samchain/econo-pairs-v2 huggingface dataset:
conditions for the development of fintech not because of our blind love. quite the contrary – we offer something that i would call a “ partnership of convenience ”, as we have a clear and measurable interest. we are aiming for two things : first, tighter competition, and then, its possible outcome – a better price - quality ratio for consumers. in other words, we are moving forward with an incentive to achieve greater public benefit. are we achieving our aims? are we satisfied with our results? the answer is both yes and no. yes, because fintech has managed to loosen the grip of stagnation. let ’ s take, as one remarkable example among many, the emergence of mobile payment platforms. this innovation has changed the face of the sector. furthermore, market developments are also reflected by the growing share of nonbanking institutions in electronic transfers. consumers increasingly choose innovative payment applications because of their convenience, tailored to the specific consumer needs – something that traditional market players do not always deliver. what are we not satisfied with? in our view, the opportunities have not yet been fully exploited – neither those provided to the fintech sector nor those that the sector offers to the public. the level of competition remains insufficient, while the market share of innovative financial institutions has a definite potential for expansion. on top of this, lithuanian consumers often receive financial services that are less attractive than those offered in other markets. in short, we still have plenty of room to grow. therefore, the bank of lithuania will seek to further ensure a fintech - friendly regulatory environment and will consistently promote not only the quantitative growth of this sector, but – i would like to emphasize – qualitative progress as well. that is what we are hoping for when giving you a huge credit of trust. such trust, however, does not mean that we turn a blind eye. although the bank of lithuania is a financial sector partner, i wish to reiterate that, as designated by the law and the citizens, it is a supervisor as well. this means that criteria of transparency and integrity will remain crucial in the future, and we can uphold these principles employing the tools provided by fintech as well. we are committed to maintaining a high bar in terms of quality – our goal is not the greatest number of market participants. rather, our goal is to help the highest quality and most reliable fintech companies offer real solutions that produce added value for the public. by believing in and supporting you, we have assumed responsibility

attention and for being part of this momentous occasion. fi
and to foster innovation and the adoption of new technologies. and third, we at the ecb have the responsibility to continuously ensure low and stable inflation. this will support the purchasing power of euro area households, facilitate price comparisons and lower the real cost of credits. as we have delivered on this in the past 11 years, i am confident that we will continue to do this in the future. thank you very much for your attention.

recession should take a more forceful orientation to stimulate consumption or a more prudent approach to discretionary fiscal policy making. in my view, while the operation of automatic stabilisers, whose impact on activity, income distribution and the sustainability of public finances is reasonably well understood and comparatively easy to predict, discretionary changes – particularly if they are temporary – have mostly a short - living effect on demand. the carscrapping schemes implemented in several countries are a good example. schemes geared towards car purchases certainly stimulated demand in a period of high uncertainty. but such influence has not affected the underlying trend of demand of automobiles. in chart 5, which shows the level of car registrations in the euro area, germany and spain illustrates that indeed car sales have benefited initially from these schemes. however, it is also visible that the increase of demand for cars was mostly an anticipation of future demand. it may however have contributed to the swift recovery of the industry. so far i discussed the main determinants of private consumption demand on a euro area aggregate level. let me, however, also mention that the aggregate developments in the area mask heterogeneous and even divergent changes in different member countries that have been subject to shocks of a diverse nature. chart 6 shows that, while the downturn of retail trade was a common feature of most euro area countries, there were significant differences across countries between the levels of retail sales in 2010q2 compared with the time just before the financial crisis in the autumn of 2008. although it is clear that retail sales have contracted in most countries, it is also clear that differences across countries are quite significant. [ the volume of retail trade in greece, for instance, stood almost 20 % below its level in 2008q2, which compares with a fall of 2. 0 % in the euro area as a whole. ] before coming to an end, let me touch on my final question on the future outlook of the overall economy and consumption and retail in particular. [ slide 7 ] recent statistical releases and survey evidence continue to be consistent with the picture of a positive underlying momentum of the recovery in the euro area. the global recovery is expected to continue. at the same time, private sector domestic demand should gradually strengthen further, supported by the accommodative monetary policy stance and the measures adopted to restore the functioning of the financial system. however, the recovery in activity is expected to be dampened by the process of balance sheet adjustment in various sectors. we expect private
2020 we launched the pandemic emergency purchase programme ( pepp ) with an initial envelope of €750 billion. but over the course of the year, incoming data pointed to a more pronounced impact of the pandemic on the euro area economy and a more protracted weakness in inflation than previously envisaged. so the ecb ’ s governing council expanded the pepp envelope twice, first by €600 billion in june, and then by a further €500 billion in december, 1 / 4 bis central bankers'speeches for a new total of €1, 850 billion. the pepp was tailored to the specific nature of the coronavirus ( covid - 19 ) crisis and serves a dual purpose. first, it can be operated as a powerful market backstop to prevent destabilising financial dynamics and breakdowns in monetary transmission. and second, it can act as an instrument that supports our monetary policy stance by smoothing out the impact of the pandemic on our price stability objective. these two engines have been activated with varying intensity over the two phases of the pandemic emergency. the backstop engine was the first to be ignited, amidst the financial panic in the early stages of the pandemic. it helped preserve the transmission of our monetary policy to all sectors and countries in the euro area, thereby averting an even deeper economic contraction. the second engine took over when markets eventually calmed and has been instrumental in nudging inflation closer to the path that we were projecting before the pandemic hit. our targeted longer - term refinancing operations – or tltros – were the second major pillar of our crisis management strategy. we have eased and adapted the terms and conditions of our tltro iii programme to reinforce its inbuilt incentive for banks to lend to firms and households. this makes the tltros a powerful complement to the pepp, as they concentrate on the downstream phases of monetary policy transmission – those that work through banks and more directly reach small and medium - sized enterprises, which are most reliant on bank financing. the year ahead : dealing with uncertainty and paving the way for a sustainable recovery let me now turn to the outlook for our economy. the start of vaccination campaigns across the euro area provides the eagerly awaited light at the end of the tunnel. at the same time, the renewed surge in covid - 19 cases, the mutations in the virus and the strict containment measures are a significant downside risk

january. 4 / 4 bis central bankers'speeches
highly fruitful. to a large extent, the use of nontraditional data, machine learning, and natural language processing in macroeconomics and for policy is only just in its infancy. in many cases, we are unsure of the efficacy or benefits of these approaches. coordination between statistical agencies and policymaking institutions will help us achieve our shared goal — a better understanding of the economy. to this end, the discussions on the use of big data and new techniques for central banking and on the possibilities for cooperation between private companies and government agencies should be particularly helpful. moreover, i strongly encourage you to continue your discussions after the conference ends and to seek opportunities for joint work so that we can further develop our understanding of big data and textual analysis. now i would like to invite the participants in the session on alternative data on inflation and the labor market to come to the podium. welcome to the federal reserve, and i wish you a successful two days. 1 / 1 bis central bankers'speeches

2017b ). “ addressing workforce development challenges in low - income communities, ” speech delivered at “ creating a just economy, ” the 2017 annual conference of the national community reinvestment coalition, washington, - 22 march 28, https : / / www. federalreserve. gov / newsevents / speech / yellen20170328a. htm.
##s the political rationale for monetary union – that all members are better off over time inside the union than they would be outside – it also weakens its longterm cohesion. that has negative spillovers for all member economies. it is in this context that several of my colleagues on the ecb executive board have recently called for stronger common governance at the european level over economic policies. 1 the ability of all countries to adjust well to shocks is not only key for the delivery of our mandate, it is vital for the integrity of the currency. this is an area of legitimate interest for the central bank which is the guardian of that currency. however, it is important to stress that the ecb ’ s interest in structural reforms should not be misinterpreted as a call for centralisation along a “ one size fits all ” model. we do not need all euro area countries to adopt identical structural reforms. what we need is a framework that takes into account both how countries differ based on their national conditions, and how they are similar by virtue of being in a monetary union. within those parameters there are various combinations of country - specific institutions that can produce smooth adjustment. let me illustrate what i mean by focusing on one example : labour markets. theory suggests that, in a monetary union, there are certain principles that should apply to labour markets across countries. for instance, without the option of exchange rate devaluation, maintaining wages in line with productivity over time is thought to be central to sustaining competitiveness and avoiding painful internal devaluations. ensuring that wages can respond to changes in labour demand or supply is also seen as a key element in limiting the employment cost of shocks. if firms have the scope to cut costs on the intensive margin – i. e. wages, bonuses and working time – they are less likely to cut costs through the extensive margin, that is, labour shedding. wage - productivity links have indeed proven to be an important factor in countries ’ external positions. france, for example, has experienced large losses in export market shares since the start of monetary union in 1999, and part of the reason for this is that labour market institutions have allowed wages and productivity to de - link across firms. micro - level data show that wages have grown almost as much in the least productive french firms over the last decade as they have in the most productive. by contrast, in germany there is clear wage dispersion according to firm productivity. for instance, see draghi,

securities initiative, the governing council will in the coming weeks decide on the continuation of the t2s project. it is important to note that all major csds have responded positively to our initiative. i thank you very much for your attention. i am now available to answer your questions.
reform and policies to improve the operation of product and labour markets augurs well for their likely success in meeting these challenges over the coming years.

affect our economy and society. however, the cost of addressing these changes is but a fraction of the cost that we would have to pay, if we allow climate change to continue unabated, without taking any preventive action. at the same time, considering that the occurrence of extreme climate events in the future cannot be excluded, policies for mitigation and adaptation should be viewed as contingency measures against such an eventuality and, as such, are advisable irrespective of the results of the cost - benefit analysis. at first glance, the current adverse economic conjuncture appears to constrain the financing of mitigation and adaptation policies. to the extent, however, that these policies can be exploited as an opportunity for new lines of economic activity and for growth, they can be part of the strategy for an exit from the crisis. in other words, the adoption of mitigation and adaptation policies, although appearing to be hampered by the grave economic problem faced by greece today, can in fact contribute to its solution. the study not only demonstrated the need for action to deal with climate change, it also underscored the need to pursue research further. in this light, we, at the bank of greece, bis central bankers ’ speeches intend to continue with the effort of both disseminating information and contributing to research. the extremely useful study presented here today therefore marks only the starting point, the first step of an ongoing effort, which will be enriched and expanded as it proceeds. the time horizon set in this study extends well beyond the current adverse conjuncture and illustrates how firmly we believe in the future of our economy, as well as in the need to address its problems seriously. i consider that a happy outcome of our initiative is that it has offered an opportunity for cooperation to experts from different scientific disciplines, who for the first time joined forces in the study of such a complex problem. this constitutes a very positive example for the greek scientific community. in closing, allow me one final word. despite my opening remarks, some may still wonder why the bank of greece, at a time like this, should concern itself with climate change anyway. my answer to them is that the publication of a report analysing the impact of climate change on the greek economy and outlining policy measures to deal with it over the next ninety years is also a clear - cut response to the outrageous and ridiculous scenarios recently going around. let me point out that all of the estimates in
john hurley : economic assessment and the role of the central bank opening statement by mr john hurley, governor of the central bank & financial services authority of ireland, to the joint oireachtas committee on economic regulatory affairs, dublin, 10 march 2009. * * * good morning chairman and members of the joint committee. thank you for the invitation to speak with you today. i am accompanied by tony grimes, the director general of the central bank, and tom o ’ connell, assistant director general, economics. i am aware that the chairman and senior officers of the financial regulator were before this committee recently dealing with their own area of responsibility. in my own opening remarks today, i would like to update the committee on our current economic assessment, and to outline briefly the on - going role of the central bank in dealing with the various issues that confront our financial system. i will refer to the international debate concerning how central banks and financial supervisors can work better together to reduce the chances of events like these happening again. in this context, the taoiseach announced recently the government ’ s intention to incorporate both central banking functions and prudential supervision in a unitary organisation. economic assessment the disruption to global financial markets, which was triggered in august 2007, has evolved into the most severe systemic crisis in almost a century. the extent of the turmoil has been far worse than was envisaged and it is still very unclear when the crisis will end and what the ultimate effects will be. the financial crisis has fed directly into developments in the global economy. prior to the collapse of lehmann brothers in mid - september it remained unclear how big an impact the financial turmoil would have on real economic activity. the subsequent broadening and intensification of the financial crisis has led to a rapid deterioration in confidence, a development encapsulated in the substantial and persistent downward revisions to global growth forecasts that have taken place. for example, in july last year, the imf was expecting global growth of 3. 9 per cent in 2009, a development that they described as “ a pronounced slowdown ”. since then the fund has issued three new forecasts as it became increasingly obvious that the financial turmoil would have a significant effect on real economic activity, and its impact would not be limited to the advanced economies. this included taking the unprecedented step of issuing two forecasts in the final quarter of 2008. in october, the global growth projection was revised down to 3 per cent, in november to 2. 2 per cent and

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ishrat husain : pakistan ’ s economic horizons, 2003 and beyond closing remarks by dr ishrat husain, governor of the state bank of pakistan, at the daily times seminar on pakistan economic horizons, 2003 and beyond, held at karachi, 31 january 2003. * * * i would like to emphasize that we are now entering the next phase of our economic revival strategy aimed at reaching a trajectory of 6 percent growth rate by 2004 - 05. this country had witnessed growth rates of 6 percent over a long period of time and as a consequence poverty was reduced from 40 percent to 18 percent in 1988 - 89. thus it is imperative that we go back to that growth path of 6 percent to be able to make a dent in unemployment and poverty. why do we feel that we can attain this target rate within the next two years and why has the growth record been so poor during the last three years. let me address the second question first. the period 1999 - 2000 was devoted to get the country out of the debt trap and move towards a path of economic self reliance and economic sovereignty. in 1999, pakistani economy was already under the shell shock of the may 1998 events, the freezing of foreign currency accounts, nuclear sanctions, suspension of bilateral and multilateral assistance. the take over of the government by the military in october 1999 further made the problems worse as additional sanctions were imposed for suspension of democracy. the attitudes of the main donors and multilateral institutions, who used to fill in the gap between our external resource requirements and the availability of external finances from our own resources, became much hardened and harsher. the country ’ s unencumbered liquid foreign reserves were hardly sufficient to meet the imports of next two to three weeks and we didn ’ t know as to how we will meet our oil payments or debt servicing tranches. this was a totally unsatisfactory situation and we had to find a durable and long lasting solution for our external debt. the first order of business was therefore to get out of the debt trap. for this to happen, fiscal deficit had to brought down from the level of 7 percent of gdp to 4 or 3 percent by raising revenues and reducing expenditures. the government ’ s focus thus was on stabilization. when you have a situation where a patient has heart disease, liver disease and pains, you first have to get things in working order. in 1999 - 2000, the country ’ s debt servicing obligations amounted to $ 7. 8 billion and there was no

not weakened, institutional reforms and restructuring are implemented and the country does not face any setbacks in the future, pakistan would be able to attain a 6 percent growth path and thus reduce poverty and unemployment. there is no doubt in my mind that this is a realistic goal to achieve – something we have done in the past for four decades. but this requires hard work, dedication and honest dealings by every pakistani whether in the private or public sector.
great dilemma is whether these institutions are making responsible decisions about economic policies, development programmes, operations and the achieved results ; • with regard to the long - term vision dimension, the great dilemma is whether the right directions and future challenges facing auditors are properly determined. hence, approximation of the auditing role with the best and contemporary international standards, learning about specifics and characteristics of the audited entities, and further bis central bankers ’ speeches intensification of inter - institutional cooperation during the processes are some of the elements having a key role in the work and results of this institution. in conclusion, i am fully confident that, by promoting the above - stated factors, the alsai will continue to perform at its best vis - a - vis the duties and challenges imposed by current developments and will succeed in accomplishing its mission towards the improvement of institutional governance. thanking you for your attention, i wish you success in your work in 2016. bis central bankers ’ speeches

##ants, the chairpersons, as well as the bank of albania's staff for dedicating your time and efforts to this important activity. i kindly invite you to actively participate in and conduct a very lively and fruitful debate. i truly believe that the productive discussions which will certainly take place during these two - day workshop, will contribute to strengthening further cooperation among researchers, and between the institutions. thank you! 4 / 4 bis - central bankers'speeches