samchain/econo-pairs-v2 huggingface dataset:
in the next two days. in the meantime, i urge you please to spare time to visit our beautiful city and sample what nairobi has to offer. thank you for your kind listening.

incumbent upon us to ensure that appropriate institutions, technical capacity and legal frameworks exist to support the process. we have to take steps to promote effective competition in banking sector by setting appropriate minimum conditions by way of legislation on capital and technical capacity, and adherence to industry standards to ensure that individual banking institutions offer meaningful competition. related to this is the challenge to deepen and broaden the financial markets and improve the efficiency and effectiveness of the payment systems. 2. second, currently there seem to be differences in computing macroeconomic convergence indicators, such as inflation, thus making it difficult to compare performance across countries. it is therefore incumbent upon us to come up with standard definitions of these variables to allow a more accurate comparison of performance. of course, this harmonisation will be possible once methodologies and data bases used are also harmonised. 3. third, whereas full convertibility of our currencies is a critical element towards the establishment of a single currency, very few of our currencies are convertible even within the existing regional economic communities. we are therefore faced with a big challenge of how we can promote the convertibility of our currencies amidst low volume of cross border trade and investment flows which in turn requires adoption of a regional approach to structural reforms. the key areas of reforms are tariff reduction and harmonisation, legal and regulatory reform, payment systems modernization and rationalisation, financial sector reorganisation, investment incentives, tax system harmonisation and labour market reforms. 4. finally, the issue of political commitment is yet another key concern in our continuing endeavour towards a monetary union. i have in mind the need to give political issues relating to regional integration the requisite weight. we need to draw firm timetables for the pending reforms and the establishment of the required institutions. above all, we need political will and commitment to evolve national macroeconomic policies that are consistent with the requirement for regional integration. one important issue that is negatively perceived is the impact of tariff reduction and removing non - tariff barriers. the negative perception has prevented some member countries from moving forward. we need to allay such fears and help members to move forward. fellow governors, ladies and gentlemen, before i conclude please allow me to pose a few questions for the 10th meeting of this committee. what is it that we set out to achieve at our inception? what have we achieved so far? what have been the challenges? what remains to be done? and how do we move forward? i believe that these are critical questions that we should ponder over
to how monetary policy can support the correction of economic discords. bis central bankers ’ speeches

deviations were corrected by the economy. otherwise, it would have started pressuring the credibility of the fixed exchange rate. while in the previous monetary system, more fretful analysts might have speculated that the economy would be adjusted through devaluation – the weakening of the currency ’ s value – which would have allowed inflation to remain higher, luckily this is not an option in the monetary union. there is a greater concern upon making long - term economic decisions in the monetary union : whether the euro area ’ s central banks ( that is, the eurosystem as a whole ) are able to keep the pan - european average inflation rate at a suitable level. this means that in the medium term, the inflation rate has to remain below but close to 2 %. while in austria or slovenia, or in estonia for that matter, inflation may temporarily differ from that of the euro area, we have to look at the whole picture when making decisions. the ability of the euro area to keep inflation close to 2 % over the entire past decade has inspired confidence. the average inflation rate has remained slightly below 2 % throughout the history of the single currency and annual inflation has mostly ranged within 1. 5 – 2. 5 %. however, we must not be distracted by our success. the euro area ’ s inflation indicator was over 2 % at the beginning of this year, and, most recently 2. 4 %. this is worrying. bis central bankers ’ speeches the more detailed picture is, of course, more diverse and future monetary policy measures will also have to take that diversity into account. on the one hand, the european economy is just recovering from a deep economic recession. unemployment is higher than usual, the relatively high debt burden is inhibiting borrowing activity in many countries and the majority of the recent price hike stems from global factors, such as the price growth of energy and food on the global market. the prices of other goods and services, on the other hand, have been posting quite modest growth rates. therefore, the inflation expectations of entrepreneurs and consumers have remained close to the historical average. if the price hike of commodities stops, the increase in the euro area ’ s prices could remain below 2 % already next year. however, looking at the data from another angle, we can find proof to arguments which insist that the current euro - area interest rate level is not suitable for guaranteeing the low inflation rate that corresponds to the price stability goal. although the general public focuses on the debt crisis of certain
downturn in housing with limited collateral effects, and inflation appears to be easing with the aid of lower energy prices, well - anchored inflation expectations, and competitive labor and product markets. i am a central banker to my core, so i know that somewhere, somehow, something will go wrong, but you will have to rely on the new president of the federal reserve bank of atlanta to explain to you next january just what happened and what the implications are for 2008.

goods and probably for some final goods as well. but futures markets anticipate that prices of crude oil will increase gradually, which suggests that, once the adjustment to the current level plays out, energy prices will no longer work to restrain total and core inflation. and if a portion of the weakness in goods prices reflects efforts by producers to forestall or correct inventory imbalances, that restraint on pricing will dissipate as firms'corrective actions take effect. so, despite the recent favorable price data, i believe it is still too early to relax our concerns about whether the run - up in price pressures in the spring and summer of last year is truly unwinding and whether it is unwinding rapidly enough to forestall a pickup in inflation expectations. even with the opening of some slack in the manufacturing sector and in homebuilding, labor markets generally seem to have stayed fairly tight, with the unemployment rate at only 4 - 1 / 2 percent. although recent data indicate that labor costs were not rising as rapidly in 2006 as first estimated, labor compensation does appear to have increased more quickly over 2006 than over 2005. last year's increase in compensation also appears to have outpaced overall consumer price inflation. that development in and of itself does not necessarily indicate an increase in inflationary pressures, especially if it represents a process in which real compensation begins to catch up with the rapid increases in labor productivity earlier this decade. what would be problematic would be a pickup in the growth of nominal hourly labor compensation that was passed through to prices over the next several quarters, or one that was not matched, over a sustained period, by a comparable pickup in the growth of productivity. eventually, the resulting faster growth of unit labor costs would pose a serious threat to price stability. core inflation is still higher than it was just a year ago, and, as i noted, some of the very recent decline may result from one - time changes in relative prices rather than an easing in underlying inflation pressures. a very gradual decline in the trend rate of inflation continues to be the most likely outcome, but that path is still by no means assured, and in my judgment such a decline remains critically important to the sustained prosperity of the u. s. economy. in sum, conditions appear to be in place for a good year for the u. s. economy, one marked by growth that is moderate and sustainable and by inflation that will be lower than last year's. the economy appears to be weathering the
are likely to constrain the speed of recovery. for that reason, as the fomc stated last week, exceptionally low interest rates are likely to be warranted for an extended period. given the highly unusual economic and financial circumstances, judging when the time is appropriate to remove policy accommodation, and then calibrating that removal, will be challenging. still, we need to be ready to take the necessary actions when the time comes, and we will be.

and barnichon and mesters ( 2016 ) are examples of using details from demographic groups to assess overall labor market trends. in september, the board of governors is hosting a conference, “ disparities in the labor market : what are we missing? ’ https : / / www. federalreserve. gov / conferences / disparities - in - the - labor - market - about - 2017. htm. on august 25, 2016, the federal reserve bank of kansas city hosted a listening session with the center for popular democracy for members of the federal reserve ; a video of the session is available at https : / / www. kansascityfed. org / publications / research / escp / symposiums / escp - event. see yellen ( 2017b ) for an overview. in october, the federal reserve bank of dallas will host a conference, “ investing in america ’ s workforce : improving outcomes for workers and employers. ” https : / / www. dallasfed. org / cd / events / 2017 / 17workforce. aspx. - 5atlanta found themselves overwhelmed by the sharp rise in unemployment, which highlighted the need for a better connected and stronger network of job training and placement services. i recently spent time with these organizations, along with community members and some of our atlanta staff, who have been working on the creation of the metro atlanta exchange ( or max ) for workforce solutions, the region ’ s only comprehensive directory for workforce development services. just as there is a connection between maximum employment and inclusive growth, so, too, there is an important connection between potential output and opportunity. if there are large disparities in opportunity based on geography or race or gender, such that households ’ enterprise, exertion, and investments are not rewarded commensurately, then families and small businesses will invest less in the future and potential growth will fall short. 11 indeed, one worrisome trend is the decline in the labor force participation of prime - age workers with less education, a trend that has been going on for decades among men and that has more recently begun to be mirrored in the participation rate of women. 12 understanding this growing detachment from work is important to improving both opportunity and potential growth. in visits to detroit, milwaukee, north st. louis, and baltimore, i have heard from residents and community organizations about the challenging barriers standing between the many workers seeking jobs and the many jobs seeking workers. the local barriers separating jobs from
mr. dai assesses the outlook for hong kong as asia ’ s financial centre speech by the governor of the people ’ s bank of china, mr. dai xianglong, at the luncheon hosted by the hong kong financial secretary in washington on 30 / 9 / 96. the 1997 world bank / imf annual meetings will be held in hong kong next year. mr liu zhongli, the minister of finance and myself will be there welcoming you as the host of the occasion. i foresee that the annual meetings to be held next year will be a magnificent event which commands far - reaching historical significance. this is because the annual meetings of the two important international financial organisations are to be held in hong kong just a few months after china resumes the exercise of sovereignty over hong kong. representatives from various countries will have the opportunity to witness the realisation of the principle of “ one country, two systems ” in hong kong. i believe that nobody will wish to miss such an opportunity. mr tsang has just expressed his views on the economy of hong kong before and after 1997. i would like to say a few words from the perspective of the people ’ s bank of china ( pboc ). i have stated on many occasions that we are confident that after china resumes the exercise of sovereignty over hong kong, the territory will not only remain prosperous and stable, but its status as an international financial centre will also be further enhanced. and i have good reasons for this confidence. first, there are the strong economic fundamentals of hong kong and the entrepreneurial and management skills of the people of hong kong. these form the basis for hong kong ’ s continued prosperity and stability and for maintaining hong kong ’ s status as an international financial centre. as you all know, hong kong is an international trade, transport, financial and information centre. with the rapid economic developments taking place in the asia - pacific region, hong kong ’ s role as an international financial centre will not be weakened ; instead, its importance will certainly increase. according to the “ joint declaration of the government of the united kingdom of great britain and northern ireland and the government of the people ’ s republic of china on the question of hong kong ” and “ the basic law of the hong kong special administrative region of the people ’ s republic of china ”, hong kong will become a special administrative region of the people ’ s republic of china from 1 july 1997. it will enjoy a high degree of autonomy with hong kong people ruling

come to next year ’ s annual meetings in hong kong, you will all see for yourselves the realisation of the principle of “ one country, two systems ” in hong kong. in addition, i believe that the 1997 world bank / imf annual meetings will be an impressive event as a result.
##economic stability will undoubtedly make turkey a more competitive country in the international arena. looking ahead, our main goals are to achieve and sustain price stability and economic growth. prerequisites are macroeconomic stability, structural reforms and adherence to good governance principles both in public and private institutions. we recognize that economic growth at the expense of price stability cannot be permanent. together with the eu anchor in place, we are moving decisively to become a trillion usd economy. thank you.

, not an exhaustive or comprehensive list but simply highlights some of the good practices we are seeing amongst the firms we supervise. however, the message is clear : the outlook is highly uncertain ; and we expect firms to be proactive in enhancing the way you manage the risks in your credit portfolios – rather than simply 11 uk deposit takers supervision : 2023 priorities ( bankofengland. co. uk ) 12 fg23 / 2 : guidance for firms supporting existing mortgage borrowers impacted by rising living costs | fca bank of england relying on historic approaches. doing so will enable you to continue to support your members in a sustainable way. as your supervisor, we have been increasing our own focus on credit risks. you will probably have seen this in your firm ’ s engagement with our supervisory teams ; through the questions we are asking, the data we are collecting and the reviews we are conducting both with individual firms and thematically. and, of course, our annual cyclical scenario stress test will enable us to assess the resilience of the largest uk deposit takers. the results of this will be published in july. we expect all other firms to use the pra published scenario as a benchmark in their own stress testing processes. in short, we expect firms to have a very clear focus on managing the evolving credit risks within their portfolios and we will supplement that with our own ongoing attention in this area. finally on this topic, whilst my comments have focused on the short - to medium - term implications of the current outlook, it is important firms focus on the horizon as well. i therefore encourage you to consider how current conditions may impact demand for your services over the longer term and what this may mean for your business model and strategy. this is an area that we will increasingly be asking you about as your supervisor. the pra ’ s supervisory & regulatory agenda let me move on to the second area i promised to touch on – the opportunity we are taking to evolve our supervisory and regulatory regimes to ensure they remain fit for purpose and proportionate. doing so will help maintain a resilient mutual sector in the uk, which can support its members with sustainable growth and innovation. it will also allow us to manage our resources efficiently whilst focusing on the biggest risks. a starting point is to note that the core of our supervisory approach will remain unchanged ; it will continue to be underpinned by three key principles : • • • firstly, it is judgement based – with supervisors making
, capable of channeling funds towards firms with favourable growth prospects, improve the allocation of resources and stimulate investment and saving. but the very efficiency of the financial system, its stability depend ultimately on the strength of the real economy, on its ability to grow and compete. the economy of the euro area is afflicted by a loss of competitiveness that reflects structural weaknesses in several fields. productivity growth is unsatisfactory. it is necessary to remove the factors of an institutional, legal and fiscal nature that hamper flexibility in the use of labour and capital. in europe the efforts to consolidate the public finances must be continued, not least so as to loosen the constraints that are holding back economic activity. the action of the eurosystem aimed at guaranteeing price stability provides an essential condition for a firmly - based economic recovery.

today consistently adjusts the value of all of its assets based on each asset ’ s contribution to diversification. consequently, for the time being we have decided instead to establish standard estimates of diversification that banks would apply. i know that many members of the industry have accepted that choice as prudent for now, but you have also stressed the need to move forward with an approach that is more consistent with the existing treatment of market risk and the emerging practices in operational risk management. we are ready to start this work as soon as it is possible. still, portfolio theory suggests that an obvious next step to further enhance the risk - sensitivity of the capital framework would be to incorporate calculations of diversification benefits into the framework. in the coming years, and we can start very soon, we look forward to working with banks, with banking associations such as the bba, and with academics and researchers to find ways to move basel in the direction of full credit risk models. likewise, the committee must continue to monitor developments in the industry to be prepared to harness other improvements in risk measurement and management practices. it is at once exciting and perhaps a bit daunting to think about the work ahead for all of us, whether on a national, regional, or global level. indeed, you need only to consider the energy and time that supervisors and the industry have already expended to prepare for the new basel accord to recall that great benefits can be reaped only from great efforts. while many challenges lie ahead, even more lie behind us that we have already overcome. thank you for inviting me to your conference today.
benoit cœure : interview with bfm business tv interview with mr benoit cœure, member of the executive board of the european central bank, and bfm business tv, conducted by ms hedwige chevrillon, and published on 9 july 2019. * * * mr cœure, your name has frequently been mentioned in recent days, and the european central bank ( ecb ) has been very much in the news, with the proposed appointment of christine lagarde as president of the ecb. your name had been mentioned – do you understand the reasons for the choice that was made? it ’ s an excellent choice. it ’ s an excellent choice because christine lagarde ’ s career, first in france and then at the international monetary fund ( imf ) in washington, makes her eminently qualified to be president of the ecb. in what way? she understands perfectly how the global economy works, and how the euro area economy works ; she knows how to speak to the financial markets ; she knows the institutional set - up in the euro area. so she will do an extremely good job. there are many economists here in aix. you are a distinguished economist with a fine reputation. it has been pointed out, with some justification, that christine lagarde doesn ’ t have a technical background in economics, or in monetary policy. do we need to worry about the future of monetary policy in europe? no. it ’ s a criticism that has been made of christine lagarde, but she knows the economy very well – she has led the imf, she has been finance minister, so she knows how the economy works. in addition, she will have, a team of excellent ecb economists who will work alongside her and advise her, and she will manage things very well. yes, but the first one of you – and that would be you, mr cœure – you may, for legal reasons, for reasons of nationality, end up leaving the ecb. this is worrying a lot of people, i won ’ t hide it from you, even people here, who are saying that if benoit cœure were to leave, having been one of the main architects of the current monetary policy framework, that would leave a huge void at the ecb. i ’ ll be leaving the ecb on 31 december 2019 because that ’ s when my eight - year term comes to an end. irrespective of christine lagarde

##ration, have contributed to strong employment growth and a considerable reduction in unemployment. it is therefore clearly in the interest of all countries to continue to rigorously implement the agenda agreed in lisbon and recently confirmed in barcelona. we are now at your disposal for questions.