samchain/econo-pairs-v2 huggingface dataset:
a customer - bank relation point of view. the ecb welcomes all dynamism in this field.

. last week the european commission announced its position and issued a joint communication with the ecb. but is this the clarity on this matter that banks have asked for? my reading of the ec position is the following : the european commission has so far not been convinced that an interchange fee is needed for the banks to offer direct debits. instead, the european commission can imagine that banks recover their costs in a different way, for instance by charging for rejected payments as it is the practice in parts of the euro area. independently of the outcome of the debate about the long term justification for an interchange fee – the european commission would accept an interim solution. interim solution means that banks can start with the financial conditions for direct debits in use now – in some markets without interchange fee, in some markets with an interchange fee. more generally, the guidance regarding the sepa direct debit interchange fee aims at ensuring a level - playing field between the sdd and the national direct debits and at providing an incentive for banks to go ahead with the migration. i have described this idea in the speech i delivered last week in a meeting with representatives of the epc. for illustration, let ’ s assume a customer makes approximately 60 direct debit transactions per year – five each month, one for the rent, one for the energy bill, one for the telephone and one for the university of a child living abroad and one for the expenses of this child. if banks would charge e. g. 9 cents for a direct debit transaction, banks would recover around eur 5 per year from the other bank in the end. i assume that banks will try to convince the commission that there are costs they would need to recover. in the meantime – and this is my key message no 1 – banks could start offering sepa direct debit locally and cross border under the conditions described as soon as the psd is adopted in the member states. this is foreseen at the latest november 2009. the length of this interim period should be defined carefully to allow a smooth transition to the new sepa environment. let me now turn to cards – the heart of this conference and an important and fast growing part of payment services with a huge potential to grow further. the epc has been working a lot on this part of the sepa project as well. and once credit transfers and direct debits are in place, full energy can be devoted to the cards issue. last weekend, when i could not
effort to support mutually beneficial partnerships between mdis, the anpr also would provide credit for mdis and women - owned financial institutions investing in other mdis, women - owned financial institutions, and low - income credit unions, as well as in their own institutions. we believe these and other ideas to support mdis can help provide incentives for majority - owned institutions to capitalize and to partner with these institutions, which will ultimately support more equitable financial access to low - income and minority consumers and communities. in addition, the federal reserve has consistently heard that bank partnerships with experienced cdfis can play an important role in helping banks more effectively make indian country loans and investments. during the pandemic, native cdfis have played an outsized role in supporting tribal businesses and homeowners, providing financial counseling, or extending loan terms for borrowers. for example, lakota funds in south dakota, led by tawney brunsch, helped 37 businesses access more than $ 100, 000 in covid - 19 emergency relief funds and provided more than $ 120, 000 in small grants to see https : / / www. ccb. bank / indian - country / home - loans. - 11 native ranchers, businesses, and homeowners. 21 despite their valuable work, native cdfis face substantial funding gaps. 22 to encourage bank partnerships that advance financial inclusion and address unmet credit needs, the anpr seeks feedback on extending to cdfis the status that is extended to mdis, women - owned financial institutions, and low - income credit unions. this approach would effectively give banks cra consideration for loans, investments, or services in conjunction with a cdfi anywhere in the country. we look forward to feedback on this potential approach, including the role this could play in indian country. in short, we recognize the challenges you face are great and we want to ensure cra reform helps you to improve credit access and financial inclusion in tribal communities. i am hopeful that the changes the federal reserve is considering will help spur new partnerships and encourage greater bank investment for tribal communities that have had inequitable access to financial services for too long. we need your input on these proposals and we are ready to listen. over the next three months, the federal reserve system will host cra anpr outreach meetings and listening sessions around the country, including in indian country. we encourage your feedback as part of these events, in addition to submitting written comments by the deadline of

february 16, 2021. we thank you for your engagement thus far and look forward to hearing more from you and your members through the rulemaking process. lakota funds data and conversations with lakota funds leadership. michou kokodoko, “ findings from the 2017 native cdfi survey : industry opportunities and limitations, ” center for indian country development working paper 2017 - 04, november 28, 2017, https : / / www. minneapolisfed. org / research / cicd - working - paper - series / findings - from - the - 2017 - native - cdfisurvey - industry - opportunities - and - limitations.
. 3 / 4 bis central bankers'speeches 3 source : european commission 4 f. villeroy de galhau ( 2019 ), “ climate change : central banks are taking action ”, banque de france, financial stability review, no. 23 – june 2019. 4 / 4 bis central bankers'speeches

agreed or strongly agreed. bis central bankers ’ speeches but durable financial stability requires more than microprudential standards that bolster the resilience of individual firms. it also requires a macroprudential perspective, with flexibility to respond to shocks wherever they occur ; with higher standards for systemically important firms ; and to increase levels of resilience when risks increase. the esrb has been helping member states fulfil these roles, and it remains alert to emerging vulnerabilities. as president draghi recently described to this committee, over the coming year, the esrb will develop assessments of the macroprudential stances of member states to complement its existing risk monitoring and focus on the risks of low interest rates on financial stability and an abrupt transition to a low - carbon economy. thank you for your attention. i look forward to your comments and questions. bis central bankers ’ speeches
in this context, i am more and more convinced that the global crisis was a development that advanced in time the need for inevitable steering of many imbalances that our economies accumulated over the last 10 - 15 years.

euro area. we have persistently invited policymakers and economic agents in the country to partake in this vision. as the country ’ s monetary authority mandated to guarantee price stability, we have worked and will continue to do so to ensure a low - inflation environment. this environment boosts the guarantees for savers and investors for their long - term plans and provides for financial system development. the bank of albania implements a modern monetary policy based on the most advanced principles of central banking, and employs instruments and communication approach in line with ecb practices. the commitment of the bank of albania to maintain price stability is the polar star of our work. drafting and implementing the monetary policy independently, exclusively in the function of price stability, is one of the domestic anchors of the albanian economy, which should be preserved and strengthened. in parallel, the bank of albania deems that the albanian economy needs two additional anchors : financial stability and fiscal stability. our regulatory and supervisory function over the banking system, which accounts for 95 % of the financial system in albania, has proven successful in guaranteeing the country ’ s financial stability. this function has been carried out and is discharged in line with the international best practices, in constant cooperation with homologous institutions and other international partners. the possibility to have an integrated vision of economic and financial developments, and to combine but not mix the monetary policy with macroprudential measures, has enhanced the effectiveness of bank of albania ’ s actions, and has contributed to better achieving the two individual objectives : financial stability and price stability. the institutional regulation, which has proven effective and is in line with the latest global trends, should continue to function as a second anchor of domestic economic anchors. finally, the bank of albania deems that albania should immediately establish not only a clear and transparent fiscal rule, but also an effective one to discipline the fiscal policy and maintain the trust of financial markets in public finance soundness. this third anchor would complete the framework of domestic anchors of economic policy. together with the close cooperation with international financial institutions, it would provide a consistent and transparent framework for the country ’ s development. provision of liquidity and solvency of the albanian economy through bilateral and multilateral partnerships is a priority for central bank policies. this vision and partnership should become the axis of cooperation between national institutions. bis central bankers ’ speeches
outlook remain, ” federal reserve bank of kansas city, february 14, 2019. 6 agricultural banks are defined as banks with farm production and farm real estate loans equal to 25 percent or more of total loans. 4 / 5 bis central bankers'speeches 7 see supervision and regulation sr letter 11 – 14, “ supervisory expectations for risk management of agriculture credit risk. ” 5 / 5 bis central bankers'speeches

but it is especially important in periods of economic stress, because it reminds bankers that the identification of a troubled borrower does not prohibit a banker from working with the borrower. many banks engaged in agricultural lending are located in communities where farming is the primary economic driver, and simply pushing every borrower with challenges out of the bank does not benefit the long - term interests of the bank or the community it serves. the federal reserve recognizes the benefits when lenders work prudently with troubled borrowers in a way that serves the long - term interests of all stakeholders. i would like to conclude by recognizing how fortunate we are to have so many highly skilled and experienced farmers and operators, and agricultural lenders who support them. modern agriculture is a sophisticated and complex business that requires skilled forecasting of supply and demand, rigorous financial and operational management, and sharp technical expertise. our farmers and operators are pushing forward the frontiers of agriculture. the integration of robotics, data analytics, geolocation, and advanced sensors holds the promise of a new, more efficient and productive era of “ precision agriculture. " a close working relationship between farmers and agricultural lenders is essential to the economic growth of agricultural borrowers and the continued success of many rural communities. the outlook for u. s. agriculture is challenging, though agricultural banks remain relatively stable. as such, it is important for the federal reserve to continue to tailor effective supervision and regulation to ensure the safety and soundness of agricultural banks, while also making sure that undue burden does not constrain the capacity of these institutions to continue supporting the agricultural communities that they serve. 1 terrorism risk insurance program reauthorization act of 2015 ( pub. l. 114 – 1, 129 stat. 3 ). 2 see u. s department of agriculture, economic research service at www. ers. usda. gov / data - products / ag - and - food - statistics - charting - the - essentials / ag - and - food - sectors - and - the - economy /. 3 jerome h. powell, “ monetary policy in a changing economy ” ( speech at changing market structure and implications for monetary policy, a symposium sponsored by the federal reserve bank of kansas city, jackson hole, wyoming, august 24, 2018 ). 4 u. s. department of agriculture, economic research service, “ highlights from the march 2019 farm income forecast. ” 5 cortney cowley and ty kreitman, “ farmland values stable, but risks to
, 000 ), even though the us banking system ( at current prices and exchange rates ) is only five or six times as big as italy ’ s, while the gdp ratio is seven to one ( on a purchasing - power - parity basis ). at the other extreme the united kingdom is implementing the decision taken suddenly in may 1997 to bring all the supervisory powers — except that concerning “ systemic stability ”, which has been left in the hands of the central bank — together in a newly - created organization, the financial services authority ( fsa ). japan has adopted a similar solution. the fsa has a head office with a staff of 2, 300 ( of whom no less than 450 deal with authorizations and consumer relations ), no special body for on - site examinations and an annual budget of just 500 billion lire. with these resources, the fsa is expected to supervise a financial industry that, in terms of volume of funds, is about one quarter that of the united states and three times as big as italy ’ s. it is true that with 841 banks italy has more than the federal reserve system, the federal deposit insurance corporation, the national credit union administration, the office of the comptroller of the currency, the office of thrift supervision and the banking department of each of the fifty states. the securities and exchange commission, the securities commission of each state, the commodity futures trading commission, the national association of insurance commissioners, each state for insurance matters, and the pension and welfare benefits administration of the department of labor. twice as many as the united kingdom, 3 but the combined human and financial resources of the various italian supervisory authorities are not very different from those of the fsa ( moreover, in addition to a body of inspectors, the bank of italy has a network of branches that monitor their “ local ” banks and markets ). although the united kingdom and japan are major economies, the similar architectures they have adopted for supervision have not established a trend, for several reasons. the choice was influenced by the failure of their earlier architectures, with serious and unexpected failures of individual intermediaries in london and the structural crisis of the whole financial industry in japan. it was made when the central bank was relatively weak in both countries. it does not reflect the great difference between the two countries ’ political and constitutional traditions. the solutions to be found in the euro area lie somewhere between the extremes represented by the united states, on the one hand, and the united kingdom

competitive, more efficient and more stable ; it is in a better position to meet the needs of the economy. “ better ” does not mean “ the best ”, which, assuming it is definable, would require the contribution of supervision to be achievable. these are issues which go beyond the scope of my remarks and which i have addressed elsewhere. 4 p. ciocca, la nuova finanza in italia. una difficile metamorfosi ( 1980 - 2000 ), bollati boringhieri, turin, 2000.
financial markets, related to the valuation of structured products and anticipated losses on u. s. subprime mortgages, have worsened since mid - october. these difficulties are expected to persist for a longer period of time than previously thought. in these circumstances, bank funding costs have increased globally and in canada, and credit conditions have tightened further. there is an increased risk to the prospects for demand for canadian exports since the outlook for the u. s. economy – particularly, the u. s. housing sector – has weakened. all these factors considered, the bank judges that there has been a shift to the downside in the balance of risks around its october projection for inflation through 2009. in light of this shift, the bank decided to lower the target for the overnight rate at our fixed announcement date on tuesday. at our next interest rate decision in january, we will assess all economic and financial developments and the balance of risks, and have a full updated projection for the economy and inflation in the monetary policy report update, to be published on 24 january 2008. mr. chairman, paul and i will now be happy to answer your questions.

development bank of canada will buy term asset - backed securities backed by loans and leases on vehicles and equipment. all of these measures are helping to meet a rising demand from business and individuals who have been finding it difficult in this environment to raise adequate funds. we have all heard reports about ongoing tightening in both the availability and the pricing of credit. nonetheless, our latest figures show continued strong growth in total household credit – 9. 6 per cent in january compared with the same period one year earlier – and limited deceleration in growth of total business credit. the latter stood at 4. 2 per cent in january compared with the same period one year earlier as accelerating growth in bank lending has helped to offset a contraction in market financing. we will continue to closely monitor credit growth and credit conditions in canada. in conclusion, as we are all very well aware, the canadian economy is feeling the effects of the global turmoil and recession. authorities have put a lot of fiscal and monetary stimulus in place – in canada and globally – to support the recovery. however, as i noted at the outset, stabilization of the global financial system remains a precondition for the global and canadian economic recoveries. investor and public confidence has been badly shaken, but will recover with the timely implementation of ambitious plans in some major countries to address toxic assets and to recapitalize financial institutions. however, if these national and multilateral measures are not timely, bold, and well - executed, canada ’ s economic recovery will be both attenuated and delayed. i would now be pleased to answer your questions.
nils bernstein : challenges ahead for the danish economy speech by mr nils bernstein, governor of the national bank of denmark, at the annual meeting of the danish bankers association, copenhagen, 5 december 2011. * * * thank you for inviting me to speak here today. during the autumn, economic activity has dampened in the advanced economies, especially in the euro area, and the outlook has been adjusted downwards. but there are considerable differences from country to country. generally, growth remains reasonable in countries with sound public finances and external balances, such as germany and sweden, while it is low in countries with large internal and external imbalances, particularly the debt - ridden countries in southern europe. the downward adjustment of growth prospects reflects several factors. firstly, the european sovereign debt crisis has by no means been resolved, in fact it intensified over the summer, and in the usa there is great uncertainty about medium - term fiscal plans. secondly, consumer and business confidence has declined in many countries. households and firms continue to consolidate, partly in the light of falling stock indices and housing prices. thirdly, the combination of sustained financial turmoil, lower growth expectations and pressure from the financial markets means that several countries have had to speed up fiscal consolidation. viewed in isolation, fiscal policy is procyclical at the moment, which means that it contributes to further dampening of growth. on the other hand, more expansionary fiscal policy would push up interest rates. combined with large government debts this means that tightening is the only option. many countries are now paying the price for their previous slack approach to economic policy. among other things, this is reflected in an increase in unemployment to more than 10 per cent in the euro area and 9 per cent in the usa. in the hardest hit euro area member states unemployment now exceeds 20 per cent. especially young people find it difficult to gain a foothold in the labour markets, which favour those who already have a job. the near - term outlook is unusually uncertain. lower confidence among households and firms and in the financial sector often points to a decline in activity. and indeed, the latest forecasts from the oecd and the eu predict only a moderate upswing in the usa, while the euro area overall is expected to stagnate, with a risk of growth at or below zero. tackling the challenges in the heavily indebted member states is essential to dampening uncertainty and paving the way for growth in the euro area. and now let me turn to the

central banks in their liquidity management. the modalities of any such loans, including maturities and allocation procedure, will be determined when the loans are offered. finally, i would like to express my appreciation to the danish bankers association and its members and chairman for our good and fruitful cooperation over the last year. thank you for your attention. bis central bankers ’ speeches