samchain/econo-pairs-v2 huggingface dataset:
the potential for growth and collective prosperity. thank you. page 10 of 10

francois groepe : monetary policy and inclusive growth address by mr francois groepe, deputy governor of the south african reserve bank, at the 3rd ubs economics conference, cape town, 12 october 2012. * * * monetary policy and inclusive growth i wish to thank ubs for inviting me to address you in my beautiful home town. the topic i have been asked to discuss today is monetary policy and inclusive growth. this topic is particularly relevant given south africa ’ s income inequality as reflected in the most recently estimated gini - coefficient of 0, 69. the top ten per cent of the population earn approximately 58 per cent of the income and the bottom 50 per cent less than eight per cent. we furthermore have had to contend with structural unemployment, which currently stands at 24, 9 per cent. i will now proceed with a brief overview of the concepts of inclusive growth and productive employment before discussing the south african reserve bank ’ s ( the bank ) mandate, the monetary policy framework and how the achievement of the bank ’ s mandate enables the most appropriate backdrop for inclusive economic growth. inclusive growth inclusive growth refers to long - term sustained economic growth that is broad - based across sectors and inclusive of a large part of a country ’ s labour force, thereby reducing unemployment significantly. policies that encourage inclusive growth tend to emphasize removing constraints to growth, creating opportunity, and creating a level playing field for investment. according to the world bank ’ s commission on growth and development, a persistent, determined focus on inclusive long - term growth by governments is a key ingredient of all successful growth strategies. 1 long - term sustained high growth rates are further also dependent on productivity gains. productivity gains lead to higher rates of growth that in turn result in rising demand for labour as the economy expands and incomes rise in a virtuous circle. one well - known survey, by lopez of the empirical literature on economic growth concludes that macroeconomic stability, low inflation rates, and appropriate education and infrastructure - related policies have positive effects on growth and reduce inequality. more recent research initiatives have focused increasingly on constraints to future development and showed that a country ’ s initial conditions have a critical impact on long - run growth. initial conditions include levels of income and its distribution, the extent of poverty and many other factors including geography, governance and the set of existing macroeconomic policies. world bank research in 2005 highlighted the extent to which institutional structures, policies, and resource endowments interact in unique ways to support necessary policies such as a stable macroeconomic environment
justify the confidence that the people of the euro area have in their money. there ’ s a lot more to be seen in this exhibition, which i hope you will all find as interesting and entertaining as i did. so without further ado, allow me to declare it open. bis central bankers ’ speeches

yves mersch : opening of the new face of the euro exhibition speech by mr yves mersch, member of the executive board of the european central bank, at the opening of the new face of the euro exhibition, deutsche bundesbank, saarbrucken, 15 january 2014. * * * ladies and gentlemen, thank you all for coming here today to the opening of the ecb ’ s “ new face of the euro ” exhibition. and a special “ thank you ” to the deutsche bundesbank for hosting this event with the participation of the banque de france. it feels very appropriate to be in a border city like saarbrucken, at the heart of europe, to open an exhibition like this, dedicated to our single currency. the people of this city, with its long and eventful history, must be among those who best understand the ambitious vision to bring the nations of europe closer together. indeed, it was through the creation of a common market for coal and steel between six european countries that the first real step was taken towards the establishment of the european union as we know it today and that led to the creation of the euro 15 years ago. today, the euro helps to unite 334 million people in 18 different countries. allow me to say a brief word about the exhibition you have come to see. “ the new face of the euro ” is a travelling exhibition which has already been to a number of cities in the euro area. it aims to help people find out more about the notes and coins they use every day. on this occasion, though, there ’ s something new. the highlight today is the brand new ten euro note. it ’ s the first time it has been on public display since it was unveiled to the media just two days ago at the ecb in frankfurt. that means you ’ ll be one of the first to see this new note before it starts circulating on 23 september this year. the new ten euro is part of what we call the europa series of banknotes. it ’ s named after the figure from greek mythology whose portrait is included in the hologram and the watermark on the notes. take a closer look at those two security features in the exhibition, as well as the distinctive emerald number, which changes colour from green to deep blue when you tilt the note. they ’ re all examples of how we have used advanced technologies to make the notes even more secure. the security features will keep us well ahead of counterfeiters – and
##eman, d. ( 1974 ). judgment under uncertainty : heuristics and biases. science, 185, 1124 – 1130. vallone, r. p., ross, l., & lepper, m. r. ( 1985 ). the hostile media phenomenon : biased perception and perceptions of media bias in coverage of the “ beirut massacre ”. journal of personality and social psychology, 49, 577 – 585. woodford, m., 2003. interest and prices. university press, princeton, nj. bis central bankers ’ speeches

move as much, smaller adjustments in production levels are required. in essence, what price - level targeting does is to make expectations act as a buffer against shocks, delivering lower volatility in both inflation and output. 12 this could prove particularly useful in situations where deflationary forces cause the zero lower bound on the policy rate to bind. the promise that the effects of shocks pushing the price level below target will be reverted means that prices don ’ t have to fall as much today. the only way by which monetary policy can bring the price level back up to its target is by eventually injecting further monetary stimulus. the promise of bringing the price level back to target is thus equivalent to a promise of future monetary policy stimulus which helps to stimulate the economy today. 13 clearly, then, under price - level targeting, expectations do the heavy lifting. they serve as automatic stabilizers in response to shocks. but if people ’ s expectations do not adjust favourably, the edge of price - level targeting over inflation targeting diminishes. 14 the success of a price - level targeting regime would depend on how quickly the public learns and adjusts its expectations and on the degree of credibility with which policy - makers can implement price - level targeting. 15 our understanding of behaviour and of expectation formation also has an impact on a second question that has come to the forefront in the aftermath of the crisis : to what extent does monetary policy have a role to play in supporting financial stability? a blind faith in purely rational expectations would tilt one towards the conclusion that monetary policy – and in fact most policies – would have a limited role in this regard. asset prices should reflect all available information and the best decisions people could make given this information. contracts should be designed optimally, reflecting a complete understanding of the consequences of the incentives at play. if expectations are assumed to be fully rational – while not impossible – it may be harder to see how bubbles could form. but, as the recent financial crisis made clear, various facets of human behaviour and decision making can contribute to the build - up of financial vulnerabilities. people show a tendency to forget the past and assume that the future will be like the present. periods of stability could breed complacency, making us overconfident that good times are here to stay and generate an excessive appetite for risk. for a recent review of research on price - level targeting see cote ( 2007 ) ; amano et al. ( 2009 ) ; ambler
nor have the side effects of our novel measures been as drastic as the public debate at times suggests. for example, there is no evidence that purchases of government debt have undermined the disciplinary function of financial markets or created moral hazard. 3 lower interest rates did not lead governments to take on more debt. the primary balances for the vast majority of euro area countries improved after the start of our government bond purchases. moreover, the sensitivities of euro area sovereign bond yields to macroeconomic news and risk remain far removed from the complacency that characterised financial markets in the run - up to the global financial crisis. but the risk that non - standard policy tools may eventually create unintended adverse side effects becomes higher, the more intensively they are used and the longer they are maintained. this is where the title of this morning ’ s session comes in again : the lower nominal interest rates are, the larger are the benefits of using other policy domains more actively, in particular fiscal and structural policies. the current pandemic crisis is a case in point. the measures we have taken since march – most notably the asset purchases under the pandemic emergency purchase programme, or pepp, and the liquidity provision to banks through targeted longer - term refinancing operations, or tltros, – have been crucial in allowing the financial sector to act as a backstop for the euro area economy. 4 2 / 4 bis central bankers'speeches they prevented the health crisis from turning into a full - blown financial crisis at a time when markets started to panic and price action became highly destabilising, which could have had dire consequences for society as a whole. but at times of significant uncertainty, private investment may not fill the gap left by the pandemic in spite of very favourable financing conditions. in these situations, monetary policy cannot unfold its full potential. fiscal expansion is then indispensable in order to sustain demand and mitigate the long - term costs of the crisis. 5 strong complementarities reinforce the policy impact, working in both directions. on the one hand, fiscal policy will be more effective when interest rates can be expected to remain low for a considerable period of time, like today. on the other hand, decisive fiscal action increases the effectiveness of monetary policy, especially in the presence of divergent developments across the euro area. indeed, the historic decision by european governments to tackle this crisis with a common fiscal response was not only a strong gesture of

the ecb ’ s monetary policy during the coronavirus crisis – necessary, suitable and proportionate ”, speech at the petersberger sommerdialog, frankfurt am main, 27 june. 5 empirical evidence corroborates this view. new research by the international monetary fund ( imf ) finds that, in periods of high uncertainty, an increase in public investment by 1 % of gdp could lift real gdp growth by up to 2. 7 %. see imf ( 2020 ), “ public investment for the recovery ”, fiscal monitor : october 2020, chapter 2. 4 / 4 bis central bankers'speeches
much deeper or longer this global downturn will be. what we need to do now is to ease some of the pain currently experienced, build up safeguards and prepare for the eventual upturn. in thailand, policymakers on all fronts together with the private sector are doing just that.

to conclude, climate change is a big deal for the financial system for a number of reasons that i have mentioned. as for the response, the overall direction of the financial sector ’ s response to climate change so far is positive, but still very much in an early stage. the progress, however, is more limited in asia. to promote greater engagement of the financial system, the issues of incentive and availability of tools are important. on the former, key principles guiding the policy approach should include clear global rule beyond 2012, the need for clear incentive structure by the government at the country level, reliance on market mechanism to innovate and grow the response, and financial regulation that is neutral on the issue. under such policy setting, there will be ample opportunities for the financial system, especially in supporting green technology and carbon trading market. lastly, for emerging markets that are starting up on the issue, five actions along the following lines could be useful. they are ( 1 ) establish the country ’ s overall strategy on carbon trading ; ( 2 ) reduce search cost in matching buyers and sellers through a centralized system ; create awareness and educate all market players ; ( 4 ) provide the needed tax incentive to build up the market, and ( 5 ) provide a clear legal framework. actions in these five areas will go a long way in avoiding many of the problems that some countries are now encountering. thank you.
to the dynamism and vigour of the takaful industry. with this strategic alliance between 2 financial groups of such calibre, bank negara malaysia looks forward to strong management stewardship, innovative product offerings, wide distribution channels, operational and service excellence as well as breakthrough business strategies that are well - matched by robust risk management capabilities. i am confident that ing public takaful ehsan will benefit greatly from the synergies and complementary strengths of its shareholders, by drawing upon the combined wealth of market experience, technical underwriting expertise, multi - channel distribution network and infrastructure, to successfully make its mark as one of the leading takaful operator, both domestically and on the global front. bis central bankers ’ speeches in the pursuit to seize the growing business opportunities in the increasingly competitive environment, building a pool of highly skilled and knowledgeable workforce must remain a strategic priority for takaful operators. as a knowledge - intensive industry, human capital can indeed be a potent weapon of competitive advantage for the industry. as the industry seeks to achieve a higher level of competitiveness, increased product complexity, business sophistication, service excellence and the global nature of competition are all demanding greater depth and breadth of leadership, knowledge, competence and skills of industry professionals. adding to the demands for increased organisational capabilities is the changing regulatory landscape towards risk - based capital, soon - to - be implemented for the malaysian takaful industry, which places greater prominence on strong risk management culture. i must also stress on the distinctive human capital requirements for the takaful industry – with respect to the need to ensure that the industry workforce possesses the right blend of technical knowledge and understanding of the shariah. several centres of excellence for advanced education and training in islamic finance such as the international centre for education in islamic finance ( inceif ) and industry ’ s own islamic banking and finance institute malaysia ( ibfim ) are currently tasked with this pivotal role of enhancing takaful expertise through dedicated takaful modules and training programmes. going forward, continuing support and stronger commitment of takaful operators to develop and enhance the pool of talents will be crucial in determining the extent of future progress and achievement. whilst the need to develop technical skills is paramount, emphasis must also continually be given to the adoption of the highest level of professionalism and good market conduct. this is an area of particular importance for takaful intermediaries, marketing and servicing front liners representing the face and image

success in life. may you pursue excellence, mastery, adaptability and persevere through every circumstances in life. in this regard, we look forward to your many future and excellent contributions to build malaysia to be a prosperous, inclusive and vibrant nation. 2 / 2 bis central bankers'speeches
will also have a share in these benefits.

gazi ercel : the role of the euro from the turkish standpoint speech by mr gazi ercel, governor of the central bank of the republic of turkey, made during the 6th international financial and economic forum, held in vienna on 9 november 2000. * * * ladies and gentlemen, i would like to thank the organizers of this conference for inviting me to share my thoughts on the euro ’ s role as seen from the turkish point of view. of course, the introduction of the euro is affecting not only the economies that are members of the european union but also non - member economies that have close links with members. these include emerging market economies much of whose trade and financial transactions is with european union members. those whose external debt is largely denominated in european union currencies will be affected the most. even though turkey is not yet a member of the european union, it has close ties with countries that are. not only does turkey carry on a large volume of foreign trade with eu members, it is also the only candidate for membership that has entered into a customs union with the eu, signed at the end of 1995. turkey ’ s close relationship with eu countries and the present role of the euro in the turkish economy are illustrated by the following : • europe is turkey ’ s largest trading partner. in 1999, 54 % of turkish exports - $ 14. 3 billion - and 53 % of turkish imports - $ 21. 4 billion - went to or came from eu countries. • about 54 % of turkey ’ s official reserves consists of euro - 11 currencies and the euro itself. • the foreign exchange deposits belonging to turkish workers in other countries and held in the central bank of turkey amount to about 11 billion euros, almost 93 % of which is in the form of deutsche marks. • our external debt totals about us $ 106 billion, 34 % of which consists of euro - 11 currencies and the euro itself. • since 1 january 2000 the turkish treasury has borrowed via bond issues in the international capital markets a total us $ 7. 5 billion, 37 % of which is denominated in euros. • during the last five years, 60 % of direct foreign investments in turkey came from europe. • of the 9. 3 million foreign tourists who visited turkey during the first ten months of this year, 5. 1 million came from europe. given the breadth and depth of turkey ’ s relationship with the european union, it is no wonder that the euro and the
##ity position. the australian banks had raised a significant amount of wholesale funding before the disruption to markets and deposit inflows are robust. they are resilient to a period of market disruption. spreads on australian bank bonds have widened, although yields remain at levels that are still very low historically. we have not seen any particular sign of pressure in our daily market operations to date. the spread between the bank bill swap rate and the expected policy rate ( ois ) has risen in recent days but remains low, nothing at all like what occurred in gfc. exchange rate volatility has been very low for a considerable period of time, but has picked up in the past few days. however it still remains considerably lower than volatility in other financial markets. the yen has appreciated by as much as 10 per cent against the us dollar, as japanese investors repatriate funds, as normally occurs in these type of situations ( graph 9 ). more surprisingly, the euro has also appreciated against the us dollar. market intelligence indicates that part of the reason for this is the liquidation of trades that were funded in euros and invested in higher yielding assets such as emerging market bonds. the sharp narrowing in the interest differential with the us has also contributed. https : / / www. rba. gov. au / speeches / 2020 / sp - dg - 2020 - 03 - 11. html 9 / 12 11 / 03 / 2020 the virus and the australian economy | speeches | rba graph 9 the australian dollar has depreciated by 6 per cent since the beginning of the year to decade lows against the us dollar and on a trade - weighted basis ( graph 10 ). this will provide a helpful boost to the australian economy and has occurred despite the prices of the bulk commodities, iron ore and coal, remaining resilient. https : / / www. rba. gov. au / speeches / 2020 / sp - dg - 2020 - 03 - 11. html 10 / 12 11 / 03 / 2020 the virus and the australian economy | speeches | rba graph 10 turning to monetary policy, the board met last week and decided to lower the cash rate by 25 basis points to 0. 5 per cent. this decision was taken to support the economy by boosting demand and to offset the tightening in financial conditions that otherwise was occurring. the reduction in the cash rate at the march meeting was passed in full through to mortgage rates. the cash rate has been reduced by 100 basis

australia, 2001 – 2020. all rights reserved. the reserve bank of australia acknowledges the aboriginal and torres strait islander peoples of australia as the traditional custodians of this land, and recognises their continuing connection to country. we pay our respects to their elders, past, present and emerging. https : / / www. rba. gov. au / speeches / 2020 / sp - dg - 2020 - 03 - 11. html 12 / 12