samchain/econo-pairs-v2 huggingface dataset:
in place until we consider the covid - 19 crisis phase to be over. let me next turn to the ecb monetary policy strategy review. after being postponed due to the crisis, the review was re - launched last month, and it is expected to be completed by september next year. the essential underlying reason for the strategy review is the profound structural changes in the euro area and in the global economy. these include, in particular, the change in the relationship between the spare capacity of the economy and inflation, as well as the long - term decline in the natural interest rate and the sluggish productivity growth. the lower natural interest rate has reduced the room for interest rate cuts, as the effective lower bound lays the floor for them. however, non - standard policy measures have alleviated this constraint to some extent. a reassessment of the ecb ’ s monetary policy strategy is all the more necessary given both the long - term low inflation – or ‘ lowflation ’ – and the damage wrought by the covid - 19 pandemic. 1 the strategy review will cover a wide range of subjects, including climate change and digitalization, and it is supported by in - depth analyses of the forces that drive inflation dynamics today – or rather, slow them down. one of the key issues of the review and of monetary policy 1 / 2 bis central bankers'speeches today is inflation expectations, and how they should or could be correctly anchored. in the early years of its operation, the ecb was seeking to establish credibility in an operating environment in which too high inflation was the main concern. this led to the ecb successfully capping inflation expectations by aiming for inflation of “ below, but close to, 2 % ”. however, in the current environment of chronically low inflation, it is more important to ensure that inflation expectations are not anchored at too low levels. today, that is regretfully the case, which has been amplified by the perceived ceiling and asymmetry in the price stability definition, as demonstrated in a recent paper by bank of finland researchers. 2 to underpin inflation expectations, the first thing to do is to make sure that our inflation target is defined as symmetric – and in particular that the public understands it as symmetric. my way of thinking is thus largely similar to that expressed by president lagarde in her recent speech. 3 in other words, what we need is, first of all, a clearly and genuinely symmetric price stability target, and secondly,

of essence. bis central bankers ’ speeches
joachim wuermeling : the turning of the tides – banks and the turnaround in interest rates speech by prof joachim wuermeling, member of the executive board of the deutsche bundesbank, at the deutsche bundesbank's symposium on banking supervision, frankfurt am main, 8 november 2022. * * * 1 introduction ladies and gentlemen, welcome to " banking supervision in dialogue ". there are two things i am pleased about – that we can meet up again, at long last, in the real world ; and that so many of you have accepted our invitation. this setting is better suited to putting across our idea of dialogue than a virtual gathering – there's no question about that. ladies and gentlemen, this isn't exactly the season to be out swimming. but the beach is where i'd like to start my speech today, specifically with a quip by warren buffett that will no doubt be familiar to many of you : only when the tide goes out do you discover who's been swimming naked. and the tide has indeed been out for a long time, in the shape of a protracted spell of low interest rates. that wasn't an easy time for banks. but because the period of low interest rates went on for so long, most banks had an opportunity to put on a bathing costume and go some way towards coming to terms with the low rates. but now the tide is coming in – rates are on the rise, and they are rising fast. this makes the question of the right outfit a less pressing one. what matters more is the question of who, over the past years, has either lost their ability to swim altogether or has at least forgotten how to adapt their stroke to the depth and swell of the water. banking business works differently in times of high interest rates than when rates are low. and all the people who entered the world of banking within the past decade have only ever known low interest rates. this means that many have no option but to rethink and acclimatise to the new situation. " is that really a problem? " you might ask. after all, don't rising interest rates make life pretty easy for banks? in principle, it's not the worst situation to be in, but as always, the reality is somewhat more complicated – especially if an incoming tide is accompanied by a brewing storm. 2 rates rising at both the short and long end to begin with, and at a very fundamental

great deal of strength and resiliency in dealing with challenges of the past, and it still seems as strong and as well positioned overall now to handle stress as it has been in many years. i have no doubt that the u. s. banking system will continue to grow and that it will remain central to the nation ’ s financial system. to do that, though, requires that we all to adapt to changing times and that banks manage risk carefully in both good times and bad.
mike moore : financial services and the wto remarks by mr mike moore, director - general of the world trade organization, at a working dinner of central bank governors held at the bank for international settlements in basel on 11 september 2000 ( prepared speech ; not a verbatim transcription ). * * * i am grateful for the opportunity to talk to you today. the timing is good because we have started new negotiations on trade in services in the wto that will certainly include talks on the liberalization of trade in financial services, an area of great importance to you and to all wto members. financial services has always been seen, from the start of the discussions about whether the gatt should deal with services at all, as a special and controversial sector in terms of its strategic importance and political sensitivity : not only is it the largest of all internationally traded services, and the backbone of all other economic activity, but it is also a key tool for the control of national economies. for some governments the achievement of greater freedom and security to offer banking, securities and insurance services in foreign markets was the pre - eminent objective of the uruguay round. without the insistence of the banking and insurance industries of the us and other countries on bringing trade in services, and financial services especially, under the framework of multilateral law, there would have been no services agreement in the wto. in the early stages of services negotiations, many developing countries were hesitant. they feared that competition and increased participation and influence of foreign financial institutions would threaten their control of the key levers of the national economy, as well as their national financial institutions. but even in the developed world there were some underlying systemic doubts : finance ministries in a number of countries were initially doubtful about the value of a multilateral approach to financial services. they had been comfortable with bilateral negotiation of banking licenses and other rights based mostly on reciprocity - and were not convinced of the virtues of granting most favoured treatment, nor comfortable with the prospect of decisions being subject to dispute settlement in the multilateral framework. the relative openness of financial markets at the time, at least in the developed world, made the need for change less obvious. it seemed worthwhile to embark on multilateral negotiations only if the results promised something better than what was already there. and a key element in the calculus was how far developing countries would join in the negotiations. two conflicting approaches - the high ambitions of some developed countries and the nervous caution of developing countries - are reflected in the long history

##s, to bring central bank closer to the layperson • special exhibitions ( in mumbai and kolkata ) to depict history of rbi and money bis central bankers ’ speeches • opening of financial literacy centres in regional offices • focussed awareness advertising campaigns on matters of public interest bis central bankers ’ speeches
presented to the eu council, which takes the final decision on which countries fulfil the conditions for adopting the euro. the council also decides the final conversion rate to the euro. it is then that the technical preparations for euro adoption can start. the entry of new countries into the euro area is determined by the conditions laid down by the treaty. they are applied in an equal fashion to all candidates. while each country prepares for euro area entry at a pace in line with its own economic conditions, all eu member states, apart from denmark and the united kingdom, are committed to strive to fulfil the convergence criteria as soon as possible and adopt the euro thereafter. 5. future challenges let me now turn to some future challenges which i consider will be of increasing importance in the coming years. it is clear that a lot of progress has been made within the eu on finding a successful institutional framework for macroeconomic stability and sustainability. it is, however, true that a number of countries – including poland – are still struggling, in particular with finding a sustainable path for public finances. these challenges are even more acute if we take into account the challenge of an ageing population which will very soon start to weigh on public finances. this consequently remains the key priority in many countries. to take another perspective, we can also see that the pressures from globalisation and technological change force us to think hard about the long - term competitiveness of our economies. while we have had a lively debate in recent years about the reasons for the relatively low level of productivity growth in the euro area, the remedies are still not easy to formulate. for many of the new eu member states, this question is of particular relevance, especially in light of the fact that gains realised from a low starting position – stemming from the upgrading of technology and product quality through privatisation, restructuring and fdi inflows – may not be easy to sustain over time. more sophisticated measures may consequently be needed to bring about a new wave of restructuring and technological progress in order to keep up with competitor economies. in this endeavour, issues such as good corporate governance, efficient competition, research and development and education policies will be increasingly important. an important element for the internal market in the eu and the lisbon agenda is a wellfunctioning labour market. in recent years we have witnessed an increase in cross - border labour migration in europe, especially since the enlargement of the eu in 2004. most worker migration has so far been of

in terms of both successful preparations and successful participation. moreover, steps towards a more flexible domestic economy with a stable macroeconomic framework will in themselves be conducive to a rapid catching - up process and improvement in living standards. i am sure there will be many reasons to come back to these issues in a not too distant future here in poland. thank you for your attention.
i would also like to thank all of our development partners, especially kfw, gtz and the world bank, who have supported the project through both financial and technical assistance. thank you for listening. bis central bankers ’ speeches

shown by the fact that the year - on - year growth rate for the april – june quarter, which was released in july, registered 7. 5 percent. the economy has faced downward pressure, such as a slowdown in the real estate market, as authorities have been progressing with structural reforms. on the other hand, the slowdown in growth momentum observed since the beginning of the year has come to a halt due partly to the economic stimulus measures that the authorities have been implementing since the spring. as for the outlook, the chinese economy is likely to continue to see stable growth, albeit at a slightly slower pace. emerging and commodity - exporting economies – mainly the asean economies that are japan ’ s major export destinations – have continued to lack growth momentum. however, the positive effects of recovery in advanced economies have spread to some emerging economies. moreover, as the financial markets have been calm on the whole, a pick - up in domestic demand has been observed in some asian countries. if such developments bis central bankers ’ speeches continue, emerging and commodity - exporting economies should gradually show an improving trend, although a high degree of uncertainty remains. in the world economic outlook released by the international monetary fund ( imf ) in july, the growth rate of the overall global economy for 2014 was revised slightly downward – affected by the deceleration in the january – march quarter – but the projection of the growth rate accelerating toward 2015 remained unchanged. the bank likewise expects that the global economy will moderately increase its growth rate. this is mainly because, as the chinese economy is continuing to see stable growth – albeit at a slightly slower pace – positive effects of the firm recovery in advanced economies will gradually spread to emerging economies. b. japan ’ s economic activity and prices 1. current situation a. economic activity now i will discuss japan ’ s economic activity and prices. the bank ’ s current assessment is that japan ’ s economy has continued to recover moderately as a trend, although the subsequent decline in demand following the front - loaded increase prior to the consumption tax hike has been observed. looking at developments in private consumption since april 2014, despite the decline i just mentioned, many firms have indicated that the degree of the decline has been broadly in line with expectations. in terms of sentiment, the consumer confidence index, which had been relatively weak for some time, has improved for two consecutive months. yet a wide range of indicators should continue to be monitored closely, as the adjustments in some aspects of housing starts and of automobile sales
ric battellino : housing affordability in australia background notes for opening remarks by mr ric battelino, deputy governor of the reserve bank of australia, to the senate select committee on housing affordability in australia, melbourne, 24 april 2008. * * * the reserve bank is very pleased to have been invited to participate in this inquiry into housing affordability. the terms of reference of the committee are wide - ranging and extend well beyond the areas in which the reserve bank has expertise. we will therefore limit our remarks to four areas – namely house prices, housing affordability, housing loan arrears and the rental market. the key points we would like to make are as follows : 1. the increase in house prices in australia since the mid 1990s, while very large, has been part of a broad trend evident in most other developed economies. this suggests that the main forces that have underpinned this rise have been global in nature, rather than country - specific. 2. traditional measures of housing affordability have declined since the mid 1990s. specifically, housing loan repayments have risen strongly relative to incomes. the overwhelming factor that has led to this is the rise in house prices ; mortgage interest rates in australia are no higher today than in the mid 1990s, when housing was at its most affordable. 3. despite the sharp fall in traditional measures of housing affordability, arrears rates on housing loans remain low by historical standards. to some extent, this is a sign of the extraordinary commitment of australian households to meeting their housing loan repayments, even in the face of financial pressure. it is also the case, however, that for the household sector as a whole, rising levels of income have allowed households to devote a larger share of their income to housing repayments, while maintaining or even increasing their overall living standards. this has meant that, for many households, traditional benchmarks of affordability – such as the often - quoted 30 per cent rule – may now be somewhat dated. while the picture on arrears for the household sector as a whole is quite benign, there are nonetheless significant pockets in the community where the high price of housing is causing financial distress. 4. the rental market is currently very tight, with vacancy rates at low levels and rents rising quickly. this comes after a decade when rents increased by much less than the price of houses, causing rental yields to fall to levels that discouraged increases in the supply of rental properties. it is hard to avoid the conclusion that the rental

to the market until rental yields return to more normal levels. one way for this to be achieved would be for house prices to rise more slowly than incomes and rents for a period. measures that lower the cost of adding to supply of housing, particularly low - cost housing, would be helpful in aiding the transition process. this includes initiatives, such as that announced by the australian government in march, to help increase the supply of rental properties by giving tax subsidies to institutions investing in rental property.
’ health, happiness and success for the year 2020. now, i welcome your questions. faqe 5 nga 5

##forming loans of only 2. 1 % in october 2019, which continued to decline compared to last year when it was 2. 7 %. the quality of the loan portfolio is not only the highest in the region, but also it is of better quality compared to some european union economies. this fact, in addition to reflecting the sound state of kosovo's banking sector, should be emphasized, as it serves as a very important indicator of the conditions our market offers and which is a very important element for investors who may consider kosovo as destination to invest their capital. * * * the pension funds sector was also characterized by favorable developments. the value of pension sector assets in september 2019 amounted to 1. 92 billion euros, marking an annual growth of 8. 8 %. the return on investment of pension funds was quite satisfactory ( 138 million euros during the period january to september ), showing an increase in the value of citizens'pension savings. * * * the insurance sector continued to increase insurance activity, as well as compensation for damages to the insured. the total written value of premiums by insurance companies as of september 2019 was 74 million euros, representing an annual increase of 7. 1 %. on the other hand, the value of claims paid amounted to eur 37. 9 million, marking an annual increase of 7. 3 %. the ratio between claims paid and premiums received reached 51. 2 %, compared to the same period last year when this ratio was 51. 1. the central bank of the republic of kosovo is committed to continuously ensure the correct handling of claims by insurance companies. faqe 2 nga 5 in order to ensure financial stability and as a result of non - compliance with regulatory requirements and failure to comply with remedial measures, cbk in 2019, in its role of regulator and supervisor of financial institutions, has revoked license of company " insig " jsc, kosovo branch. in order to protect the damaged parties from the third party liability insurance and in order to create the necessary conditions for the sustainable development of the insurance sector, cbk has adjusted the category i tariffs for compulsory third party liability insurance, which have been unchanged since 2001. the actuarial study by insurance companies has suggested a 36. 56 % increase in category i ( passenger vehicles ) tariffs. however, the cbk in its assessment has identified some factors that are not fully reflected in the actuarial report, and therefore rejected the insurance companies'request for tariff changes based on
remain : anonymity, susceptibility to cybercrime and it issues. but above all those, a key issue arises : the problem of competition. will the central bank change into a direct competitor to commercial banks? will it serve as a “ bank of last resort ” for all deposits in bad times? should it also provide credit to the real economy? might it become a real monobank, like the ones we saw a few decades ago in former socialist countries? what would the entire money - creation process look like? these questions are too important to rush around. so far it seems to me like social engineering to talk about abolishing cash fully and issuing digital currency instead. as one of my colleagues once put it : we might have a novel solution, but do we really have a problem? thank you very much for your attention. 3 / 3 bis central bankers'speeches

mojmir hampl : central banks, digital currencies and monetary policy in times of elastic money speech by mr mojmir hampl, vice governor of the czech national bank, at the official monetary and financial institutions forum ( omfif ) roundtable, london, 11 july 2017. * * * ladies and gentlemen, good afternoon. before i start in earnest, let me thank the omfif for the kind invitation to this event, which allows me to speak in front of such a distinguished audience. it is an utmost pleasure for me to be here. the topics of today ’ s session are threefold : cryptocurrencies, central bank digital currencies and monetary policy with elastic money. i ’ ll try to touch upon all of these topics and bind them together, yet i realise the task is challenging. let me begin with a story from prague. in our capital city we have a strong community of supporters and users of cryptocurrencies. among libertarians, some of them my ex - colleagues or friends from the university of economics in prague, bitcoin is seen as a real, fully fledged alternative to the current monetary order. indeed, i could show you a place in prague where one can only pay in bitcoin. by the way, i appreciate the name chosen for the most popular cryptocurrency, bitcoin. in the era when the foundations of the monetary system were based on precious metals, people sometimes “ bit the coins ” to check whether or not they were counterfeit. in the digital age, of course, biting won ’ t help, and standard counterfeiting doesn ’ t rank among the many problems that bitcoin faces. two years ago we held a seminar on cryptocurrencies ( and especially bitcoin ) at our central bank. when we were preparing for the event, people from the libertarian, cryptocurrency - loving community in prague asked me : aren ’ t you afraid of us? aren ’ t you afraid of bitcoin and other independent, central - bank - free currencies and their power to marginalise traditional money? i said – well, not really. let ’ s put aside the fact that all of these alternative currencies are still marginal in terms of size and scope ( all the electronic transactions using bitcoin worldwide combine to some 16 % of the number of electronic transactions conducted in the czech koruna, a currency used by a