samchain/econo-pairs-v2 huggingface dataset:
real gdp from its peak in 1989 to the trough in 1993 was over 12 %. the pre - crisis level of gdp was reached only in 1996. the unemployment rate peaked at close to 20 %. the crises was an amalgam of an overly leveraged banking sector, due to badly managed financial deregulation, and of overly loose and pro - cyclical fiscal and income policies. these domestic policy failures were amplified by the virtually overnight collapse of the finnish - soviet trade in 1991. 1 our lessons of the booming 1980s and busting early 1990s underline the capacity of a small open economy to adjust to both idiosyncratic and global shocks. they also underline the need for economic renewal. these years saw large swings on interest rates and the external value of the markka. in her search for monetary stability, finland joined the euro as of 1 january 1999, among the first 1 / 3 bis central bankers'speeches eleven countries. over the past two decades, the euro has brought us price stability and a stable currency. its public support is very high. as many as 80 % of the finns support emu and the euro. after joining emu, unfavourable demand and supply shocks have tested our ability to adjust, when the nominal exchange rate has no more been available to smooth out the ramifications to the real economy. as a case in point on how a small open economy can adjust in a monetary union, a social pact was agreed in 2016 to correct the serious loss of cost - competitiveness. after concluding that the rise of finland ’ s labour costs had outpaced that of her peers, an agreement was reached with the social partners to narrow the gap of cost competitiveness to our main competitors. mostly due to the competitiveness pact, relative unit labour costs were reduced by 6½ % in the period of 2014 – 17. supported by strong global demand and the ecb ’ s monetary stimulus, the pact was essential for finland ’ s rebound from zero growth to 2½ % growth in 2017 – 18. ladies and gentlemen, let me turn to the current and future challenges of monetary policy and the topics we will discuss in - depth today in our conference. slide 2. agenda of the bof 2019 monetary policy conference right now, central banks must pay attention on the short term due to the current headwinds. the governing council of the ecb recently responded to the prolonged uncertainty by amplifying the accommodative monetary policy stance.

based information about the economy, the bank of finland and the eurosystem in a comprehensible manner. i hope that during the breaks you can find time to explore our centre. its manager anu raijas is happy to tell you more about our activities and operations. dear friends, with these words, i thank you for your attention and wish you all a very good conference! 5 / 5 bis - central bankers'speeches
key insights from our latest research and analysis of mortgage arrears and outlined our associated expectations of lenders in relation to addressing this distress. our analysis helps break down the problems into the actions that can be taken to address them ( rather than conflating them into an amorphous whole ) and suggests that more than half of those in long - term mortgage arrears can be solved through the actions i have outlined today – i. e. within the financial system. this will improve the situations of thousands of distressed borrowers as well as improving the functioning of the mortgage market for all. you can all expect that our supervisory efforts will intensively focus on you delivering in line with our expectations. importantly however, it is also clear that not all of the longer - term arrears can be resolved within the financial system, with lenders taking decisions on a commercial basis. in the absence of other interventions from outside the financial system, a significant number of engaged borrowers in the deepest levels of distress will, at best, remain in the highly stressful position of not being able to afford the home that they are living in with no solution in sight, and at worst at serious risk of losing their home. the central bank will continue to engage with all stakeholders to play its part in seeking solutions for all distressed borrowers. each of your institutions have a role to play too. thank you for your attention. https : / / www. centralbank. ie / news / article / speech - the - need - for - continued - focus - on - resolving - long - term - mortgage - arrears - ed - sibley - 13 - july - 2021 7 / 9 7 / 14 / 2021 a long shadow – the need for continued focus on resolving long term mortgage arrears - deputy governor ed sibley 1 with thanks to michael smyth, steven cull, aisling menton, sean fitzpatrick, tony cahalan, catharina lawless, triona forde, shane baker and ciaran meehan for their assistance in preparing these remarks. 2 for example, quarterly bulletin 2 2021 ( april 2021 ), central bank of ireland. 3 for example, macro - prudential policy, central bank of ireland. 4 for example, see letter to retail banks re expectations around change dear ceo letter - " consumer protection expectations in a changing retail banking landscape 2021 " ( june 2021 ), central bank of ireland. 5 the papers are : duignan and kearns (

and complex agenda which is being very actively pursued in many different international groupings, involving both the industrial and emerging countries, across a broad front. we are i believe steadily moving towards consensus or many of the issues and this is “ leading the way towards sustainable economic growth ” into the next millennium. in the meantime we are collectively having to manage the consequences of the recent global financial disturbances and their economic after - effects. happily we have recently been making progress on that too, particularly in many of the emerging countries here in asia.
be tiering in order to gain support for such a measure? we are not the only game in town, and we should not be. let me repeat the need for structural reforms. this is necessary for sustainable growth, and would give a boost to the competitiveness of many countries in the euro area. using fiscal space is another possibility for some countries. rate cuts are part of standard monetary policy tools, so it ’ s something that you should certainly think about before you consider non - standard measures like app. but overall, we have to assess whether these instruments are needed to support the transmission channel and what kind of impact and side effects they would have. 1 / 3 bis central bankers'speeches but first, i would like to see the september data and whether additional measures are needed to maintain price stability in the medium term. i would also like to assess what kind of impact these measures could have. let us not forget that we already have a very accommodative monetary policy. lending to households and firms is still high, according to the july figures ; investments are still ongoing in spite of the uncertainties. do you have a view on how low into negative territory the ecb can go? we need more analysis on what kind of impact and costs and benefits rate cuts would have. we need to look at potential side effects, for instance when would bank customers start to keep cash at home? and you asked about tiering. well, for this we need more analysis too. what is the net burden on banks and are mitigating measures necessary? the banks always bring up the gross burden, but they also benefit from the negative interest rate. so we have to consider all aspects before taking a decision. would you support more closely linking the state - dependent leg of forward guidance to inflation expectations? to plot a more explicit rate path should certain inflation conditions be met at a given point in time. i ’ m sceptical to link forward guidance solely to inflation expectations. could you envisage circumstances in which existing tltros could be repriced, in order to make them more attractive to banks? that might be, yes. we can use different tools : a change in forward guidance, tltro, rate cuts, the mitigating measures for rate cuts, depending on whether the data shows a need for them, their impact, costs and benefits. but overall, i don ’ t see the need for a huge package. recent ecb communications have consistently stressed that

. 5 poi, physical point of sale and mobile and e - commerce. 6 ecb ( 2020 ), “ ecb welcomes initiative to launch new european payment solution ”, press release, 2 july. 7 ecb ( 2020 ), “ ecb takes steps to ensure pan - european reach of instant payments ”, press release, 24 july. 8 ecb ( 2020 ), “ ecb welcomes initiative to launch new european payment solution ”, press release, 2 july. 2 / 2 bis central bankers'speeches
and e. levy - yeyati ( 2003 ), financial dollarization, journal of international economics, vol. 59, pp. 323 – 347. bis central bankers ’ speeches

national bank of serbia governor ’ s opening remarks at the presentation of the inflation report – august 2017 dr jorgovanka tabakovic, governor belgrade, 16 august 2017 ladies and gentlemen, dear colleagues, welcome to the presentation of the august inflation report. as always, we will give you an overview of monetary and macroeconomic trends for the period since the previous report and set out our expectations for 2017 and 2018. however, before we move on to this, allow me to briefly venture outside the usual timeframe covered by this report and look back at the results which the national bank of serbia achieved in the past five years, that is, in the period since my appointment as governor. this period is long enough to allow us to take stock of what we have accomplished and of the challenges that are still ahead of us. the presence of strong challenges emanating from the international environment, which heightened uncertainties in all markets, did not work in our favour, but also did not prevent us from achieving and maintaining price and financial stability in the five years behind us. i would like to use this opportunity to highlight some of our key achievements as well as their significance for all of us. inflation has been low, stable and predictable for four years in a row. from nearly 13 % in autumn 2012, inflation was brought down to 2. 2 % in less than one year. after that, we have kept it at a low level. low inflationary pressures from 2013 onwards were partly attributable to low cost - push pressures from the international environment ; however, they are mostly a result of the effects of domestic factors – relative stability of the exchange rate, more anchored inflation expectations and the effects of fiscal consolidation. with the price stability it has achieved, serbia is now comparable to other european countries – since the start of the year, inflation has moved within the new, lower target tolerance band and measured 3. 2 % y - o - y in july. core inflation moved at around 2 % during the year and equalled 1. 7 % y - o - y in july. this is also a confirmation of the adequacy of the monetary policy that we conducted in the prior period, as well as of the legitimacy of our decision to lower the inflation target by 1 percentage point to 3±1. 5 %. according to our latest projection, we expect inflation to remain within the new, lower target tolerance band for the following two years. chart 1 price movements ( y - o -
access for non - resident investors as well as the growth in complementary market segments such as repo markets. bis central bankers ’ speeches

in the centre of economic gravity to the asian region is continuing, and if anything it has been highlighted by the different performances during the crisis and initial recovery. the differences in speed of recovery between the emerging world and the advanced world, and the likely persistent differences in growth trajectories into the future, will increase the pressure on exchange rate arrangements in the region. the second challenge is the increasing focus on sovereign creditworthiness. we saw a brief period of turmoil regarding dubai late last year, and more recently the public finances of greece have been under the spotlight, with some other european countries just in the background. going beyond just these instances, government balance sheets in numerous countries have taken on considerable burdens as a result of the crisis, and markets are beginning to focus on issues of sustainability. it will be a very delicate balancing act for those governments to strengthen their fiscal positions without undermining the upturn in their economies. happily, in both these areas, australia is relatively well - placed. we are located in the part of the world that is seeing the most growth. and in terms of fiscal sustainability, australia ’ s position is, by any measure, very strong indeed. turning to australia, we think on the basis of available data that real gdp grew by about 2 per cent through 2009. we expect that it will grow by a bit over 3 per cent for 2010 and about 3½ per cent in 2011 and 2012. notwithstanding reports of patchy retail sales through the christmas period, we judge consumption to have held up reasonably well after the various fiscal boosts faded. but in the future consumption is unlikely to be a leading driver of growth to the extent it was a few years ago. households seem to be adopting a more cautious position regarding saving and borrowing, which is appropriate. a turnaround in private housing construction is under way. the effect of the temporary firsthome buyers ’ boost is fading, but underlying demand is solid as a result of population growth and there is something of an “ underhang ” of earlier low construction to work off. credit costs and availability are adequate for households. while for developers credit remains quite difficult to access, it looks like we have seen a turning point in approvals for multi - unit construction. housing prices have been rising quite smartly over the past year. government spending is having an impact on demand, holding both residential and nonresidential construction at higher levels than would have resulted from private spending alone. this effect will gradually diminish over
developments in the eu will continue to affect the growth and financial prospects of many nations, especially those with the closest ties with this large economic bloc. bis central bankers ’ speeches

mario draghi : monetary policy in unconventional times introductory remarks by mr mario draghi, president of the european central bank, at the ecb colloquium held in honour of mr jose manuel gonzalez - paramo, frankfurt am main, 16 may 2012. * * * ladies and gentlemen, dear jose manuel, it is my pleasure to welcome you here today on the occasion of this colloquium on “ monetary policy in unconventional times ”. it is held in the honour of jose manuel gonzalez - paramo to mark the end of his eight - year term as member of the ecb ’ s executive board. the topics of today ’ s colloquium are not only of great relevance, but i believe also very close to your heart, jose manuel, as they reflect two of the main areas which you have dealt with during much of your career : the first topic concerns the experiences gained with the ecb ’ s non - standard measures and monetary policy during crisis times. jose manuel was closely involved in shaping these measures during his time at the ecb, having been in charge of monetary policy operations for several years, also prior to the financial crisis. jose manuel joined the ecb in times that seemed very different from today. financial markets seemed to work rather efficiently in an environment of low volatility and seemingly little risk. liquidity was distributed by stable and efficient interbank markets at ( almost ) uniform prices throughout the euro area. the operational framework served well its purpose of transmitting the decisions by the governing council on policy rates to market rates. monetary policy relied on standard monetary policy operations. money market rates were quite stable and close to the ecb ’ s main refinancing rate, with fluctuations in money market rates being within a few basis points. how times have changed! over the past few years, a number of standard and non - standard measures have been implemented as the eurosystem ’ s response to the dysfunctions in money markets caused by the financial and sovereign debt crises. you have been involved in the design and the implementation of these measures in all phases of the recent crisis : in the early phases, the ecb mainly responded to the crisis by adjusting the timing of its liquidity provision and the lengthening of the maturity of its open market operations, which helped to stabilise short term rates in an environment of high volatility and extreme distrust. later on, we dealt with the design and the launch of longer - term refinancing operations,
rate by 25 basis points to half a percent. and we indicated that we expect interest rates will need to rise further. we also said that we will be considering when to end the reinvestment phase of our large - scale asset purchases and allow the bank ’ s holdings of government of canada bonds to begin to shrink. this is a process known as quantitative tightening, or qt. the timing and pace of further increases in the policy rate, and the start of qt, will be guided by the bank ’ s ongoing assessment of the economy and its commitment to achieving the 2 % target. in closing, i want to emphasize to all canadians that the bank is determined to control inflation. with that, senior deputy governor rogers and i will be happy to take your questions. 3 / 3 bis central bankers'speeches

in the months ahead. it is therefore preferable that we go ahead with this operation now, in an orderly fashion, despite the fact that the markets have regained a certain degree of optimism in the past few days – rather than at a later point under potentially more adverse conditions. the federal council and the swiss federal banking commission have been kept abreast of the preparations underway and our negotiations with ubs.
crisis era, the world trade organisation is in great need of reform today. that could be one important transatlantic project for the coming years. when we join forces, we are stronger. i am always happy to see europe and the united states acting together and improving the multilateral system. i ’ d like to see more of that. thank you very much for your attention! 1 the official name is economic and monetary union ( emu ), but i use european monetary union here to adapt to a u. s. audience. 2 the june 2019 eurosystem staff forecast for the euro area foresees annual hicp inflation at 1. 3 % in 2019, 1. 4 % in 2020 and 1. 6 % in 2021. 4 / 4 bis central bankers'speeches

. with that, senior deputy governor wilkins and i will now be happy to take your questions. 2 / 2 bis central bankers'speeches
such discrepancies were followed by significant upward revisions of the budget deficit. with regard to the implementation of the revised stability and growth pact, there is no uniform picture emerging across member states. overall, progress towards sound public finances remains slow. in general, member states have defined reasonable medium - term budgetary objectives, and the planned consolidation progress is in most cases in line with the revised framework. however, in some cases the planned pace of consolidation is very slow indeed, and many countries do not have sufficiently concrete or credible plans to comprehensively address the fiscal imbalances. the implementation of the excessive deficit procedure is broadly consistent with the revised pact. at the same time, a number of countries continue to report severe imbalances, and some of them have presented plans that barely attain the minimum adjustment called for by the revised pact, despite the improving growth outlook. the prospective budgetary costs of population ageing also cast a shadow over the long - term fiscal outlook for most euro area countries. to adequately address the long - term fiscal challenges and support higher sustained economic growth, sound budgetary positions should be pursued in a more determined manner, avoiding reliance on one - off and temporary actions and employing effective policy measures, embedded in a comprehensive reform strategy. such comprehensive and systematic consolidation and reform efforts will enhance the credibility of the revised pact, help to establish confidence in a sound and growth - friendly fiscal environment and boost consumer confidence, thus fostering economic activity and employment growth. the lisbon strategy the recent call by the european council to maintain the momentum of the relaunched lisbon strategy for growth and employment is very important, and has been explicitly welcomed by the ecb. it is vital for potential output growth and job creation that this initiative is successful and that european citizens can see that it delivers results and eventually increases their welfare. there is a real danger that, with a further delay of reform delivery, europe may not reap the expected benefits of reforms, including greater market flexibility and efficiency, higher productivity and potential growth, reduced unemployment and price pressures and increased resilience to economic shocks. we clearly need more reform in almost all policy fields : more reforms of public expenditure as well as of tax and benefit systems, so as to enhance the quality and sustainability of public finances ; more measures raising wage and price flexibility ; more competition in goods and especially in services markets ; more action to achieve a fully operational eu internal market ; more steps towards an entrepreneur - friendly business environment ; more research & development ; more innovation ;

our institutions. i am now at your disposal for questions.