samchain/econo-pairs-v2 huggingface dataset:
. shoe - leather costs, tax distortions and menu costs. moreover, their export industry is expected to lose competitiveness. inflation dispersion and the role of policy with view on inflation dispersion, for a central banker, the natural question of the role of monetary policy arises. monetary policy in the euro area is necessarily uniform ; therefore it cannot exert a direct influence on inflation differentials. in a way, one may even conclude that it should not try to bring down inflation dispersion beyond a certain level. “ breathing ” of relative prices is an essential element of the equilibrating and adjustment mechanism and in that sense a crucial feature of the functioning of market economies. as such, a certain level of heterogeneity in inflation rates can be interpreted as a reflection that necessary price adjustment processes are taking place. moreover, the eurosystem has already taken account of inflation heterogeneity explicitly by spelling out its stability policy objective in terms of a medium - term euro - area inflation rate of “ just under 2 percent ”. given the current dispersion of inflation rates, in my opinion, the safety margin implied in this definition is sufficient to protect all member countries against deflation. however, the eurosystem has to continue to analyse national developments in inflation rates and check if they are compatible with the prevailing price norm. if persistent deviations of a national inflation rate can be traced back to inappropriate domestic policies or other unwarranted domestic developments, such as inadequate wage policies or structural deficiencies, national policy is asked to react, taking area - wide monetary policy as given for their decisions. the effect of structural reforms on inflation differentials can be expected to be ambivalent. due to the different speeds at which structural reforms are being implemented in the various countries, a temporary increase in inflation dispersion may be induced. for example, the deregulation of the telecommunications industry in some countries has led to a pronounced decrease in prices for quite a long time. in the long run, however, retrenching rigidities on product and labour markets is expected to increase an economy ’ s capacity to adjust efficiently to shocks and thus to reduce the probability of enduring inflation differentials. iv. conclusions i think my quick tour through the topics of inflation persistence and inflation dispersion has shown that there are still many open questions left. we still do not know enough about the factors that determine inflation persistence in the euro area ; we cannot even

. thus, i believe the european declaration of rome is right when it says : “ we have united for the better. europe is our common future. " thank you for your attention. 5 / 5 bis central bankers'speeches
david dodge : bank of canadaa€™s views on the canadain economy and its monetary policy objective opening statement by mr david dodge, governor of the bank of canada, to the house of commons standing committee on finance, ottawa, 1 may 2007. * * * good morning, mr. chairman and members of the committee. we appreciate the opportunity to meet with your committee, which we usually do twice a year, following the release of our monetary policy report. we believe that these meetings help us to keep members of parliament and, through you, all canadians, informed of the bank's views on the economy and about the objective of monetary policy and the actions we take to achieve it. when paul and i appeared before the finance committee last october, we noted then that the outlook for growth in the canadian economy had been revised down slightly from earlier expectations. in our latest monetary policy report, which we released last thursday, we noted that canada's economic growth did indeed slow, but recently, inflation has been higher than expected. after considering the full range of indicators, the bank now judges that the canadian economy was operating just above its production capacity in the first quarter of this year. we expect that, over the projection horizon, domestic demand will continue to be the main driver of growth in canada. with the u. s. slowdown now expected to be somewhat more prolonged than previously projected, net exports should exert a slightly greater drag on canada's growth in 2007. the canadian economy is now projected to grow by 2. 2 per cent in 2007 and 2. 7 per cent in both 2008 and 2009. this would return the economy to its production capacity in the second half of 2007 and keep it there through 2008 and 2009. core inflation should remain slightly above 2 per cent over the coming months, given pressures on capacity and the impact of higher core food prices. but with the economy projected to return to its production capacity in the second half of this year and with further easing of pressures from housing prices, upward pressure on core inflation is expected to moderate, bringing the core inflation rate back to 2 per cent by the end of 2007. total cpi inflation is projected to rise above the 2 per cent inflation target in the second half of this year, peaking below 3 per cent near the end of 2007 before returning to the target by mid - 2008. we at the bank continue to judge that the risks to our inflation projection are roughly balanced, although there is now a slight tilt to the upside

. last tuesday, the bank left its key policy rate unchanged at 4 1 / 4 per cent. the current level of the policy interest rate is judged, at this time, to be consistent with achieving the inflation target over the medium term. mr. chairman, paul and i will now be happy to answer your questions.
the bank - sovereign nexus, have plagued the euro area for a long time. given the importance of banks for credit provision to the real economy, the ecb employed a wide variety of unconventional instruments to address impairments in monetary transmission. at the same time, deposit insurance schemes and macro - prudential policies are still a national responsibility and the banking sector remains fragmented along national lines. financial frictions may therefore also emerge along national lines. this creates additional uncertainties and interdependencies for the ecb. before i conclude, let me say some more words about the design of emu in light of these ecb - specific challenges i just mentioned. in the aftermath of the crisis, emu ’ s functioning has been enhanced, for instance, by the establishment of the european “ knows and unknowns of monetary policy instruments : implications for monetary policy strategies ”, speech at the european banking institute ’ s policy conference, frankfurt, 14 november 2019. stability mechanism and the steps towards a european banking union. such enhancements help align the incentives for policy action by other players with those of us, monetary policymakers. this is helpful for monetary policy in two ways. first, it reduces the likelihood of adverse shocks hitting the economy to which monetary policy would need to respond. and where monetary policy would need to respond to risks to price stability, the risk of undesirable side - effects is reduced. there is however no room for complacency. future steps to complete the emu could provide further comfort to the ecb that monetary policy will not be the only game in town. fostering more risk - sharing, would for instance entail developing a capital markets union and completing the banking union by means of a european deposit insurance scheme. this, by the way, was already foreseen by han de jong as early as in 1980, when he joined the european commission to work on proposals for harmonizing deposit insurance schemes in europe! conclusion so let me conclude. today i discussed what i see as the main challenges for central banks worldwide and the ecb in particular. these challenges underline the need for a review of the monetary policy strategy under the new ecb - presidency. and, as i have also tried to illustrate, some of these challenges imply that elements and lessons from other central banks cannot always be transposed onto the ecb. a discussion is therefore warranted on the merits of increased flexibility. the ecb has to navigate its policy in a world characterised by

net zero is underpinned by a resilient financial system. one which can manage the challenges associated with climate change. and one which can propel the green transition forward. members of the public may only see the outcome of such propulsion, just as i only see the swan above the surface. but, those who regulate, and operate within, the financial system know that the status quo will not suffice. significant work is required. i look forward to doing that work together, so that we can make the graceful transition a reality. thank you.
consumer - facing ), has important implications in relation to how economic shocks are transmitted to and from the sme sector. while granular data on sme reliance on each of these revenue sources are not available, much can be inferred from economy - wide input - output tables. for example, the latest cso data show that manufacturing and business services sectors are the most export orientated, while construction and distribution sectors have the highest shares of direct consumer sales. domestic business - to - business sales are most relevant to agriculture, business services and distribution sectors. a full understanding of the different sectoral interlinkages is of paramount importance in identifying the risks facing the sme sector. the experience of the sme sector since 2008 illustrates the importance of understanding the differences in inter - sectoral linkages across individual firms within the sector. between 2008 and 2012, sme employment levels declined by almost a fifth, which is about double the decline experienced by larger firms during the crisis. while employment fell in nearly 1 / 5 bis central bankers'speeches all sme sub - sectors, industry and construction were most affected. most severely, the reversal in the construction sector saw a 50 percent decline in employment. by 2014, employment in larger firms was just 5 per cent lower than 2008 levels, while still 15 per cent lower for smes. there are many factors which determined the magnitude of the economic shock faced by smes. one striking example is the difference in experience for those retail firms selling durable and non - durable goods. in the case of durables ( such as motors, furniture, hardware and electrical goods ), sales fell by 40 to 50 per cent during the crisis. in contrast, food sales in 2012 and 2013 were close to identical to those on the eve of the recession. the recovery in ireland in recent year has included a substantial contribution from the sme sector. the share of smes reporting increased sales almost doubled between 2013 and 2016, with rising activity levels in all the main business sectors. while we see expansion across all sme size categories ( micro, small and medium ), the recovery has been weakest for smaller, non - exporting smes. we observe similar patterns in the data on firm profitability. surveys carried out by the ecb also point to a relatively strong recovery in ireland : growth in turnover and profitability has been stronger here than in most other countries in the euro area in recent years. sme investment is also showing signs of recovery. recent research from

% 20investment % 20in % 20economic % 20recovery % 20article. pdf 3 using interest rates on non - financial loans under €250, 000 as a proxy for sme lending rates. 4 the guide is available here. the press release issued in june 2016 is available here. 5 / 5 bis central bankers'speeches
mortgages through covered bonds has been reflected in household lending rates. in combination with very low risk weights and corresponding low capital requirements on residential mortgages, banks may have favoured such lending. as a result, corporations seeking financing may be pushed into bond markets through a crowding out effect. in addition, a vibrant market could make bond financing more attractive and pull corporate borrowers to the market. higher interest rates on banks ’ corporate loans may contribute to this effect. in some of the markets in europe that have seen substantial deleveraging, loans to smes have been provided at steep interest rates. however, the economic situation and investment demand in general are probably much more important in determining overall growth in investment financing by banks. in general, banks still provide loans to profitable enterprises. to sum up : the covered bond market provides investors with a broad set of investment opportunities, banks with cheap funding and house buyers with ample credit. at the same time, extensive regulatory measures safeguard the solvency and liquidity of the banking system as a whole. a well - capitalized banking system with stable and liquid funding options is a prerequisite for markets to develop and thrive. that includes the covered bond market. thank you for your attention. 2 / 3 bis central bankers'speeches 3 / 3 bis central bankers'speeches

in the same direction, as it provides the proper incentives for prudent management of external liquidity and borrowing. it also helps in the economy ’ s process of real adjustment when facing a deterioration in the external scenario. in terms of both the exchange rate and access to credit, it is of high importance not to distort the incentives of financial institutions and firms to prudently administer their risks in a complex environment. to sum up, i would like to point out once again that the board of the central bank of chile strongly believes that as a country, and particularly as a bank, we are well prepared to confront periods of stress. we are certainly not immune to the events outside our borders, and risks are very high today. we have at our disposal the necessary tools to mitigate the effects of more adverse external conditions but, most importantly, we can and will use them whenever the situation calls for it. solid proofs of this are the measures we have taken in the last weeks. thank you. bis central bankers ’ speeches table 1 world growth ( annual change, percent ) average 00 - 07 ( e ) 2011 ( f ) dec. 11 mp report 2012 ( f ) jan. 12 weo dec. 11 mp report 2013 ( f ) jan. 12 weo dec. 11 mp report jan. 12 weo world at ppp 4. 2 5. 0 3. 8 3. 8 3. 5 3. 3 4. 1 3. 9 world at market exchange rate 3. 2 3. 9 2. 8 2. 8 2. 7 2. 5 3. 2 3. 2 united states 2. 6 3. 0 1. 7 1. 8 1. 8 1. 8 2. 2 2. 2 eurozone 2. 2 1. 9 1. 6 1. 6 - 0. 1 - 0. 5 1. 0 0. 8 japan 1. 7 4. 4 - 0. 7 - 0. 9 2. 0 1. 7 1. 6 1. 6 china 10. 5 10. 4 9. 1 9. 2 8. 2 8. 2 8. 5 8. 8 rest of asia 5. 1 7. 8 4. 5 4. 9 4. 4 5. 0 4. 8 5. 0 latin america ( excl. chile ) 3. 5 6. 3 4. 2 4. 2 3. 6 3. 6 4. 0 3. 9 commodity exporters 3. 1 2. 9 2.
fehmi mehmeti : the financial sector is liquid and supports the economy in kosovo speech by mr fehmi mehmeti, governor of the central bank of the republic of kosovo, at the conference with the head of the imf mission for kosovo, mr gabriel di bella, pristina, 4 november 2022. * * * dear di bella - head of the imf mission for kosovo dear media first of all, allow me to thank the international monetary fund for the continuous support it has provided to kosovo, and in particular to the central bank of the republic of kosovo, in carrying out its duties in maintaining and preserving a stable and continuously growing financial system. during the meetings held with representatives of the international monetary fund, we informed them about the latest developments and data of the financial system in kosovo. the financial system in kosovo has continued to be liquid and well capitalized, where double - digit growth has been recorded in all indicators being one of the important factors in the economic growth and development of the country. in total, the means of the financial system in the country, on 31 august, 2022, have reached the total value of 9. 3 billion euros, with an annual increase of 10 percent. in the meantime, the means of the banking sector have continued the growth trend even during 2022, reaching the value of around 6. 4 billion euros in august 2022, which represents an annual increase of 11. 1 percent. in august 2022, the total value of deposits is worth 5. 2 billion euros, which represents an annual increase of 11. 8 percent, while the growth of deposits continued during the month of september, with a rate of 12. 7 percent. the banking sector continues to be stable, increasing lending activity and playing a very important role in crediting the country's economy during this year as well. the value of the credit portfolio of the banking sector at the end of august 2022 was in the amount of 4. 2 billion euros, with an annual increase of 18. 6 percent, while the average loan interest rate was 6. 0 percent. non - performing loans have continued with the downward trend and today the rate of non - performing loans is at the level of 2. 1 %, which is a significantly better indicator compared to countries in the region or even beyond. the banking sector continues to be well capitalized and liquid. the capital adequacy indicator for the banking sector stands at 16. 1 percent, which is significantly above

the regulatory requirements of 12 percent, while the liquidity indicator is 35. 7 percent, similarly, higher than the regulatory requirement of 25 percent. we also have positive results in the insurance sector and other sectors. 1 / 2 bis - central bankers'speeches the central bank of the republic of kosovo is certain that it will continue to have the support of the international monetary fund and we will continue the successful cooperation with the international monetary fund. once again, allow me to thank the representatives of the international monetary fund for the contribution and continuous support of kosovo and the central bank. thank you. 2 / 2 bis - central bankers'speeches
us realise how essential europe really is. bis central bankers ’ speeches

the euro area economy has steadily recovered. we have now seen 22 consecutive quarters of economic growth. there are 9. 6 million more people in employment in the euro area than there were in the second quarter of 2013 ( when the number of people in work fell to its lowest point during the crisis ). the unemployment rate has declined to 7. 9 %, its lowest level since october 2008. and the employment rate of people aged 15 - 74 has risen from 54 % in 1999 to 59 % in the second quarter of 2018, the highest rate ever recorded in the euro area. the main motor of the recovery has been the domestic economy, driven by a strengthening in domestic demand and improving labour markets. that underlying strength of the economy has underpinned our confidence that inflation would converge towards our inflation aim in a sustained manner. as such, since 2017 we have gradually reduced the monthly pace of net asset purchases. we decided to end our net purchases in december last year, confident that the sustained convergence of inflation to our aim would proceed. at the same time, recent economic developments have been weaker than expected and uncertainties, notably related to global factors, remain prominent. so there is no room for complacency. a significant amount of monetary policy stimulus is still needed to support the further build - up of domestic price pressures and headline inflation developments over the medium term. our forward guidance on the key ecb interest rates, reinforced by the reinvestments of the sizeable stock of assets we have acquired, continues to provide the necessary degree of monetary accommodation for the sustained convergence of inflation to our aim. lessons for monetary policy and the monetary union so what have we learned from this experience? the ecb ’ s monetary framework rests on three elements : a clear mandate to achieve price stability ; independence over the instruments we can use to achieve our mandate ; and a strong accountability framework. the importance of each of these elements has been reinforced by the crisis. 2 / 4 bis central bankers'speeches first, we have seen that a well - defined mandate is vital for our credibility with the public, because it guarantees that the ecb will always act in the interest of the whole euro area, and will not be swayed by interest groups. second, we have seen that instrument independence is key to an effective monetary policy, since it allows the central bank to act quickly and flexibly to shocks, especially in exceptional times. indeed, a well - equipped toolbox, comprising both standard and non - standard instruments,
can return to this beautiful historical setting sans souci. in the meantime, i am most grateful for your support. thank you once again for this award and your kind words tonight and thank you very much for your attention. bis central bankers ’ speeches

they would previously have never heard of. certainly, there is an unwelcome side to this related to the potential for reviving outdated national stereotypes. but there is also a positive side insofar as it leads citizens in the euro area to develop a sense of belonging together and to care about decisions in other regions. one way to strengthen this trend would be to exchange more media between countries. and here i would like to invite your contribution. could you consider, for example, publishing what we might call “ imported pages ” from foreign newspapers? this would allow citizens to get a better sense of how issues are seen in other countries ; it would increase cultural sensitivity ; and it could generate europe - wide debates that divide along policy lines rather than national lines. over time, such debate would help to put european decision - making on a more legitimate footing. “ imported pages ” are but one idea, a starting point. it is with your dedication and creativity that more such ideas can be developed. it is a privilege to be part of the european project, for citizens and journalists alike. but it is also comes with responsibilities, for citizens and journalists alike. ultimately, a genuine european public space is essential for supporting the long - term vision of the euro area. citizens need to be in basic agreement that, within a monetary union, certain economic models are no longer possible. they must understand that there are limits to national discretion in economic policies that affect the area as a whole. in other words, there needs to be a new consensus on economic policies that will reinvigorate the european social model and make it fit for the 21st century. this is a discussion we must begin today. setting emu on a path towards stability is essential so that we can move permanently beyond the crisis. it will send a clear signal to citizens and financial markets that the euro area is committed to staying the course. and it will remove any grounds for doubting the euro ’ s future. there are many reasons to be optimistic that europe will find this path. the pattern over recent decades has always been to move forward towards a stronger and more united europe. when we have faced challenges, we have invariably found solutions. those who have predicted the worst have turned out to be mistaken. what ’ s more, the solutions we need do not require extreme approaches or impossible choices. they require a structured and achievable path towards completing emu. this is fully within our reach today. i am confident that one day i