samchain/econo-pairs-v2 huggingface dataset:
european central bank : press conference - introductory statement introductory statement given by mr willem f duisenberg, president of the european central bank, and mr christian noyer, vice - president of the european central bank, at the press conference held in frankfurt, on 11 may 2000. * * * ladies and gentlemen, the vice - president and i are here to report on the outcome of today ’ s meeting of the governing council of the ecb. the governing council conducted its regular examination of the outlook for price developments and the risks to price stability in the euro area. the interest rate on the main refinancing operations of the eurosystem was left at 3. 75 % and the interest rates on the marginal lending facility and the deposit facility were maintained at 4. 75 % and 2. 75 % respectively. allow me to give you an overview of the main elements of our assessment of the latest information on monetary, financial market and other economic developments. in march 2000 the three - month average of the annual growth rates of m3 - covering the period from january to march 2000 - rose to 6. 0 %, compared with 5. 9 % in the period from december 1999 to february 2000. consequently, m3 growth remained 1½ percentage points above the reference value of 4½ %. the annual rate of increase in credit to the private sector also rose, to 10. 9 %, compared with 10. 4 % in the previous month. these figures confirm our earlier assessment, namely that liquidity continued to be ample in the euro area in early 2000. as regards economic developments, recent information confirms the very positive outlook for strong growth in the euro area. all available indicators and forecasts seem to point to a phase of continued economic growth, following the upturn observed in the second half of 1999. industrial production rebounded in february and this, together with further increases in capacity utilisation and industrial confidence up to april, suggests an ongoing strengthening in industrial activity. in addition, with consumer confidence remaining at an all - time high and unemployment continuing to decline, the recent strength of private consumption should be sustained. looking at the world economy, the upturn in growth has become more broadly based, pertaining to both industrial and emerging economies, and most forecasts indicate that current growth differentials between economic areas are in the course of narrowing. notwithstanding the strong growth performance and favourable outlook for euro area economic activity, the exchange rate of the euro has continued to decline over the past few weeks and has thereby moved

makers and greek citizens. before giving the floor to the distinguished speakers, please allow me to thank the researchers who have worked for this study, eliamep and its president, professor loukas tsoukalis, and last but certainly not least, professor jean pisany ferry, who is the keynote speaker today. 1 see, among other, blanchard and giavazzi 2003, boeri 2005, fiori et al. 2007. 2 / 2 bis central bankers'speeches
nestor a espenilla, jr : revisiting the role of rural banks in countryside development and financial inclusion speech by mr nestor a espenilla, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the 65th annual convention and general membership meeting of the rural bankers association of the philippines ( rbap ), davao city, 21 may 2018. * * * davao city mayor sara “ inday ” z. duterte, secretary of finance carlos g. dominguez, pdic president roberto b. tan, land bank president alex buenaventura, rbap president giovanni d. gabriento, rbap members, colleagues from the bangko sentral, fellow workers in government, esteemed guests, ladies and gentlemen, a pleasant good morning to everyone! i am honored to visit davao again, for rbap ’ s 65th annual convention and general membership meeting. it is always a pleasure to see and appreciate the city ’ s beauty. i also look forward to sampling some durian. and as mayor sara said, let us support davao ’ s buy buy buy to support the local economy. i commend the outgoing set of rbap officers and directors for their commitment and exemplary performance to promote a sound rural banking industry. rbap ’ s milestones under your leadership are vital to promoting broader countryside development through financial inclusion. your consistent service to our farmers, fishermen, and msmes has become rbap ’ s trademark of service excellence. i remember during last year ’ s charter anniversary symposium in october, we talked about how rural banks have become customers ’ best financial friend or bff 1. now, we celebrate how rural banks are # lodis in bringing necessary financial services to the underserved, unserved, and unbanked filipinos. this term “ lodi ” is filipino millennial speak for “ idol ” and takes off from your theme, “ leading onwards to development and inclusion # lodi. ” to me, this theme indicates the industry ’ s willingness to reposition itself to the growing needs of a new breed of financial customers and to leverage on digital financial technology to advance economic development and financial inclusion objectives. that you have one of the youngest rbap presidents to steer the rural banking industry into this direction is very promising. rural banks as # lodis for financial inclusion rural banks have proven themselves to be lodis in their own right — exemplary

##men into the banking and financial system. maraming salamat. mabuhay ang rbap! mabuhay ang rural banking! mabuhay ang pilipinas! 4 / 4 bis central bankers'speeches
mentioned. the current challenge is not only about solving this institutional imbalance, but also about achieving this in a politically, economically and socially feasible way. in other words, europe is struggling between easing short - term pain and committing to long - term reforms. let me give you a brief idea of the two options for long - term reforms. in both cases a stable, long - term solution for europe can only be achieved if actions can once again be reconciled with responsibility for their consequences. the first option would be a bold institutional step forward and would shift responsibility for fiscal and economic policy to the supranational, or european, level. in other words, the creation of a fiscal union. a fiscal union would undoubtedly be the largest step in the european integration process since the launch of the euro. however, transferring sovereignty to the european level would prove impossible without extensive treaty amendments and referendums all over the eu. appointing a european finance minister or establishing a joint ministry of finance would be two possible ways of enshrining fiscal control at the european level. admittedly, there is currently little prospect of finding political support for a fiscal union. the second option would be to eliminate the flaws and inconsistencies of the current framework. that would imply a restoration of the core principle of national responsibility. what this means, above all, is that the repercussions of national decisions on economic and fiscal policy must no longer be capable of jeopardizing the financial stability of the euro area as a whole. experience has shown us the need to focus on a set of credible policy rules in the euro area – in other words rules that do not provide governments with incentives to flout them. and, equally important, rules need to fit together – creating a consistent incentive structure. let me demonstrate this reasoning with respect to the so called sovereign - bank nexus. this is 2 / 5 bis central bankers'speeches the unhealthy relationship between countries and their banks, whereby banks lend on a large scale and without a capital charge to their home countries, while governments simultaneously find they must support struggling banks in order to prevent an immediate crisis. the sovereignbank nexus still persists in many euro - area countries and is an important impediment to a credible no bail - out clause. if banks are too strongly exposed to their own governments, this can hinder a market - based regime of public debt, namely the possibility of restructuring government bonds without jeopardizing financial stability. to

- inequality. 5 / 5 bis central bankers'speeches
, march. - - - - ( 2009b ), “ macroeconomic and monetary developments during 2008 - 09 ”, april. taylor, john ( 2009 ), “ the financial crisis and the policy responses : an empirical analysis of what went wrong ”, working paper 14631, january, national bureau of economic research. turner review ( 2009 ), “ the turner review : a regulatory response to the global banking crisis ” by lord turner, chairman, financial services authority, uk. world bank ( 2008 ), global development finance 2008 : the role of international banking, world bank.

think it would be preferable not to disturb the existence of both inside and outside money and the broad balance between them. but, this requires a number of things to happen and questions to be answered. it requires banks to be more active in thinking about digital commercial bank money and not leave it to cbdc. in any event, as we have set out in the cp, we think in this new world a central bank digital currency is likely to be needed to anchor the value of all forms of money, including new digital ones and to ensure the maximum opportunity for innovation in payments services. moving on, let me now point to an area where we are at risk of contradicting ourselves. i said that assured value was a key principle of digital money. how does this fit with the idea that we could resolve failed banks and allow deposits ( inside money ) to take a haircut? one answer is that it depends on the size of the deposit above a certain threshold. the idea behind deposit protection is to set a level below which the assurance of value holds, and above which it does not. practice, i would suggest, points to the difficulty of this principle. in seeking to solve too big to fail we have tackled this problem by requesting an additional slice of subordinated liabilities which can explicitly bear losses by being converted into equity in the event of a resolution. i'm not talking here about at1 securities, but what comes further up the hierarchy – what in europe we call'eligible liabilities '. the point is that for large banks we have reinforced the assurance of deposits by requiring a bigger cushion of loss absorbing liabilities. but smaller banks find it harder to issue marketable long - term debt securities that can count as eligible liabilities. i think the answer here lies in the world of deposit insurance. 3 / 6 bis - central bankers'speeches the us authorities have announced a review of their deposit insurance system. in the uk, the bank is also considering improvements to our approach to depositor pay - outs for smaller banks which do not have eligible liabilities. our work has thus far focused on the speed of pay - outs. going further and considering increasing deposit protection limits could have cost implications for the banking sector as a whole. as with all things relating to bank resolution, there is no free lunch. two issue areas to go. the first is a key part of how we underpin financial stability, namely how we assess and test for stress. one of the important innovations since
years bonds. • more recently, in august 2007, a portfolio of government bond maturity terms was further increased to include the 7, 10, and 15 years. since that period, the size of the outstanding issues has grown from 7 % of gdp in 1994 to 17 % by the end of 2007. with regard to secondary market, policy efforts have been initiated at different stages in the development of our market. • in 1996, the bank of zambia attempted to jumpstart secondary market trading in government securities by restricting the primary issues of government securities to commercial banks. it was expected that commercial banks would take up the role of market - making. this did not materialize with most commercial banks preferring to buy and hold the securities until maturity. consequently, authorities were obliged to re - open the primary market to other non - bank investors. • further, since 1998, government bonds have been listed for trading at the lusaka stock exchange. the benefits have not been realised despite the fact that all banks are registered as brokers in this respect. i am sure the luse will provide you with more detail on this as you deliberate. • more recently, the government and the bank of zambia in 2006, with the support of difid and the world bank undertook a study tour of selected emerging markets in africa and asia. the aim of this tour was to learn the actual workings of well functioning government securities markets. technical information was collected and a report prepared. once the recommendations in that report have been adopted, i expect that these will complement your own efforts to activate secondary market trading. i am aware that the successful development of a secondary market needs a reliable and efficient settlement infrastructure. this is important for it addresses the concern that is normally raised on the possibilities of settlement risk. you may wish to know that the bank of zambia and the lusaka stock exchange are already engaged to develop an efficient settlement stream within the rtgs payments system. it is my belief that once this initiative has been fully developed, settlement risk will be reduced and more credibility will be added to securities trading. chairperson, i know there are still formidable challenges in building a vibrant secondary market. hence, in my concluding remarks, let me reiterate what i said earlier ; that setting the primary market off the ground has been a challenging task. to set up secondary markets is even a more challenging task. yet it is not an impossible one. with the participation of every stakeholder, the challenges that seemingly look insurmountable can easily be

overcome. we all know that the development of a vibrant secondary market for securities is necessary. when i look at all of you gathered here this morning, i see a determined optimism that we can get there. each and every one of us has a role to play, be it government, corporate institutions, or indeed a small investor. on our part as bank of zambia, you can rest assured that we will continue doing our part in facilitating the development of this market. thank you very much and i wish you a very successful workshop.
thus align adjustment processes across countries. in fact, recent research on the intra - euro area impact of structural reforms shows that the variance of the responses of national outputs to an interest rate tightening would be – at the peak and after the implementation of such reforms – roughly one - sixth of the level that it achieves in conditions of cross - country heterogeneity in terms of price and wage rigidity. 2 3. key features of past productivity growth when comparing the euro area ’ s economic performance with that of the us over the longer term, there is evidence of clear underperformance in output growth. since 1995, the annual growth rate for the euro area has averaged 2. 2 % per year compared with 3. 1 % in the us. one of the main reasons for the euro area ’ s disappointing performance is the low trend growth in labour productivity. between 1980 and 1995, hourly labour productivity in the euro area grew on average by 2. 3 %, and between 1995 and 2007, it grew by only 1. 3 %. in the us over the same periods, the figure went from 1. 2 % to 2. 1 %. 3 understanding developments in services is crucial to our understanding of developments in the economy as a whole. services account for 69 % of the euro area economy and 70 % of total employment. 4 private sector services represent roughly half of the economy, and government - related services make up the rest. and it ’ s the private sector services that mainly account for the gap in labour productivity growth between the euro area and the us. from 1995 to 2005 their hourly labour productivity in the euro area only grew by 1. 0 % compared with 2. 9 % in the us. of the private sector services, distribution services, including the these results are obtained using a multi - country dsge model of the euro area, which is calibrated to the three largest member states, namely france, germany and italy. structural reforms were simulated by reducing the degree of price and wage rigidity and sectoral mark - ups to the lowest level prevailing in the euro area. see altissimo, f., t. blattner and s. siviero ( 2008 ). “ a multi - country dsge model of the euro area : lessons for structural policies ”, forthcoming. figures at the sectoral level are from euklems database and are not fully comparable with figures for the whole economy mentioned earlier in the speech. eu klems database.

of reforms. on the contrary, it ’ s time to accelerate them. thank you very much for your attention.
only for hospitality, but also an infinite opportunity for cooperation, assistance and devotion. thank you once more. 2 / 2

has been drafted and is pending approval by the parliament. this law regulates the licensing, supervision and activity of the slas in compliance with the best standards. in close collaboration with the albanian deposit insurance agency, amendments to the law on deposits insurance have been drafted. these amendments consist in new norms addressing the slas and include legal persons in the insurance deposits scheme. the past year was successful also regarding the information technology. although such projects are less visible to the public, they are of key importance. at the beginning of 2015, the afisar system started operation - this is the central electronic register for the documentation of each element that accompanies the issue and transactions with securities issued by the albanian state. in the meantime, other successes achieved with regard to information technology include : • automation of the reporting system of banks to the bank of albania ; • integration and optimisation of the it network utilisation, thus reducing operational costs of the bank of albania ; • automation of accounting operations at boa branches ; • and increase of information processing and storing capacities. bis central bankers ’ speeches bigger challenges lie ahead of us in 2016. another important objective is boosting credit to support the private sector, certainly at lower interest rates. the business plans of banks for 2016 render us optimistic in this regard. meanwhile, once again i emphasise that our monetary policy stance will remain accommodative in 2016. furthermore, private sector's demand will be low throughout 2016, thus creating premises to increasingly channel the banking system's liquidity to the private sector. i would like to guarantee the banking system in albania that the bank of albania will be a reliable, open and serious partner, in compliance with its mandate, implying its supervisory function. one of the main aspects in our work will be the compilation of a particular law to deal with banks facing a difficult financial situation, also known in our daily jargon as the resolution law. this is in the light of an important contemporary directive of european union, which we are working to introduce in our banking legislation. last, but not least, we will continue our efforts during 2016 for the further institutional perfection the bank of albania, aiming a fast approximation to the model of escb central banks. the new organisational structure and the three - year development strategy of the bank of albania will guide a set of decisions of the bank of albania's supervisory council to improve legal and sub - legal acts. the daily activity of the bank of albania's departments,
reflections on monetary policy in the euro area at the current juncture address by the deputy governor of the bank of italy luigi federico signorini bank of italy workshop on “ unconventional monetary policy : effectiveness and risks ” rome, 21 october 2016 it is a pleasure to welcome you to the banca d ’ italia for this one - day workshop on ‘ unconventional monetary policy : effectiveness and risks ’. i understand that you have a full agenda, with nine dense and thought - provoking papers packed into a single day. i will keep my remarks very brief. your discussions today are sure to be policy - relevant and timely. the governing council of the ecb has repeatedly asserted, most recently yesterday, that the asset purchase programme ( app ) will continue at the current pace of purchases until at least march 2017, or possibly beyond if necessary, and in any case until the governing council sees a sustained adjustment in the path of inflation consistent with its target. properly measuring the effects of the app is therefore a priority for the euro area monetary policymakers. the eurosystem ’ s expanded app has been in place for almost two years, exerting clear and sizeable downward pressure on government bond and other financial asset yields ; these, in turn, have had favourable effects on private sector financing conditions. monetary policy on its own cannot produce growth. it can, however, create favourable conditions for a cyclical upturn ; it may facilitate the adoption of other measures, such as structural reforms, by limiting the negative short - run impact that is sometime associated with them. as a joint outcome of the app and the other extraordinarily expansionary measures recently adopted by the eurosystem, the cost of bank loans is now historically low and, even more importantly, the dispersion of lending rates across countries is once again close to the levels prevailing in the pre - crisis period. this helps to preserve the integrity of the monetary union. still, almost ten years after the onset of the financial crisis and five years after the start of the sovereign debt crisis, the slack in the euro - area economy persists. a number of questions are being raised on the functioning of the expansionary measures recently adopted by the eurosystem. how does the transmission mechanism work when the economy is at the lower bound of the interest rates? might the working of those measures be impaired after some time? what are the interactions with other developments, such as commodity prices, financial regulation, legacy assets in banking, and conditions in the world

banca d ’ italia.