samchain/econo-pairs-v2 huggingface dataset:
system.

and 2. 5 % in 2006, and between 1. 5 % and 2. 5 % in 2007. the results constitute a slight upward revision to the eurosystem staff projections of december 2005, mainly reflecting a somewhat stronger outlook for private investment over the projection horizon. most recent forecasts by international organisations and private sector institutions give a broadly similar picture. in the view of the governing council, downside risks to this outlook for growth relate mainly to oil price developments and global imbalances. turning to price developments, according to eurostat ’ s flash estimate, annual hicp inflation was 2. 3 % in february 2006, compared with 2. 4 % in january. in the short run, inflation rates are likely to remain at above 2 %, with the precise levels depending strongly on future energy price developments, which have recently been relatively volatile. beyond the short term, changes in administered prices and indirect taxes are expected to significantly affect inflation in 2006 and 2007, and an upward impact can also be expected from the indirect effects of past oil price increases. at the same time, wage dynamics in the euro area have remained moderate over the recent past ; our working assumption is that this will continue to be the case, due not least to strong global competitive pressures, particularly in the manufacturing sector. moderate wage trends have helped to contain domestic inflationary pressure despite strong oil price increases. therefore, looking ahead, it is crucial that the social partners continue to meet their responsibilities in this regard, also in the context of a more favourable economic environment. further input into our assessment of the outlook for price developments is again provided by the march ecb staff projections. annual hicp inflation is projected to lie between 1. 9 % and 2. 5 % in 2006, and between 1. 6 % and 2. 8 % in 2007. compared with the december 2005 eurosystem staff projections, these ranges imply a slight upward revision to the profile for hicp inflation over the coming years, reflecting mainly an increase in the assumption for future oil prices, in line with market expectations. risks to the outlook for price developments remain on the upside and include further increases in oil prices, a stronger pass - through of oil price rises into consumer prices than currently anticipated, additional increases in administered prices and indirect taxes, and – more fundamentally – stronger wage and price developments than expected due to second - round effects of past oil price increases. turning to the monetary analysis, the governing council has again discussed the assessment of monetary developments in depth.
christopher j waller : welcoming remarks - 2023 international journal of central banking conference welcoming remarks by mr christopher j waller, member of the board of governors of the federal reserve system, at the 2023 international journal of central banking conference, dublin, ireland, 22 june 2023. * * * thank you, gabriel, and thank you to the central bank of ireland ( cbi ) for hosting this year's conference. from the outside, central banking can look like the work of individual policymakers, parsing the data and making the hard decisions. in truth, it is a team effort of many people, and that has also been true for editing the international journal of central banking ( ijcb ) and putting together this conference. i have a long list of people to thank who did the lion's share of that work during the year that i have served as managing editor. but first, for those who may not know it, let me review the history of the journal and touch on what this conference will address. in the summer of 2004, the bank for international settlements ( bis ), the european central bank, and the group of ten central banks agreed to support the development of a new publication focused on the theory and practice of central banking. there was no shortage of research on central banking, and, indeed, central bankers themselves did and continue to publish peer - reviewed research in leading journals, not to mention many working papers published by central banks and other outlets. this work was prevalent, but there was a sense that there lacked a place for scholarly research that focused exclusively on central banking and could serve as a forum for the community of central bankers around the world. the creation of the international journal of central banking filled this deficit. the primary objectives of the ijcb are to widely disseminate the best policy - relevant and applied research on central banking and to promote communication among researchers inside and outside central banks. we do this with publication of the journal, which will now be coming out six times a year, and with the added attention of this conference, which presents research on timely policy topics. with the possible exception of myself, the journal has attracted distinguished managing editors, including my colleagues from the federal reserve and my immediate predecessor, luc laeven from the european central bank. we have the strong support now of 55 sponsoring institutions, including the cbi and the bank of canada, which hosted last year's conference. in 2022, we chose the theme for this year '

' speeches
and medium - sized enterprises have seen borrowing costs from banks somewhat reduced. all of this should support investment. target balances, which provide a powerful summary indicator of fragmentation, have declined by almost 300 billion euros or 25 % from their peak. the costs of protection against see, for example, cukierman, a., 2013, monetary policy and institutions before, during, and after the global financial crisis, journal of financial stability, in press, and curdia, v. and woodford, m., 2011, the centralbank balance sheet as an instrument of monetary policy, journal of monetary economics, 58 ( 1 ), 54 – 79. bis central bankers ’ speeches risks of deflation have fallen from peaks twice their long - term average last summer to slightly below average now2. overall, monetary policy has regained steering capacity, which had become lost for large parts of the euro area in mid - 2012. this is an important positive development. let me turn now to the limitations of monetary policy. here i see two possible dimensions. the first is positive and refers to the effectiveness of central bank actions at the margin – for example, when interest rates are close to zero. the second is normative and refers to the constraints imposed on us by our mandate and to the fears that boundaries between central bank policies and other policies might become blurred. i will not dwell on the first dimension because i do not think that we are materially challenged in our ability to deliver our objective of price stability by the low level of interest rates. looking back, despite extraordinarily testing economic circumstances, inflation in the euro area has remained on the whole consistent with the ecb ’ s objective of below but close to 2 %. looking forward, eurosystem staff project annual hicp inflation at 1. 4 % in 2013 and 1. 3 % in 2014, but medium - term inflation expectations remain anchored in line with our definition of price stability. one reason why inflation expectations have remained broadly stable is that we – and other major central banks around the world – have prevented the materialisation of deflation risk by adopting both standard and non - standard measures as and when necessary. in the euro area, one such non - standard measure was the introduction of the outright monetary transactions ( omt ) programme last year, the stabilising effects of which are widely recognised. there are numerous other measures – standard interest rate policy and non - standard measures – that we can deploy and that we will deploy if circumstances

a non - issue in the united states. however, such observers vastly underestimate the political capital invested in the euro by our leaders, as well as the political significance that such an investment has for the future of europe. of course, much work remains to be done for economic policy - makers across europe. but i am confident that together we can build a stronger economic and monetary union that ultimately delivers jobs, growth and a return to prosperity for the citizens of the euro area. thank you for your attention. bis central bankers ’ speeches
sustainability of the monetary policy. after the hard work in spring, we have welcomed a harvest – the long awaited launch of the gem – in the golden autumn. we sincerely hope that the newly - launched gem will grow in an orderly and healthy manner! thank you.

that will each develop with its own characteristics. hong kong in international monetary relations apart from these seven principles, it is also important for hong kong as an international financial centre to continue to develop its international monetary relations and participate in the activities of international and regional financial institutions, central bank forums etc. there are therefore provisions in the joint declaration and the basic law that hong kong may, on its own, maintain and develop financial relations and conclude and implement agreements with other countries, regions and relevant international organisations, using the name of “ hong kong, china ”. some international financial organisations restrict their membership to sovereign states. in those cases, where negotiations are held on matters involving hong kong, the chinese government would normally consult hong kong and include its representatives in the chinese delegation. when entering into international financial agreements which may involve hong kong, the chinese government will first seek the views of hong kong before deciding whether such agreements will apply to it. taken together, these provisions will enable hong kong to continue and also develop its current international monetary relationship. prospects for hong kong after 1997 i believe hong kong will remain prosperous and stable after 1997. why? this is because : first, the strong economic fundamentals of hong kong and the entrepreneurial and management skills of the people of hong kong are the basis for its continued prosperity and stability. secondly, the basic law has provided a legal safeguard for the maintenance of the prosperity and stability of hong kong. thirdly, the economic development of the mainland has created excellent conditions for hong kong ’ s continued prosperity and stability. as pointed out by china ’ s vicepremier zhu rongji at his meeting on 29 may this year with senior officials of four main financial regulators and institutions from hong kong including the hong kong monetary authority - china is confident in hong kong ’ s maintaining prosperity and stability and its status as an international financial centre after 1997 because we have full confidence in the economic development of china. as hong kong will continue its role as an international financial centre, it will become the most important funding centre for china and very likely for the asian region as a whole. with the ongoing reform and open - door policy, the mainland of china has achieved sustained and strong economic growth. our target for economic growth in 1996 is 8 % but it could exceed 9 %. inflation should be within the range of 7 to 8 % for 1996. the mainland of china ’ s growth will obviously benefit hong kong ’ s economy tremendously as we are its largest trading partner. the mainland of china
intended to produce graduates that can be entrusted with positions of responsibility in the industry over the long term. this was the idea behind the formation of fstep and we need to bear this in mind when devising the syllabus and enhancement in the future. the quality assurance committee was created based on the thinking that a dynamic and relevant programmes requires continuous and timely revision. the qac that had developed the new syllabus incorporated valuable inputs from the industry. the new syllabus was approved, by the fstep steering committee on june 28, 2010. under the revised syllabus, the programme design and delivery will be more balanced between classroom - lectures and experiential learning in the form of case studies, role plays and simulations. this methodology is better suited for adult learning and shift somewhat the responsibility of learning to the trainees. with this in mind, the content and details of the programme will be regularly updated and align with the progressive development of the financial industry. it will keep participants abreast with market needs in this age of advance technology and knowledge. as the financial services industry matures and the lines between businesses become even more blur, the skills and talents needed to navigate the industry becomes even more diverse and demanding. the change in syllabus and other enhancements will differentiate fstep from other training programmes offered by the financial institutions and training institutes. so i don ’ t expect fstep syllabus to converge with the training programmes offered by individual financial institution. in order to ensure fstep secures a constant flow of quality graduates from both local and foreign institutes of higher learning to its training programme, initiatives have been mooted by fstep to sign a memorandum of understanding ( mou ) with all public universities and a few reputable private universities in malaysia to instill the way for greater cooperation and collaboration in matters of mutual interest and benefit. in particular, fstep will offer scholarships to eligible top graduates from various universities to participate in its one - year fast - track training programme. i wish to congratulate fstep for the successful effort in designing a new syllabus and it continuous effort to improve the fstep programmes remain contemporary and relevant agreed to by all parties within the financial services industry. more importantly, it is my hope that fstep will continue to produce the quality of graduates that will meet the needs of the industry. i hope that all of you will have a fruitful discussion and dialogue. on

this note, i declare open the event “ fstep : syllabus enhancement ”.
ardian fullani : overview of recent economic developments in albania speech by mr ardian fullani, governor of the bank of albania, on the monetary policy decision - making of the bank of albania ’ s supervisory council, tirana, 28 august 2013. * * * today, on 28 august 2013, the supervisory council of the bank of albania reviewed and approved the monthly monetary policy report. based on the latest monetary and economic developments in albania, and following the discussions on their outlook, the supervisory council of the bank of albania decided to keep the key interest rate unchanged, at 3. 5 %. let me now proceed with an overview of the economic developments and key issues discussed at today ’ s meeting. * * * according to instat data, annual inflation in july was 1. 6 %, falling from a month earlier and standing below our 3 % inflation target. inflation ’ s sharp decline in this month is expected to be temporary. it was driven by low seasonal food prices and the downward dynamics of prices for some other cpi basket items. however, the main consumer basket groups and items continue to be characterised by low annual inflation rates. albania ’ s economic and financial developments have generated low inflation rates. aggregate demand and economic growth remain weak, thus falling short of the full utilisation of the country ’ s production capacities. this situation does not support employment and creates low pressures on the increase of wages, production costs, and profit margins. likewise, imported inflationary pressures appear contained, reflecting the moderate performance of global prices and the stability of the exchange rate. finally, the expected inflation from the real and financial sectors appears low, whereas the situation of liquidity is in line with the moderate price rise in the medium term. the bank of albania deems that, in general, these trends will persist in the period ahead and will determine low inflation rates in the medium - term horizon. updated economic analyses suggest that economic activity expanded at low rates during the first half of the year. aggregate demand and economic growth appear to have improved slightly in the second quarter, in response to higher fiscal stimulus and better performance of consumer spending, while private investments remain weak. moreover, foreign demand continued to provide positive contribution to boosting economic activity. the latest data from the external sector point to trade deficit narrowing by 14. 6 %, in july, in annual terms. it narrowed thanks to the increase of exports by 23. 9 % and the slight increase of imports by 1. 2 %. fiscal policy was stimulating during

central bankers ’ speeches
them exposed to economic or financial shocks that cause asset values to fall and / or interest rates to rise.

in september 2018, the coverage of the io scheme was extended to all scheduled commercial banks ( other than regional rural banks ) having 10 or more banking outlets in india. the objective of setting up the mechanism of io was to ensure that there is undivided attention to resolution of customer complaints in banks and the customers of banks get an independent and auto - review of their grievances which are partially or wholly unaddressed before they approach the banking ombudsman ( bo ). the io mechanism is expected to strengthen the consumer protection and grievance redressal processes in banks. in this era of digitalisation, given the increasing use of technology by service providers and their customers, being mindful of occurrence and potential of unauthorised transactions, the reserve bank has issued regulatory instructions keeping the interests of the customer in mind. the ‘ framework on limiting the liability of customers in unauthorised electronic banking transactions ’ issued on july 6, 2017 is a defining development in the wake of risks arising out of rapid digitalisation of payments and money transfer transactions, where there is a judicious balance between ease of use and security of the transactions. the provisions, initially applicable to scheduled commercial banks, have in january 2019, also been extended to cover authorised non - banks that issue ppis. in keeping with the rapid evolution in the financial sector, the reserve bank has progressively reviewed and updated its instructions and guidelines relating to customer service such as, simplification of know your customer ( kyc ) procedures, mandating issue of europay, mastercard and visa ( emv ) chip / pin cards, transparency in pricing of credit, etc., of which, you are all aware. the current strategy of the reserve bank for consumer protection is to create an enabling environment for developing a customer - centric financial system by instituting mechanisms for addressing information asymmetries between the providers and consumers of financial services, enhancing standards of disclosures and ensuring a better alignment of product design vis - a - vis the customer ’ s requirements while providing an efficient and effective grievance redressal mechanism. through all the changes and developments in the financial world, the reserve bank has endeavored to ensure a robust consumer protection mechanism that is visible and credible. the role of the ombudsman before i delve into the role of the ombudsman, let me say that in this journey of 25 years, several milestones have been achieved by the ombudsmen and their
fadilj bajrami : ecb regional cooperation programme with central banks in the western balkans address by mr fadilj bajrami, vice governor of the national bank of the republic of macedonia, on the occasion of the third programme steering committee meeting of the ecb regional cooperation programme with central banks in the western balkans, pristina, 27 march 2015. * * * dear governor hamza, dear deputy governor gjoni, dear mr. fehlker, dear mr. chlad, representatives from central banks, ladies and gentlemen, i am glad to be here, in pristina, with you today, on the occasion of the third and final meeting of the steering committee, to officially mark the successful completion of the joint cooperation programme between the ecb and the national central banks of the eurosystem, on the one hand, and the central banks of the western balkans, on the other. the inclusion of the three central banks in this programme, which aims to strengthen their institutional capacity and align their operations with the central banking standards of the eu, is of enormous importance for the region, given the role of central banks in the eu accession process. namely, this regional approach of the ecb allows raising the level of compliance with the eu standards and policies, but also creates an opportunity to advance the cooperation between the central banks in the region and the central banks of the eu. therefore, i believe that the cooperation will continue in the same spirit and will further advance through other forms of cooperation in various central banking areas. concerning the nbrm, it is my pleasure to emphasize that with the ecb colleagues, we have jointly established the current progress of implementation of the recommendations from the needs assessment of the nbrm, and defined the follow - up steps. on this occasion, let me point out that the nbrm will remain committed to the implementation of the recommendations provided in the report, bearing in mind that many of them have already been incorporated in the nbrm strategic plan. hence, the further support of the ecb and the eurosystem in terms of experience and knowledge is of immense importance, as well as the assistance of our strategic partners, with whom we hope to continue working together on the implementation of the recommendations. eventually, allow me to express my gratitude to the ecb and other central banks of the eurosystem involved in the programme, as well as the hosts, hoping to have future opportunities to meet at similar

event. bis central bankersa€™ speeches