samchain/econo-pairs-v2 huggingface dataset:
only for hospitality, but also an infinite opportunity for cooperation, assistance and devotion. thank you once more. 2 / 2

), “ macroeconomic effects of the ecb ’ s forward guidance ”, working paper series, no 03, latvijas banka, the author evaluates the macroeconomic effects of rate forward guidance in the euro area and analyses its interplay with asset purchases using a set of structural vector auto - regressions with both constant and time - varying parameters. his findings suggest that the ecb ’ s rate forward guidance has contributed to reducing yields significantly and raising activity and inflation, with evidence also suggesting that the introduction of the app considerably enhanced the credibility of forward guidance. [ 12 ] the chart shows the 15th to 85th percentiles of the predictive density of future interest rate paths, which are generated using linear interpolation through risk - neutral option - implied distributions around the three - month euribor at a 6, 9, 12 and 18 - month horizon. more specifically, risk - neutral densities are derived by the ecb using options on euribor futures for fixed expiration dates and then interpolated for fixed horizons. as usual, risk - neutral probabilities typically differ from actual or physical probabilities. [ 13 ] in particular, in bottero, m., minoiu, c., peydro, j. - l., presbitero, a. and sette, e. ( 2019 ), “ negative monetary policy rates and portfolio rebalancing : evidence from credit register data, ” imf working papers, no wp / 19 / 44, international monetary fund, the authors find evidence, based on administrative credit data from italy, that the negative interest rate policy has expansionary effects on credit supply – and hence the real economy – through a portfolio rebalancing channel. [ 14 ] see altavilla, c., burlon, l., giannetti, m. and holton, s. ( 2019 ), “ is there a zero lower bound? the effects of negative policy rates on banks and firms, ” working paper series, no 2289, ecb. [ 15 ] see my discussion in lane, p. r. ( 2019 ), “ the yield curve and monetary policy ”, public lecture for the centre for finance and the department of economics at university college london, 25 november. [ 16 ] see altavilla, c., andreeva, d. c., boucinha, m. and holton, s.
its integration. we have made no small contribution, and received no little in return. more than in the past, the strategic choices that we face as italians and as europeans now coincide. to transform this awareness into action shared by citizens is the noble task of politics in europe. bis central bankers ’ speeches

it requires to estimate what trend in productivity would have been without the single currency. however, i believe an answer emerges quite clearly from this conference, at least in two mutually consistent analyses. in a presentation tomorrow, bugamelli, schivardi and zizza will explain how the euro has fostered the restructuring of firms and productive systems, especially in sectors and countries that had relied most heavily in the past on currency depreciation in order to recoup price competitiveness in the short term. and alesina, ardagna and galasso show how the same discipline has pushed governments to carry out significant reforms in the markets for products and services. the findings point to a substantial positive contribution of the euro in terms of productivity. another case in point is the labor market. thanks to the reforms of the last ten years, it has been possible to overcome the old image of an immobile european labour market – reflected in high rates of unemployment and a low labour force participation rate – for which the term “ eurosclerosis ” was coined. there is empirical evidence of a clear positive association between adoption of the single currency and the increase in employment and decrease in equilibrium unemployment. finally, bank of italy research shows that the reduction of entry barriers in the past decade, thanks to new, less anti - competitive rules, led to an increase in the share of total employment of the sectors where reforms were introduced. sharper competition has increased incumbents ’ productivity and decreased their profit margins, fostered the adoption of ict and reduced price increases. 3. conclusions to conclude, i believe that confronting successfully the challenges posed by the current crisis requires that we continue on the road of greater integration and market openness which has been spurred by the adoption of the euro. in difficult times our economic paradigms may change dramatically and the temptation to go in isolation to deal with the most pressing problems may be understandable but may prove to be disruptive. the benefits of having had the euro for the last 10 years speak by themselves. we want to come out of this crisis able to continue enjoying these benefits.
. as legislators, your involvement in enacting the enabling legislation that would form the legal underpinning for the policies, programmes and institutional framework for the monetary union will be critical. in this connection, the national parliaments should set up as a matter of urgency, research units comprising economists and financial experts to provide the requisite professional back - stopping for them. conclusion ladies and gentlemen, once more, i welcome you all to freetown and wish you a pleasant stay. it is my singular honour and privilege to declare open the third regional forum on economic and financial management for legislators.

mohamed s fofana : banking developments in sierra leone statement by mr mohamed s fofana, deputy governor of the bank of sierra leone, at the launching ceremony of the new guaranty trust bank logo, freetown, 28 july 2006. * * * mr chairman, hon vice president, solomon e berewa, hon ministers, board of directors, management and staff of the guaranty trust bank ( sl ) ltd, distinguished ladies & gentlemen i am pleased to be here with you this morning at the launching ceremony of the new logo of guaranty trust bank ( sl ) limited. we are all aware that change is inevitable in a dynamic world. and that change itself is dynamic, which is why we are all gathered here today. distinguished ladies and gentlemen, a logo is a symbol or trademark designed for the clear and easy recognition of an institution by both its clients and its competitors. we in the banking industry, as indeed the nation in general, have come to identify guaranty trust bank with a particular logo in the recent past. the change from the old logo, which is two small squares flanking guaranty trust, to a new logo, which is a big orange square with a small white square at the top right side and gt bank inscribed at the bottom of the orange square, is welcomed by the bank of sierra leone. the features of the new logo, which are orange - representing passion for people and the drive for excellence, white - representing commitment to integrity and professionalism, and the squares - representing stability and dependability, are all symbols of the bank ’ s commitment to growth, prudent and efficient service delivery to our country, as well as customer care. mr chairman, since the guaranty trust bank ( sl ) limited commenced operations in january 2002 after the successful take over of the first merchant bank plc nigeria, it has consistently improved its performance and expanded its operations in the country ; notably with the establishment of three branches. as at 31st may 2006, guaranty trust bank ’ s total assets amounted to le47. 05 billion and shareholders ’ funds stood at le5. 84 billion. loans granted to various sectors of the economy have also gone up to le9. 16 billion. all of these are significant and commendable achievements in a short time. distinguished ladies and gentlemen, over the last couple of years, the bank has committed itself to the provision of efficient banking services to the people of sierra leone. it has introduced among other
##cb. to fully reap the rewards of financial innovation, we need to strike a balance between optimizing the benefits of digitalization against the overall safety and soundness of the financial system. digital transformation in correspondent banking is not a future event. it is a present reality. recognizing this, we need not be apprehensive. instead, we must start working together, always keeping a positive mind - set. in closing, i emphasize the importance of sustained collaboration among stakeholders. this is needed to create a safe, efficient and reliable digital environment. as new technologies like mobile banking, social networking, big data, and cloud computing advance, so must banks need deeper and wider understanding of trends. stakeholders would do best to identify growth opportunities and establish synergies with new players and industries and with each other to remain competitive and relevant. i look forward to joining this afternoon ’ s panel discussion. thank you very much and good morning. 5 / 5 bis central bankers'speeches

in terms of population. the importance of msmes to our country and our people cannot be overemphasized : they account for 35. 7 % of our economy as measured by gdp, constitute 99. 6 % of registered firms and employ 62 % of our workforce. in other words, additional support granted to msmes will have strong multiplier effects. we are happy to learn therefore that quezon city - based coops in cooperation with the office of the mayor initiated discussions with the bangko sentral for the creation of its own csf. thus today, we have 12 cooperatives who have initially contributed p3. 95 million to the csf while the quezon city government will give a counterpart contribution of p5 million. additional contributions will also come from dbp, landbank and the iglf. let us therefore thank land bank as represented by its president gilda pico ; the development bank of the philippines represented by chairman jose nunez, jr. ; and the industrial guarantee and loan fund represented by its chief executive officer benellagua. bis central bankers ’ speeches on our part, you can count on the bangko sentral ’ s continued support to make this collaboration sustainable. we will continue to advocate and introduce more innovations, promote capacity building, and provide liquidity support through our rediscounting facility. finally, i can share that the bangko sentral is in final stages of discussions on new partnerships with other lgus and cooperatives to set up additional csfs in the country. indeed, the spirit of cooperation of bayanihan is alive and well in our country. if we sustain this momentum, we can truly achieve sustained, balanced and inclusive growth. muli, maraming salamat. mabuhay ang msmes! mabuhay ang quezon city! mabuhay ang ating mahal na bansang pilipinas! bis central bankers ’ speeches
securities initiative, the governing council will in the coming weeks decide on the continuation of the t2s project. it is important to note that all major csds have responded positively to our initiative. i thank you very much for your attention. i am now available to answer your questions.

is the era of the omnipotent central banker past its peak? i talked about fiscal policy as a necessary complement to monetary policy since 2014. now the need is more urgent than before. monetary policy will continue to do its job but the negative side effects as you move forward are more and more visible. the ecb has undershot its inflation target much more than other central banks. why is that? have we done enough? yes, we have done enough — and we can do more. but more to the point what is missing? the answer is fiscal policy. that ’ s the big difference between europe and the us. there has been a backlash against the most recent package by some of your colleagues. why did you want to do such a big package? the bigger the package, the bigger the reaction? disagreements about policy happen everywhere, not just in europe. the outlook has worsened, especially for manufacturing. inflation was no longer on track to meet our target. and our policies will continue to work, albeit at a slower pace than if governments were spending more. on the euro, the house is still standing but it is a bit rickety. the house is not rickety. what i see looking back is progress on banking union, on capital markets union — but emu is still incomplete. it just needs a new extension? to have a stronger emu we need a common eurozone budget. clearly the political debate on that still has a long way to go. but i am optimistic. many more people understand the importance of these reforms than a few years ago — there will at some point be a commitment. you don ’ t think we could go backwards? no. people have understood the benefits of the single currency. trust is going up. the opponents of the euro have not succeeded. 10 / 10 bis central bankers'speeches
facilitate financing flows for the transition to a net - zero world. i encourage you to participate actively in today's workshop, so that we can collectively advance our understanding of the issues we need to tackle. i wish you fruitful and productive discussions. 5 / 5 bis - central bankers'speeches

. we should examine carefully the impact of these proposals on two areas, namely trade finance and sme finance. this is of particular significance for emerging economies. • across much of emerging asia, where capital markets are relatively undeveloped, banks are a major source of funding for trade and smes. • trade and smes are major engines of growth in many emerging market economies. let me start with trade financing. • being short - term and self - liquidating in nature, trade financing is probably one of the safer forms of bank lending. • but the proposal to move bank exposures completely to the revised standardised approach could result in imposing significantly higher capital requirements for trade finance, more punitive than justifiable by its historical losses. bis central bankers ’ speeches • while the availability and cost of trade finance have so far held up well in the face of basel iii implementation, the latest set of proposals could have the effect of discouraging banks from trade financing. • this is not what we need at a time when trade is growing more slowly than income in many parts of the world. second, sme financing. • i would say we are broadly on the right track. • while sme loans tend to be riskier on a standalone basis, as a portfolio the risks are more diversified than loans to larger corporates. • the basel committee recognises this and the current capital framework provides for preferential capital treatment for exposures to smes for banks using internal models. • and the basel committee has further proposed applying a lower risk weight for banks ’ sme exposures compared to unrated corporate exposures under the revised standardised approach. this will help alleviate the cost of sme financing. conclusion let me summarise my main points. we have made good progress in bank regulation since the crisis. • implementation has been generally good but some areas need more work and some jurisdictions need to close the gaps. • overall, the reforms have helped to make banks safer and more resilient. as we finalise the basel iii capital reforms, we must ensure that banks are not only safe but also serve their purpose of supporting the economy. • we should be mindful of the effects of low profitability on banks ’ ability and willingness to lend. • we should be mindful not to increase significantly the overall level of capital requirements on banks even as we finetune the detailed capital rules. • and we should be mindful not to unduly penalise lending to important segments of
, “ women and men in decision - making ” – statistics for national parliaments and major political parties. 16. eurostat ( 2020 ), international women ’ s day press release, 6 march. 17. gardt, m., angino, s., mee, s. and glockler, g. ( 2021 ), “ ecb communication with the wider public ”, economic bulletin, issue 8, ecb, frankfurt am main.

/ 4 bis central bankers'speeches instead, compliance needs deep understanding. it needs to consider incentives, ethics and professional conduct. it needs to leverage on mutually reinforcing partnerships. it needs to fulfil its responsibility to contribute to the well - being of society. after all, compliance is an enabler, it is not the end outcome that we seek. this is how we should future - proof our financial system and compliance. on that note, i wish all of you a productive conference. 4 / 4 bis central bankers'speeches
shares would increase to 89 % for exports and 71 % for imports. considering the large share of the slovak foreign trade in gdp and the territorial structure of the foreign trade, the probable positive impact of the increased openness due to the emu membership ( an estimated increase of 1. 6 percentage points ) on the gdp per capita growth may oscillate around 1 %. we are also aware of disadvantages which could be connected with the emu membership. among frequently mentioned disadvantages of the euro adoption belong the ongoing process of catching up with eu levels, the insufficiently synchronised business cycles and the loss of the exchange rate stabiliser. along with this, we get the common monetary policy which is doubtful to fit to all, especially to a country with structural changes still ahead. with regard to the above mentioned possibly problematic areas, in our view, the real and nominal convergence can be seen as complementary to each other, and should be pursued in parallel. over the short period of time, a contradiction between the real and nominal convergence has become evident where gdp growth could slow down. however, at the same time, conditions for more dynamic and, mainly, sustainable growth will be created. under these conditions slovakia has a potential for the gdp grow of around 4 - 5 % in the medium term. regarding the independent monetary policy and the automatic stabiliser of the exchange rate, let me ask the question : is it possible, in such a small and open country, that they would work freely and independently? i can openly say that we do not see any serious problem in meeting all maastricht criteria in the medium - term horizon. however, what could negatively effect fulfilment of fiscal criteria and slightly postpone the process of integration is the treatment of the pension reform expenditures, which is now also in question in many associated as well as member countries. in the end, let me stress that there is a strong incentive and first steps have already been carried out in the area of structural reforms, particularly those related to the pension, health - care and social benefits policies, and decentralisation. the price distortions are expected to narrow in 2004. the plan of the ministry of finance is to lower the fiscal deficit from around 6 % in 2002 to 5 % in 2003 and to 3, 4 % in 2004, so that slovakia could be ready for the examination in 2005 or 2006. thank you for your attention.

you manage the euro transition smoothly and without any problems and that euro brings a positive change into in your lives.
happy to answer questions. 2 / 2 bis central bankers'speeches

mark carney : canada ’ s economic outlook and framework for unconventional monetary policy opening statement by mr mark carney, governor of the bank of canada, to the standing senate committee on banking, trade and commerce, ottawa, 6 may 2009. * * * good afternoon, mr. chairman and committee members. before paul and i begin to answer your questions, allow me to take a moment to review some of the highlights and the conclusions from our latest monetary policy report, released on 23 april. in particular, i would like to outline for you some of the details from the bank's framework for unconventional monetary policy, which was published as an annex to the latest mpr. the economic outlook • these are difficult economic times, with the canadian economy being buffeted by an intense and synchronized global recession. in recent months, that global recession has been exacerbated by delays in implementing measures to restore financial stability around the world. • g - 20 policy - makers are now responding to the global crisis with a renewed commitment to concrete initiatives and comprehensive plans. our base - case projection is that these policies will be implemented in an effective and timely manner, and their impact will reach full force next year. discussions in washington at the end of april were consistent with that outlook. • as a result of the current global economic and financial situation, the bank now projects that the canadian recession will be deeper than we projected in the january mpr update. our return to growth will be delayed by one quarter, to the end of 2009, and our recovery will be somewhat more gradual. • the broad outlines of the canadian outlook are the same as those in january, but its profile has shifted. • canada's real gdp is projected to decline by 3. 0 per cent this year, and growth is expected to resume in the autumn and accelerate to 2. 5 per cent in 2010, and 4. 7 per cent in 2011. • our outlook for inflation is broadly consistent with that in january. total inflation will temporarily fall below zero in 2009, but core and total cpi inflation are expected to return to the bank's 2 per cent inflation target in the third quarter of 2011. • in that context, on 21 april the bank lowered the policy interest rate by 1 / 4 of a percentage point to 1 / 4 per cent, or 25 basis points, which is judged to be the effective lower bound of the policy rate. conditional on the outlook for inflation, the bank has committed to holding this rate at 1