samchain/econo-pairs-v2 huggingface dataset:
i thank the seacen executive director and his team for the arrangements they have made for this conference. i sincerely hope that you will find the conference fruitful and i that you will enjoy your stay in fiji. vinaka vakalevu and thank you.

you have tasted a bit of our medicine when we travel to your part of the world. but we always welcome the opportunity to network with our fellow seacen countries. it is an opportunity for us to observe, listen and learn from the experiences of some of the most dynamic countries in the world. we have benefited a lot from the seacen training opportunities hosted by members and the center. we appreciate the efforts of the centre in collaborating with central banks to mount courses, seminars and workshops as well as bringing people together to work on research projects. it is the relationships and networking that is formed that enables us to foster and strengthen partnerships and become more effective in our role as central banks. financial crisis right now, everyone is reeling from the meltdown of the world financial markets. it is the deepest since the great depression. i am sure none of us here were around then, but the length and the depth of this crisis have surprised everyone. it is now become a global phenomenon. asia and the pacific will not be spared. we will feel its impact in different areas and degrees. the 1998 asian financial crisis has forced many countries in the region to strengthen institutions and establish mechanism that i believe have made our financial systems more robust and resilient. i think that this will help cushion the impact of this crisis in the region. however, like the pacific we will all need to brace for its economic fallout. themes of the meeting i am therefore extremely interested in today ’ s seminar on “ monetary and exchange rate policies under rising inflation and global economic slowdown ”. it is relevant and timely. this financial crisis has compounded our economic woes in fiji. it has come on top of a deep economic decline of over 6 percent last year. it has also arrived at a time when our exports have not performed to expectation which has been further exacerbated by the high world prices of oil and food. this combination has exerted extreme pressure on our balance of payments. in fiji, we expect the economic fallout of the crisis to impact our tourism industry the most. the onset of a global recession combined with movements in exchange rate is expected to dampen tourist ’ s plans to visit fiji. tourism is the vehicle that we had anticipated to take us out of the economic decline back to a modest growth path. we will now need to reassess this. our earlier estimate for a 1. 7 percent growth this year and 1. 5 percent next year is under serious threat. we are however relieved by the
and nothing but the treaty. is there really no political pressure? everyone in europe and the rest of the world knows that the ecb is independent, even on the major financial markets of new york, tokyo, singapore and hong kong. there is no doubt about that. the ecb's credibility, which stands at a very high level, relies on its independence. it is that independence which allows us to solidly anchor inflation expectations. our credibility is reinforced by the strong team spirit within the eurosystem – including our excellent relationship with the bundesbank and its president axel weber – and within the ecb's executive board, which features of course my colleague jurgen stark. but in the view of many consumers, the introduction of the euro actually pushed up inflation. at the level of the euro area, we have had inflation under control since the introduction of the euro. i know that the people are calling on us very strongly to deliver price stability. they can count on us doing that, in cooperation with the bundesbank and all the other national central banks in the eurosystem. with the economic upswing, the demands of the trade unions increase too. in germany, for instance, ig metall is demanding a 6. 5 % increase in wages. wage moderation is and will remain important not just in germany, but all over europe. i say on behalf of the governing council that moderate increases in labour costs have been a key factor in increasing employment and reducing unemployment over the last few years. you have helped to shape the euro. many europeans, however, seem dissatisfied and, according to opinion polls, want their old currencies back. is the euro really a success story? a very reliable survey conducted by gallup for the european commission last november reported that 48 % of europeans found the euro to be an advantage, compared with less than 38 % finding it to be a disadvantage. positive developments have been seen in employment since the introduction of the euro, with 12 million new jobs created in the euro area during those eight years. in the eight years before the introduction of the euro less than three million jobs were created. since 2003 your place of work has been frankfurt. do you miss paris a lot? it was quite a change. paris is actually irreplaceable. does it often draw you back? not that often. i now live in frankfurt and feel good. how many days a week do you spend there? it's difficult to say.

to express it like a central banker : perhaps 3. 25 out of 6. 5 working days! the rest of the time i spend working elsewhere, in europe and further afield. in 2011 the ecb will leave frankfurt's city centre for a former industrial area on the edge of the city. do you regret the fact that you will have to leave the city centre? on the contrary, i believe that the design of the renowned viennese architects coop himmelb ( l ) au, with its two intertwined towers and incorporating the listed grossmarkthalle building, will greatly enrich the city's skyline while creating a european icon.
and will establish lending standards aimed at curbing abuses while preserving responsible subprime lending and sustainable homeownership. the final rules prohibit lenders from making higher - priced loans without due regard for consumers'ability to make the scheduled payments and require lenders to verify the income and assets on which they rely when making the credit decision. also, for higherpriced loans, lenders now will be required to establish escrow accounts so that property taxes and insurance costs will be included in consumers'regular monthly payments. the final rules also prohibit prepayment penalties for higher - priced loans in cases in which the consumer's payment can increase during the first few years and restrict prepayment penalties on other higher - priced loans other measures address the coercion of appraisers, servicer practices, and other issues. we believe the new rules will help to restore confidence in the mortgage market. in may, working jointly with the office of thrift supervision and the national credit union administration, the board issued proposed rules under the federal trade commission act to address unfair or deceptive practices for credit card accounts and overdraft protection plans. credit cards provide a convenient source of credit for many consumers, but the terms of credit card loans have become more complex, which has reduced transparency. our consumer testing has persuaded us that disclosures alone cannot solve this problem. thus, the board's proposed rules would require card issuers to alter their practices in ways that will allow consumers to better understand how their own decisions and actions will affect their costs. card issuers would be prohibited from increasing interest rates retroactively to cover prior purchases except under very limited circumstances. for accounts having multiple interest rates, when consumers seek to pay down their balance by paying more than the minimum, card issuers would be prohibited from maximizing interest charges by applying excess payments to the lowest rate balance first. the proposed rules dealing with bank overdraft services seek to give consumers greater control by ensuring that they have ample opportunity to opt out of automatic payments of overdrafts. the board has already received more than 20, 000 comment letters in response to the proposed rules. thank you. i would be pleased to take your questions.

operators is to transform information into a public - interest asset, while simultaneously ensuring privacy protection and equal access by all social and economic agents. this strategy will reinforce the ability of each one of us to act and decide in an increasingly informed way. i am confident that this conference will provide us with many useful insights onto the paths we can follow towards the effective implementation of such a strategy. thank you very much for being here. 1 as prepared for delivery. 2 / 2 bis central bankers'speeches
although the importance of this has diminished over the years. in recent years the bank has been aiming to create operating conditions for credit institutions comparable to those in most other european countries, insofar as conditions permit. to this end, the central bank has been amending its rules in the past few years. the board of governors recently decided to change the rules on required reserves, the first phase of which will enter into force today. the required reserve ratio will be lowered, thereby releasing liquidity for the banking system amounting to 8 b. kr., which ought to enable a reduction in interest rates in the banking system. further changes are planned later in the year. by law, the central bank shall promote an efficient and safe financial system, including payment systems domestically and with foreign countries. payment systems and securities settlement systems are important components of the financial system, which makes it vital to ensure that they are active and reliable. this may sound like a fairly modest task, but it can be compared to a building that obviously serves its purpose well – we rarely ponder the piping and wiring that are hidden from our sight yet are vital to ensure that the building functions properly. the same can be said of payment systems and settlement systems. the financial system would definitely not be tenable if secure systems for payment intermediation and settlements were not in place. the central bank has formulated a policy on these issues with the aim of adjusting iceland ’ s systems to international standards. in doing so it has taken particular account of an assessment made by the international monetary fund in 2000, on the extent to which iceland ’ s payment systems observe the so - called core principles. in the imf ’ s view, iceland fulfilled only three of the ten principles at that time. in particular it pinpointed the need to inform participants about systemic risk and establish risk management and settlement guarantees in the systems, set clear rules on their activities, draw up a contingency plan and increase system transparency. a great deal of work needed to be done and the central bank, in collaboration with financial institutions, has firmly underlined that iceland ’ s systems should be brought up to international standards. initially it was decided that the main emphasis would be on developing a netting system for payments below the limits set for the real - time gross settlement system. it was also decided that once work on that system was well under way, further development of the real - time gross settlement system would be addressed. another necessary issue to consider was the securities

##nged agenda : first, near - term action to address current channels where mispricing, run risk, and potential moral hazard are evident ; and, second, continuation of the academic and policy debate on more fundamental measures to address these issues more broadly and proactively. bis central bankers ’ speeches
of the 21st century : an agenda for europe and the united states ”, 30 march 2017. [ 9 ] padoa - schioppa, t. “ an institutional glossary of the eurosystem ” presented at the conference on " the constitution of the eurosystem : the views of the ep and the ecb ", 8 march 2000. [ 10 ] for an overview of the recent evolution in the ecb ’ s accountability practices, see fraccaroli, n., giovannini, a. and jamet, j. f. ( 2018 ), “ the evolution of the ecb ’ s accountability practices during the crisis ”, economic bulletin, issue 5, ecb. [ 11 ] padoa - schioppa, t. “ an institutional glossary of the eurosystem ” presented at the conference on " the constitution of the eurosystem : the views of the ep and the ecb ", 8 march 2000, and “ transparency in the monetary policy of the european central bank ”, ecb monthly bulletin november 2002. [ 12 ] decision of the european central bank of 4 march 2004 on public access to european central bank documents, oj l 80, 18. 3. 2004, p. 42, as amended. [ 13 ] see in detail mersch, y. “ central bank independence revisited ” keynote address at the symposium “ building the financial system of the 21st century : an agenda for europe and the united states ”, 30 march 2017. [ 14 ] article 127 ( 6 ) tfeu prescribes that specific tasks concerning policies relating to the prudential supervision of credit institutions may be conferred on the ecb by the council by means of regulations adopted in accordance with a special legislative procedure. article 1 of the ssm regulation states “ this regulation confers on the ecb specific tasks concerning policies relating to the prudential supervision of credit institutions ”. [ 15 ] see case c - 62 / 14, peter gauweiler and others v deutscher bundestag, ecli : eu : c : 2015 : 400, 16 june 2015, para. 75. [ 16 ] see “ necessity, proportionality and probity – central bank independence in unconventional times ”, speech by yves mersch, member of the executive board of the ecb, at the ecb and its watchers xx conference, frankfurt am main, 27 march 2019. european central bank directorate general communications sonnemannstrasse 20

, 60314 frankfurt am main, germany tel. : + 49 69 1344 7455, e - mail : media @ ecb. europa. eu website : www. ecb. europa. eu reproduction is permitted provided that the source is acknowledged. media contacts related topics central banking governance central bank independence banking supervision disclaimer please note that related topic tags are currently available for speeches and introductory statements to the press conferences ( with q & a ) from 2018 - 19 only. copyright 2019, european central bank
about a new stage in the bank of russia ’ s operation. in recent years, we worked on solving a number of entrenched problems and were partially successful in eliminating the consequences of external shocks. for example, we removed weak and unscrupulous players from the financial market, completed building the necessary elements of the national infrastructure of the financial market, and transitioned to inflation targeting. now that the economy and the financial system have become stable, we have more opportunities to focus on development issues. we will prioritise competition issues, new technologies, financial accessibility, developing long - term money instruments and the capital market. indeed, what we can do together to foster development of the financial sector and what the financial sector can do to foster development of the economy will be the subject of our discussion here at the congress. i look forward to the productive work and successful outcomes we will share. thank you for your time. 11 / 11 bis central bankers'speeches

ecb. europa. eu / pub / pdf / other / report _ on _ a _ digital _ euro ~ 4d7268b458. en. pdf 5 www. bis. org / publ / othp33. pdf 4 / 4 bis central bankers'speeches
in the costs of offshore producers would have allowed them to keep producing more than otherwise, and this extra supply would have weighed on commodity prices and, hence, the profits of australian resource producers. 8 see hambur j, l cockerell, c potter, p smith and m wright ( 2015 ), ‘ modelling the australian dollar ’, rba research discussion paper 2015 – 12. 9 the improved growth in non - mining activity has occurred despite non - mining business investment remaining subdued. weakness in non - mining business investment has been most evident in western australia and, to a lesser extent, queensland, where the decline in mining investment and commodity prices have contributed to weak conditions in those states more broadly. more recently, non - mining investment appears to have increased in new south wales and victoria, where economic conditions have been improving. 10 there has also been some decline in population growth, most notably in western australia. 11 see jacobs d and a rush ( 2015 ), ‘ why is wage growth so low? ’, rba bulletin, june, pp 9 – 18. 12 for a discussion of the differences between these < www. rba. gov. au / publications / smp / 2016 / aug / price - and - wage - developments. html >. measures, see : 13 see ballantyne a and s langcake ( 2016 ), ‘ why has retail inflation been so low? ’, rba bulletin, june, pp 9 – 17. 16 / 16 bis central banker's speeches

agreed or strongly agreed. bis central bankers ’ speeches but durable financial stability requires more than microprudential standards that bolster the resilience of individual firms. it also requires a macroprudential perspective, with flexibility to respond to shocks wherever they occur ; with higher standards for systemically important firms ; and to increase levels of resilience when risks increase. the esrb has been helping member states fulfil these roles, and it remains alert to emerging vulnerabilities. as president draghi recently described to this committee, over the coming year, the esrb will develop assessments of the macroprudential stances of member states to complement its existing risk monitoring and focus on the risks of low interest rates on financial stability and an abrupt transition to a low - carbon economy. thank you for your attention. i look forward to your comments and questions. bis central bankers ’ speeches
important that monetary policy efforts to reduce inflation are complemented by fiscal policy and structural policies, including wage setting. together, these policies determine the overall business environment and hence the market conditions in which firms and consumers operate. complementarity of economic policies will be key to bringing down inflation in the cesee region and preventing a loss of competitiveness and a slowdown in economic convergence. 2 / 2 bis - central bankers'speeches

bostjan vasle : introducing the euro in times of high inflation - case of croatia opening speech by mr bostjan vasle, governor of bank of slovenia, at the lecture " introducing the euro in times of high inflation - case of croatia ", ljubljana, 20 april 2023. * * * the spoken word applies. dear ladies and gentlemen, dear guests, welcome to the second lecture of foreign central bank governors this year. after hosting the governor of the central bank of estonia in march, today we have with us the governor of the croatian national bank, boris vuji. just a few months after croatia became the 20th country to join the euro area, governor vuji will present croatia's path to and the first experiences with adoption of the euro. with croatia's entry into the euro area this year, the euro has become the official currency for 347 million people. euro area enlargement adds to the role of the euro and the european economy, which is particularly important at a time of increased geopolitical tensions. the euro remains the second most widely used currency for trade invoicing, crossborder lending and foreign exchange trading, and holds the second largest share of global foreign exchange reserves, after the us dollar. even at a time of high inflation, support for the single currency among the eu population remains high, at over 70 % according to this winter's eurobarometer. with support at 87 %, slovenians are among the biggest supporters of the euro. * * * while we can draw several parallels between the introduction of the euro in slovenia in 2007 and in croatia this year, there are also some interesting differences. ( i ) slovenia was the first of the so - called new eu member states to adopt the euro. the introduction of the euro was accompanied by broad support in politics and the professional community, which contributed to an exceptionally high 72 % acceptance of the euro among the population. 1 / 3 bis - central bankers'speeches the fact that slovenians, as savers and consumers, were well familiar with the euro also boded well. in addition, it is worth highlighting the importance of thorough tree - year preparations for the euro adoption, in terms of technical, managerial and communication aspects. in croatia, there were more divisions and doubts about euro adoption, which made the determination and public engagement of the central bank and the government even more significant. ( ii ) for slovenia, one of the major challenges in meeting the criteria for joining the euro
lower their costs, and to invest in training and technology. only by doing so, will they be able to not only survive, but also ready to grow and take advantage of the world recovery when it comes. thank you for your attention.

1999, 18 % in 2000, and reaching around 12 % recently, in spite of some re - entry npls. development for monetary policy before i go on to discuss obstacles and challenges, let me briefly recap on the changes that have taken place regarding monetary policy since the 1997 crisis. after thailand floated our currency in 1997, the bank of thailand recognized the need to search for a new and appropriate nominal anchor for monetary policy. we also recognized that the central bank's credibility is crucial in assuring the public on the smooth operation of our economy. the bank of thailand decided to adopt inflation targeting as the framework for our monetary policy. inflation targeting is not simply setting an inflation target. it is instead an approach that emphasizes ( a ) a forward looking economic forecasts using the most reliable economic models, ( b ) transparency in communicating to the public the reasoning for policy stance, and ( c ) accountability to ensure that promises of price stability are upheld. we have chosen to target core inflation, a measure which excludes volatile components, namely raw food and energy prices. our target range has been set between 0 to 3. 5 percent until 2002. when i stepped in as a governor in june, bearing in mind that our current account surplus was decreasing ( due to a reduction of external demand ) and international reserves may be affected, a review of the monetary policy was made. it was however agreed that inflation targeting framework should remain for price stability is still very important to prevent the economy from another crisis. however additional attention was emphasized on certain elements. international reserves which seem to be treated as exogenous factor under the framework have been brought into consideration, with the belief that healthy reserves are needed to maintain investor's confidence amidst the current slowdown of world economy. an increase of repurchase rate ( 14 days ) from 1. 5 % to 2. 5 %, with the aim to correct the distorted structure of local interest rates, did help to reduce the gap between local interest rate and libor, making it less attractive for capital outflow. more important is the emphasis on the managed float concept to limit short - term volatility of baht exchange rate which did help to lessen the fear that baht would depreciate further. whenever baht swings to the weak position, such fear would lead to the prepayment of us $ loans by private sector or even by states enterprises which were really prepared to do so before i stepped in. it is noteworthy that baht