samchain/econo-pairs-v2 huggingface dataset:
broad measures to targeted ones and in a concerted manner. any fiscal expansion falling short of these principles is likely to increase medium - term inflationary pressures, which would necessitate a stronger monetary policy response through higher interest rates. euro area projections the euro aoof the rea latest available projections of december 2022, show that the annual average real gdp growth is anticipated to slow down significantly from 3. 5 % in 2022 to 0. 5 % this year, before rebounding to 1. 9 % in 2024 and 1. 8 % in 2025. average annual inflation is expected to fall, from an average of 8. 4 % last year to 6. 3 % this year, with inflation projected to fall from 10 % in the last quarter of 2022 to 3. 6 % in the last quarter of 2023. headline inflation is then expected to fall to an average of 3. 4 % in 2024 and 2. 3 % in 2025. the reduction in headline inflation over the projection horizon, reflects strong energy - related downward base effects throughout the course of 2023, the gradual impact of the normalisation of the ecb's monetary policy which started early in 2022, the weaker economic growth outlook and the assumed decline in energy and food commodity prices, in line with futures prices. the underlying assumption in all this is that long - term inflation expectations will continue to remain anchored. the cyprus economy 2 / 4 bis - central bankers'speeches as regards cyprus, the economy showed notable resilience in 2022, recording significant growth of 5, 6 %, despite the negative international environment. this is in part due to the higher than expected activity in the tourism industry, the nondependence of the cypriot economy on russian gas, as well as the reality that the cypriot banking sector has very limited exposure to the russian economy and therefore has not been affected by the sanctions on russia. in particular, according to the latest available data, deposits from russian federation citizens amount to only 2, 17 % of total deposits of the cyprus banking sector at the end of january 2023, while loans amount to only 0, 2 % of total loans. economic growth in cyprus was supported by new lending by the cyprus banking sector and by foreign direct investment. for example, largely owing to the enactment of new incentives, including the facilitation of a fast - tract process for incoming firms, a large number of high value - adding foreign companies have been attracted to cyprus.

level, it means that inflation is expected to be at 3. 3 % in the fourth quarter of 2023, assuming, of course, there are no new external shocks. the aim of monetary policy, through higher interest rates, is to support disinflationary pressures through downward pressure on demand. so monetary policy has a " more " difficult job than when dealing only with " typical " demand driven inflation. 1 / 2 bis - central bankers'speeches given the above considerations and the current highly uncertain environment, the inherent flexibility of the meeting by meeting approach we decided at the governing council is well suited to calibrating monetary policy, in line with the incoming data and the evolving outlook. thank you. 2 / 2 bis - central bankers'speeches
aujayeb, legal officer and mr g. gonpot, senior bank officer will represent the bank on this committee. the bank of mauritius and the financial services commission have also agreed to the principle of rotating chairmanship, with the committee being chaired alternately by the chief economist of the bank and the acting deputy chief executive of the financial services commission. let me add that while we are a dynamic sector, we have observed that quite some poaching of staff goes around in our sector. we do not want this to happen between our two institutions. quite a few employees of the fsc have applied for posts at the bank. on this note, i would like to thank you for your presence at the bank today and look forward to your support and collaboration in enabling this joint committee achieve its objectives. thank you for your attention.

? will the eu find a lasting solution to the sovereign debt problem of its periphery? or will the yuan or renminbi, or why not the rand and others, emerge as quasi - reserve currencies? to sum up, what i have tried to do in this wide - ranging talk is to reassure you, ceo ’ s and operators at the cutting edge of business, that your regulators are very much on the job and fully - engaged. unlike some of our counterparts in the us or the uk, we can hardly be accused of sleeping at the wheel. we are trying to anticipate problems that may lie ahead. we are trying to ensure that you get a good deal, and – more than that – that our population, and not just business, gets a good deal! they deserve no less! and i believe i deserve a real breakfast, now! bis central bankers ’ speeches
digitalisation and what it means for the german banking sector ", " european deposit insurance " and " basel iii ". it was an honour to speak here alongside such respected figures as daniele nouy, stefan ingves, sabine lautenschlager, felix hufeld and klaas knot. of course, it ’ s too early to bid a proper farewell at this point. i do, after all, still have around seven more weeks of my tenure left to serve before i leave the bundesbank. although it was my own decision and long - term plan not to extend my term of office, i will be leaving with a heavy heart. i wish my successor in banking supervision all the very best and will always be on hand to offer help and advice if they so wish. there will always be a special place in my heart for the german 6 / 7 bis central bankers'speeches banking industry, where i have spent 33 years of my career since my time as a banking apprentice. as a departing member of the bundesbank ’ s executive board, i will not be adopting a " devil may care " attitude – and nor should we when it comes to taking care of our planet. thank you. 7 / 7 bis central bankers'speeches

, no. 4, pp. 343 - 362. 2. shin, h. s. ( 2009 ), securitisation and financial stability. economic journal, 119, pp. 309 – 332. 3. bord, v. m. and j. a. c. santos ( 2015 ), does securitization of corporate loans lead to riskier lending? journal of money, credit and banking, vol. 47, issue 2 - 3, pp. 415 - 444. 4. european central bank and bank of england ( 2014 ), ” the impaired eu securitisation market : causes, roadblocks and how to deal with them ”, discussion paper, march. 5. financial stability board, “ strengthening oversight and regulation of shadow banking : an overview of policy recommendations ”, 29 august 2013. 6. european commission, report from the commission to the european parliament and the council on the functioning of the securitisation regulation, 10 october 2022. 7. regulation ( eu ) 2017 / 2402 of the european parliament and of the council of 12 december 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending directives 2009 / 65 / ec, 2009 / 138 / ec and 2011 / 61 / eu and regulations ( ec ) no 1060 / 2009 and ( eu ) no 648 / 2012. 8. klein, p., mossinger, c. and a. pfingsten ( 2021 ), transparency as a remedy for agency problems in securitization? the case of ecb ’ s loan - level reporting initiative. journal of financial intermediation, vol. 46. 9. ertan, a., loumioti, m. and r. wittenberg - moerman ( 2017 ), enhancing loan quality through transparency : evidence from the european central bank loan level reporting initiative. journal of accounting research, vol. 55 no. 4, pp. 877 - 918. 10. https : / / www. iwkoeln. de / institut / veranstaltungen / markus - demary - die - bedeutungdes - kapitalmarkts - und - der - verbriefung - fuer - die - transformation - der - wirtschaft - innrw. html 11. stiglitz, j. e. ( 1985 ), information and
and 124 in “ resolving efficiency ”. not an insignificant part of the blame for this predicament usually is laid at the door of the complexity and opacity of the regulatory framework. without admitting the truth of the accusation or culpability as a regulator, i have no hesitation in stating that both the regulatory framework and its administration require improvement. at the same time, let me argue that this improvement is not possible at the initiative of the authors and administrators of regulations alone ; it requires active contributions from those for whom the regulations are framed. this is where you have an important role to play. 5. what is the foundation of regulations? in a free market economy, regulations are basically aimed or should be aimed at addressing various reasons for market failure : existence of monopoly power, externalities, information asymmetry etc. put another way, in a kind of “ bar stool ” manner, regulations are aimed at addressing the divergence between individual and social incentives. there are many parables that illustrate this point ; let me do this with the so called “ tragedy of commons ”. suppose residents of a village use a parcel of land – called common in uk – to graze their animals. if one villager grazes an additional animal, it is beneficial for her but detrimental for villagers as a group. if several villagers do this, the common will be depleted and ultimately destroyed. societies down the ages have resolved this problem in myriad ways – mostly through standards of normative behaviour rather than regimes of regulations and their enforcement. in a modern economy that is large, complex and organically interrelated, such problems require elaborate and explicit rules and regulations and their administration and enforcement. 6. regulations thus are supposed to modify behaviour of those covered by the regulation and ensure that they behave in a socially desirable way. but whether the regulations will have to be in the nature of a nudge or a shove depends upon how the regulated entities respond to. when the regulations are simple and the regulated entities comply with the regulations in letter and spirit so that the objective of the regulator is achieved, it is not necessary for regulations to be complex and detailed, which makes both administration and compliance difficult. in addition, several socially and economically useful activities may also not be undertaken in the face of such elaborate regulatory regimen. 7. let me give an example from my own professional field. as you are aware, we have restrictions on capital account transactions. this is motivated by the objective of macroeconomic stability. in the preference

a positive impact on the country ’ s macroeconomic, technological and institutional area. the banking system ’ s stage of development and the fdi flows in economy have mutual influences on each other. hence, if albania attracts stable and long - term fdi flows in the following years, their impact on the further development of the financial system will be considerable. furthermore, the demand for banking products both from domestic and foreign companies will grow.
- vis its peers. in its latest world economic outlook report, the imf projects the philippines to post the fastest growth in the region this year at 6. 5 percent. but this outlook is not without risk. taking into account the russia - ukraine conflict, the development budget coordination committee adjusted its full - year growth target to a range of 2. 0 to 4. 0 percent but is expected to ease back within the range in 2023. as has been announced, i have accepted the invitation by the newly elected president to lead the new economic team as finance secretary. while changes come with a new set of challenges, i believe the country will significantly benefit from the policy continuity that the incoming administration is poised to observe. i am confident that the transition in administration in the philippines will pave the way for more economic gains for the filipino people. thank you for your attention.

rtgs for large value payments and securities settlements to viable forms of deferred net settlement for the more retail payments ) to streamlined processes ( dvp and the settlement cycles ), and to acceptable products and the requisite policies and regulations to address financial risks. third, tax reform is always going to be a slippery slope. we recognize the need for the state to define and manage its fiscal position. we also believe that financial choices must be based on the intrinsic value of the products rather than on the friction costs that arise from one transaction to another. thus, what is needed is to strike a balance between fiscal and developmental initiatives. we must ensure to avoid tax arbitrage while being cognizant that we may need the legislative process to find a solution for some of the issues. last, but not the least, all our efforts fall short if we are not able to improve the financial wellbeing of our financial consumer. we need to be clear that this cannot simply be a matter of delivering off - the - shelf lectures on technical concepts and sophisticated products. the effort here needs to cultivate behavior and attitudes as well. and to ensure sustainability, hew financial education initiative needs to be complemented by a robust and effective redress mechanism for stakeholders who feel that their rights have been compromised. this is in keeping with our desire to develop a thriving market. final words ladies and gentlemen, there are many initiatives, both onshore and at the regional level, that are being pursued under the name of capital market development. for sure, the road towards a deep domestic and an integrated asean capital market will not be without its challenges. but these challenges cannot be our binding constraints and i trust that creating the four new sub - committees in cmdc moves us forward. bis central bankers ’ speeches what is also clear is that we must intensify our collaboration and ensure that the governance of the domestic market is not compromised. through concerted efforts, i have high hopes that we will surpass our challenges and the rewards of capital market deepening will be ours for the taking. thank you. bis central bankers ’ speeches
like myself to realize that the times, and challenges, that we face are different from the ones that mr. willson wrote about back in 1974. thanks again for coming tonight. and now let ’ s turn to your questions. bis central bankers ’ speeches

fed has created at federalreservehistory. org. i encourage you to visit this site to learn more about the people, places and events that have shaped federal reserve history. i ’ d especially encourage you to look up norman holter. mr. holter was one of the original directors of the minneapolis reserve bank, and he played the key role in a branch office being established here in helena in 1921. i ’ ve always enjoyed reading and studying history. and i strongly believe that history can help inform policymakers ’ decisions in the current day. but, at the same time, i do think that policymakers need to be careful in how they use history. the monetary history of the 1970s is a great example of this need for care. i ’ m sure that some of you in this room remember that inflation – the rate of growth of prices – rose to disturbingly high levels in the 1970s. faced with this challenge, president ford launched a national campaign to “ whip inflation now ” – win for short. the famous broadway composer meredith willson wrote a song for the win campaign in which he summarized the economic situation in these catchy lyrics : “ who needs inflation? not this nation! who ’ s going to pass it by? you are and so am i! ” mr. willson ’ s pithy characterization was spot on in 1974. but 40 years later, i would suggest that it ’ s exactly backward. right now, this nation needs more inflation. the federal reserve aims to keep the personal consumption expenditure ( pce ) inflation rate at 2 percent. but bis central bankers ’ speeches since the start of the recession almost seven years ago, the pce inflation rate has averaged 1. 5 percent. over the past year, it has averaged 1. 6 percent. and i expect it to remain below 2 percent until 2018. the persistently below - target inflation rate is a signal that the u. s. economy is not taking advantage of all of its available resources. if demand were sufficiently high to generate 2 percent, then demand would be sufficiently high to allow the economy to make use of the underutilized resources. and the most important of those resources is the american people. there are many people in this country who want to work more hours, and our society is deprived of their production. so, it ’ s fun and educational to read about the 1970s on the fed history gateway. i encourage you to do so. but it ’ s critical for monetary policymakers
canadians to plan for the future with greater confidence. i ’ d be happy now to respond to comments or questions.

in september, the websites of several large banks were rendered inaccessible for several hours from attacks now attributed to possible foreign state - sponsored hackers. one of the greatest threats facing not just banks but many businesses and government agencies is hacking – and the possible theft of proprietary data and personal information about customers. this cybersecurity threat is increasing at a time when more and more bank customers depend on electronic and mobile banking. workers are using their own laptops and smart phones or working remotely from home computers, and this increases the entry points to the systems that need to be protected. in addition, customers and vendors are linking their systems, enhancing efficiency, but also creating more opportunities for potential intrusions. but even beyond the potential theft of data and disruption of service, cyberattacks can represent significant reputational risk because they have the potential to create dissatisfaction among many customers or, even more chilling, total loss of consumer confidence. cooperative work between government and industry is underway. through the department of the treasury, many of the affected institutions have requested and received technical assistance from the department of homeland security, which has been helpful in mitigating the attacks. some institutions are researching new technologies for defense against cyberattacks through their internet service providers or security vendors, and others are reviewing their incident response processes to better manage recovery time and communications among information technology, employees, vendors, media, and customers. the financial and banking information infrastructure committee, the financial services information sharing and analysis center, and the financial services sector coordinating council are serving as the forum through which the financial services sector shares important information and develops critical infrastructure protection policies. through their coordination, affected institutions and law enforcement agencies can share threat information and mitigation techniques. see rachel botsman ( 2012 ), “ the currency of the new economy is trust, ” speech delivered at tedglobal 2012 in edinburgh, scotland, june. bis central bankers ’ speeches in addition, a recent executive order issued by the president represents a continued commitment to enhancing the security and resiliency of the nation ’ s critical infrastructure to meet future threats. 14 conclusion in closing, these have been some of my reflections on reputation as it applies to the business of banks. the concept of trust is relevant to how bankers engage in a business that is of benefit to the public and provides meaningful innovation to the core function of financial intermediation, as well as to how we as supervisors can engage in a process of observation that is forward - looking and of benefit to
christian noyer : the history and future of corporate social responsibility welcome speech by mr christian noyer, governor of the bank of france, at the symposium icca – eabh, paris, 27 october 2008. * * * minister, chairman, ladies and gentlemen, it is a great pleasure to welcome you to the banque de france today together with the founder of the institute for corporate culture affairs, manfred pohl, who has organised this event. i would also like to thank ms kosciusko - morizet for doing us the honour of joining us in this debate, in her capacity as secretary of state for the environment. welcome to all! i wish to thank those who have come from neighbouring countries, and especially those who have travelled from further a field to take part in this symposium. this symposium is being held in this prestigious setting that is rich in history : the golden gallery of the hotel de toulouse. it is in this hotel that the banque de france set up its headquarters two hundred years ago to this year. much time would be required to recount the history of this building. i should at least mention that this gallery was designed at the start of the 17th century by francois mansart for mr de la vrilliere, a minister of louis xiii. it was then renovated in the style of the day at the start of the following century by robert de cotte, the first architect of louis xiv, for the count of toulouse, the legitimated son of the sun king and its new owner. naturally, this place provides an appropriate setting for putting matters into perspective. this is most apposite for the discussions to which mr pohl invites us today, because they should be considered from both a historical and forward - looking perspective. japanese philosophy teaches us that visiting the past teaches us new things. this privileged setting nevertheless does not isolate us from the world. the turmoil that we are experiencing gives a particular significance to your work. the current financial crisis and the unprecedented financial cooperation between countries to preserve financial stability should add a new dimension to the debate on corporate social responsibility. i therefore hope that this approach in perspective will shed light on both the implications of the corporate social responsibility ( csr ) and its potential role as a force for change in a globalised world. csr is a concept whereby companies and financial institutions not only consider their profitability and growth, but also the interests of society and the environment by taking responsibility for the impact of their activities on stakeholders, employees

2 blinder, a. ( 1999 ), central banking in theory and practice, the lionel robbins lectures, mit press, cambridge massachusetts. 3 rey, h. ( 2013 ) “ dilemma not trilemma : the global financial cycle and monetary policy independence ”, jackson hole conference proceedings, kansas city fed. 4 letter to frederick william, prince of prussia ( 28 november 1770 ). 3 / 3 bis central bankers'speeches