samchain/econo-pairs-v2 huggingface dataset:
balanced. but as we look further out to 2007 and beyond, we see increasing risks that the unwinding of global economic imbalances could involve a period of weak world economic growth. the bank will continue to assess the adjustments and underlying trends in the canadian economy, as well as the balance of risks, as it conducts monetary policy to keep inflation on target over the medium term. mr chairman, paul and i will now be happy to answer your questions. 1 / 1

david dodge : summary of the latest monetary policy report opening statement by mr david dodge, governor of the bank of canada, to the standing senate committee on banking, trade and commerce, ontario, 26 october 2005. * * * good afternoon, mr chairman and members of the committee. we appreciate the opportunity to meet with this committee twice a year, following the release of our monetary policy reports. these meetings help us keep senators and all canadians informed about the bank's views on the economy, and about the objective of monetary policy and the actions we take to achieve it. when paul and i appeared before this committee last april, we said that the economy appeared to be operating slightly below its production capacity, and that we expected it to move back to full capacity in the second half of 2006. in our october monetary policy report, which we published last thursday, we said that economic growth in the first half of the year was somewhat stronger than we had previously expected. indeed, the global and canadian economies have continued to grow at a solid pace, and our economy now appears to be operating at full production capacity. past and recent movements in energy prices and in the exchange rate for the canadian dollar, along with competitive pressures from china and other newly industrialized economies, are giving rise to significant ongoing adjustments in the canadian economy. given these adjustments and the slow growth of productivity in recent years, the bank has slightly reduced its estimate of potential output growth for 2005 and 2006. the bank projects that the economy will grow in line with production potential through 2007, with growth averaging 2. 8 per cent this year, 2. 9 per cent in 2006, and 3. 0 per cent in 2007. with the economy operating at capacity and with higher energy prices, pressures on consumer prices are somewhat stronger than they were at the time of the july monetary policy report update. assuming energy prices evolve in line with currently prevailing futures prices, cpi inflation is projected to average near 3 per cent through the middle of 2006, before returning to the 2 per cent target in the second half of next year. core inflation should remain below 2 per cent in coming months, returning to 2 per cent by mid - 2006. the bank raised its key policy interest rate to 3 per cent on 18 october. in line with our outlook, some further reduction of monetary stimulus will be required to maintain a balance between aggregate supply and demand over the next four to six quarters, and to keep inflation on target. short - term risks to this projection appear to be
recovery. these measures are summarized into four ( 4 ) categories : 1. extension of financial relief to borrowers. banks were given regulatory relief to enable them to grant equivalent financial relief to their borrowers in the form of more flexible and favorable lending terms, or to restructure loan accounts. 2. incentivized lending. the bsp allowed new peso loans to micro, small and medium enterprises or msmes, and large enterprises that were critically affected by the pandemic, as alternative mode of compliance to reserve requirements. 2 / 5 bis central bankers'speeches 3. promotion of continued access to financial services. policies were put in place to ensure access of deeply affected retail clients to formal financing channels. the use of information technology in carrying out financial transactions was highly encouraged during the lockdown. 4. support for continued financial services delivery. the bsp granted operational relief measures to the bsp - supervised financial institutions. these measures aim to assist bsfis in focusing their limited resources on the delivery of financial services and support their subsequent recovery efforts. the bsp also supports the passage of key structural reforms which will help propel the economy to a more solid path to recovery. ra no. 11519 or “ an act extending the availability of appropriations of bayanihan 2 ” was signed into law on december 29, 2020 and is valid until june 30, 2021to ensure the continuity and implementation of response measures in bayanihan 1, which granted loans to micro, small and medium enterprises ( msmes ). republic act no. 11534 or the corporate recovery and tax incentives for enterprises ( create ). the law reduced the corporate income tax outright from 30 percent to 25 percent for big firms and 20 percent for small firms. the law also rationalized the tax incentives structure, making it performance - based, time - bound, targeted and transparent. this will be the biggest stimulus package for businesses. with the resulting tax savings, msmes can continue to fund their operations and retain employees. republic act no. 11523 or the financial institutions strategic transfer act, popularly known as the fist act, aims to strengthen the financial sector by allowing banks and other financial institutions to efficiently dispose of their non - performing assets ( npas ) and non - performing loans ( npls ) to asset management firms, known as fist corporations, thereby enabling banks to extend credit to more sectors. the fist law can possibly free up 1. 9 trillion worth of loans from the sale by banks of their non -

economy ’ s growth under a new economic environment. we will remain steadfast in our digitalization efforts to expand our digital finance ecosystem. and we will continue to champion the promotion of the sustainability agenda in the financial system. thank you! 5 / 5 bis central bankers'speeches
addressing the challenges we have faced. the positive results of our work show that we are on the right direction. nevertheless, i think that for successful institutions there is always something more to do. they are guided by the medium and long - term objectives ; they invest to enhance the professional standards and increase their capacities though the preparation, strengthening of independence, accountability, transparency and good governance. this credo of ours will be a guide for our action plans in the future. thank you for your attention! 1 this memorandum was signed by the bank of albania, ministry of finance, ministry of economic development, tourism, trade and entrepreneurship and the albanian association of banks. 8 / 8 bis central bankers'speeches

research in these and other innovative areas, like green finance, will develop further and become traditional topics in central banks ’ research agenda. for this reason, i challenge our researchers to consider these trends in their future research agenda. continuous enhancement of research topics and methodologies is a must for a central bank. in this respect, i would like to thank ambassador maitre, the swiss government, the state secretariat for economic affairs ( seco ) and its bilateral assistance and capacity building for central banks ( bcc ) program for supporting research activity at the bank of albania. this 1 / 2 bis central bankers'speeches cooperation has been a significant instrument for improving our research work and exposing it to academic and international research community. our cooperation will continue in the future to improve research methodologies and products. we are currently working with seco toward the optimization and institutionalization of research agenda and research implementation in central banks. these important issues will be discussed in a jointly - organized workshop with all bcc partners on capacity building for central banks, in tirana in spring 2020. dear ladies and gentlemen, our see research workshop has become a cherished tradition for bank of albania and central banks of the see region. it is a great pleasure, and we are very happy to see that the workshop continues to generate interest beyond the see region and central banking community. the list of participants has expanded to include speakers from academic institutions in the eu, the us and south - eastern asia, as well as from international financial institutions. your participation is contributing to broadening and enriching our network and we hope that discussions will help our researchers to improve their work and strengthen their research recommendations. these days, your participation in the workshop takes another and even more significant meaning in the wake of the tragic consequences caused by the strong earthquake. it helps to show that, despite many losses, we are resilient and will continue to work to overcome the emotional and economic hardships of this tragic event, shed the desperation, fear and despair, and return to normal activity. i wish the workshop a great success, and all guests and participants a pleasant stay in tirana! 2 / 2 bis central bankers'speeches
– they say – and again and again. they ’ re still twice as high as interest rates in europe – and they might just as well add, they are over 150 times as high as interest rates in japan! the many more net savers – including pensioners living off the interest on their savings – take the opposite view, although they do, of course, benefit from the low inflation environment through the protection it gives to the real value of their assets. what we have to try to do is to maintain stability in the economy as a whole, by keeping overall demand continuously broadly in line with the supply - side capacity of the economy as a whole. the inflation target is not some abstract end in itself – it is the measure, or barometer if you like, of how successfully we are managing to maintain macro - economic stability in the economy as a whole in this much wider sense. the reason that our interest rates remain higher than those in the eurozone is that, despite the recent slowdown, our economy is operating closer to capacity than theirs. that ’ s partly why our rate of unemployment is almost half theirs – though the greater structural flexibility of the british economy is even more important in this context. the mpc sets interest rates to achieve the inflation target. we have made it clear by our actions that we are just as vigorous in relaxing policy when the risks to inflation are on the downside as we are in tightening policy when the risks to inflation are on the upside. that ’ s the best help that we can give through monetary policy. it does not mean that we ignore the external pressures. in assessing the prospects for the overall economy, and for inflation, we take full account of the impact of world demand and of the exchange rate, just as we take full account of all the domestic factors bearing on inflation prospects. when, as now, the external influences are having a powerful disinflationary effect, monetary policy is of course easier, and interest rates lower, than they would otherwise be. that does not – and cannot – mean that we are able to pursue any particular objective with regard to the exchange rate – or that we respond, pavlov - like, to exchange rate fluctuations. but we can, and do, aim to offset the impact of persistent external influences on the prospect for inflation so that inflation in the economy as a whole stays on track to meet the inflation target given to us by the chancellor. that is what we have been doing – and is the

context of our further move today. no - one, my lord mayor, is more conscious than i am of the limits to what we can hope to achieve through monetary policy. but by operating within those limits we have been able to achieve greater macro - economic stability, and consistently lower inflation, than we ’ ve seen for a generation. and that stability, together with the improved supply - side flexibility of the economy, has delivered our highest ever level of employment, and a rate of unemployment in the economy as a whole that is still close to its lowest for almost 20 years.
emmanuel tumusiime - mutebile : the planned introduction of the east african monetary union remarks by mr emmanuel tumusiime - mutebile, governor of the bank of uganda, at the opening of the east african legislative assembly consultative workshop on the east african monetary union, kampala, 9 september 2013. * * * honourable ministers and honourable members of the east african legislative assembly ladies and gentlemen the issue that we have gathered here to discuss today – the planned introduction of the east african monetary union ( eamu ) – is one which will have profound effects on this region for decades to come. later this year i expect that the heads of state of each of the partner states of the east african community ( eac ) will sign the protocol for the introduction of the eamu. the protocol will pave the way for the transition to eamu over the course of the next 10 years and the complementary legal, institutional and economic reforms. the east african monetary union is a project with potentially large long term benefits for all of the economies in the eac but which also entails considerable risks. the long term success of eamu will be dependent upon major changes to public policy and in the way in which public policy is made in all partner states of the eac. a successful monetary union is only possible if each partner state is prepared to accept the pooling of its economic sovereignty. many economic decisions which are now made at the national level will have to be made at the regional level. this pooling of economic sovereignty extends beyond the loss of independent national monetary policy and exchange rates, which is of course inherent in a monetary union ; it also requires that each partner state accepts constraints on its fiscal policy and implements fully the provisions of the common market, including not just free trade in goods and services within the eac but also the free movement of capital and labour within the eac. if we do not build the requisite foundations for monetary union, the introduction of eamu may actually harm our economies. the problems which are currently being experienced by some of the peripheral members of the euro zone – greece, portugal and spain for example – which have lost competitiveness on international markets and can no longer use exchange rate depreciation to restore their competitiveness, should provide a salutary lesson to everyone involved in planning for the introduction of the eamu. without wishing to pre - empt any of the contributions from my colleagues in the eac secretariat, the ministry of finance, planning and economic

##ao. i wish the cross - boundary wealth management connect pilot scheme a great success! thank you! 2 / 2 bis - central bankers'speeches
must achieve something better than a result for the economy as a whole which is commensurate with average inflation and productivity. if we want low unemployment and price stability, wage outcomes must be adjusted to productivity in different sectors of the economy, indeed to the situation in individual enterprises and to different individuals. the design of pay systems and pay determination is also crucial to the distribution of resources and thus productivity and economic growth. in other words, higher productivity can create more scope for wage increases, but a functioning wage formation system can also help to improve productivity. sweden ’ s success in this area in the next few years will depend both on the measures taken by parliament and the government and on management and labour. parliament and the government establish the framework for the functioning of the labour market and wage formation. a more expansive financial policy would make the task of management and labour and of monetary policy more difficult in the next few years. the legal framework, for example the rules on industrial disputes, is another factor. tax and benefit systems are important and affect both wage formation and the behaviour of private individuals, ie their willingness to find work, move, etc. the spring budget bill noted that in many households it is still not profitable for unemployed persons to seek a job or for those in employment to work longer hours because of the way the tax and benefit systems are designed. these marginal effects have, moreover, increased since 1991. the system of wage agreements also has a bearing on the possibility of combining price stability and satisfactory employment growth. the fact that several agreements concluded at the national level do not include any individual pay adjustment guarantees, or very low ones, should increase the possibility of determining wages locally and gearing them to productivity development in various sectors. the cross - sector agreements that have been concluded, including the industry agreement between about 20 labour market organisations, include rules that reduce the risk of periods without valid pay agreements and the risk of conflicts. this is also a change which should help to improve wage formation. let me conclude with a classic quotation from a previous president of the us federal reserve, william mcchesney martin. he is supposed to have said that the role of the central bank was to “ take away the punch bowl just when the party gets going ”. that is one way of putting it. the central bank is always on its guard, always ready to pounce! but look at the story from another angle. it is in the guests ’ own interests not to let things get out of hand. behave

react to risks, even if they cannot be quantified within a particular analytical framework. bis central bankers ’ speeches
and his committee, for your invitation and all of your contribution and participation at this event. thank you and god bless all.

a reasonably steady 3½ per cent per annum over the past year or two. • there was an investment boom that led to over - capacity in the early 1980s. investment has been quite subdued over the past two years, and, in more normal circumstances, we should be due for a pick - up. even in current circumstances, a straightforward reading of last week ’ s capex survey suggests a rise in the current financial year, though it is concentrated mostly in one sector ( mining ). • in the early 1990s, the exchange rate appreciated sharply in the period ahead of the downturn. on this occasion, it goes without saying that the exchange rate is exerting an expansionary influence. • on each earlier occasion, the deficit on current account of the balance of payments widened by an amount that alarmed many people. on this occasion, it has fallen to a level not seen in more than 20 years. i will return to some of these subjects later, but before i do so, i would like to address another form of historical determinism. imbalances - united states and australia the macro - economic performances of australia and the united states in terms of output growth and inflation were very similar over the 1990s. it would therefore not be unreasonable to ask the question of why they should not also be similar in the first few years of the new century. again, i think there is a reasonably straightforward answer to that question which stresses some very big differences between the two economies. • the us economy exhibited in the late stages of its expansion two or three developments which arguably warranted the use of the term “ bubble ” : • the us stock market, particularly the technology sector as measured by the nasdaq, rose to exceptional heights and has since fallen. the broad indices such as the s & p 500 or the wilshire are down by about 25 per cent from their peak, whereas in australia the asx 200 is only down about 4 per cent. • in the united states, there was a burst of physical investment towards the end of the expansion, mainly in high technology equipment. we are now seeing the reaction to this and the consequent excess capacity, in the form of sharp falls in investment. as explained earlier, this pattern of action and reaction is absent in australia. • the trade - weighted value of the us dollar has risen appreciably over recent years and, despite lowering interest rates faster than any other country this year, the currency remains at a very high level.
inflation in the range consistent with price stability over the medium term. this has turned out to be the case. while switzerland ’ s inflation rate of 3. 5 % is low by international comparison, it is significantly above the 0 % to 2 % range we equate with price stability. there are also growing signs that higher prices are increasingly spreading to goods and services that are not directly affected by the war in ukraine or the consequences of the pandemic. information from our delegates for regional economic relations suggests that companies can more easily transfer higher costs to their sales prices. in addition, energy prices have continued to rise overall and are increasing inflationary pressure in many sectors. this heightens the risk of second - round effects. we have therefore concluded that a significant increase in the snb policy rate is appropriate. moreover, our new forecast, which as always takes account of today ’ s decision, shows that a further tightening of monetary policy cannot be ruled out in the coming quarters. however, the environment continues to be subject to a high degree of uncertainty. let me now say a few words about the exchange rate. the swiss franc has appreciated in trade - weighted terms by around 7 % since the monetary policy assessment in june. this appreciation helps to tighten monetary conditions and dampen inflationary pressure. in order to set appropriate monetary conditions, we remain willing to be active in the foreign exchange market as necessary. if there were to be an excessive appreciation of the swiss franc, we would purchase foreign currency. if the swiss franc were to weaken, however, we would consider selling foreign currency. period of negative interest rates comes to an end with today ’ s decision, an extended period of a negative snb policy rate comes to an end. negative interest was introduced at the beginning of 2015 to counter upward pressure on the swiss franc associated with the discontinuation of the minimum exchange rate. over the past years, negative interest has helped to dampen the appreciation of the swiss franc and to ensure price stability. at the same time, we were always aware that negative interest can have undesirable sideeffects and presents challenges for many economic agents. on the whole, however, negative interest has proved its worth. the benefits for monetary policy clearly outweighed the costs of page 3 / 4 zurich, 22 september 2022 thomas jordan news conference the side - effects. without negative interest, price stability could not have been ensured and economic developments would have been significantly less favourable

. negative interest will remain an important monetary policy instrument, which we will use if needed. ladies and gentlemen, thank you for your attention. i now hand over to martin schlegel, who will speak about the mortgage and real estate markets. page 4 / 4