samchain/econo-pairs-v2 huggingface dataset:
radovan jelasic : provision of credits to small and medium sized enterprises in serbia speech by mr radovan jelasic, governor of the national bank of serbia, at the roundtable organized by “ ekonomist ” magazine on provision of credits to small and medium sized enterprises in serbia, held at the national bank of serbia, belgrade, 13 june 2007. * * * ladies and gentlemen, allow me to welcome you on behalf of the national bank of serbia on the occasion of conference on medium and small size enterprise crediting in serbia. i would like to discuss two related subjects – stability of prices, i. e. inflation, and the role of the nbs in providing credits to finance small and medium sized enterprises. stability of prices and business environment represent one of the key conditions for the success of economy as a whole and particularly so for the success of small and medium - sized enterprises. in contrast to large enterprises that have “ connections ”, access to insider information and are more than aware of their economic and political power, medium and small sized enterprises are usually treated as an ornament, more as a social than economic category – and that serves them no purpose. as for stability in prices, it is currently at the level most people do not remember ever having seen before because, back than, they were either not yet born or were not really very much interested in such matters at all. inflation today, after 44 years to the day, matches the level recorded in 1963. in may this year, year - on - year, the rate of headline inflation equalled 4. 4 % and core inflation reached 3. o %. at the same time, our economy has been growing at the rate of around 7 % ( first quarter 2007 over the same period a year earlier ) and displaying a greater abundance and variety of cheap credits than seen in serbia in a long time, the exchange rate for the dinar has been floating freely for over three months now without any interventions from the nbs, and our foreign exchange reserves have grown in excess of us $ 12. 2 billion. stability seems to have brought about a number of unexpected effects of “ operating in a normal business environment ”, which almost whole of our economy has kind of grown unaccustomed to in the course of these last 44 years, such as the facts that : • market implies competition, glorifies success and puts a persistent pressure on increase in productivity. one can no longer get by with phrases like :

to finish with a positive note that we all experience on a day - to - day basis : while the rest of the economy is only closing down facilities and reducing the number of employees, the financial sector is hiring, opening new branches and growing fast. moreover, the financial sector is the only one in serbia in which the private sector is making more that the public one! although this is something i am often questioned about by all of my colleagues at the central bank and i have a rough time explaining to them that we are normal and that the rest 2mn is abnormal! so much for the introduction. i look forward to answering your questions!
years after the monetary independence, we stand firm ahead of new challenges and i assure you that we will succeed by guaranteeing the stability of the denar and price stability, which are the best contributions that a central bank can make for the prosperity of our society. congratulations on the 28th anniversary of the monetary independence! 2 / 2 bis central bankers'speeches

with central bank digital currencies replacing the fiat money and underpinning the proliferation of cryptocurrencies. the cryptocurrencies have registered a spectacular rise – in 2017 their market valuation increased from usd 30 billion to usd 400 billion, and widened, with the rapid increase of “ initial coin offerings ” – fundraising facility for startup investors. so, are the cryptocurrencies, although unregulated becoming a substitute for fiat money? are they incorporating the basic features of the fiat money such as being a medium of exchange, store of value and unit of account? despite the rising trend, they play a marginal role globally as a medium of exchange in comparison with standard payment options ; as they are not backed by legal authority and are marked by high value volatility and rather illiquid non - regulated markets, they obviously cannot be treated as unit of account and store of value. on the other hand, they may lead to creation of bubbles that down the road may burst. against this background, at the last meeting of g20 finance ministers and central bank governors it was acknowledged that technological innovation may be conducive to higher efficiency and inclusiveness of the financial system. many risks, however, were also pinpointed with their proliferation – consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing. in this changing and challenging environment, staying aside is not an option for the republic of macedonia. to tackle the rising challenges, we have already drafted a new law on payment services and payment systems ( in cooperation with the ministry of finance ) which transposes the psd2 as well as other european union relevant directives and regulations in the payments area. the new payment regulation aims to boost the competition in the traditionally bank dominated payments market by opening the entrance for fintech companies which can provide innovative payment services as well as establish and operate new payment systems. at the same time, we assert our focus on maintaining financial stability by enhancing the resilience of payment market infrastructures which are being assessed against the principles for financial market infrastructures. in this context, the largest retail payment system in the republic of macedonia established a guarantee scheme in 2017 which is in accordance with the regulation of the national bank of the republic of macedonia that aims to effect the same - day settlement and thus, minimize the liquidity risk in the important payment system in case of a participant default. furthermore, we also engaged in facilitating cross - border payments in euro
1 0. 9 survey of professional forecasters 1. 4 1. 5 1. 5 1. 8 unemployment rate ( level ) cpi ( percent change ) gdp price index ( percent change ) 1. 2. formerly dri - wefa return to table figures in the annual columns are q4 levels. return to table

in this direction faster than others, based on the particular attributes of their payments and currency systems. at the federal reserve, we will continue to analyze the potential benefits and costs of central bank digital currencies and look forward to learning from other central banks. supporting payments innovation while prudence cautions against rushing into untested approaches to central bank digital currencies, we are actively investing in our payments infrastructure, so that everyone has access to real - time payments. every day, u. s. payment and securities settlement systems turn over roughly $ 12. 5 trillion. 21 the federal reserve is committed to working closely with the private sector to promote a safer and more efficient payments system. 22 this summer, we announced that the federal reserve will launch the first new payment service in more than 40 years to help make real - time payments available to everyone. 23 the federal reserve will develop the fednowsm service as a platform for consumers and businesses to send and receive payments immediately and securely 24 hours a day, 7 days a week, 365 days a year. this initiative is intended to provide a neutral platform for new private - sector innovation in faster payment services. in addition to fednow, we are exploring enhancements to same - day many distributed ledgers in existence today rely on probabilistic settlement, meaning that the more times a transaction is confirmed on the ledger, the less likely it will be revoked, but a non - zero risk of settlement failure persists. based on staff estimates. see, e. g., https : / / fedpaymentsimprovement. org /. lael brainard, “ delivering fast payments for all ” ( speech delivered at the federal reserve bank of kansas city, kansas city, missouri, august 5, 2019 ), https : / / www. federalreserve. gov / newsevents / speech / brainard20190805a. htm ; lael brainard, “ supporting fast payments for all, ” ( speech delivered at the fed payments improvement community forum, chicago, october 3, 2018 ), https : / / www. federalreserve. gov / newsevents / speech / brainard20181003a. htm. - 13 settlement of automated clearinghouse ( ach ) transactions and expansion of fedwire® funds service and national settlement system operating hours. we are working with the industry to improve the security of the payments system by, for example, increasing understanding of
. we need the support of our governments and our people to create a highly sophisticated and internationally competitive financial sector, which can pave the way to the achievement of our goals and objectives. we are confident that this is the correct path to proceed on and that with the political will of our governments, the innovativeness of our private sector, and the societal consensus of our people across the oecs, we will succeed. however, in conclusion, we must remember that success comes before work only in the dictionary.

degree of economic challenges that we currently face in fiji. for instance, papua new guinea and samoa have better levels of foreign reserves in months of imports than fiji has. yet their lending rates are higher. i wish to take this opportunity to thank the commercial banks for their understanding and support in our effort to address the economic challenges before us. with the credit ceiling in place, the reserve bank has allowed liquidity to rise. liquidity has risen by over $ 50 million since february this year. in addition, we are reducing the statutory reserve deposits by one percentage point from 1st of may which should pump an additional $ 29 million into the system. this should take liquidity to a very comfortable level. we are already seeing the impact of this easier liquidity on wholesale deposit rates which have fallen sharply to 5 percent from around 15 percent late last year. with this liquidity condition, one would expect commercial banks and other lending institutions to pass this lower cost of funds through to lending rates. and here i must congratulate westpac for taking the lead and reducing its lending rates. lower rates will help support growth and investment in this difficult time. in support of investment and growth, the reserve bank now considers commercial banks ’ lending to investment, small and medium size businesses and to exporters to be outside the credit ceiling. since december last year, the reserve bank has approved over $ 70 million of loans above the credit ceiling. economic projection as you know, we project that the economy will fall by 2. 5 percent this year. there are some important factors that will determine the final outcome. first, what happens to tourism is important. there are mixed signals coming from this important industry. the latest visitor arrival figure shows a decline of around 7 percent in january compared to january the previous year. a survey we conducted recently of a few major hotels show a low occupancy rate of around 30 percent and not much higher going into their forward booking. the second factor is gold. the current forecast does not include any gold production. but with the change in ownership of the vatukoula mine, we hear that production may commence in june. the third factor is the possible industrial action by the trade unions. it appears to me that all trade unions are seeking strike mandates. i hope that the situation is amicably settled. the fourth is the uncertainty in the european union ’ s support for the important sugar industry reform. we all hope that the discussion in brussels this week is fruitful for fiji.
ardian fullani : monetary policy challenges in the framework of approximating the bank of albania to the european central bank greeting speech by mr ardian fullani, governor of the bank of albania, at the workshop organised by the bank of albania in cooperation with the gtz, tirana, 8 december 2004. * * * honorable participants, i would like to express my pleasure for participating in this meeting, whose topic has been of great interest to me, and not accidentally i expressed in my first public pronouncement the approximation of the bank of albania to escb pattern as one of my essential challenges. i had the possibility to discuss this issue even with the vice president of the ecb, mr. papademos, at a meeting in frankfurt, where i launched the idea to be assisted by the ecb and member banks of the escb on approximating our system with the european one. trying to spare the time for other discussions of interest in this meeting, i would like to briefly mention some of the main steps to be undertaken by the boa in the integration process with the european system of central banks, a process that requires not only time, but also dedication, lobbying, financial resources and above all, capable human resources. 1. reviewing the legal and regulatory framework of the bank of albania and of the financial system in albania in integration process, the reviewing of laws and by - laws is of priority, particularly in the context of the prerequisites that a country aspiring for membership has to meet in the central banks area, in financial and banking system and even broader. in spite of the so - far achievements, much work has to be done. therefore, the identification of our needs and priorities in this direction would serve as the first step. the bank of albania is not the sole authority in supervising the financial operations licensed in albania. in this sense, the reviewing of laws and bylaws, involving not only the banking system but also the financial one, would open the way to more effective supervision of the overall financial system. this process would serve not only to further develop the financial system but also to assist in increasing the institutional cooperation between the banking and financial system, thus leading the cooperation between these systems to a higher level. 2. reviewing the organizational and institutional system it is natural that the pattern to be pursued is that of the ecb and escb. in this issue, much importance will be given to the institutional development of the bank of albania over the mid - term

and in the east african region as a whole. it is now my honour and singular pleasure to invite the honorable deputy prime minister and minister for finance hon. uhuru kenyatta to make his remarks and welcome his excellency, the president. welcome, honorable deputy prime minister. thank you and god bless you all bis central bankers ’ speeches
of markets, but still secures resilience when, inevitably, more difficult times arrive. for an elaboration of this theme, see an earlier http : / / www. rba. gov. au / speeches / 2006 / sp _ dg _ 270506. html. speech ‘ risk and the macroeconomy ’, available at

are, for all intents and purposes, hedge funds. indeed, the very term ‘ hedge fund ’ seems to be used rather more loosely than it used to be : we are really talking about any investment vehicle which is willing and able to take advantage of the vast array of financial products, 24 - hour trading and ample liquidity to expose the funds of sophisticated investors to virtually any conceivable type of risk. the growth of such funds is an aspect of globalisation – that process in which the national barriers to trade in goods, services and capital are eroded and in which economic and financial activity is increasingly organised on a trans - national basis. but like many aspects of the modern globalisation phenomenon, hedge funds leave people with mixed feelings. we could debate the merits or otherwise of hedge funds and other hlis at length. here in hong kong it would be, i suspect, a fairly robust discussion! their defenders claim that, by exploiting ( and thereby eliminating ) pricing anomalies and by being less encumbered by prudential controls than most other financial institutions, hedge funds promote efficiency in the allocation of capital by searching out returns more effectively than others. on the assumption, moreover, that those who put money into hedge funds know what risks they are taking – which might, increasingly, be a big assumption – people might take the view that what investors do with their money is their own business. critics, on the other hand, claim that hedge funds can overwhelm and distort small markets. a tendency for herd behaviour, and application of leverage, amplifies the problem, in the view of these critics. when hedge funds decide simultaneously to get into or out of a position, they can disrupt market functioning. small countries, including hong kong, have on occasion felt as though hedge funds were singling them out for rough treatment, and that the resources available to hedge funds far exceed those of a small country seeking to maintain, for macroeconomic management reasons, a particular constellation of interest rates and exchange rates. i suspect that both the supporters and the critics have, at times, overstated the arguments. but, in any event, like them or not, hedge funds and other leveraged entities are here to stay. for the most part, the entities in question are essentially those financial investment vehicles which are outside the normal prudential regulatory net. and the point is that there will always be some set of such entities. for if there is a certain degree of risk
you. say what you are going to do, and then do it. do not wait to be pushed. do not make a promise you do not intend to, or cannot keep. go forth! don ’ t build your career, go live life and be all you can be! thank you!

are able to and work towards a sustainable future. planting trees may seem like a small gesture, but in the long run, we believe, it has a significant impact. each tree we plant today is an investment in the wellbeing of our community and generations to come. the benefits of our efforts today will contribute to cleaner air, improved biodiversity, and a more resilient ecosystem. distinguished guests, allow me to reflect a little further on the importance of planting trees. trees are the lungs of our planet which provide us with oxygen. as antonio guterres, the united nations secretary general, once said " forests are lungs of our planet which draw in carbon dioxide and breathes out oxygen. " trees play a critical role in maintaining ecological balance. we need to cultivate a culture of planting trees to mitigate the effects of climate change. consequences of deforestation are many and dire. these include soil degradation, water conservation and ozone layer depletion, an increase in the atmospheric level of carbon dioxide and extinction of plant species, among others. distinguished guests, since trees play an important role in human life, they must be preserved at all times. failure to do that will result in climate change continuing to impact negatively on human survival. it has been observed that cutting down of trees is not only rampant here in mumbwa, but in many other parts of the country as well. good corporate citizenship calls for a conscious alignment of business operations with social, environmental and economic responsibilities to the benefit of both society and the business. i would like to urge everyone, individually and collectively, to develop a culture of planting trees. this is an important way we can contribute to the health of our planet. for us as an institution, the concept of csr requires us to raise our social consciousness in the communities we operate in. through this awareness, underpinned by our values, we hold ourselves accountable for the impact our operations have on the environment, seek ways to uplift our society and promote sustainable development. distinguished guests, i am happy to inform you that the bank deliberately chose to partner with the national heritage conservation commission ( nhcc ) knowing that the saplings we are planting today will be nurtured - taken care of and provided with an environment to grow into mighty trees that will stand for years to come. 2 / 3 bis - central bankers'speeches distinguished guests, you may also wish to note that the bank was presented with a number of sites to be considered for support. the
##ilience of the euro area economy. strengthening economic and monetary union 2 / 3 bis central bankers'speeches remains a priority. the governing council welcomes the ongoing discussions on further enhancing the institutional architecture of our economic and monetary union. we are now at your disposal for questions. 3 / 3 bis central bankers'speeches

overall. underlying inflation in the euro area is expected to continue to rise gradually over the medium term, supported by our monetary policy measures, the continuing economic expansion, the corresponding gradual absorption of economic slack and rising wage growth. turning to the monetary analysis, broad money ( m3 ) continues to expand at a robust pace, with an annual rate of growth of 5. 1 % in september 2017, after 5. 0 % in august. as in previous months, annual growth in m3 was mainly supported by its most liquid components, with the narrow monetary aggregate m1 expanding at an annual rate of 9. 7 % in september 2017, up from 9. 5 % in august. the recovery in the growth of loans to the private sector observed since the beginning of 2014 is proceeding. the annual growth rate of loans to non - financial corporations increased to 2. 5 % in september 2017, after 2. 4 % in august, while the annual growth rate of loans to households remained stable at 2. 7 %. the euro area bank lending survey for the third quarter of 2017 indicates that net loan demand has continued to increase for all loan categories. credit standards have further eased for loans to households, while they remained broadly unchanged for loans to enterprises. banks ’ overall terms and conditions on new loans have continued to ease for all categories of loans. the pass - through of the monetary policy measures put in place since june 2014 continues to significantly support borrowing conditions for firms and households, access to financing ‒ notably for small and medium - sized enterprises ‒ and credit flows across the euro area. to sum up, a cross - check of the outcome of the economic analysis with the signals coming from the monetary analysis confirmed the need to recalibrate the policy instruments to ensure the degree of monetary accommodation necessary to secure a sustained return of inflation rates towards levels that are below, but close to, 2 %. in order to reap the full benefits from our monetary policy measures, other policy areas must contribute decisively to strengthening the longer - term growth potential and reducing vulnerabilities. the implementation of structural reforms in all euro area countries needs to be substantially stepped up to increase resilience, reduce structural unemployment and boost euro area productivity and growth potential. regarding fiscal policies, all countries would benefit from intensifying efforts towards achieving a more growth - friendly composition of public finances. a full, transparent and consistent implementation of the stability and growth pact and of the macroeconomic imbalance procedure over time and across countries remains essential to increase the res