samchain/econo-pairs-v2 huggingface dataset:
timely market intelligence. ladies and gentlemen, it is with great pleasure that i announce that for the fifth consecutive year, stanbic bank uganda ltd is the primary dealer of the year 2015. i now invite the managing director to receive the award. congratulations and i thank you. bis central bankers ’ speeches

has not been utilized to its full potential. an imf study in 2009 finds that remittances indeed help lift people out of poverty ; in most countries, however, its potential as driver for investment and economic growth has yet be fully explored. together with other members, stakeholders, and partners of the remittance for development council, we can explore new projects and expand our existing initiatives to create a more enabling environment to harness remittances for more savings and productive investments. for your information, the bangko sentral continues to work on lowering bank remittance charges further …. and to provide an environment for safer and faster remittance services through our banking system. at the same time, the bangko sentral has been conducting lectures on saving, investing and money management for overseas filipinos and their dependents in the last three years. this financial education program has brought us to places with heavy concentration of overseas filipinos – such as japan, europe, and the middle east – in cooperation with the department of foreign affairs. in the philippines, our partnership is with the department of bis central bankers ’ speeches labor and employment and its agencies in prioritizing areas where many dependents of overseas filipinos reside. we look forward therefore to forging new avenues of cooperation and deeper alliances within the remittance for development council to realize our shared goal of delivering a better quality of life for our modern day heroes – our overseas filipinos and their dependents. in the meantime, palagi nating tandaan ang sumusunod na tula : perang padala, talagang mahalaga ipunin, palaguin, pag - yamanin para magkasama - sama muli pamilya natin at patuloy lumakas ang mahal natin … ang bansang pilipinas mabuhay ang ating overseas filipinos! mabuhay ang ating mahal na bansang pilipinas! maraming salamat sa inyong lahat. bis central bankers ’ speeches
industry outlook

be published next week. longer term trends it is natural that immediate issues are at the forefront of our minds. however, it ’ s important that sufficient time and attention is devoted to considering the longer term shifts in our economy and society. what might the impacts, direct and indirect, be on the insurance sector of technological innovation and the digitalisation of financial services? recent research suggests more than 90 % of european insurers have already implemented measures to enhance digital capabilities, including data analytics and artificial intelligence, or have plans to do so within next twelve months. 12 other key shifts include our ageing society, the greater integration of europe ’ s single market, the growing role of asia in the global economy, and the impact of mankind on the world ’ s biodiversity, never mind climate change. how should we respond? the central bank ’ s aim is to meet these challenges by being future - focused, by working with stakeholders and by accepting that success can best be delivered if we are open to diversity of thought. this brings me back to where i began. a well - functioning insurance market provides important benefits and supports for society as a whole. and the central bank ’ s constant and predominant aim is for “ the welfare of the people as a whole ”. conclusion in closing, i ’ d like to acknowledge the important role played by insurance ireland in advocating for its members, and in promoting the irish insurance sector, both here and abroad. we have a shared interest in a strong, stable sector. i look forward to productive, open engagement in the future. thank you. 1with thanks to brian balmforth, mark rowe, pamela farrell, joseph collins, chris joyce, olivia rouse and deirdre nic ginnea for their support in preparing this speech 2see esrb report on systemic risks in the eu insurance sector december 2015 3eiopa insurance overview report 2021 here insurance ireland. see https : / / www. insuranceireland. eu / about - us / about - us 5see european commission proposals for amendments to the solvency ii directive and a new insurance recovery and resolution directive see my remarks at irish funds conference : " funds - facing the future " 31 may 2022 7see central bank of ireland financial stability review 2022 i see central bank of ireland financial stability review 2022 i 9see ecb governing council monetary policy statement amsterdam, 9 june 2022 10see central bank of ireland financial stability review 2022 i see for example commission impact assessment 12deloitte 2022 insurance
, tiff and i would be pleased to take your questions. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

it relates to the first company printing the albanian banknote. mr bundy will show the unspeakable on the designing, techniques and art of conceiving the albanian banknote, illustrated by photos and sketches. in the end, we invite you to explore our temporary exhibition on this topic and see the unspeakable through your own lens. 2 / 2 bis central bankers'speeches
the important role remittances can play on a micro and macroeconomic level are worth every effort undertaken to achieve that end.

basis of two indicators we have been using to assess the probability of inflation convergence. the first is our own internal estimates of the distribution of future inflation outcomes. ecb staff have constructed a measure that combines the implied inflation distributions from a variety of sources – eurosystem staff projections, model - based estimates, market - based measures of expectations and surveys such as the spf. these sources are then weighted by their historical ability to accurately forecast inflation. that aggregate probability distribution of two - year - ahead inflation expectations has evolved in three dimensions that provide confidence that inflation adjustment is sustainable. the mean of the distribution has increased, the dispersion of the distribution has narrowed, and the downward skew has declined. second, we have been monitoring a range of measures of underlying inflation, including modelbased statistical measures such as what we refer to as the pcci, 8 and exclusion - based methods such as inflation excluding food and energy. measures of underlying inflation typically provide some early information about the rate at which inflation will stabilise in the future, once all the noise that is affecting current observed headline measures has faded away. though underlying inflation has not yet shown a clear upward trend, the improvement in wage growth, domestic producer prices and inflation expectations gives us more confidence that, as resource utilisation continues to tighten, underlying inflation will eventually begin to rise. finally, market pricing provides some comfort on the resilience of inflation to the anticipated gradual ending of asset purchases. inflation expectations are influenced not only by economic fundamentals and the cumulative impact of our past policies, but also by market expectations of future policy settings, including net asset purchases. ahead of our meeting last week, the median market expectations for net purchases beyond september 2018 were small. it follows that the contribution to our inflation outlook from expected future net purchases was also modest. as a result of this assessment, last week the governing council concluded that progress towards a sustained adjustment in inflation has been substantial so far. as we announced, we anticipate that after september 2018, subject to incoming data confirming our medium - term inflation outlook, we will reduce the monthly pace of the net asset purchases to €15 billion until the end of december 2018 and then end net purchases. that decision, while acknowledging the increase in uncertainty, shows that we are confident that the projected convergence in the path of inflation will occur with sufficient probability without further net additions to our stimulus. the economy and the inflation process are developing an underlying strength that was previously absent. as a
2002. see lagarde, c. ( 2021 ), “ happy anniversary to euro cash! ”, the ecb blog, 31 december. 2 / 2 bis central bankers'speeches

price stability. in more general terms, this principle embodies the ancient wisdom of the quantity theoretic law that it is the growth of money that ultimately anchors the development of prices. each one of these two principles – if taken individually – entails some guidance for the monetary policy - maker, which, however, is partial. a monetary policy strategy – such as the one adopted by the ecb – can be seen to provide a robust framework for monetary policy decision - making, which heeds these two general principles in a way in which they reinforce and complement each other. the lesson suggested by the first principle is that disturbances have to be evaluated, as they come about, according to their potential for propagation, for infecting expectations, for degenerating into price spirals. and preventive action should not be delayed, as it becomes clear that shocks – whatever their origin – may take hold in the economy and evolve into inflationary or deflationary pressures over the medium term. the time dimension of these possible developments varies with the type of shock, the initial macroeconomic conditions, the prevailing financial sentiment, the international environment and many other variables. therefore, the horizon for monetary policy cannot be set in advance. sometimes it pays to look far ahead, beyond the average lag of monetary transmission. sometimes, the economy can be expected to return to price stability within a much shorter horizon. in all events, a central bank has to ensure that expectations be quickly reverting to its declared objective of policy. the policy recommendation implicit in the second principle is simple : do not ignore the information that monetary developments contain for medium - term price developments even if the relationship between money and prices may not come through strongly at shorter horizons. this principle also provides an antidote against the pitfalls of exceedingly forward - looking rules. looking into the future with a vigilant eye, as the first principle suggests, is a fundamental element of good policy. but, by constantly looking ahead, one should not lose sight of the intended trajectory of policy and the need to act consistently over time. one should always be constantly aware of possible, inadvertent slippages from the intended long - term direction. in the end, monetary policy needs to ensure a path of money supply which is consistent with maintaining price stability over the medium term. trends in money velocity can be incorporated in such a longer - term benchmark, to account for the evolving structure of the monetary exchange. but, in the
close and constant contact with credit institutions gives them a thorough understanding of banking systems, – they are responsible for ensuring that payment systems operate smoothly, – and they contribute to banking supervision. i thank you for your attention.

thirachai phuvanat naranubala : the role of non - bank financial institutions in relation to monetary policy speech by mr thirachai phuvanat naranubala, deputy governor of the bank of thailand, at the regional seminar on non - bank financial institutions in east asia region, bangkok, 4 september 2002. * * * i wish to congratulate the securities and exchange commission of thailand and the world bank for organizing such an interesting seminar in bangkok, and to thank them for inviting me to share my thoughts with you today. i can see that the topics in the seminar will cover many important aspects of non - bank financial institutions ’ operations - - ranging from the regulatory and supervisory framework to capital market development as well as the issue of governance. but i am the only person touching on monetary policy aspect. monetary policy does affect an important part of your business, which is the bond market. because the one factor reflected in the bond market yield curve is inflation expectation. therefore, if the framework and the conduct of monetary policy result in low and predictable inflation, it will help curb volatility of the yield curve and support development of the bond markets. change in monetary policy stance also directly affect interest rate and hence the bond market. thus, it pays for you to understand monetary policy. monetary policy in thailand in order for you to do that, i have to start by telling you about how the monetary policy framework has evolved here in thailand. since the end of the second world war, thailand employed the regime of fixed exchange rate one way or another. at the beginning our currency was fixed to the british pound, and later to the us dollar - first directly, then later via a basket with a very heavy us dollar content. the regime had served us very well. it provided certainty for international trade, and it helped to attract foreign investment. we were able to maintain the parity with the us dollar for more than 18 years until 1981 when we had our first devaluation. the pressure on our parity in the early days was slight. thailand ’ s exports at that time were rice, rubber, tin and teak. our production costs for those items were among the lowest in the world. however, beginning from the 1980 ’ s, we began to industrialize. our industrial exports which was only 33 % of the total exports at the end of the 1970 ’ s quickly rose to 76 % in 1990 and even further to 86 % today. with industrialization, we
riksbank can do is to inspire confidence in the inflation target, which can in turn provide a starting point for the negotiations. the inflation target and the industrial agreement have worked well together since 1997. they can continue to do so. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

##ness of swedish companies. but this is wrong. the development of the exchange rate, as shown in figure 7, has been affected by a number of factors, where competitiveness is only one factor and moreover not always an important one. competitiveness is affected by differences in payroll expense and increases in payroll expense in sweden and other countries. it is also affected by differences in productivity and increases in productivity. a rapid increase in productivity in sweden is therefore particularly beneficial if it is higher than the increase in productivity abroad. finally, it is important to see bis central bankers ’ speeches how prices develop in the markets where swedish companies exposed to international competition sell their goods and services. wages in sweden have increased by on average 2. 7 per cent a year since 2010. this is shown in table 1. the increase is in line with that in germany, but higher than the increase in the euro area as a whole. it is also higher than the aggregate for oecd countries. at the same time, productivity in sweden has not increased as quickly as in other countries. the development of unit labour costs reflects the difference between wage increases and growth in productivity. unit labour costs, measured in the respective currencies, are shown in the column on the far right of the table. sweden is here on the same level as germany, but higher than the euro area as a whole and also higher than the oecd aggregate. inflation towards the target – in an orderly manner let me round off. one main purpose of my speech is to show how important the inflation target has been as a benchmark for price - setting and wage formation in sweden. it is an important task for the riksbank to create confidence in the inflation target. this is why we are worried over the current low inflation rate. the riksbank wishes to safeguard the inflation target. we can do this by formulating monetary policy so that the current low inflation rate rises towards the target. during the spring we have therefore cut the policy rate further on two occasions and moreover decided to buy government bonds. we are prepared to do more than this if it proves necessary. at the same time, it is important that the journey back towards the inflation target is a smooth one and does not pose any threat to production and employment. we are now on the verge of very extensive wage bargaining rounds. several hundred collective wage agreements will expire in the first part of 2016. it is the social partners who will negotiate and sign new collective agreements. what the
gent sejko : address to the parliamentary committee on economy and finance address by mr gent sejko, governor of the bank of albania, to the parliamentary committee on economy and finance, tirana, 23 february 2022. * * * honourable chair, honourable members of the committee, thank you for this public hearing organised in the framework of my nominee for the renovation of the term as the governor of the bank of albania. at the beginning of my address, please allow me to highlight that i am very honoured that the parliament of albania re - affirmed the confidence to continue to contribute in the field of albanian economic and financial area management, as a member of the bank albania ’ s supervisory council. in the same spirit, i would like to point out that my nomination for the position as the governor is motivated by an internal incentive : finalising the thoroughly transformation of the bank of albania and turning it in a modern central bank. in my vision, the bank of albania should converge towards the conjures of a modern central bank, suitable to be part of the european system of central banks ; able to deal with the challenges lying ahead in the path of the sustainable economic development, for the comprehensive modernisation of the financial system, for the european integration, and in its function as a reliable partner of albanian public, civil society and academic world. dear ladies and gentlemen, in capacity of the governor of the bank of albania, as well as the chair of its supervisory council for the last seven years, i had the privilege to serve in one of the highest public positions of the country. throughout this period, i have conceptualised and supervised the implementation of a set of important reforms, which have affected the organisation and activity of the institution, and have enhanced the ability and accomplishment level of our legal tasks and our institutional commitments. due to the limited time to provide a complete overview of the institution ’ s achievements, which have been maximally assessed in the annual resolutions of the honoured parliament, allow me to focus on some of the main directions of my work. the main mission of the bank of albania is to achieve and maintain price stability. this mission is interpreted as an average inflation rate of 3 % in both the medium and long term the bank of albania, in fulfilling this mission, conducts exclusively and in independently the monetary policy function. the monetary policy of the bank of albania has performed a notably qualitative leap throughout the previous term. in this light, in 2015 we have adopted a clear inflation targeting

my 30 - year - work in both the public and private sector of financial industry, the experience in executive positions, and results of my work, are a guarantee in fulfilling this duty. the reliance of this distinguished committee, will serve as a further motivation in giving my contribution to developing the bank of albania. thank you! 5 / 5 bis central bankers'speeches
expand their balance sheet rapidly by depending on cheap short - term wholesale funding. this may weaken the ability of banks to respond to liquidity shocks. nsfr seeks to discourage banks to rely on short - term wholesale funding, thereby promoting funding stability and encourages better assessment of funding risk across all on - and off - balance sheet items. the nsfr is the ratio of available stable funding to required stable funding ; it is required to be equal to at least 100 % on an on - going basis. “ available stable funding ” is that portion of capital and liabilities which is expected to be reliably available up to one year. “ required stable funding ” is the stable assets held by a bank as also, its off - balance sheet ( obs ) exposures. though the guidelines are at draft stage, i would like to flag a few issues that you may like to discuss. the nsfr standard, unlike lcr, is not being phased - in. consequently, from january 1, 2018, banks would have to maintain nsfr of at least 100 per cent. our understanding is that indian banks would be comfortable on nsfr front. as of june 2015, based on data from a sample of indian banks, the nsfr was observed to be 121 per cent, much higher than the requirement of 100 per cent. some of the issues under nsfr relate to treatment of secured funding transactions, specifically regarding the rsf factor for the amount receivable by a bank under a plain vanilla reverse repo transaction, treatment for the collateral received if held unencumbered, bis central bankers ’ speeches treatment of collateral received in secured lending transactions if the collateral has been rehypothecated, etc. these require better understanding and wider debate. one of the peculiarities of our market is collateralised borrowing and lending obligation ( cblo ). it is akin to tri - partite repo. however, presently it is treated like an unencumbered loan to financial institutions with residual maturities of less than six months, and hence, carries a rsf factor of 10 per cent. there is another view that cblo is more like level 1 hqla and must be accorded a rsf of 5 per cent. cblo is a product that is unique to india. a cblo is created against the eligible securities that become encumbered. a bank trades this cblo with a counterparty, which lends money and buys cblo. what the counterparty is buying is

that it not only improves the lives of individual consumers, but that it also makes for more - effective policy and a better economy. delivering on that promise is the hard part, of course, but that's where the national council comes in. we at the federal reserve are proud of our relationship with blinder, alan s, ( 1994 ), " interview with alan s. blinder, " the region, federal reserve bank of minneapolis, december, 1994. bernanke, ben ( 2006 ), " a message from chairman bernanke, " federal reserve bank of dallas, july, 2006. the national council and with other educational organizations around the country, and we look forward to continuing this important work. the task at hand is not easy, as all of you know, but the returns are high.