samchain/econo-pairs-v2 huggingface dataset:
triggering factor. no doubt that joining the eu next year will give the polish economy an additional boost. but your accession will also contribute to creating a more dynamic and competitive europe. and this is our common interest.

an interest rate policy geared to the needs of the swiss economy. membership would also spell the end of the interest rate advantage with respect to the euro area, which still stands at one and a half to two percentage points. this would entail the loss for the swiss economy of an important competitive advantage. if there are grounds for hoping that an enlarged eu will lead to greater stability and prosperity on the european continent, it is also conceivable that a larger market will open new opportunities for switzerland. once the bilateral agreements have been extended to cover the new member countries, our economic relations with the enlarged eu will be regulated by the same network of bilateral treaties, as is the case with the current eu. the swiss economy will thus enjoy easier access to a greatly expanded market totalling 450 million people. however, eu enlargement also represents a challenge for switzerland. a larger union needs to work out its joint position in lengthy internal consultation and decision - making procedures. it could thus become increasingly difficult for us to defend our own interests. enlargement is therefore very likely to influence our relationship with the eu. let me now move to one of the key features of our economy : our financial sector, which currently also faces some major challenges. 4. switzerland as a european financial centre since the beginning of the last century the swiss financial sector has been a mainstay of our economy. it accounts for just under 6 % of total employment, but currently generates over 10 % of the country ’ s gdp. relatively speaking, therefore, it is more than twice as big as the german or french financial sectors, for example. switzerland ’ s globally active big banks and insurance groups are also major international competitors in most market segments. the two big banks are among the world ’ s ten largest banks. in terms of value added by the financial sector, switzerland occupies fourth place behind new york, london and paris, but is ahead of frankfurt. switzerland plays a leading role in banking, above all, in asset management. almost four trillion francs worth of assets are managed in switzerland. this accounts for around one - third of the world ’ s portfolios of cross - border investments. over the last 10 years, our financial institutions have also greatly expanded their activities abroad on a global basis. in 2000 the value of their foreign investments amounted to some 54 billion swiss francs, which is equivalent to around 14 % of total swiss investments abroad. switzerland is also a magnet for foreign banks. nearly one in every two banks in switzerland
year, the nbs created a stable economic environment and successfully slashed inflation, forcing the government and policy makers to face the reality. and the reality is unyielding : inflation does not create jobs, it does not push gdp up, and, perhaps most importantly, inflation has not created welfare anywhere in the world! is it then possible that, even after the devastating consequences of the 1992 - 1993 hyperinflation on the country ’ s economy, serbia has still not grasped how damaging the effects of inflation can be?

radovan jelasic : the national bank of serbia – creating a stable economic environment speech by mr radovan jelasic, governor of the national bank of serbia, at a roundtable on “ stable currency for a healthy economy ”, belgrade, 16 february 2007. * * * ladies and gentlemen, mr yves thibault de silguy, the role of the national bank of serbia is well defined by the law adopted in mid - 2003, maybe because that particular point was copied from eu treaty provisions on the european central bank. the definition reads as follows : “ the primary objective of the nbs shall be to achieve and maintain price stability. in addition to its primary objective, the nbs shall also pursue the objective of financial stability. without prejudice to its primary objective, the nbs shall support the economic policy of the government of the republic of serbia, acting in accordance with the principle of a market economy. ” hence, the law clearly defines the main objective – “ to achieve and maintain price stability ” – and says nothing about growth, employment, exports, wages, roads, etc... the reason why almost all developed countries adopted this law – and why we thankfully copied it – is simple enough : there is nothing that contributes more to growth and economic development, higher employment and growth in exports than stability of prices. this assertion has been proved right in all developed countries in the course of the last two decades. all other arguments remind me of stories from 1860s when prince mihailo reigned in serbia and people were debating, believe it or not, whether serbia needed railroads. the comments were like : “ foreign machines, foreign machine drivers, foreign managers, and all of it at our expense. " and, while there is a clearly defined objective that we as a central bank need to achieve, the means for achieving it are not strictly specified – though in serbia, like in other countries of the region, it is often much more important to find a good excuse than to face reality. in simple words, the law clearly defines our assignment without delineating the means to realize it! “ experts ” in serbia still engage in theoretical discussions about monetary policy while, at the same time, thinking in terms of exchange rate only! the facts relating to the exchange rate, however, show that the role of the nbs in setting the exchange rate was never as insignificant as in 2006 while the volume of interbank trade in foreign exchange was never more vigorous than last year –
more stable euro area banking sector that is willing and able to extend credit to the private sector for productive investment. thank you very much for your attention. bis central bankers ’ speeches

fact, the real rate of return on deposits had been persistently negative during previous decades, but savers had not realised it because of higher inflation. 2 second, real wealth can only increase in an environment of sustained growth and price stability. and the purpose of our measures is to help steer the economy back on to a sustainable, long - term path. this is not only in line with our mandate under the treaty. it is see deutsche bundesbank : ” nothing new about negative real interest rates on deposits ”, http : / / www. bundesbank. de / redaktion / en / topics / 2014 / 2014 _ 06 _ 30 _ nothing _ new _ negative _ interest _ rates. html. bis central bankers ’ speeches also in the best interest of savers. a stagnating economy does not generate returns for savers. indeed, paradoxically, in a stagnating economy, savers complain about low returns, while borrowers complain about too restrictive credit conditions. in a chronically stagnant economy, this imbalance between the two sides of the credit market is bound to last and become entrenched. only an economy with sustainable growth and price stability can resolve this dilemma : firms will pay a fair price for credit that is commensurate with their capacity to repay and reflects the economic value of their business projects. savers will receive a fair compensation for their savings, which in real terms will tend to exceed the growth rate of economic potential. however, monetary policy can only facilitate the return of the economy to a sustainable, longterm path. it cannot change that path, which depends on structural features that only other policies domains can influence. in fact, the only way to move on from the current low interest rate environment is to reinvigorate the productive potential of the euro area economy. much like ludwig erhard put germany back on its feet by establishing a social market economy, euro area governments today need to persevere with their fiscal, structural and institutional reform efforts to revive the area ’ s productive potential and, together with the social partners, trigger a virtuous circle in which price stability and economic dynamism reinforce each other. as for financial asset prices, their current level is high and can only be justified by the prospect of a continuing reduction in public and private debt levels in euro area countries, and sustained reform efforts to lift productivity. a continued rise that was not matched by underlying improvements would be a matter of
christopher j waller : welcoming remarks - 2023 international journal of central banking conference welcoming remarks by mr christopher j waller, member of the board of governors of the federal reserve system, at the 2023 international journal of central banking conference, dublin, ireland, 22 june 2023. * * * thank you, gabriel, and thank you to the central bank of ireland ( cbi ) for hosting this year's conference. from the outside, central banking can look like the work of individual policymakers, parsing the data and making the hard decisions. in truth, it is a team effort of many people, and that has also been true for editing the international journal of central banking ( ijcb ) and putting together this conference. i have a long list of people to thank who did the lion's share of that work during the year that i have served as managing editor. but first, for those who may not know it, let me review the history of the journal and touch on what this conference will address. in the summer of 2004, the bank for international settlements ( bis ), the european central bank, and the group of ten central banks agreed to support the development of a new publication focused on the theory and practice of central banking. there was no shortage of research on central banking, and, indeed, central bankers themselves did and continue to publish peer - reviewed research in leading journals, not to mention many working papers published by central banks and other outlets. this work was prevalent, but there was a sense that there lacked a place for scholarly research that focused exclusively on central banking and could serve as a forum for the community of central bankers around the world. the creation of the international journal of central banking filled this deficit. the primary objectives of the ijcb are to widely disseminate the best policy - relevant and applied research on central banking and to promote communication among researchers inside and outside central banks. we do this with publication of the journal, which will now be coming out six times a year, and with the added attention of this conference, which presents research on timely policy topics. with the possible exception of myself, the journal has attracted distinguished managing editors, including my colleagues from the federal reserve and my immediate predecessor, luc laeven from the european central bank. we have the strong support now of 55 sponsoring institutions, including the cbi and the bank of canada, which hosted last year's conference. in 2022, we chose the theme for this year '

and possibly also with the adverse effects of the el nino phenomenon.
stefan gerlach : banking and fiscal union introductory remarks by mr stefan gerlach, deputy governor of the central bank of ireland, at a panel session at the eui conference on “ the state of play in the euro area – fixing the emu for the long term ”, florence, 21 january 2013. * * * i am grateful to rebecca stuart for her help in preparing these remarks. while plenty of work has been undertaken since last summer on establishing a european banking union, progress has been uneven and it has stalled in some areas. of course, it is difficult to build consensus in a situation where bank resolutions may become necessary, and deposit insurance schemes could be called on, in the near future. this is a matter that ideally should have been discussed and settled when emu was formed, much in the same way as a car must be insured before it can be driven. unfortunately, that route was not taken. much of the interest in banking union arises because it is a necessary, but not sufficient, condition for the esm to recapitalise banks. indeed, the establishment of the single supervisory mechanism ( ssm ) with the ecb is frequently seen as having been adopted precisely because this is the fastest road, legally and institutionally, to banking union. it is of course essential and urgent to enable the esm to support banking systems in order to overcome some of the tensions in the euro area, and there is intense public debate about how best to structure the ssm. in my introductory remarks today, however, i would like to take a step back from that debate and instead reflect more broadly on why a banking union is important for any monetary union to function well and why it is natural to locate the ssm with, or at least “ close to ”, the central bank in such a union. banking supervision why might it be beneficial to have a ssm in a monetary union? to my mind, one important reason is that a greater remove between supervisors and the banks they regulate can help improve the capacity for challenge and ensure a broader, more detached, perspective on the issues. in particular, it would ensure the independence of the supervisory and regulatory decision - making process from national political pressure, and avoid regulatory capture. for example, a distant supervisor may take action to address risks arising from a bubble in good times that a national supervisor would come under pressure to overlook. it also seems unlikely that a banking supervisor from, say, italy or ireland, sitting in frankfurt,

similarly, developments in the broader economy may first be reflected in supervisory information which may therefore be useful in setting monetary policy. of course, the intensity of the debate about banking union reflects its importance. thank you. bis central bankers ’ speeches
possess similar competencies as those in the global workforce. i therefore hope that this conference will pave way for further progress of this important agenda. thank you for your attention. bis central bankers ’ speeches

“ working together for sustainable growth ” special address by dr. veerathai santiprabhob governor of the bank of thailand wfe general assembly & annual meeting programme 6 september 2017 | grand hyatt erawan bangkok, thailand khun kesara manchusree, president of the stock exchange of thailand, ms. nandini sukumar, chief executive officer of world federation of exchanges, chairpersons, presidents, chief executive officers and top management of leading global exchanges, ladies and gentlemen, a very good evening to you all. first of all, i would like to thank the world federation of exchanges ( wfe ) and the stock exchange of thailand ( set ) for inviting me to be a part of this annual event. i must admit that while i was at the set, i looked forward to participating in this forum every year, as it often generated good new ideas and reaffirmed our commitments to enhance capital market for the benefit of the global economy. i am delighted to be back at the wfe general assembly and annual meeting. but this year, i join the meeting in another capacity - wearing a different hat. it is my great honour and pleasure to be among distinguished guests and former colleagues. ladies and gentlemen, let me start by saying that it is an exciting time for the thai economy and our region. the thai economy continues to expand at a faster - than - expected pace. we are witnessing strong growth in exports and tourism. government large - scale infrastructure investments are making good progress. public investment, together with the government ’ s strategy to attract investments in industries for the future, will step up thailand ’ s competitiveness and lay a strong foundation for sustainable growth. thailand ’ s external position remains strong with large current account surplus of around 11 % of gdp1 and high level of international reserves, roughly more than 3. 5 times of the short - term external debt. financial conditions remain accommodative, and business financing through credit and capital market continues to expand. furthermore, our capital account liberalisation and recent efforts to reform foreign exchange regulations will help create a 1 source : office of the national economic and social development board gross domestic product : q2 / 2017 report ( page 33 ) http : / / www. nesdb. go. th / ewt _ dl _ link. php? nid = 5166 & filename = qgdp _ report conducive environment for financial market development and financial connectivity in the region. our regional efforts
very important to the individuals you serve, as well as to the overall economy.

a large role to play. in these financial services, particularly in payments, the transmission of information has significant importance. thus, it is natural that recent developments in information technology are generating a number of innovations and services in the area of payments. ii. benefiting from the merits of innovation innovations in financial services have the potential to improve efficiency and enhance access to financial services. they also bring a wide range of benefits to the economy as a whole. bis central bankers ’ speeches this happens in several ways. first, expansion of the frontier for financial services enlarges the possibilities for new economic activities. for example, if people who lack access to financial services become able to use mobile payments, potential customer base for many businesses will expand and new businesses targeting these people might arise more easily. moreover, if payment methods are fast, inexpensive, and have ubiquity, this will expand the frontier of businesses that use them – for example, businesses that provide e - commerce, music, or software by precisely taking into account customer needs. second, new technologies arising from financial innovations will possibly be applied to other means. for example, distributed ledgers – a technology underpinning digital currencies – are receiving considerable attention as a way to secure the accuracy of ledgers through verification by their users, without relying on trusted third parties ( that is, central operators such as government and central banks ). and distributed ledgers are now under consideration for application to the recording of transfers of financial assets such as stocks as well as to the management of registry books for land and houses. to sum up, innovations in finance including payments that are backed by innovations in information technology have the potential to boost economic welfare and revitalize economic activities through interaction with a range of businesses. now, i would like to emphasize three points that i consider important in maximizing the benefits of these innovations and leading to further development of the economy. the first point is public ’ s great sensitivity to innovations in information technology and financial requirements. at present, information technology is developing rapidly and new types of businesses are emerging one after the other. accordingly, those involved in providing financial services – including financial institutions – are increasingly expected to pay close attention to changes in public ’ s requirements and development of technologies that can be applied, and to be sufficiently aggressive and flexible about using the new technology to provide concrete financial services. the second point is the importance of communication with many entities across business categories. to expand financial services by capturing diversifying needs and adapting
the last six months. sonia futures as a share of the overall market have increased, but stand at only a small portion of the total. however, we are yet to see a sonia based loan. there is also a need for further progress in building required infrastructure, not just to issue, but to hold, value, and risk manage sonia based instruments. this progress is a positive sign, but the pace of progress needs to accelerate. there is much more to be done. we have a positive, market - driven plan geared towards finding ways to overcome the barriers to further transition. this is led by the sterling risk free rate working group, whose objective is to catalyse a broad - based transition to using sonia. the authorities were delighted when tushar mozaria agreed to take on the chairing of this3 and today he will speak about the group ’ s recent initiatives and plan for the rest of the year. 4 but the efforts of the uk ’ s working group, and those of the others ’ currency groups, need to be supported by actions at individual firms. if an issue is on the fpc agenda, given they are responsible for the financial www. bankofengland. co. uk / - / media / boe / files / news / 2018 / november / boe - and - fca - appoint - new - chair - of - the - sterling - risk - free - referencerates - working - group. pdf https : / / www. bankofengland. co. uk / events / 2019 / june / last - orders - calling - time - on - libor all speeches are available online at www. bankofengland. co. uk / news / speeches system as a whole, then we would generally assume it should also be on the agenda of the senior governance committees of the firms who make up that system. to make sure this was the case, the uk regulators – the pra and fca – took a decision to send a “ dear ceo ” letter to our largest banks and insurers requesting sight of their board - approved plans for managing the risks around libor cessation. the bank and fca have already responded to the individual firms involved and, this morning, we published thematic findings from the exercise. i encourage all libor users whatever their size and position in the system - to look at this : the emerging themes from the exercise apply to a wide range of firms, not just those who received our letters

adding to their post 2021 libor exposures. there is a growing recognition across market participants of what transition entails. but we need to get the message to all libor users – firms need to educate their customers. there is much to welcome in sterling markets but progress needs to accelerate. the developments in the sterling frn market have demonstrated that change can be rapid once the conditions are right. but firms should not leave it to the last moment, relying on the efforts of others. firms need to invest in the necessary changes now. all speeches are available online at www. bankofengland. co. uk / news / speeches
drawing significant advantages from it. it is up to firms to continue their action for a better balanced financial structure, all to the benefit of their ability to stay in the market. bis central bankers ’ speeches

been an asset to the policy making community. i have little doubt that they will be equally valuable in the future. we need, more than ever, people who can think ‘ out of the box ’ and actively spur the debate. after all, concentration and correlation are as bad for ideas as they are for financial assets. the central banking community counts on andy to mitigate that risk. the records suggest that ferdinand pecora was ‘ an astute prosecutor with a sharp wit and acerbic tongue ’. 19 andy ’ s tongue may not be acerbic, but his wit is sharp. today you had the chance to discover that he is also an excellent speaker. ‘ a history of notable senate investigations prepared by the united states senate historical office ’, https : / / www. senate. gov / artandhistory / history / common / investigations / pdf / pecora _ investigation _ citations. pdf. designed by the printing and publishing division of the bank of italy