samchain/econo-pairs-v2 huggingface dataset:
paul jenkins : bank of canada - openness and accountability remarks by mr paul jenkins, senior deputy governor of the bank of canada, to the standing senate committee on national finance, ottawa, 20 february 2007. * * * good morning, mr. chairman, and senators. thank you for the opportunity to appear before you as you examine bill s - 217, which would amend the financial administration act and the bank of canada act. the preamble of this bill addresses some very important issues : the need for canadians to trust in the management of the public purse and the importance of openness and accountability. i can assure you that the bank of canada takes these issues very seriously. in terms of the management of the public purse, let me quote from the bank's new medium - term plan, which was put up on our website earlier this month. " good governance is an investment in preserving the trust of canadians in our ongoing stewardship of the bank. it means being accountable for our actions, decisions, and use of public funds.... " in terms of openness and transparency, in many ways, the importance of these issues goes to the heart of our main responsibility : the conduct of monetary policy. openness and transparency in our conduct of monetary policy is critical for two fundamental reasons. first, monetary policy is more effective when canadians understand what the bank is doing and why. second, it is through openness and transparency that the bank is held accountable to canadians. how do we try to live up to our commitment to openness and transparency? we publish our balance sheet weekly and at the end of each month. our success on the monetary policy front is measured against our explicit inflation target of 2 per cent for the total consumer price index. we announce our target for the overnight rate of interest eight times a year. we publish a monetary policy report and update four times a year. the governor and i appear before the commons finance committee and the senate banking committee twice a year. senior bank officials give speeches regularly across the country. and we table our annual report in parliament. we provide all of the information required by the bill, in one form or another, on an annual basis. and since our quarterly expenditure flow can be so irregular, and because we do our planning and state our desired outcomes on an annual basis, the most useful way of delivering the required information is on an annual basis. the issue before us today is whether the amendments to the bank of canada act contained in bill s

is a world in which securities regulators will play a vital role in underpinning stability. in the uk, the new financial conduct authority under martin wheatley will be a member of the new macroprudential body, the financial policy committee, for just that reason. thank you again to afme for providing a forum through its book for this public policy debate to continue. bis central bankers ’ speeches
reinvest the principal payments from maturing securities purchased under the asset purchase programme for an extended period of time after the end of our net asset purchases, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation. looking ahead, monetary policy will be firmly guided by the outlook for price stability and our stance will evolve in a data - dependent and time - consistent manner. 2 / 2 bis central bankers'speeches

yves mersch : monetary policy in the euro area - a brief assessment speaking points by mr yves mersch, member of the executive board of the european central bank, at the mni connect roundtable, singapore, 10 october 2018. * * * the euro area economy is currently experiencing a broad - based economic expansion. although growth moderated somewhat in the first half of this year, following several strong quarters in 2017, we expect the expansion to continue at a pace slightly above potential in the period ahead. at the same time, risks relating to increased global protectionism and vulnerabilities in emerging markets warrant continued monitoring. monetary policy measures introduced since 2014 have been pivotal to these developments. they have set - in - train a return of euro area inflation to a rate below, but close to, 2 % over the medium term. real gdp expanded by 0. 4 % quarter on quarter in the second quarter of 2018 – the 21st consecutive quarter of positive growth – with the level of real gdp 10 % above the trough. while the external environment is less favourable, the underlying strength of the euro area economy is expected to persist on account of strong domestic demand dynamics. this ongoing expansion has led to strong employment gains. there are now 9. 2 million more people employed in the euro area than at the low - point in mid - 2013 and the unemployment rate is at its lowest level for almost a decade. the investment outlook also continues to strengthen and is supported by an ongoing need to modernise the capital stock after years of subdued investment, as well as by very favourable financing conditions, an improvement in profitability and solid demand. since we announced our policy measures in june 2014, financial conditions have eased considerably. lending rates for non financial corporations and households have dropped by around 130 basis points and 110 basis points, respectively. rates on very small loans, which can be taken as a proxy for loans to small and medium sized enterprises ( smes ) have declined by more than 210 basis points. heterogeneity of lending rates across countries has also fallen sharply, which indicates that the pass - through of our monetary policy has become more even. at the same time, loans to euro area households and firms continue to remain favourable with annual growth of 3. 1 % and 4. 2 % in august 2018, respectively. this pick up in credit growth has not led to a crowding out of other forms of external finance for euro area nfcs, with firms continuing to issue new equity. overall, this
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##ologies and practices. these goals form the core of our medium - term strategy. the bank of albania aims to increase the impact of research results on decision - making, extend research to other departments, and adopt highest standards on ethics and rigorous research, which renders it one of the priorities of the cooperation. many of the current developments and challenges in certain countries or regions may appear as distant and alien to us, but globalisation and economic integration disregards borders and their effect and impact may spill over into our economy. the problems that persist from the financial crisis, the continuation of quantitative easing programmes and the new normal for the monetary policy affect the functioning of the central bank. on the other hand, challenges and opportunities introduced by technological development for central bank policies and decision - making, financial inclusion and financial instruments, are phenomena that affect not only the central bank but also the rest of the society. it is, therefore, necessary to study, analyse and address such phenomena based on facts and best scientific analysis. we value international cooperation in these fields as a very important contributor to coping with such challenges and undertaking visionary policies. notably, the selected format for providing technical assistance enables the output objectives of the cooperation to be tailored to the characteristics of the albanian economy and dedicated to the bank of albania and its decision - making and operational framework. the technical assistance consists of a set of activities that include all the phases and methods of learning and, at the same time, contributes to all concrete and flexible policy - making processes at the central bank. activities under the programme range from lectures to practical implementation of the knowledge and application in specific projects, in accordance with the priorities of the bank of albania. the selection of a serious partner is another important aspect for the success of this agreement. the graduate institute geneva has become an important partner for the bank of albania, contributing with its academic staff as well as collaborators it selects among renowned professors and experts of economics, finance and banking. this agreement between the bank of albania and seco, the centre of expertise for all core issues relating to economic policy, in switzerland and not only, helps the bank of albania to fulfil the objectives, to carry out its duties and to withstand future challenges. 2 / 3 bis central bankers'speeches i would like to thank once again mr maitre and the state secretariat for economic affairs for the contribution to the bank of albania. i look forward to the fruitful and successful cooperation under the new agreement thank you! 3 / 3 bis central bankers
best take action in these areas. thank you for your attention. 1 this work covers issues such as collateral mobility and cross - border interoperability ( i. e. collateral messages, workflows, cut - off times, settlement cycles, etc. ). 2 with regard to the conflict of law issue, the ecb welcomes the commission ’ s “ legislative initiative ” to determine with legal certainty which national law should apply to security ownership. the ecb will contribute to the forthcoming public consultation with a view to strengthening the legal environment for cross - border settlement services. with regard to the withholding tax procedures, the eurosystem welcomes the commission ’ s announcement that a code of conduct on withholding tax procedures will be published in 2017. the ami seco predecessor – t2s advisory group – has contributed substantially to the work of the commission in analysing the possible harmonisation on withholding tax procedures and stands ready to further contribute to this work, if required. 3 / 3 bis central bankers'speeches

., labhard, v., morgan, j., petroulakis, f. and vivian, l. ( 2020 ), “ virtually everywhere? digitalisation and the euro area and eu economies : degree, effects, and key issues ”, occasional paper series, ecb, forthcoming. 2 european commission ( 2020 ), “ identifying europe ’ s recovery needs ”, staff working document, ( 2020 ) 98. 3 anderton et al. ( 2020 ), op. cit. 4 perez, c. and murray leach, t. ( 2018 ), “ a smart green ‘ european way of life ’ : the path for growth, jobs and wellbeing ”, beyond the technological revolution working paper, 2018 – 01. 5 in terms of revenues. see : ec. europa. eu / environment / ecoap / indicators / socio - economic - outcomes _ en 6 ecb ( 2020 ), the international role of the euro, june. 7 sondermann, d. ( 2016 ), “ towards more resilient economies : the role of well - functioning economic structures ”, working paper series, no 1984, ecb, november. 4 / 4 bis central bankers'speeches
spending and the economic and social pains that the de - leveraging process generates. ( e ) while the government should step in to help if the financial system or the whole economy gets into trouble, this is feasible only if the government has the fiscal headroom to foot the bill. if the government itself is already heavily indebted or has incurred a huge amount of debts after bailing out the private sector or introducing measures to stimulate the economy, the market may start to doubt the sustainability of its fiscal position. a case in point is ireland, where the government incurred a huge amount of liabilities by bailing out the banking system, calling into question the government ’ s fiscal sustainability and triggering the sovereign debt crisis. ( f ) the crises unfolding in the us and europe are not new to asia. this region had its share of suffering during the asian financial crisis of 1997 / 1998. in hong kong we went through almost seven years of painful economic adjustment after the burst of the property bubble in late 1997. our economy shrank by 8. 7 % in five quarters. unemployment increased fourfold from 2. 1 % to 8. 5 %. property prices dropped by 70 % in six years while the general price level fell by 15 % in five years. the hard lesson we learned from our experience is to face the reality, take the pain in stride and do whatever it takes to restructure the economy, to increase productivity and improve competitiveness. if this can be done, it should be possible to return to the track of sustainable economic growth. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

an increase in risk - weighted assets stemming from a dynamic trend in customer loans. ii observatoire du financement des entreprises, le financement des entreprises dans un contexte de crises, 30 may 2023
not be possible to “ sit out ” digitalisation. to put it very clearly, in the words of graham horton : " innovation is not compulsory, but neither is survival. " thank you for your attention. 1 british physician, cognitive researcher and author ( born in 1933 ). 5 / 5 bis central bankers'speeches

jose de gregorio : inflation targeting and financial crises speech by mr jose de gregorio, governor of the central bank of chile, at the seminar on financial crises seminario internacional de crisis financieras, organized by banco de la republica de colombia and the fondo de garantias de instituciones financieras de colombia, bogota, 28 may 2009. i thank the valuable comments and insights of luis felipe cespedes, pablo garcia, luis opazo and enrique orellana. * * * thank you so much for this invitation. it is an honor to return after so many years to speak at a conference organized by banco de la republica and fogafin. the subject this time around, financial crises, is particularly timely, with the world struggling through a crisis whose effects are still difficult to predict and that has propagated through the world with unprecedented strength and synchrony ( figure 1 ). macroeconomic policies face major challenges in trying to cushion the effects of a crisis. its origin, magnitude and degree of propagation make stabilizing the economy a particularly complex task. high uncertainty and, in some cases, poor functioning of key aspects such as credit markets, have affected the monetary policy transmission channels in a number of countries. the current crisis is providing a unique opportunity to continue fostering the design of economic policy frameworks that permit us to react to different shocks in the best way possible while at the same time reducing the vulnerability of our economies. the current situation raises many questions, some of which we had already been discussing at the theoretical level. meanwhile, it contributes the necessary evidence to dig into such questions more deeply. although we must detect the flaws and fix them to prevent episodes like this to happen again, we must also identify what has operated properly and should continue to be part of our macroeconomic and financial policies. in particular, a proposition that permeates my presentation today is that the current turmoils have shown the advantages of inflation targeting regimes committed credibly with an inflation anchor. as the crisis we are going through keeps reminding us, price - level stability must occur hand in hand with proper regulation of the financial system. our region has learned these lessons the hard way, after severe crises that were created when we lost sight of macroeconomic and financial stability. in this juncture, the region has withstood like never before the effects of the international crisis. in the past, when the world got a cold, the region
, our response should focus on building more structural, more sustainable resilience. this can be done in many ways, but allow me to highlight a few important ones : first, further integration of our banking and capital markets will strengthen our capability to withstand asymmetric shocks. this – and only this – will help us to break definitively with the ghosts from the past eurocrisis, withstand future shocks, and unlock the full potential our financial economy has to offer. second, we should push for the harmonization of international regulatory standards. a global level playing field minimizes regulatory fragmentation and allows for the most efficient allocation of capital. in practice, this means the eu should strive for the full, timely and consistent implementation of the basel iii accords. third, we should strive for more proactive use of macroprudential policy space. in times of relative ease, we should prepare the financial sector for when the tides turn. as they always do. right now, macroprudential buffers in the eurozone are not in line with the elevated levels of systemic risks. uncertainty about the future should stimulate action rather than wait - and - see behavior. partly, for this reason, the dutch central bank recently announced the activation of the releasable countercyclical buffer. additionally, more dedicated macroprudential policy tools that address risks stemming from non - banking financial intermediation ( nbfi ) would be a welcome addition to our toolkit. for insurers, it is key that macroprudential concerns are well - incorporated in the regulatory framework so that authorities have the necessary tools to mitigate systemic risks, for example by reinforcing the financial position of insurers in exceptional circumstances. moreover, the operationalization of already available tools, such as the leverage limit for open ended funds, would help address procyclical behavior. however, our shared responsibility extends beyond the financial system and the real economy. last february, the intergovernmental panel on climate change ( ipcc ) published its most alarming assessment report to date. since then, the world has, once again, experienced its warmest summer to date. in europe, we saw devastating wildfires, torrential rains and droughts. water levels in some of our primary rivers, such as the rhine, were so low that shipping was obstructed. often in the very same places that suffered from the july floods in 2021, the costliest natural disaster in europe since

do so together, but all in our own way, relying on our own strengths. as madeleine albright, daughter of a czech diplomat, once said : “ the main thing is to remain oneself, under any circumstances ; that was and is our common purpose. ” in times of growing challenges to price and financial stability, there is great value in our combined effort. it is our european identity to come together and serve as a positive example for others. once again, we have to transform our interdependence into collective action. we all have our role to play. thank you.
household saving. the low level of saving also reflects a higher risk - willingness among households. household debt in norway is now almost twice as high as disposable income, and the debt to income ratio is higher than ever. the increase in household debt has occurred in tandem with a surge in house prices. non - residential property prices have also increased over the past years. there is now strong growth in credit to enterprises. at the same time, enterprises are rapidly building up their liquid assets. in the assessment of monetary policy, potential effects of asset prices, such as property prices and equity prices, but also of movements in the krone exchange rate, on the prospects for output, employment and inflation are taken into account. the krone exchange rate depreciated in the latter half of 2006, but has appreciated somewhat in 2007. under an inflation targeting regime, it is important to be mindful of the effects of higher interest rates on the krone exchange rate when inflation is low. interest rate developments in other countries are therefore of importance for interest rates in norway. early in this decade, inflation and economic growth were low in many countries. interest rates were cut. the rate cuts, in conjunction with strong growth in emerging economies, particularly in asia, led to cyclical turnaround. growth in the world economy is now the strongest witnessed in several decades. external interest rates have increased and are approaching a normal level. further interest rate hikes are expected in the euro area, sweden and the uk, while interest rates in the us may fall over the next year. in norway, the interest rate was reduced to a very low level in 2003 and 2004 when inflation fell and approached zero. there is a dynamic inherent in interest - rate setting. low interest rates stimulated demand and production and eventually led to prospects for higher inflation, to which we are reacting by raising interest rates. interest rate developments must be seen in the light of actual price developments and inflation, output and employment prospects. it normally takes some time for interest rates to have an impact on prices via changes in expectations, exchange rates or capacity utilisation. consequently, interest rate setting must be based on our expectations of developments ahead. the interest rate was raised in response to the strong increase in capacity utilisation and the associated inflation prospects. the interest rate has thus been increased well ahead of an actual rise in inflation. growth in capacity utilisation has been stronger than projected one year ago. the interest rate has thus been increased somewhat

of textbooks for secondary and higher level as well as the preparation of the national strategy for financial education. dear media, allow me, on my own behalf but also on behalf of the central bank of the republic of kosovo, to thank you for following the activities and events that the cbk organizes every year and that has never lacked your support and presence. this is especially important in conveying informational and educational messages to the kosovar public.
the fund - raising environment of firms with low credit risks is accommodative on the whole, but with regard to the firms with high credit risks the stance of investors remains severe and the lending attitudes of private banks are becoming more cautious. hence, developments in the financial and capital markets including stock prices, the behavior of financial institutions, and the situation of corporate finance require close monitoring.

getting ready for this eventuality sooner, than later. basel ii should not be looked at as an exercise in compliance but as an impetus to more efficient risk management across the banking sector. its benefits would be seen in the ability of the financial system, to promote sustainable economic growth which would be beneficial to the banks, the central bank and to the consumers of banking business. it would naturally require commitment of substantial capital and human resources from both the banks and the regulators. we should all work together, therefore, to achieve these goals. this should not only be the objective of the central bank as we are all guardians of financial stability – i trust this conference will provide an adequate forum for open discussion. thank you. 2 / 2