samchain/econo-pairs-v2 huggingface dataset:
ben s bernanke : confirmation hearing testimony by mr ben s bernanke, chairman of the board of governors of the federal reserve system, before the committee on banking, housing, and urban affairs, us senate, washington dc, 3 december 2009. * * * chairman dodd, senator shelby, and members of the committee, i thank you for the opportunity to appear before you today. i would also like to express my gratitude to president obama for nominating me to a second term as chairman of the board of governors of the federal reserve system and for his support for a strong and independent federal reserve. finally, i thank my colleagues throughout the federal reserve system for the remarkable resourcefulness, dedication, and stamina they have demonstrated over the past two years under extremely trying conditions. they have never lost sight of the importance of the work of the federal reserve for the economic well - being of all americans. over the past two years, our nation, indeed the world, has endured the most severe financial crisis since the great depression, a crisis which in turn triggered a sharp contraction in global economic activity. today, most indicators suggest that financial markets are stabilizing and that the economy is emerging from the recession. yet our task is far from complete. far too many americans are without jobs, and unemployment could remain high for some time even if, as we anticipate, moderate economic growth continues. the federal reserve remains committed to its mission to help restore prosperity and to stimulate job creation while preserving price stability. if i am confirmed, i will work to the utmost of my abilities in the pursuit of those objectives. as severe as the effects of the crisis have been, however, the outcome could have been markedly worse without the strong actions taken by the congress, the treasury department, the federal reserve, the federal deposit insurance corporation, and other authorities both here and abroad. for our part, the federal reserve cut interest rates early and aggressively, reducing our target for the federal funds rate to nearly zero. we played a central role in efforts to quell the financial turmoil, for example, through our joint efforts with other agencies and foreign authorities to avert a collapse of the global banking system last fall ; by ensuring financial institutions adequate access to short - term funding when private funding sources dried up ; and through our leadership of the comprehensive assessment of large u. s. banks conducted this past spring, an exercise that significantly increased public confidence in the banking system. we also created targeted lending programs that have helped to

developments in the eu will continue to affect the growth and financial prospects of many nations, especially those with the closest ties with this large economic bloc. bis central bankers ’ speeches
mean that we are likely to see, nor should we seek to see, a return to the unsustainable levels of residential real estate activity that preceded the financial crisis. that did not end well. instead, the perspective i will offer today is one of sustainable improvement in housing in the context of a broader economic recovery. then, i will close with some thoughts on monetary policy. before i continue, though, i will note that my views are my own and not necessarily those of the federal reserve board or my colleagues on the federal open market committee ( fomc ). bis central bankers ’ speeches economic conditions so, let me begin with an overview of the u. s. economy. we are almost five years into a recovery that began in june 2009. growth accelerated in the second half of 2013 but faced some stiff winter headwinds in the first quarter of this year. yet, i think most of us now view this as a temporary weather - related slowdown and not a risk to the underlying recovery. snowstorms and frigid temperatures affected every aspect of the economy, from sales and hours worked to logistics and supply chains during the first quarter of the year. you can ’ t sell a house if buyers can ’ t get in the front door. you can ’ t sell a car if it is buried in snow. and even if your factory is producing goods, you can ’ t deliver them to your customers as scheduled if trucks can ’ t navigate the highways or if trains have to slow down to half their normal speed. my own view is that it will take another month or two before we can hope to see a somewhat clearer picture of the economy. the first estimate of gdp growth for the first quarter of 2014 showed that the overall economy was essentially flat, expanding at an annualized rate of just 0. 1 percent. the underlying details are more encouraging. consumer spending increased 3 percent, marking the 19th consecutive quarter of growth. this growth is supported by the fact that households have reduced their debt and strengthened their balance sheets over the past few years. and as the values of equities and real estate have risen, consumer savings rates have fallen and consumption spending has increased. the weakness in the overall gdp figure comes predominately from lackluster investment, both by businesses and homebuilders, as well as some pullback in exports and imports. our business contacts as well as our surveys confirm that economic activity was greatly hampered by the winter weather in the northeast

, during the eventual exit from these extraordinarily accommodative measures. bis central bankers ’ speeches
your attention. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

children ’, the lancet, 28 feb 1998 ; 351 ( 9103 ) : 637 - 41 godlee f., smith j. and marcovitch h., ‘ wakefield's article linking mmr vaccine and autism was fraudulent ’, in british medical journal, vol. 342, 2011, p. c7452, doi : 10. 1136 / bmj. c7452 ‘ the challenge of correcting misinformation and retracting incorrect or fraudulent scientific findings involves communication that should include prompt reaction, issuing detailed retractions, widely disseminating retraction, linking the retraction or correction to the misinformation, and developing monitoring and alert systems ’, chan s. man - pui, jones, c. and albarricin d. ( 2017 ), ‘ countering false beliefs : an analysis of the evidence and recommendation of best practices for the retraction and correction of scientific misinformation ’, in kahan d., scheufele d. a. and hall jamieson, k. ( eds. ) the oxford handbook of science of science communication, oxford university press, new york, p. 342. ‘ in order to educate scientifically literate students, one needs scientifically literate teachers... relevant training and professional development opportunities for teachers should equip them with the necessary competences to develop scientifically literate students. ’. siarova, h., sternadel, d. & szonyi, e. 2019, ‘ research for cult committee – science and scientific literacy as an educational challenge ’, european parliament, policy department for structural and cohesion policies, brussels, p. 51. kahan, d. ( 2017 ), ‘ on the sources of ordinary science knowledge and extraordinary science ignorance ’, in kahan d, scheufele d. a. and hall jamieson, k. ( eds. ) the oxford handbook of science of science communication, oxford university press, new york, p. 36. ‘ the cultural antagonistic meanings that transform positions on societal risks into symbols of groups allegiance disable the faculties ordinary individuals normally use to discern what is known by science and thus pollute the science communication environment ’, kahan, d. and landrum, a. r. ( 2017 ), a tale of two vaccines, cit. p. 169. a similar case, which has been studied
##balances and competitiveness. on the fiscal side, the reform of the stability and growth pact and the new fiscal compact are specifically designed to catch imbalances earlier. a key focus of the sgp reform was to strengthen the so - called “ preventive arm ” – for example, sanctions are now possible for noncompliance with medium - term budgetary objectives. the fiscal compact supports this focus on prevention by creating a new “ first line of defence ” : balanced budget rules with a constitutional status. importantly, this shifts the onus for enforcement away from brussels and onto national institutions, encouraging greater ownership. indeed, if applied properly, this fiscal compact would correct imbalances before the eu level rules ever need to be activated. on the broader macroeconomic side, the new macroeconomic imbalances procedure allows for early monitoring of – amongst other things – competitiveness trends, private sector credit flows and house prices. if excessive imbalances show up in these areas, sanctions1 can be applied to euro area countries that do not follow recommendations to correct them. under this framework, the kinds of credit booms and competitiveness losses we witnessed in the first years of the euro would be “ flashing red ” much earlier. i am aware that some criticise this process as asymmetric. while it is clear that the vulnerabilities created by large current account deficits are greater than those of surpluses – and therefore require more urgent remedies – the structural drivers of current account imbalances in surplus countries are also partly being addressed, even if not to the same extent as those in deficit countries. in parallel to the macroeconomic imbalances procedure, for example, the commission intends to undertake further analysis on the drivers and possible policy implications of large sustained current account surpluses, including trade and financial linkages between surplus and deficit countries. it will also examine ways for further rebalancing current account imbalances, particularly at the level of the euro area, and within the global context. a key theme of the crisis response has also been a renewed focus on structural reforms as embedded in the euro plus pact and europe 2020 strategy, which apply to all participating member states equally. under the mip, an interest - bearing deposit can be imposed after one failure to comply with the recommended corrective action. after a second compliance failure, this interest - bearing deposit can be converted into a fine ( up to 0. 1 % of gdp ). sanctions can also be imposed

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.
it to our balance sheets. trust is at the root of any economic system based on mutually beneficial exchange. in virtually all transactions, we rely on the word of those with whom we do business. were this not the case, exchange of goods and services could not take place on any reasonable scale. our commercial codes and contract law presume that only a tiny fraction of contracts, at most, need be adjudicated. if a significant number of business people violated the trust upon which our interactions are based, our court system and our economy would be swamped into immobility. it is not by chance that in nineteenth - century america, many bankers could effectively issue uncollateralized currency because they were able to develop a reputation that their word was their bond. for these institutions to succeed and prosper, people had to trust their promise of redemption in specie. now, as then, a contractor with a reputation for shoddy work will not prosper long. in today ’ s world, where ideas are increasingly displacing the physical in the production of economic value, competition for reputation becomes a significant driving force, propelling our economy forward. manufactured goods often can be evaluated before the completion of a transaction. service providers, on the other hand, usually can offer only their reputations. the extraordinarily complex machine that we call the economy of the united states is, in the end, made up of human beings struggling to improve their lives. the individual values of those americans and their reputations will continue to influence the structure of the institutions that support market transactions, as they have throughout our history. without mutual trust, and market participants abiding by a rule of law, no economy can prosper. our system works fundamentally on individual fair dealing. we need only look around today ’ s world to realize how rare and valuable this is. while we have achieved much in this regard, more remains to be done. considerable progress, for example, has been evident in recent decades in the reduction of racial and other forms of discrimination. but this job is still far from completion. a free - market capitalist system cannot operate fully effectively unless all participants in the economy are given opportunities to achieve their best. if we succeed in opening up opportunities to everyone, our national affluence will almost surely become more widespread. of even greater import is that all americans believe that they are part of a system they perceive as fair and worthy of support. our forefathers bestowed upon

us a system of government, and a culture of enterprise, that has propelled the united states to the greatest prosperity the world has ever experienced. the contributions of our national leaders, people like president ford, have sustained and promoted that culture in the most difficult of circumstances and have given us the tools to improve upon this inheritance in ways that we have yet to imagine.
state of mind in which we have to be to face the challenges of our disruptive world. we cannot stop the course of phenomemons such as digital transformation or climate change. but we can roll up our sleeves to tackle them – together and across continents. this is the purpose of such a forum today. thank you for your attention. 1 rostagno, m., altavilla, c., carboni, g., lemke, w., motto, r., saint - guilhem, a. and yiangou, j., “ a tale of two decades : the ecb ’ s monetary policy at 20 ”, 2019, forthcoming. 2 speech by francois villeroy de galhau, governor of the bank of france, at the conference of the chair bank of france / paris school of economics, at the paris school of economics, paris, 24 september 2019. 3 see article 127 of the tfeu : “ without prejudice to the objective of price stability, the escb shall support the general economic policies in the union with a view to contributing to the achievement of the objectives of the union as laid down in article 3 of the treaty on european union ”. these objectives include “ the sustainable development of europe “ and “ a high level of protection and improvement of the quality of the environment ”. 4 princess mononoke film ( 1997 ). 3 / 3 bis central bankers'speeches

##af3812d1985b911e0d29a0da8a5043. all speeches are available online at www. bankofengland. co. uk / news / speeches and @ boe _ pressoffice chart 4 how the alf will work19 we ’ ve come a long way since eddie george ’ s speech almost 20 years ago. but one thing that remains more important to us than ever is working with you. the liquidity facility i ’ ve described here today is in no small part a product of close and committed co - operation between the bank, industry bodies and the private sector. it ’ s a real step forward, but it ’ s only one step. through continued engagement and focused effort, together we can build a more innovative, diverse and inclusive marketplace : one which really can meet the needs of every part of our society. thank you in the first instance, ( 1 ) the bank prefunds the alf with an interest - free loan, which is used ( 2 ) to purchase eligible sukuk and ( 3 ) any hedges required to insulate the fund from fx risk. islamic banks then ( 4 ) place deposits in the alf, the principal value of which is guaranteed by the bank to ensure the facility is hqla - compliant. in the event the aggregate value of participating bank deposits do not reach the aggregate value of the fund, the bank will step in as co - depositor for the residual amount. the rate of return on the deposit ( 6 ) is based on the rate of return on the portfolio backing it, net of hedging and other operational costs ; and on maturity the return from the fund is paid over to participating banks, and the principal amount is returned or rolled over. all speeches are available online at www. bankofengland. co. uk / news / speeches and @ boe _ pressoffice
of purpose, pride, passion and patriotism. most importantly, let us do it together! and never forget : " with god, all things are possible. " happy golden, grenada! onward. forward. upward. one people. one journey. one future. one love. i thank you. 4 / 4 bis - central bankers'speeches

zamani abdul ghani : strengthening governance to derive value keynote address by dato ’ zamani abdul ghani, deputy governor of the central bank of malaysia, at the international financial crime and terrorism financing conference 2010, kuala lumpur, 19 july 2010. * * * it is my great pleasure to welcome all of you to this second annual international conference on financial crime and terrorism financing. there has been an overwhelming response this year where participation, including international participation, has significantly increased from last year. i believe that this stems from the success of the first conference. there is also no doubt of increasing interest of the financial industry in preserving the integrity of the financial system, particularly from the threats of financial crime and terrorism financing. let me begin by congratulating malaysia ’ s compliance officers networking group ( or the cong group ) for successfully organising this conference. the cong group has worked tirelessly in collaboration with the institute of bankers malaysia, the securities industry development corporation, the malaysian insurance institute and the asian institute of finance. in the preparatory discussions with members of the cong group, i personally witnessed the dedication, hard work and commitment shown by the group in bringing out the best of the industry through this conference. needless to say, we in bank negara malaysia or the central bank of malaysia, has given our specific support to this conference. i also wish to register our special welcome to all participants and for the 60 international participants from 14 countries, including our special guest from camlmac, i. e., the financial intelligence unit of the people ’ s republic of china. the presence of renowned experts amongst us today from domestic and international institutions in this conference is testimony to the fact that the areas that we will be discussing during the next two days are not only domestic issues, but universal ones as well. these issues are indeed global issues faced by financial institutions worldwide. on this note, i wish to thank the speakers and moderators who have made their way to kuala lumpur, many of whom are from half - way around the world. it is indeed an honour for us to have all of you here to speak at this conference. the theme for the conference, i. e., “ strengthening governance to derive value ” is significantly relevant and timely. the increasing sophistication and the broadening of the reach and network of money laundering and terrorism financing ( or ml / tf ) globally have elevated the ml / tf threat to the next level. this calls for greater strategic action, more intensified
economic welfare, providing substantial improvements in the productivity of our economies. however, as the demand for finance increased, financial institutions began to increasingly rely on innovative funding techniques. for example, the securitization of assets – that is, the transformation of, say, mortgages into tradable financial instruments – has the potential to facilitate the diversification of risk. yet, securitization also meant that banks were able to sell their credit – for example, their mortgage loans – immediately after they had been extended. such innovative financial techniques had several consequences. first, they enabled lenders to expand the volume of their operations and conserve on capital. second, they weakened lenders'incentives for prudent screening. the resulting decline in lending oversight contributed to rapid credit growth, helping to underpin asset price bubbles in some markets, including the housing market in the united states. third, the complex structure of many structured products made it difficult for the ultimate holders to assess the quality and price of the underlying instrument. another contributing factor to the crisis is important to mention. for most of the past ten years, a chronic shortage of savings in some of the world's most advanced economies – especially the united states – was funded by savings from emerging market economies, particularly those in asia. for example, during the period 1999 to 2006, the u. s. current account deficit – a measure of that economy's shortage of savings – doubled as a share of gross domestic product, rising from 3 per cent to 6 per cent. in turn, asian emerging market economies, especially china, recorded huge current account surpluses and accumulated enormous foreign - exchange reserves, mainly denominated in u. s. dollars. effectively, the united stated paid for its deficits – or shortage of savings – by supplying dollars to the rest of the world, contributing to the creation of excess global liquidity and asset - price bubbles. feedback loops all of this came to a head in august 2007 with the outbreak of the u. s. subprime crisis. although that crisis produced a substantial slowdown in u. s. economic growth, initially much of the remainder of the global economy, including the euro area, was largely unaffected. the global economy bent, but it did not break. financial wounds continued to ferment, however, despite the efforts by policy - makers to sustain market liquidity and capitalization. concerns about losses from bad assets raised questions about the solvency and funding of some key financial institutions

ever i am tempted to regard the reserve bank of australia ’ s task as difficult, i quickly banish such thoughts when i look at the task faced by our counterparts elsewhere. i do not think any of us at this time would wish to trade our economy for another, or our monetary policy outlook for that of any other country of which i am aware.