samchain/econo-pairs-v2 huggingface dataset:
benoit cœure : interview in liberation interview with mr benoit cœure, member of the executive board of the european central bank, in liberation, conducted by mr jean quatremer on 14 january, published on 16 january 2015. * * * why has the euro area become a black hole for growth? the trend of slow growth is not only affecting the euro area, but all developed countries. in europe, it is also linked to insufficient technological innovation and a lack of dynamism and openness in the economy, and even in societies themselves. isn ’ t the single currency partly to blame for the weak growth? no, not the euro itself. it has even provided protection. but we must recognise that if the financial and economic crisis of 2007 – 8 became particularly serious in the euro area, it is also because of design flaws in economic and monetary union. the euro was built on an imperfect institutional framework, envisaged by the 1992 maastricht treaty and the 1997 stability and growth pact. the framework ’ s principles may well have been appropriate in calm weather, but when the storm broke they proved inadequate. we lacked the instruments for coordination, solidarity and responsibility which would have allowed us to handle the crisis and bounce back more quickly, as was the case in the united states or the united kingdom. this error has been progressively rectified since 2010 with the creation of the european stability mechanism ( esm ) and the banking union, the strengthening of economic governance and, in terms of monetary policy, the omt programme, which allows the ecb to repurchase public debt if needed and has just been validated by the advocate general of the european court of justice. but we still have a long way to go, and the human cost, in terms of unemployment and poverty, of these design flaws, compounded by too little potential for growth, has been considerable. only six months ago the ecb dismissed any risk of deflation. yet prices have begun to fall … the euro area is not in deflation. but there is a risk, which got worse last summer, that growth and inflation remain weak in the long term and that we fall into a “ 1 % economy ” : growth at 1 % and inflation at 1 %. this outlook is dangerous enough to be a concern to everybody. european leaders must mobilise all instruments ( monetary, budgetary, structural reforms ) so that growth picks up in a sustainable way. it ’ s imperative that we,

to the technological frontier, and, in order to grow, a country has to know how to innovate. in the 1950s and 1960s, growth meant learning how to use and replicate well - known technology. this is no longer enough. we have to innovate and to do this we need two things : education and competition. * * * allow me to conclude these few brief remarks by reiterating my gratitude for having selected me for this award. i would like to wish the rector, professor carlo carraro, lecturers and the students at this university a year filled with success ; my warmest wishes and all the very best. bis central bankers ’ speeches
##ization of finance. the bundesbank has put this topic on the agenda of the g20 during germany ’ s presidency last year. one important aspect of this issue we weren ’ t able to look at in the framework of the g20 is the possibilities and risks that come with the issuance of digital tokens or even digital central bank money. the question whether new technology changes fundamentally the foundations of central banking is increasingly discussed amongst central bankers. agustin, your talk today is highly welcomed because it will contribute to an objectification of the debate and will constitute an important input for our policy deliberations. i am very happy that we were able to attract such a distinguished speaker for this task. fire away. the floor is yours. 1 agustin carstens ( 2013 ). the quest for successful policy responses to sovereign crises. speech at the monetary authority of singapore lecture 2013, 5 february 2013. 2 / 2 bis central bankers'speeches

apec sme financing forum in iloilo city last september, one of the key priorities of the summit is “ fostering smes participation in regional and global markets. ” one of the proposals is the promotion of inclusive growth through sustainable and resilient smes with support from the csf program. similarly, the csf has advocates in congress who seek to institutionalize the csf program. at the senate, senator bam aquino is its principal author and congressman cresente paez at the house of representatives. their bills were unified during the bicameral conference committee meeting last month and will be submitted for approval by president benigno c. aquino iii. and so, ladies and gentlemen, the story of our csf program continues to evolve and produce positive results for our msmes, their owners and their employees. with paranaque joining our csf community, we look forward to generating more benefits from financial inclusion, this time within metro manila. congratulations to paranaque under the leadership of mayor olivarez, for taking this major step forward to empower msmes in their city, to help improve lives through entrepreneurship and in generating jobs in their community. maraming salamat sa inyo at mabuhay po tayong lahat! bis central bankers ’ speeches
, but great actions speak to all mankind ”. this pandemic is going to test our humanity. the actions that we will take today will define the future of this country. as leaders in your respective fields, you have the ability and the means to take swift and purposeful action ; thus, we should take advantage of this window of opportunity to transform the green shoots of today into a greener, better and sustainable future. thank you and i wish everyone a productive and successful conference. 5 / 5 bis central bankers'speeches

similarly encouraging is the swing of foreign direct investments ( fdis ) to a growth of 39. 1 percent in may and 7. 1 percent in june. imports made some headway, with the year - on - year contraction slowing down from 65. 3 percent in april to 24. 4 percent in july. lastly, recording a similar trend, the year - on - year decline in exports eased to 9. 6 percent in july from 49. 9 percent in april. we expect our recovery process to continue as more industries re - open following the relaxation of the quarantine measures. 1 / 5 bis central bankers'speeches six months into the pandemic, we are learning how to live with the virus. that is, we are learning how to strike the delicate balance between saving lives and protecting livelihoods and businesses. let us now turn to the path that we will chart in terms of the following key areas : on growth, we expect the gross domestic product ( gdp ) to swing from a range of negative 7. 0 to negative 9. 0 percent this year, to a range of positive 6. 5 to 7. 5 percent next year and in 2022. on prices, we expect inflation to remain manageable and settle within the government ’ s 2. 0 - 4. 0 percent target range by next year and in 2022. inflation is expected to average at 2. 3 percent for 2020, 2. 8 percent for 2021, and 3. 0 percent for 2022. bsp has injected hefty liquidity into the financial system to soften the impact of the covid - 19 crisis on the economy. this liquidity injection will be aided in part by the bsp ’ s newest liquidity management tool of the bsp — securities issuance. with it, we will be able to further improve our ability to manage liquidity in the system, consistent with our price stability mandate. on fdis, we expect net inflows to improve from us $ 4. 1 billion this year to us $ 6. 5 billion next year as more industries will have reopened and as business confidence globally will have started to bounce back. on overseas filipino remittances, we forecast a turnaround to 4 percent growth next year from a decline of 5 percent this year. year - to - date, overseas filipino remittances contracted by 2. 4 percent. on external accounts, we expect these to remain robust. as of end - august, the gross international reserves
service housing loans. second, the level of gearing in the united states housing market is noticeably higher than in australia. this may reflect the fact that australian households are more active in paying down their loans after buying a home, possibly because owner - occupied mortgage interest rates are not tax deductible here as they are in the united states. the faster pay - down of mortgage debt in australia reduces the risk of borrowers subsequently getting into financial difficulty. overall, the experience of the last few years suggests that the australian household sector as a whole appears to have the financial capacity to sustain a relatively high ratio of housing prices to income. that capacity may not, however, be evenly distributed through the population. many 50 – 60 year olds, having benefited from the prolonged economic expansion over almost 20 years and the accumulation of superannuation savings, are in a strong financial position. this has encouraged a change in financial behaviour, with many households in this group being more inclined to stay geared up later in life, using the funds to upgrade or expand dwelling investments. it is likely that this changed behaviour has been a significant factor in the housing developments we have seen over the past 10 – 15 years. in contrast, the typical first - home owner cohort – those under 35 years of age – has experienced a noticeable decline in home ownership over the past 10 – 15 years ( graph 9 ). it may be that this is being driven by demographic factors – such as the fact that young people are staying in education longer and delaying the formation of new households – but it may also be financially driven. graph 9 home ownership rates in australia % % total under 35 years source : abs survey of income and housing ( sih ) a particular problem for first - home owners is that the rise in the ratio of house prices to income has substantially increased the deposit needed to get into the market. on plausible assumptions, the deposit needed by first - home owners may now be around one and a quarter years ’ income, almost twice what it was 15 years ago. at one stage, lenders were responding to this by lowering the deposit requirement, but this carried the risk of buyers subsequently getting into difficulty. also, various governments have sought to provide concessions to first - home owners through grants or tax relief. however, while these measures assist the first wave of buyers who are able to take advantage of them, the benefits diminish over time to the extent that these concessions become capitalised into higher house prices. conclusion i am conscious

projections, force of action of the monetary policy transmission mechanism and other financial stability considerations, the bank of albania deems that the monetary policy will maintain a similar stimulating direction and range within similar parameters, over the medium term. bis central bankers ’ speeches
. the interest rate at which it provides in the liquidity needs of the banks. in such a framework there is no target for the exchange rate of the rand. the external value of the rand forms part of the results obtained in the economy. 5. decision - making process in view of the growing complexity of functional relationships between the various economic and financial variables, a detailed and careful analysis has to be made of the underlying economic conditions. a large number of economic indicators are therefore monitored by the bank to arrive at its monetary policy stance, such as developments in price indices, the level of interest rates, the shape of the yield curve, changes in nominal salaries and wages, nominal unit labour costs, the gap between potential and actual domestic output, money market conditions, the overall balance of payments position, the net open position in foreign exchange and the public sector borrowing requirement. to evaluate the results of such an analysis of the economy a monetary policy committee was created in the reserve bank. the monetary policy committee consists of the governor and deputy governors as voting members and senior officials of the bank as non - voting members. the first meeting of the monetary policy committee was already held in october 1999. at the meetings of this committee an evaluation is made over a two - day period of international and domestic economic conditions, the expected behaviour of the inflation rate and the current stance of monetary policy. although the governors of the bank are the only members with voting rights on the committee, consensus decisions are normally made. the final decision - making power on monetary policy matters nevertheless is still vested in the governor ’ s committee, i. e. a subcommittee of the board comprising the governor and three deputy governors. after the completion of every meeting of the monetary policy committee a statement is issued to the public. this statement summarises the more important aspects that were discussed at the meeting and the conclusions that were made. in this statement the monetary policy stance of the reserve bank is also formulated. for example, in the last monetary policy statement of 2 march 2000 it was concluded that after taking cognisance of the current economic circumstances and consistent with the inflation target set by the authorities, the monetary policy committee is of the opinion that the current level of the repo rate is appropriate. in accordance with the decision taken at the previous meeting, the reserve bank will therefore continue to manage the banks ’ daily liquidity requirement in a way that will result in a repo rate at or around 11. 75 % ”. 6. conclusion as

in the production structure of the country envisaged in the president ’ s state of the nation address on 4 february 2000, the outlook for the south african economy indeed looks very promising.
sabine mauderer : concluding remarks - ngfs workshop concluding remarks by dr sabine mauderer, member of the executive board of the deutsche bundesbank, at the ngfs workshop, singapore, 26 april 2023. * * * 1 introduction ladies and gentlemen, dear colleagues. let me start by thanking all of you for your input, be it on or off the stage, here in this room or virtually. today was an impressive journey through some of the topics that are currently at the centre of our work. perhaps, to some of you, this journey not only seemed impressive, but also a bit overwhelming. if so, that is great! that means the workshop was a success, because we cannot tackle climate change from within our comfort zone. we need to challenge ourselves and have open discussions to identify the crucial questions the financial system is facing – and then try to find some answers. that was the spirit today and that is the spirit of the ngfs. 2 blended finance one of these crucial questions is : what are the most effective ways to raise enough funds to finance the transition and climate adaptation in emerging markets and developing economies ( emdes )? this is particularly relevant as many countries in the global north are pouring lots of money into transforming their economies and lure private capital with generous subsidies. no doubt, such measures are important for these countries to realize their own climate ambitions. but what does that mean for private climate finance flows in emdes if investors may find less risky alternatives in the industrialized world? many central banks and supervisors have a limited role in answering such questions. but as our chair, ravi menon, highlighted this morning, the ngfs should and can use its convening power to help find the right answers. and that is exactly what we did today. we pooled expertise by convening experts from different fields and from all parts of the world to discuss the role blended finance can play. we heard about the challenges that remain in scaling up blended finance, but also about very concrete examples we can learn from going forward. allow me just one overarching comment : we also talked a lot about reducing the risks of transition projects through blended finance. on that, i do want to highlight that, of course, these risks, will not just disappear. they are re - distributed, but not reduced. that means they end up on someone else's book – typically a public sector player. 3 macroeconomic impacts of climate change when it comes to the macroeconomic impacts

e - kyc database for the sharing of customers'transactional and nontransactional data. the government of jamaica is also in the process of developing a national identification system ( nids ) which will provide a quicker method of identity assurance and verification thus making it easier for banks to onboard customers. 2 / 2 bis - central bankers'speeches
our exchanges are working closer together. the asia pacific exchange ( apex ), a commodities derivatives exchange in singapore, is collaborating with the shanghai international energy exchange ( ine ) to attract more international institutional investors to china ’ s commodity derivatives markets. the co - operation between the regulators has been growing stronger. the monetary authority of singapore ( mas ) and the shanghai municipal financial regulatory bureau have been organising since 2017 a joint training and exchange programme for financial agencies and institutions from both cities. mas and the shanghai municipal financial regulatory bureau have also organised since 2015 four editions of the singapore - shanghai financial forum ( ssff ). mas will set up a new shanghai representative office in august this year. the shanghai representative office will be mas ’ second office in china, in addition to its beijing representative office. this year will also see the launch of the singapore - shanghai comprehensive cooperation council financial working group, which will facilitate financial institutions in our two cities to participate in various areas such as cross - border rmb business and product innovation. let me suggest one important area where shanghai and singapore can work together for the greater good – and that is to harness the power of finance to promote a greener, more sustainable economy. using finance to green the economy the world needs to take urgent actions to reduce the risk of catastrophic climate change. finance can be a powerful tool to promote a more sustainable economy and society. both china and singapore are committed to meeting their sustainability goals under the paris agreement. both countries have embarked on ambitious green finance agendas. china issued a green industry guiding catalogue last year to harmonise differing standards for green activities, and is in the process of updating its taxonomy on green bonds to align with international practices. chinese companies led the world with us $ 33. 6 billion of green bond issuance last year. singapore launched a green finance action plan last year, built on three core pillars : building the financial industry ’ s resilience against environmental risks ; developing green financial products and solutions ; and leveraging technology to support the development of green finance. as we stimulate our economies to bounce back from the covid - 19 crisis, there is a good opportunity for shanghai and singapore to collaborate on promoting green finance in the region. there is strong demand in asia for green investment. according to a study by the united nations environment programme ( unep ) and dbs bank, us $ 200 billion in green investment is required 2 / 3 bis central bankers'speeches annually until 2030, to support the greening of

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elson gaskin : data protection in the financial sector and why it matters speech by mr elson gaskin, governor of the central bank of barbados, at the data protection conference " compliance beyond borders – insights from financial regulators ", bridgetown, 20 march 2024. * * * like our sister regulator the financial services commission, the central bank of barbados is proud to be associated with this data protection conference, under the theme " compliance beyond borders – insights from financial regulators. " in fact, had we not been legitimately invited we would have engaged in our own version of a data breach and crashed the party anyway. i am pleased however that proper etiquette and decorum prevailed, and it did not come to that. so, thanks very much warrick and alicia! one of the major objectives of the central bank of barbados is to promote financial stability that is conducive of the orderly and sustained economic development of barbados. we all know that financial stability is inextricably linked to the confidence which the users of a financial system have in its operational resilience. every day, banks, credit unions, insurance providers, and investment firms deal with vast amounts of personal data ; some of it being sensitive in nature. this data may consist of names, email and physical addresses, telephone numbers, and government - issued identification documents. categories of sensitive information include financial status, race, religion, sexual orientation, political opinions, religion, criminal records, and involvement in legal proceedings. there is also now in some jurisdictions the question of health data. due to the possible harm that will otherwise result to an individual, customers'financial and personal information needs to be protected from theft, unauthorised access, and misuse. if then financial consumers come to believe that our system is porous relative to the way that their data is stored and maintained, such a belief could affect financial stability, as in the event of a breach, persons could move their funds away from a particular institution or institutions. it is for this reason that the central bank has a vested interest in ensuring that all institutions under its remit, properly comply with the requirements of the data protection act 2019 - 29 of barbados and the data protection pillars that underpin it. these pillars indicate that personal data must be processed lawfully, fairly, and in a transparent manner ; is collected for specified, explicit, and legitimate purposes ; is adequate, relevant, and limited to what is necessary ; is accurate and kept up to

with bank resolutions in various jurisdictions. thank you for diligently delivering this workshop and for your hands - on approach in guiding the participants through the simulation exercise. we look forward to continuing this productive engagement with you. 1 / 2 bis - central bankers'speeches thank you and a nice weekend to you all. 2 / 2 bis - central bankers'speeches