samchain/econo-pairs-v2 huggingface dataset:
how to transform yourselves and the world around you, i would like to offer you a few lessons. even if you just remember one of these, it may be enough, but it may help if you took some notes and pulled them out every so often for reference. the first is one that you may have come across. warren buffett is an american investor, who many of you may have heard of. the companies in his investment portfolio currently employ hundreds of thousands of people, and buffett has been investing since the 1950s, so he has employed millions more. in other words, he knows exactly what it takes to hire a good employee. here is what he says : we look for three things when we hire people. we look for intelligence, we look for initiative or energy, and we look for integrity. and if they don't have the latter, the first two will kill you. his point was that, all too often, potential employers and employees get overly excited about their grades out of university. employers become enthusiastic about the skills that potential employees bring to the organisation. what they forget, and what buffett ’ s point is, is that skills, intelligence and initiative are good for accomplishing tasks. however, when the people you hire do not have integrity, they can actually use their proficiency to bring down the organisation. what is often forgotten is the last part of buffett ’ s quote : if you are going to get someone without integrity, you want them lazy and dumb. in other words, without integrity, you would rather not have – or be – an employee with skills and energy. i would like to go back briefly to the issue of technology, but approaching it from a different perspective. we have agreed that some of you will be closely involved in the development of the technologies of the future, and the applications riding on that technology. even today, i receive multiple developers in my office, who would like to showcase their fintech innovations. frankly, some of them are nowhere near ready for the market, and are nothing better than class projects. but that is not the point. the bigger point is that we are right to be excited to be at the forefront of innovation. but i believe that the bigger task in the coming years and decades, and where considerable work is required, is in the developing of the ethics of technology. it is not enough to add more bells and whistles to a mobile phone application. it is not enough to write code for the internet of things

you. say what you are going to do, and then do it. do not wait to be pushed. do not make a promise you do not intend to, or cannot keep. go forth! don ’ t build your career, go live life and be all you can be! thank you!
? will the eu find a lasting solution to the sovereign debt problem of its periphery? or will the yuan or renminbi, or why not the rand and others, emerge as quasi - reserve currencies? to sum up, what i have tried to do in this wide - ranging talk is to reassure you, ceo ’ s and operators at the cutting edge of business, that your regulators are very much on the job and fully - engaged. unlike some of our counterparts in the us or the uk, we can hardly be accused of sleeping at the wheel. we are trying to anticipate problems that may lie ahead. we are trying to ensure that you get a good deal, and – more than that – that our population, and not just business, gets a good deal! they deserve no less! and i believe i deserve a real breakfast, now! bis central bankers ’ speeches

##s project itself started in 2005 under mr b r gujadhur, then first deputy governor of the bank. the banking community has been closely associated with the project right from day one. in 2007, there was an exploratory mission to hong kong and singapore, which was headed by the present first deputy governor of the bank. the ceo of mba also formed part of the delegation as did banking industry representatives. unfortunately, we ran into some administrative hurdles on the way, and the project found itself delayed considerably. the cts, which we are preparing to launch, is only the initial phase. in fact, more advanced systems of cheque truncation cater for image capture directly at points of sale ( pos ) and atm ’ s – as is the case in india for example. as we implement other stages of the cts, bank customers will not have to go to their banks ; truncation will be done at the pos. we are also launching the bulk clearing system ( bcs ) which is a missing block in the mauritian payment system. the bcs will cater for high - volume, low - value transactions such as salary payments, standing orders and direct debits. in the next phase, we envisage the implementation of a national switch to cater for card and pos transactions. the need for the cts the cheque is currently the most visible and most widely - used instrument of payment in mauritius. currently it represents around 20 per cent of all non - cash transactions. in spite of several modes of electronic payment that banks have put at the disposal of their clients, an average of 21, 000 cheques pass through the plach each day, for an amount of almost a billion rupees – representing 20 per cent of total macss transactions. if we take into account the number of intra - bank cheques, the daily volume of cheques approximate 50, 000 for a value exceeding 2. 6 billion rupees. these are serious numbers! over the past five years, the volume of cheques handled by the plach has remained in the range of 5. 2 million to 5. 4 million annually, with the aggregate value constantly on the rise. we had to find a way to cope with this avalanche of cheques. cheques, as debit instruments, come with an intrinsic settlement risk. a large proportion of unpaid cheques in the payment system may lead to systemic risk. it is our responsibility to ensure that such
that some of the recovery in prices is due to supply disruption that will probably be temporary, so we should reserve judgment. the more important reason, though, is that it ’ s highly uncertain what price level will rebalance the oil market on a sustained basis. it certainly looks as though prices will not be returning to their old highs in the foreseeable future. oil companies and their suppliers and service providers have found many ways to cut costs, and this is lowering break - even prices. this means that new oil supply can come back on stream profitably – especially in us shale plays – at lower prices than before, perhaps putting a lid on further price increases. the recent pickup in oil prices is, of course, welcome, because it means a boost to canadian income for every barrel exported. but an extended period of oil prices at recent levels is unlikely to lead to greater investment spending in the canadian oil patch. indeed, market bis central bankers ’ speeches intelligence suggests there is further downside risk to investment at these still - low price levels. accordingly, this remains a potential source of downside risk to our forecast. risk 4 : will consumers rein in their spending? the fourth risk we ’ ve been giving special attention to is the possibility that canadian households might become more cautious in their spending. at the heart of this uncertainty is the high level of household debt. it is natural to expect that, at some point, households will rein in their spending and put more effort into paying down their debt. there is no evidence of this downside risk so far, however. indeed, data from the first quarter show that household spending, including big - ticket items such as motor vehicle sales and housing, has remained strong. nevertheless, we will need to remain alert for signs that this risk is emerging. low interest rates and a resilient job market have certainly helped sustain consumer spending, and the tax rate changes that the government introduced at the beginning of the year may also be playing a role. we also think spending is being supported by the impact of cheaper gasoline, since the average canadian household is spending about $ 600 less per year to fill their tank. on the other side of the ledger, the decline in the canadian dollar has raised the price of a wide range of imports. a strong consumer is, of course, a key contributor to canada ’ s strong housing market. however, a number of other factors are at play, as seen in the significant regional divergences in housing sales and prices.

communicates effectively with the broader economy, guiding responsible decision - making across the private sector and households. i strongly encourage you to extend your influence beyond the confines of the bank, engaging with academia and various interest groups to foster the continuous communication with the economy. this engagement will ensure that our policymaking is better understood and gains an ever increasing public support. 2 / 3 bis - central bankers'speeches i wish you a very productive discussion! 3 / 3 bis - central bankers'speeches
not seen for 15 years. this was a matter for concern, as there was a risk that such a level would alter households ’ inflation expectations, potentially leading to a sharp rise in nominal wages at year - end and resulting in a certain stickiness of inflation. however, these two elements behind the recent rise in inflation have since reversed. first, oil prices collapsed, falling below the usd 50 mark in mid - november after peaking at usd 145 in early july. the plummeting oil price can be explained both by a drop in global demand as a result of the economic slowdown we have just described, and by the unwinding of speculative positions. second, the swiss economy will soon be operating below potential, and we will see a renewed rise in unemployment. this situation will have a moderating effect on both price and wage - setting behaviour. thus, we are now forecasting – as the graph presentation will show in just a moment – that inflation will decline almost continuously throughout 2009. despite the interest rate cuts made since october and the cut announced today, inflation will remain low in 2010 and 2011. as of now, and for the current forecast horizon, upside and downside inflation risks have become symmetrical. monetary policy decision we have just explained the rationale behind our recent monetary policy : first, the global economic situation has worsened, which will hit the swiss economy as from this quarter, and in particular next year. by contrast, the inflation outlook has improved appreciably. this has increased the snb ’ s room for manoeuvre. finally, there is a risk that the financial crisis will cause a deterioration in financing conditions for the economy as a whole. these are the considerations that have prompted today ’ s decision to cut the three - month libor target range by another 50 basis points. given the expected deterioration in the swiss economy and the imponderables linked to the long and variable monetary policy transmission lags, a further rate cut appears appropriate. with this action we are reducing, to the extent possible, the risk of an even more pronounced economic downturn. inflation forecast chart how has our inflation forecast been revised? the dashed red curve on the chart represents the new forecast. it covers the period from the fourth quarter of 2008 to the third quarter of 2011, and maps the future development of inflation on the assumption that the three - month libor remains unchanged at 0. 5 % over the forecasting period. for purposes of comparison, the dash - dotted green curve

the eighth - series notes in the course of 2020. the old notes will page 3 / 4 berne, 12 december 2019 fritz zurbrugg news conference lose their status as legal tender from the date of recall, although it will still be possible to exchange them at the snb or at one of our agencies. the partial revision of the currency and payment instruments act ( cpia ), recently adopted by parliament, abolishes the previous deadline for exchanging banknotes with effect from 1 january 2020. it thus allows for banknotes from the sixth series, issued in 1976, and all subsequent series to be exchanged at any time. page 4 / 4
banking, as well as in banking supervision, will increase. i ’ m convinced that diversity in management positions is an intelligent idea to pursue. 2 / 2 bis central bankers'speeches

otmar issing : a framework for stability in europe speech by professor otmar issing, member of the executive board of the european central bank, at the university of london, european economics and financial centre, london, 19 november 2004. * 1. * * introduction the formation of economic and monetary union ( emu ) has created a framework for economic policy - making in europe which is unique in history. while the single monetary policy is oriented towards a union - wide objective, namely the maintenance of price stability, the other policy areas involving fiscal and wage policies - largely remain the competence of national governments and other national actors, such as the social partners. the combination of a centralised monetary policy and decentralised other policies has led to the evolution of a new set of rules and objectives for national and supranational policy - makers. the maastricht treaty and the secondary legislation, including the stability and growth pact, established the basic set of rules and objectives to lay out a framework for stability in europe. 2. responsibilities under the “ maastricht assignment ” with regard to monetary and fiscal policies, the assignment of responsibilities is defined by the maastricht treaty and the stability and growth pact, respectively. the treaty has assigned the maintenance of price stability as the primary objective to the single monetary policy conducted by the ecb for the euro area as a whole. without prejudice to its primary objective, the ecb shall support the general economic policies in the european community. for fiscal policies, which continue to be largely a national responsibility, the treaty sets out a framework of surveillance and disciplining mechanisms in order to maintain sound public finances. these indispensable cornerstones of the institutional framework agreed in maastricht have been confirmed by the constitution recently signed by the heads of state and government in rome. the stability and growth pact, which was agreed by all governments in 1997 after the signing of the maastricht treaty but before the launch of the single currency, sought to provide additional incentives for maintaining fiscal discipline at the national level by operationalising the excessive deficit procedure of the treaty. it also specifies a commitment to achieving medium - term budgetary positions “ close to balance or in surplus ” and incorporates multilateral surveillance procedures and the exchange of information in conjunction with medium - term stability programmes submitted by national governments. assigning the overriding objective of price stability to the single monetary policy is an example of the benefits of a clear division of responsibilities between different policy
economic behaviour go much wider than their impact on the consumer price index. this is much more than simply a matter of who does what, of whether responsibility for supervision of banks is located inside or outside the central bank. one could even argue that the loss of supervisory responsibilities by central banks has prompted a healthy re - examination of what is meant by systemic stability, and how it can be achieved in a world of many actors. systemic stability remains a key challenge for financial authorities worldwide. nobody, least of all an asian audience, needs to be reminded of the costs of crisis and disruption in the financial sector. an enormous amount has been achieved in improving the capacity of the financial system to contribute to economic growth and development. the task now is to ensure that adequate defences are in place to understand and limit the system ’ s exposure to financial instability.

" the case for an international banking standard ", institute for international economics, washington, april 1997. - 11 - against the systemic transmission of instability. transparency and disclosure have an obvious role to play here. fourthly, and lastly, the international monetary system. here, too, the power of market forces seems likely to grow. this has the potential for beneficial consequences insofar as bad policies are disciplined and good policies are rewarded. but it would be naive to suggest that market forces always get it right. my expectation is that efforts will need to be devoted to promoting greater stability in the market - led international monetary system. the bulk of these efforts will be in the direction of improving policies ( and their mutual consistency ) and making markets more transparent ( e. g. through better information ). but it cannot be excluded that more direct measures will be required to limit damaging exchange rate fluctuations or contain the cost of currency crises. taken together, this presents a full agenda for central bank policy - makers. i noted at the outset of this lecture that “ the last twenty - five years have been an eventful time for central banking ”. the years ahead promise to be no less eventful.
. new bula gold of course, today, we are here to celebrate the launch of the new bula gold product. i understand that this product has been developed in response to customer demand. customer, and that is you and me, are key to any business these days. it is therefore extremely encouraging that lici is listening to our voice. i understand that new bula gold is a money - back type of plan. it supplements most of the features of lici fiji existing money - back plans like the “ money tree ” range of products. but this new bula gold product goes beyond the existing products. it has three new features. these are auto cover, extended term cover and funeral expenses benefit. i will end there lest i say something wrong about the product. i will leave mr krishnan and his team to explain to us all the good features of this new product. they are even ready to sign on customers. i wish lici and mr krishnan every success. concluding remarks in concluding, i would like to thank mr. krishnan again for inviting me here this evening. i congratulate you on this initiative and wish you every success. official launching i now have much pleasure in launching the new bula gold product. thank you.

you.
and flights to liquidity that seem increasingly frequent. stress testing of correlation assumptions can reveal the disappearance of apparent diversification benefits in such scenarios. stress testing requirements already are part of the internal models approach to capital requirements for market risks in bank trading accounts. stress testing of estimates of counterparty credit risks should also be required. the logic is the same as for market risk. the factors that are used to determine supervisory capital requirements for counterparty credit exposures are based on statistical analyses of non - panic periods. moreover, during panic periods the usual assumption that potential future exposures are uncorrelated with default probabilities becomes invalid. for example, the collapse of emerging market currencies can greatly increase the probability of defaults by residents of those countries at the same time that exposures on swaps in which those residents are obligated to pay foreign currency are increasing dramatically. supervisors should avoid any temptation to increase the supervisory factors for potential future exposure to address these crisis scenarios, which have vastly different implications for different combinations of contracts and counterparties. but they can and should review the requirements relating to the scenarios to be simulated by the bank and the incorporation of stress test results into the policies and limits set by the bank ’ s management and board of directors. as we approach the twenty - first century, both banks and nonbanks will need to continually reassess whether their risk management practices have kept pace with their own evolving activities and with changes in financial market dynamics and readjust accordingly. should they succeed i am quite confident that market participants will continue to increase their reliance on derivatives to unbundle risks and thereby enhance the process of wealth creation.

broadly unchanged. that said, in light of the experience of the 1970s, it is clear that we cannot be complacent about the stability of inflation expectations, and we must be prepared to take decisive action to keep these expectations stable. for example, if a continued run - up in commodity prices appeared to be sparking a wage - price spiral, then underlying inflation could begin trending upward at an unacceptable pace. such circumstances would clearly call for policy firming to ensure that longer - term inflation expectations remain firmly anchored. conclusion in summary, the surge in commodity prices over the past year appears to be largely attributable to a combination of rising global demand and disruptions in global supply. these developments seem unlikely to have persistent effects on consumer inflation or to derail the economic recovery and hence do not, in my view, warrant any substantial shift in the stance of monetary policy. however, my colleagues and i are paying close attention to the evolution of inflation and inflation expectations, and we are prepared to act as needed to help ensure that inflation, over time, is at levels consistent with our statutory mandate. bis central bankers ’ speeches
debt burden. while the crisis is hitting the whole of europe hard, it is also a chance to make genuine progress. this window of opportunity to enhance economic and ecological transformation should be seized, not missed. 2 / 2 bis central bankers'speeches

olli rehn : to what extent should the state or the european union use monetary and budgetary policies to counter the effects of crises and promote business development? initial remarks by mr olli rehn, governor of the bank of finland, in a panel on “ state at the helm of the economy ", “ les rencontres economiques 2020 ” webinar, 3 july 2020. * * * ladies and gentlemen, distinguished fellow panellists, it is a great pleasure to participate in this year ’ s les rencontres economiques d ’ aix - enprovence / seine to discuss current challenges facing our societies, and the role of the state during and after the crisis. in times of crises, the state and public authorities, both government and the central bank, typically need to step up their roles to prevent large - scale economic and social damage. the covid - 19 crisis is unprecedented both in terms of its global reach and its depth. thus, there is a clear case for sizable public support – both to contain economic damage and stabilise the acute financial turmoil, and to lay ground for a strong, solid recovery. however, in my view the increased role of government should, and can, only be temporary. in due course, we should return to the preferable balance of european social market economy, effectively combining entrepreneurial dynamism with social justice – or, if you like, competition and market forces with regulation and redistribution. we need sustainable, strong growth also to reduce the elevated level of public debt. how well has europe ’ s policy response so far followed such a ‘ crisis manual ’? one of the key lessons of the past financial and debt crises is that one must resort to an overwhelming force in monetary policy to contain financial market panic and prevent an economic collapse. as a response to the covid - 19 crisis, europe has embarked on unprecedented monetary stimulus, while corresponding fiscal stimulus should be on its way. hence, in monetary policy we are practicing what we have learnt. and that is fully consistent with our price stability mandate. for now, and apparently in the medium term, the effect of the covid - 19 pandemic is disinflationary rather than inflationary. moreover, the danger of deflation has recently re - emerged. this justifies the forceful monetary policy accommodation by the ecb, which is both proportionate and necessary. the ecb ’ s strong monetary stimulus is providing plenty of breathing space for