samchain/econo-pairs-v2 huggingface dataset:
it relates to the first company printing the albanian banknote. mr bundy will show the unspeakable on the designing, techniques and art of conceiving the albanian banknote, illustrated by photos and sketches. in the end, we invite you to explore our temporary exhibition on this topic and see the unspeakable through your own lens. 2 / 2 bis central bankers'speeches

philipp m hildebrand : inside europe, outside emu - lessons and outlook speech by dr philipp m hildebrand, member of the governing board of the swiss national bank, at the british swiss chamber of commerce, geneva, 23 april 2004. * * * my long - standing personal attachments to the united kingdom make it a special privilege to be here this morning to speak about europe and its significance to our two countries. geneva is one of europe ’ s truly international cities and provides a fitting platform for a discussion on some of the salient characteristics about the relations of the united kingdom and switzerland toward europe. the united kingdom and switzerland are both undeniably european nations. nonetheless, they both firmly remain outside of the european monetary union ( emu ). institutionally, the links of the two countries with europe differ, of course. the united kingdom is in eu europe while switzerland is only in europe, despite the fact that until the eu welcomes ten new member states next week, we swiss can be forgiven to think of ourselves as representing the “ heart ” of europe. culturally, our two countries are rooted in different european traditions : anglo - saxon on the one hand and continental european on the other hand, notwithstanding the fact the historical roots of the saxons are, of course, on the continent. during the remainder of my time with you today, i will sketch more fully a number of salient common features and differences between the united kingdom and switzerland. based on these commonalities and differences, i will then draw some tentative economic, financial and political conclusions about the respective experiences and relations of our two countries with europe and more specifically with emu. uk and switzerland : common features and differences : it seems to me that even a perfunctory comparison of our two countries ’ relations to europe and emu needs to touch upon law, politics and recent economic history. law and politics there is a fundamental judicial divide between the common law tradition of anglo - saxon countries and the civil law tradition of continental europe. over the centuries, this divide has undoubtedly spread into culture and minds. the custom and case - based common law was institutionalized in 1154 by henry ii through elevating local custom to a unified system of law “ common ” to the country. it may be unwritten, as it was at the outset, or captured in statutes and codes. this judicial history is reflected by the absence of a written constitution in the united kingdom. civil law in continental europe, on the
mario draghi : hearing at the committee on economic and monetary affairs of the european parliament introductory statement by mr mario draghi, president of the european central bank, at a hearing before the committee on economic and monetary affairs of the european parliament, brussels, 19 december 2011. * * * dear madam chair, dear honourable members, e per me un estremo piacere partecipare per la prima volta come presidente della banca centrale europea a questa riunione. il dialogo monetario trimestrale con l ’ econ rappresenta un ’ opportunita fondamentale e la pietra angolare per un rapporto costruttivo tra le nostre due istituzioni. cet echange a lieu quelques semaines seulement apres que d ’ importantes decisions ont ete prises a la fois par le conseil des gouverneurs de la bce et par les chefs d ’ etats et de gouvernements. dans ce contexte, notre discussion promet d ’ etre particulierement riche et fructueuse. zur einfuhrung werde ich zunachst auf die aktuellen wirtschaftlichen entwicklungen im eurogebiet eingehen. anschließend werde ich mich den von ihnen gewunschten themen zuwenden, namlich dem instrumentarium zur krisenbewaltigung einerseits, sowie den rating - agenturen andererseits. i. economic and monetary developments since the last regular hearing in october with former president trichet, the ecb has taken a number of steps to ensure that it will continue to deliver price stability in the medium term in an environment that remains challenging. these steps relate both to changes in our interest rates and to non - standard measures. as you know, regarding interest rates, the governing council early december decided to lower the key ecb interest rates by 25 basis points, following a 25 basis point decrease on 3 november 2011. as regards the short - term growth outlook for the euro area, the intensified financial market tensions are continuing to dampen economic activity in the euro area and the outlook remains subject to high uncertainty. euro area economic activity should recover, albeit very gradually, in the course of 2012, as also projected by

reliance on external credit ratings. let me say a few words on how the ecb itself uses ratings. in practice, for the large majority of marketable securities ( such as sovereign bonds ) the eurosystem credit assessment subject to approval by finnish parliament. bis central bankers ’ speeches framework mainly uses the ratings issued by eligible credit rating agencies. at the same time, the eurosystem does not mechanically rely on these assessments, as it is aware of the limitations of methodologies. it reserves the right to reject or limit the use of an asset on the basis of any information on its credit quality that it may consider relevant. the eurosystem has applied such discretion to temporarily suspend the application of the minimum rating requirement to debt instruments issued or guaranteed by some euro area governments following eu / imf adjustment programmes. thank you for your attention. bis central bankers ’ speeches
stephen s poloz : opening statement before the standing senate committee on banking, trade and commerce opening statement by mr stephen s poloz, governor of the bank of canada, to the standing senate committee on banking, trade and commerce, ottawa, ontario, 20 april 2016. * * * good morning, mr. chairman and committee members. senior deputy governor wilkins and i are happy to be back to discuss the bank ’ s monetary policy report ( mpr ), which we published last week. it has been 18 months since carolyn and i were last here. and it was about that time, in the fall of 2014, when the canadian economy first started to feel the effects of a massive shock to our terms of trade, brought about by a sharp drop in the price of oil and other commodities. because canada is such an important producer of resources, particularly oil, this shock was a major setback. it set in motion a difficult adjustment process that has been very disruptive for many canadians. investment and output in resource industries have fallen precipitously, the decline in national income has curbed household spending and the resource sector has seen significant job losses. these negatives have clearly outweighed the benefits of lower energy costs for households and businesses. from a monetary policy perspective, the shock posed a two - sided threat to our economy last year. first, it was a clear downside risk to our ability to reach our inflation target. second, by cutting into national income, it worsened the vulnerability posed by household imbalances as seen in our elevated debt - to - income ratio. to address both threats and to help facilitate the necessary economic adjustments, we lowered our policy interest rate twice last year, bringing it to 0. 5 per cent. while we recognized the possibility that this reduction could, at the margin, exacerbate the vulnerability posed by household imbalances, the more important effect of lowering the policy rate last year was to cushion the drop in income and employment caused by lower resource prices. another natural consequence of the shock to our terms of trade has been a decline in the canadian - dollar exchange rate. it ’ s important to note that this is not unique to canada. indeed, many resource - reliant countries have seen similar depreciations in their currencies. both our policy moves and the lower currency have been helping to facilitate the economic adjustments, which have been playing out over two tracks. while weakness has been concentrated in the resource sector, the non

close monitoring. we have not yet seen concrete evidence of higher investment and strong firm creation. these are some of the ingredients needed for a return to natural, selfsustaining growth with inflation sustainably on target. with that mr. chairman, carolyn and i would be happy to answer questions. bis central bankers ’ speeches
allow for heterogeneity among banks and thereby interbank borrowing and lending. 16 future research is likely to feature a ( 1990 ), " making monetary policy : adjusting policy to achieve final objectives, " in w. e. norton and peter stebbing, eds., monetary policy and market operations ( sydney : reserve bank of australia ), pp. 11 - 26. see, for example, the models analyzed in michael woodford ( 2003 ), interest and prices : foundations of a theory of monetary policy ( princeton, n. j. : princeton university press ) ; and the model advanced in the influential work of lawrence j. christiano, martin eichenbaum, and charles l. evans ( 2005 ), " nominal rigidities and the dynamic effects of a shock to monetary policy, " journal of political economy, vol. 113 ( 1 ), pp. 1 - 45. see, for instance, nobuhiro kiyotaki and john moore ( 1997 ), " credit cycles, " journal of political economy, vol. 105 ( 2 ), pp. 211 - 48 ; and ben s. bernanke, mark gertler, and simon gilchrist ( 1999 ), " the financial accelerator in a quantitative business cycle framework, " in john b. taylor and michael woodford, eds., handbook of macroeconomics, vol. 1 ( amsterdam, the netherlands : north - holland / elsevier ), pp. 1341 - 93. for an example of the difficulties of quantifying such channels in a macroeconomic framework, see the discussion of the large - scale macroeconomic models used by the federal reserve for the past several decades in eileen mauskopf ( 1990 ), " the transmission channels of monetary policy : how have they changed? " federal reserve bulletin, vol. 76 ( 12 ), pp. 985 - 1008 ; and david reifschneider, robert tetlow, and john c. williams ( 1999 ), " aggregate disturbances, monetary policy and the macroeconomy : the frb / us perspective, " federal reserve bulletin, vol. 85 ( 1 ), pp. 1 - 19. see, for example, vasco curdia and michael woodford ( 2009 ), " credit frictions and optimal monetary policy, " manuscript, columbia university, may. see, for example, marvin goodfriend and bennett t. mccallum ( 2007 ), " banking and interest

are those that are competitive and offer a unique product. i view the world of payments in very much that spirit. to me, digital payments offer exciting prospects. but that does not necessarily imply the extinction of existing payment methods. it may very well actually increase the diversity of payment methods. cash offers these unique forms of independence from social and electronic networks, which suggests to me that it will continue to enjoy great popularity in the euro area. i now look forward to having fruitful discussions with all of you. thank you. footnotes : 1. deutsche bundesbank ( 2018 ), payment behaviour in germany in 2017 – fourth study of the utilisation of cash and cashless payment instruments. 2. j. l. korella and w. li ( 2018 ), retail payment behaviour and the adoption of innovative payments : a comparative study in china and germany, journal of payment systems and strategy, vol. 12, no 3, pp. 245 - 265.
ottawa, ontario, 24 march 2010, available at : < http : / / www. bankofcanada. ca / 2010 / 03 / speeches / virtue - productivity - wicked - world / >. bis central bankers ’ speeches

policies, large current account imbalances can be expected to persist. continued reliance on domestic demand in advanced economies promises disappointment. as we have seen in recent weeks, the hand - off from the public to the private sector in the united states and europe is in danger of being fumbled. fiscal consolidation has begun, without autonomous private demand picking up the slack because of unresolved fragilities and a barrage of negative shocks. rebalancing demand across economies will require the implementation of comprehensive financial reforms ; open trade and capital markets ; and significant changes to fiscal, structural and exchange rate policies across a broad range of countries, including major emerging markets. when the g - 20 meets later this week in washington and next month in paris, these issues must be at the centre of the agenda. in the face of this difficult external environment, the bank will continue to support canada ’ s economic expansion by keeping inflation low, stable and predictable. since the crisis erupted four years ago, the bank has demonstrated its nimbleness in the conduct of monetary policy. we reacted quickly and forcefully during the downturn. as the bis central bankers ’ speeches canadian recovery has progressed, we have emphasised that we would be prudent with respect to the possible withdrawal of any degree of monetary stimulus. the bank always takes a flexible approach. our decisions are guided by considered analysis and informed judgment rather than mechanical rules. for example, as we have emphasised, given current material headwinds, the policy rate can return to its long - run level after inflation is projected to reach the 2 per cent target and output is projected to reach its potential. the bank also exercises considerable flexibility with respect to the time horizon over which inflation should be expected to return to target. in general, both the size and nature of the shocks that hit our economy can have a bearing on the appropriate targeting horizon. over the last 20 years, the persistence of the effects of the shocks on the economy has been such that it was typically desirable to return inflation to target over a period of six to eight quarters. however, there has been considerable variation in this horizon from as short as 2 quarters to as long as 11 quarters. 1 on at least eight occasions, the bank has extended the targeting horizon beyond eight quarters. it did so most recently in april 2009, when returning inflation to target over a longer period was warranted, given the unusually large shock confronting the canadian economy at the time. just as we do not have mechanical rules for the path
##unnermeier, and diego saravia, eds., monetary policy and financial stability : transmission mechanisms and policy implications ( santiago, chile : central bank of chile ), pp. 283 – 310. return to text 6 / 6 bis central bankers'speeches

6 bis central bankers'speeches i don ’ t want to overstate my concern — i am not worried about a return to the 1970s. we designed our new monetary policy framework for the very different world we live in now, which involves an equilibrium for the economy with slow workforce growth, lower potential growth, lower underlying inflation, and, therefore, lower interest rates. one of those differences is that the kinds of “ wageprice spirals ” that characterized inflation dynamics in the 1970s have not been present for a long time. it ’ s quite possible that this situation now prevails because inflation is never high enough for long enough to enter decisionmaking in a material way. so, what are the implications for monetary policy? i am fully committed to the fomc ’ s new monetary policy framework and the two pieces of related guidance that we have put in place for asset purchases and the federal funds rate to implement that framework. the conditions required to change the pace of asset purchases and those required to increase the federal funds rate are sequential : the latter requires improvement in the economy that clears a much higher bar. let me address each of those in turn. the guidance on asset purchases, introduced in december, commits us to increasing our holdings of securities at least at the current pace until substantial further progress has been made toward the committee ’ s maximum - employment and price - stability goals. my personal view is that the rise in inflation — even after discounting temporary factors — and inflation expectations since december will prove sufficient to satisfy the standard for inflation in the guidance around asset purchases later this year, but improvement in the labor market has been slower than i would have liked. for instance, the unemployment rate has decreased only 0. 6 percentage points to 6. 1 percent, and the labor force participation rate is still nearly the same as it was at the time of the december meeting. therefore, we need to remain patient in the face of what seem to be transitory shocks to prices and wages so long as inflation expectations continue to fluctuate around levels that are consistent with our longer - run inflation goal. for me, it is a question of risk management. the best analysis we currently have is that the rise in inflation to well above our target will be temporary. but those of us on the fomc are economists and lawyers, not prophets, seers and revelators. we could be wrong ; and what happens then? part of the calculus in balancing the risks of either overshooting or under
##ence to exogenous shocks, of the type we are facing currently. i therefore welcome you all to the seminar and invite you to contribute to meaningful discussions which will further the development of our sme sector and redound to benefit our economy over the medium and long term. i thank you very much for your participation and i again thank the various sponsors, speakers and all those who have contributed to make this seminar possible. i wish you a most productive seminar.

ewart s williams : small and medium - sized enterprises in trinidad and tobago – challenges and priorities opening remarks by mr ewart s williams, governor of the central bank of trinidad and tobago, at the small and medium - sized enterprises seminar, port - of - spain, 24 november 2008. * * * good morning and welcome to this very important seminar on “ developing viable small and medium - sized enterprises in trinidad and tobago : challenges and priorities ”. the seminar is being jointly hosted by the central bank of trinidad and tobago ; the inter - american development bank ; the ministry of labour and small and microenterprise development ; the ministry of trade and industry ; and the ministry of planning, housing and the environment. i would like to thank the honourable prime minister for gracing us with his presence, which underscores the importance that the government places on small and medium - sized enterprises ( sme ) development. i would also like to take this opportunity to warmly welcome our guests from overseas – dr. erik terk from the estonian institute for future studies and mr. martin clemensson, the chief of small enterprise development at the international labour organisation. a special word of thanks to mr. iwan sewberath - misser, country representative at inter - american development bank, and to the various ministries who have lent much support to this event. there is no doubt that the importance of the sme sector to the supply side of the economy is much more widely appreciated now than it used to be. while there is a dearth of reliable statistics, it is certain that the sme sector is a major provider of employment and makes an important contribution to the country ’ s gdp. in recognition of its critical importance, the sme sector has moved up the policy agenda and in fact, the sector has been identified as having a critical role to play in the economic diversification effort as envisaged in the government ’ s 2020 vision. sme development is currently being implemented across a very broad front by the government, as well as by private - sector organizations. initial steps have been introduced to use the education system to encourage an entrepreneurial culture – the idea that starting a business is a viable career option. the government has established institutions to provide technical support, including training and advice as well as direct financial assistance to smes, fiscal incentives have been provided for sme development ( though, perhaps this is not sufficiently known ) and some private financial institutions have opened small business windows to service the sector
governance now management for inviting me to this event and providing me an opportunity to share my thoughts with this intelligent audience. thanks! bis central bankers ’ speeches

s s mundra : banking sector reforms – a journey, not a destination special address by mr s s mundra, deputy governor of the reserve bank of india, at the india banking reforms conclave 2016, organized by governance now, mumbai, 24 august 2016. * * * dignitaries on the dais ; colleagues from the banking and financial sector ; members of the print and electronic media ; ladies and gentlemen! at the outset i thank the management of the governance now, one of the country ’ s leading publications shaping the public opinion on governance and public policy, for inviting me to deliver the inaugural address at this india banking reforms conclave 2016. i feel this conclave comes at a very important juncture for the economy and more particularly, for the banking sector. the title of my speech today is “ banking sector reforms : a journey, not a destination. ” why do i say so? it would be relevant here to peep into some history. though some of the issues cut across the banking industry, the emphasis here is predominantly on public sector banks ( psbs ). psbs came into existence with nationalization in the year 1969 / 1980. how was the banking scenario in the next couple of decades? • highly regulated credit flow ( selective credit control, credit authorization scheme, no consumption credit & so on ) • militant unionized atmosphere - resistance to technology • stiff branch authorization norms, loan melas, opaque income recognition & asset classification ( irac ) norms …. just to name a few. post - reform years ( after 1991 ) saw several far - reaching reforms in banking industry also. a few of these include : • deregulation of credit processes and interest rate structures • introduction of prudential irac norms • licensing of banks in the private sector / part divestment in psbs • migration to cbs • vrs ( year 2001 ) • gradual reduction in pre - emptions resultantly by the year 2008, banks ’ balance sheets were much stronger / growth was strong / npas had come down from the peak of around 12 % to slightly over 2 % then two developments took place : • global financial crisis • introduction of ppp model in infrastructure building banks were enthusiastic, rather major partners, in this newly opened field supported by accommodative fiscal and easy monetary policies. however, the process got plagued by : • weak governance, lax underwriting, high corporate leverage, several policy logjams • resultant consequences are well known bis central bankers ’ speeches