samchain/econo-pairs-v2 huggingface dataset:
the conjunctural situation? or were the errors a result of the combination of these three factors? 1. the objective of monetary policy a large body of academic literature, stemming from the insights of friedman and phelps, provides the theoretical basis for establishing price stability as the objective of monetary policy. such an approach found overwhelming empirical support in our experience of the great inflation during the 1970s. it has reached its apogee in the modern benchmark macroeconomic model, which articulates – on a state - of - the - art, micro - founded basis – the welfare costs of deviations from price stability. 6 such thinking had an important bearing on the design of the institutional framework for monetary union in europe. the ecb has been assigned the primary objective of maintaining price stability in the euro area, establishing a clear hierarchy of goals with price stability at the fore. the clarity of this objective bolsters the credibility of the single monetary policy : it see h. theil ( 1964 ). optimal decisions for government and industry, amsterdam : north holland. see : m. goodfriend and r. king ( 1997 ), “ the new neoclassical synthesis and the role of monetary policy ”, nber macroeconomics annual 12, pp. 231 – 296 ; and j. j. rotemberg and m. woodford ( 1999 ), “ interest rate rules in an estimated sticky price model ”, in ed. j. b. taylor monetary policy rules, chicago university press, pp. 57 – 126. supports the institutional independence of the ecb and helps to stabilise private longer - term inflation expectations at levels consistent with price stability. at some other central banks, monetary policy has been given a dual mandate, with objectives such as economic activity, employment, financing conditions or financial stability in addition to the goal of price stability. i do not want to give the impression that we are indifferent to such concerns at the ecb : on the contrary, i will discuss in a moment how we can help to attain them. but monetary policy should not be over - burdened with additional objectives. it is too blunt an instrument to be effective in achieving all the goals i have just listed. for example, a central bank with a dual mandate to maintain price stability and support employment faces a particular dilemma in the context of a so - called “ jobless recovery ”. its ability to act in a timely manner to contain emerging inflationary risks may be curtailed by its obligation to support

challenge in view of its role in preparing for the transition, including reviewing and amending contracts and, crucially, adopting the new benchmarks in its own day - to - day business. for the working group, the greatest challenge ahead might eventually be to bring the whole industry on board in preparing for an orderly transition to more robust benchmarks. thank you. 2 / 2 bis central bankers'speeches
to thank the australian - thai chamber of commerce for the invitation. thank you.

raising the policy interest rate by 25 basis points to 1. 50 percent. the decision represents the first increase in fifteen months since the policy rate was reduced cumulatively by 2. 5 percentage points to cushion the economy from the global recession. but more importantly, it also marks an important turning point in our assessment of the economy ’ s growth and inflation outlook, taking into account the impact of the political situation. i want to share with you this assessment, which can be summarized in three main points. first, economic recovery in the first half of this year is firm, and the momentum is likely to continue in the second half, supported by global economic recovery, accommodative fiscal and monetary policies, as well as the strong momentum of recovery itself. as for the impact of the political turmoil, april and may data clearly suggests that the impact is limited and the collateral consequences will be felt largely in the tourism sector which will take a bit longer to recover. for the whole of this year, we are expecting growth to be higher than the range of 4. 3 – 5. 8 percent that we had forecasted earlier in april. so, similar to other economies in the region, thailand should recover firmly this year, and the recovery momentum should carry forward into the next year. second, with the economy recovering well, inflationary pressure is set to increase going forward, reflecting the impact of stronger domestic spending and also higher commodity and raw material prices in global markets. also, going forward, pressure on asset prices will become more evident on account of continued capital inflows into the region. therefore, with pressure on prices edging up and the recovery momentum looking firm, the move to begin policy rate normalization is a logical one for maintaining economic and financial stability. so, the decision today is not a surprise for financial markets, rather it is a decision that is longoverdue. the third point is the risk to growth. for the most part, we still see developments in the global economy as a key downside risk to thailand ’ s growth this year. a key risk at this time is the strength of global recovery in the second - half of the year, given a more limited room in the advanced economies for using fiscal stimulus to drive growth because of concern over longer - term fiscal sustainability and the risk of eroding inflation expectations. another issue is the possible spillover of concerns over sovereign debt onto the european banking sector. domestically, the drought situation seems to have improved substantially after a bout
unicredit group, mimeo. see also havlat, m. et al. ( 2018 ), “ economic convergence in the czech republic and slovakia ”, economic brief, vol. 34, european commission. 11 see havlat, m. et al. ( 2018 ), “ economic convergence in the czech republic and slovakia ”, economic brief, vol. 34, european commission. 12 juncker, j. - c. et al., ( 2015 ), five presidents report. 4 / 4 bis central bankers'speeches

leaders of bafokeng than him. let all those who appreciate the efforts of genuine african leadership support the challenging task of protecting the memory and legacy of kgosi edward patrick lebone. ibid. thomas friedman, 2000, the lexus and the olive tree, harper collins publishers. you lead a people whose earlier leaders had foresight while others were pre - occupied with fighting over the ownership of the olive tree. they were modern in thinking when they sent those men to work in the diamond mines in kimberley and used their earnings to acquire this prosperous land. this task, keeping the memory of the past leadership of this community alive, is our burden. this can be done by looking beyond the present and chart a future for all our people, this community and beyond. perhaps you may build a lexus in phokeng. thank you very much. kea leboga!
financial crisis across borders. in this regard, there are two issues. first, one may argue that once these operations start, it will become extremely difficult to cancel them outright even if the outcome is unsatisfactory, since cancellation might imply cutting the lifeline of the recipient ( in other words, a classical time - inconsistency problem will arise ). thus, the success of these operations depends critically on their “ gateway ” : how to craft the conditionality of the operations sufficiently to bring about the desired outcome, not sacrificing much in the recipient country, and how to construct the mechanism to ensure and encourage its compliance. second, market participants are concerned with possibility beyond the immediate problem : in particular, ( 1 ) whether the esm ’ s firepower will be sufficient to fulfill its mandate ; and ( 2 ) whether the esm will be used flexibly and in a timely manner. in both respects, recent developments are encouraging, and it is anticipated that further clarification of these points will help dispel concerns in financial markets. bis central bankers ’ speeches iii. medium - term challenge : avoiding further negative feedback the second issue is how to avoid a further adverse feedback loop among fiscal conditions, the financial system, and the real economy. to this end, creating a european banking union has enormous significance. a banking union will also redress the inconsistencies in the current banking framework, that is, financial institutions operate freely within the euro area, while bank supervision and the safety net provision are fragmented along national borders. for a banking union to be effective, it is crucial to secure sufficient funds to cover losses if the default of a financial institution occurs. this is a lesson japan learned from the financial crisis of the late 1990s. in japan, under the revised deposit insurance act, when a particular financial institution ’ s default raises real systemic concerns, the losses can be borne by not only the deposit insurance but also the national coffers. this ensures the credibility of japan ’ s financial safety net, thereby contributing undoubtedly to financial system stability. to be sure, in europe, loss sharing of this kind involves the difficult issue of fiscal transfer among member countries. it is very much hoped that appropriate measures will be taken in this regard in a european way. iv. long - term challenge : convergence over the longer time horizon, economic convergence is a prerequisite for the euro area financial markets to become a genuine single market with high liquidity. however, what we

is not easy and the damage has a very large impact on people ’ s lives and economic activity. the same thing can be said of confidence in the nation ’ s currency. the bank of japan will continue, as the central bank, to steadfastly work to ensure that trust in japan ’ s currency is maintained as well as to carefully examine the outlook for economic activity and prices, and take appropriate policy actions as necessary. thank you for your attention. bis central bankers ’ speeches
- looking and to continually ask ourselves : are all risks being captured, measured, and monitored? what is missing? are we focused on the right areas? so, here is another question : when we look back at this conference five years from now, what will we view as a major blind spot? i expect there will be issues that we will be surprised we missed, and part of the purpose of discussions like this is to lower the likelihood and impact of those inevitable blind spots. thanks for your attention, and i ’ m looking forward to hearing the discussion throughout the day. 3 / 3 bis central bankers'speeches

every day. our outreach and community development team is actively engaged with people and leaders around the second district through regional visits, advisory councils, and frequent events. and our researchers study economic conditions and trends in the region and make their findings widely available. this is a pivotal time for our city. we are excited to be back here, and we will continue this important work in forums similar to this one. i hope you'll partner and engage with us, because our collective efforts will make a difference. let's take advantage of this opportunity - this new york moment - and together shape a bright future for this great city. 2 / 2 bis - central bankers'speeches
no outstanding libor - based derivatives in our investment portfolio by the end of 2021. moreover, from end - 2021, we will exclude all libor - based floating - rate notes from the list of collateral eligible for snb repos when implementing monetary policy. these steps will cut any remaining ties between the snb ’ s monetary and investment policy and libor. page 3 / 5 zurich, 17 december 2020 andrea m. maechler news conference charts page 4 / 5 zurich, 17 december 2020 andrea m. maechler news conference page 5 / 5

fund capital, shovelling money around the world and quickly withdrawing from countries that show the slightest sign of problems. this criticism cannot be completely dismissed, but i do feel that it often does not fully take account of the importance of the financial sector for economic development. in addition, the critics often speak of this sector as though it did not play any productive role, but was more or less disengaged from the rest of society. this is not the case. the financial sector is very much an integrated part of society. we participate in it ourselves when we, for instance, choose between different pension funds, when we withdraw money from an atm, when we pay our bills or borrow money to buy a house or apartment. to begin with, therefore, i shall briefly discuss the fundamental tasks carried out by the financial sector in society. when we economists try to mediate knowledge in this field, we usually talk about three tasks or roles, namely mediating payments, channelling money from those wanting to save to those wanting to invest, and facilitating the management of economic risk. easier payments and more investments the financial sector as a mediator of payments is possibly the role where the sector's significance for society is easiest to understand. try to imagine an economy without the type of payment system offered by, for instance, postal giro and bank giro. in a world like that we would need to carry large amounts of cash around with us in order to make our daily transactions. we would have to rush off to the landlord once a month to pay rent, visit the telephone company to settle the telephone bill and queue in front of the tv building to pay our tv licence. thanks to various payment systems, we can avoid this inconvenience. this not only has a value in making our everyday life easier ; there is also a large economic value, as we are able to use our time for other things rather than queuing to pay bills. the government inquiry on the future of the financial sector presented last year estimated the value of this at more than 7 per cent of gdp, which corresponds to approximately sek 150 billion. this indicates the importance of properly functioning, stable payment systems. mutual fund investment plays an important part in the financial system's other role. this concerns converting savings into investments. without financial markets each investment would have to be financed by the actual investor, whether it was a question of buying a house or starting up a company. the financial markets'economic contribution here is that they make
risks. notably, last year, the ecb and national competent authorities conducted the first climate risk stress tests, albeit recognizing that this process is still in its infancy. however, these stress tests revealed that banks derived just under a fifth of their interest income from carbon - intensive sectors. for commercial banks and the broader financial system, addressing climate change presents not only challenges but also opportunities. the transition to a greener society demands substantial significant investments, and the financial sector, especially banks, will play a key role in providing the financial resources required to achieve this transition. dear ladies and gentlemen, as i have outlined, numerous challenges lie ahead, underscoring the importance of today's debate. our conference seeks to address the question of how we can finance the sustainable transition to a carbon - neutral economy. we will explore the indispensable roles that financial institutions and businesses must play in this transformative journey. to commence our discussions, we are honoured to have opening remarks from the vice - president of the european investment bank, teresa czerwinska. our keynote speakers include debora revoltella, chief economist of the european investment bank, who will share the latest research findings on investments in slovenia, with a specific focus on climate change. additionally, katja koren, director of banking operations at the bank of slovenia, will shed light on our institution's practices in socially responsible and sustainable investing. at the heart of our event lies a panel discussion, moderated by my colleague vicegovernor tina zumer featuring distinguished experts from various sectors. let us engage in a fruitful debate, for together, we can drive the change our world urgently needs. thank you. 2 / 2 bis - central bankers'speeches

. at the heart of this are the people in the bank. while the operating environment has changed significantly and the policy focus has evolved, the values that the bank represents, of integrity, respect for diversity, professionalism and expertise, have been enduring and reinforced over time. finally, the central bank could not have been successful in achieving our objectives and policies if we did not have the support in our country – from the government, the financial and business communities, and the people of the country – for their confidence and trust in us during these 50 years. the bank, going forward, through our policy actions and in discharging our responsibilities, will continue to uphold this trust that has been placed upon us.
onto the international agenda. i thank you. bis central bankers ’ speeches

accounts. community development activities are another point of emphasis, including financing for affordable housing and other needs, or volunteer activities, such as financial counseling, and providing clearer and stronger incentives to invest in the areas of need that lie outside of existing branch - based assessment areas. another key objective is to provide greater certainty ; tailor regulations based on local community needs, bank size, and business model ; and minimize burden. ultimately, we hope that our proposal provides a foundation for the three banking agencies to converge on a consistent approach that has broad support among stakeholders. the next step for us is to continue to gather feedback on our proposal from a wide range of stakeholders, including local communities. in addition to participating in conversations like this one today, we hope to receive as many comments as possible through our formal comment process, which has a deadline of february 16, 2021. we value this feedback tremendously, and our proposal includes specific questions where we are especially interested in input. given the expertise and leadership of the trust on racial equity, we will be particularly interested in your comments on the second question in our proposal : “ in considering how the cra ’ s history and purpose relate to the nation ’ s current challenges, how can we strengthen the cra to address ongoing systemic inequity in credit access for minority individuals and communities? " i thank you for your valuable engagement in this process thus far and look forward to hearing your ideas today and in the months to come. with your continued engagement, i am confident we can come together on a stronger approach to the cra that will benefit communities across the country. 1 i am grateful to taz george of the federal reserve bank of chicago for his assistance in preparing this text. these remarks represent my own views, which do not necessarily represent those of the federal reserve board or the federal open market committee. return to text 2 for more information, see the chicago community trust ’ s webpage “ chicago community covid - 19 response fund. " return to text 3 recent research indicates that the government ’ s response offset what could have been a surge in income poverty. han, meyer, and sullivan ( 2020 ) found that income poverty declined about 1. 5 percentage points, and that government programs, including the regular unemployment insurance program, the expanded unemployment insurance programs, and the economic impact payments, account for more than the entire decline in poverty, which would have risen over 2. 5 percentage points in the absence of these programs. see jeehoon han, bruce d
derville rowland : building trust in central banks and regulatory authorities remarks by ms derville rowland, deputy governor of the central bank of ireland, at the department of public expenditure and reform's annual management conference, dublin, 18 july 2024. * * * good morning everybody. it is a genuine pleasure to be here, to say a few words, but also – much more importantly – to listen and learn. as i will note shortly, we have closely studied the oecd's excellent work, undertaken in conjunction with the department of public expenditure and reform, on drivers of trust in government, as detailed just now by the last presenter. and it strikes me that, through the public service transformation framework, the department of public expenditure and reform is leading the way on one of the key drivers – by delivering demonstrably better public services for citizens. 1 on the issue of trust specifically, i oversee a programme of work in the central bank – open & engaged – that seeks to enhance our engagement with external stakeholders, demonstrate increased transparency and accountability and, in turn, increase trust. it's important i emphasise that i am not an expert in the topic of trust. rather, we are working closely with persons who are experts, seeking to understand what truly drives trust in central banks and regulatory bodies – a question which is relatively underdeveloped in the research literature. i will give a brief overview of the work we are undertaking, the issues we are considering, and our intended outcomes. some of you might recognise what i hold in my hand. currency is one of the central bank's statutory functions, managing the supply of official tender, issuing new notes and destroying old and damaged ones. this is a block of shredded euro notes – about €30, 000 worth of notes, give or take. if i were patrick kielty, i'd say there was one for everybody in the audience – but of course, this money is utterly useless in its shredded form. by contrast, a €10 note, can be used to buy €10 worth of goods or services. the question is why. of course, it's intact – but that's only the starting point. it's just a piece of cotton - fibre paper, after all – albeit one made with special inks and security features. 2 money works because people believe its value will be honoured. in short, it works on trust. 1 / 4 bis - central bankers'speeches and that trust under

but a consciousness of the unsettling effect of uncertainty on individuals throughout society, and a clearer understanding of what is possible and what is not possible to be done in managing these uncertainties. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches