samchain/econo-pairs-v2 huggingface dataset:
who question our technical judgement at any particular moment could offer more than that. in the circumstances, i do not ask that the technical charge brought against us should be dismissed. but i would encourage you to suspend judgement, or at least to limit our sentence to an extended period of probation. i ’ m ready now for the cross examination, before the jury begins its deliberations!

the uk as a whole, and just about the lowest in nearly every region. this is not just past history. having come through the global economic slowdown a year or two ago, the economy as a whole is now again growing at well above trend, with inflation a bit below target ; and the broad prospect for the next couple of years - on most forecasts, including the mpc ’ s february forecast based upon our collective best assumptions - is for continuing relatively strong growth with relatively high employment and relatively low inflation. the policy debate for the time being remains - as i ’ ve said before - a comparatively narrow one about just how strong the growth, how high the level of employment and how low the rate of inflation. in terms of the economy as a whole, i ’ m tempted to rest my case. our problem - and it is a real problem, as we have recognised for some time - is the imbalance, within the overall economy, between the domestically - oriented businesses and sectors, and those that are most internationally exposed. in part that imbalance is a hangover from the earlier global slowdown - though the welcome recovery in global demand means that this influence is now diminishing. the more important factor now is the persistent weakness of the euro - not exclusively against sterling but equally against the dollar and the yen. the impact is particularly severe on the uk because of the closer ties between our economy and that of the euro zone. i ’ ve not heard a wholly convincing explanation for the euro ’ s persistent weakness. many analysts relate it to market concerns about structural rigidities in some parts of the euro zone, which are encouraging direct capital outflows attracted elsewhere by higher prospective earnings growth. whatever the cause, few of those i talk to expect it to persist. but in the meantime, given that the problem is a general weakness of the euro rather than any particular strength of sterling, it is very difficult to see what we can do directly to resolve it. the weak euro affects us at the macroeconomic level in two ways : it has a dampening effect on our price level ; and it reduces net external demand on our economy. to offset these influences - to prevent overall demand growth falling short of underlying capacity growth, causing inflation to fall significantly below our 2½ % target - and i remind you it is a symmetrical target - we have had to keep interest rates lower than would otherwise have been necessary, in effect encouraging stronger domestic demand growth, to keep the economy as a whole
t t mboweni : joining hands in support of development address by mr t t mboweni, governor of the south african reserve bank, at the variety club, water relief campaign launch banquet, johannesburg, 14 november 2006. * * * honoured guests ladies and gentlemen 1. introduction i am pleased and honoured that you have accepted our invitation to this banquet whose purpose is to launch the variety water relief campaign. as has been explained by the organisers, this campaign is an initiative to support the government ’ s efforts in reaching out to some of the poorest schools in our country. it is a worthwhile campaign which i am glad that you have decided to join in. the needs out there are many and thanks to your support, the variety club can make some contribution towards improving the lives of school children or learners. our campaign is the variety water relief campaign. as we all know, water is absolutely essential for the sustenance of human life and maintenance of basic human dignity and should, therefore, be a fundamental human right. also, there could easily be enough water for everyone if the resource was shared equitably while ensuring the sustainability of natural ecosystems. yet, globally over a billion people do not have access to clean water supplies and over two billion lack access to adequate sanitation, the primary cause of water - borne diseases. as many of you might know, i grew up in the province of limpopo in a village just outside the little town of tzaneen. there was no clean water system there. in fact we depended on water drawn from the nearest nwaveti river. this task was more often than not assigned to women and young girls. the conditions were not conducive for a healthy life. as a matter of historic fact, in 1969 or thereabout, my two siblings and i fell ill from typhoid and spent three to four weeks in hospital. the environment was just ripe for disease. boys would be swimming upstream whilst girls and women would be collecting water downstream! i regret to say this evening that many of the people in that area and others still do not have access to clean water. my former cabinet colleagues know of my mrs mboweni water story that i told in 1994. up to today, mrs mboweni is still struggling for clean water. 2. water and the millennium development goals it was against this backdrop that, at the united nations ( un ) millennium summit, in september 2000, the leaders of the world adopted the

) and its 2004 - 2005 focus on water, sanitation and related issues.
’ structural policies. my second remark concerns the changeover to the euro. this event is a major structural reform in itself, a powerful drive towards restructuring the european economy. it constitutes a strong lever to facilitate the comparison of prices, taxes and incomes. an important objective consists in raising the potential output growth of the european economy if france and europe want to secure sustainable growth at levels that are as high as possible, the key variable is potential output growth. there are three ways of raising the level of potential output growth : first, boost investment : business leaders are completely free to invest wherever they want in france, europe or elsewhere in the world. it is thus important that we create economic, legal and fiscal conditions that are as favourable as possible to investment in europe. the investment appeal of europe is crucial in this respect : the more we invest, the fewer inflationary pressures we will have, and the stronger potential output growth will be. the second way of raising potential output growth is to increase the quantity of available labour : the european council of lisbon fixed as a central objective increasing the employment rate of our populations from 60 to 70 % in 10 years. as a comparison, the same rate stands at 75 % in the usa. the necessary reforms aim, in particular, at eliminating unemployment and poverty traps. for instance, in france, some useful steps have been taken : for example, a series of cuts to employer social security contributions has been implemented in order to reduce labour costs. we must also continue to step up efforts in training and education. the third way of raising potential output growth is to promote ways to boost gains in labour productivity : the rapid transformation of information systems is likely to accentuate the structural transformation of the economy. although the euphoria of entering a new economic era has faded somewhat, remarkable potential for economic change remains. this may help to boost labour productivity significantly and on an ongoing basis. that strategy should be pursued whilst increasing the overall competitiveness of our economy if i refer to what we observed in the past, the french strategy of competitiveness, which was based on limiting increases in the unit costs of production, gave us a very important advantage. and this competitive advantage for the french economy was transformed into growth, into job creation and into solid external accounts. thus, in the present situation, it is vital to continue in this direction and to maintain a multi - partisan consensus on this competitive disinflation process. competitiveness is also linked to european harmonisation in other fields, for

we are facing. this, in my view, is the beauty of our monetary analysis. it invites us - indeed it forces us – to face the complexity of our world and the ever changing nature of our environment and our behaviour. this is precisely the aim of this conference. i thank you for your attention.
are available online at www. bankofengland. co. uk / speeches chart 3 chart 4 all speeches are available online at www. bankofengland. co. uk / speeches chart 5 chart 6 all speeches are available online at www. bankofengland. co. uk / speeches chart 7 all speeches are available online at www. bankofengland. co. uk / speeches

financing, rail stock leasing and ground rents ( chart 2 ). these ‘ illiquid assets ’ ( broadly defined as assets other than traded debt securities ) currently make up more than 25 % of the assets backing annuities across uk insurers. insurers ’ business plans suggest this proportion might increase to around 40 % by 2020. illiquid assets can be a good match for annuities. diversification may lower overall portfolio risks. and long - term infrastructure investment has wider economic benefits. but these assets bring a wider range of risks than those familiar to bond investors. insurers need to ensure they have the skills to understand and manage them. to take some diverse examples, the failure of carillion left some insurers needing to replace a contractor on construction projects ; financing student accommodation exposes insurers to the risk of changing uk student numbers ; and financing railway stock creates a risk at the point when a new train operator wins a franchise. these assets also typically lack external ratings and observable market prices. more focus is therefore needed on internal rating and valuation processes. insurers need to ensure that they are meeting all the elements of the prudent person principle in solvency ii. finally, when these exposures deteriorate, it is important that insurers have the work - out expertise to mitigate the impact on value, as ultimately disposal is unlikely to be a straightforward option. equity release mortgages the illiquid asset category in which exposures have been growing most quickly is equity release mortgage lending. a typical equity release mortgage comprises an advance to a person sixty to eighty years old of 25 - 50 % of the value of their home. most borrowers do not pay interest which instead accrues over time, increasing the value of the debt. assuming the borrower does not pre - pay the loan, the insurer is repaid from the proceeds of the house sale when the borrower either dies or moves into long - term care. insurers guarantee that the amount of the loan cannot exceed the value of the house ( the ‘ no - negativeequity guarantee ’ ). all speeches are available online at www. bankofengland. co. uk / speeches to be clear, the pra recognises the value of this product to consumers especially given the aging uk population with high levels of wealth concentrated in housing. £1. 8 trillion of £2. 6 trillion homeowner equity in england belongs to people
in this perspective, the path followed in the us will be of great importance for our reflections on the other side of the atlantic. 4 / 6 bis central bankers'speeches conclusion let me conclude. a number of potential changes to monetary policy frameworks could be necessary to meet the challenges of the new economic environment. i provided my thoughts on some of them, but omitted many others. other challenges stem from a prolonged period of low, albeit not negative, interest rates resulting from the decline in potential growth and the demographic effects on savings. 14 indeed, the apparent difficulties to reach higher levels of inflation and real equilibrium interest rates may hamper the capacity of monetary policy to deal with future recessionary episodes. 15 some economists maintain that monetary policy can do almost everything, even if it would require the use of very negative rates, either because they are against the use of fiscal policy or because they genuinely believe in some form of new monetarism. central bankers should, however, avoid such hubris and accept that, at present, the contributions of fiscal, regulatory and competition policies are necessary to foster investment and improve the supply side of our economies. in view of the dimension of the challenges the world faces, i think this word of humility is a good coda for a central bank talk. thank you for your attention 1 woodford, m. ( 2012 ), “ methods of policy accommodation at the interest - rate lower bound ”, jackson hole economic policy symposium, federal reserve bank of kansas city on 31 august 2012. 2 see meade, j. ( 1978 ), “ the meaning of internal balance ”, the economic journal 88 : 423 – 435. 3 bean, c. ( 2009 ), “ the meaning of internal balance thirty years on ”, the economic journal 119 : 442 – 460. 4 svensson, l. e. o. ( 1997 ), “ inflation forecast targeting : implementing and monitoring inflation targets, " european economic review, elsevier, vol. 41 ( 6 ), pages 1111 – 1146, june. 5 svensson, l. e. o. ( 2003 ), “ what is wrong with taylor rules? using judgement in monetary policy through targeting rules ” journal of economic literature vol xli, june, pp 426 – 477. 6 benhabib, j., s. schmitt - grohe and m. uribe ( 2001 ) “ the perils of taylor rules ” journal of economic theory 96, 40 –

implications ”, remarks at the economic club of new york, october ; gagnon, e., b. k. johannsen and d. lopez - salido ( 2016 ) “ understanding the new normal : the role of demographics ”, federal reserve board finance and economics discussion series 2016 – 080. 15 yellen, j. ( 2016 ), “ the federal reserve ’ s monetary policy toolkit : past, present and future ”, remarks at the jackson hole economic policy symposium, federal reserve bank of kansas city ; see also reifschneider, d. ( 2016 ), “ gauging the ability of the fomc to respond to future recessions ”, federal reserve board finance and economics discussion series 2016 – 068. 6 / 6 bis central bankers'speeches
for extraordinary measures. the bsp decisively implemented a wide range of policy responses, including unprecedented ones, to squarely deal with the crisis. besides cuts in the policy rate and the reserve requirement ratio — which are typical central bank actions to support an economy — the bsp also did quite a lot of bold measures to cushion the impact of the crisis, such as the following : ( i ) p540 billion worth of provisional advances to the national government, after the previous p300 - billion repurchase agreement was settled [ in full in september ] ; ( ii ) advance remittance of p20 billion worth of dividends to the national treasury ; 2 / 6 bis central bankers'speeches ( iii ) purchase of government securities in the secondary market ( iv ) counting of loans to msmes as part of banks ’ compliance to the reserve requirement ; ( v ) reduction of risk weight of loans to msmes ; ( vi ) increase in the single borrower ’ s limit ; ( vii ) assignment of zero risk weights to loans guaranteed by government institutions ; ( viii ) relaxed terms for financing facilities ; ( ix ) waived fees on electronic fund transfers ; and ( x ) increased limit to real estate loans of banks from 20 to 25 % of loan portfolio ; with the measures we have implemented, the bsp has so far injected p1. 5 trillion in liquidity to the financial system, equivalent to 7. 6 percent of the country ’ s gross domestic product ( gdp ). united. in the philippines, there is strong coordination between fiscal and monetary authorities to ensure that our policy responses are in sync. moreover, local government units and national government agencies worked as one to ensure a holistic approach to the government ’ s crisis response. in addition, congress passed two “ bayanihan ” laws promptly showing strong bi - partisan support for the executive department ’ s crisis initiatives. also worth noting is the active private - sector response, evidenced in part by the altruistic actions of many corporations. the bsp recognizes the significant contribution of banking industry members. their willingness to comply with the call for loan payment extensions, as well as their overwhelming response to the call for the temporary waiving of fees on electronic fund transfers have provided significant relief to households and businesses. finally, structural and development reforms. to reiterate, the philippines aims to become an economic champion in the post - covid era, and the bsp will work tirelessly to help make this happen. to get to the

3 / 3 bis central bankers'speeches
percent to 80 percent of pre - retirement income, average workers by the middle of this century should be aiming to replace about 45 percent of their pre - retirement income, rather than today's 33 percent, out of some combination of private employer pension benefits and personal saving. the required increases in private saving would be less to the extent that social security tax increases are part of the solution. however, to avoid any changes in replacement rates, the social security tax rate would have to be increased from the current 12. 4 percent to about 18 percent at the middle of the century. * * * once we have determined the level of benefits that we can reasonably promise, we must ensure that we will have the real resources in the future to fulfill those promises. when we evaluate our ability to meet those promises, focusing solely on the solvency of the financial plan is, in my judgment, a mistake. focusing on solvency within the social security system, without regard to the broader macroeconomic picture, does not ensure that the real resources to fulfill our commitments will be additionally, we could borrow from abroad, which would build up the capital stock. in so doing, however, we would also build up a liability to foreigners that we would have to finance in the future. the replacement rate is the ratio of social security benefits to wages in the year preceding retirement. there. for example, if we build up the assets in the social security trust fund, thereby achieving solvency, but offset those efforts by reducing saving elsewhere, then the real resources required to meet future benefits will not be forthcoming from our economy. in the end, we will have accomplished little in preparing the economy to meet future demands. thus, in addressing social security's imbalances, we need to ensure that measures taken now to finance future benefit commitments represent real additions to national saving. we need, in effect, to make the phantom " lock - boxes " around the trust fund real. for a brief period in the late 1990s, a common commitment emerged to do just that. but, regrettably, that commitment collapsed when it became apparent that, in light of a less favorable economic environment, maintaining balance in the budget excluding social security would require lower spending or higher taxes. last year, social security tax revenues plus interest exceeded benefits by about $ 150 billion. if those funds had been removed from the unified budget and " locked up " and congress had not made any adjustments in the rest of the budget, the unified budget deficit would have

- being, access to credit, and opportunities for homeownership of many of our fellow citizens.
we have dg diwa guinigundo, dg armando suratos, dg nestor espenilla, jr. and general counsel and asst. governor juan de zuniga, jr. what makes e - rediscounting attractive to banks? well, as an online rediscounting facility, banks file loan applications through the internet and – if their application is approved - receive the loan proceeds within minutes, through their demand deposit accounts with the bangko sentral. in other words, they same time, incur lower transaction costs and are spared the inconvenience of physically filing their applications and going through manual processing. on the other hand, bank customers can look forward to lower borrowing costs when their banks start sharing the cost benefits of e - rediscounting. at this point, let me also take the opportunity to acknowledge the dedication of the officers and staff of the pilot and participating banks who made their resources available for the success of this project. we also wish to thank the officials and staff of the bsp, particularly from the department of loans and credit and the information technology sub - sector. of course, we would also like to acknowledge the assistance and participation of the davao regional office. let me assure our colleagues from the banking community and the business sector here in mindanao that we shall continue to explore ways to enhance our operations so as to facilitate the greater flow of credit in the countryside. in line with this strategy, the bsp has approved a new project that will compliment the e - rediscounting system. we call this project the collateral information and management system or cims. the cims is envisioned as a system by which the bsp can monitor, control and manage collaterals submitted by banks as security for their loans. the cims is expected to enable authorize users to electronically obtain information on the status of collateral documents particularly the collateral positions of borrower banks and end - user borrowers. this system will also further facilitate loan processing as well as ensure the bsp ’ s protection against potential credit risk. phase i of the cims is targeted for completion by the end of this year. indeed, the monetary board and the bangko sentral are committed to continuously find better ways of serving our country through the delivery of fast, adequate, and affordable credit, particularly to small - and medium - sized borrowers from the countryside. we hope therefore that our partners from the banking community and the business sector

will continue to work closely with us in ensuring sustained and balanced growth of our economy. together, let us create more economic opportunities that will liberate our people from poverty and make our country a better place for all filipinos. daghan salamat sa inyong lahat, mabuhay ang pilipinas!