samchain/econo-pairs-v2 huggingface dataset:
because wage growth is higher in norway than abroad. the real exchange rate, measured by developments in consumer prices in a common currency, is in line with a historical average, but may rise ahead as a result of higher inflation in norway relative to other countries. key rates are now close to zero in many countries. key rate expectations abroad have fallen. market participants expect a rise in key rates in a number of countries after the turn of the year. monetary policy in norway is oriented towards maintaining low and stable inflation. the operational target is annual consumer price inflation of close to 2. 5 per cent over time. the inflation target is an anchor for inflation expectations in the foreign exchange market, for the social partners in connection with wage settlements and for those setting prices for goods and services. in recent years, average inflation has been fairly close to, but somewhat lower than, the target of 2. 5 per cent. consumer price inflation peaked in october 2008 and has since receded. in the year to august 2009, cpi inflation was 1. 9 per cent. inflation measured by the cpi varies somewhat from month to month, primarily reflecting wide fluctuations in energy prices. cpixe inflation shows developments in the consumer price index adjusted for tax changes and excluding temporary changes in energy prices. this indicator provides a more accurate picture of underlying inflation. by this measure, underlying inflation peaked at 3 per cent last autumn, but has since slowed somewhat and was 2. 3 per cent in august. underlying inflation is now below the inflation target. inflation is slowing as a result of the decline in output and wage growth last year and the beginning of this year and is expected to fall to below 2 per cent in early 2010. inflation ahead will depend on how quickly capacity utilisation picks up and by developments in the krone exchange rate. activity in the norwegian economy has held up better than expected just a few months ago. higher capacity utilisation and low productivity growth may result in stronger - than - expected upward pressure on costs and point towards somewhat higher inflation in the medium term. the financial crisis and the global economic recession have had a substantial impact on the norwegian economy, and a range of measures have been implemented to mitigate the effects of the crisis. these measures prevented the liquidity crisis from developing into a solvency crisis in the banking sector and a crisis in the real economy in norway. norges bank has supplied additional liquidity to banks and eased collateral requirements. the bank has provided loans with longer maturities, used foreign

the morning session. thank you.
european rating agency be created, since the anglo - saxon agencies have added fuel to the flames during this crisis? a : rating agencies in general have had a pro - cyclical impact. they tend to amplify upward and downward swings in the financial markets. this is still obvious today. this runs counter to financial stability. it is probably advisable to put an end to a global oligopoly of three agencies. but the fundamental problem is to reduce, or eliminate, this amplifying effect that the rating agencies contribute to.

duvvuri subbarao : book release “ perspectives on central banking – governors speak ” remarks by dr duvvuri subbarao, governor of the reserve bank of india, at the release of the book : “ perspectives on central banking : governors speak ” by dr manmohan singh, prime minister, mumbai, 15 january 2010. * * * the compendium of key speeches of rbi governors, entitled “ perspectives on central banking : governors speak ” is the reserve bank of india ’ s platinum jubilee tribute to its past leaders. all of us in the reserve bank attach immense value to the fact that this book is being released today by the hon ’ ble prime minister, dr. manmohan singh, who was himself governor of the reserve bank from 1982 to 1985. we are delighted that besides the prime minister, three former governors are also present here today. this book, therefore, is special not only for its content but also for the very special get together that marks its release. 2. seventy - five years is a relatively short span for an institution. even so, the journey since its establishment in 1935 has been eventful for the reserve bank, shaping not only its intellectual evolution but also securing its preeminent position in the economic policy space of the country. during this time, there have been momentous changes – a paradigm shift in economic ideology, ever new perspectives on economic development, growing aspirations of people, path - breaking financial innovations and game changing technological breakthroughs. all these are changes which have influenced the reserve bank, and changes to which the bank has had to respond in its own unique way. 3. the reserve bank ’ s 75 year journey has been marked by a host of historic developments both at home and abroad. internationally, there were the aftermath of the great depression of the 1930s ; the second world war and the consequent challenges of war financing ; the establishment of the bretton woods system in 1944 ; the unravelling of the gold standard and the oil price shocks of the 1970s ; the third world debt crisis of the 1980s ; the asian crisis of the mid - 1990s ; and most recently the global financial turmoil. 4. there were historic developments on the home front too, and they were varied – starting with the launching of five - year plans ; and the challenges emanating from one of history ’ s most ambitious and gigantic experiments in economic development, the after - effects of the two wars in the 1960s, the devaluation of
gap in the short to medium - run, and money growth in the long - run. to avoid this trap, central banks should exercise due caution when making use of financial market expectations. financial markets provide useful information for a central bank in search of the optimal monetary policy path. but, as otmar issing ( 2005, p. 70 ) recently put it, central banks must ensure that they do " not end up merely executing the expectations developed in the market ". the information about expected future developments reflected in market prices must be continuously cross - checked against a wide range of monetary and economic indicators in what amounts to a “ checks and balances ” approach to monetary policy. see also mervyn king ’ s speech at the jackson hole symposium 2005, where he warned about unstable inflation expectations, " it may be risky to infer from the observation that inflation expectations are stable that all is well. there will be times when large and persistent shocks occur, and it would be unwise to count on inflation expectations remaining stable when actual inflation starts to deviate substantially from its recent range ".

philipp hildebrand : the virtues of flexible financial markets - a central banking perspective summary of a speech by mr philipp hildebrand, member of the governing board of the swiss national bank, at the cfa institute annual conference, zurich, 22 may 2006. the complete speech can be found in german on the swiss national bank ’ s website ( www. snb. ch ) * * * summary rapid technological change and market liberalization have been the driving forces behind the remarkable evolution of global financial markets over the past three decades. the consequences of this development include a geographic rearrangement of global capital markets, a fast pace of product innovation and changes in the nature and composition of financial market participants. the benefits associated with today ’ s flexible financial markets are manifold. financial markets have become much more efficient in allocating capital. new products enable a better distribution of risks and the liquefaction of previously illiquid assets. they have also increased market transparency. as a result, modern financial markets facilitated innovation and likely enhanced economic growth. moreover, they have contributed to make economies more resilient to shocks. these extensive benefits notwithstanding, modern financial market also entails new risks. these risks tend to elicit calls for increasingly far - reaching regulation. while some regulation may indeed be required to guarantee the integrity of financial markets, the threshold for such regulation should be set high. regulation should only be considered if the objective is abundantly clear and if there is overwhelming evidence that market participants lack the incentives or the capability to adequately manage these risks themselves. rather than seeking regulation, market participants, central banks and regulators should focus on strengthening an already active dialogue with the aim of furthering our understanding of new types of risk associated with modern financial markets.
been criticised for being too “ oneeyed ”. and norges bank ’ s room for manoeuvre in terms of keeping inflation in check has also, at times, been limited. today, this responsibility has been clearly and unequivocally delegated to norges bank. and this time, confidence in the value of money is not based on a quantity of precious metal, but on the bank ’ s ability to ensure that inflation remains low and stable – confidence that the bank will keep its promise. history has shown that it can be appropriate to delegate responsibility for price stability to a central bank, with its long - term perspective – even in times of turbulence. another of the lessons learned over the past few years is that monetary policy cannot be put on autopilot. as the central bank, we have a responsibility for economic stability. long - term objectives must often be weighed against short - term gains. maintaining the balance can be demanding. a former chair of the federal reserve 4 said that the role of the central bank is to order “ the punch bowl removed just when the party [ is ] really warming up ”. this is a role norges bank must be prepared to take on. but not tonight. the past year has also shown that the bank can ease the burden in difficult times. today ’ s key policy rate is the lowest in the bank ’ s history. when inflation is firmly anchored, monetary william mcchesney martin, jr., ( 1955 ) : address before the new york group of the investment bankers association of america. bis central bankers ’ speeches policy can be used to stimulate output and employment and thereby to some extent facilitate the demanding restructuring facing the norwegian economy today. since the bank was established in 1816, its position has been regulated through specific legislation. but confidence will always be essential for true central bank independence. that confidence is only on loan. changing circumstances require the ability to adapt and think differently, and the same applies to central banks. what matters is results, and how they are achieved. norges bank ’ s first demanding objective – to restore confidence in the monetary system – was achieved and made an important contribution to the success of the nation building process of the 19th century. the chair of the bank ’ s first board of directors, jacob fredrik oxholm, also enjoyed success in other arenas. he was an acclaimed amateur actor – right here in trondheim. the institution he directed – norges bank – is not looking for acclaim and enthusiastic cheering. the

bank has a more sober objective – to be a useful public institution and a dependable guardian of norway ’ s monetary system. but just tonight, we would not say no to a little applause. and let me wish norges bank many happy returns! bis central bankers ’ speeches
##modative monetary policy, will not only lead to higher sustainable economic growth in the euro area but will also raise expectations of permanently higher incomes and accelerate the beneficial effects of reforms, thereby making the euro area more resilient to global shocks. fiscal policies should support the economic recovery, while remaining in compliance with the fiscal rules of the european union. full and consistent implementation of the stability and bis central bankers ’ speeches growth pact is crucial to maintain confidence in the fiscal framework. at the same time, all countries should strive for a more growth - friendly composition of fiscal policies. we are now at your disposal for questions. bis central bankers ’ speeches

statutory goals of stable prices and maximum employment ( figure 12 ). 22 the federal reserve board prepares a monetary policy report to accompany that testimony. 23 the chair also holds press conferences after four fomc meetings each year. the fomc releases statements after its meetings that explain the economic outlook and the rationale for its policy decision. detailed minutes of the committee ’ s meetings are published three weeks later. 24 since 2007, fomc participants have submitted quarterly macroeconomic projections that are published in the summary of economic projections. 25 in 2012, the fomc issued a statement on ben bernanke, former chairman of the federal reserve board, referenced the motto in a 2007 speech. see ben s. bernanke ( 2007 ), “ federal reserve communications, ” speech delivered at the cato institute 25th annual monetary conference, washington, november 14, https : / / www. federalreserve. gov / newsevents / speech / bernanke20071114a. htm. the statutory mandate was added in the federal reserve reform act of 1977. the monetary policy report is available on the board ’ s website at https : / / www. federalreserve. gov / monetarypolicy / mpr _ default. htm. fomc statements and the minutes of fomc meetings are available on the board ’ s website at https : / / www. federalreserve. gov / monetarypolicy / fomccalendars. htm. since 2012, the summary of economic projections ( sep ) has included each individual fomc participant ’ s assessment of appropriate monetary policy in the form of an interest rate “ dot plot. ” the sep is available on the board ’ s website at https : / / www. federalreserve. gov / monetarypolicy / fomccalendars. htm. - 12 longer - run goals and monetary policy strategy, which is reaffirmed every january. this statement discusses the committee ’ s interpretation of its statutory goals of maximum employment and price stability ; it indicates that the committee judges inflation of 2 percent, as measured by the annual change in the price index for personal consumption expenditures, to be most consistent over the longer run with the federal reserve ’ s statutory mandate. 26 transcripts of fomc meetings are released to the public after a delay of about five years. federal reserve board governors and reserve bank presidents contribute to the federal reserve ’ s transparency
. this will lead the way towards the venice climate summit, which will also be held next july, in which we will explore ways of scaling up dedicated finance to support global and consistent policies to pursue a just transition towards a carbon - neutral economy. let me conclude by saying that i am grateful for the fact that there has been a large recognition across all countries of the importance of this agenda. the transition to net - zero emissions is essential if we want to reduce the risks that climate change poses to the wellbeing of the present and future generations. by continuing to work together, central banks, supervisory authorities and the financial sector at large will be able to provide a key contribution to reaching our climate goals. 2 / 2 bis central bankers'speeches

##ntial approach ”, whereby the objectives of fighting inflation and preserving stability in financial systems could be jointly pursued. if the policy indications formulated in the context of imf multilateral surveillance are not followed, the imf should make its own assessment known to the public opinion. it is possible that this may create a certain volatility in financial markets, but it will also strengthen the market perception of a two - way risk, thus contributing to brake unidirectional unsustainable market trends that inevitably lead to credit booms ( and busts ), bubbles, and misalignments. in the end, i think that the gravity of the present crisis requires a strong determination to correct the flaws and the inadequacies of the present market - led international monetary and financial system. in embarking in this difficult effort, the international community should follow the good suggestions that barry eichengreen and richard baldwin outline in the introduction to the book i have already quoted : “ strengthen existing institutions ; start thinking outside the box ; do no harm ”. 9 see buiter w. ( 2008 ), “ some suggestions for the g20 on november 15th ” in eichengreen b. and r. baldwin ( eds ), op. cit., pp. 17 - 20. see eichengreen b. and r. baldwin ( eds ), op. cit. pp. 1 - 2.
mario draghi : building on the achievements of post - crisis reforms speech by mr mario draghi, president of the european central bank and chair of the european systemic risk board, at the second annual conference of the esrb, frankfurt am main, 21 september 2017. * * * it is my pleasure to welcome you to the second annual conference of the european systemic risk board ( esrb ). the conference coincides with the tenth anniversary of the start of the global financial crisis in the summer of 2007. the crisis shook the european union to the core, and required substantial policy actions to stabilise the economy and the financial system. with a return to stability having been achieved, it is important that we take time to reflect on what we have learnt, what we have achieved over the past ten years, and where we need to do further work. the crisis taught us that individual banks and the banking system as a whole needed to be more resilient than they were pre - crisis. as a result, many reforms have been put in place in recent years. our banking regulation and supervision have become stricter. moreover, the european regulatory framework now places greater emphasis on identifying and addressing system - wide risks. this includes the establishment of the esrb and the creation of macroprudential instruments assigned to public authorities. a more resilient post - crisis banking sector in the banking sector, significant efforts have been made in recent years to increase resilience. in the euro area, for example, the average common equity tier 1 ratio of significant institutions rose from 7 % in 2008 to 13. 5 % by end - 2016. and banks are required to set up solid governance structures and prudent risk management practices. moreover, resilience is now tested more rigorously in a forward - looking manner. the eu - wide stress tests coordinated by the european banking authority ( eba ) have become an important tool for quantifying banks ’ capital needs, with a view to ensuring that they would be able to continue lending to creditworthy borrowers even during a severe recession. 1, 2 post - crisis prudential rules have also provided public authorities with macroprudential tools to address systemic risks in the banking sector. 3 and the understanding of how to calibrate and implement these tools has advanced. for example, all member states now have a countercyclical capital buffer framework that is fully operational. 4 four member states have announced a non - zero buffer rate for domestic exposure

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equally fruitful debates! 4 / 4 bis central bankers'speeches

mugur isarescu : nine lessons from the current financial crisis speech by dr mugur isarescu, governor of the national bank of romania and member of the romanian academy, during the session titled “ what lessons can be learned from the current economic crisis? ”, organised by the economics, legal and sociology department within the romanian academy, in co - operation with " costin c. kiritescu " national institute of economic research and the ” esen reflection group ” romanian national committee, romanian academy, bucharest, 14 april 2009. * * * your excellency, mr. president of the romanian academy, dear colleagues, ladies and gentlemen, i have recently talked about the causes of the current financial crisis and the manner in which it affects the romanian economy at babes bolyai university in cluj - napoca and transilvania university in brasov. let me just recall here that the current crisis on the us subprime mortgage market was only the trigger of the global financial crisis. its root causes were both macroeconomic and microeconomic in nature. plentiful liquidity was the catalyst for the merging of multiple microeconomic causes such as securitisation, financial deleveraging, rifts in the business model of rating agencies and excessive deregulation, which resulted in today's financial crisis. world economies are hit by this crisis to various extents, depending on the vulnerabilities of each and their exposure to toxic assets. the response to the crisis is contingent upon the fundamental principles we believe in, the available resources, the institutions and the instruments we can make use of. a short list of the lessons should reflect all these aspects : what we have learned or think we have learned about the causes of the crisis ; about the efficiency of the institutional texture and the array of instruments at hand ; and, last but not least, about the most appropriate positioning in the event of a crisis. with these criteria in mind, i will refer to nine lessons, of which seven are universally valid and two hold particularly true for emerging economies, such as romania. in order to root out any possible confusion, i would like to point out from the very beginning what these lessons do not deal with. first, they do not address the issue of shorter or longer economic cycles and do not suggest that a crisis means the end of an economic cycle. second, the lessons do not provide an answer to the question whether we could ever avoid a financial crisis. 1. low