samchain/econo-pairs-v2 huggingface dataset:
8 million in the united states. this is encouraging, but it remains insufficient. we cannot be complacent in any respect. europe must develop its growth potential continuously. all countries must pursue resolutely their structural reforms, in pension systems, product market and labour markets. jointly, they have devised the europe 2020 strategy. education, research and innovation is one key area ; resource efficiency a second ; and high employment and social cohesion the third main area. the european central bank fully supports all efforts along this europe 2020 strategy. a specific example is the completion of the single market in services. it makes full economic sense that the internal market in services, which is the sector in which the majority of people work, is fully completed. new areas of growth, like the digital sector, energy and the environment will clearly benefit from more competition and create new jobs. 4. conclusion let me draw to a conclusion. we are today 12 years into economic and monetary union. i have emphasised our achievements and i have emphasised where we need to strengthen the framework. monetary union can function effectively in a europe of sovereign states with an appropriate economic union. and creating an appropriate economic union is where the reform efforts need to be directed. for that, we have to do in europe what alexis de tocqueville so admired in 19th century america, whose greatness did not lie “ in being more enlightened than any other nation, but rather in the ability to repair her faults. ” bis central bankers ’ speeches when repairing the faults in our governance framework, we must not let the indications of economic recovery distract ourselves from the urgency for action. policy - makers must keep in mind that the governance failures of the past are still to be fixed and the growth challenges of the future still to be solved. while i have stressed the challenges we face, we must also recognise our achievements. europe is in the vanguard of nations working together peacefully. we have replaced confrontation and conflict with cooperation and consensus. we have combined political freedom with economic freedom and social peace. these are remarkable achievements – and they are quite clearly achievements to which many people elsewhere in the world are aspiring. it is for this reason that i have dedicated all my working life to put the french - german friendship to the service of europe as a whole, with all nations united. and it is for this reason that i believe deeply in our economic and monetary union. the europe to which i have dedicated my career is one where different countries, different

countries are increasingly using the euro as a settlement or invoicing currency in trading with non - euro area residents, especially following the cash changeover. this suggests that the cash changeover may have encouraged exporters and importers to review their settlement and invoicing practices. as you know, these developments are the outcome of decisions essentially taken by market participants. they underscore the confidence of non - euro area residents in the euro. i am now open to questions.
inflation low and stable was perhaps not the main explanation for the great moderation, it is possible that it made an enduring impression in the form of a flatter phillips curve. we cannot know whether this phenomenon is temporary or permanent. but if it is the case that we have had a fundamental change in the way the economy functions, it is also possible that this should lead to the central bank adapting, at least to some extent, the policy it conducts. a flatter phillips curve implies that inflation has become less sensitive to the domestic demand situation – that it varies less with cyclical phases. other shocks, such as changes in energy prices and other so - called supply shocks have thus reasonably been relatively more important for developments in inflation. the flatter phillips curve also means that the central bank must influence demand more than previously to achieve a given change in inflation. this means that if the central bank reacts in the same way as before to supply shocks that cause inflation to deviate from the target, the fluctuations in economic activity will be greater. say, for instance, that the central bank has been used to subduing a particular part of an upturn in energy prices. a flatter phillips curve would mean that demand has to be dampened more than before to prevent inflation rising. over time this would entail greater fluctuations in economic activity. this could be perceived as an undesirable effect and gradually give rise to dissatisfaction with the central bank ’ s policy. ultimately, this could also mean that the independence is see, for example, krugman ( 2013 ). see, for example, imf ( 2013 ) or wolf ( 2013 ). bis central bankers ’ speeches brought into question. one possibility would thus be for the central bank to try to become slightly more “ flexible ” than before in this situation and to react somewhat less aggressively to supply shocks – and thereby try to find an economically more acceptable combination of fluctuations in inflation and fluctuations in economic activity. if inflation expectations are securely anchored, there should be scope for this. but adaptation requires reflection and caution however, this would not be an easy task. firstly, the central bank is of course unable to change its behaviour so much that doubts arise as to whether it is actually trying to maintain low and stable inflation. what is known as the nominal anchor, that is the landmark for pricesetting and wage formation, may then be loosened. this would mean losing all we have achieved over the past two or three decades. but even if nothing

and the fact that productivity growth during the first three quarters appears to have been somewhat more favourable than we had anticipated. the risk of contagion effects via energy prices also appears to have declined. however, as we said, we are in the midst of our forecasting work and not all of the information is complete as yet. our monetary policy meeting will be held on 5 february and this is when the final decision on the repo rate will be made. thank you.
be installed in early education. the third dimension, the one on financial inclusion is a continuous process of advancing financial infrastructure in order to increase the availability of financial products and services at the lowest cost. financial intermediation has advanced rapidly through the proliferation of financial services and products but only at the basic level. building a financial market that treats consumers fairly encourages financial involvement and helps citizens to make effective use of financial services as the main premise of financial inclusion. therefore cbk has orientated the financial education program in the function of financial inclusion in order to stimulate sufficient demand for a wide variety and wide range of services and products. therefore, with the support of the world bank and the swiss state secretariat for economic affairs ( seco ), we have managed to design the " greenback project " targeting remittances as a very important category of revenues in kosovo, awareness of senders and receivers of remittances, so that the destination of this category of revenues is transformed from consumption to investment. in addition, the remittance and payments program will help the cbk to further advance the payment system infrastructure, in particular, the broader aspect and the cost - effectiveness of small payments. all of us that are here today agree that through financial education we have managed to address many challenges within the three dimensions, but there is still work to be done. the financial system is constantly evolving towards expanding more complex financial products and services, so the financial education program should respond proactively to this new dimension. this proactivity imposes the need for the national financial education strategy, for which i consider that now it is the time to start the dialogue. i consider that today's signing of the agreement of understanding between the central bank and the ministry of education will be a good start in this regard. in conclusion, please allow me to thank the ministry of education, science and technology, the world bank, the swiss state secretariat for economic affairs ( seco ), the efse for the excellent cooperation in achieving the present results and all you representatives of other relevant institutions for the future cooperation. thank you very much!

. let me conclude. if well designed and thoroughly implemented, a genuine capital markets union will deepen the single market and contribute to the development of a more prosperous union. and t2s – a tremendous achievement – will serve as the basis for these further achievements, in accordance with the process envisioned by schumann 65 years ago. thank you. bis central bankers ’ speeches
was updated on may 26, 2021 to match remarks made at the brookings institution. on page 2, the sentence should read, “ first, i see increasing recognition by the private and public sectors that a broad reopening can proceed safely. ” on page 10, the sentence should read, “ in contrast, the time for discussing a change in the federal funds rate remains in the future. " return to text 3 see centers for disease control and prevention ( 2021 ), " interim public health recommendations for fully vaccinated people, " webpage. return to text 4 see board of governors of the federal reserve system ( 2021 ), " federal reserve board issues report on the economic well - being of u. s. households, " press release, may 17. return to text 5 see olivier blanchard ( 2019 ), “ public debt and low interest rates, " american economic review, vol. 109 ( april ), 5 / 6 bis central bankers'speeches pp. 1197 – 229 ; lawrence h. summers ( 2018 ), “ secular stagnation and macroeconomic policy, " imf economic review, vol. 66 ( june ), pp. 226 – 50 ; and jason furman and lawrence summers ( 2020 ), “ a reconsideration of government debt in an era of low interest rates, ” presentation to the hutchins center on fiscal and monetary policy and peterson institute for international economics, december 1, www. piie. com / system / files / documents / furman - summers2020 – 12 - 01ppt. pdf. return to text 6 for the deficit projection for 2021, see congressional budget office ( 2021 ), the budget and economic outlook : 2021 to 2031 ( washington : cbo, march ). return to text 7 see federal reserve bank of st. louis ( 2021 ), " federal debt : total public debt as percent of gross domestic product, " fred economic data ( accessed may 21 ). return to text 8 see department of the treasury ( 2020 ), " president ’ s working group on financial markets releases report on money market funds, " press release, december 22 ; and financial stability board ( 2020 ), global monitoring report on non - bank financial intermediation 2020 ( basel : fsb, december ). return to text 9 see, for example, lars e. o. svensson ( 2019 ), " the relation between monetary policy and financial - stability policy, " in alvaro aguirre, markus br

scenarios for mandatory federal spending on health care shown in figure 2 – 3, p. 39, in cbo, the long - term budget outlook, in note 2. this result requires that the nominal rate of interest paid on government debt equals the rate of growth of nominal gdp, a condition that might plausibly be expected to hold over time. if the interest rate on government debt is higher than the growth rate of nominal gdp, as might happen if creditors become wary of lending, then a primary budget surplus rather than primary balance would be needed to stabilize the ratio of debt to gdp. bis central bankers ’ speeches infrastructure. our nation cannot reasonably expect to grow its way out of our fiscal imbalances, but a more productive economy will ease the tradeoffs that we face. thank you. i would be pleased to take your questions. bis central bankers ’ speeches
most notable expression of the interaction of the belief in the “ new economy ” with developments in financial markets. however, the growth in debt markets also played its role. the introduction of the euro and the start of the single monetary policy seem to have had a strong, positive impact on the possibilities for corporate issuers both financial and non - financial - to resort to corporate bond issuance as a financing source. in addition, this process was fuelled by the surge in mergers and acquisitions, as more and more companies prepared to grasp the opportunities of the new dynamic environment. furthermore, issuance activity by certain sectors linked to the “ new economy ”, such as the telecommunications and high - tech sectors, promoted the development of certain segments of the bond markets, for example the market for high - yield bonds. b. van ark, “ measuring productivity in the “ new economy ” : towards a european perspective ”, de economist 148, no. 1, 2000, pp. 87 - 105. we all know where all this optimism about the “ new economy ” led to. since march 2000, we have seen both a substantial decline in stock prices and rising financial imbalances. i shall now discuss the aftermath of the boom and burst period that we experienced in financial markets. the aftermath if the famous philosopher erasmus of rotterdam were to have lived in our times, he would certainly have added an additional chapter to his satirical masterpiece “ the praise of folly ”, with its pointed attacks on human weaknesses and excesses, to describe some of the practices in financial markets and corporate behaviour that have been so blatantly evident in recent years. some, as we know, have used the expressions “ irrational exuberance ” and “ infectious greed ” to describe these developments. i have nothing to add to these statements. unfortunately, when stock prices came down sharply, the costs of the excesses became evidently clear. since their peak in march 2000, stock prices in the euro area - as measured by the broad dow jones euro stoxx index - have fallen by roughly 57 % as at the end of april 2003. it has been calculated that buying a thousand deutsche marks'worth of beer would have been a better investment than investing the same amount of money in frankfurt's neuer markt at the height of the bubble - at least with the beer you could have made some return by selling the empty cans. the fall in the value of financial assets since 2000, associated with the fall in equity prices, has led to

be replaced by the new k10, 000 banknote once they reach the end of their lifespan through soiling and / or mutilation. therefore, i urge you to take a closer look at the new k10, 000 banknote in order to inform the public correctly. i thank you.
frank elderson : forests and finance panel contribution by mr frank elderson, member of the executive board of the european central bank, at cop26 world leaders ’ summit presidency event on “ action on forest and land use ”, frankfurt am main, 2 november 2021. * * * the challenges addressed here today are of vital importance to the network of central banks and supervisors for greening the financial system ( ngfs ). since its foundation in 2017, the ngfs has grown with lightning speed from eight to almost 100 members today. our membership encompasses central banks and supervisors from developing, emerging and developed economies. covering five continents, ranging from the biggest economies to the smallest island states – none immune from storms, fires, floods and deforestation. the bad news is that until a few years ago, climate change and environmental degradation were all but blind spots for the financial sector. the good news is that this is no longer so. the work of the ngfs has decisively contributed to the insight that climate and environmental risks are a source of financial risk, bringing them squarely within the mandates of central banks and supervisors. and to the understanding that the financial sector needs to be part of the solution to the ongoing climate and environmental crises. with our large and committed membership, our leverage on the financial sector can hardly be overestimated. together we supervise all global systemically relevant banks and over two - thirds of systemically relevant insurers. together we cover 88 % of the global economy and 85 % of all global emissions. at the ngfs we have been working hard over the past four years to integrate climate - related and environmental risks into the work of central banks and supervisors. we published a guide recommending that supervisors clarify their expectations that banks and insurers should revisit their very dna to address climate - related and environmental risks. in addition, the ngfs has developed forward - looking scenarios, identified data gaps and assessed how climate change is relevant for monetary policy. through these activities, clear light has been shone on the relevance of climate change for the financial sector. concrete tools have been developed and significant progress has been made. however, forests – and more broadly, nature – have so far remained too much in the shadows. recognising the harm that nature - blind financial flows may cause, and that climate change and environmental degradation are very much related, last month the ngfs published a study on biodiversity and financial stability. we – and the financial institutions we supervise – need to

some markets – and to reap the benefits of integration in a market of global dimensions. this opening is definitely a positive development. as in other fields, the bank of italy points to what it considers the right route. it does not seek to determine any institution ’ s traveling companions. it notes that the road ahead is still very long and urges that it be traveled resolutely.
emerging markets throughout asia and beyond that will contribute meaningfully to the global effort in tacking climate change through the power of finance. 20. thank you. 1 source : asifma https : / / www. asifma. org / wp - content / uploads / 2020 / 12 / asifma - fosda - esg - and - sf - data - challenges - and - opportunities - in - asia - f20201221c. pdf

deepak mohanty : monetary policy response to recent inflation in india speech by mr deepak mohanty, executive director of the reserve bank of india, at the indian institute of technology ( iit ), guwahati, 3 september 2011. * * * the assistance provided by g. v. nadhanael is acknowledged. i thank the indian institute of technology ( iit ), guwahati and mr. ankit khemka, convenor, techniche 2011, for inviting me to address such a talented and bright group of youngsters. i propose to speak to you about inflation which is a matter of concern to all of us. it has been about two years since october 2009 that the reserve bank of india announced its exit from the crisis - driven accommodative monetary policy stance. however, inflation continues to remain elevated, despite sustained monetary policy action. headline inflation, measured by year - on - year changes in the wholesale price index ( wpi ), averaged 9. 6 per cent in 2010 – 11 and it has continued to be over 9 per cent in the current financial year so far. this spell of high inflation has been the longest since the mid - 1990s. it has, therefore, posed a major challenge for policymakers, especially for the reserve bank as the key objective of monetary policy is price stability. why do we need to worry about inflation? how did the inflation dynamics evolve over the past two years? what was the monetary policy response? these are primarily the questions that i will address. why do we need to worry about inflation? we need to be concerned about inflation as it has adverse impact on the real economy. first, high and persistent inflation imposes significant socio - economic costs. given that the burden of inflation is disproportionately large on the poor, high inflation by itself can lead to distributional inequality. therefore, for a welfare - oriented public policy, low inflation becomes a critical element for ensuring balanced progress. second, high inflation distorts economic incentives by diverting resources away from productive investment to speculative activities. third, inflation reduces households saving as they try to maintain the real value of their consumption. consequent fall in overall investment in the economy reduces its potential growth. fourth, as inflation rises and turns volatile, it raises the inflation risk premia in financial transactions. hence, nominal interest rates tend to be higher than they would have been under low and stable inflation. fifth, if domestic inflation
for a wellfunctioning monetary union. in four years, europe will be in a much healthier state than today. bis central bankers ’ speeches

inflation target really did not acquire strong credibility until about 1995. in some such episodes, monetary policy did respond to changes in the exchange rate by altering interest rates. but by the advent of the asian crisis, when the exchange rate declined a lot, both we and the financial markets had developed sufficient confidence in our monetary policy framework that we were able to allow the exchange rate to do its job. the conduct of policy through that period is generally regarded as successful. conclusion capital mobility can complicate the conduct of monetary policy. in australia, we have found that the complications which arise under a floating exchange rate – while often not trivial – are not of the same order of magnitude as the monetary control problems we had when capital was less mobile but financial prices were heavily regulated. in the system we have had for some years now, the inflation target, rather than the exchange rate, is our anchor for policy. when capital flows suddenly change, the exchange rate is free to move to absorb at least part of the shock, and we are able to decide how much of the shock should show up as changed financial conditions in australia. this seems to be a pretty durable arrangement. of course, it took some time to get to this position. i recognise that many other countries in the region are in a different position. many are more open, so with perhaps less scope to allow large exchange rate moves without significant first - round inflationary or deflationary effects. others are still working to develop stronger domestic monetary policy frameworks. hence, these countries probably tend to worry more about the flightiness of international capital flows than do we. nonetheless, it does seem to me that australia ’ s experience offers reasonable grounds for thinking that, over time, these problems can be contained sufficiently so that we can enjoy the benefits of openness to capital flows without too much cost.