samchain/econo-pairs-v2 huggingface dataset:
currency. it will pave the way for the long future of the euro.

money market instruments, bonds and notes accounted for 38 % of total issues, which is only slightly less than the share for the us dollar. by comparison, in the first nine months of 1998 the combined share of the former euro area national currencies and the ecu was only 24 % of total gross issuance. although this strong increase can be partly explained by the postponement of issues from 1998 to 1999, the issues in euro have been growing continuously in the course of 1999 not least owing to positive expectations regarding the future development of the euro area financial markets. towards a long future of the euro let me now try to look ahead towards the challenges which the ecb and the eurosystem will have to address in the coming years. the experience with the short past of the euro justifies expectations that we will gradually see further advances towards a broadening of economic and monetary integration in the future. with the establishment of the eurosystem, solid foundations for a stable currency were laid. moreover, the principle of central bank independence is anchored in the treaty. let me emphasise that monetary union in europe has a different quality from the german currency union in 1990. german unification led to the introduction of the deutsche mark in eastern germany based on a fixed conversion rate. monetary union in germany was thus achieved at the same time as the political union. however, in europe the establishment of monetary union has preceded the creation of a wider political area. this made it necessary to introduce additional features in the framework of emu so as to enhance the coordination between monetary and economic policies. for example the establishment of the stability and growth pact facilitates the coordination of fiscal policies among member states on the basis of a fiscal rule. sound fiscal policies also facilitate the ecb ’ s task to maintain price stability in the euro area. in this context, the stability and growth pact is a crucial element. its aim is to encourage the pursuit of disciplined and sustainable fiscal policies by both the participating eu member states and prospective members. safeguarding sound government finances is conducive to achieving sustainable growth and employment creation. the consolidation of public finances, which has made considerable progress in the past few years, has to be continued and, where necessary, strengthened. there are important conditions to be met in order to achieve sustainable non - inflationary economic growth in the euro area. in particular, decisive measures to address the structural problems in europe are needed, for example in the area of labour markets. even, if we see some progress
on a regular basis and in times of stress, and acts as the lender of last resort. stemming from this responsibility, the bank has been undertaking initiatives to maintain continuously open core financial markets. the bank is also an active participant in discussions of financial system policy, both in canada and internationally. the recent crisis has prompted initiatives, both at the global and national levels, toward making the financial system stronger and better able to support longterm economic growth. a central aspect of this work is the establishment of a macroprudential framework for financial supervision and regulation. here, the emphasis is on systemic stability, for example, through appropriate capital requirements. finally, the bank is engaged in research to better understand the sources of long - run economic growth, given its importance in anchoring current policy. while progress has been made in our understanding of productivity growth, there is still a good deal that we simply do not know. over the next few years, the bank will continue to explore how relative - price shocks affect the canadian economy, including the reallocation of resources and its impact on productivity growth. the bank will also be further investigating the linkages between the financial sector and the real economy – for example, how firm and household balance sheets adjust to various shocks, and the implications for investment and spending. members of the canadian association for business economics also have an important role here. with your skills and responsibilities, you are in an ideal position to contribute to this research effort. conclusion two years after the onset of a global financial crisis and after three quarters of severe recession in canada, the economic outlook for this country, and much of the world, has improved. the policies that were put in place to bring about the recovery, are starting to bear fruit. although the recovery is likely to be muted, and effective and resolute policy implementation will be required, we are likely to experience positive growth this quarter, and a gradual closing of the output gap by the middle of 2011. a serious challenge lies ahead, however – that of continuing to improve our living standards against a less - favourable demographic backdrop. improved labour productivity is the key to meeting that challenge, and how we set about it will shape our economic well - being for years to come. meeting the challenge will involve all canadians : employees, business owners, researchers, policy - makers, inventors, and entrepreneurs. it will require creativity, adaptive learning, and innovation. the bank has an important role to play. by achieving the inflation target,

regarding the many payments system issues that the rba is working on, but we would welcome the opportunity to talk about these during the hearing, if that were possible. thank you. my colleagues and i are here to answer your questions. 4 / 4 bis central bankers'speeches
benoit cœure : interview with the association of german pfandbrief banks interview with mr benoit cœure, member of the executive board of the european central bank, and the association of german pfandbrief banks, published on 8 may 2019. * * * in what context did you first come across pfandbriefe? before joining the ecb, i spent five years managing france ’ s debt and cash at agence france tresor, the french equivalent of the finance agency in germany. that ’ s when i first came across pfandbriefe as an important building block of europe ’ s fixed income market. what is the importance of pfandbriefe and other covered bonds in monetary transmission? covered bonds play an important role in the monetary policy transmission process, in particular in a traditionally bank - based economy like the euro area. the covered bond purchase programme, for example, has lowered banks ’ funding costs directly and thereby encouraged banks to extend more credit to firms and households at more attractive levels. it was not by chance that covered bonds were the first asset class to be purchased outright by the eurosystem for monetary policy purposes in 2009. in addition, covered bonds make up a large share of the collateral that banks use to borrow funds in eurosystem monetary policy operations, ensuring that banks have access to central bank funding. do you think the harmonisation of covered bonds will be a success? the ecb supports efforts to create a harmonised, high - quality and transparent covered bond market in the european union. the legislative proposal on covered bonds made by the european commission in march 2018 is an important step in that direction, also with a view to promoting a further deepening of the capital markets union. the ecb also sees merit in the proposed directive serving as a basis for new national legislation on covered bonds. finally, the importance of private initiatives to achieve harmonisation should also be emphasised, in particular the covered bond label created by the european covered bond council in 2012. national differences will of course not vanish overnight, but i am confident that practices will increasingly converge across eu countries over time. will innovation, e. g. ” green ” covered bonds transform the market and, if so, how? successful innovations, if managed prudently, have always been important drivers of financial market developments. in the covered bond market, as in other market segments, i see “ green ” covered bonds as a promising innovation and transformation for the future,

given the growing awareness among the general public that environmentally - friendly economic activities should be supported. 1 / 1 bis central bankers'speeches
will make a positive contribution from this aspect, as well. thank you for your attention, and once again i wish you a nice day on the premises of the central bank. i would conclude here and i would kindly invite ms. blagica novkovska, manager of the state statistical office, to give her address.

events will very usefully enrich and complement the dialogue on economic, monetary and financial issues. although this pan - mediterranean dialogue between central banks is new, the very concept of eurosystem relations with central banks around the globe is not. therefore, this seminar marks the continuity of the will of the eurosystem to value international contacts and exchanges of views with other central banks. as a distinctive feature of our international relations, we would very much like to establish regional networks of central bank contacts, and to share our experiences within such networks to the extent that they are relevant to the specific region. in this spirit, the ecb has organised, together with several eurosystem national central banks, high - level meetings with central bank governors of the 12 acceding and accession countries, and with latin american and east asian central banks. and we are already planning similar events with other neighbouring economies, such as russia. against this background, let me briefly explain what motivated the eurosystem to turn its view to our southern neighbours and to take the initiative to organise this seminar and the preceding workshop : • first, when looking at the region, the close economic and financial links and interdependencies that exist between the southern and eastern mediterranean and the eu are striking. the close economic and financial links, which will be reviewed in depth in the first session of this seminar, are not least a legacy of the region ’ s history and geography. many people expect these links to intensify in the future, particularly as a result of association agreements with the eu and the ambitious objective of creating a euromediterranean free trade area by 2010. in addition, with cyprus and malta joining the eu in may 2004, and in view of turkey ’ s status as a candidate country – with a decision by the eu heads of state or government on the opening of accession negotiations expected in december this year – links with the eu ’ s mediterranean neighbours have become more important. • second, the mediterranean region faces severe economic challenges. high unemployment, in some cases combined with poverty, is probably the most pressing one. while being rarely below 10 % in any country, unemployment rates are above 20 % in some countries, which also results in migratory pressures. a weakness in attracting foreign direct investment ( fdi ) to the region is obvious. despite the geographical proximity, less than 2 % of eu fdi goes to the mediterranean region, compared with 4. 4 % in the 12 acceding and accession countries, 7.
bank of japan presents the summary of an article published in the august edition of its quarterly bulletin bank of japan communication, 31 / 8 / 98. release of a reference wholesale price index using a geometric mean formula introduction in recent years, concern about the accuracy of price statistics has risen in industrialized countries where the statistical bias in price indexes seems to have grown significantly while actual prices have generally been stable. 1 the bank of japan has worked to improve the accuracy of its wholesale price index ( wpi ) over the years, but many problems remain to be solved. 2 one such issue is the formula used for calculating the index. recently, the bank decided to publish a reference wpi using a geometric mean formula ( wpi - ugm ) in addition to the conventional index using arithmetic mean method ( laspeyres index ). although the new formula may not succeed in removing the bias in the current index, the bank considers that by publishing more data, it can provide users with more information about the possible measurement bias in the present wpi. in the united states, a report titled “ toward a more accurate measure of the cost of living ” was submitted to a senate committee in december 1996 by the advisory commission to study the consumer price index ( boskin commission ). this report triggered a series of controversies over the accuracy of the consumer price index ( cpi ). chairman alan greenspan of the federal reserve board has frequently made references to this issue. in germany, the bundesbank published a discussion paper in march 1998 titled “ problems of inflation measurement in germany : non - technical summary ” ( hoffmann [ 1998 ] ). in japan, too, a paper was published concerning the problem of cpi measurement errors ( in japanese, shiratsuka [ 1995 ] ). in general, problems with the accuracy of price indexes can result from ( 1 ) factors relating to the formulae used to calculate indexes, as discussed in this paper ; ( 2 ) failure to adapt statistical samples properly to reflect changes in consumer preferences and distribution channels ; and ( 3 ) failure to make appropriate adjustments for changes in quality of goods and services. in order to deal with ( 2 ) and ( 3 ), the bank revises the weights of goods based on expenditure on individual items ( expenditure shares ) every five years, reviews and replaces individual items in the basket when necessary, and makes an adjustment for quality changes between old and new items at the same time. quality adjustment for such goods as personal computers is made by applying

an econometric method known as the “ hedonic regression method. ”
the hkma will soon issue guidance to the banks in hong kong that a three - phased approach will be taken to promote green and sustainable banking : phase i – this will entail the development of a common framework to assess the existing baseline of individual banks in order to establish how “ green ” they are currently. the baseline assessment would include the environmental risk of a bank ’ s lending and other businesses. in this phase, the hkma will need to work with the industry to develop a _ _ _ ( a ) common framework, drawing on the latest international standards and best practices. the hkma will also, in collaboration with the relevant international bodies, such as the international finance corporation ( ifc ), provide capacity building and training programmes to banks in hong kong for better understanding of the green principles and methodology in undertaking the baseline assessment. phase ii – once we have completed the baseline assessment of banks in hong kong in phase i, the hkma will engage the industry and other relevant stakeholders in a 1 / 3 bis central bankers'speeches ( b ) consultation on the supervisory expectation or requirement on green and sustainable banking going forward. the key objective of this phase is to set tangible deliverables for hong kong ’ s banking industry to become “ greener ” and “ more sustainable ”. phase iii – once the deliverables have been set, the next phase is implementation, ( c ) monitoring and evaluation. the success of this phase depends crucially on appropriate measurement of the “ greenness ” of the banks and the timely disclosure of progress or the lack of it. 4. with the support of the banking industry, i expect phase i could be completed within around 12 months ’ time from now. responsible investment 5. in the past few years, there has been a significant shift in mind - set amongst asset owners on green and esg investments. there has been growing evidence that green and esg investments may not lead to a sacrifice in returns. on the contrary, some esg investments could actually enhance long term sustainability and improve risk - adjusted returns for investors. as the manager for the exchange fund, the hkma takes a long term view and sees green and esg investments as an important driver of value in the long term. in this connection, the guiding principle that the hkma will adopt going forward is that priority can be given to esg investments if the long term return is comparable to other investments on a risk - adjusted basis. more specifically, the hkma has taken or will take

currencies including rmb. ladies and gentlemen, we have made good progress on rmb internationalisation. the future trajectory depends on the joint effort of policy makers and, more importantly, market participants including both the real sector and the financial sector. the hkma will continue to proactively engage with the various stakeholders to maintain a conducive environment that supports this journey. with that, i wish you all a fruitful and insightful event. thank you. 3 / 3 bis - central bankers'speeches
advance the econoic well - being of the citizens of the united states and our trading partners.

alan greenspan : international financial risk management speech by mr alan greenspan, chairman of the board of governors of the us federal reserve system, before the council on foreign relations, washington, dc, 19 november 2002. * * * today i would like to share with you some of the evolving international financial issues that have so engaged us at the federal reserve over the past year. i, particularly, have been focusing on innovations in the management of risk and some of the implications of those innovations for our global economic and financial system. fostered by a lowering of trade barriers, cross - border exchange of goods and services over the past half century has increased far faster than world gross domestic product. but what is even more remarkable is how large the scale of cross - border finance has become, relative to the value of the trade that it finances. to be sure, much global finance reflects growing investment portfolios, some doubtless with a speculative component. but, at bottom, such finance is a central element of the systems that support the efficient international movement of goods and services. we strongly suspect, though we do not know for sure, that the accelerating expansion of global finance may be indispensable to the continued rapid growth of world trade in goods and services. it appears increasingly evident that many forms and layers of financial intermediation will be required if we are to capture the full benefit of our advances in technology and trade. indeed, the seemingly outsized implicit compensation for risk associated with many investments worldwide suggests the potential for a far larger world financial system than currently exists. among most of the large world trading economies the bias against investment in foreign assets is apparent in the still - high correlation between domestic savings and domestic investment. in decades past, risk was perceived to increase with distance. a paucity of information and surplus of regulation discouraged the cross - border movement of funds. even today, with regulatory bars lowered and information and access much enhanced, bias against cross - border investment remains high. however, the continuous probing for enhanced returns, unless inhibited by governments, seems poised to create a much larger global presence of financial linkages in all our economies. as in all aspects of life, expansion of one ’ s activities beyond previously explored territory involves taking risks. and risk by its nature has carried, and always will carry with it, the possibility of adverse outcomes. accordingly, for globalization to continue to foster expanding living standards, risk must be managed ever more effectively as the century unfolds. the development of
a valuable source of information, shared your expertise with others, and made connections that will assist you and your organizations in meeting the needs of those you serve. thank you for your efforts, and for the opportunity to be with you today. u. s. department of labor, bureau of labor statistics, ( 2010 ), “ overview of the 2008 – 2018 projections ”, in occupational outlook handbook, 2010 – 2011 edition : ( washington : bls ).

appropriate. in my view, there has been real progress in the labor market. the committee first adopted the “ substantial improvement ” test at the september 2012 meeting, so it is appropriate to measure the economy ’ s progress against economic conditions at that time. when the committee met in september, the unemployment rate stood at 8. 1 percent. today, just nine months later, the unemployment rate is 7. 6 percent – a larger decline than most fomc participants expected in september. at the time of the september meeting, nonfarm payrolls were reported to have increased at a monthly rate of 97, 000 over the prior six months. 8 today the trailing six - month average payroll growth is 194, 000. other labor market indicators also show moderate progress, including aggregate hours worked, initial unemployment insurance claims, the duration of unemployment, and the share of long - term unemployment. the level of payroll employment would subsequently be revised up, but the committee didn ’ t know at the september 2012 meeting that the revision would occur. bis central bankers ’ speeches conclusion there are many signs that the economy is healing. if the committee ’ s economic outlook is broadly realized, and we do see the first moderation in the pace of purchases later this year, that would be good news. the first reduction in purchases, when it comes, will be an acknowledgement of the economy ’ s progress and a sign of the committee ’ s confidence in the path to full recovery. in all cases, the path of policy will remain fully data - dependent. if economic growth, unemployment, or inflation do not meet the committee ’ s expectations, or if financial conditions evolve in a way that is inconsistent with continued recovery, the committee will respond. thanks, and i am happy to take your questions. bis central bankers ’ speeches