samchain/econo-pairs-v2 huggingface dataset:
again assuming the fiscal authorities get it right. as jim has referenced, i may have called the bottom of the recession in the summer of 2009 well before most anybody else did, but i made the point in that dallas morning news interview that going forward, we were going to have a slow slog. 8 i have said many times since then that, in light of the fact that we were recovering from “ post - traumatic shock syndrome ” stemming from the panic of 2008 and 2009, economic recovery would proceed hesitantly, taking two steps forward and one step back until it finds its new legs. we took a step backward in the first half ; i expect we will proceed forward, however haltingly, in the second half and into 2012. eminent economists : their life philosophies, ed. michael szenberg, cambridge, england : cambridge university press, 1992. “ consumer and business spending to spur expanding u. s. economy, ” by phil izzo and justin lahart, wall street journal, feb. 14, 2011. “ recession over, dallas fed chief says, but jobs lag, ” by brendan case, dallas morning news, aug. 26, 2009. bis central bankers ’ speeches the point is that i do not think we need be stuck in the low gear of the first half. some of the temporary influences that i believe retarded growth in the first half – high gasoline and unprocessed - food prices, the supply disruptions in japan, etc. – are passing through the system and are either being reversed or digested. to be sure, some businesses are being hit with higher input costs from imported goods and other nonlabor cost increases. having become as lean as possible and having learned to preserve their margins by years of tight cost management and by maximizing productivity, they don ’ t have much fat to absorb the cost of input increases. if input price increases continue or spread, these businesses will naturally attempt to pass them on to consumers, who are wary of anything else that will compress their living standards. i see a bit of a tug - of - war developing here. the issue will be whether businesses can exercise pricing power in the face of fallow consumer demand. as an inflation “ hawk ” – i prefer to think of myself and my 16 colleagues, hawks and doves alike, as wise owls – i am watching this very carefully. if i see inflation continuing to rise and, most importantly, inflationary expectations beginning to spread, i

which they can collaborate. bou and ucc are discussing the essentials to be included in the mou. future developments we envisage that mobile money will become an integral part of the national payment system. the bank of uganda act is being amended to include powers of the central bank to regulate and supervise the payment systems, and a national payment systems legislation is being developed whereby payment service providers will be licensed by the central bank. once this legislation is enacted, payment service providers will be directly licensed as payment operators. bis central bankers ’ speeches
we live in today. i am confident that the board, management and staff of the central bank are up to the challenge. i would like to take the opportunity to thank the board to which i am most privileged to be the chairman ; the management and staff of the central bank for the support and commitment they continue to display in their various roles. i also wish to thank the auditor general and his staff for their assistance over the years. honourable minister with these few remarks, i now present to you the bank of png ’ s dividend for the 2003 financial year of k50 million. thank you.

##ance sector, the bank does not at all compromise its primary roles and responsibilities. all licensed financial institutions, including microbanks and licensed microfinancial institutions are expected to fully comply with the regulatory and prudential requirements of the bank. protection of public deposits and stability of the financial system are at the centre of the bank ’ s objectives. for these reasons, we continue to enforce good governance in both the board and management level, through the “ fit & proper ” tests for those involved. the bank will not go easy on licensed institutions that are found to be violating the provisions of the various acts that empower it or the prudential standards and directives of the bank. challenge : translating rhetoric into reality we can make speeches, write policies and attend conferences to address the needs of the informal and semi - formal sectors but if these are not translated into reality, those that are supposed to be helped will continue to remain in their backwardness. this is a challenge, not only for the government but, for all stakeholders to consider. the png - adb microfinance project is spear - heading the microfinance development in png. i welcome and encourage the pacific participants to interact with your png counterparts to learn and get as much information as possible from this conference to help you develop your microfinance sectors. acknowledgement i would like to acknowledge the contributions of our development partners through the project. one of the components of the project is the microfinance competence centre ( mcc ). i would like to thank the team members of mcc for organizing this conference and inviting participants from the pacific region to attend. closing in closing, i believe this conference opens up the way for all to share information and ideas to address the common problem of poverty alleviation and rural development through microfinance. in this respect, i wish you all success in your deliberations over the two ( 2 ) days of the conference. thank you very much.
for your attention. i will now happily take your questions and listen to your views. 1 young people ’ s view of the economy, finance, the ecb and their communication channels preferences, kantar research commissioned by the ecb, 2019. 4 / 4 bis central bankers'speeches

christine lagarde : hearing at the committee on economic and monetary affairs of the european parliament introductory statement by ms christine lagarde, president of the european central bank, before the hearing at the committee on economic and monetary affairs of the european parliament, brussels, 6 february 2020. * * * madam chair, honourable members of the economic and monetary affairs committee, ladies and gentlemen, i am very happy to appear before this committee shortly after the first governing council meeting of 2020, during which the ecb decided to launch a review of its monetary policy strategy. more than 16 years have passed since the ecb last reviewed its strategy. and as we discussed in december, since 2003 the world economy has undergone profound structural changes that have transformed the environment in which monetary policy operates. more specifically, declining trend growth on the back of slowing productivity growth and an ageing population, and the legacy of the financial crisis have driven interest rates down. this low interest rate and low inflation environment has significantly reduced the scope for the ecb and other central banks worldwide to ease monetary policy in the face of an economic downturn. and structural challenges, such as new threats to environmental sustainability, rapid digitalisation, globalisation and evolving financial structures, have also affected price developments and, therefore, the environment that central banks monitor, forecast and need to factor into their policies. in the light of these changes, now is the appropriate time for us to conduct a strategy review with a broad scope to ensure we continue to deliver on our mandate in the best interest of europeans. during my last hearing before this committee i made a commitment to listen to people ’ s expectations and better understand their economic concerns. this parliament will be the primary forum for this listening exercise and for putting into practice the principle of two - way communication that i outlined here in december. so i am very happy that you have asked me to discuss central bank communication with you today. but before i get to that, allow me first to provide an overview of the current economic situation in the euro area. the euro area economy and the appropriateness of the ecb ’ s monetary policy stance broadly in line with our expectations, the euro area economy continues to grow, though still with modest momentum. the domestic economy remains relatively resilient. private consumption, for instance, increased by 0. 5 % in the third quarter of 2019 on the back of further improvements in labour market conditions. the unemployment rate stands at 7. 4 %, its lowest since july 2008. the number
agencies, together with the natural recuperative powers of the financial markets, will lay the groundwork for financial and economic recovery.

independent monetary policy and an independent body making that policy. we do not have a system whereby the hkma has to take discretionary decisions to determine interest rates or to specify monetary targets. there has therefore not been a need for a mechanism for public scrutiny of discretionary decisions because there is nothing to scrutinize. 23. our monetary system is rule - based. to the extent that there is a need to have a mechanism for public scrutiny, it should be aimed at ensuring that the hkma adheres to the rules and does not indulge secretly in discretionary monetary management. we have already volunteered this mechanism in providing real time information on the monetary base. changes and forecasts of changes to the monetary base are announced almost immediately after the relevant transactions have been conducted. there is no parallel with this practice in any other jurisdiction. 24. but the process of modernization of our currency board arrangements is likely to be a continuous one, in the light of possible rapid and significant changes in the international financial architecture. the financial secretary as controller of the exchange fund, and myself as monetary authority under his delegated authority, are responsible for making decisions in this area, in consultation with the statutory exchange fund advisory committee ( efac ). recently, with the agreement of the financial secretary, a subcommittee of the efac on currency board operations chaired by me has also been set up to advise, among other things, on currency board arrangements. 25. whilst it can be argued that transparency in this area of work would help to enhance the credibility of the system and the hkma, it must, however, be noted that proposals in this area are likely to be market sensitive. it will not be easy to strike a balance. but we should obviously try. i shall shortly be making a proposal to the financial secretary initially for the minutes of meetings of the subcommittee, other than those concerning market sensitive issues, to be published, with an appropriate time lag. consideration will also be given to the subcommittee conducting public hearings to receive opinions and suggestions on monetary management from members of the public. in the light of experience of this practice, consideration can later be given to do the same for the minutes of meetings of the efac. accountability 26. the third area that requires attention in the political process of monetary management concerns the accountability of the hkma. here again, there are certain characteristics peculiar to hong kong. unlike arrangements in other jurisdictions, the hkma, as the institution responsible for issues generically
in contrast, regulation of liquidity risk in the non - bank financial sector is more nascent. recent efforts by the financial stability board to address the liquidity mismatch for investment funds are a welcome development but more needs to be done to address the system - wide perspective. to conclude, research in these areas and beyond is essential for our work and can help the young macroprudential policy to thrive and grow to full maturity. 3 / 3 bis - central bankers'speeches

sabine lautenschlager : banking regulation and supervision – you can't have one without the other speech by ms sabine lautenschlager, member of the executive board of the european central bank and vice - chair of the supervisory board of the european central bank, at the 9th annual efr stakeholder round table on & quot ; financial fragmentation or integration & quot ;, brussels, 22 march 2018. * * * the financial crisis showed what can happen when banks are not safe and sound. so the goal is to make banks safe and sound, and avoid future crises. to that end, we have revamped regulation, and we have strengthened supervision. it ’ s indeed vital to work on both fronts. without supervisors, rules would have little effect ; without rules, supervisors would have no job – or at least no firm basis for doing their job. you can ’ t have one without the other : regulation and supervision need to be aligned. but are they? let us take a look at the euro area. in 2014, banking supervision was transferred from national to european level. and since then, we ’ ve achieved a lot. however, we could do more, and that brings me to regulation. how european is regulation? well, it ’ s true, of course, that there is a single rulebook. but by and large, regulation in europe remains fragmented to a degree that makes it hard to reap the full benefits of european banking supervision. and the problem starts with the scope of that supervision. large investment firms and thirdcountry branches are still not covered by it. this situation should be changed to restrict regulatory and supervisory arbitrage. then there are the options and national discretions contained in european regulation. some of them are still exercised differently across the euro area. it ’ s up to legislators to harmonise them. the same is true for fit and proper assessments. the rules here are also very diverse. and finally there are the tools for crisis management. we still have no common approach to such things as insolvency laws and moratoriums. this too needs to change. likewise, the rules for early intervention measures need to be streamlined. all this begs the question : is the banking union living up to its full potential? i would say : it ’ s not, at least not yet. but it could if the rules were further harmonised. now let ’ s turn to the global level. with basel iii finalised,
with stronger liquidity, higher solvency and, in the most recent period, improved asset quality. this success was based on three key factors : first, political ownership, socioeconomic awareness and social dialogue. policymakers were committed to the programme ’ s goals and showed deep knowledge of the virtuous response mechanisms to be activated in the critical sectors. on the other hand, the public understood the urgency and even - handedness of the programme. the political compromises achieved between policymakers and social partners were key to ensuring a broad and collective ownership of the programme, which in turn determined its effective and timely execution. second, the positive, intense and fast response by the export sector, which grew by around 45 % in real terms between 2008 and 2017. this contributed to the correction of the 4 / 6 bis central bankers'speeches current account deficit, to put external debt on a downward trajectory, and to mitigate the impact of lower domestic demand on the non - tradable sector. this positive response by the tradable sector was much stronger than expected and was not driven exclusively by foreign markets ’ growth, given that there were important market share gains during this period. third, the maintenance of the general public ’ s confidence in the financial system, as evident in the consistent stability of aggregate deposits. this allowed the financing of the economic activity to proceed without major disruptions and prevented the resort to capital controls. the fear and deposit drain observed in other economies that were subject to assistance programmes did not occur in the portuguese case. this was not by accident, since there was an active and persistent effort by the authorities to preserve confidence in the financial system throughout the implementation of the programme. after the assistance programme the macroeconomic adjustment initiated by the economic and financial assistance programme has continued after the programme ended in 2014, with encouraging results. gdp has been growing at an average annual rate above 2 %, reflecting the continued dynamism of the export sector and, more recently, the rebound of private investment. fiscal consolidation proceeded, with the budget balance expected to be around – 0. 5 % in 2018 and public debt entering a downward trend. the current and capital accounts were kept in surplus and the cleanup of banks ’ balance sheets has intensified, with npls declining from over 50 billion euro in june 2016 to about half this amount in end 2018. despite the undisputed progress, there is no room for complacency. the history of the past 40 years teaches us that the initial impact from an

consensus, only attainable through an open, broad and informed debate. i am confident that this conference will contribute to such a debate and that by the end of the day we will have gained many useful insights into what paths to take for effective reform and the strategies to adopt in order to remove the obstacles in the way. thank you very much for being here. 6 / 6 bis central bankers'speeches
i remember this very well as i was closely associated with the issue of the licence itself. the banking law was revised in 1988 and proclaimed in 1989. the first licence was subsequently issued to barclays in may 1989. further, barclays was the first bank to set up a branch in rodrigues. this fact must be 1 / 3 bis central bankers'speeches underlined as it shows barclays ’ willingness to be at the forefront of serving all the citizens of mauritius, irrespective of the geographical boundaries. and, as we speak of rodrigues, i would like to thank barclays for having carried out operations there for and on behalf of the bank of mauritius until we opened our office in 1999 on the island. were it not for this invitation, i would have been in rodrigues tonight in the context of the interclub youth championship. this is an event sponsored by banks and spearheaded by the bank of mauritius. ladies and gentlemen, it is a fitting moment to pay tribute to someone who has played a critical role in the success of barclays in mauritius. mr jacques de navacelle, the first non - british ceo, must be thanked for having believed in the potential of mauritius and for having persevered to grow the business instead of closing it down. were it not for his efforts and those of the staff he led, barclays would not be celebrating 100 years in mauritius. my thoughts also go to some former british mds of barclays whom i have known personally, including mr ian knapman, mr p. h. noble and mr andrew fair. i also vividly recall mr dajee joining barclays as corporate director and his appointment as managing director of barclays mauritius. barclays must be congratulated for its pioneering stance on the social front and for its contribution towards building a better, healthier and more inclusive society. barclays has not forgotten that a bank is not only a key driver of economic growth but also an enabler of positive change in the community. this is a role that banks must always bear in mind in their business strategies so that they always put customers and citizens at the centre of everything they do. the social mission of banks is something about which the bank of mauritius regularly reminds stakeholders. since its establishment in 1967, the bank of mauritius has been actively working for the socio - economic development of the country. as regulator and facilitator, the bank of mauritius has been accompanying banks in their transformative journey. though the oldest

to make the same wish for other younger banks and financial institutions. on behalf of the board and staff of the bank of mauritius and in my own name, i wish a happy centenary to barclays and i congratulate the board directors, the bank ’ s management and its employees for steering the venerable institution in a new century. i wish the very best to barclays and absa in their new pan - african adventure. ladies and gentlemen, i thank you for your attention. 3 / 3 bis central bankers'speeches
will be in advance of our meetings. the essence of transparency is for us to react in a consistent manner in response to changes in the economy which impact on our stated objective. thank you very much.

the bank to use such information as part of its data for policy decisions. i do not think that this is particularly controversial. a related, but more complicated issue, is the question of whether the bank should follow the market when it comes to setting interest rates. in other words, should monetary policy simply set interest rates on the basis of market expectations? today it is generally accepted that monetary policy should be sufficiently transparent so that the market can discount changes in monetary policy in advance. if the market correctly anticipates monetary policy actions, there will be little reaction to monetary policy announcements. one way of achieving this favourable outcome is to simply follow market expectations. however, if there is effective communication, market expectations of central bank actions will not be independent of bank actions and signals. indeed, an important dimension of monetary policy is to influence market expectations. under such circumstances, interest rate expectations are not formed independently of the view that the market has of central bank actions. in other words, if we signal a change in the monetary policy stance, this will be reflected in current market rates ahead of the actual change in the policy stance. under such conditions, although it could appear that we are following the market, we are in fact leading it. blinder, in his book “ the quiet revolution ’, also warns against central banks becoming too respectful of markets. he argues that slavishly following the market could lead to poor policy for a number of reasons. firstly, there is the problem of herd behaviour, which may or may not be rational, in speculative financial markets. this results in overreactions to stimuli whereas monetary policy makers need to proceed with caution and prudence. secondly, speculative bubbles are a fact of life. as blinder graphically puts it, ‘ central bankers must steadfastly resist such whimsy and inoculate themselves against the faddish behaviour that so often dominates markets. that may be why central bankers are not much fun at parties ’. finally, he argues that market traders tend to have much shorter time horizons than central bankers. this is even the case where long - term bonds are traded, but are in fact treated as shorter - term instruments. the result is that by following the market, monetary policy could land up having a short time horizon and be prone to overreaction. it is important for monetary policy to maintain a focus on the medium term. we have to see through the short term noise and not be blinded by it. 4. communication