samchain/econo-pairs-v2 huggingface dataset:
mergers. including the operations that are currently being organized, the share of the banking system ’ s assets in the hands of banks of which the state, local authorities or foundations own the majority of the capital will shortly fall to 20 per cent, as against 70 per cent ten years ago. bnl is about to be privatized. the monte dei paschi di siena foundation, the only one that still owns all the capital of a major bank, has recently decided to place some of its capital in the market and to seek a stock exchange listing. the prospect of contestability opened up by bank privatizations has been strengthened by the changes to the legal framework introduced by the consolidated law on financial markets, which came into force in july of this year. the new rules serve to increase the disclosure of information, enhance the efficiency of the financial markets and the contestability of control — in the case of listed companies partly through the revision of the provisions governing takeovers. there are 25 commercial banks listed on the stock exchange ; they account, directly and indirectly via listed and unlisted subsidiaries, for 50 per cent of the banking system ’ s total assets. in addition, there are 10 cooperative banks listed on the stock exchange, accounting for 10 per cent of total assets, and another 7 banks are listed on the ristretto market. although the community authorities recognize the specific features of the banking sector, their application of article 92 of the treaty to banks tends to be rigorous. the authorization of state aid to some large european banks has been made conditional on their disposing of assets, parts of the business and equity interests. the fact that bankers will be able to count less on public support means they will have to adopt even more stringent criteria of autonomous, sound and prudent management. the number of banks in distress that have been consolidated ( by means of mergers, amalgamations and takeovers ) or placed under special administration or in liquidation has increased in the nineties, in both absolute and relative terms. the ratio of the number of such banks to the total number rose from 1. 5 per cent in 1990 to an average of 4. 3 per cent in 1996 and 1997 ; the ratio of their assets to the total assets of the banking system rose from 0. 2 per cent to nearly 6 per cent. the increase in the number of such interventions with respect to troubled banks has been partly due to the increased emphasis on the preventive nature of supervisory action. since the action is taken when

are acceptable. to sum up, open finance frameworks offer tangible opportunities for people who have difficulty in accessing financial services, but we need to calibrate them carefully to make sure that open finance will be a force for good. thank you. 2 / 2 bis - central bankers'speeches
remained high. the real krone exchange rate measured by relative labour costs is strong. historically, the real krone exchange rate has tended to return to an average, measured over a longer period. should this occur in today ’ s situation, through a depreciation of the nominal krone exchange rate, inflation will pick up somewhat faster than projected. if the krone appreciates, on the other hand, there is a greater risk that inflation will not move up as quickly as projected. the norwegian economy is growing at a solid pace, and capacity utilisation is rising. an interest rate that is kept at the current level for a long period might lead to a situation where capacity utilisation becomes too high further ahead. bottlenecks may arise in some sectors of the economy, and the sharp rise in property prices and borrowing may persist for a longer period. this could be a source of instability in demand, output and inflation in the somewhat longer run. this implies, in isolation, a higher interest rate. at the same time, the current rate of inflation is low, and there are prospects of low inflation for a period ahead. the objective of bringing inflation back to the target of 2½ per cent and anchoring inflation expectations imply a continued expansionary monetary policy. the monetary policy assessments presented by norges bank in march indicated that the interest rate will rise after a period and at a gradual pace. economic developments since then have been broadly in line with expectations. international key rates are rising, albeit slowly and from a low level. although a gradual rise in the interest rate seems to provide a good balance between the different objectives, the executive board concluded that it is too early to increase the interest rate at this monetary policy meeting. the executive board decided yesterday, 20 april, to leave the interest rate unchanged at 1. 75 per cent. the executive board weighed the objective of bringing inflation back to target and stable inflation expectations against the risk that output growth may eventually be too high.

global economic recession.
mervyn king : monetary policy developments speech by mr mervyn king, governor of the bank of england, at the lord mayor ’ s banquet for bankers and merchants of the city of london at the mansion house, london, 18 june 2008. * * * my lord mayor, mr chancellor, my lords, ministers, aldermen, mr recorder, sheriffs, ladies and gentlemen : can it really be only a year since we last met in this magnificent room? with the financial crisis continuing, i was tempted to deliver last year ’ s speech again. but that would not allow me to welcome the chancellor to his first mansion house dinner as chancellor. after the past – difficult – year, could i say, chancellor, how much we at the bank have appreciated the patience and good humour with which you have handled the “ slings and arrows of outrageous fortune ”. over that year, the west wind of a credit crunch emanating from the united states and the east wind of higher energy and food prices resulting from the strength of asian economies have been stirring up the waters through which our economic ship must pass. these two challenges of rising inflation and falling economic growth have led to a crop of doom - laden predictions best captured by my less well - known addition to the well - known words of robert frost : some say the world will end in fire, some say in ice. but whichever it is it won ’ t be nice. that “ non - inflationary consistently expansionary ” decade, as i described it in 2003, has drawn to a close. yesterday we learnt that inflation in may rose to 3. 3 %. in line with our remit, i sent an open letter to the chancellor. as i said in my letter, inflation is set to increase further over the next few months. oil prices have doubled since the beginning of last year, and, in real terms, are now as high as they were in the 1970s. and further sharp increases in domestic gas and electricity prices are probably on their way. so what should the monetary policy committee do in the face of this rise in inflation? the immediate cause of the current pickup in inflation is increases in food and energy prices relative to other prices. they are caused by the pressure of demand on the supply of food and energy in the world as a whole. part of that pressure may well reflect expansionary monetary policy in the world as a whole. but the rise in commodity prices cannot, by itself, generate sustained inflation in the united kingdom

you have extended to us all this evening. so i invite you all to rise and join me in the traditional toast of good health and prosperity to " the lord mayor and the lady mayoress, david and theresa lewis ".
. to address them, it is essential that banks continue to make efficiency gains, by cutting costs and making intensive more use of new technologies. to afford the european banking sector a greater chance of success in adapting to the longterm challenges, it would be highly desirable for the european union to fully adopt the basel iii accord, complete the banking union and further develop the capital markets union. this would enable the european banking sector to explore the synergies and benefits of diversification associated with potential consolidation processes at continental level. thank you.

are not immune to biases and seemingly irrational decision making, and that their traits and life experiences are priced by the markets2. even more relevant are behavioral traits in household finance decisions. actual investment and consumption decisions that are based on mental accounting3, present bias4 and reference point consumption5, have been recurrently mentioned as possible explanations for “ non - traditional ” agents ’ behavior that is found in the data. we at the bank of italy and ivass ( the italian regulation and supervision authority for insurance ), in our consumer protection activity, consider now attentively the insight of behavioral economics. years ago we were relying mainly on transparency requirements. but full disclosure, while responding to information asymmetry, was not addressing behavioral bias. in the real world consumers have behavioral weakness and difficulty in processing a vast amount of information. on top of that, households ’ financial see for example schoar, a. and l. zuo, ( 2016 ), " does the market value ceo styles? ", american economic review, 106 ( 5 ), and malmendier u., ( 2018 ), “ behavioral corporate finance ”, in bernheim d., s. dellavigna and d. laibson, eds. see thaler, r. h., ( 1985 ), “ mental accounting and consumer choice ”, marketing science, 4 ( 3 ), and the descending literature. for example, laibson, d., ( 1997 ), “ golden eggs and hyperbolic discounting ”, quarterly journal of economics, 112 ( 2 ). see koszegi, b. and m. rabin, ( 2009 ), “ reference - dependent consumption plans ”, american economic review, 99 ( 3 ). decisions are taken so rarely that in fact seldom people learn from their direct experience. therefore our policy approach has been re - oriented, in both regulation and enforcement. formal compliance has given way to a more substantial approach, requesting producers to be fair in their relations to customers. we have also promoted the creation of alternative dispute resolution procedures, simple, rapid and effective. arbitro bancario e finanziario has been a success : last year over 30. 000 complaints were received ; the analogous entity for insurance, arbitro assicurativo, will be established presumably in the early 2020. however, financial regulation and good supervision could be not enough if consumers do not really understand their financial needs and cannot operate properly their rights :
regulatory trends. lastly, and before giving way to the panellists, the true protagonists of this debate, i would mention the importance of international coordination and cooperation. many of the challenges surrounding financial inclusion and the use of new technologies are common to all countries. this is why the role of organisations such as the imf, with the bali declaration, and the alliance for financial inclusion, with the maya declaration, is pivotal to boosting the use of new technologies in this field. we should also not forget the role that global companies such as the bigtech can play. indeed, financial inclusion is one of the essential elements highlighted by facebook in its proposal for a global means of payment, its socalled libra. in view of such initiatives, with a worldwide and immediate scope, you will agree with me that international coordination is not an option but an obligation. 3 / 3

to mind the debate between the efficient market hypothesis proponents and the advocates of behavioral finance. to believers of efficient markets, the price contains all relevant information to make a decision and market forces will trade away arbitrage opportunities. believers of behavioral finance, on the other hand, look at a trader ’ s psychology and how he values “ prospects ” and “ gambles ” as the drivers of prices. to its supporters, behavioral finance explains market overshooting, over / under - reaction and loss aversion. well, the jury is still in out on this debate … but whether you believe in one school of thought or the other, one thing is clear – to be able to maximize your treasury potential, you need information … correct and timely information. i hope that by having distilled our current market environment into three risks, four lessons and three policy guideposts, i have moved this discussion further to help you optimize your potential. as i close, let me point out that your chosen theme is not limited to parochial bottom - line optimization. your theme calls for “ excellence ”. to me, that is a call for you to be responsible stakeholders. if you are on the sell - side, sufficient disclosure and transparency are central in your dealings. if you are on the buy - side, bounded risk taking is relevant in your investments. as you perform your jobs, i hope you appreciate that you are an invaluable partner of the bsp in transmitting the impact of our policies to the real economy …. i hope also that you bear in mind that as participants in the financial market, you have a responsibility to the broader community that you are in … finally, i trust that you will remember that your reason for being is to finance activities in the real sector. on that note, let me once again thank the organizers of this conference and wish all of you a productive and rewarding afternoon. good day to all! bis central bankers ’ speeches
the policy rate may be lowered earlier than previously envisaged. it is important that we go the last mile of disinflation. doing our job of ensuring that inflation returns to the 2 percent target is critical to maintaining the credibility of the inflation target. by doing so, we will be able to reap the benefits of our efforts. 4 / 4 bis - central bankers'speeches

the “ art ” of central banking has evolved and to draw some lessons for a framework that can serve us well in the future. having, and communicating to the public, a well - defined framework, as opposed to what ben bernanke called the marcel marceau communication strategy – that is : watch what i do, not what i say – is particularly helpful whenever one sails into uncharted waters, i. e., when the public does not have enough examples of the central bank ’ s past behaviour and hence the information vacuum looms unusually large. a review of central banks ’ monetary policy strategies could serve this purpose ; many central banks are currently involved in doing precisely that. i am sure that this workshop will provide important insights on all these issues. among the many ways in which the term “ new normal ” may be analysed, i am happy to see that today ’ s papers tackle three questions that are of the utmost relevance in my view. the first concerns the optimal inflation target in a low rates environment. i am sure that the keynote speech by professor gali as well as the papers that will be presented in the opening session will help us deepen our understanding of the implications of a low interest rates and low inflation environment for monetary policy. a second issue is about the strategies that central banks should follow : should bygones be bygones? or should policymakers seek instead to undo past deviations of inflation from the target, adopting what are known as “ make - up ” strategies? this is one of the most momentous questions that is being discussed within the broad ongoing review of the monetary policy strategy by the federal reserve. i am delighted to have with us, as keynote speaker, paolo pesenti from the federal reserve bank of new york, and i am eager to hear his insight on these questions. the final issue is the new tools used after the outbreak of the global financial and sovereign debt crises. how do they influence the real economy? are there limits to their effectiveness? although the literature is flourishing with studies on unconventional monetary policies, little is known about the transmission mechanism of these tools to the economy. the papers that will be presented in this afternoon ’ s session will shed further light on these issues. let me conclude by saying that the new normal is already with us : returning to the pre - crisis status quo is not only unlikely, it is probably unfeasible. to deal successfully with this new normal, central banks must keep developing analytical tools
settlement service ( tips ). 7 but we know that the private sector, by contrast, has made far less progress on this front. 1 / 2 bis central bankers'speeches the next step is for payment service providers to offer instant payments at attractive and transparent conditions. this means that prices should be neither excessive nor hidden to consumers. while the cost for service providers of using tips is 0. 20 eurocent ( €0. 002 ) per instant payment transaction, instant payments are sometimes offered to consumers for €1 per transaction. this must change. for instant payments to become the new normal, they must be cheap and easy to use. we would also like to see providers make instant payments available on all commonly used electronic channels and offer much - desired functionalities such as requestto - pay. for everyone, everywhere our strategy goes further. payments that cross the eu border must become cheaper, easier and faster. we thus contribute to the international work on cross - border payments, and we are exploring with sveriges riksbank how tips could support cross - currency instant payment transactions. to promote innovation and digitalisation, we are also investigating the opportunities of paneuropean electronic identities and electronic signatures for retail payments. finally, the strategy encompasses work on the environmental sustainability of payments and on access to payments for all citizens. we are also preparing for the future through our work on a possible digital euro. a digital euro would provide europeans cost - free access to a safe form of digital money which respects privacy and has legal tender status, ensuring it can be used everywhere. work is ongoing in cooperation between the ecb and the national central banks, including suomen pankii – finlands bank. let me conclude. the eurosystem and the european commission have outlined a clear vision of the future of retail payments8 in europe. digital, european, instant, for everyone, everywhere. together, we can make it happen. 1 ecb ( 2019 ), “ implications of digitalisation in retail payments for the eurosystem ’ s catalyst role ”, july. 2 ecb ( 2021 ), “ the eurosystem ’ s retail payments strategy ”, april. 3 ecb ( 2020 ), “ study on the payment attitudes of consumers in the euro area ( space ) ”, december. 4 for example, the share of card payments with international card schemes rose from 53 % to 69 % of total card payment transactions in the eu between 2009 and 2018 ( source : ecb )

. 5 poi, physical point of sale and mobile and e - commerce. 6 ecb ( 2020 ), “ ecb welcomes initiative to launch new european payment solution ”, press release, 2 july. 7 ecb ( 2020 ), “ ecb takes steps to ensure pan - european reach of instant payments ”, press release, 24 july. 8 ecb ( 2020 ), “ ecb welcomes initiative to launch new european payment solution ”, press release, 2 july. 2 / 2 bis central bankers'speeches
indeed, stable money, low and predictable inflation, and fiscal responsibility are probably the most essential public goods governments and central banks can provide over a short term to support innovation. it is equally well known that market - based access to finance enables to quickly mobilise necessary funds for innovation. single financial market supported by common infrastructure plays an essential role in increasing the competitiveness of the european union. ladies and gentlemen, let me once more welcome you to tallinn. i wish you a successful and thought provoking conference.

the new opportunities? how successful can we be in innovating and in applying that innovation now that artificial intelligence is rapidly being introduced more widely? in conclusion, the shocks of the past few years from the covid - 19 pandemic to russia's full - scale invasion of ukraine, together with the direct and indirect impacts of those shocks and the policy decisions taken to deal with them, have changed the economic climate in estonia and throughout the world. today we have the chance to discuss what the factors will be that lead to success in this changed and changing environment. to ask how estonian businesses and the estonian economy as a whole can remain competitive, as this is the key to increasing prosperity for all of us. to consider where we will need to adapt and what we can do better or differently ourselves in our own country. i for one am very interested to hear the debate that we shall have today about all of this. 6 / 6 bis - central bankers'speeches
. i, once again, thank the director of imf africa training institute for hosting the conference. thank you. 3 / 3 bis central bankers'speeches

characteristic feature of the hub was free banking. there was no regulatory authority and therefore no licensing authority. banks used to issue their own paper currencies. and, of course, banks used to collapse quite often. the seed of frequent bank failures resided mostly in the recklessness with which banks issued their respective banknotes. the authority ’ s anxiety with regard to the sustenance of confidence and stability in the then monetary system had led to the setting up of the board of commissioners of currency in 1864, the first in the world. by the end 1 / 3 bis central bankers'speeches of the l9th century the hub had lost its significance. rivalries between bankers had led to the establishment, in 1838, of what is today the largest domestic bank in mauritius. two british banks having large cross - border banking activities the world over have been present in mauritius for more than a century. soon after world war ii, it was realized that our financial system needed to be regulated. licensing of banks was introduced. to prevent banks from collapsing due to stresses and strains caused by massive repatriation of funds, exchange control was introduced in 1951. ever since the establishment of the board of commissioners of currency a running thread of preoccupying concern has been the soundness and stability of our financial system. regulation and supervision of banks started formally in the very early 1970s. of the 8 banks then in operation, 5 were branches of international banks. a mix of home - host country regulations guided their operations. in the first half of the 1980s, we initiated steps to gradually liberalize our financial sector. in 1989, we established the offshore banking centre. two types of banking licenses were issued, one for banks carrying out exclusively offshore banking business and the other for banks carrying out domestic banking business. by july 1994, with the suspension of our exchange control act, the gradual liberalization of the financial sector was completed. the heightened pace of globalization and financial integration posed serious challenges for the banks operating in mauritius and for us as regulator. admittedly, like other regulators in many jurisdictions we were not prepared for the challenges. subsequently, banks operating in the offshore sector were brought within the purview of more or less the same regulatory and supervisory norms as those applicable to domestic banks. the dual - licensing regime was done away with. one of the most meaningful developments, yet unrecognized, in the mauritian economy over the last 27 years has been the introduction in 2004 of a single license regime for