samchain/econo-pairs-v2 huggingface dataset:
these forces. that ’ s my second point. canada ’ s priority as g7 host is to find ways to embrace technological progress while handling the challenges of digitalization and automation. adequate income and equality of opportunity are critical to handling the challenges of the digital economy. adequate financial incentives to innovate and take ideas to market are critical to embracing technological progress. trade - offs need to be made between these two objectives, and there are different views about what “ adequate ” means in practice. it is the job of governments to make these important choices, not central banks. in any case, central bankers do not have the mandate or the tools to directly influence the pace of technological progress or the distribution of income. we do have a stake in supporting strong and sustainable growth, and that is why we play an important advisory role and help shed light on some of the trade - offs at play. there are many policy areas to consider. let me talk about a couple that i think should be priorities : developing skilled workers through inclusion, and keeping market power in check. developing a skilled workforce developing a skilled workforce is about education, training and continuous learning. it ’ s also about reducing the barriers to participation in the workforce. we know that the fields of science, technology, engineering and mathematics ( stem ) are an important part of the equation. businesses in canada tell us that it is increasingly difficult to find the right people in these areas, and i imagine this is the case globally. the obvious implication is that we need to find better ways to make these fields of study more accessible and interesting to students, starting at an early age. improving our track record in terms of gender balance would add to the pool of stem skills, but this will require some new ideas. 13 we also know that on - the - job training and reskilling will become even more important because of the accelerating pace of change. even a recent graduate may not have the exact skills needed to be a perfect match for the job. an increasing number of mid - career employees may find that their skills have become obsolete and that retraining is needed. as governor stephen s. poloz mentioned recently, we will need more engagement from businesses to tackle this issue. they are best placed to know their own people and their own business needs in real time. 14 the question is, how can public policy and academic institutions encourage and complement any new efforts by businesses? each of our countries has interesting approaches to build on. germany ’ s apprenticeship program

be considering these questions as we prepare for our next interest rate announcement on 5 september.
welcome address ignazio visco governor of the bank of italy bank of italy / cepr / eief conference on “ ownership, governance, management and firm performance ” online event, 21 - 22 december 2020 • it is my pleasure to open this conference on “ ownership, governance, management and firm performance ” organised by the bank of italy together with the centre for economic policy research and the einaudi institute for economics and finance. this conference bears witness to the bank of italy ’ s interest in productivity, the main force behind aggregate economic growth and welfare improvements. • the slowdown of labour productivity observed since the financial crisis of 2008 - 09 clearly has a global dimension. many, possibly complementary, explanations of this phenomenon have been advanced. demographic developments and the evolution of technical change are certainly crucial determinants of the trends in capital intensity and total factor productivity. on the demand side, the imbalances between saving and investment propensities fuelled by financial instability and protracted uncertainty are often mentioned as culprits of the possible entry into a secular stagnation mode. • against the background provided by the most likely reasons behind this sluggish trend, the policy debate has focused on the identification of possible remedies to contrast it. increasing and improving physical infrastructures, investing in knowledge and skills development, favouring innovation through the adoption of new technologies and supporting the reallocation of resources between firms and sectors are all triggers than can help to revitalise our economies. and even if the choice of whether and how to become more efficient is ultimately made at the firm level, there is no question that the public sector plays a key role in creating an adequate environment for “ doing business ”. • however, we are realising more and more that the evolution of total factor productivity depends on how production is organised, how technology is adopted, and how different skills are dynamically combined. therefore, corporate governance and management functions are key ingredients of the production process. it is not surprising that much more attention has recently been devoted to their role in determining firm performance and, eventually, contributing to economic growth. in this respect some of the issues discussed in this conference seem to me to be especially important : – ownership and governance shape attitudes toward risk, affecting the propensity to invest and innovate as well as access to external finance, with significant effects on firm size. they also define the “ incentive scheme ” under which economic agents operate within firms. indeed, one research topic

thanking all participants for their very valuable contribution in promoting financial education. i particularly wish to thank mr boucher, it is a great honour, richard, to have you here at the bank of italy. thank you, for letting us host this important symposium.
jean - claude trichet : interview with folha interview with mr jean - claude trichet, president of the european central bank, conducted by denyse godoy and clovis rossi, folha, sao paulo, 8 november 2008. * * * folha – it is a ( paradigm ) dogma that central banks should only pay attention to inflation and not to other points of the economy like jobs or consumer spending. you have indicated that you are, now, more concerned about growth than about inflation. in times of a severe crisis like these in which we are, isn ’ t that dogma correct anymore? jean - claude trichet – i didn ’ t say that. we are not changing the way we look at our monetary policy strategy. we consider that our primary mandate has been – it is today and will be tomorrow – to deliver price stability in the medium term. this is the mandate that we were asked to fulfil by the treaty of maastricht. in this perspective, we decided to decrease interest rates by 100 basis points in less than one month because we have observed a significant alleviation of inflationary pressures. we also took into account that we had regained control of medium term inflation expectations. that being said, i profoundly trust that by delivering price stability, we are contributing to sustainable growth, job creation and fostering financial stability. by being credible in delivering price stability over time, and by solidly anchoring inflation expectations, we are fostering, in very difficult times, the confidence of households. our fellow citizens have to be reassured on the fact that their purchasing power will be preserved in the period to come. it is also very important for sustainable growth that all economic agents take appropriate decisions because they can rely on the credible delivery of price stability. a solid anchoring of inflation expectations also allows to have medium and long term market interest rates more favourable to growth and less volatile, which is essential in an episode of financial turbulences. as regards these turbulences, we have been one of the first central banks in the world to react immediately, on august 9th, 2007, when we had the first tensions on the money markets. we decided to provide liquidity in order to put the market in a situation where it would function as normal as possible under the circumstances. but it is important to note that we apply a separation principle between our monetary policy stance, which is designed to deliver price stability in the medium term, and the implementation of this

. we have to improve very significantly risk management in all pertinent institutions. and last but not least, we have to introduce much more discipline in the macroeconomic policies, and that of course goes for fiscal policies, but also for appropriate discipline to prevent excessive domestic and external imbalances.
but the authorities also need to be able to apply regulations and tools more forcefully than previously. thank you!

was not supported by stronger economic growth, or falling unemployment rates that were due mainly to declining participation in the labor market, would not likely meet my test. therefore, to gauge how substantial the improvement in the outlook for the labor market is, i will be looking at a range of indicators, including the unemployment rate, payrolls, the participation rate, the employment to population ratio and job finding rates, as well as the growth momentum within the economy. as we approach year - end, the maturity extension program in which we are increasing our holdings of long - dated treasuries will be coming to an end. i ’ ll be taking stock on how we are doing with respect to our employment and inflation goals and whether it will be appropriate to continue purchasing longer - dated treasuries when that program concludes. i think that this will depend on whether we have seen a substantial improvement in the labor market outlook bis central bankers ’ speeches in the interim and any further evidence about the costs and benefits of continuing such purchases. in terms of our monetary policy regime, the fomc statement noted that the committee expects to maintain a highly accommodative stance of monetary policy “ for a considerable time after the economic recovery strengthens. ” this is important because in situations such as the one we find ourselves in today, when monetary policy is somewhat constrained because we cannot lower the federal funds rate below zero, one of the most powerful things a central bank can do is to provide guidance as to how it will behave in the future. in this respect, i am pleased that we have drawn a sharper distinction between what we expect the economy to look like in a few years time and how we expect to set policy based on that outlook. in particular, when the committee extended the period for which it anticipates keeping the federal funds rate at exceptionally low levels – which i interpret to mean the current range of zero to 25 basis points – to “ at least through mid - 2015, ” i don ’ t think this was due to greater pessimism about the economic outlook. in fact, when you look at the september summary of economic projections of the committee members – the medium - term growth outlook was upgraded a bit relative to prior july projections. in my judgment, combining the statement and our projections, the proper inference is that we were acting to secure a better outcome – more rapid progress toward full employment and price stability. conclusion to sum up, too many people remain without the jobs that they need
of nic bank. thank you and god bless you all.

has continued to decline. the vix index, which measures implied volatility on the us stock market, and which is based on option prices, is virtually back down to the level last seen prior to the outbreak of the financial crisis in 2007. a very similar picture emerges from implied volatilities on the foreign currency and bond markets. the low volatilities are due to comparatively low demand for options to hedge price movements. this suggests that market participants ’ misgivings about prevailing uncertainties have dissipated somewhat, which is likely not least of all a consequence of monetary policy measures by major central banks. in addition, some investors appear to expect that central banks will continue to pursue expansionary monetary policies for the foreseeable future, with low interest rates and an ample supply of liquidity. in switzerland, interest rates remain at a very low level. the yield on ten - year swiss confederation bonds declined to a new low at the beginning of december, at 0. 39 %. no other government has ever recorded nominal ten - year financing costs at such a low level. bis central bankers ’ speeches money market rates also continue to be very low. interest rates on the repo market are predominantly negative. at 1 basis point, the three - month libor lies only just above zero. based on libor futures contracts, the interest rate expectations of market participants are that the low rate environment will continue for the foreseeable future. management of foreign currency investments our foreign currency purchases in early summer to enforce the minimum exchange rate have resulted in high inflows to the snb ’ s foreign currency holdings. these holdings have increased by chf 167 billion since the beginning of the year to chf 425 billion at the end of november. this is a direct consequence of our monetary policy. in the event that foreign currency purchases are necessary to implement the minimum exchange rate, our foreign currency reserves increase, and the balance sheet expands. monetary policy requirements also have highest priority when it comes to managing the foreign currency reserves. this is reflected, on the one hand, in the conditions on which we base our investment decisions, namely security, liquidity and performance. on the other hand, the primacy of monetary policy is also evident in the way we implement our investment policy. we proceed here with great caution to avoid causing distortions in the markets. we take account of the security and liquidity requirements for foreign currency investments by ensuring that a substantial part of our portfolio comprises high - quality government bonds
its 10 - year target yield close to 0. 00 %. it also announced that it would extend this policy on a long - term basis due to low inflation, so there is no monetary tightening in sight. however, in order to pursue this exceptional policy, the boj has decided to grant increased flexibility for the 10 - year yield compared to target. last but not least, the people ’ s bank of china ( pboc ), continues its accommodative monetary policy expanding the liquidity offered to the banking system in 2019 by strengthening the measures put in place in 2018. furthermore, earlier this month, pboc decreased by 100 basis points in its reserve requirement rate, bringing it to 13. 5 % for big banks. one last comment for global monetary policy outlook. the lack of significant monetary tightening in large advanced economies in 2019 does not mean that liquidity will return, since global liquidity will tighten, as central banks continue in their normalisation process. 3. other risks 3. 1 the us $ 247 trillion global debt mountain another alarming feature for the global growth outlook is the global debt levels which have reached new records both in dollar terms and in relation to gdp. total global debt owed by households, governments, non - financial corporates and the financial sector - reached 318 % of gross domestic product, while excluding the debt of financial companies like banks, total gross world public and private debt reached a record 246 % of gdp exceeding the previous record of 213 % in 2009 ( see figure 4 ). figure 4 debt rises across the globe a higher proportion of the debt has accumulated in china and other emerging markets. indeed, china ’ s total non - financial debt has risen over the past 10 years from 141 % of gdp in 2008 to 261 % in the first quarter of 2018. it has risen above the ranks of other emerging markets to exceed that of the us and match the eurozone ’ s. moreover, china ’ s household debt hit a record high at almost 50 % of gdp in the march quarter of 2018, according to the bis ( see figure 5 ). figure 5 china ’ s household debt run - up elsewhere, japan and the us account for more than half of that global debt, while in the euro area, government debt remains at very high levels, around 85 %. finally, public debt in the emerging markets has increased by 11 % of gdp over the past five years, reaching 51 % in 2018, approaching levels last seen during the 1980s debt

the study ’ s cost - benefit analysis are made in euro terms. before giving the floor to the other speakers, i would like to express my deepest gratitude to all of the distinguished scientists who took part actively in such an ambitious joint effort, without remuneration but out of sheer dedication to this important project which they were called upon to carry out. bis central bankers ’ speeches
with its history, but also one imbued with cultural and economic vigour, and with its eyes set firmly on the future. i think it would be hard to find a city, and indeed a country, more suited to being the de facto capital of the euro area for this week. 2 / 2 bis - central bankers'speeches

##tailed – took an exceptionally heavy toll. from 2008 to 2016, greece's gdp shrank by more than a quarter. the unemployment rate surged by 20 percentage points at its peak. and just as the economy was recovering and the reforms were bearing fruit, disaster struck again. the pandemic brought travel and tourism to a standstill, and greece's economy contracted by a further 9 % in 2020. throughout this period, greece has also been at the forefront of the global challenges facing europe. the climate crisis has been ever - present, as was demonstrated tragically this summer. and greece has also borne the brunt of the various migration crises that have hit europe. yet, despite this succession of setbacks, the country's resilience has been remarkable. thanks to the hard work that has been done to make the economy more flexible, greece has made an impressive comeback from the pandemic. real gdp per capita is now almost 10 % above its pre - pandemic level – a much stronger performance than the euro area as a whole. the unemployment rate has also declined steeply, and was 10. 9 % in august, the lowest level since the end of 2009. and with a stronger economy, the country has been able to work further through its debt challenge. greece's public debt - to - gdp ratio has dropped 35 percentage points from its peak of 206 % in 2020, one of the fastest falls in the world. two rating agencies recently upgraded greek government bonds to investment grade status. but it is not only the economy that has been resilient – it is also the greek people. there were times when they could have chosen a different path. yet they have remained committed to being at the heart of europe, even in the hardest of times. in fact, greek support for the common currency has risen 16 percentage points over the past decade, with more than three - quarters of the public now in favour. and greece has seen a 19 percentage point surge in favourable views of the eu over that period. this example can serve as an inspiration for all of us as we contend with a more volatile world and the many challenges it brings. it is an example of resilience in the face of great challenges. and it is an example of the importance of being part of something bigger – our shared european destiny. as we stand here in the heart of athens, we see the best of what europe can be – a place steeped in the past, alive
, adopting complex decisions on how to measure certain exposures ( such as repos and derivatives ) and the extent to which these exposures should be netted or not for the purposes of calculating the ratio denominator. and all this must be done bearing in mind the existence of various approaches in the different jurisdictions linked largely to the heterogeneity of the accounting frameworks in place. the definition proposed by the basel committee is a pragmatic approach to the problem that should provide for the application of a similar methodology for the calculation of the leverage ratio worldwide. in any event, the final calibration of the minimum ratio should be completed in 2017, with a view to its definitive inclusion in the solvency rules in 2018. this calibration will define the interrelatedness of the ratio to the other solvency measures and, specifically, the conditions under which it will act as a binding constraint. we are still, therefore, at the analysis and calibration phase. next year, banks will be required to publish the ratio as a transparency measure, which will be conducive to the final design of the new regulatory requirement attaining a sufficient degree of consistency and homogeneity. evidently, the introduction of new prudential control measures entails an additional effort for banks, at a time when the sluggishness of economic activity is exerting significant pressure on their margins. undoubtedly, however, adopting these measures while observing a prudent implementation calendar will have an appreciably positive effect on the industry ’ s soundness and resilience and, consequently, on the economy as a whole. banking union that said, as experience categorically shows, the harmonisation of solvency rules is not a sufficient guarantee to ensure homogenous control of the financial position of banks located in different jurisdictions. as important as having similar rules is the application of a common supervisory approach. and the homogeneity of the prudential control exerted over financial institutions is particularly important in economic areas that share an integrated banking market and a common currency. hence the importance for europe of setting up a single supervisory mechanism. bis central bankers ’ speeches this mechanism, as the first piece of the banking union project, is essential for contributing to doing away fully with the financial fragmentation that threatened the continuity of the euro and to deactivating the vicious feedback loop between banking and sovereign risk, which caused so much harm to economies such as spain in terms of greater funding

. bis central bankers ’ speeches