samchain/econo-pairs-v2 huggingface dataset:
always been a major source of social iniquity. in addition, it prevents the economy from functioning properly, by falsifying the signals which are given by prices. the speculative boom in the real estate markets in some of our countries at the end of the 1980s caused serious damage - and we are still paying the price. 2. once inflation has been brought under control, and once this control has been confirmed, monetary policy can guide short - term interest rates to a level which contributes to balanced growth. quite a number of eu countries are in such a situation already, with short - term interest rates at around 3 %. in others, where inflation has been brought under control more recently, rates have not yet reached this level but are approaching it gradually. the confirmation that inflation has been brought under control does, unfortunately, take time. finally, in one major country which has seen rapid growth for several years now and in which unemployment has fallen remarkably, short - term interest rates have been raised - applying the principle of preventive medicine. 3. now, what can we say about long - term interest rates, which also have an important role to play in stimulating growth - perhaps an even more important one than short - term rates? monetary policy does have an influence on the level of these rates, but its influence is not exclusive and we cannot even predict the direction of its influence with certainty. at this particular point in time, in the first group of countries to which i referred a moment ago, nominal long - term interest rates are at a historically low level - they are well below 6 % - but real long - term interest rates can be regarded, perhaps, as still being too high to put continental europe on the road to more vigorous growth. i am doubtful whether a further easing of monetary policy in this group of countries would be able to help move the yield curve in the desired direction. it could actually have the opposite effect - if investors perceived it as heralding a weak euro. in any event, given the current level of short - term interest rates, monetary policy ’ s margin for manoeuvre is extremely limited. it is possible that the level of real long - term interest rates in europe reflects, partially at least, that of real interest rates worldwide. europe has no influence over that effect. europe can, however, have an influence on the effect which comes from the constant increase in public sector indebtedness in our countries. as a reminder, between the end of 1991 and

have raised in my speech tonight serve a range of objectives ; and each of them is worth pursuing with ambition. thank you very much for your attention. bis central bankers ’ speeches
adjustments made under adverse conditions may now be further bolstered by a favourable financial climate. it is important that the spanish economy consolidate these gains and that it maintain the pace of reform and the improvements in competitiveness in a framework of stability. bis central bankers ’ speeches

luis m linde : monetary policy – current situation and challenges closing remarks by mr luis m linde, governor of the bank of spain, at the launch of the yearbook “ anuario del euro 2014 ” / fundacion de estudios financieros - fundacion ico, madrid, 28 january 2015. * * * firstly, i would like to thank irene garrido, chairwoman of ico, fernando fernandez and juan carlos ureta for kindly inviting me to attend the launch of this new edition of the anuario del euro. i will begin by reviewing the current economic situation in the euro area and the measures adopted by the european central bank. then i will go on to briefly comment on the leeway available to monetary policy in a context of very low inflation rates, and conclude by saying something about the different position in the monetary policy cycle of the main developed economies. the economic situation in the euro area and the ecb ’ s monetary policy the euro area ’ s economy is in a situation of weakness, with overall expected growth of 0. 8 % for 2014. after remaining fairly dynamic in first quarter of 2014, gdp grew only modestly in the following two quarters, and according to available forecasts, the path of recovery, both in the short and medium term, will be fragile, with disparities between countries. according to the european central bank ’ s projections, in line with the consensus, 2015 and 2016 will see growth of 1 % and 1. 5 %, respectively. these rates are not only modest, but are also subject to certain risks, which, on balance, point to even lower increases in economic activity. turning to prices, for some months now inflation has been well short of the 2 % benchmark, which is the ecb ’ s medium - term monetary policy target. the forecasts available continue to point to the risk of inflation remaining too low for too long. the ecb ’ s latest projections entail a further downward revision, with inflation expected to stand at 0. 7 % in 2015 and 1. 3 % in 2016. in recent months, against a background in which, given the weakness of demand and fierce competition, firms have limited price - setting power, the slump in the price of oil has exacerbated the drop in inflation. at the end of 2014, the annual rate of inflation stood at – 0. 2 % ( the average rate in 2014 was + 0. 4 % ) and it is
the economy ", world economic forum 2020. 4 " the economic case for nature ", world bank 2021. 5 https : / / www. eea. europa. eu / publications / water - resources - across - europe - confronting 4 / 4 bis - central bankers'speeches

situation appears even more challenging than for climate change, and this calls for further action. another challenge is the fact that there is no single metric capturing the breath and width of biodiversity. the lack of a single metric has been prompting researchers to focus on specific aspects of nature. bundesbank researchers, for example, have been zooming in on the macroeconomic consequences of water stress events – a highly relevant phenomenon that is getting worse. 5 the bundesbank research focusses on water as a transport medium. waterways normally offer a cost - efficient way to transport goods. droughts, however, can seriously disrupt or even halt shipments and, in return, affect supply chains and hence prices and production. our researchers are now assessing the macroeconomic relevance of low water levels of the rhine, europe's most important waterway. looking at 30 years of data, they show that germany's overall producer price index – which encompasses thousands of product lines – tends to rise in the months with low rhine levels. their preliminary results are statistically and economically significant and hence relevant to inflation watchers. 4 conclusion let me sum up. climate change is a reality – so is the loss of biodiversity! they affect our economies, communities and lives. there will be no stable climate without a healthy natural world. central banks and supervisors hence need to consider both – climate change and biodiversity loss. that said, more research on the transmission channels of climate change and biodiversity loss is required. if central banks do not fully understand the channels through which climate change and biodiversity loss affect the real economy [ and thus their mandate ], they will find it hard to do their job properly. that is a key reason why the bundesbank is dedicating this year's conference to climate change and central banks – and is addressing nature - related risks. we aim to encourage networking and knowledge sharing between the academic community and central banks. it will help us to better understand each other's considerations and concerns and underpin the evidence - based foundations of the eurosystem's monetary policy. so, please make the most of the next two days. and enjoy the spring weather. 3 / 4 bis - central bankers'speeches 1spain bakes in summer - like heat, and worries about what comes next - the new york times ( nytimes. com ) 2 https : / / www. munichre. com / en / risks / natural - disasters. html 3 why the crisis engulfing nature matters for business and
contexts but on global markets. what would not be possible in paris or frankfurt could still be allowed in london or new york for instance. they may also be counterproductive since they could deter activities away from our market onto others and they could significantly alter the liquidity of securities aimed by the restriction since foreign investors may shy away from them and turn to other opportunities. let me be clear, though, this does not mean that nothing should be done. on the contrary, i believe that instead of banning and creating incentives to relocate certain activities elsewhere or circumvent those rules, it is preferable to attract and better supervise. this can be done : - first by integrating otc markets into regulated and supervised market infrastructures such as trading platforms, trade repositories and ccps. in the case of sovereign cds this will mean that all cds written on euro area sovereigns should be compensated in a ccp located in the euro area. incidentally, that requires a fair amount of standardization of these single name cds. - second, by enhancing transparency, both ex ante and ex post to improve our understanding of the price discovery mechanism and our knowledge of actual net positions of financial institutions. - finally, by improving risk management by agents active in these markets and ensuring that these practices are compatible with their risk profile. in the case of sovereign cds, the issue is not necessarily with buyers who ultimately carry limited risks but with sellers. in fact we probably need a specific supervision of credit protection sellers. regarding credit rating agencies, the agreement on strengthening the regulatory oversight is becoming a reality with the implementation of the agreed european framework, which will give a pivotal role to the european securities market authority. at the same time there is a need to reduce the dependency on credit rating agencies for regulatory purposes, both in prudential regulation and as eligibility criteria for central bank refinancing. * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * let me now conclude briefly. we are still going through very challenging times. the european banking system seemed to have recovered partly thanks to central banks and governments policies supporting the banking sector. this return to profitability should be used to comfort capital positions in those firms, in views of the various risks i have rapidly discussed. recent renewed strains on financial markets especially sovereign markets and the subsequent impact on the banking sector show us that the crisis is not fully behind us and

bis central bankers'speeches
supply in the economy diminishes, core inflation is expected to move back to 2 per cent by the end of 2005. the main uncertainty for the outlook continues to relate to how the canadian economy adjusts to global developments. overall, the risks to the outlook appear balanced. mr. chairman, paul and i will now be glad to answer the committee ’ s questions.

recovery evolves in line with or stronger than in our latest projection, then the economy won ’ t need as much qe stimulus over time. further adjustments to our qe program will be gradual, and we will be deliberate both in our assessment of incoming data and in the communication of our analysis. we are committed to providing the appropriate degree of monetary policy stimulus to support the recovery and achieve the inflation objective. with that, let me stop and turn to you for questions. 3 / 3 bis central bankers'speeches
concern is how a non - controlled expansion of the digital euro as a form of investment could, indeed, threaten the ability of authorities to properly maintain financial stability. as a matter of fact, a too attractive and accessible digital euro could foster a significant migration of banks deposits, thus compromising their intermediation and lending capacity plus also likely destabilizing the entire banking system in times of financial stress. to prevent these macroeconomic consequences from happening, ongoing discussions are currently focusing on what potential safeguards could be built into the digital euro, yet final decisions remain pretty much open at this stage. the main reason being they not only depend on the practical feasibility of the various available tools but also on the likelihood of different scenarios to materialize and the extent to which the latter may actually compromise banks ’ resilience. as such, the fine - tuning of design features of the digital euro calls for additional research which i strongly believe the members of cebra are best positioned to provide us with. as of today, operational and legal considerations have been the bulk of our work thus far. the digital euro project faces little chance of success unless it can prove to rely on a solid theoretical foundation. that means one that takes into account aspects such as potential distortions of cbdcs to cross - border capital flows, the prospect of a displacement of international reserve currencies or the degree of fragmentation of capital markets they may introduce due to unresolved interoperability issues. hence, the time is ripe to ask and encourage you all to actively consider including cbdcrelated topics in your respective research agendas as means to broadly support our efforts in landing at the best possible blueprint for a digital euro : one that helps maximize its benefits while containing its hazards. and having said that, i think it ’ s about time that we not only feed our minds and souls but our bodies, too. so, thank you very much for listening and bon appetit!

##ity and sovereign equity need to be preserved to enable the various global challenges ahead to be addressed. notwithstanding this, the new economic, social and geopolitical realities call for a reform of multilateralism. we must work to adapt multilateral institutions to the new realities, eliminating obstacles that hinder collective action, making them more flexible, efficient, representative, transparent and accountable. they also need to become more cooperative and to better complement regional arrangements and institutions. thank you. 8 / 8
how often i used the words " stability " and " confidence " in my remarks. stability and confidence are the preconditions for strong economic and financial performance. we aim to build on our successes as we continue to promote stability and earn the confidence of canadians – and by doing so, we will further enhance the economic and financial well - being of canadians.

in the next time period, and vice versa. if inflation comes in lower than target over a certain time period, monetary policy will be focused on raising inflation beyond the target over the subsequent time period. in price - level targeting, the past is not " forgotten, " but must be offset, so that average inflation becomes somewhat more predictable over longer periods of time than it is with inflation targeting. over the next few years, we'll also be focusing our research efforts on several other important issues. we'd like to better understand the implications of globalization for the canadian economy, including the implications for inflation in canada. we'd like to improve our understanding of the sectoral and regional aspects of economic adjustment. and we'd like to look at how productivity and demographic change affect the economy's potential to grow. now i'll turn to the second area in which we promote economic well - being – the financial system. the financial system i should start here by saying just exactly what i mean by the financial system. the financial system consists of three main elements – institutions, such as banks and credit unions ; financial markets, such as the bond and equity markets ; and clearing and settlement systems, such as the large value transfer system, which handles large - value and time - sensitive payments. it's through the financial system that savings become productive investments, money and financial claims are transferred and settled, and risks are effectively allocated. because it deals with promises to pay, the financial system depends to a very large extent on confidence. individuals and institutions need to be confident that commitments will be honoured, and that the system will work, even in times of turbulence. the bank of canada's objective here, then, is to promote the stability and efficiency of the financial system – which in turn encourages people to have confidence in it. there are three direct means by which the bank promotes financial system stability, and one indirect means by which we promote both stability and efficiency. first, we oversee canada's main clearing and settlement systems. these are the systems that transfer hundreds of billions of dollars of financial assets each day. these systems are designed to make sure that all financial claims they deal with will be honoured – even if a large participant were to fail. the focus of the bank's work is making sure that key systemic risks are identified, and establishing minimum standards to control that risk. with these risk - control standards in place, the private sector operators of the system can find the most efficient
t t mboweni : the global economy and central banking in africa address by mr t t mboweni, governor of the south african reserve bank, at the national bank of belgium, brussels, 9 november 2004. * 1. * * introduction the global economy changed considerably in recent years with important consequences for central banking. during the last half of the previous century the world economy was characterised by a process of liberalisation, deregulation and eventually globalisation, i. e. a process through which an increasingly free flow of ideas, people, goods, services and capital leads to the integration of economies and societies. globalisation brought increasing prosperity to the countries that became involved in it. the free flow of goods, capital and people boosted incomes and raised living standards in many parts of the world. in addition, new technological advances reduced transportation, telecommunication and computation costs. these developments did not only lead to greater operational effectiveness, but also increased the ease with which national markets could be integrated globally. the more integrated world economy did not benefit all economies and all the inhabitants of the globe. mr horst kohler, the past managing director of the international monetary fund recently stated that : “ nearly 1, 2 billion people - one fifth of humankind - continue to live in absolute poverty, with incomes less than $ 1 a day. in many countries, durable economic and social progress remains elusive. in most of these countries, trade has decreased in the last 20 years and on average, economic growth has not kept pace with population growth. the situation in africa is particularly dramatic because it is aggravated by the aids pandemic. i believe that the fight against global poverty is the greatest challenge for stability and peace in the 21st century. ” it is true that disease, unemployment and poverty reduction remain the major challenges confronting policymakers in africa. for this reason it is encouraging that african leaders have embraced the new partnership for africa ’ s development ( nepad ) to confront the challenges facing the continent. nepad is a strategic development plan that addresses the economic, social and political dimensions of africa ’ s future development. it is a clear demonstration of the willingness of the leaders in africa to take responsibility for actions needed to advance development. the vision and way forward basically consist of creating the policy environment and institutions that are necessary to translate the political commitment into economic benefits. it is further encouraging that there has been some improvement in africa ’ s growth performance since the mid - 1990s, albeit from a low level. the average growth rate

also that the bank will expand beyond one branch and broaden its customer base and operations swiftly in order to consolidate the gains that have been achieved over the last 11 years. i thank you for your attention.
gather feedback as widely as possible. each of the local fxcs around the globe will be seeking input from their members and other market participants and industry groups in their jurisdiction in the coming months. so that is one avenue for you to provide feedback. at the same time, the gfxc will soon be launching its annual survey of market participants. this year, we will be giving respondents an opportunity to point to areas where they think greater guidance from the code might be necessary. more broadly, the survey will also be gauged to general awareness of the code and opinions on its effectiveness. the survey will be distributed through the local fxcs but also available on the gfxc website, so i would encourage as many as possible to participate. in short, in conducting this review of the code, we ’ ll be looking to employ the same consultative approach that was used in initially drafting the code a couple of years ago. we will work closely with each of the local fxcs and other industry organisations to ensure that the code reflects what is considered good practice. in this, i will be assisted by the two vice chairs from the market : akira hoshino head of fx at citi in tokyo and neill penney co - head of trading at refinitiv. if you have feedback on the code, you can also get in touch with me directly in addition to the other channels i have mentioned. we really want to hear from you to ensure the code remains fit for purpose in contributing to an appropriately and effectively functioning foreign exchange market. 3 / 4 bis central bankers'speeches 1 www. globalfxc. org / fx _ global _ code. htm 2 www. globalfxc. org / reports. htm? m = 72 % 7c427 3 www. globalfxc. org / reports. htm? m = 72 % 7c427 4 www. globalfxc. org / global _ index. htm 5 see www. globalfxc. org / education. htm? m = 71 % 7c433. 6 www. fca. org. uk / news / statements / fca - confirms - recognition - fx - global - uk - money - markets - codes 4 / 4 bis central bankers'speeches

far too high. for example the force of the most recent equity market bubble gives the impression that monetary policy would have to have been tightened considerably in order to slow the increase of almost 150 per cent that was seen on the stockholm exchange between 1998 and march 2000. few central banks today say that they counter bubbles actively. but the very fact that there is such a discussion is an interesting and healthy sign. thank you. for example, there are a number of papers from the centre for economic policy research in london, ( cepr ) that raise the issue. these include monetary policy rules, asset prices and exchange rates ( discussion paper 4114, november 2003 ), boom - busts in asset prices, economic instability and monetary policy, discussion paper 3398, may 2002, and financial asset prices and monetary policy : theory and evidence, discussion paper 1751, november 1997.