samchain/econo-pairs-v2 huggingface dataset:
therefore invest appropriately in developing effective corporate communication strategies as a new liquidity management tool. last but not least, i would like to congratulate mr. matthias katamba on his appointment as the new managing director of dfcu bank. but also thank mr. juma kisaame for serving dfcu bank diligently. mr. michael mugabi, allow me to congratulate you in your new assignment as acting managing director of housing finance bank. and i hope that the board of directors shall find it fitting to confirm you in that position. once again, i thank you for the continued support to the economic development of uganda through your financial intermediation role. thank you for listening. professor emmanuel tumusiime - mutebile governor, bank of uganda

especially in the 1970s and 1980s when the economy collapsed. the industry hung on and survived during the economic turmoil of those years and then rose, phoenix like, to recover in the 1990s. with the same spirit of enterprise, hard work and cooperation we can help to ensure that the next half century is one of prosperity, sustainable growth and structural transformation for the ugandan economy. thank you very much for listening. bis central bankers ’ speeches
conclude my remarks, and i look forward to a stimulating talk and discussion. carmen, the floor is yours. page 4 / 4

philipp m hildebrand : financial stability and hedge funds : effective and ineffective supervision speech by mr philipp m hildebrand, member of the governing board of the swiss national bank, diskussionsforum « nachbarn deutschland - schweiz : impulse fur die zukunft », berlin, 9 november 2005. the complete speech can be found in german on the swiss national bank ’ s website ( www. snb. ch ). * * * the hedge fund industry has grown rapidly over the past few years and it has become an important segment of global financial markets. the possibility to use leverage and a high degree of flexibility are key elements of a broad range of investment strategies which have made the hedge funds industry very profitable. hedge funds have been an important source of innovation in the traditional asset management industry and they have rendered financial markets more liquid, more efficient and more flexible. nonetheless, the rapid growth of the industry and the excessive use of leverage may result in potential systemic risks which are relevant to central banks, unlike prudential matters. overall, industry leverage is difficult to measure. however, several studies suggest that it is lower than at the time of the near collapse of ltcm in 1998. even so, temporary excessive levels of leverage with single hedge funds can not be ruled out completely. a crisis in the hedge fund industry might therefore spill over to their primary trading partners, the major investment banks. hence, regulation and supervision in order to minimize systemic risk should concentrate on the leading global investment banks to make sure that adequate counterparty and liquidity risk management systems and processes are implemented. against the backdrop of scarce resources, we should refrain from opening new regulatory fields which are not relevant for systemic risks. 1 / 1
##nts for developing a cmu. of course, we need to ensure that the fragmentation in underlying capital market structures and the lack of green bond standards does not change these positive developments. but this just adds to our plea for rooting the cmu in sustainable finance. in 2020, the european commission adopted a new cmu action plan. hopes were high then. but till this day, not much has become of it. things are advancing too slowly. and the closer we get to next year's european elections, the bigger the chance that divisive initiatives, like a capital markets union, end up in a drawer entirely. 2 / 3 bis - central bankers'speeches of course, central banks don't have a seat at the legislative table. but it is our obligation to be vocal about what is at stake. to be vocal about the lack of progress and ambition. let me mention three areas in which, i believe, progress is insufficient. first of all, there are still significant gains to be made in the area of availability and comparability of market and business information. to this end, it is particularly important that the european single access point is properly implemented, and that negotiators reach an ambitious agreement on consolidated tape. second, not enough progress has yet been made on uniformity in supervision and application of macroprudential and other rules. going forward, we need to search for ways in which esma can play a more central role as a market regulator to converge standards. market participants still have to deal with 27 different national regulators, which contributes to regulatory uncertainty and information asymmetry. and third, we need further harmonisation of laws and regulations. the commission's proposals on withholding tax and insolvency are good first steps. but agreements remain uncertain. even if the current agreements materialise, there is still much more potential here to remove key transaction costs that currently discourage cross - border investment. the prospect for the future could be a common insolvency framework, taking inspiration from the bank recovery and resolution directive. so, i see clear areas for progress, and we mustn't stop advocating for a cmu that is rooted in sustainable finance. because only then will our financial system be able to face the increasingly severe consequences of global warming, and of phenomena like el nino, and la nina. but let us also be like the founders of the european league for economic cooperation. let's look ahead, to the future, and

let's do that with hope - the thing with feathers. thank you. 3 / 3 bis - central bankers'speeches
highest regards for your activity during your mandate. please accept the expression of genuine appreciation for your commitment, your dedication and your leadership, which have led to remarkable results in investments in the romanian economy. we wish you all the best possible outcomes for all your future endeavours. i now invite gyorgy attila, state secretary at the ministry of public finance to take the floor. 1 1 nbr annual report 2018, pages 21 – 26 2 / 2 bis central bankers'speeches

mugur isarescu : opening speech – conference “ investment and investment finance in romania ” opening speech by mr mugur isarescu, governor of the national bank of romania, at the conference “ investment and investment finance in romania ”, organized by the national bank of romania and the european investment bank, bucharest, 13 february 2020. * * * vice president mcdowell, state secretary gyorgy attila, distinguished audience, ladies and gentlemen, it is a pleasure for me and the board of directors to welcome you at the national bank of romania, to the conference dedicated to investment and investment finance in romania. this conference has been organized by the european investment bank in partnership with the national bank of romania. in fact, this partnership has had a long standing as a pillar for progress and investment in romania. please allow me to express a heart - felt welcome and to extend my warmest thanks to mr. andrew mcdowell, vice - president of the european investment bank and to ms. debora revoltella, chief economist of the european investment bank, for their continuous support and deep commitment to develop investments in romania, and, moreover, for being trusted partners and friends. i am glad that we have decided to co - organize this conference here in romania, at the central bank, as this year we honour two landmarks with historic importance. one is the national bank of romania ’ s 140th anniversary and the other is the 20 years ’ celebration of the day ( february 15th 2000 ) when the eu formally started the accession negotiations with romania. i remember that moment vividly, as it happened during my mandate as prime minister of romania. as a veteran, in office since 1990, i am fully aware to what extent romania has benefited from the significant support provided by the european investment bank. the projects financed by eib proved to be a catalyst for development, with a multiplier effect in all the economic sectors. nevertheless, romania continues to need ( i ) to develop solid growth strategies based on investments and ( ii ) to accomplish the development priorities in infrastructure, healthcare and small and medium enterprises ( smes ), as well as ( iii ) to enhance cohesion with the other eu member states. the future will certainly bring challenges as well as opportunities. one opportunity, as per the latest european investment bank ’ s flagship report on investment, is the present context of low interest rates, which could provide support for speeding up lending and investments. there is adequate room for upscaling public investment in areas such
multiple challenges and an adverse business environment is the core responsibility of a business ’ s management. no one else ’ s. at the beginning of my speech today, i spoke about an imminent and profound change in the banking sector. after the dust has settled, there will not only be winners. but if we honour the division of responsibility between banks, supervisors and policymakers, we can open up the path towards a banking sector that is both stable and profitable. of course, this is not to say that there shouldn ’ t be communication or even cooperation among the parties involved – quite the contrary, in fact. that ’ s why it ’ s so important to have opportunities, like today ’ s conference, to get together and discuss not just the challenges, but also the strategies needed to overcome them. i am looking forward to having this conversation with you now. thank you very much for your attention. 4 / 4 bis central bankers'speeches

wish you all the best and every success in the tasks that lie ahead of you. thank you very much for your attention. 3 / 3 bis central bankers'speeches
trees and flowers begin to ‘ open up ’ or blossom. similarly, i hope that this april workshop can open up new discussions on several topics that are highly relevant for investments and for policy - making and lead to the blossoming of new ideas. for this, i want to thank lti, the organizers, the keynote speakers, the presenters, the discussants, and all of you in advance. i wish you a pleasant and constructive day of discussion. 1 www. cfainstitute. org / en / advocacy / policy - positions / short - termism - revisited 3 / 4 bis central bankers'speeches www. mckinsey. com / featured - insights / long - term - capitalism / where - companies - with - a - long - term - viewoutperform - their - peers # 3 such as warren buffett, jpmorgan chase ’ s jamie dimon and blackrock ’ s larry flink. 4 www. ft. com / content / 5bc1580d - 911e - 4fe3 - b5b5 - d8040f060fe1 4 / 4 bis central bankers'speeches

and potential output ( a ) index 1997q1 = 100 potential output gdp ( a ) potential output is defined as the level of gdp achievable if all factors of production were utilised at their long - run equilibrium levels. its projection is a matter of judgement for the monetary policy committee, consistent with the committee ’ s forecast for the output gap. the historic path therefore reflects, in part, a sequence of judgements by current and past mpcs rather than the output of any one model. source : office for national statistics and bank calculations chart 2 : impact of covid - 19 pandemic on labour productivity as estimated from decision maker panel ( b ) percentage impact of covid - 19 on labour productivity per hour between - firm within - firm dmp labour productivity ( private sector ) feb mpr labour productivity - 2 ( whole economy ) dmp tfp ( private sector ) - 4 - 6 2020 q1 2020 q2 2020 q3 2020 q4 2021 q1 2021 q2 2022 + ( b ) see bloom et al ( 2020 ) for details. the impact of covid - 19 in the february 2021 mpr forecast is estimated as the difference between the february 2020 and february 2021 forecasts. source : decision maker panel and bank calculations all speeches are available online at www. bankofengland. co. uk / news / speeches and @ boe _ pressoffice chart 3 : real gdp 4 - quarter growth 2010 - 2016 2000 - 2007 2017 - 2019 4 - quarter growth period averages 5 % 4 % 3 % 2 % 1 % 0 % - 1 % - 2 % - 3 % - 4 % - 5 % - 6 % - 7 % source : office for national statistics and bank calculations chart 4 : whole economy labour productivity ( c ) 4 - quarter growth 2010 - 2016 2000 - 2007 2017 - 2019 4 - quarter growth period averages 5 % 4 % 3 % 2 % 1 % 0 % - 1 % - 2 % - 3 % - 4 % - 5 % - 6 % - 7 % ( c ) output per hour worked source : office for national statistics and bank calculations all speeches are available online at www. bankofengland. co. uk / news / speeches and @ boe _ pressoffice chart 5 : real business investment 4 - quarter growth 20 % 15 % 2010 - 2016 10 % 5 % 0 % 2017 - 2019 2000 - 2007 - 5 % - 10 % - 15 % - 20 % 4 - quarter growth period
working with all of you on developing more inclusive financial sectors in the asian region. finally, i would like to thank all the participants who have come in from all over asia to support this forum. i wish you a fruitful forum and hope that you will form valuable professional relationships during this event.

ardian fullani : economic and political challenges of regional cooperation speech by mr ardian fullani, governor of the bank of albania, at the round table entitled “ the economic and political challenges of regional cooperation ”, tirana, 8 september 2010. * * * honourable guests, dear participants, i feel honoured to open today this roundtable. before anything else i want to welcome our colleagues from oxford university, who have undertaken an important mission for albania and the region : contributing to the growth of research capacity, of sapience, and to building of a sustained long - term response to the growth challenges we come through on our common ways, similar but unique, towards the european union. it is a great pleasure for me and for the bank of albania to have the opportunity to begin a series of studies about the domestic and regional economic policy, which will assist the scientific debate about the economic growth model, also backed by a regional point of view at social, economic and political level. you may ask yourself, why bank of albania is so much interested in the economic growth and the economic policies overall, as the main target of the central bank is the stability of prices. in the following minutes i shall try to deal with some of the main points of the bank of albania ’ s agenda in recent years. in this respect, the efficiency of monetary policy, the importance of internal and external economic anchors, the building up of research capacities for the purpose of implementing our policies, as well as public communication and education. the right addressing of these issues is indispensable for the monetary policy and its crucial role for the economic prosperity. the successful central banks, whose main target is inflation, are increasingly giving more importance to the economic activity, also to the other indicators of real economy. this trend is not only based on the fact that inflation is directly impacted by the fluctuation of economic activity and unemployment in the short - run, but also on the theory of monetary economics, accordingly the central bank should pay attention to the potential economic growth over the long run as well. in addition, the argument about economic growth is the key target of the economic policies. therefore, the decisions of the central bank in the filed of monetary policy, of supervision and of the financial stability, should interact and be harmonised with this central target, thus guaranteeing the macroeconomic and financial stability of the country. the central bank, in this respect, tries that its policies, neither increase the short - term volatility of the
the federal reserve looks forward to working with the congress and the administration to enact meaningful regulatory reform that will strengthen the financial system and reduce both the probability and severity of future crises.

suggests that the outlook for economic growth has worsened and that the downside risks to growth have increased. at the same time, the outlook for inflation has improved somewhat, though it remains uncertain. in light of these developments, the federal reserve will need to consider whether the current stance of policy remains appropriate. the intensification of the financial crisis in recent weeks made clear that a more powerful and comprehensive approach involving the fiscal authorities was needed to solve these problems. on that basis, the secretary of the treasury, with the support of the federal reserve, went to the congress to ask for a substantial program aimed at stabilizing our financial markets. as you know, last week the congress passed and the president signed the emergency economic stabilization act. this legislation provides important new tools for addressing the distress in financial markets and thus mitigating the risks to the economy. the act adds broad, flexible authorities to buy troubled assets, to provide guarantees, and to directly strengthen the balance sheets of individual institutions. notably, the legislation establishes a new troubled asset relief program, or tarp, under which the treasury is authorized to purchase as much as $ 700billion of troubled mortgages, mortgage - related securities, and other financial instruments from financial firms that are regulated under u. s. law and have significant operations in the united states. the act also raises the limit on deposit insurance at banks and credit unions from $ 100, 000 to $ 250, 000 per account, a step that should reinforce depositors'confidence in the security of their funds and thus help to stabilize depository institutions. and, as i mentioned, the act provides the federal reserve the authority to pay interest on reserves, which will allow us to better manage the federal funds rate as we provide liquidity to the markets. we will begin exercising that authority this week. the tarp's purchases of illiquid assets from banks and other financial institutions will create liquidity and promote price discovery in the markets for these assets. this in turn will reduce investor uncertainty about the current value and prospects of financial institutions, enabling banks and other institutions to raise capital and increasing the willingness of counterparties to engage. more generally, increased liquidity and transparency in pricing will help to restore confidence in our financial markets and promote more normal functioning. with time, strengthening our financial institutions and markets will allow credit to begin flowing again, supporting economic growth. the interests of taxpayers are carefully protected under this program. first, the congress has required extensive controls and oversight to ensure
speech asymmetric risks, asymmetric reaction : monetary policy in the pandemic speech by fabio panetta, member of the executive board of the ecb, at the meeting of the ecb money market contact group frankfurt am main, 22 september 2020 it is a pleasure to speak to the money market contact group today. money markets and central banks have an important relationship which, when it is working well, makes monetary policy more effective. money market prices reflect expectations of our policy and the understanding of our reaction function. they are the first stage in the transmission of our policies to financing conditions for the real economy. so i am pleased to talk to you today about how i see current issues related to monetary policy – and to hear your views in return. the ecb ’ s policy response to the coronavirus ( covid - 19 ) crisis in pursuing our price stability mandate, our policy response to the crisis had three goals. the first was to counter the downward impact of the pandemic on the projected path of inflation. the second was to ensure that all parts of the euro area had access to liquidity, which was crucial for weathering the lockdown. and finally, we sought to avoid damaging feedback loops between financial markets and the real economy, ensuring that other policies could play their full role in addressing the effects of the pandemic, in turn making our own policy more effective. as a result of our policy measures, tail risks have been removed and systemic stress in the euro area has receded ( chart 1 ). we have averted a liquidity and credit crunch, which would have amplified the collapse in activity and caused lasting damage to production capacity. without the ecb ’ s action, the economic consequences of the pandemic would have been dramatic ; we estimate that more than one million additional jobs would have been lost. chart 1 euro area composite indicator of systemic stress ( index ) source : haver analytics. note : see also hollo, d., kremer, m. and lo duca, m. ( 2012 ), “ ciss – a composite indicator of systemic stress in the financial system ”, working paper series, no 1426, ecb, march. latest observation : 21 september 2020. after abruptly tightening in march, financial conditions for the euro area as a whole have since eased, as measured for example by the gdp - weighted sovereign yield curve. fragmentation has receded substantially, as the decrease in the dispersion of sovereign

##ntial limits for call borrowings. these guidelines will be operative from april 1, 1999. conclusion as i mentioned at the beginning, i have flagged some issues that are currently engaging our attention in the fixed income market. i trust that these and other issues would be deliberated upon later during the day. i would be happy to have feedback from the organisers about the outcome of the seminar. * * *
inclusion pave the way for access to more financial products and economic opportunities for all. conclusion allow me to extend my gratitude to the world economic forum for providing a platform and opportunities for emerging markets, such as the philippines, to showcase our potential. let me end by wishing all the forum delegates a productive and enjoyable two days in manila. we look forward to the great exchanges on clean energy and digital transformation as well as other topics, touching on the drivers of infrastructure development, competitiveness, and inclusive growth. may these dialogue and discussions lead to meaningful partnerships. we are confident that your investments in the country - both existing and forthcoming - will be worthwhile and will yield mutually beneficial outcomes. thank you once again for gracing this occasion. please enjoy the rest of the dinner. 1 65 percent of filipino adults have transaction / formal accounts in 2022, a significant increase from 56 percent in 2021 and just 23 percent in 2017. 2 / 2 bis - central bankers'speeches

building systems. low - energy materials and processes will be used and observed. and onsite renewable energy will be utilized. in line with the bsp ’ s efforts toward digital transformation, the new bsp complex will also use technological advancements to promote a digital lifestyle without taking away personal interactions within members of the community. 1 / 2 bis central bankers'speeches we are grateful for the efforts that aidea put together in this master development plan. the amount of hard work and the thought process involved in the development of the plan show how well you understood our intention to capture the messages of strength, stability, sustainability, and resilience. we are glad to welcome you onboard, and like your concept for the main building, this day marks two hands reaching out for the filipino – yours and ours. the bsp which will rise here will not just be a regular government office but embodies bsp ’ s vision and aspirations for the country. what will rise here is a bsp complex that is greener, better, smarter, and for the people. thank you, everyone. may we all enjoy this wonderful day! # 2 / 2 bis central bankers'speeches