconomic imbalances remain untested. the esm is a strong and efficient institution, but the euro area ’ s crisis resolution arrangements, which are still mostly intergovernmental, are unnecessarily slow and costly, as the protracted discussions on greece showed last year. enshrining crisis resolution in union law and bringing it under the oversight of the european parliament should remain a key objective. europeans of all ages are demanding that europe offers more protection. 9 and indeed, europe ’ s focus today is clearly on defence and security, rather than on completing emu. this is for very good reasons, but make no mistake : europe will not strengthen its capacity in these areas if it cannot rely on a stronger economy and a more res
basis of expected inflation trends a couple of years ahead. at present, we see no actual problems for the banks and the stability of the financial system. nor do we see any major problems for the household sector as a whole to meet its obligations, which does not prevent problems for individual households from arising when the interest rate sooner or later begins to rise. all in all, there is good reason to closely monitor loan developments and the build - up of debt in society. thank you.

##4. if required, the nbu stands ready to deploy other tools to avoid the monetary financing of the budget deficit, make hryvnia assets more attractive, increase the resilience of the fx market, and lay the foundations for easing administrative restrictions. thank you for your attention! 3 / 3 bis - central bankers'speeches
viewed as relatively low at the time, largely because increased competition, driven by globalization, thwarted employers ’ ability to pass through higher labor costs into prices. given the russian default, the benefits of the unusual policy action were deemed to outweigh its costs. such a cost - benefit analysis is an ongoing part of monetary policy decisionmaking, and tips more toward monetary ease when the fallout from a contractionary event such as the russian default seems increasingly likely and its occurrence seems especially costly. conversely, in 1979, with inflation threatening to get out of control, the cost to the economy of a major withdrawal of liquidity was judged far less than the potential long - term consequences of leaving accelerating prices unaddressed. william brainard, “ uncertainty and the effectiveness of monetary policy, ” american economic review, may 1967, pp. 411 - 25. see minutes of the fomc meeting of september 29, 1998. * * * in implementing a risk - management approach to policy, we must confront the fact that only a limited number of risks can be quantified with any confidence. and even these risks are generally quantifiable only if we accept the assumption that the future will replicate the past. other risks are essentially unquantifiable - - representing knightian uncertainty, if you will - - because we may not fully appreciate even the full range of possibilities, let alone each possibility ’ s likelihood. as a result, risk management often involves significant judgment on the part of policymakers, as we evaluate the risks of different events and the probability that our actions will alter those risks. for such judgment, we policymakers, rather than relying solely on the specific linkages expressed in our formal models, have tended to draw from broader, though less mathematically precise, hypotheses of how the world works. for example, inference of how market participants might respond to a monetary policy initiative may need to reference past behavior during a period only roughly comparable to the current situation. some critics have argued that such an approach to policy is too undisciplined - - judgmental, seemingly discretionary, and difficult to explain. the federal reserve should, some conclude, attempt to be more formal in its operations by tying its actions solely to the prescriptions of a formal policy rule. that any approach along these lines would lead to an improvement in economic performance, however, is highly doubtful. our problem is not the complexity of our models but the far greater complexity of a world economy whose underlying link

supreme court, poses obvious formidable challenges. still, we must begin the important work of developing a framework capable of analyzing the growth of an economy increasingly dominated by conceptual products.