samchain/econo-pairs-v2 huggingface dataset:
banks through infusion of public money and, second, to foster confidence in deposit guarantees. in an european framework, such actions involve mainly national decisions which had to be made, in many cases, with some urgency. hence the impression that, at least initially, the coordination may not have been perfect. but things are falling progressively into place and i am confident that any remaining issues will be quickly dealt with, according to the roadmap and joint principles recently adopted by ecofin ministers. so i would encourage all market participants to take a step back and, as jean - claude trichet said “ collect themselves ” to look at the whole package of measures which have been publicized. true, they have been announced through a succession of public statements. but, taken together, they represent decisive steps and a coherent package towards restoring confidence. i am convinced that their impact on the real economy and future growth is going to be extremely significant. overall, it is fair to say that the euro has passed the test and comes strengthened out of the current difficulties. the eurosytem will keep fulfilling its priority mandate of price stability while also contributing to the broader objective of financial stability. governments are increasing their cooperation. so the eurozone has shown it is well equipped to live up to its responsibilities as a truly global player in the international monetary system of the 21st century. i thank you for this opportunity to present my views.

. the central bank will continue to monitor developments in the foreign exchange market but allow genuine demand and supply factors to determine the level of the kenya shilling exchange rate. finally, measures to promote exports including foreign direct investment are critical to the long term stability of the kenya shilling exchange rate. 9. in closing, let me take this opportunity to thank the over 300 private enterprises that responded to the year 2013 foreign investment survey questionnaires. the response rate of 75 percent was impressive and we look forward to better this performance in this year ’ s survey. the time spent building this critical information base is for our mutual benefit and the people of kenya. 10. it is now my pleasure to invite the cabinet secretary, national treasury to make his remarks and official launch the 2015 foreign investment survey. thank you. bis central bankers ’ speeches
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different conceptual definitions, most of which are not directly observable. so, monetary policy should not seek to achieve an explicit objective for something it does not directly control and cannot accurately measure. fourth, the statement notes that, in general, price stability and maximum employment are complementary. price stability promotes economic efficiency by giving individuals and businesses more confidence that the purchasing power of the dollar will not erode. conversely, the failure to maintain price stability can often lead to greater instability in employment and output. when inflation rises to unacceptable levels, as it did in the 1970s, monetary policy will be forced to react to restore price stability. this, in turn, could lead to increased instability in employment and output, as it did in the recession in the early 1980s. but the fomc ’ s consensus statement of principles also acknowledges that in the short run, the maximum employment and price stability parts of the fed ’ s mandate could be in conflict. in such circumstances, monetary policy will seek to follow a balanced approach in promoting its statutory mandate. the consensus statement does not provide answers for all the hard policy choices. how best to implement this balanced approach requires judgment and may well differ across policymakers who may have different models of the economy even as they work to promote the same long - term goals for monetary policy. improvements in the summary of economic projections the second important step the committee took in january toward increased transparency involved the economic projections that the fomc releases four times a year. the summary of economic projections, or sep for short, summarizes the individual fomc policymakers ’ views on the economy as reflected in several key economic variables, including output, bis central bankers ’ speeches inflation, and unemployment. yet, these projections are not forecasts in the usual sense. each policymaker ’ s projections are conditioned on the policymaker ’ s assessment of “ appropriate policy ”, that is, the policy path that he or she views as the most likely to yield the best outcomes for the economy in the absence of further shocks. this policy path isn ’ t necessarily the most likely path ; instead, it is the path viewed as being the best policy. thus, the projections should not be compared with the forecasts of private - sector forecasters who try to predict what the fed ’ s next move might be. instead, each policymaker makes economic projections based on an assessment of the best policy path to achieve the most desirable outcomes. until january, the sep did not reveal any information about the appropriate
hearing from both yourself and your celebrant, sir courtney later this morning. once again, we are delighted to have you here in port of spain to participate in the 42nd annual monetary studies conference. i sincerely hope that, in addition to your fruitful conference deliberations, you find some time to enjoy the country. [ please spend freely, domestic demand is sluggish and we need the money ]. thank you.

was hard for the public to tell whether a change in the calendar date reflected a shift in policy or a change in the committee ’ s economic forecast. to help provide greater clarity about the committee ’ s objectives, in january 2012, the fomc adopted and released a statement of its longer - run goals and monetary policy strategy. 10 this statement laid out, for the first time, the rates of inflation and unemployment that the fomc considers consistent with the dual mandate. specifically, it stated that the longer - run inflation goal most consistent with the fomc ’ s price stability mandate is 2 percent, and that the central tendency of fomc participants ’ estimates of the longer - run normal rate of unemployment ranged from 5. 2 to 6 percent. as the statement also made clear, economic developments may cause inflation and unemployment to temporarily move away from the objectives, and the committee will use a balanced approach to return both, over time, to the longer - run goals. on the one hand, for example, the current rate of unemployment, at 7. 7 percent, is far above the 5. 2 to 6 percent range in the statement and is expected to decline only gradually. inflation, on the other hand, has been running at or below 2 percent and is expected to remain at similar levels for several years. in this circumstance, both legs of the dual mandate call for a highly accommodative monetary policy. with unemployment so far from its longer - run normal level, i believe progress on reducing unemployment should take center stage for the fomc, even if maintaining that progress might result in inflation slightly and temporarily exceeding 2 percent. the committee reaffirmed this statement in january 2013, and i expect it to remain a valuable roadmap for many years to come, indicating how monetary policy will respond to changes in economic conditions. 11 meanwhile, the fomc has continued to enhance its communication about how it would use the federal funds rate to return inflation and unemployment to its longer - run objectives. last december, the committee replaced its calendar guidance for the federal funds rate with quantitative measures of economic conditions that would warrant continuing that rate at its current very low level. specifically, the committee said it anticipates that exceptionally low levels for the federal funds rate will be appropriate “ at least as long as the unemployment rate remains above 6 – 1 / 2 percent, inflation between one and two years ahead is projected to be no more than a half percentage point above the committee ’
firmer foundations for this existing benchmark. clearly a stronger overnight unsecured benchmark will be a more attractive candidate rfr than is sonia in its current form. however i want to be clear that the bank will pursue this data - collection initiative regardless of the outcome of your discussions on rfrs, since we believe it to be necessary for our own monetary policy purposes, and because it is in the interests of sterling markets more broadly to have robust benchmark interest rates in sterling markets. bis central bankers ’ speeches

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.
– the towering personalities of our country in the fields of economics and finance. we will seek their views and insight in understanding the granularities of evolving norms in the complex areas of political economy, institutional page 3 of 4 management and inclusive and sustained growth. we will also seek their guidance in developing a long term vision for sbp. once again, i thank all our distinguished guests for joining us today in our celebrations, despite being a sunday. thank you! page 4 of 4

is no wonder therefore, that sbp stands out in various fields : • it was the first central bank in south asia to have introduced a legal framework for microfinance in 2001 ; • it was the first central bank in south asia to develop a regulatory framework for branchless banking in 2008 ; • it was the first central bank in south asia, again, to have established an independent monetary policy committee in 2015. today, the sbp is a respected organization not only regionally, but also globally. sbp ’ s professional excellence has been recognized at various international forums. some of these, i will recall here to refresh our memories : • pakistan ranked no. 1 in the world in microfinance regulatory framework by the economist intelligence unit in 2010 and 2011, and number 5 in overall financial inclusion environment in 2015. page 2 of 4 • state bank of pakistan was voted as the best central bank in promoting islamic finance by a poll conducted by islamic finance news ( ifn ) in 2015 and 2017 ; • sbp governors have received accolades from different international organizations, which not only reflects professional excellence of the leadership, but also the institutional quality of sbp. my predecessor, ashraf wathra, was declared best central bank governor recently. earlier, dr. shamshad akhtar and dr. ishrat hussain were also conferred with such prestigious awards. similarly, sbp ’ s global partnerships with international organizations reached a new height during the tenure of yaseen anwar. not just that, but the appointment of our former governors at executive positions in leading international financial institutions, speak volume of their professional excellence. • moreover, sbp ’ s senior staff have chaired and co - chaired various groups and committees at international forums, such as alliance for financial inclusion and islamic financial services board. • not just that, but our staff has also been providing expertise to regional central banks and organizations such as saudi arabian monetary authority, bank of oman, the central bank of oman, qatar and bahrain and gulf monetary council. today, ladies and gentlemen, we are here to take stock of this institutional progress and celebrate our achievements. we will shortly play a documentary for you in which you will be able to experience this transformative journey that revolves around resilience, progress and modernization. we will also take this opportunity, ladies and gentlemen, to strategize our future based on the opportunities and challenges that lie ahead of us. to deliberate on these, we are privileged to have with us former governors
( 2021 ),'remittance prices worldwide quarterlyopens in a new window'4 financial stability board ( 2023 ),'fsb invites senior representatives from firms and industry associations to join cross - border payment taskforceopens in a new window'5 bank for international settlements : committee on payments and market infrastructure ( 2023 ),'bank for international settlements'committee on payments and market infrastructures invites market stakeholders to join cross - border payments interoperability and extension task force'opens in a new window 6 these forums are detailed in the fsb's priority actionsopens in a new window paper ( table 4 ). 2 / 2 bis - central bankers'speeches

below the threshold. we tend to think – in line with the international consensus in basel – that this tougher “ slab ” approach is a good thing for deposit - takers because it should discourage them from becoming too large too quickly. i think that makes sense for banks, but we ’ ve come to the view that it is really not relevant for credit unions in the uk. we also want to avoid discouraging growing firms, and are confident of our ability to manage the failure of smaller credit unions smoothly with our colleagues at the fscs. therefore we are launching a for more background on this work, see https : / / www. bankofengland. co. uk / working - paper / 2017 / the - determinants - of - uk - credit - unionfailure all speeches are available online at www. bankofengland. co. uk / news / speeches consultation today in which we propose to change capital requirements to simplify them, remove barriers to growth and deliver a greater degree of financial resilience for smaller credit unions that are more likely to fail. we propose to : [UNK] get rid of our “ slab ” system and replace it with a graduated, income - tax - style approach where larger credit unions would be required to hold 5 % capital for assets up to £10m, 8 % for assets between £10m and £50m and 10 % for assets above £50m, as opposed to today ’ s system where firms have suddenly to hold 10 % on their entire asset base if they grow a single pound over £10m in assets ; [UNK] maintain capital requirements at 3 % for credit unions with total assets less than £5m, but introduce a “ monitoring zone ” of 3 - 5 % whereby if a smaller credit union ’ s capital falls below 5 % we would step up our supervisory activity. in time we hope this will help contain the rate credit union failures, which is currently disproportionately high amongst these smaller firms ; and [UNK] simplify the regime by eliminating other capital requirements thresholds linked to non - asset metrics such as membership numbers and variety of business lines. the effect of these changes should be to reduce overall capital requirements for the credit union sector by roughly one quarter, and encourage the growth of successful credit unions by removing several cliff - edges present in our current regime. conclusion we at the bank have been clear that we have no appetite to weaken the level of resilience in the financial system. but this does
as well as sustainable growth. it is growth that generates sound assets, i. e. securities which guarantee a high likelihood stream of revenues. thank you for your attention. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

benoit cœure : collateral scarcity – a gone or a going concern? speech by mr benoit cœure, member of the executive board of the european central bank, at the european central bank - de nederlandsche bank joint central bank seminar on “ collateral and liquidity ”, amsterdam, 1 october 2012. * * * i would like to thank pontus aberg for his contribution to the speech. i remain solely responsible for the opinions expressed herein. ladies and gentlemen, it is a great pleasure for me to speak here today at this conference, kindly hosted by de nederlandsche bank. 1. the use of collateral is as old as economic transactions, and is mentioned in the bible : 2. “ if thou at all take thy neighbour ’ s raiment to pledge, thou shalt deliver it unto him by that the sun goeth down : for that [ is ] his covering only, it [ is ] his raiment for his skin : wherein shall he sleep? ” 1 3. the importance of collateral in the economy may have been neglected in earlier academic work, but has been well recognised lately. in his seminal work 2 on the topic john geanakoplos says that : “ … the main business of wall street is to help people make and keep promises. over time, as more people have been included in the process, punishment and reputation have been replaced by collateral. this enabled a proliferation of promises, but has led to a scarcity of collateral. the ensuing efforts of wall street, in conjunction, of course, with the government and in particular the courts and the tax code, to stretch the available collateral has significant and surprising effects on the working of the economy, including the cyclical or volatile behavior of prices … ” today, in my opening remarks i would like to consider one issue regarding collateral that was mentioned in that quote, namely the scarcity of eligible collateral. one reason that makes collateral scarce is that the supply of “ sound ” collateral is in principle limited. collateral is sound if it guarantees a quasi - certain stream of revenues. indeed if investors ’ trust in the creditworthiness of assets decreases, then the amount of collateral gauged sound reduces. during the crisis there has been a widespread flight to quality, out of certain asset classes, which used to be considered sound. collateral scarcity is a somewhat more topical issue in the euro area than elsewhere. it can affect the functioning and stability of the financial system in several ways, possibly resulting in
##b, 2011 ). it regards these proposals as appropriate for the single market, but considers that they need to be strengthened as regards the euro area. with respect to the new macroeconomic surveillance framework, the ecb calls, in particular, for the following specific measures to strengthen the framework for the euro area : first, the specific nature of membership of a monetary union should be indicated more explicitly. this should be reflected in differentiated indicators and thresholds of the scoreboard for the members of the euro area, in comparison with the other members of the european union. tighter thresholds for competitiveness indicators in the scoreboard are required for the euro area countries. the set of indicators for the euro area countries should focus on the detection of macroeconomic imbalances, and therefore they should refer to losses of price competitiveness, private and public sector indebtedness and external indebtedness indicators. they differ by nature from the much wider set of indicators reviewed to assess progress in structural reforms in the context of the europe 2020 strategy to enhance sustainable growth and employment in europe. these are the concepts that will address the “ thriving of nations in the dynamic global economy ” which i alluded to at the outset. second, a clear focus of the surveillance framework can be maintained best if only cases of macroeconomic imbalances that hamper the smooth functioning of monetary union are addressed. the framework proposed by the european commission is symmetric with respect to detecting, preventing and correcting both excessive losses as well as gains in competitiveness. i think that a totally symmetric approach misses an important point : the european union and the euro area are not closed economies. on the contrary, they are amongst the most open economies in the world. gaining more competitiveness through the improvements in one particular economy is a win - win game for all members : we are not playing a zero sum game. therefore, a totally symmetric approach runs the risk that the surveillance lacks focus and becomes distracted from the most serious challenges to the monetary union, which are significant losses of competitiveness, persistent current account deficits, unsustainable increases in asset prices, including real estate prices, and high external and internal levels of indebtedness. given the magnitude of the imbalances accumulated, the required policy action is urgent in some member states. third, a much greater degree of automatism should be introduced into the macroeconomic surveillance framework. a substantial discretionary power puts the credibility of the macroeconomic surveillance mechanism at risk, if

by continuing to reduce the deficit so that debt falls and france is ready when growth slows down. and by making further cuts in public spending? it is not for the ecb to tell the french government what needs to be done in detail, but what we wish is for france to have the capacity to respond economically when growth slows down and for it not to depend completely on monetary policy. 2 / 2 bis central bankers'speeches
to host this event. some of you may have participated in the annual conference that zambia hosted in livingstone last year in august and still have fresh memories. lusaka is quite cosmopolitan with most of tourist sites which may be of interest, within reachable distances. livingstone is just about 45 3 / 4 bis - central bankers'speeches minutes flight from lusaka. there are also a number of shopping facilities and dining areas within walkable distance of the conference center. please, spare sometime and sample the zambian hospitality. i thank you for your kind attention and wish you fruitful engagements. 4 / 4 bis - central bankers'speeches

denny h kalyalya : keynote address - conference and meeting of the community of african banking supervisors ( cabs ) keynote address by dr denny h kalyalya, governor of the bank of zambia, at the conference and meeting of the community of african banking supervisors ( cabs ), lusaka, 29 april 2024. * * * the executive secretary of the association of african central banks aacb ), dr djoulassi kokou oloufade, mr. vasily pozdyshev, senior advisor, financial stability institute of the bank for international settlements, representatives of the association of african central banks, representatives and resource persons from the international monetary fund, the world bank, bank of england, bank for international settlements, african development bank, making finance work for africa, the currency exchange fund ( tcx ), distinguished speakers and delegates, ladies and gentlemen, good morning. it is an honour and privilege to officiate at the 2024 conference and meeting of the community of african banking supervisors ( cabs ). let me start by welcoming you to lusaka, zambia and to the mulungushi international conference center. the mulungushi international conference centre, where we are holding these meetings today, has some historical significance not only to zambia but to the concept of pan africanism. it was at this conference centre that the summit of the organisation of african unity ( oau ) formulated the mandate that translated the transformation of the oau into the african union ( au ) in july 2001. aside from rekindling the genesis of the au, this conference centre also hosted a few historical events including the third summit of the non - aligned nations in 1970. this is the organisation that spearheaded the independence of most the countries in the southern africa. and from the entertainment world, in the 70s, the centre hosted the late famous ambassador of soul music, james brown, perhaps most of you were young then or not yet born and could not remember the legendary musician, james brown. back to the agenda, i wish to note that the cabs conference and meeting are being held at a very challenging time. barely recovering from the impact of the covid - 19 1 / 4 bis - central bankers'speeches pandemic, the global economy is faced with a myriad of challenging vulnerabilities and risks that have potential to destabilize the african region. you will agree with me that africa is a living example of occurrences of climate change events and nature