samchain/econo-pairs-v2 huggingface dataset:
##s of issuing central bank digital currencies. 4 / 4 bis central bankers'speeches

financial conditions remain very favourable and support the euro area expansion, the ongoing build - up of domestic price pressures and, thus, the sustained convergence of inflation to the governing council ’ s medium - term inflation aim. the governing council continues to stand ready to adjust all of its instruments, as appropriate, to ensure that inflation moves towards its aim in a sustained manner, in line with its commitment to symmetry. the effectiveness of monetary policy can and should be enhanced by other policies. on the fiscal side, the mildly expansionary euro area fiscal stance is currently providing some support to economic activity. in view of the weakening economic outlook and the continued prominence of downside risks, governments with fiscal space that are facing a slowdown should act in an effective and timely manner. at the same time, governments in countries with high public debt should pursue prudent policies and deliver on their structural balance targets. this will create the conditions for automatic stabilisers to operate freely. all countries should reinforce their efforts to achieve a more growth - friendly composition of public finances. the implementation of structural policies in euro area countries needs to be substantially stepped up. the transparent and consistent implementation of the eu ’ s fiscal and economic governance framework, over time and across countries, also remains essential. euro area banking sector developments the resilience of the euro area banking sector remained solid and was supported by both microprudential and macroprudential actions, such as the increase of countercyclical capital buffers by national authorities in a number of countries. the aggregate common equity tier 1 ratio of significant institutions at the end of the second quarter of 2019 stood at 14. 3 %, unchanged from the end of 2018. at the same time, vulnerabilities related to liquidity and funding risks, including those related to us dollar activities, have abated amid lower funding costs and broader access to bank bond markets. non - performing loan ratios improved further to 3. 6 % over the first half of 2019, from 3. 8 % at the end of 2018. however, banks ’ profitability in the euro area remains low due to both structural and cyclical factors, with some weakening since the beginning of the year on account of slower economic growth. the financial stability environment remains challenging, as the global economic outlook has deteriorated. there are mild signs of overstretched valuations in the euro area in some riskier segments of the financial markets, as well as in real estate markets, with marked differences across regions. in addition
will increase the importance of capital adequacy, risk management, effective supervision, and transparency in fostering and maintaining financial stability in an increasingly integrated and interconnected global financial system. indeed, supervisors and bankers need to maintain a healthy skepticism about the uncertainties and real - world vicissitudes surrounding any theoretically precise measures of risk - particularly in times of adversity, when capital cushions are so important. qualitative factors such as sound judgment, knowledge, and real - world experience are essential to successful risk management. our hope is that the implementation of basel ii will substantially improve institutions'ability to measure and manage their risks. but we expect that basel ii will complement the evolution of banks'own processes and systems, not supplant them. finally, we also anticipate that basel ii will allow for the open development of new risk - management techniques, as they evolve over time.

185 – 288. woodford, m. ( 2013a ), ‘ forward guidance by inflation - targeting central banks ’, paper presented at the conference two decades of inflation targeting : main lessons and remaining challenges, sveriges riksbank, 3 june 2013. woodford, m. ( 2013b ), ‘ fedspeak : does it matter how central bankers explain themselves ’, university lecture delivered at columbia university, 22 april 2013. bis central bankers ’ speeches
step, you, the people of ra would be better informed about these financial services. not only that, but we would like to see your new micro business initiatives given timely support, resulting in sustainable businesses. but let me say that financial inclusion is not only about all the stakeholders providing financial training and financial services to you. it must be a two - way thing, where those of you who are bis central bankers ’ speeches receiving these services and training will use it to work hard and make better lives for your families. in this way we will work ourselves out of the poverty which many of our fellow fijians often speak about, and we will enjoy better living standards. theme and implication for financial inclusion ladies and gentlemen, the theme this year for the ra financial inclusion exposition is “ green growth, sustainable livelihood ” the province of ra has a lot of natural resources and is basically an agro - forestry based province. there is a lot of dependency on marine and land resources. green growth is all about making the best use of what you have around you in your natural surroundings that will help you better your living standards. developing micro, small and medium businesses from the use of your natural resources in order to grow your family ’ s economic wellbeing, will also contribute to the wider growth of our economy. at the same time the prudent management of these resources can be better done in a manner that will ensure sustainable livelihood. farmers or villages can use supportive energy efficient technologies ( such as energy saving light bulbs and solar dryers ). you can limit or recycle waste material, and use soil and water conservation and sustainable agriculture methods to ensure sustainable livelihood. for the people of ra, financial inclusion can complement your efforts to grow your livelihood. it will help you learn to be better money managers and have the appropriate financial services, products and advice that will help you grow and at the same time ensure sustainable practices. this is where we believe financial literacy, or knowing how to manage money, plays a key role. this is an important life skill that is needed by all if we are to maintain sustainable conservation practices. conclusion ladies and gentlemen, this two - day financial inclusion exposition in rakiraki will provide the community with an opportunity to learn more about the services offered by the different stakeholders. the occasion is designed to be educational and at the same time to have some fun. there are also lots of games and giveaways for the children and the entire family. i urge you all to try and

take away something new in terms of your understanding of finance today. please make an effort to visit all the booths where our stakeholders and colleagues are waiting to serve and assist you. with these few words, i thank you for your presence and declare the 2014 ra financial inclusion exposition open thank you, vinaka vakalevu, bohut dhaniyavad. bis central bankers ’ speeches
oireachtas committee in december, i said that “ we understand some of what happened, but some of it is still hard to understand ”. we are already putting in place new procedures and arrangements that take account of what we have learnt to date. i hope that my report can help develop that understanding further and help us all emerge from our current difficulties with a degree of restored confidence.

ben s bernanke : commencement address speech by mr ben s bernanke, chairman of the board of governors of the us federal reserve system, at the 2009 commencement of the boston college school of law, newton, massachusetts, 22 may 2009. * * * i am very pleased to have the opportunity to address the graduates of the boston college law school today. i realized with some chagrin that this is the third year in a row that i have given a commencement address here in the first federal reserve district, which is headquartered at the federal reserve bank of boston. this part of the country certainly has a remarkable number of fine universities. i will have to make it up to the other 11 districts somehow. along those lines, last spring i was nearby in cambridge, speaking at harvard university's class day. the speaker at the main event, the harvard graduation the next day, was j. k. rowling, author of the harry potter books. before my remarks, the student who introduced me took note of the fact that the senior class had chosen as their speakers ben bernanke and j. k. rowling, or, as he put it, " two of the great masters of children's fantasy fiction. " i will say that i am perfectly happy to be associated, even in such a tenuous way, with ms. rowling, who has done more for children's literacy than any government program i know of. i get a number of invitations to speak at commencements, which i find a bit puzzling. a practitioner, like me, of the dismal science of economics – and it is even more dismal than usual these days – is not usually the first choice for providing inspiration and uplift. i will do my best, though, and in that spirit i will take a more personal perspective than usual in my remarks today. the business reporters should go get coffee or something, because i am not going to say anything about the markets or monetary policy. instead, i'd like to offer a few thoughts today about the inherent unpredictability of our individual lives and how one might go about dealing with that reality. as an economist and policymaker, i have plenty of experience in trying to foretell the future, because policy decisions inevitably involve projections of how alternative policy choices will influence the future course of the economy. the federal reserve, therefore, devotes substantial resources to economic forecasting. likewise, individual investors and businesses have strong
you can count on it : happy new year to you all and to our country! 3 / 3 bis central bankers'speeches

banks as well as temporary purchases of assets, both private and public. circumvent the zero lower bound and bring down real long - term interest rates through purchases of government bonds, and / or interest rate guidance. as a consequence, central banks ’ balance sheets expanded by a factor of three, dramatically increasing their role in financial intermediation and sometimes raising concerns, at least in some quarters, about the possible inflationary impacttogether, this diversification and the increase in size have created more complex interactions with fiscal policies. specifically, asset purchases are sometimes seen as “ quasi fiscal policies ” both on the asset side ( due to the potential risks attached ) and the liability side ( when they contribute significantly to meeting the funding needs of the sovereigns ). bis central bankers ’ speeches at the time they were decided, those exceptional interventions were absolutely necessary. although it had been forgotten, central banks were initially created to protect the economy from excessive financial disturbances. this was, historically, their “ raison d ’ etre ”. as ultimate and unique providers of liquidity, they cannot escape this responsibility and let the financial system and the economy collapse. at the same time, by doing so, central banks have exposed themselves to a number of risks first, there are risks linked to balance sheet expansion. they cannot be ignored, although all central banks have been extremely careful in valuing the assets purchased or taken as collateral. second, they run the risk of blurring the lines between fiscal and monetary responsibilities. a dynamic use of their balance sheets by central banks has effects on the allocation and distribution of resources in the economy. they may favour or penalise some types of collateral or certain borrowers. if central banks take on additional responsibilities in the area of financial stability, they will have to do so in close cooperation with fiscal authorities, thus exposing themselves to possible interferences with monetary policy. the major risk, however, is the risk of confusion. a multiplicity of interventions could be interpreted as a relative dilution of objectives. there is a tendency by market participants and some policymakers to consider central banks to be “ universal problem solvers ” whose balance sheets can be used, without cost, for all purposes. there is also a doubt, at least an ambiguity, in the minds of some analysts, about the true purpose of government bond purchases. central banks ’ activism may create doubts as to their ability to stick to their core mandate – price stability – in the face of increasing pressures and constraints.
bank ’ s door.

, we would need to make such a change slowly but systematically. allowing maturing mortgage backed securities to roll off, the federal reserve ’ s balance sheet would shrink gradually, with relatively small consequences for financial markets. second, we should take the first early steps to normalize interest rate policy. this is not a call for high rates but a call for non - zero rates. in 2003 the fomc delayed our efforts to raise rates. in that period we reduced the federal funds rate to 1 percent and committed to keeping it there for a considerable period. this policy fostered conditions that let to rapid credit growth, financial imbalances and the eventual financial collapse from which we are still recovering. had we been more forceful in our action to renormalize policy then, it ’ s likely we might have suffered far less in 2008 through 2010. also, any effort to renormalize policy would include signaling a clear intention to remove the commitment to maintain the federal funds rate at 0 to ¼ percent “ for an extended period ”. as the public adjusts to this, we should then turn to determining the pace at which we return the funds rate to 1 percent. once there, we should pause, assess and determine what additional adjustment might be warranted. a 1 percent federal funds rate is extremely accommodative, but from that point we could better judge the workings of the interbank and lending markets and determine the order of policy actions that would support sustained long - term growth. other concerns regarding zero rates these are difficult times, no doubt, and it is tempting to think that zero interest rates can spark a quick recovery. however, we should not ignore the possible unintended consequences of such actions. zero rates distort market functioning, including the interbank money and credit markets ; zero rates lead to a search for yield and, ultimately, the mispricing of risk ; zero rates subsidize borrowers at the expense of savers. finally, it is important to note, that business contacts continue to tell me that interest rates are not the pressing issue. rather, they are concerned with uncertainties around our tax structure ; they are desperate to see this matter settled. they need time to work through the recent healthcare changes ; and they are quite uncertain about how our unsustainable fiscal policy will be addressed. they are insistent that as these matters are addressed, they will once again invest and hire. qe2 cannot offset the fundamental factors that continue to
policy. while recent surveys indicate that inflation expectations remain relatively well anchored at levels consistent with the inflation target band in south africa, we cannot afford to become complacent, vigilance is required of a central bank at all times. while oil prices have received much of the attention, the prices of other commodities, most notably metals and minerals have been much stronger over the last year. last year saw a strong upward shift in the prices of both precious metals ( gold, and the platinum group ) and base metals ( all the others, but especially copper, aluminum, iron, zinc, nickel, tin, and refined products such as steel ). the price of base metals continued to increase more significantly in 2007 with copper, aluminum and zinc reaching 7, 11 and 3 - month highs respectively, while lead and nickel touched new all - time highs in april this year. commodities are increasingly being seen as a beneficial addition to traditional diversified investment portfolios. this is due to the fact that it has generally been uncorrelated to other asset classes while healthy growth in china and other developing economies, is expected to keep prices strong. in short, it would appear that commodities have become a much more sought after “ new ” asset class for many portfolio managers. this has led to robust commodity returns, but has also left commodities prey to herding behaviour, making them more volatile and in fact, more correlated with other asset classes. however, commodity price increases are somewhat of a double edged sword for south africa. on the export side, it contributes to increased exports and economic growth. on the other hand, rising commodity prices could offset the positive terms of trade effect and lead to an increase in import prices and hence domestic inflation. a further threat to the inflation outlook emanates from buoyant housing markets in many countries which have also served to fuel domestic demand. there have been significant increases in consumption expenditures as a result of increased wealth effects emanating from rising house prices. south africa is no exception. it is true that the low global interest rate environment has had much to do with these developments. however, the current tightening of monetary policy has given rise to concerns that a decline in residential investment could have wider adverse impacts on the rest of the economy. more specifically, problems related to the sub - prime mortgage market in the us have raised concerns about the probable adverse impacts of developments in the housing market on the rest of the us economy and on the rest of the world. while current indications are that

be ignored. we have to remain alert to the risks inherent in the international environment and retain the flexibility to react appropriately to global and domestic challenges. i thank you. are there any questions?
thomas m hoenig : the financial foundation for main street speech by mr thomas m hoenig, president of the federal reserve bank of kansas city, at the capital markets summit : “ getting main street back to work ”, us chamber of commerce center for capital markets competitiveness, washington dc, 24 march 2010. * * * the views expressed by the author do not necessarily reflect those of the federal reserve system, its governors, officers or representatives. history tells us that for a country to succeed and endure economically it must adhere to a simple set of principles. no matter the market ’ s complexity, these principles anchor both its financial system and overall economy. and the most fundamental of these principles is a commitment to maintaining the integrity of the institutions within the system. this commitment provides a culture of sound business ethics, a confidence in the rule of law, the reliability of contracts, and a culture of fair play on a level field. how the individual firms compete on this field is up to them. there is almost always a diversity of firms within a highly competitive and appropriately regulated commercial system. some firms are large, many are small and all are dynamic. those who relax, resist change, or cheat know that such lapses result in failure, which is determined by the market. if we stray from our core principles of fairness or ignore the rule of law, we distort the playing field and inevitably cultivate a crisis. when the markets are no longer competitive, firms become a monopoly or an oligopoly and it matters more who you know than what you know. then, the economy loses its ability to innovate and succeed. when the market perceives an unfair advantage of some over others, the very foundation of the economic system is compromised. in these instances, for example, bonuses will far exceed the economic value provided, because the bonus is what we economists call an economic rent. it is not earned, it is only received. the protected will act as if they are protected, they will retain their status independent of performance, and the public will suffer. i like to say, “ if you give someone a monopoly, they will act like a monopolist every time. ” i open with these comments because our nation today is reacting to a financial crisis and an interruption in the flow of capital. it is also now in the process of addressing its causes in an effort to prevent its recurrence. while calling for action myself, i have been uneasy with what i have

a possible legal change to facilitate the greater use of technology, and the changing patterns of payment instrument use over the past few decades that we hope to document through some new surveys. clearly, these changes will continue and even accelerate, driven by the evolution in technology and, more fundamentally, by the evolution of ideas. our greatest challenge may be to sort through the promises of the future and find practical ways to improve the present. again, thank you for inviting me to speak here with you today. i look forward to continuing to talk with banks and their representatives about banking issues.
provide the framework for continued economic progress well into the new millennium.

into the global industrial division of labour, which effectively expanded global supply, and enhanced the production efficiency. it helped to tame the global inflation and boost economic growth. the second period was between 2008 and 2017. after the global financial crisis, the world economy featured " three lows and one high ", namely, low growth rate, low inflation, low interest rate, and high debt level. when the global demand was dampened, china took the initiative to vigorously boost domestic demand. the efforts helped spur the world economy and avoid its deflation. during the decade, china's contribution to the world economic growth was stable at around 30 percent. the third period was after the outbreak of the covid - 19. due to supply shocks and potent demand side stimulus, the global inflation once surged and stayed elevated. while china's supply chain system remained stable, it helped to fill the global supply gap, presenting china's sustained contribution to bringing down inflation and achieving economic balance in the world. the chinese economy has also undergone profound restructuring and balancing processes. in recent years, with the deepening of supply - side structural reforms, the acceleration in the establishment of a new development paradigm, and the adoption of other strategic measures, china has made continued efforts to shift its economic growth model from the traditional focus on high - speed growth to an innovation - driven, quality - 3 / 6 bis - central bankers'speeches and efficiency - oriented mode. as a result, the quality and efficiency of supply have been improving while the value added of high - tech manufacturing has accounted for an expanding share. with the contribution from consumption continuously on the rise, consumption, investment, and net exports made up 56 percent, 42 percent, and 2 percent of china's gdp in 2023, respectively, as compared with the corresponding data of 49 percent, 47 percent, and 4 percent in 2010. to promote high - quality economic development and sustainable growth, we need to strike the right balance in economic operation from the following three perspectives. first, we need to strike the right balance between the pace and quality of economic growth. given the vast size of the chinese economy, we need to keep economic growth at a reasonable rate in order to boost employment and people's income. as the transformation of the economic development model and economic restructuring will likely affect economic growth in the short term, we need to strike the right balance, put effort into fostering the new drivers of economic growth, and firmly support stable economic growth so as to