samchain/econo-pairs-v2 huggingface dataset:
, and governments in the future will see more clearly the need for and the advantages of independent, outside knowledge and expertise. bis central bankers ’ speeches

are practitioners, academics, representatives of various social groups or individuals with a proven knowledge of the subject. issues that committees of this kind dealt with in the past have been, among others : the social security system, fiscal policy and tax reforms, the system of national statistics, policies for growth. the spraos reports was a famous example. the work of the committees ended up with detailed reports, extensive analysis of the facts and concrete policy recommendations. these reports, besides summing up the existing knowledge on the subject, reflected the interchange of different bis central bankers ’ speeches ideas and the consensus of the participants on what was feasible and desirable at the time. in that sense they constituted an ideal starting point for policy decisions that could be easily legitimized by the broad, non - partisan character of the committees. governments however have missed that opportunity too. the findings of the committees, after going through a maze of political considerations, were eventually forgotten. it was again politics that won the upper hand. a third way governments internalize extraneous expertise in decision making is to commission consultant firms, think tanks, university centers and / or individual academics to carry out research projects on specific, mostly technical issues. the terms and conditions of such a project are set by the relevant authority and the selection of the candidates is done according to the provisions of the european and greek law. there is no quantitative evidence to show to what extent this practice is used and the findings of these projects are not published. it seems however that undertakings of this kind are not rare and that they are often part of a larger project financed by european funds. this revealed demand indicates that public authorities recognize the need for external expertise and resort to it in an institutional framework. in the years of the crisis the importance of external expertise became paramount. economic policies had to adapt to the directions specified by the agreements with the eu, the ecb and the imf, and technical expertise was urgently needed to deal with new problems. under these conditions the bulk of technical assistance came from outside, non - domestic sources ( imf, ecb, eu ) as an indispensable, mandatory input in the formulation of economic policies. in greece, the new situation had no visible effects on the way governments evaluate and use external knowledge. the response to the great challenge of radical reforms was planned in - house, with help from non - domestic consultants. moreover, political criteria continued to weigh down on policy decisions, contrary to the obvious need of non -
euro area governance, both by strengthening fiscal frameworks and improving crisis management mechanisms. much remains to be done. but if we keep on the right track, we will emerge from the crisis better equipped to take advantage of the opportunities offered by our common currency. bis central bankers ’ speeches

system as a whole, with the objective of ensuring that bank credit would still be available to households and businesses even if the economy were to perform more poorly than expected. we now also routinely apply macroprudential methods to the analysis of significant economic developments, whether domestic or foreign. the sovereign debt concerns in europe provide one example. as yields on european sovereign debt and bank debt rose in the spring of 2010, federal reserve supervisors began to evaluate u. s. banking firms ’ exposures to european banking firms and sovereigns. in addition to evaluating direct exposures, we analyzed scenarios under which sovereign debt concerns might lead to broader financial volatility. our focus was on the possibility that financial disruptions might impede credit flows and economic activity in both europe and the united states. in our work we conferred extensively with european bank supervisors ; for example, we discussed potential risks to european banks ’ abilities to obtain dollar funding and the implications of european banks ’ need for dollars on u. s. money markets. this work suggested that providing a backstop for the dollar - funding needs of european financial institutions could mitigate the potential for spillovers to the united states from european sovereign debt concerns. in accord with this bis central bankers ’ speeches analysis, in may 2010 the federal open market committee announced that it had authorized dollar liquidity swap lines with other central banks in a preemptive move to avert a further deterioration in liquidity conditions. macroprudential considerations have also been important for the federal reserve ’ s rulemaking, particularly those rules implementing the dodd - frank act. for example, with other regulators, we recently proposed rules to set margin requirements for over - the - counter derivatives that are not cleared through a central counterparty. the proposed rules reflect not only safety - and - soundness concerns but also macroprudential goals ; specifically, the rules seek to increase the resiliency of the financial system as a whole by reducing the potential for contagion between swap market participants. under the proposed rules, the moststringent margin requirements would apply to derivatives contracts between swap dealers or other major swaps market participants, as such arrangements could otherwise involve a risk of “ default chains ” in which distress at one major firm could cascade through the swap markets. as i mentioned earlier, the macroprudential approach to financial regulation is gaining increasing adherence internationally. along with our efforts to implement reforms domestically, the federal reserve has for some time been working closely with foreign counterparts to help coordinate the
9 percent for private sector workers, the lowest since late 2021. 4 average hourly earnings, reported in today's jobs report, rose at a threemonth annualized pace of 3. 8 percent in august, the same as the 12 - month change. 3 / 5 bis - central bankers'speeches inflation in july continued to show progress toward the fomc's goal. the price index for personal consumption expenditures ( pce ), the committee's preferred inflation measure, increased at a monthly pace of 0. 2 percent in july for both total and core pce inflation. core pce inflation, which excludes volatile food and energy prices, is a good guide to underlying inflation, and it increased 2. 7 percent over the past 12 months. given the downward trajectory of monthly readings, i also look at the 6 - and 3 - month annualized rate. these stand at 2. 6 percent and 1. 7 percent, respectively. these numbers are good news and suggest that our restrictive policy stance has put us on the right path to attain our 2 percent inflation target. looking across the components of inflation, one can see the breadth of the disinflation. over 50 percent of categories in the total and core market baskets had annualized monthly inflation less than 2. 5 percent in august. in fact, the index of core goods prices has reverted to its historical pattern of slight deflation, reflecting normalized supply after the disruptions of the pandemic as well as ongoing technological and productivity advances. meanwhile, services price inflation has slowed as wage growth has slowed, since labor is a large input for much of the service sector. overall, i see significant and ongoing progress toward the fomc's inflation goal that i expect will continue over the remainder of this year. now let me discuss the implications of this outlook for monetary policy. as i said at the outset, considering the achieved and continuing progress on inflation and moderation in the labor market, i believe the time has come to lower the target range for the federal funds rate at our upcoming meeting. reducing the policy rate now is consistent with many versions of the taylor rule, which suggest reducing the policy rate is appropriate given the data in hand. furthermore, i do not expect this first cut to be the last. with inflation and employment near our longer - run goals and the labor market moderating, it is likely that a series of reductions will be appropriate. i believe there is sufficient room to cut the policy rate

effort to fight mounting inflation. for more information about this recession, see federal reserve history. 4 the employment cost index is a valuable measure of compensation growth because it covers non - wage benefits and accounts for shifts in the shares of workers in different occupations and industries. 5 / 5 bis - central bankers'speeches
hicp ) ) ii utilisation of the flexibility margin remains well below the 20 % ceiling, at 14. 3 % in the third quarter of 2023. iii haut conseil de stabilite financiere, press release, 4 december 2023 iv villeroy de galhau, f., the reawakening of europe and the franco - german engine, speech, 12 december 2023 v around 7 % of gdp according to an imf study, geoeconomic fragmentation : what ’ s at stake for the eu, 30 november 2023 vi according to the european commission, green transformation and digital transformation will require investments of eur 620 billion and eur 125 billion per year respectively until 2030. vii lagarde ( c. ), a kantian shift for the capital markets union, speech, 17 november 2023 viii european commission, autumn 2023 economic forecast – statistics appendix, november 2023 i

bank of france reports industrial output generally stabilized in may 1997 bank of france, monthly business survey, 17 / 06 / 97. according to business leaders surveyed by the banque de france, industrial output generally stabilized in may, following a sharp upturn in april. the automobile sector was the only one to register a decline, which was accentuated by calendar effects. the capacity utilization rate fell back slightly from one month to the next. overall demand changed little. on the domestic market, inter - industry demand was less buoyant than in april, whereas foreign demand, boosted by the strength of the dollar and the pound sterling, remained firm. orders continued to stream in from english - speaking, asian and east european markets. order books were considered to be at normal levels across the different sectors, and they appeared on the full side in the business equipment sector. inventories, which fell back, now seem to be at the desired level. over the coming months, industrial output is likely to advance appreciably in all sectors. the best performances are expected from the food - processing industry and the capital and intermediate goods sectors. commodity prices edged up, notably in the food - processing and capital goods sectors. these increases were only partially passed on to finished product prices, which rose only in the food processing industry, while remaining unchanged for consumer and intermediate goods and dipping in the capital goods and automobile sectors. the installation of new equipment, which was judged necessary at the beginning of the year, is taking place only very gradually, in particular at small and medium - sized companies. retail activity perked up considerably in may. employment levels in industry showed little change, except for the automobile industry where cutbacks continued. they fell slightly in the building sector, whilst holding steady in the retail and market services sectors. permanent staff levels showed no significant change, although certain companies - primarily those engaged in seasonal activities as in the food - processing industry - made increased use of temporary staff.
britain and the member - states of the european union. this program will break for a discussion between leading academics and policy - makers on the issue of the parallel currencies in history. i would not crowd out the precious conference time by dwelling on each piece of research to be presented and discussed today. let me pause here, to give way to interesting and open exchange of opinion and deliberations which i believe this conference will stimulate. and once again – welcome to sofia and enjoy your stay in bulgaria! thank you. 2 / 2 bis central bankers'speeches

correspondence sender ; - possibility for additional standardisation in terms of the information provided to users in their account statements, particularly for card payments. the sophisticated business models using multiple intermediaries result in users ’ confusion, e. g. where the name of a merchant from the account statement does not coincide with the merchant ’ s trademark and thus hinders the identification of unauthorised payment transactions ; https : / / ec. europa. eu / info / publications / 200924 - digital - finance - proposals _ en directive ( eu ) 2015 / 2366 of the european parliament and of the council of 25 november 2015 on payment services in the internal market, amending directives 2002 / 65 / ec, 2009 / 110 / ec and 2013 / 36 / eu and regulation ( eu ) no 1093 / 2010, and repealing directive 2007 / 64 / ec - unifying the regulatory regime applicable to electronic money institutions and payment institutions, by repealing the electronic money directive3, and including issuance of electronic money as a new type of a payment service ; - standardisation of the application programming interfaces ( apis ) used by the industry. regulation of the concept of the so - called ‘ open finances ’ - access to financial and non - financial institutions to a broad range of financial information regarding the customers with the latter ’ s consent with a view the provision of innovative services is expected to be proposed by mid - 2022 building on the experience gained in the implementation of ‘ open banking ’ ; - review of the services falling within the remit of the directive. presently, psd2 does not cover services provided by ‘ technical services providers ’, who support the provision of payment services without coming into possession of the funds. due to the growing dependence of the provision of payment services on the provision of outsourced ancillary services by subcontractors that are currently non - regulated entities, some of these services and their providers may possibly be included in the scope of the directive and become subject of supervision ; - in addition to the review of psd2, a review will also be carried out of the settlement finality directive4, and assessment will be made if payment institutions and electronic money institutions should be eligible for direct participation in designated payments systems, subject to certain conditions and risk mitigating measures. 2. general trends in payment digitalisation amendments to the legislation are an important prerequisite for the quick take - up of innovations in the market, but no less contribution to it
financial markets. eurosystem staff are currently working towards this goal. recent imf research, for example, has shown that, since 1985, house price busts have typically been preceded by significant upward deviations of the credit - to - gdp ratio from its long - term moving average. monetary policymakers should also consider the impact their actions have on financial market participants ’ appetite for risk. this is why i have repeatedly called for a more symmetrical approach that would treat boom and bust episodes not as isolated events but would try to look through the financial cycle in order to steady policy. while i am opposed to enhancing the mandate of monetary policy and setting financial stability as an additional and independent target, i am in favour of strengthening the role of central banks in this area. this is the second topic i would like to raise. calls for a more systemic approach are mainly addressed to central banks. taking into account the wide range of information and data central banks collect in fulfilling their mandate, no other institution is better suited for taking the systemic macro - prudential view. central banks combine macroeconomic analysis with deep insights into the financial markets stemming from monetary policy as well as payment operations and – in many cases – data from banking supervision. it is therefore obvious that central banks are key when it comes to macro - prudential supervision. in the bundesbank, we have decided – as have many other central banks – to establish a financial stability department in order to give this area of increased importance an organisational home. the new department commenced its work in the middle of this year. reflecting the pivotal part central banks play in macro - prudential supervision, the escb, consisting of the ecb and the national central banks, will play a leading role in the european systemic risk board ( esrb ), which is to be established in the next few weeks. the esrb will be responsible for the macro - prudential oversight of the financial system of the european union in order to prevent or to mitigate systemic risks to financial stability. thirdly, as i mentioned earlier, central banks are partly or fully in charge of banking supervision in many countries. the central banks of luxembourg and turkey do not have responsibility for banking supervision. however, in germany the responsibility for banking supervision has traditionally been shared by the bundesbank and the federal financial supervisory authority, or bafin for short. bafin was created some years ago by the merger of the federal offices responsible for the supervision of banking, securities trading

enhance the analytical instruments needed to recognise risks to financial stability earlier and more accurately. thank you for your attention.
capital generation arising from model changes i020 excess capital generation arising from other management actions i021 portfolio and business transfers i021 shareholder transfers from with - profit funds i022 debt raise i023 debt repayment i024 net equity issuance i025 interest expense i027 dividends i028 total change in excess capital = sum i018 to i028 all speeches are available online at www. bankofengland. co. uk / speeches

market. spiegel : the only problem is that france isn ’ t doing that. aren ’ t you getting tired of repeatedly urging the country to reform, but then nothing happens? draghi : in latin you say : “ repetita iuvant – to repeat is beneficial ”. the fewer changes made in a country, the more often i repeat my messages. and it works. spiegel : we have a feeling that the number of governments which can no longer hear your tune is growing. the new coalition in germany, for example, wants to undo the pension reforms made by the red - green coalition government years ago and introduce a universal minimum wage of €8. 50. are these policies that help the euro? draghi : it is too early to assess the policies of the new german government. i can only say that the crisis has shown that the monetary union is incomplete and that the weaknesses need to be remedied. germany helps the euro best by further strengthening its competitiveness and promoting growth. whatever helps that process is right, everything else is wrong. spiegel : many economists represent a completely different theory. they regard germany ’ s competitiveness as the real problem of the euro area and are calling for state curbs on exports. what do you think of that? draghi : not much. it ’ s a mechanistic perspective of economic activity, and there ’ s little i can do with it. we won ’ t make the weak stronger by making the strong weaker, as a very wise man once said. that applies to the economy as well. if germany were less competitive, the euro area as a whole would lose, because less could be produced then. bis central bankers ’ speeches spiegel : in germany, ecb policy is unpopular because you have now pushed the interest rates for investments down so far that they are often no longer enough to compensate for inflation. in other words, only fools save. draghi : that ’ s not the fault of the ecb. the link between the short - term interest rates set by the ecb and the long - term interest rates paid on investments which are relevant for savers in germany is not very strong. spiegel : really? it ’ s a stated goal of your policy to indirectly suppress long - term interest rates. draghi : no, especially in recent years, we were unable to control long - term interest rates – because investors were very unsettled by the euro crisis.
hosted by the federal reserve bank of kansas city. i appreciated the robust conversation among knowledgeable individuals whose work touches on the cra every day. sitting around a 2 / 3 bis central bankers'speeches table together provided an opportunity for me to hear community bankers reflect on what has worked well for their communities and what they see as challenges, and to provide thoughtful suggestions on what they think might work best going forward. it was also helpful to be exposed to some differences of views. the best approach to implementing the cra in today ’ s environment is a complex issue, so i value hearing a wide range of suggestions. in closing, i want to reiterate my own commitment to strengthening the cra, which is widely shared across the federal reserve system. we aim to promote more cra activity, not less. we think that simplifying and clarifying the regulations while strengthening local community engagement will help us accomplish that goal. thank you for your help in this process. 1 i am grateful to amanda roberts for assistance in preparing these remarks. these remarks represent my own views, which do not necessarily represent those of the federal reserve board or the federal open market committee. 2 a summary of the findings will be made public in the spring. 3 a summary of the response is available on our public website at www. federalreserve. gov / aboutthefed / files / cac - 20181005. pdf. 4 see lael brainard, “ community development in baltimore and a few observations on community reinvestment act modernization ” ( speech at the federal reserve bank of richmond baltimore community development gathering, april 17, 2018 ) ; and “ community investment in denver ” ( speech at the denver branch of the federal reserve bank of kansas city, october 15, 2018 ). 3 / 3 bis central bankers'speeches

in this context, i am more and more convinced that the global crisis was a development that advanced in time the need for inevitable steering of many imbalances that our economies accumulated over the last 10 - 15 years.