samchain/econo-pairs-v2 huggingface dataset:
the morning session. thank you.

european central bank : press conference – introductory statement introductory statement by mr jean - claude trichet, president of the european central bank, and mr vitor constancio, vice - president of the european central bank, frankfurt am main, 3 february 2011. * * * ladies and gentlemen, the vice - president and i are very pleased to welcome you to our press conference. we will now report on the outcome of today ’ s meeting. based on its regular economic and monetary analyses, the governing council confirmed that the current key ecb interest rates still remain appropriate. it therefore decided to leave them unchanged. taking into account all the new information and analyses which have become available since our meeting on 13 january 2011, we continue to see evidence of short - term upward pressure on overall inflation, mainly owing to energy and commodity prices. this has not so far affected our assessment that price developments will remain in line with price stability over the policy - relevant horizon. at the same time, very close monitoring is warranted. recent economic data confirm the positive underlying momentum of economic activity in the euro area, while uncertainty remains elevated. our monetary analysis indicates that inflationary pressures over the medium to long term should remain contained. inflation expectations remain firmly anchored in line with our aim of keeping inflation rates below, but close to, 2 % over the medium term. the continued firm anchoring of inflation expectations is of the essence. overall, we expect price stability to be maintained over the medium term, and the current monetary policy stance remains accommodative. the stance, the provision of liquidity and the allotment modes will be adjusted as appropriate, taking into account the fact that all the non - standard measures taken during the period of acute financial market tensions are, by construction, temporary in nature. accordingly, the governing council will continue to monitor all developments over the period ahead very closely. let me now explain our assessment in greater detail, starting with the economic analysis. following the 0. 3 % quarter - on - quarter increase in euro area real gdp in the third quarter of 2010, recent statistical releases and survey - based evidence for the fourth quarter and the beginning of the year continue to confirm the positive underlying momentum of economic activity in the euro area. looking ahead, euro area exports should benefit from the ongoing recovery in the world economy. at the same time, taking into account the relatively high level of business confidence in the euro area, private sector domestic demand should increasingly contribute to growth, supported by the acc
affect economic behavior, new accounting systems may be required to supplement those that have long served us so well. technology has facilitated the production of information at a far faster rate than at any time in the past. but in the information economy, it remains up to us to organize and use that information in ways that improve the quality of decision making.

accounts. indeed, when that is the objective, the removal of capital gains is essential. for analysis of issues related to consumer spending, though, the nipa personal saving rate presents an incomplete picture of the financial state of the household sector in the aggregate, and an adjustment along the lines previously suggested may be informative. in addition to the effect of income - accounting conventions, of course, we must consider the real economy influence of capital gains on the level of consumption. the estimates of the effect of household capital gains on consumer spending of 3 to 5 cents on the dollar suggest that, directly and indirectly, capital gains easily account for the remainder of the measured five - year decline in the saving rate. obviously, this is not to say that had asset prices been flat for an extended period the personal saving rate would have been unchanged, on net, over the past five years. if asset prices had not risen, real incomes would surely have been altered, and the vast array of secondary and tertiary effects of assetprice changes would have been different. nonetheless, this exercise fosters additional important this is not done in the nipa owing, in part, to a desire by the bureau of economic analysis ( bea ) to conform with international standards for national accounts. insights into the dynamics of household behavior and the relationships among asset prices, income, and consumption. the complexity of these relationships underscores the potential usefulness of developing separate sets of accounts to track capital gains. these accounts could supplement the income and product accounts, the flow of funds accounts, and the balance of payments accounts. the last two currently exhibit, in part, the effect of capital gains and can be separated into special accounts. a supplementary set of detailed tables on capital gains exclusions from the national income and product accounts also would be a useful addition to our overall system of economic accounts. * * * this morning i have not endeavored to discuss the effects of capital gains, other than peripherally, on investment in plant and equipment, home improvement, tax revenues, and government surpluses, and their obvious significance in tracking international economic flows. clearly, these also are relevant to any evaluation of macroeconomic events and warrant further study. * * * in closing, accounting systems are not ends in themselves. we construct them because they have a function in aiding our understanding of some particular aspect of a business operation at a company level or for an economy as a whole. as we endeavor to better understand how changes in the level and composition of wealth
##s is continually shrinking. is switzerland therefore becoming a cashless society? even if the importance of cash does decline over time, it is unlikely that it will be completely replaced. its specific advantages suggest, rather, that it will continue to be used as a store of value and a means of payment. with well - established, flexible processes in banknote production and handling, the snb contributes to ensuring that cash continues to meet the public ’ s requirements at all times. bis central bankers ’ speeches

speech embargo 20 september 2018, 5. 30 pm third karl brunner distinguished lecture introduction of otmar issing, eth zurich thomas j. jordan chairman of the governing board swiss national bank zurich, 20 september 2018 © swiss national bank, zurich, 2018 page 1 / 4 ladies and gentlemen, i am very pleased to welcome you all to the third karl brunner distinguished lecture. in this lecture series, the swiss national bank pays tribute to academics whose research is of particular relevance for central banking. this year, we are expressing our appreciation of an outstanding monetary policy theorist and practitioner, an independent mind and a leading voice in economic affairs. from this description, you may doubt that i am talking about just one person. but i am. that person is, of course, otmar issing. professor issing ’ s life has been extraordinary and widely admired. his scholarly activities and policymaking contributions have been both impressive and mutually reinforcing. his publication list includes numerous articles in scientific journals and periodicals. his collected speeches and articles in the library of the bundesbank amount to 21 volumes of about 10, 000 pages. his textbooks have shaped the understanding of monetary theory and policy of entire generations of students, myself included. while there are many reasons for the snb to honour otmar issing with this karl brunner lecture, three stand out : his role as chief architect of the european central bank ’ s ( ecb ) monetary policy strategy, his tireless commitment to price stability, and his significant influence on general economic debate. i shall discuss each of these during the rest of my welcome address. however, first allow me to recount a few stages in a career full of accomplishments. otmar issing was born on 27 march 1936 in the university town of wurzburg. at the age of 18, he enrolled for classical philology, the study of classical languages, but soon switched to economics. he earned his phd in 1961 and received his habilitation in 1965. from 1967 to 1990 he was a professor of economics. in 1990 he joined the board of the deutsche bundesbank. and in 1998 he became a founding member of the executive board of the ecb and its first chief economist. since 2006 he has been president of the center for financial studies at the goethe university in frankfurt am main. architect of ecb strategy ladies and gentlemen, let me now focus on the three attributes central to our decision to honour otmar issing with this lecture.
in july. the federal 5 / 6 bis - central bankers'speeches reserve's financial conditions impulse on growth index also shows a downward movement from its peak earlier in 2023, and its level continues to suggest that conditions are a headwind to economic activity. 6 / 6 bis - central bankers'speeches

axel a weber : the economic situation and outlook for the euro area dinner speech by professor dr axel a weber, president of the deutsche bundesbank, at the german embassy in london, 27 september 2004. * * * ladies and gentlemen it is a great pleasure for me to be back in london. i have been to the city quite frequently during my academic career, but this is the first time in my new capacity as president of the deutsche bundesbank. a good thing about my new position as opposed to being an academic is that there will be no discussant of my remarks today! however, i do hope that some of my comments will serve to stimulate a lively discussion afterwards and i look forward to hearing your views on some of the points. as a member of the governing council of the european central bank, i am jointly with my colleagues responsible for shaping monetary policy in the euro area. hence, when i speak in such a prominent financial centre as london, all of you will be, at least to some extent, “ ecb watchers ”, expecting to gain some insights into the monetary policy of the eurosystem. thus, let me begin by giving you a brief explanation of our most recent monetary policy decisions. based on our assessment that the overall prospects remain in line with price stability over the medium term, we decided to leave interest rates unchanged. interest rates are at a low level and monetary and financial conditions remain generous in the euro area, thus supporting an economic upswing. however, i do not wish to conceal the fact that there are some upside risks to price stability. in particular, oil price developments could have a continuing impact on the euro - area inflation rate. if that were the case, second - round effects in wage and price - setting could emerge, leading to a strengthening of inflationary pressure in the euro area. the upside risks to price stability also relate to future developments in indirect taxes and administered prices. inflation expectations in the financial markets have to be monitored carefully, too. additionally, the growth rate of the monetary aggregate m3 has remained rather high over the past few months, even though the impact of past portfolio shifts has been decreasing considerably. judging, not least, by the robust growth rate of loans to the private sector, there is some evidence that monetary expansion in the euro area is increasingly being fostered by the low level of interest rates. to sum up : the governing council has to be particularly vigilant with regard to future monetary and economic developments that could
- block approach. this allows countries to use its common global baseline – and also be able to build on that baseline to develop national approaches to suit individual circumstances and priorities. this will provide jurisdictions with the flexibility to be more ambitious and go further or faster if they wish. at the same time, the common baseline will allow interoperability of approaches. disclosures are important for investors ’ financial decision - making but have wider importance too. they will provide necessary information on the progress being made by firms towards the transition, which is important to investors, but also to a wider set of stakeholders. such disclosures must provide the information needed to assess the credibility of private sector commitment and action. the second building block is data. firm - level disclosures are essential, but are not the only data we g y need. we also need macro - level data to help us determine which sectors of the economy are most at risk. we need government data. for example, on the policy plans to curb emissions and their effects. we need data on underlying climate risks, for instance on the frequency and severity of extreme weather events. finally, to fully understand the systemic perspective, we will also need data to assess the degree to which climate - related risks might be transferred, amplified or mitigated by different financial sectors. such data provide the raw material for the third building block of the fsb roadmap – vulnerabilities analysis. to examine vulnerabilities from a long - term, forward - looking perspective, it is critical to further develop scenario analysis, making use of the common ngfs climate scenarios. at the same time, we need to devise simpler indicators that can help identify the build - up of vulnerabilities. this is a key part of the fsb ’ s work on integrating climate - related risks into its broader financial stability surveillance framework. improving our vulnerabilities analysis, in turn, forms the basis for the final block of our roadmap – regulatory and supervisory practices and tools. sectoral standard - setters are doing important work already, by developing tools in their individual sectors. the fsb ’ s contribution is to help bind this work together by promoting consistency and effectiveness of approaches across sectors and countries. in april, we issued a consultation report on supervisory and regulatory approaches to climate - related risks. this report takes a cross - sector, cross - border perspective. it sets out high level recommendations on regulatory and supervisory data. here the issb ’ s

net zero is underpinned by a resilient financial system. one which can manage the challenges associated with climate change. and one which can propel the green transition forward. members of the public may only see the outcome of such propulsion, just as i only see the swan above the surface. but, those who regulate, and operate within, the financial system know that the status quo will not suffice. significant work is required. i look forward to doing that work together, so that we can make the graceful transition a reality. thank you.
participants, in conclusion i would like to underline that this project provides to the market an important infrastructural element. starting from today, the securities market will speak in the language of electronics. however, the bank of albania will introduce in april a full package of improvements which will focus on the development of the financial market and stability. hoping that you will be using the new system efficiently, thank you.

ardian fullani : achievements and challenges facing the albanian banking sector address by mr ardian fullani, governor of the bank of albania, at the year - end event with the albanian association of banks, tirana, 20 december 2012. * * * dear bank managers, at the end of this calendar and financial year, i take this opportunity to share with you some of the achievements and challenges facing the banking sector, confident that they will serve to guide our actions in the future. as expected, the year 2012 was a very challenging year for the financial and economic activity of the country and of various economic agents. very likely, this year ’ s economic growth will remain positive, but significantly lower than last year. this economic performance is dictated by the weakening of the fiscal and monetary stimuli, as well as the slowdown of private investment and consumption. the slowdown in the latter is, however, accompanied by a reduction of imports. on the other hand, foreign demand has supported higher growth of exports, especially of energy products. this has led to an improved trade balance during 2012, hence marking a decrease in the deficit - to - gdp ratio. the impact of the global economic crisis continues to be present and its prospects to overcome it in 2013 remains our hope, which is not supported by the expectations of international financial institutions and public authorities, especially with regard to the economic situation in the euro area. during 2012, the banking sector marked a positive financial result, overall. net interest income was stable but provisions on credit risk reduced the size of profit. generally, the banking sector maintained control over other costs of the activity. liquidity indicators, shortterm and structural ones, stand at satisfactory levels. all banks complied with the requirements set out in the regulatory framework regarding the size of liquid assets, both in the lek and in major foreign currencies. deposits continued to grow at good rates, although at lower levels than in the last year. due to the credit growth slowdown, the credit / deposit ratio appears at very suitable levels to support the liquidity needs of the sector. indicators of activity capitalization stood at good levels, due to capital increase by some banks and slowdown in risk - bearing assets growth. in the course of the year, the bank of albania applied tighter requirements for liquidity and capitalization of banks in accordance with the risk profile of their activities. in the interbank market, trading volumes and participation increased in the 2012. this performance is influenced by structural liquidity movements
determined haircut as part of restructuring. iv. the fiscal dimension 22. the success and credibility of all the resolution efforts detailed above would be critically contingent on the strength of the public sector balance sheets to absorb the costs. it is clear that psbs will need to take haircuts on current exposures under any resolution plan agreed within or outside the ibc. higher provisioning requirements, on this count as well as other factors, will affect the capital position of several banks. this would necessitate a higher recapitalisation of the public sector banks. the government and the reserve bank are in dialogue to prepare a package of measures to enable psbs to shore up requisite capital in a time - bound manner. the measures could include a combination of capital raising from the market ; dilution of government holdings ; additional capital infusion by the government ; mergers based on strategic fit ; sale of non - core assets etc. v. conclusion and way forward 23. the multi - pronged approach outlined above is an on - going process. the early signs are encouraging. however, we all must realise that it will be a long haul before the intended objectives are fully achieved. there could be initial glitches and unanswered questions but these will get resolved as the process advances. the ibc process itself will evolve as case history of various nclt / nclat judgements build up. 24. the contours of the approach to be adopted for other non - performing accounts are being worked through. we must, however, stress that the exercise of powers by the rbi vested in sections 35 aa and 35 ab cannot be a regular, steady state approach. the lenders have been adequately empowered under the ibc to take necessary action upon default. it is now incumbent upon all lenders to effectively leverage these powers through proactive, timely references under ibc on their own. 25. even under ibc, huge responsibility is cast upon the committee of creditors to agree to a viable restructuring plan in each admitted case within the prescribed timelines. the creditors, in particular banks, will need to devote adequate resources and strengthen internal processes to focus on these cases as the number is only going to go up. 26. in conclusion, i must reiterate the intent and resolve on the part of the government and the regulators to collectively address the problem of stressed assets in the system. there are pains and costs to be borne, but as long as the end - game is a desirable goal

, these should be worth it for placing the private economy structurally on a path of sustained growth. 4 / 4 bis central bankers'speeches
legal mandate. 2009 will be a difficult year for our economy, and the signs are that 2010 will be so too because, even if the downward trend is halted, the under - utilisation of our production resources will still be considerable. dear shareholders dear guests in such a challenging environment, we shall once again need the support of everyone, in particular our shareholders. we thank you for the unfailing trust you placed in us throughout the year and the interest you have shown in the snb ’ s activities.

thomas jordan : monetary policy in times of crisis. why central banks talk to one another summary of a speech by mr thomas jordan, chairman of the governing board of the swiss national bank, at the energie - apero etavis, zurich, 14 may 2012. the complete speech can be found in german on the swiss national bank ’ s website * * * mandates differ from one central bank to another. so, too, do the economic structures and business cycles of different central bank territories. these factors speak in favour of an autonomous monetary policy for each currency area. this monetary policy autonomy has proved its value for switzerland – also in the latest crisis. nevertheless, central banks do work with one another in a number of different ways. they exchange knowledge on a continual basis, thereby helping to improve the foundations upon which their own monetary policy decisions are made. central banks are also able to access foreign currencies by concluding swap agreements, allowing them to better counteract liquidity shortages on the international money market in times of crisis. finally, joint measures can have a strong psychological impact since they signal to financial markets and economic agents that the central banks are speaking with a single voice. autonomy and cooperation are not mutually exclusive. on the contrary. in a crisis, good cooperation supports and reinforces the effects of autonomous monetary policy measures. for a small, open economy like switzerland, in particular, the effectiveness of monetary policy measures can be largely dependent upon acceptance by the international environment. an important example for our country is the minimum exchange rate – an exceptional measure taken in an extreme situation. with this measure, the swiss national bank is countering distortions in the foreign exchange market which can be traced back to international events. the minimum exchange rate is accepted internationally because markets, international organisations and foreign central banks have understood the objective and motivation behind it, which they see as justified. bis central bankers ’ speeches