samchain/econo-pairs-v2 huggingface dataset:
i look forward to fruitful engagement in discharging our mandate in this meeting. thank you. bis central bankers ’ speeches

njuguna ndung ’ u : financial market and payment system developments in east africa remarks by prof njuguna ndung ’ u, governor of the central bank of kenya, at the 17th ordinary meeting of the east african community monetary affairs committee ( mac ), nairobi, 16 may 2014. * * * my fellow governors ; deputy secretary general, eac secretariat ; delegates from the eac central banks ; eac secretariat officials present ; imf officials present ; distinguished guests ; ladies and gentlemen : good morning. it is a pleasure to welcome you to nairobi for the 17th ordinary meeting of the east african community monetary affairs committee. it is an honor for me to host this important meeting that will deliberate on pertinent issues aimed at driving forward the eac integration agenda. we are also grateful to have the eac central bank governors grace the official launch of the east african payments system ( eaps ), later today. the launch of eaps marks a key milestone in the eac integration process and will improve the efficiency of the payments system in the region. this is one of the targeted quick wins by the eac central banks. fellow governors, we have managed the financial sector in a commendable manner since the onset of the financial crises in 2008, a period beset with structural shocks, both external and internal. despite the challenges, the conduct of monetary policy in the region has continued to take effect, and is delivering expected results. we have in the recent past managed to coordinate among others, market expectations on inflation, which is a great boost to the credibility of central banks in discharging the principal mandate of price stability. this outcome partly reflects implementation of appropriate operational frameworks that have strengthened both the signaling of the policy stance and fining - tuning interbank liquidity management. however, a few challenges, though no less important, still remain especially in the conduct of open market operations where interventions to stabilize interbank liquidity are at times misinterpreted by money market participants as an attempt to defend a particular level or direction of the value of the currency. it appears we have to strive even more to improve our communication on monetary policy operations in order to enhance the market ’ s understanding of our use of available tools for monetary policy operations. reverting to the purpose of this meeting, we are here to : review progress on the implementation of the decisions of the 16th mac meeting held in kampala on may 23, 2013 ; consider strategic objectives to operationalize
funds. thank you very much. bis central bankers ’ speeches

piecemeal and uncoordinated progress on any of those fronts will be worth little. european progress is absolutely vital so that the adjustment drive in the national economies should not prove sterile. headway in these adjustments is likewise vital for preparing the terrain on which the european institutions must progress. so as not to overstay my welcome, and given that next week several meetings involving these european institutions are to be held, i propose that we assume that these meetings will eventually see the adoption of the decisions needed to turn the markets around. this assumption about what the european institutions will do allows me to conclude my address by talking exclusively about our national problems. what must spain do to emerge from the crisis? as i said at the outset, the conjunction of three economic crises, and in particular the worsening of the sovereign debt crisis, mean that precise economic policy implementation is extremely difficult at present, although the diagnosis as to what must be done is relatively simple and widely known. at present, what is most important is to promptly pursue an ambitious reform of our labour market institutions, while continuing to make headway on two key fronts : budgetary consolidation and financial system restructuring. in the past two years significant steps have been taken in both these areas, but to achieve fully satisfactory results, perseverance with the path of reform is needed. starting with the reform of the labour market institutions, certain measures have been taken recently. but the truth is that, since the outset of democracy, spain has not been capable of making any meaningful progress in this area, whereas most european countries have used the past three decades to reform their labour systems, in order to achieve higher levels of flexibility and job protection, i. e. greater “ flexicurity ”. during this time, the spanish economy has been radically modernised in many other areas, through the adoption of regulatory frameworks and measures comparable to those of the most advanced economies, such as the removal of barriers to trade, the liberalisation of certain sectors, privatisations, etc. however, our labour market, which is characterised by the very high levels of unemployment bis central bankers ’ speeches generated during crises and also by its inability to reduce unemployment rates during upturns, has retained the same institutional structure with no substantial changes for 30 years. the cost for workers of this resistance to reform has been insecurity both for the unemployed and for those who have jobs but fear losing them. the insensitivity of wage growth to the cyclical situation
##ncies, reacting similarly vis - a - vis dollar fluctuations. in that sense, for sure, the franc and the euro are sister currencies.

##sarily. in the winter of 2009, with the unemployment rate soaring to double digits, the fed would have very much liked to lower the nominal federal funds rate an additional 300 basis points ; but we couldn ’ t because the rate was already at zero. faced with a pressing need to provide additional accommodation, we were forced to turn to innovative, but controversial, unconventional monetary policies. these policies have been extremely helpful. but there is no denying that they were second - best options ; the zlb had made lowering the fed funds rate, which is our first - best interest rate tool, infeasible. everyone will welcome a return to more normal times and a reliance on the traditional policy framework of adjustments to the federal funds rate. but the decision about when to begin to raise rates shouldn ’ t be made prematurely. rather, the decision for policy liftoff has to be made for the right reasons – that is, it should be dictated by economic conditions. i have said many times that i agree with minneapolis fed president narayana kocherlakota : policy at all times must be goal - oriented. 16 our experiences since the crisis began and current economic conditions are highly unusual. the fomc should not simply set its policy instruments by mechanically aligning them with historical norms if those norms are not relevant harbingers for the attainment of both of our dual mandate goals. rather, our policy instruments should be set to achieve our ultimate goals as efficaciously as possible given current and prospective economic conditions, all the while with an eye on managing against important risks to the outlook. what does that mean now? i believe that the biggest risk we face today is prematurely engineering restrictive monetary conditions. in this scenario, the fomc could misjudge the presence and magnitude of economic impediments and misread the recent progress we have made as evidence of sounder economic trends. if we were to presume prematurely that the u. s. economy has returned to a more business - as - usual position and reduce monetary accommodation too soon, we could find ourselves in the very uncomfortable position of falling back into the zlb environment. such an outcome could be a serious setback to the timely attainment of our dual mandate policy objectives. this risk consideration means that the decision to lift the funds rate from zero should be made only when we have a great deal of confidence that growth has enough momentum to reach full employment and that inflation will return to a sustainable 2 percent rate. we
of banks. more consistent use of instruments is also desirable for a more level playing field among european banks. in the case of non - banks, this macroprudential toolkit is still in its infancy, but pension funds, insurers and investment funds are now playing a greater role in the financial system. improvements to the framework are therefore desirable, particularly for investment funds. this concludes my introduction. 3 / 3 bis - central bankers'speeches

kalin hristov : monetary unions in history welcome remarks by mr kalin hristov, deputy governor of the bulgarian national bank, at the conference “ monetary unions in history ”, jointly organised by the bulgarian national bank and the european association for banking and financial history ( eabh ) e. v., sofia, 1 july 2022. * * * dear members of the association, dear conference participants, ladies and gentlemen, it is an honour to welcome you to this conference which the bulgarian national bank organises in cooperation with the european association for banking and financial history. i am also delighted to have this event, together with yesterday ’ s workshop on the “ digital rebirth of historical datasets ”, taking place in sofia alongside the annual meeting of the association. this year marks twenty years since the bulgarian national bank became a member of the association ; this is the first time, however, that an annual meeting and events of the association are hosted in bulgaria. let me, therefore, extend words of gratitude for the excellent cooperation with the association regarding the organisation of this series of events. the bulgarian national bank is one of the oldest central banks in the world, thirteenth by order of its establishment in 1879. our institution has understandably cultivated a profound respect for banking and financial history, as seen from our topical publications and research projects we take part in. for us history is also vibrantly present today – exactly twenty - five years ago, 1 july 1997 was the day of introduction of the currency board in bulgaria. our currency board has been operating smoothly ever since, over various economic and financial cycles in both good and bad times, proving the cornerstone of monetary, financial and macroeconomic stability in bulgaria ’ s most recent history. we can make an assessment that the currency board is the most successful time consistent policy commitment regime for achieving price stability that we have had since the restoration of the bulgarian state. our currency board is an undisputed success story. historically, however, the bulgarian national bank has engaged in a number of monetary policy regimes. notably monetary unions – the focus of the conference today – have repeatedly appeared as centres of gravity. in the late nineteenth century bulgaria adhered to the latin monetary union by means of unilateral commitment to its principles. in the second half of the twentieth century bulgaria was part of the comecon ( the communist bloc ’ s council for mutual economic assistance ) where a common international currency evolved to serve international payments between the participating members. at the turn of the
however, we will continue to rely on the ocr as the primary instrument of monetary policy.

provide a multilateral mechanism for counterparties to convert their sor derivatives to a sora reference. this is already in progress. the first sgd compression cycle for this year will be held this week. sc - sts plans to publish an advance calendar of the relevant sor compression and conversion cycles in 2021, [UNK] by various vendors. sc - sts strongly urges all sor derivatives participants to utilise these cycles. having a critical mass of industry participants will enhance the multilateral netting [UNK] and put the industry in a stronger position to meet its wind - down targets. 19 for loan markets, sc - sts will publish by april 2021 market guidance on the transition of bilateral corporate and retail loans, and set out further guidance on market mechanisms for converting legacy syndicated and hedged loans by the third quarter of this year. this is expected to rely on active sor to sora transition in the derivatives market to establish relevant pricing references for the transition of syndicated and hedged loans, where coordination across lenders and borrowers is essential. 20 the key message is this : banks should actively engage their corporate customers to pro - actively undertake legacy transition wherever possible by end 2021. while some customers may be inclined to adopt a wait and see approach, particularly since libor and sor discontinuation could be extended to mid 2023, it is important to bear in mind that sor derivatives liquidity will start to decline in 2021. there are two reasons for this : liquidity in derivatives will start shi ing to sora, particularly from april onwards, given the stop to new sor cash products, and as all hedges on new cash product shi to sora. likewise, with sc - sts considering a cessation timeline for new sor derivatives, likely before end - 2021, market participants should expect sor liquidity to decline further as https : / / www. mas. gov. sg / news / speeches / 2021 / pushing - ahead - with - sor - sora - transition - in - 2021 5 / 7 12 / 02 / 2021 " pushing ahead with sor - sora transition in 2021 " - keynote speech by mr leong sing chiong, deputy managing director ( markets … key banks will not be able to undertake new sor derivatives transactions. 22 it is hard to say for certain when sora liquidity will exceed sor liquidity. but based on our planning parameters, it is likely that the ‘ sweet spot ’ for active transition could be between mid 2021
of europe is a major goal for all of us. background information table 1 : compensation per employee growth ( whole economy ) across euro area countries table 2 : unit labour costs growth ( whole economy ) across euro area countries table 3. labour productivity growth in the euro area countries table 4. employment growth in the euro area countries table 5. unemployment rates across euro area countries

jean - claude trichet : introductory remarks at etuc congress speech by mr jean - claude trichet, president of the european central bank, at the 11th etuc ( european trade union confederation ) congress, seville, 22 may 2007. * * * let me begin with a few remarks about the importance of price stability for the welfare of euro area citizens. the successful maintenance of stable prices and longer - term inflation expectations that are securely anchored at levels consistent with price stability is a necessary condition for attaining sustainable growth in economic activity and sustainable employment creation. looking back over the period since the euro was launched euro area inflation has indeed been very close to 2 % on average. stability - oriented monetary policy has therefore directly improved the well - being of euro area citizens, inter alia, by supporting the purchasing power of their income and savings. while single monetary policy continues to deliver on its mandate, the euro area economy also faces significant challenges that point to the need for structural reforms. among these challenges, improving the productivity performance of the euro area is particularly important : at the level of the euro area as a whole, the average annual increase of labour productivity declined from 1. 6 % between 1991 and 1998 to 0. 8 % between 1999 and 2006, whereas it increased in the united states from 1. 3 % to 2. 2 %. pursuing structural reforms is also essential to maintaining the competitiveness of the euro area as a whole and to translating the opportunities brought about by globalisation into achievements. at the same time, euro area labour markets have been characterised by favourable trends in the last few years. since 1999 the euro area has witnessed an increase of more than 12 million in the number of people employed and a substantial decline in the unemployment rate from 10 % to 7. 9 % on average in 2006 and 7. 2 % in march 2007. looking forward, it is important that this favourable trend in labour markets continues, so contributing to the diminishing of unemployment as well as a prolonged and robust economic growth. in this respect, the governing council of the ecb considers decisive that the social partners continue to meet their responsibilities. wage agreements should avoid wage developments that would eventually lead to inflationary pressures and harm the purchasing power of all euro area citizens. beyond this, it is important to point out that particular wage agreements should take into account price competitiveness positions, the still high level of unemployment in many economies and productivity developments across sectors. wages should be sufficiently differentiated across countries and sectors to reflect these factors.
is likely to increase to a level of over 50 percent in the fourth quarter of 2014. third, on the “ quality ” front, jgbs with all maturities, including 40 - year bonds, were made eligible for purchase. as a result, the average remaining maturity of the bank ’ s jgb purchases will more than double to about seven years. by working on interest rates across the yield curve, it is expected that the effects of the qqe on financial conditions and economic activity will be strengthened. in addition, in order to affect premiums of risk assets, purchases of exchange - traded funds ( etfs ) and japan real estate investment trusts ( j - reits ) were increased. assessment of the qqe to date the qqe has already started to exert effects. let me point to three favorable turns, as shown in chart 4. bis central bankers ’ speeches first, there has been a favorable turn in financial markets and corporate finance. as shown in chart 5, stock prices are rising. long - term interest rates, while once faced with increased volatility, have been almost flat recently despite a rise in interest rates overseas. also, in terms of corporate finance, bank lending has gradually been increasing its growth rate, and lending rates have been at historical low levels. second, there has been a favorable turn in the public ’ s expectations. consumer sentiment and business sentiment have improved markedly. many indicators suggest that inflation expectations have been picking up in the market, as well as among firms and households. a recent development in one such indicator is shown in chart 6. this development, together with low and stable nominal interest rates, has been effective in lowering real interest rates. the third favorable turn is in economic activity and prices, as shown in chart 7. private consumption remains resilient on the back of improved household sentiment and the wealth effect from the stock market rally. business fixed investment is showing signs of picking up, in line with improved business sentiment and corporate profits. the year - on - year rate of change in the cpi has turned positive, reflecting both improvement in the economy and the yen ’ s depreciation. ii. unconventional monetary policy, real interest rates, and natural rate of interest in this way, the bank ’ s qqe has already started to gradually exert effects. now, as in chart 8, let me next look at the transmission mechanism of the policy effects from the two perspectives of real interest rates and the natural rate of

state of the economy and prices based on the latest data and information to have become available by the time of the meeting. it is therefore impossible to inform markets of the timing of the policy change in advance. even if it were possible to do so, the result would be to deprive the bank of the benefit of information that it could have gleaned from markets. it is desirable that dialogue between the bank and markets be left to take place as free as possible from noise and distortion.
much bigger in gross terms. they, however, look much less balanced because such a dominant proportion of their assets are held in housing, with a relatively small proportion of wealth held in equities, bonds and other instruments. this is in contrast to other oecd countries. source : oecd, rbnz. this is worth focusing on because the same phenomenon is happening to a large extent in the farming sector. farmers are unusual because statistically they constitute both households that consume and businesses that produce, thus complicating analysis of balance sheets. but when we look at farms as a business we see some trends that look rather like urban households. source : quotable value ltd. farmers with strong pay cheques over the last five years have been responsible for some of the pressure on housing and on second homes around the countryside ( one reason why this housing boom has been much more regionally diverse than the auckland - dominated house boom of the mid1990s ). source : reinz. in addition, agricultural land prices have been bid up significantly, a consequence partly of good commodity prices, partly of farm aggregation, partly due to productivity increases, partly due to fonterra - supply effects, and partly due to the availability of cheap credit. we have seen a strong period of lending to the farming sector. these are largely rational reasons why farmers might be willing to pay higher prices. source : rbnz. however these values are changing the nature of some farm balance sheets : it has become increasingly hard to try to rationalise prices paid for land using estimates of the future flow of income from the land. such estimates have always revealed a " rural lifestyle premium " for agricultural land, but this premium is now starting to look rather unrealistic. higher prices for land have looked reasonable when compared to product prices in past years. returns to farming were very good until 2003, as the unusual mix of high international commodity prices and a low new zealand dollar combined to make farming more profitable than any time in the past 30 years. but do high land prices today reflect the future income stream available from the land, or past effects? farmers are effectively saying they expect good export prices to continue into the future. but for land prices to continue to grow at these rates requires improbably high increases in export prices and productivity. there appears to be a gap opening up between land values and expectations of returns. future investment decisions should not be based on the expectation of ongoing double - digit growth in land

be replaced by the new k10, 000 banknote once they reach the end of their lifespan through soiling and / or mutilation. therefore, i urge you to take a closer look at the new k10, 000 banknote in order to inform the public correctly. i thank you.
should be taken to mitigate moral hazard, avoid adverse selection, and ensure that the financial interests of the taxpayer are adequately safeguarded.

not be possible to “ sit out ” digitalisation. to put it very clearly, in the words of graham horton : " innovation is not compulsory, but neither is survival. " thank you for your attention. 1 british physician, cognitive researcher and author ( born in 1933 ). 5 / 5 bis central bankers'speeches