samchain/econo-pairs-v2 huggingface dataset:
but for more than four years now, we have been experiencing turbulent waters, storms, unexpected hurricanes. in demanding times, regular, real - time and transparent communication is more important than ever. the channels of national, european and global communication which you are responsible for are crucial for the appropriate functioning of markets, for the correct understanding of economists and economic agents, and for the information of the people of europe, our fellow citizens, to whom, as an independent institution, we are accountable. eight years ago the concept of a press conference immediately after the meeting of the governing council was still considered a bold innovation. today it is part of the global state of the art. and the vice - president and i also have to thank you for that. we are now at your disposal for questions. bis central bankers ’ speeches

the coming months. conclusion in conclusion, the health of the u. s. economy depends importantly on the vitality of the small business sector, and continued access to credit on competitive terms is central to that vitality. our 2007 report to you indicates that, since our 2002 report, small business access to credit has been robust. credit conditions have no doubt tightened since mid - august, but small businesses seem generally to have been able to retain access to credit. however, the effects of recent events are complex, the data are spotty and mixed, and it is far too early to draw the two components sum to more than 45 percent because some loans are collateralized by both business and personal real estate. any firm conclusions. moreover, the current level of uncertainty about the future is unusually high. thus, the federal reserve will continue to monitor closely the effects of current financial market conditions on small business finances as part of its efforts to ensure that distress in financial markets does not spill over into the broader economy. more generally, i assure you that the continued good health of the small business sector is an important consideration for the federal reserve as we strive to fulfill the dual mandate given us by the congress to promote both price stability and sustainable economic growth.
you well in taking the profession forward. 4 / 4 bis central bankers'speeches

risks that banks undertake. second, there may have been an agency issue similar to credit rating agencies : as i mentioned earlier, external auditors are often remunerated by those very banks that they oversee. they may, thus, be tempted not to report evidence of any simmering malfeasances for fear of losing their business and third they may not fully endogenise the financial stability implications and may limit themselves to audit rules while discharging their duties. an externally audited account undoubtedly constitutes a thumbmark of the quality of reporting. however competently conducted, it cannot be interpreted as a blanket cover that everything is perfect in an organization. the instances of corporate failures that had escaped the radar screen of external auditors and gained notoriety afterwards as with enron, worldcom, nortel, tyco and parmalat are still vivid in our minds. accounting irregularities at leading corporate entities are a stark reminder as to how much the absence of accurate, timely and comparable financial information can impede the effective working of markets. auditors were the first ones to face a backlash and in some instances, their independence was even questioned. i cannot overlook the criticality of international standards in my remarks this morning. the implementation of international standards provides credence to our financial system and facilitate comparison across jurisdictions. countries ’ financial systems are increasingly built on a compendium of best - practice international standards. the international financial reporting standards ( ifrs ) form part of them. ifrs optimizes the decision making process by helping investors better identify opportunities and risks. these investors not only include individuals but also the big powerhouses such as sovereign wealth funds, pension funds and asset management companies, with billions of dollars and thousands of employees concerned. they need to maximize returns, minimize risks and maintain a diversified portfolio. as funds are invested in many countries, the adoption of ifrs has simplified matters when compared to the 3 / 4 bis central bankers'speeches pre - ifrs world of wildly diverging national accounting standards. i have, so far, highlighted the importance of accountants in the process of economic development of a country. as a final remark, let me very briefly reflect on a subject that many of us refrain from referring to for fear of being politically incorrect. it ’ s on greed, governance and ethics. in financial markets, devoid of proper institutional rules and discipline, there is the law of the jungle – because of greed. in my view, depending on how the concept of greed is understood, there
, the ecb, and the chicago fed for making this event possible and successful. however, it is not the institutions themselves that make things work, it is the people behind the big names. my special thanks go to fiona van echelpoel, paola donati, william jones and zhanna unger from the ecb ; alessandro cocco, maggie sklar and ketan patel from the chicago fed ; and my bundesbank colleagues elvira scheben, susanne kretschmann and ayan hassan. “ good friends never say goodbye. they simply say : see you soon. ” 3 / 3 bis central bankers'speeches

target and non - sustainability practices will lead to an increase cost of business exporting into these markets. malaysia ’ s halal food and beverages segment, which makes up 80 % of malaysia ’ s halal production and 86 % 5 of total halal exports may be adversely affected by climate change. an increase in temperature will lower the resilience of the agroecosystem against pests and pathogens, resulting in lower yields and quality of crops, affecting the supply of raw materials. in addition, more mncs are embracing the sustainability agenda compelling halal smes to factor in sustainability as part of their business strategies, operations and decision making. it is heartening that prominent halal mnc manufacturers have already started imposing sustainable practices across their supply chain. nestle for example, has established the paddy club back in 2012 as an initiative to ensure rice used for the company ’ s cereal products is sourced sustainably and responsibly. another example is the sustainability agriculture code as a pre - requisite for suppliers to enter unilever ’ s supply chain as part of the group ’ s ambition to sustainable sourcing. towards this end, the islamic financial institutions have put together a lot of efforts and resources in place, underpinned by the concept of value - based intermediation ( vbi ) such that financing and banking activities are in line with sustainability practices. the vbi community of practitioners have collectively issued sectoral guidelines on palm oil, renewable energy and energy efficiency, that serve as an impact - based risk assessment toolkit to assist financial and investment decisions of banks. the takaful industry has followed suit with the issuance of the vbi for takaful framework that integrates the principles of vbi into products and business practices that promote financial resilience and climate risk management. conclusion before i end my remarks, i would like to touch on the importance of the right skill set that can future - proof our halal industry. as we navigate beyond the pandemic, leaders in halal business community have to be agile and forward looking. this includes keeping abreast of the latest technology and constant up skilling to embrace digitalisation. in recognising the potential of digitalisation as a key ingredient to assist halal businesses, the bank provides an enabling environment for financial institutions to foster innovation such as through the fintech regulatory sandbox and facilitation of pilot projects. these avenues enable the bank to identify potential adjustments or responses
weigh on productivity, which further increase unit labor costs. 3. the high - inflation period ( 2021 – present ) : the post - pandemic recovery brought a sharp return of inflation, driven by global supply chain disruptions, shifts in demand, and energy price surges following russia's brutal invasion of ukraine. while euro area inflation has averaged 5. 3 % in this period, finland's inflation has been slightly lower at 4. 1 %. key contributors to this divergence include finland's milder energy price increases and smaller labor cost pressures. inflation drivers in the euro area and finland the overall picture during covid and the subsequent inflation spike was quite similar for finland and the entire euro area. initially, inflation declined due to falling energy and service prices, driven by reduced demand and lockdowns. however, as global supply chains were disrupted, some prices began to rise. the shift in demand from services to goods and then back to services also had a noticeable impact on inflation. a mix of supply and demand effects interacted, causing inflation to exceed the target for the first time in over a decade. additionally, energy and other raw material prices surged sharply due to russia's brutal invasion of ukraine, which also led to rising food prices. on the demand side, prices were pushed up by increased consumption, fueled by household savings accumulated during the lockdowns and the strong fiscal and monetary stimulus measures implemented in response to the pandemic. recently, persistent service inflation has been the main factor sustaining inflation. now, lower increases in labor costs and differences in the energy mix are the two main reasons for the finnish inflation deviating from the common trend. let me next dive a bit deeper into the drivers of these inflation differences. mortgage rates in finland vs. euro area i am an old - school central banker. to me, inflation is always and everywhere a monetary phenomenon. therefore, when analyzing inflation dynamics, one should not overlook the role of monetary policy. as finland is part of the euro area, we share the same single monetary policy with the rest of the euro area. however, even though we share the risk - free rate, the transmission of monetary policy can vary from one country to another, impacting monetary conditions in each jurisdiction. one significant difference between finland and many other euro area member states lies in the housing market. in finland, almost all housing loans are floating - rate mortgages, typically using the 12 - month euribor as a reference rate. in

together with the esas, the ssm, the fsas and the central banks, continues to play a strong role in safeguarding the stability of the eu financial system. our work will focus on the evolving systemic risk and will be based on comprehensive data and research, high - quality analysis and wide - ranging cooperation between different authorities. i look forward to continuing to work with you towards this immensely important goal of maintaining financial stability in europe. thank you for your kind attention! 6 / 6 bis - central bankers'speeches
##amat sa inyong lahat! mabuhay ang pilipinas!

. it is fitting that we are implementing these changes just a week after the assumption into office of president benigno aquino iii. he stood for change and received an overwhelming mandate from our people with a landslide win. palakpakan po natin si presidente benigno aquino iii! ladies and gentlemen, let us unite and join president aquino in making the changes our country needs to become a better place for all. as our theme says, let us keep “ moving forward through stronger partnerships. ” indeed, we should take our theme to heart, given the many challenges and uncertainties ahead. why do i say this? first, we are looking at varying and uneven pace of recovery across the globe. given global interdependencies and linkages, it could lead to slower growth over the medium term. second, the potential heavy influx of capital inflows, as risk appetites perk up, can also complicate monetary management. additionally, the rebound of the global economy could create upward pressures on commodity prices and fan inflation. there could be positive surprises to investor confidence, which could foster a stronger - than - expected improvement in market sentiment and prompt a strong rebound in investment and demand. third, there are risks to the inflation outlook. for these reasons, the bsp is watchful of emerging signs of inflation that could be disruptive to consumption and investment, and ultimately have a corrosive impact on the economy. one clear strategy in addressing these challenges is to forge and nurture greater partnership between the bsp and its stakeholders, through open communication. this is where your inputs, through your responses in the business expectations survey, come in. your responses enable us to discern public expectations on the general direction of economic indicators, particularly inflation, a crucial element in the bsp ’ s monetary policy settings. as in a jigsaw puzzle, each institution represents a piece whose absence will leave gaps that could adversely affect our proper appreciation of particular scenarios. this could potentially lead to weak or even wrong policies. it is important therefore that we keep on working together to gain clear perspectives that give rise to appropriate and timely policies. indeed, sound macroeconomic policies provided our economy with some insulation against the worst global crisis in post - war history. among the key elements that enabled the bsp to calibrate well - informed and well - guided policies during the crisis was the constant supply of information from you, our partners in the bsp ’ s programs. for this, we
petersburg. however, one thing should be clear : when we develop regulatory proposals, we need a thorough understanding of their implications. let me briefly touch upon repo markets, an important source of leverage and pro - cyclicality. in order to thoroughly assess the effects of envisaged numerical floors on haircuts for the securities lending and repo market, a quantitative impact study is just being launched. i strongly support this approach. it facilitates early recognition of inadequate measures and unintended side - effects. it therefore allows us to introduce effective measures. the shadow banking system will constantly challenge policy makers because it adapts very quickly in order to evade regulatory measures. regulatory arbitrage is a reality we have to face. it is therefore essential that we make sure regulatory measures are consistent – not only across sectors as i already pointed out but also across jurisdictions. regulatory measures must be developed and agreed upon in international cooperation. in addition, i expect the financial industry to set in train a rethinking towards more risk awareness. only in bis central bankers ’ speeches this way can the weaknesses that were exposed in the financial system be remedied in the long run, and the financial system be made more resistant to future crises. my brief excursion into the shadow banking sector and the challenges it presents for regulators illustrates that the elimination of systemic risks is not easy. and in doing so, we face obstacles and challenges. thus, i end almost where i began : reality requires ambition. thank you very much for your attention. bis central bankers ’ speeches

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it should also be ensured that the cost / benefit ratio of such an exercise remains adequate.

35 – 64 age range. qualitatively, the profile is similar almost everywhere ; the clear exception is germany, where the unemployment rate among 15 to 24 year olds in the first quarter of 2012 was 8 % ; in italy it was 34. 2 %, in spain 50. 7 % and the euro area average was 21. 9 %. these trends reflect a fundamental question : they confirm the particular vulnerability of this essential part of our workforce. the unequal sharing of the “ cost of flexibility ”, only affecting young people, an eternal flexibility with no hope of stabilisation, leads among other things to companies not investing in young people, whose skills and talents often decline in jobs with low added value. the underuse of their resources reduces growth in various ways : it makes the creation of start - ups less likely – and they are on average more innovative than others – it causes a decline in skills in the long run, slowing down the assimilation of new technology and acting as a brake on efficient production tiberi, m., “ ricordo di federico caffe ”, in rivista italiana degli economisti, april 1997, p. 132. caffe, f., la solitudine del riformista, edited by acocella, n. and franzini, m., bollati boringhieri, turin, 1990, p. 258. bis central bankers ’ speeches processes. in addition to undermining society ’ s sense of fairness, it is a waste that we cannot afford. i think it ’ s essential to ask how economic policy conducted in various member states has done its duty in the way desired by caffe. social progress is one of the key objectives of the european integration process : “ the union shall work for the sustainable development of europe based on balanced economic growth and price stability, a highly competitive social market economy, aiming at full employment and social progress … it shall combat social exclusion and discrimination, and shall promote social justice and protection, equality between women and men, solidarity between generations and protection of the rights of the child ”. ( article i – 3 of the draft european constitution ). welfare is not only a remedy for the failure of insurance markets, but also a tool to promote inclusion, solidarity and a sense of fairness. in the three post - war decades ( the so - called “ golden age ” ), which especially in europe were marked by high growth rates, use of advanced technologies, high growth employment,
putting our responsiveness to the test. the war broke out at an already delicate juncture for the world economy, with the various regions emerging from the pandemic at different speeds and amid much uncertainty, inflationary tensions and global production chain disruptions. the russian invasion of ukraine has exacerbated some of these factors, amplifying the challenges that the world economy, and therefore the economic and monetary authorities, will now have to contend with. but beyond the impact on the global economic outlook, the war has struck the largest blow to the international economic order since the second world war. this dramatic event has thrown into relief the need to reinvigorate and bolster the foundations of multilateralism, which are the set of rules and values that we have established to ensure peace and prosperity. but we should also view this as a chance to give fresh impetus to international cooperation, which has contributed so much to global progress in recent decades. such impetus means strengthening the international institutions, many of which date back to the mid - 20th century, so that they can respond more effectively to the new crises, such as the global financial crisis and the pandemic crisis, which are more global in nature than the typically regional crises of past decades. international institutions should equip themselves, in their respective field of competence, with the appropriate tools to prevent and respond to systemic crises. in addition, the global nature of processes such as the green transition and digitalisation means these institutions must adapt in readiness to deal with these challenges and help attain the goals and fulfil the commitments we have set ourselves in these areas. the agreement for a minimum corporate tax rate for multinational enterprises, spurred by the g20 with the oecd ’ s invaluable support and ratified by more than 130 countries that account for more the 90 % of world gdp, is a good example of the benefits that international cooperation can generate in the digital era. furthermore, supply issues, which have led to shortages and strains on prices during both the pandemic and now the war in ukraine, strengthen the case for boosting international cooperation. in its latest world economic outlook, the international monetary fund concluded that these supply issues should not lead us to lessen our economic openness. on the contrary, its analyses point to the international diversification of imports and improved substitutability of the sources of inputs from different countries to boost value chains ’ resilience. signing new bilateral and multilateral trade agreements and strengthening

pre - existing ones, which would afford greater certainty to trade relations while reducing their cost, would also help attain this goal. to conclude, i believe that, by sharing experiences and outlooks, fora such as this one help gain a deeper understanding of the challenges that we, the economic and monetary authorities, must face. i hope that you are able to benefit fully from the discussions held over the coming days and wish you a pleasant stay in seville.
rostagno, m., altavilla, c., carboni, g., lemke, w., motto, r. and saint guilhem, a. ( 2021 ), “ combining negative rates, forward guidance and asset purchases : identification and impacts of the ecb ’ s unconventional policies ”, working paper series, no 2564, ecb ; and altavilla, c., lemke, w., linzert, t., tapking, j., von landesberger, j. ( 2021 ), “ assessing the efficacy, efficiency and potential side effects of the ecb ’ s monetary policy instruments since 2014 ”, occasional paper series, no 278, ecb. 2 / 2 bis central bankers'speeches

monetary policy statement press conference christine lagarde, president of the ecb, luis de guindos, vice - president of the ecb frankfurt am main, 8 september 2022 good afternoon, the vice - president and i welcome you to our press conference. the governing council today decided to raise the three key ecb interest rates by 75 basis points. this major step frontloads the transition from the prevailing highly accommodative level of policy rates towards levels that will ensure the timely return of inflation to our two per cent medium - term target. based on our current assessment, over the next several meetings we expect to raise interest rates further to dampen demand and guard against the risk of a persistent upward shift in inflation expectations. we will regularly re - evaluate our policy path in light of incoming information and the evolving inflation outlook. our future policy rate decisions will continue to be data - dependent and follow a meeting - by - meeting approach. we took today ’ s decision, and expect to raise interest rates further, because inflation remains far too high and is likely to stay above our target for an extended period. according to eurostat ’ s flash estimate, inflation reached 9. 1 per cent in august. soaring energy and food prices, demand pressures in some sectors owing to the reopening of the economy, and supply bottlenecks are still driving up inflation. price pressures have continued to strengthen and broaden across the economy and inflation may rise further in the near term. as the current drivers of inflation fade over time and the normalisation of our monetary policy works its way through to the economy and price - setting, inflation will come down. looking ahead, ecb staff have significantly revised up their inflation projections and inflation is now expected to average 8. 1 per cent in 2022, 5. 5 per cent in 2023 and 2. 3 per cent in 2024. after a rebound in the first half of 2022, recent data point to a substantial slowdown in euro area economic growth, with the economy expected to stagnate later in the year and in the first quarter of 2023. very high energy prices are reducing the purchasing power of people ’ s incomes and, although supply bottlenecks are easing, they are still constraining economic activity. in addition, the adverse geopolitical situation, especially russia ’ s unjustified aggression towards ukraine, is weighing on the confidence of businesses and consumers. this outlook is reflected in the latest staff projections for economic