samchain/econo-pairs-v2 huggingface dataset:
to french growth in 2015, or even 0. 4 % according to insee. this represents about 80, 000 additional jobs for the economy. we are therefore consistent in our objective, and ready to act using the right instruments. but we also remain vigilant as to the possible risks that our monetary policy could generate. today, there are no signs of a financial bubble, but we are ready to act, if necessary, by implementing macroprudential measures, in the framework notably of the haut conseil de stabilite financiere ( high council for financial stability – hcsf ) that you created via the banking act of 2013. for instance, at our eighth meeting held on 15 march 2016, we issued a warning about the office sector in the paris area. bis central bankers ’ speeches 2. monetary policy thus contributes greatly to our economy, but it can ’ t do everything. it cannot be the only game in town. it is vital that europe and france seize this opportunity now. in france, growth is expected to be both robust and inadequate : robust, as it should remain in 2016 at least at the 1. 2 percent level observed last year. but inadequate, as it will probably linger a little below the euro area average of 1. 4 – 1. 5 percent. for growth and employment, three essential actions are necessary : reforms in france ; private and public investment ; the coordination of economic policies in europe. first, in france, orderly and sustained reforms are needed to rebuild confidence. keeping our public deficit and our debt under control is a contributing factor : the good figures published on friday ( deficit reduced to 3. 5 % in 2015 ) are another reason to strictly respect our european commitments by bringing it below the 3 % limit in 2017. we must stick to the reforms that work, in particular the tax credit for competitiveness and investment ( cice ) and the responsibility and solidarity pact ( rsp ), and we need to go further still. the unemployed and youth cannot afford to wait. there are at least four reforms that are a priority, because our neighbours successfully implemented them and they are fully compatible with the european social model that we share : the large - scale development of apprenticeships ; simplifications, starting with labour law ; the decentralisation of social dialogue to the company level, i. e. as close as possible to the economic and human reality ; and lastly, the development of entrepreneurship. second, we need to mobilis

further this debate. bis central bankers ’ speeches i will finish with a few words about the banque de france itself. when you heard me in september, i presented my view of the three main tasks of the banque de france : monetary strategy, financial stability, economic service, via its branch network. with the staff of the banque de france, we firmly believe in these tasks and in their future, and that is why our ambition is to be an exemplary public service, even more efficient, more innovative, and more visible in france and europe. bis central bankers ’ speeches
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jean - claude trichet : hearing at the economic and monetary affairs committee of the european parliament introductory statement by mr jean - claude trichet, president of the european central bank, at a hearing at the economic and monetary affairs committee of the european parliament, brussels, 21 june 2010. * * * dear madam chair, dear honourable members, since our last meeting on 22 march, the euro area has faced one of the most challenging periods since the beginning of economic and monetary union. to address the unprecedented pressures in financial markets, public authorities in the european union, including the european central bank, have taken bold and courageous steps. die wichtigen entscheidungen, die in jungster zeit getroffen wurden, erfordern fundierte erklarungen und antworten auf fragen, die sicherlich auch in diesem hohen hause gestellt werden. daher begruße ich die moglichkeit zum austausch anlaßlich der heutigen anhorung ganz besonders. je commencerai donc mon intervention par une evaluation de la situation economique. je reviendrai ensuite sur la decision annoncee le 10 mai dernier de proceder a des interventions sur les marches obligataires de la zone euro. dans une troisieme partie, je me pencherai sur les mecanismes de coordination economique de la zone euro et les changements que la situation actuelle appelle. i. economic and monetary developments since the previous hearing in march, incoming data have confirmed a continuing recovery in the euro area in the first half of 2010. according to the latest estimates, the economy grew by 0. 2 % quarter on quarter in the first three months of this year. looking ahead, our earlier expectations that the euro area economy would expand at a moderate rate this year and next have been confirmed. the latest projections by eurosystem staff are broadly in line with this assessment. in our view, the risks to this outlook are broadly balanced. nevertheless, the recovery is likely to remain uneven over time and across economies and sectors, in an environment of continued uncertainty and with tensions in some segments of the financial markets. the annual rate of inflation in the euro area stood at 1. 6 % in may, up slightly from 1. 5 % in april, mostly because of higher energy prices. we
information technology act, outsourcing guidelines, fair practice codes, etc. are met for data security, data privacy and redress of grievances. further, sufficient safeguards in contracts with fintech and bigtech entities should also be ensured. therefore, as we take this journey of innovation forward, it must be recognised that the risks ultimately lie in the books of banks and nbfcs and hence the collaboration should be appropriately strategised. 23. sixth, lenders should never lose sight of their raison d ’ etre – the customer. as you are aware, under the integrated ombudsman scheme, and even under the earlier ombudsman schemes, only the complaints pending beyond 30 days with the regulated entities ( including banks ) are dealt with by the rbi ombudsman. thirty days is a very reasonable period for resolution of customer complaints. i would urge the banks to pay particular attention and take measures, as necessary, to revamp / strengthen their grievance redress mechanisms and minimise the escalation of grievances to the rbi ombudsman in the interest of the customers. banks should also ensure fair treatment of customers and avoid mis - selling through proper sensitisation of staff and direct selling agents. the product sold to the customer should be suitable and appropriate for his / her risk profile. conclusion 24. as we tread ahead on the growth path after the pandemic, india ’ s rightful place in the global economy will be built on a sound, stable and resilient financial system. banks and nbfcs, being the power engines of our economy, must undergo continual metamorphosis to accelerate this transformational journey. i wish to see the senior bankers here as the ‘ change agents ’ in their respective institutions to catalyse this whole transformation. my best wishes for productive and meaningful deliberations ahead! thank you. stay well. namaskar! 1 the mahatma gandhi national rural employment guarantee act, 2005. 5 / 5 bis central bankers'speeches

tool in furthering the cause of a level playing field between countries and across institutions. ladies and gentlemen, let me conclude. looking back in history, we are a far cry now from where we were fifty years ago, when our predecessors introduced formal banking supervision in the netherlands. looking forward into the future, i am pretty sure that our successors will not be celebrating the centenary of the act on the supervision of credit systems, or even the centenary of insurance supervision 20 years from now. we will have entered a cross sectoral world long before then! and as to the topic they will be discussing, that could well depend on the turning we take on the crossroads that we are at now. thank you for your attention. i wish you all an interesting and entertaining conference.
curry. everyone in the theater would sing along, shout out the lines, and throw popcorn at the screen ; many would dress up like the characters. now, i didn't dress up - sorry to disappoint you - but no party was complete until all of us danced " the time warp " to the movie's famous song. 1 / 4 bis - central bankers'speeches as it happens, i still remember the steps, and i had intended to demonstrate the time warp for you, but that will not be possible today. instead, i will offer a few thoughts that i might have benefited from hearing when i was sitting in your chairs a mere 45 years ago. embracing change the years since my graduation have brought waves of fundamental change to the workplace and to society at large, much of it driven by technology. imagine a world with no internet, no email or texting, no personal computers or cell phones, no social media. some of you parents are no doubt thinking : i would be fine with that world! the pace of change will likely continue to be very fast. be alert to the ways your working life may change. think about how you can be prepared for those changes and to turn them to your advantage, and to society's advantage. the practice of law has been transformed over the years ; if you do choose the path of a practicing lawyer, i would think about what practicing law could look like in 10 or 20 years. in a world that will continue to evolve quickly and in unexpected ways, you will need to be agile. embracing change and taking risks can be an important part of your development as a professional and as a person. your formal education may end today, but you are not done learning. many of the important things you will need to know can only be learned through experience. and experience can be a hard but irreplaceable teacher. as an example, near the end of my second year here, it was time to select the next editor in chief of the georgetown law journal. i thought that there were plenty of colleagues who were better qualified, but who simply did not want the job. so, with much trepidation, i put my name in. i was secretly, but utterly, terrified that i might be chosen. and amazingly enough, i was. what now? it turned out that, as i feared, i was not well prepared for that responsibility. i had to keep people interested and motivated enough to work on the

yourselves among the luckiest in all our society to graduate from this institution, to have the support of loved ones through three grueling years, and the health and other good fortune not to get tripped up along the way. several years ago, one of my predecessors, ben bernanke, said, " those who are the luckiest... also have the greatest responsibility to work hard, to contribute to the betterment of the world, and to share their luck with others. " i cannot improve upon that. i thank you for having me. georgetown will always hold a special place in my heart. thank you again to dean treanor and all the faculty, and the hardiest of congratulations to the class of 2024. 4 / 4 bis - central bankers'speeches
skill workers has also increased, because jobs that are intensive in certain manual tasks ( such as personal care services ) are not easily replaced by technology, while greater productivity in the rest of the economy and higher incomes translate into greater demand for such services. keynes, j. m. ( 1930 ), ‘ economic possibilities for our grandchildren ’, in essays in persuasion, new york : w. w. norton & co., reprinted in 1963. ibid, chapter ii. mokyr, j., vickers, c. and ziebarth, n. l. ( 2015 ), ‘ the history of technological anxiety and the future of economic growth : is this time different? ’, in journal of economic perspectives, 29 ( 3 ). autor, d. ( 2015 ), ‘ why are there still so many jobs? ’, journal of economic perspectives, 29 ( 3 ). mokyr, j., et al, op. cit. delong, b. ( 2017 ), ‘ inclusive ai : technology and policy for a diverse urban future ’, speech delivered at the citris and banatao institute. oecd employment outlook 2017, chapter 3, p. 121, figure 3. a1. 1. middle - skill occupations include jobs classified under the isco - 88 major groups 4, 7, and 8 ( clerks, craft and related trades workers, and plant and machine operators and assemblers ). globalisation reinforces this trend. stronger international competition favours the rise of ‘ superstar ’, winner - takes - all firms, thus improving the conditions of their workers ( not to mention their owners or managers ) over all others. at the same time, in many advanced economies delocalisation depresses the demand for intermediate - skill workers employed in the production of tradable goods. the implications in terms of income polarisation are not always obvious. one paper that will be presented here shows that the increase in labour demand at the opposite poles of the skill distribution has also generated endogenous supply responses, such as higher female labour market participation and a rise in immigration. 13 another paper shows that more innovative firms pay higher wages not only on average, but even to low - skilled workers. 14 however, while the long - run effect of technological change, based on historical evidence, is likely to be entirely beneficial, in the short run disruptions and displacements are to be expected, and many jobs will be at risk. policies

base and operations swiftly in order to consolidate the gains that have been achieved over the last 10 years. i thank you.
##f and our growing expertise in macroprudential oversight and policy, we have laid a solid foundation for ensuring financial stability in the future. bis central bankers ’ speeches however, we must not forget that macroprudential oversight is only one aspect of safeguarding financial stability. thank you for your attention. bis central bankers ’ speeches

##ocate financial resources and risks, and provide an efficient financial infrastructure. however, the objective of macroprudential oversight is not just to analyse and identify risks to financial stability : it should also warn those responsible and recommend measures that will contain any risks to the proper functioning of the financial market or – better still – nip them in the bud. the financial crisis has clearly demonstrated why macroprudential oversight is important. it showed that tensions and imbalances in individual areas of the market or at individual market players may jeopardise the system as a whole. for instance, we saw that developments that appeared harmless in relation to just one institution caused considerable systemic risk when a larger number of institutions were affected. however, the crisis also demonstrated that we need suitable international agreements to identify vulnerabilities in the financial system early and combat them effectively. this is particularly important in a world in which the bis central bankers ’ speeches globalisation of the financial markets and technical progress in data processing mean that markets and market participants are increasingly interconnected. a key lesson from the crisis is therefore : a macroprudential perspective must be added to microprudential oversight. 3. objectives of macroprudential oversight however, the difficulties start with the question of what concrete goal macroprudential oversight should have. as i said earlier, the main intention behind macroprudential oversight is to reduce dangers threatening the financial system as a whole. as i see it, macroprudential oversight can take two directions : macroprudential activities may focus on increasing the resilience of individual systemically important market players. alternatively, the goal may be to reduce procyclicality. the aim of raising market players ’ resilience is virtually self - explanatory. in the event of a crisis, players have more room for manoeuvre if they are more stable. they become distressed less quickly and must, for instance, resort to fire sales less quickly ; nor do they need to curtail lending as much. but what is procyclicality and why is it worth monitoring? procyclicality in the financial system is the result of self - reinforcing feedback effects between the financial system and the real economy. financial markets may amplify the real economic cycle and thus lead to economic overheating or an overall recession. such developments are, moreover, frequently accompanied by destabilising effects for the financial system. think, for
that uses the base year 2013. this change is intended to update the way the evolution of the national economy is gauged, incorporating new estimation methodologies, changes in international standards and new sources of information. the bank makes these changes regularly every five years, according to the respective international standards set by the imf and the oecd. the most salient changes are depicted in a box in this report, and all the details can be seen in several documents uploaded on our website. the new data, which included a very small revision to 2014 and 2015 growth, confirmed the further weakening of the economy in the last quarter of the year, and at the same time modified the growth trajectories of the already published quarters of 2016. in particular, the economy would have slightly outperformed previous estimates for the first part of that year. by sectors, it confirmed that mining posted negative y - o - y growth throughout the whole year, while activity in areas unrelated to natural resources ( i. e. other gdp ) continued to worsen, going from growing 3 % in the first quarter to 1 % in the fourth ( figure 3 ). in the other sectors, most weak in the fourth quarter were particularly those sectors linked to investment in construction and related services, which are usually more persistent. also personal services decelerated, although it is estimated that it responded partly to the effects of the public sector strike at the end of last year ( figure 4 ). on the domestic expenditure side, y - o - y growth in final demand — minus inventory change — also showed a downsloping trend throughout the year. the biggest loss of dynamism was seen in investment in construction and other works, whose annual rate of change was - 4. 9 % in the fourth quarter ( 0. 5 % average between the first and third quarters ). private consumption, as has been the case for some years, provided support to the economy, growing by over 2 % annually throughout 2016. this was helped by growth in labor income, falling inflation and persistent low unemployment by historic standards. it is worth noting that while growth in non - durable consumption has remained stable, durable consumption growth has recovered, partly due to the appreciation of the peso in the last year and partly due to the necessary replenishment of stocks after several years of low or even negative expansion. something similar is observed in gross fixed capital formation in machinery and equipment. discounting unusual purchases of transportation equipment, this investment component has tended

stressing the importance of cooperation and exchanges of views among insurance companies, regulatory and supervisory authorities, and central banks. thank you very much. bis central bankers ’ speeches
one could go on and on. we may look back on y2k as a major watershed event of a new information technology era that first dawned only two or three decades ago. we have learned much from it and glimpsed in the mirror darkly how much more we must yet learn to cope with. we have vividly seen how complex and interdependent our economic affairs have become, and this new awareness is already beginning to pay off in higher levels of efficiency and effectiveness. but we have also seen the outlines of technology - driven challenges that will press in on us with increasing urgency and could prove to be very difficult to deal with effectively. the cosmos club, both through its distinguished membership and the program focus it plans for the future, will play an important role in the drama that will unfold. it has been a privilege for me to have a small part in the opening scene.

in both the february 2020 and 2021 outgoing rotation groups. earnings are weekly and were compared with all members of the outgoing rotation group in february 2020. 2 see the federal reserve banks'small business credit survey : 2021 report on employer firms ( pdf ) fielded in september – october 2020. 3 see the frbs'small business credit survey in note 2 as well as small business credit survey : 2021 report on firms owned by people of color ( pdf ) released on april 15, 2021. 4 data comparisons are for the period between february 2020 and march 2021. 3 / 3 bis central bankers'speeches
officially open this forum.

of financial literacy week and recognize its contribution to financial education, allow me to mention a few milestones that have been achieved : in 2012, zambia launched its first ever national strategy on financial education ( phase i ) which clearly identified children, youths, adults, small medium enterprises and small holder farmers as target groups. the main goal was to have a financially educated zambian population by 2030 ; in 2017, the national financial inclusion strategy was launched. the main goal of the strategy was to achieve universal access to and usage of a broad range of quality and affordable financial services that meet the needs of individuals and enterprises and targets overall financial inclusion of 80 % of the adult population by 2022 ; in 2017, under the national strategy on financial education ( phase i ) financial education was integrated into both primary and secondary school curriculum ; in 2019, phase ii of the national strategy on financial education was launched, to address the gaps identified under phase i ; and through the financial literacy campaigns, the number of financial services accounts designed for children increased to more than 20 compared to only 3 at the beginning of 2013. we strongly believe that the formulation and implementation of these national strategies have provided a robust framework that facilitates effective stakeholder engagement between the government, financial sector regulators, financial service providers and the general public. this collaboration has resulted in increased public awareness of the availability of financial products and services across the country, therefore contributing to the increase in overall financial inclusion in zambia from 37. 3 % in 2009 to 69. 4 % in 2020. as financial sector regulators and services providers, we are obliged to disseminate information about the different types of services and products that are available to the public as well as some of the risks that maybe associated with them. this information helps individuals and businesses to increase their awareness on the number of ways to save and invest their financial resources, as well as how to manage their financial affairs safely in an increasingly digitized environment. ladies and gentlemen, technology and innovation in the financial sector has played a major role in raising the level of financial inclusion in the country over the last five years. according to the finscope 2020 survey, while overall financial inclusion increased to 69. 4 percent, from 59. 3 percent in 2015, formal financial inclusion rose significantly to 61. 3 percent from 38. 2 percent. this was largely due to the uptake of mobile money, which went up exponentially by 58. 4 percent from 14. 0 percent. invited guests, the use of digital financial platforms for the