samchain/econo-pairs-v2 huggingface dataset:
tiff macklem : release of the monetary policy report opening statement by mr tiff macklem, governor of the bank of canada, at the press conference following the monetary policy decision, ottawa, ontario, 24 july 2024. * * * good morning. i'm pleased to be here with senior deputy governor carolyn rogers to discuss the july monetary policy report ( mpr ) and today's policy announcement. today, we lowered our policy interest rate a further 25 basis points to 4. 5 %. this decision reflects three key considerations. first, monetary policy is working to ease broad price pressures. second, with the economy in excess supply and slack in the labour market, the economy has more room to grow without creating inflationary pressures. third, as inflation gets closer to the 2 % target, the risk that inflation comes in higher than expected has to be increasingly balanced against the risk that the economy and inflation could be weaker than expected. looking ahead, we expect inflation to moderate further, though progress over the next year will likely be uneven. this forecast reflects the opposing forces affecting inflation. the overall weakness in the economy is pulling inflation down. at the same time, price pressures in shelter and some other services are holding inflation up. we are increasingly confident that the ingredients to bring inflation back to target are in place. but the push - pull of these opposing forces means the decline in inflation will likely be gradual, and there could be setbacks along the way. if inflation continues to ease broadly in line with our forecast, it is reasonable to expect further cuts in our policy interest rate. the timing will depend on how we see these opposing forces playing out. in other words, we will be taking our monetary policy decisions one at a time. let me highlight some of the economic dynamics covered more fully in the mpr. economic growth in canada has picked up but remains weak relative to population growth. household spending has been soft. pent - up demand for things like new cars and travel is fading. and many families are setting aside more of their income for debt payments, leaving less money for discretionary spending. in the labour market, employment has continued to grow more slowly than the labour force. job seekers are now taking longer to find work, and the unemployment rate has risen to 6. 4 %. the job vacancy rate has come down significantly, and reports of labour shortages are now below normal. overall, indicators suggest some slack in the labour market. wage growth is also showing signs of

stability for canadians. with that summary, the senior deputy governor and i would be pleased to take your questions. 2 / 2 bis - central bankers'speeches
and to perfecting our responses to the unexpected. also we look forward to being proactive and innovative in how we inspire reforms for the benefit of the bahamas. 3 / 3 bis central bankers'speeches

today, we want to promote the equal access of all persons within our country to the conveniences of this nature that the financial sector provides. it comes across, for example, in the ways that we endeavour promote modernised delivery channels for services that do not impose the same product constraints as a physical banking network. it also comes across in simplified regulations to make it easier for all persons inside our borders to have access to legitimate banking services — whether they are employed or not ; and whether they are bahamians or not. also, recognising that a focus, rightly, is to keep illicit activities from infiltrating our financial services it comes across in being more attentive to those who could pose such risk, rather than treating all users and their transactions with suspicion. we will continue to do more work in this area. exchange controls have always been synonymous with the important tools we deploy to preserve the one - to - one value of the bahamian dollar against the american currency. 1 / 3 bis central bankers'speeches successive central bank governors have led reforms to liberalise these administrative processes. the constraint that you constantly faced on the speed of change was how swiftly the financial management practices and reforms on the government ’ s end materialised, to leave open a stable path for permanent change. another constraint was the speed at which the central banks ’ own capacity increased to manage foreign reserves usage through less administrate channels. we have made more progress in these areas than is even realised or acknowledged. the exchange control department has gone from being the largest operating units in the bank to one of the smallest. it is transforming more and more to data gathering and intelligence operation. today, firms in the private sector that have a positive nexus to foreign exchange earnings activities or those that promote strategic national development priorities enjoy direct access to capital raising in foreign currency. they operate within limits that would rarely constrain the small and medium - sized operations that should be engines of growth in any economy. now, the entrepreneurial set also has expanded access to establish businesses outside the bahamas, or to use such access to establish firms in international financial services sector. the examples of those who have taken advantage of these facilities is increasing, although not as fast as we would like. going forward, the key word for the central bank is being “ progressive ". we are open to reforms in our policies and administrative processes and to advocating when necessary, for pre - requisite reforms elsewhere in the economy that would make our
##udent and evidence - based. a well - thought - out disengagement strategy is necessary. lastly, the bsp remains committed to deploy the necessary policy measures and reforms to help the philippine economy recover from the covid - 19 crisis and to build its resilience against 5 / 6 bis central bankers'speeches future crises. let me close with an optimistic note. all the numbers i ’ ve cited earlier are true. numbers don ’ t lie. the ratings agencies agree. the international observers agree. i foresee a “ hockey stick ” like recovery, with the lowest point in the second quarter. but the third quarter will be better, and the fourth quarter will be even better. we expect a strong rebound in 2021 and 2022. the worst is over. but while we ’ re not out of the woods yet, we have to look beyond this crisis. what else can we do to make the philippines more robust and resilient? how do we prepare for the next crisis? let me remind you again that we entered this crisis from a position of strength. do i become hopeful or fearful? what can i do to calm the market, live with the virus, and prepare for a better tomorrow? i choose to be hopeful. once again, thank you and a pleasant morning to all! 6 / 6 bis central bankers'speeches

we waited for alternative mechanisms to be developed before embarking on this journey in order for the reform to be policy neutral. with the recent firm anchoring of market rates to the irc, we now have room for the reduction of reserve requirements over the medium - term as an operational adjustment, which we started early this year. i would like emphasize that the rrr cuts are not intended to be expansionary as these are offset by compensating actions. excess liquidity is reabsorbed through our open market operations and significant fx operations. the upward trend in market rates validates tighter market conditions. finally, i would like to emphasize that the rrr cuts will be gradual and phased over a number of years. we have already achieved significant progress this year. a total of 200 bps reduction in 2018 is in line with our medium - term goal of reducing rrr from 20 percent to single - digit level over a six - year period. moving forward, the bsp will continue to review and improve the operational features of the irc system to ensure greater flexibility and efficiency in conducting monetary operations. indeed, these are important reforms that make us very optimistic about the continued growth of the philippine economy in a sustainable manner. we thank you for your time and interest in wanting to hear about these initiatives. we will be happy to take your questions. 2 / 2 bis central bankers'speeches
tiff macklem : opening remarks - conference on diversity, equity and inclusion in economics, finance and central banking opening remarks by mr tiff macklem, governor of the bank of canada, at the conference on diversity, equity and inclusion in economics, finance and central banking, ottawa, ontario, 14 november 2022. * * * good morning. i'm pleased to be with you - virtually at least - to welcome you to the fourth conference on diversity, equity and inclusion in economics, finance and central banking. i'm grateful that what began in 2018 between the bank of england, the european central bank and the us federal reserve has grown to include the bank of canada. it is our great honour to be hosting this year. research and experience have already settled the question of whether diversity and inclusion bring benefits. we know they do. diverse and inclusive groups make better decisions. that's because they can avoid the groupthink that happens when decision makers all have similar backgrounds and approach problems in the same way. if you bring diverse perspectives and experiences to a problem, you get better solutions, more creativity and higher productivity. companies that harness these benefits give themselves a clear competitive advantage. but understanding that diversity and inclusion bring benefits isn't enough. we gather here to work together on how to make economics, finance and our own institutions more diverse and inclusive. when i spoke to you a year ago, i said in my closing remarks that we need to be better listeners and more inclusive and relatable communicators. and we need to better understand how our policy tools affect different groups of people in the economy. what a year it has been to put all those goals to the test. inflation is too high around the world, and rapid increases in interest rates are raising the costs of servicing debt. at the bank of canada, our listening and communication skills are running at full tilt as we hear from households and businesses and explain our decisions. we are hearing from canadians about how high inflation and tighter financial conditions are affecting their daily decisions and their lives. and we are working hard to earn their trust and provide clarity on the path back to price stability. high inflation affects everyone, but lower - income households feel the burden of high inflation the most. lower - income households spend a greater portion of their income on necessities. they have smaller financial cushions. and they may be less able to switch to lower - priced alternatives because they are already there. lower - income canadians will also

the same for all of central banking, and for economics and finance as a whole. that is an important reason we are all gathered here for two days in partnership, to share, to learn, to reflect and to build on the actions we have taken to enhance equity, diversity and inclusion. i look forward to our work here today - and in the year ahead - as we work together to find better ways forward in this challenging time. let the discussion begin. thank you. 5 / 5 bis - central bankers'speeches
sharp rise in the demand for loans, which created tensions in our financial system in the 1970s and in the 1980s. monetary policy can be an effective means of influencing aggregate demand in the economy. however, there is little monetary policy can do to counter disturbances on the output side of the economy. changes in wage formation, a decline in productivity growth or a sharp rise in prices for important factor inputs must instead be countered by measures to improve the way the economy functions. fiscal policy places emphasis on smoothing fluctuations in the economy with a view to ensuring appropriate capacity utilisation and low unemployment. there is an overlap between the tasks that monetary policy and fiscal policy are intended to perform. this makes it natural to raise the issue of whether there is a need to coordinate fiscal and monetary policy decisions. several reasons may lead to the interplay between monetary and fiscal policy failing to function. interplay functions well when the decision - making bodies are conscious of how one body ’ s decisions influence the decisions of the others. unless this fact is recognised, a decision will not produce the result that was planned. the economy may move in a very undesirable direction, with high interest rates, sluggish economic growth and a deterioration in the state ’ s financial position. without coordination, a good result may still be achieved if fiscal policy acts as “ leader ” and monetary policy as “ follower ”, to use expressions taken from game theory. the fiscal policy authorities can internalise the monetary policy response pattern. the central bank ’ s response pattern must of course be known so that the fiscal authorities can take this into account. the social partners can similarly take any monetary policy response into account when wages are being determined. the “ leader ” in this interplay - the social partners - can take the “ follower ’ s ” - norges bank ’ s - response into account. this view is most relevant in centralised wage formation. in decentralised wage formation, monetary policy will instead affect wage growth via market mechanisms by stabilising aggregate demand. a precondition for interplay that functions well is that monetary policy is known and remains firm. the outcome of this year ’ s wage settlement indicates that the social partners have not internalised the monetary policy response pattern. perhaps one of the stumbling blocks has been the choice of wage settlements at industry level and the large wage increases for employees outside the two largest employer / employee organisations ( nho and lo ). the high wage growth awarded to groups whose wages are determined through individual

produced in norway. a persistently strong krone will contribute to keeping down prices for imported goods. the strong krone will have consequences for activity in the internationally exposed sector. together with prospects for low inflation internationally, the strong krone is the most important force acting as a counterweight to the sharp rise in domestic costs.
this end, the speakers at this conference will focus on three broad issues. i would like to briefly mention each, highlighting some of the questions that i believe can be informed by the research that will be presented here. first, this morning ’ s panel will address early childhood development and education. in recent years, medicine and social science has revealed more than we ever have known before about which factors and experiences in childhood can make a difference later in life. however, many questions demand further attention. a fundamental one is how positive developmental outcomes can be promoted among those who were not born into families with socioeconomic advantages. while we do know there are advantages to good quality early childhood education, we should strive to better understand what kind of returns on investment this education provides and how to maximize these returns. the answers to these questions may influence thinking about how programs and interventions meant to assist kids and their families should be structured for maximum effectiveness to help put kids on the road to economic success. second, researchers have explored the effects of neighborhoods and community conditions on the development of young people. some presenters at this conference will share their understanding of how physical surroundings influence personal development. for instance, how do the form and quality of community institutions such as schools, community centers, and libraries play a role? what other kinds of community characteristics — such as public safety, transportation, and environmental quality — might help or hinder general education and financial skill development? a particularly important question is how kids ’ home environments affect them in ways that matter for their future economic success. it is also critically important to ask, what kinds of interventions have proven track records, and are these programs scalable? third, and finally, other presenters will explore issues around skill development of youths and young adults, workforce outcomes, and the implications for the broader economy. they will ask how we understand which formative experiences most affect the ability of young people to successfully move to the next chapter in their lives, whether that means college, a job, or other paths such as self - employment. what role does a range of programs — starting with early childhood education all the way through youth vocational or apprenticeship training — play in affecting job readiness? how effective are different approaches, and what are the returns on investment? we should also pay attention to how well young people form the sorts of “ soft skills " — things like teamwork, communication, and the ability to handle conflict — that are so valued by employers. and, for young people whose paths become difficult,

. step - like initiatives should become a more widely used approach to fostering financial integration in europe. a lot has been achieved, but just as much remains to be done. thank you very much for your attention. 6 / 6
their current businesses. insurance linked securities and new insurers one response has been to move in the direction of introducing and managing rather than providing risk capital. insurance - linked securities and other forms of alternative insurance capital, such as sidecars and all speeches are available online at www. bankofengland. co. uk / speeches the like, allow insurers to transfer risks to capital markets. these markets have been growing for some time, forming an increasing share of global reinsurance capital ( chart 2 ). they seem to have absorbed losses from the 2017 hurricanes without major hiccups. with the continuing search for yield and diversification by institutional investors, growth seems likely to continue. chart 2 : share of alternative capital in global reinsurance capital source : aon : ils alternative capital fortifies its position september 2018 last year the government established a tax and regulatory framework for insurance - linked securities in the united kingdom. it is intended to help cement london ’ s position at the forefront of global reinsurance business. the pra has since authorised a number of insurance special purpose vehicles, which can either be for one transaction or multiple transactions from one or more cedants. we are taking a proportionate approach to their supervision, consistent with the risks posed to our objectives and compliance with solvency ii requirements. we are keen to work with the industry to ensure we capture any learning as we both develop our experience of operating the new regime. i encourage any potential issuers to look at the page on our website and speak to us at an early stage. more generally, jointly with fca and consistent with our secondary competition objective, we recently launched a new insurer start - up unit as the sister of our new bank start - up unit, which has been around since 2016. it gives prospective uk insurers the information and support needed to apply for authorisation, covering the early stages of thinking about becoming an insurer, what you need to get an application started, the application process and life as a new insurer. again, i point anyone interested to the pages on our website, including our helpful new guide. we recognise that insurers can have very different business models and corporate forms. our initiative is not just targeted at innovative insurtech firms but equally at https : / / www. bankofengland. co. uk / prudential - regulation / authorisations / insurance - special - purpose - vehicles all speeches are available online at www. bankofeng

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
reasons, our principles will continue to guide our approach to risk management in all our policy decisions. but as we now move towards a new phase of monetary policy, it is worth reflecting on what these principles imply for the future risk management framework. in my view, we should aim to return as closely as possible to the pre - crisis state. but we also need to consider carefully whether some of the temporary measures should remain part of our toolkit. and since we have taken on new risks that will be on our balance sheet for a long time, we may need to retain certain elements of our current risk management framework. as monetary policy begins to normalise, there are three areas in particular where our risk management framework needs to be reviewed. risk management principles while returning to a more conventional monetary policy the first relates to the changes we made to our collateral framework during the crisis to enable greater access to central bank liquidity. when we launched the various vintages of our longer - term refinancing operations, we introduced in parallel a number of adjustments to our collateral eligibility criteria. these adjustments contributed to the sizeable take - up of our operations and their effectiveness in reinvigorating the bank lending channel. and maintaining risk equivalence in haircuts meant that broadening the set of eligible assets did not reduce the level of protection for the eurosystem. but some of the measures introduced fragmentation into our collateral framework. before the crisis, the eurosystem operated on the concept of a single list. its purpose was to enhance the level playing field across the euro area, to promote equal treatment for counterparties and issuers, and to increase the overall transparency of the collateral framework. this changed, however, with the introduction of the temporary additional credit claims ( acc ) framework in 2012. 3 2 / 4 bis central bankers'speeches the temporary acc framework deviates from the single list principle by allowing individual national central banks to specify their own frameworks adapted to their local needs, albeit fulfilling certain agreed minimum risk management requirements. this was acceptable to combat the severe financial tensions and the uneven distribution of collateral in the euro area at the time accs were introduced. but clearly, once out of crisis mode, we would not want such a renationalisation of our collateral framework to persist. so i do not see the case for maintaining national extensions to the common collateral framework in the form they are in today. at the same time, since accs represent a considerable source of collateral for our long - term

. this will encourage us all to continue to pursue with professionalism and energy the historic task entrusted to us. mr president, dear eva, please also allow me to say that, on a personal level, aline and i regard this honour as a perfect example of the profound friendship that exists between france and germany, a friendship that has been placed at the service of the european union as a whole.