samchain/econo-pairs-v2 huggingface dataset:
the topics and discussions at this conference, i have no doubt that we will be successful. 5 / 5 bis - central bankers'speeches

technology is not entirely free of new problems. or, put more optimistically, challenges. for instance, the algorithm could exhibit biases and lead to discriminatory outcomes. also, as with any data - dependent method, it is inherently backward - looking since it takes time to collect data and train the models. furthermore, since many of the techniques are new, users often feel they are forced to use black boxes with very low explainability. up to a point, they are right, since approaches are often a - theoretical, making it difficult to establish not just correlation but also causality. therefore, more and more work is being done to create'explainable ai '. lastly, since we often have to turn to cloud - based implementation – primarily because of computational demands – data security is an issue. i don't want to sweep these issues under the rug, but i do feel that careful application can yield benefits and that the least we can do is explore the possibilities. these possibilities have implications for how we supervise. in terms of supervision – the topic closest to my experience – these developments will have a significant impact on how we work. let me first turn to a showcase of how we, at de nederlandsche bank, have applied these new techniques in actual supervision. in the last year we have employed an outlier detection algorithm in " know your customer " - deep dives at several institutions. as you all may know, a great deal of media attention is given these days to preventing financial institutions from being used by criminals for activities such as money laundering. the standards that were designed to protect these institutions against money laundering were implemented in 2012 and are also referred to as " know your customer " or kyc in short. financial institutions have to comply with the standards, and as a supervisor, de nederlandsche bank needs to ensure that banks have incorporated the minimum standards in their business operations and that their systems work properly in fighting financial crime. but how to detect potential fraudulent transactions in a dataset that contains millions of customers and bank accounts and billions of transactions? data science has a clear role to play here. to identify exceptions we applied an isolation forest algorithm, and i probably don't need to explain it to this audience. but please indulge me while i take a few minutes to explain to you what i take away from the intuition and workings of an algorithm like this. 3 / 5 bis - central bankers'speeches since we have limited resources and since our supervision is
can be processed in the same manner as original checks, recipients of substitute checks should incur little or no additional processing costs. recipients, however, will incur some additional costs relating to the act's customer protection and disclosure requirements. it is difficult, however, to estimate the overall cost savings. different banks will take different approaches toward using the new authority granted by the act. each bank's use of the new authority will depend on its technology infrastructure and strategy, its physical infrastructure, and its customer and business profiles. thus, the magnitude of the cost savings, which will depend on the rate at which banks begin using the new authority, is difficult to determine. we recognize that the most challenging policy issue in the proposed law, and the aspect of this legislation that has generated the most spirited discussion, relates to customer protections. current check law protects customers if there is an unauthorized debit to their accounts. a customer already has a claim against its bank for an unauthorized charge, and the bank may be liable for interest on the amount of the unauthorized charge and consequential damages for the wrongful dishonor of any subsequently presented checks. the proposed legislation applies these existing protections to substitute checks. there are, however, differing views as to whether additional customer protections are necessary for substitute checks and, if so, how extensive those protections should be. we believe u. c. c. § 4 - 401 ( a ) and § 4 - 402 that, in determining the form these protections should take, the associated benefits and costs will need to be carefully balanced. federal reserve board authority to regulate the payments system we understand that there is some debate regarding whether the federal reserve board already has sufficient statutory authority to adopt by regulation the concepts embodied in this proposed legislation. although congress has given the board authority to regulate the check system and other aspects of the payments system, we do not believe that this authority is sufficiently broad to enable us to adopt regulations that accomplish the purposes of the act. in the 1987 expedited funds availability act ( efaa ), congress gave the board broad authority to regulate " any aspect of the payment system, including the receipt, payment, collection, or clearing of checks ; and any related function of the payment system with respect to checks " in order to carry out the efaa. the efaa also provides that the board's regulations supersede any inconsistent provision in state law, including the uniform commercial code. in the efaa, congress directed

early to draw any more farreaching conclusions from recent events. as usual, the riksbank will monitor developments and how these may affect inflation and other macroeconomic developments, ” concluded mr oberg. 2 / 2
made to set up the action plan which includes issues related to securities, such as a ) cutting costs of the securities issue, b ) tax treatment, c ) development of the regulatory framework, etc. i sincerely hope that this project will be completed soon after the summer break since, in addition to foreign assistance, we shall also have a new government in place by then. the new government will, hopefully, place faster development of the capital market high on its list of priorities. thank you for your attention!

radovan jelasic : strengthening integration and cooperation in southeast europe speech by mr radovan jelasic, governor of the national bank of serbia, at the press conference of the european fund for southeast europe ( efse ), belgrade, 26 may 2009. * * * dear ladies and gentlemen, it is a pleasure to be here today with dr. klaus glaubitt and ms. sylvia wisniwski from the european fund for southeast europe – efse. before they start their presentation on efse, i would like to depict the current economic situation and describe efse ’ s role in stabilising the economies in serbia and southeast europe as well as in promoting economic and financial sector development in the region. the financial crisis has been a huge liquidity shock. this means that investors, financial institutions as well as businesses and households around the world have been scrambling for liquidity. as we are all facing the effects of this “ sudden stop ”, we have to undertake bold measures, almost as bold as those which were taken at the fall of the iron curtain, however, with one difference – this time it would be purely for the maintenance of stability and standards of living, and not for their substantial increase. the national bank of serbia – nbs – was relatively well prepared for the initial effects of the crisis. as of today, the nbs has undertaken several measures in order to limit the impact of the crisis on the banking sector, which include securing additional support from the international finance institutions such as kfw, the european investment bank – eib and the european bank for reconstruction and development – ebrd. time is critical for all parties and help from international finance institutions including from vehicles such as efse is needed more than ever to : mitigate the impact of the crisis in the region, resolve the prevailing credit crunch and, more importantly, to secure the stability of the financial sector. the stability of the financial sector remains the key pillar of a functioning market economy a precondition of general stability. the services it provides like payments, deposits and loans are fundamental for the entire economy, especially for micro and small enterprises. the microfinance sector has been hit hard by the financial crisis, not only due to higher interest rates but even more significantly due to the lack of availability of funds for such purposes. in this respect, efse plays a key role in providing a stable funding source for development finance and the micro and small enterprise
robert ophele : micro economic analysis of companies introductory speech by mr robert ophele, second deputy governor of the bank of france, at the plenary meeting of the european committee of central balance sheet data offices ( eccbso ), paris, 18 – 19 october 2012. * * * mr president, ladies and gentlemen, it is a great pleasure for me to welcome you in our new conference center. i am delighted to receive so many distinguished participants to this meeting, coming from the same universe of statistical institutions or central banks – whether they are members of the eurosystem or not – and sharing the same interest for micro economic analysis of companies. we are very happy indeed to organise this year ’ s eccbso regular meeting which will enable you to discuss in depth about the past achievements of your task forces and the prospects, drawing possibly some kind of action plans. undoubtedly, we need to explore further a number of those issues where your committee is fully and often very successfully involved. i am grateful that bdf can provide, in its turn, the opportunity to host this conference. as you know, banque de france is one of the co - founders of the committee and has always shown its commitment by actively contributing to these task forces. from my previous experiences, especially as head of the directorate general operations, and presently also, as president of the french banking and insurance supervisory authority, i measure what your contributions can provide in operational terms ( risk assessment ) and also in terms of analysis ( research, advice, bach data base ). the works of your committee, and so to say its affiliates, is useful and i would like to take the opportunity of this plenary meeting to encourage you to keep the same stance. from the perspective of a ncb, your contributions are important in so far they provide platforms for exchanging our thoughts, our know - how and, last but not least, for exchanging data within the eurosystem but also with statistical institutions, witness in that regard is all what is being done with the european group register managed by eurostat and now with the committee for monetary financial and balance of payment statistics. obviously, balance sheet and profit & loss information, or more generally information on non - financial companies, have a real bearing on our institutions in line with a twofold objective : assessing individual companies and using aggregated company data to perform macro economic analyses or researches. first, it is important for micro - analyses in the assessment of individual companies using classic ratio - based

balanced. but as we look further out to 2007 and beyond, we see increasing risks that the unwinding of global economic imbalances could involve a period of weak world economic growth. the bank will continue to assess the adjustments and underlying trends in the canadian economy, as well as the balance of risks, as it conducts monetary policy to keep inflation on target over the medium term. mr chairman, paul and i will now be happy to answer your questions. 1 / 1
trade - off between growth and inflation can only be avoided with increases in potential output. monetary policy can only play a facilitating role in enhancing the productive capacity of the economy. once inflation picks up significantly and stays at elevated levels, nominal interest rates also have to rise to match inflation so that saving is sustained and a macro - economic environment conducive to sustainable growth is maintained. in this regard, countries with rising inflationary pressures and limited fiscal space will be constrained in their use of expansionary macro policies to stimulate the growth momentum. on the other hand, where inflationary pressures are contained, further monetary stimulus could be provided. 5. conclusion in conclusion, the recent financial crisis has exposed the strains in the banking system in the advanced world. while the banking systems in many african countries are not well developed, they are stable. in general, african banks are well capitalized and have avoided being overly exposed to the sub - prime and other financial crises that have affected the world economy over the past two decades. the challenge confronting policymakers on the continent is to ensure that the hard - fought economic gains achieved during the past decade are not lost. in this regard, african central bankers are committed to ensuring that monetary policy makes a significant contribution to sustainable economic outcomes by fostering price and financial stability. but much more is required than what central banks can contribute : the challenge to africa in general is to not only plan but also implement the structural reforms necessary to bolster the continent ’ s sustainable growth rate. thank you. bis central bankers ’ speeches

for their important contribution to the development of this forward - looking vision 2015. thank you. bis central bankers ’ speeches
market conditions, has enabled the economy to weather external turbulence, bring inflation back to within the target, without putting much risk on growth. 38. against the background of much lower inflation and a small negative output gap, the board meeting carefully adjusted the degree of policy stance to ensure sufficient support to domestic demand since december 2015. indeed, with a more volatile and uncertain external environment, calibrating monetary policies towards supporting growth have become a delicate task. bis central bankers ’ speeches 39. moving forward, priority would continue to be placed on stability, although with policy calibrated carefully and gradually to support economic growth. 40. we will remain vigilant and stress the importance of monitoring risks to price stability closely, while stand ready to respond if external pressures resume or inflationary pressures reemerge. this holds particularly true given the high volatility of food prices as well as potential pressure on the financial account in an uncertain external environment. 41. to help manage external financial volatility, we will further progress on financial market deepening as a continued priority, allowing exchange rate volatility as automatic stabilizer while its extreme movements will be carefully managed through judicious foreign currency interventions, and preserving the relatively comfortable international reserves as the first line of defenses. ladies and gentlemen, 42. to end my address, allow me to conclude that with a strong buffer, indonesia has fared well from external headwinds. however, this does not mean we can be complacent. 43. as the world economy is in transition to a new steady state, we are still facing greater volatility ahead. hence, we have to continuously build a robust macroeconomic policy management - primarily well - tailored, consistence, and prudent monetary and fiscal policy mix -, which should be underpinned by a well implemented structural reforms. 44. we are convinced that with maintaining reform momentum would shore up public confidence and create investment - friendly environment. apart from that, it would allow the country to diversify economic growth away from its reliance on natural resources, in a better position to withstand against global shock, and ultimately to sustain its economic growth in the longer term. 45. we applaud the government bold steps and moving rapidly in implementation of many of the reforms initiatives. at the same spirit, bank indonesia will continue to strengthen coordination with government to ensure that monetary policy, fiscal policy, and structural reform mutually support each other, to preserve macroeconomic stability and achieve a strong and sustainable growth

. 46. i hope that this investment forum will also provide us with a clearer understanding and pave way for effective preparation to meet future challenges as well as to smooth our journey towards the sustainable growth. thank you very much. bis central bankers ’ speeches
the scale of small firms in the sme sector, which tend to be smaller than in peer countries, need to be pursued. more attention needs to be placed on the education system and professional training to enhance human capital and reduce skills mismatches. finally, greater investment in r & d and innovation by spanish firms would enhance their competitiveness and contribute to generate more growth through higher value added. only by raising productivity and correcting macroeconomic imbalances can the long - term growth potential of the spanish economy rise. this is a condition to place spain on a solid growth path, increase employment and raise wages to finally leave behind the financial crisis that erupted ten years ago. let me conclude. the importance of increasing long - term growth potential is true for spain as it is for the whole euro area. 3 / 4 bis central bankers'speeches at the same time, i cannot emphasise enough that a robust euro area economy has to rely on sound economic governance. solidifying the institutional architecture of emu is essential at this juncture in order to foster cohesive economic performance without fragmentation or excessive imbalances. reforms at the national and eu level are needed to uphold a stable financial system and a resilient monetary union. a common stabilisation function, which − in the spirit of a true countercyclical fiscal policy instrument – would maintain convergence in the event of large shocks, is an overriding priority. completing the banking union with the establishment of a european deposit insurance scheme, its third pillar, and firm moves towards capital markets union, promoting deep and liquid bond and equity markets in europe, are necessary reforms of the financial sector. attaining these goals is essential to safeguard financial stability, foster further integration and support economic growth and well - being of european citizens. thank you for your attention. 1 see also camba - mendez, g. and forsells, m., “ the recent slowdown in euro area output growth reflects both cyclical and temporary factors ”, economic bulletin, issue 4, ecb, 2018. 4 / 4 bis central bankers'speeches

the results did not call into question the citizens ’ attachment to the european construction process. at the same time, they agreed on the need for a period of reflection. the issue will be taken up again during the first half of this year in an attempt to agree on a way forward. the ecb is in full support of the constitution. the point i would like to stress, however, is that whatever the outcome of the ratification process, the stability of the euro will not be affected. the ecb, whether it operates under the current treaty or the new constitution, will continue to fulfil its mandate and deliver price stability in the euro area, thus contributing to a macroeconomic environment conducive to growth and employment. during the several years he spent in china, it is said that marco po - lo learned to speak fluent chinese. i have been here only a few days, unfortunately. but let me still try to wish you, in mandarin, a happy and prosperous new year! xin nien kai le, kog xi fa cai! thank you. xie xie.
decisions one at a time. the past few years were unlike anything we ’ d experienced before, and none of it was easy. but we believe inflation will once again fade into the background as it settles back at 2 %. this will allow canadian consumers and businesses to spend and invest with confidence and the economy to work better for everyone. thank you.

and wage growth has reached pre - pandemic levels. businesses can ’ t find enough workers to meet demand and they are telling us they ’ ll need to raise wages to attract and retain staff. we expect strong growth to continue in the months ahead. as remaining public health restrictions ease, canadians are spending more on services — travel and recreation, lodging and restaurants. and we ’ re still buying a lot of goods. housing activity is still strong, and while we expect it to moderate, it will remain elevated. business investment and exports are both picking up, and higher prices for many of the commodities canada exports are bringing more income into the country. robust business investment, improved labour productivity and higher immigration should help 1 / 3 bis central bankers'speeches boost the economy ’ s productive capacity. and higher interest rates will slow spending. putting this all together, the bank forecasts the canadian economy will grow 4¼ % this year, before moderating to 3¼ % in 2023 and 2¼ % in 2024. that brings me to my second point — the bank ’ s primary focus is inflation. consumer price index ( cpi ) inflation in canada hit a three - decade high of 6. 7 % in march, well above what we projected in the january mpr. the war has driven up the prices of energy and other commodities, and it is further disrupting global supply chains. while most of the factors pushing up inflation come from beyond our borders, with the economy in excess demand, we are facing domestic price pressures too. about two - thirds of cpi components are growing above 3 %, which means canadians are feeling inflation across their household budgets, from gas to groceries to rent. our latest outlook is for inflation to average almost 6 % in the first half of 2022 and remain well above our 1 % to 3 % control range throughout this year. we then expect it to ease to about 2½ % in the second half of 2023 before returning to the 2 % target in 2024. high inflation affects everyone. inflation at 5 % for a year — or 3 percentage points above our target — costs the average canadian an additional $ 2000 a year. and it is affecting more vulnerable members of society the most, both because they spend all their income and because prices of essential items like food and energy have risen sharply. this broadening in price pressures is a big concern. it makes it more difficult for canadians to avoid inflation, no matter how patient or prudent they are as shop