samchain/econo-pairs-v2 huggingface dataset:
labour market flexibility. attention must now shift towards implementing this reform agenda. closing the implementation gap is essential in order to reap the full benefits of structural reforms in terms of both a higher growth potential in the medium term and improved consumer and business confidence in the short term. we are now at your disposal for questions.

european central bank : press conference - introductory statement introductory statement by mr jean - claude trichet, president of the european central bank and mr lucas papademos, vice - president of the european central bank, frankfurt am main, 7 april 2005. * * * ladies and gentlemen, it is our pleasure to welcome you to this press conference. the vice - president and i will now report on the outcome of today ’ s meeting of the governing council of the ecb, which was also attended by commissioner almunia. all in all, we have not changed our assessment of risks to price stability over the medium term. so far, we have seen no significant evidence of underlying domestic inflationary pressures building up in the euro area. accordingly, we have left the key ecb interest rates unchanged. both nominal and real interest rates are at exceptionally low levels, lending ongoing support to economic activity. however, upside risks to price stability over the medium term remain and continued vigilance is therefore of the essence. i shall now explain our assessment in more detail, turning first to the economic analysis. recent data and survey indicators on economic activity have been mixed. in general they point to ongoing economic growth at a moderate pace over the short term, with no clear signs as yet of a strengthening in underlying dynamics. looking further ahead, the conditions remain in place for moderate economic growth to continue. global growth remains solid, providing a favourable environment for euro area exports. on the domestic side, investment is expected to continue to be supported by very favourable financing conditions, improved profits and greater business efficiency. consumption growth should develop in line with real disposable income growth. however, at the same time, persistently high oil prices in particular pose downside risks to growth. turning to consumer prices, eurostat ’ s flash estimate for annual hicp inflation was 2. 1 % in march, unchanged from february. in the coming months, annual inflation rates are likely to remain somewhat above 2 %, although the exact figure will depend largely on how oil prices develop. looking further ahead, so far we have seen no significant evidence of underlying domestic inflationary pressures building up in the euro area. wage increases have remained contained over recent quarters and, in the context of moderate economic growth and weak labour markets, this trend is likely to continue for the time being. however, upside risks to price stability remain. given recent oil price rises, it is once again paramount that second - round effects stemming from wage and price - setting
that liquidity risk resided primarily in the banking sector. but as economies migrate towards more market - based forms of finance, liquidity risk is increasingly likely to originate ( or be concentrated ) elsewhere : including broker - dealers, central counterparties ( ccps ), or traded instruments themselves. the herd mentality that can develop during crises can sometimes only be tamed by well - designed intervention – be it covert or overt – using a credible backstop. countries lacking such backstops are likely to sustain large - scale, and preventable, economic damage. so the risk of central banks having “ too little ” scope to carry out lolr is real. at the same time, the public has a legitimate interest in avoiding “ too much ” lolr. we cannot afford for financial institutions to view liquidity support as a substitute for prudent financial management : central banks must not be “ lenders of first resort ”. and lending to institutions that are in need of capital rather than liquidity is the wrong solution. given the uncertainties involved, neither outcome can be avoided with certainty. but it is right to seek robust safeguards against them. bis central bankers ’ speeches a well - designed lolr framework must therefore get the balance right between lending “ too little ” and “ too much ” : – to help avoid “ too little ” lolr, central banks must be given clear responsibilities and the tools and powers needed to carry them out, including the ability to lend to individual institutions, covertly if necessary to maintain financial stability. – to help avoid “ too much ” lolr, central banks must have strong risk management, be ring - fenced from special interests ( in public or private sectors ), have a clear public mandate specifying their scope for action, and be subject to strong transparency and accountability requirements. there are powerful parallels between these design challenges, and those for monetary policy. like monetary policy, lolr is vitally important to an economy ’ s health, but involves intrinsically complex, technical judgments – including the solvency or otherwise of potential borrowers, the pricing, scale and maturity of loans, and the appropriate collateral. it is important that these judgments are made by experts. but, also like monetary policy, the consequences of these expert judgments have potentially wide - ranging effects on society. so they should only take place within a clear public framework of delegated authority. this combination of expert discretion within public parameters is sometimes termed “ constrained discretion ”. the large scale lolr

to exercise expert judgment in the pursuit of financial stability. i look forward to our discussion of these issues today. thank you. bis central bankers ’ speeches
, nearly 40 percent of the world ’ s population is seeing sustained growth at unprecedented rates. in the process, the world is being transformed. we wish president zoellick every success in achieving the goals he has set out for the world bank – goals that as they are attained will help bring the fruits of economic development to people and to nations who do not yet share in the historic global transformation now under way. thank you, mr. chairman.

stanley fischer : the global financial crisis – challenges confronting israel address by professor stanley fischer, governor of the bank of israel, to the annual conference of the institute for national security studies, tel aviv, 23 december 2008. * * * for more than a year the world has been confronting one of the worst financial crises in over seventy years. this crisis has two components : the first, financial, and the second, real – i. e., a significant slowdown, and possibly even a global recession. both the financial and real effects of the global financial crisis on israel's economy are clearly evident. i would like to stress, however, that israel's state at the outbreak of the crisis was more favorable than that in most other countries. on the financial side the crisis is reflected in israel not by problems in the banking system, as is the case in the advanced economies, but mainly by the fall in prices of shares and corporate bonds. at the same time, on the real side the rate of growth declined to 2. 3 percent ( annual rate ) in the third quarter, and it is expected that the significant slowdown in israel's growth rate will continue ; according to the bank of israel forecast, the rate of growth will slow further in 2009 to 1. 5 percent, or even lower in one or two quarters. israel's relatively favorable situation at the outbreak of the crisis was due to responsible and credible fiscal and monetary policies, the economy's low foreign currency exposure, the surplus in the current account of the balance of payments, the relatively high level of the foreign exchange reserves, and, worthy of special emphasis, the strength of the banking system. now, however, three months after the further intensification of the crisis, the challenges confronting the policymakers on both the real side and the financial side have become much more difficult. the policymakers face the task of maintaining the economy's relatively favorable position and taking advantage of it to deal with the new situation. to that purpose it is essential that they introduce the measures needed to ensure that the economy emerges from the period of slowdown strengthened, and with the ability to return to the path of rapid and sustained growth. all this, despite the forthcoming elections and the fact that the 2009 budget has not been approved yet. at this stage the bank of israel is taking the following steps within the realm of its responsibility : 1. it is conducting an active interest rate policy intended to strengthen the economy's ability to handle
rich culture, nature and the friendly people during your stay and during the social events that would take place following the meetings. 8. let me close my remarks by once again welcoming rt. honorable president, honorable finance minister, fellow governors and distinguished delegates to this 49th governors ’ conference / high level seminar and the meeting of board of governors in nepal. i look forward to a rewarding discourse and exchange of views and experiences among fellow governors which will help better deliver our central banking roles and responsibilities. thank you bis central bankers ’ speeches

financial conditions into macroeconomic models. a first approach to calculating counterfactual financial conditions is to employ pre - pandemic impact estimates of past monetary policy recalibrations in order to calculate by how much higher, say, average yields would have been in the absence of monetary policy action. counterfactual analysis by ecb staff based on this approach suggests that, absent our monetary policy measures, euro area output would be 1. 3 percentage points lower and the annual inflation rate would be 0. 8 percentage points lower by 2022 in cumulative terms ( chart 3 ). chart 3 https : / / www. ecb. europa. eu / press / key / date / 2020 / html / ecb. sp201126 ~ c5c1036327. en. html 3 / 19 01 / 12 / 2020 monetary policy in a pandemic : ensuring favourable financing conditions estimated impact of the ecb ’ s decisions since march 2020 on the central tendency of inflation and economic activity ( percentage points ) source : ecb calculations. notes : the estimated impact via a suite of models refers to the average across a set of models used by the eurosystem for policy simulations, a bvar model ( rostagno, m., altavilla, c., carboni, g., lemke, w., motto, r., saint guilhem, a. and yiangou, j. ( 2019 ), “ a tale of two decades : the ecb ’ s monetary policy at 20 ”, working paper series, no 2346, european central bank ), the nawm - ii model, and the ecb - base model. these calculations are based on estimated elasticities of financial conditions to policy impulses that are obtained using data generated under calm market conditions : as a result, the impact estimates are typically moderate in size. it follows that this first approach to quantifying the effects of our policies is likely to underestimate by a wide margin their true effect under the macro - financial conditions generated by the extraordinary pandemic shock. a more realistic assumption for constructing counterfactual financial conditions is to recognise that, in the event of policy inaction, financial markets – which were already highly destabilised – would have gone into a tailspin, sending the economy into a meltdown. in the type of macroeconomic models that central banks typically use for simulation and policy analysis, it is challenging to
. we should therefore come up with a holistic roadmap that incorporates the financial sector players, regulators, development partners and the government. let us also formulate clear deliverables, performance indicators and a roadmap that will facilitate kenya ’ s aspiration of being a green economy. with these remarks, ladies and gentlemen, i look forward to fruitful deliberations. thank you. bis central bankers ’ speeches

of doing business for banks, • licensing of microfinance banks, which target lower - income segments, and expanding institutional branch network countrywide, • allowing banks to introduce shariah compliant ( or participatory ) banking products, and • the credit information sharing mechanism to build information capital to solve information asymmetry problems in the financial sector. but also a mechanism that bis central bankers ’ speeches can develop templates for ratings either for individuals or projects – where sustainability can be an indicator. the evidence so far indicates that these reforms and initiatives have had an appreciable impact in expanding financial access. according to geospatial surveys conducted in 2013, kenya was ranked ahead of peer countries, tanzania, uganda and nigeria. most fundamentally, 76. 7 % of kenyans live within 5 kilometres of a financial services touch point compared to 47. 3 %, 42. 7 % and 35. 1 % for nigeria, uganda and tanzania respectively. ladies and gentlemen : third, the cbk mandate of financial stability where the overarching goal is to promote existence of strong banks. without strong banks, we cannot talk about long term and sustainable finance. in this regard, cbk has adopted a flexible risk management framework for the banking sector, which can accommodate, among other areas, the management of environmental and societal concerns. ladies and gentlemen : fourth, since 2009, the kenya government through the cbk as its fiscal agent has issued 7 long - term infrastructure bonds. proceeds have been used to fund sustainable infrastructural solutions including clean and renewable energy plants, like the geo - thermal power generation. the deployment of these funds towards eco - friendly projects serves as a benchmark for private sector institutions in their project appraisal and implementation decisions. ladies and gentlemen : it is not in doubt that there is a case for sustainable finance in kenya. kenya has ambitious plans to transition to a green economy. this comes with tremendous financing opportunities for both domestic and foreign financiers. for instance, the substantial financing required in scaling up kenya ’ s renewable energy output requires imaginative solutions. the banking sector alone cannot meet these needs and other emerging opportunities as kenya goes green. we must therefore seek solutions that straddle the banking, insurance, pension funds and capital markets spheres. as we design a roadmap this morning, we should take cognisance of the enormous opportunities that sustainable finance offers. working in silos as is the case currently will not scale up sustainable finance
catalyst for a greater proportion of regional savings being recycled within the region, instead of through the developed markets of europe and america, there is likely to be some benefit to financial stability. what next in abf 19. let me turn to the question of " what next " in the abf initiative. i am acutely aware of the fact that the hkma is only one of eleven central banks and monetary authorities in the emeap group and that the abf project is an emeap project, and not an hkma project. as i said earlier, i cannot speak for emeap, although abf1 and abf2 were developed while the hkma had the honour of chairing the relevant working group. indeed, we are scheduled to hand over chairmanship in may next year, having exceptionally provided the chair for two consecutive two - year terms. but allow me to tell you, nevertheless, what we in the hkma think could be possible directions to be explored. 20. there are two such directions, which hopefully could lead to an abf3. first is to enlarge the scope of credit acceptable to the central banks as investors, but address the problem of inadequate credit quality through credit enhancement or guarantee arrangements. second is the securitisation of bank assets. both are familiar concepts to the financial markets, and so there is no need for me to elaborate, other than to say perhaps that we favour simple products that can be readily understood not just by simple - minded central bankers but also by the not - so - sophisticated investors in the region. we support the emeap and other regional fora to further look into these ideas. and we look to the private sector to participate fully in this continuing effort. 21. let me close by going back to financial stability and say that the abf initiative, whether it gets to abf3 or abf4 or abfn, is not the full answer to financial stability in the region. asia is particularly vulnerable to financial instability because of, principally, the size of the individual, fragmented markets, relative to international capital, and the openness of those markets, assuming that prudent macroeconomic policies are a pre - requisite that is always observed. to reduce vulnerability from those sources, without stepping back from maintaining open markets, we need greater financial integration or co - operation, and perhaps one day monetary integration. but these subjects should best be left for another day.

. thank you very much for your attention. bis central bankers ’ speeches
##rted. now, a new world is emerging, one that is very different from the one before the crisis. in this new world, the prospects for asia is encouraging, in both contributing to and assuming greater responsibility for supporting global stability and longer - term growth. for malaysia, sustained growth and successful transformation of the economy towards a higher level of development would depend crucially on how we prepare ourselves in facing the coming challenges and seizing the emerging opportunities.

which resulted in more interconnectedness in the financial network, thus creating contagion channels. 10 [ slide 4 : increased leverage as illustrated by shifts in funding structures ] another risk of a more systemic nature is that diversification along similar lines can make financial institutions more similar to one another by exposing them to the same risks. 11 and indeed, the benefits of diversification appear to have been offset by the greater risk banks were exposed to as the share of activities outside the traditional retail banking operations was increasing. 12 some potential benefits of diversification may also have been lost as implementing a diversification strategy is a big managerial challenge. 13 it is particularly challenging in a banking group because of the differences in management cultures and risk profiles of the different entities. the challenge at hand is to reform the financial sector and banks towards a more healthy structure and size in order to redirect banking activities to support the society and real sector in the best way possible. the key is to remove any perverse incentives, which could lead to an excessive growth of the financial sector. for example, the inevitable safety nets needed to protect depositors must not lead to moral hazard which would undermine the stability of the financial system and entire economies. how the hleg proposals address the identified challenges in the size, structure and conduct of the business of banks in the high - level expert group on reforming the structure of the eu banking sector, nominated by commissioner barnier about a year ago, we detailed the different phases of the crises, analysed the characteristics of the banking sector and identified a number of weaknesses, which we thought the ongoing regulatory reform would resolve only partially. shin ( 2010 ), macroprudential policies beyond basel iii, princeton university, policy memo. wagner ( 2010 ), diversification at financial institutions and systemic crises, journal of financial intermediation 19. stiroh and rumble ( 2006 ), the dark side of diversification : the case of us financial holding companies, journal of banking & finance 30 ; mercieca et al. ( 2007 ), small european banks : benefits from diversification? journal of banking & finance 31. stiroh ( 2004 ), new evidence on the determinants of bank risk. journal of financial services research 30 ; acharya et al. ( 2006 ), should banks be diversified? evidence from individual bank loan portfolios. journal of business 79. bis central bankers ’ speeches [ slide 5 : summary of the problems in the eu banking sector identified by hleg ]
to be restrictive for some time to have confidence that inflation is moving back to target. for these reasons, we are committed to avoiding pulling back prematurely. we also recognize that risks may become more two sided at some point. uncertainty is currently high, and there are a range of estimates around the appropriate destination of the target range for the cycle. proceeding deliberately and in a data - dependent manner will enable us to learn how economic activity and inflation are adjusting to the cumulative tightening and to update our assessments of the level of the policy rate that will need to be maintained for some time to bring inflation back to 2 percent. 1 i want to thank kurt lewis and shaghil ahmed of the federal reserve board for their assistance on these remarks. these views are my own and do not necessarily reflect those of the federal reserve board or the federal open market committee. 2 the central banks of the united states, the united kingdom, canada, the euro area, australia, new zealand, norway, sweden, and switzerland together account for 49 percent of nominal global gdp measured in dollars at market exchange rates. each of these central banks has raised its policy rate by at least 125 basis points in the past six months. 3 see lael brainard ( 2015 ), " unconventional monetary policy and cross - border spillovers, " speech delivered at " unconventional monetary and exchange rate policies, " 16th international monetary fund jacques polak research conference, washington, november 6 ; and lael brainard ( 2017 ), " cross - border spillovers of balance sheet normalization, " speech delivered at the national bureau of economic research's monetary economics summer institute, cambridge, mass., july 13. 4 a paper based on data between 2005 and 2017 found that about half of the reaction in german domestic yields spills over to u. s. yields following ecb announcements, which was nearly identical to the spillover from u. s. yields to german bund yields measured following federal open market committee announcements. see stephanie e. curcuru, michiel de pooter, and george eckerd ( 2018 ), " measuring monetary policy spillovers between u. s. and german bond yields, " international finance discussion papers 1226 ( washington : board of governors of the federal reserve system, april ). 5 the federal reserve's broad trade - weighted dollar index is based on 26 currencies of major u. s. trading partners. it is published in statistical release h. 10, " foreign exchange rates

, will mark a milestone in the development of the foreign exchange market in seychelles and that we will see an improvement of the interbank market in foreign exchange, as well as the introduction of new foreign exchange - denominated products, as we align ourselves with the target of improving access to foreign exchange. to the participants, i would say let us make the most of this exposure. i would like to reiterate my pleasure for being at todaya€™s forum and i look forward to the fruitful deliberations that are to follow. i now declare the official launch of the africa financial markets index research in seychelles. thank you.