samchain/econo-pairs-v2 huggingface dataset:
jean - claude trichet : reforming emu – time for bold decisions speech by mr jean - claude trichet, president of the european central bank, at the conference of the group of the progressive alliance of socialists and democrats in the european parliament “ what future for the euro? ”, frankfurt, 18 march 2011. * * * ladies and gentlemen, honourable members of the european parliament, it is a pleasure to have the opportunity to speak at your conference this afternoon. we meet at a time of multiple challenges for our world. for more than three and a half years now, we have been focused on the challenges to our economies and our societies by the unfolding financial crisis. but the tragic events in japan over the past week remind us of even greater threats. the potential impact of the earthquake and its aftermath on both the japanese economy and the world economy is something we will be thinking about deeply in the coming days and discussing with our friends at the bank of japan. for the moment, my heartfelt thoughts are with the people of japan, whose lives and whose livelihoods have seen such havoc. your conference today asks “ what future for the euro? ” in addressing that question, i would first like to speak about the achievements of the past, before focusing on the challenges ahead for europe ’ s economic and monetary union ( emu ). i would like to reiterate and explain the need for what i have called a “ quantum leap ” in the economic governance of europe. and i would like to outline what that means in practice and what more needs to be done to make that quantum leap a reality. 1. achievements of the euro first, let me take a brief look back at the history of the euro. having had the privilege of serving as a member of the european central bank ’ s ( ecb ) governing council since the launch of the euro and as the ecb ’ s president for the past seven years, i can report that we have achieved a great deal. all europeans should take pride in these achievements. the key to understanding the current challenges is to recall that the specific construction of our modern economic and monetary union rests on two separate economic and monetary pillars. under the monetary pillar, there is only europe : the single currency, the single monetary policy and the single central banking system – with the ecb at its core. the economic pillar is decentralised, with responsibility for fiscal and economic policies in the hands of individual countries. these policies should be steered by overall rules and

we must ensure that the well - functioning monetary union is complemented by an equally well - functioning economic union. all of this should be done to achieve the common goal : a union of individual freedom and collective respect ; a union of responsibility and cooperation ; and a union of stability and prosperity. thank you for your attention. bis central bankers ’ speeches
anita angelovska bezhoska : new statistical requirements in the post - crises era speech by ms anita angelovska bezhoska, governor of the national bank of the republic of macedonia, at the event on the occasion of the european statistics day, skopje, 17 october 2018. * * * dear prime minister of the republic of macedonia, zoran zaev dear eurostat director general, mariana koceva dear ambassador of the european union, samuel zbogar, dear finance minister, dragan tevdovski dear president of manu, taki fiti dear rector, nikola jankulovski dear dean of the faculty of economics in skopje, ljubomir drakulevski dear director of the sso, apostol simovski distinguished guests, this year we are marking the european statistics day, exactly ten years after the outbreak of the global crisis. its intensity and duration were so pronounced that in the last ten years it has become usual to make almost all reviews and insights through the prism of the “ pre - and postcrisis period ", and this is probably not surprising given that the great shocks inevitably lead to reassessment of the conventional paradigms. the statistics as well is no exception in this respect. as the great depression highlighted the need for development of the national accounts statistics, while the asian crisis the need to better perceive the links between the domestic financial system and capital inflows, leading to the development of several new statistical standards, the global crisis of 2008 once again brought the financial system into focus. the crisis has clearly shown how inadequate regulation and excessive risk taking in the financial sector in developed economies can lead to unpredictable consequences in the real sector, both nationally and globally, stressing the need for a better understanding of the links between the financial and the real sector, such as and cross - border ties in the context of rising globalization. the fact that the roots of the global crisis were precisely in the financial sector suggests that most of the post - crisis needs for statistical changes touch exactly the central banks. although the outbreak of the global crisis can not be attributed to the lack of statistical data, however, significant statistical gaps became evident and they are best reflected through the g - 20 data gaps initiative for identifying recommendations to fill in these statistical gaps. the recommendations are mainly located in the following key segments : the first segment is better recognition of the increase in the financial sector risks. it was found that timely detection is extremely important

central bankers'speeches social goals, that is making decisions based on facts in order to increase social welfare. bearing in mind the dynamic world we live in and the changes it brings, a key challenge for statisticians will be to keep pace with these changes and to develop credible statistics as a public good that enables a better understanding of reality and taking appropriate policies from all factors of social life. thank you. 3 / 3 bis central bankers'speeches
that. and thank you chair.

. 2. savings and investment financing structure following a period of external financial imbalances and related adjustment programs during the nineties, algeria has entered, since 2000, a period of sustained increase in savings, leading to a situation of excess savings over investment. despite a situation of increasing investment rates, the ratio of total savings to gdp reached 57 % in 2008 against 48 % in 2004, leading to a context of excess saving rates of 13 % to 24, 7 % over the period. these developments have allowed sizeable reserve accumulation, particularly from 2004 ( us $ billion 43 ) to 2008 ( us $ billion 143 ) as a cushion against possible external shocks, including shocks of a “ sudden stop ” nature. anchored to regained macroeconomic stability, a large public investment program was launched in 2001 ( 2001 – 04 ) followed by a larger one in 2005 ( 2005 – 09 ). implementation of the two public investment programs significantly stimulated gross fixed capital formation, with public investments representing 56. 5 % of total investment in 2008 up from 40. 8 % in 2004. over the past five years, public investments ( economic and social infrastructure, housing, agriculture and water, others ) amounted to us $ billion 80 ( representing 51 % of a total of us $ billion 156 ). it should be noted that foreign companies, particularly from asia, hold a significant position in terms of implementation of the public investment programs. in parallel, the national oil company ( sonatrach ) implemented ambitious annual investment plans over the past 3 years, increasing the annual investment envelope from us $ billion 4. 8 in 2006 to us $ billion 8. 5 in 2008. for the past 5 years, the ratio of sonatrach ’ s investment to total investment reached 17. 6 % ( 17. 1 % in 2008 ). for 2009, sonatrach ’ s investment program amounts to us $ billion 16. 5. investment of the remaining sectors of the economy represented 31 % of total investment over the period 2004 – 08. in 2008, this ratio was 26. 4 %, although investment in these sectors increased sharply during this year ( + 37. 4 % ). in the context of structural excess savings over investments, the structure of investment financing in algeria over the past 5 years reflects the predominance of self - financing ( 82. 5 % ) on account of the budgetary financing of the public investment programs. indeed, with significantly increased financing capacity, domestic financing has been the sole source of public investments financing
colleagues and dear friends from de nederlandsche bank and banco de portugal. support by someone reliable and eloquent truly matters and often makes the difference when striving to excel. we could not have done it without you and we are deeply grateful to you for that! it is why it is my particular pleasure that we have governor knot and board member mr rosalino here with us today. your presence do us great honor and i am confident that our cooperation will be even stronger and deeper than before. allow me also to express my sincere gratitude to mr yves mersch, executive board member of the ecb, for honoring us with his presence at this highly important event. eu integration is the future we want and we as a national bank continuously invest in improving our capacities to comply with eu central banking standards. focusing on payment systems only, major steps were taken toward harmonization of the macedonian legislation with the eu regulation. the new law on payment services and systems and related bylaws which are under procedure will implement psd and part of the provisions from psd2, settlement finality directive and e - money ii directive. the nbrm took an important step toward harmonization with the eu regulation in the oversight area by adopting new oversight regulation which is in line with the principles for financial market infrastructures, as well as the ecb ’ s revised oversight framework. further on, domestic payment statistics was adjusted in accordance with the ecb regulation providing methodological and operational compliance with the payment statistics of the european system of central banks. another major project was completed recently linking the domestic payment system with target 2 via banca d ’ italia. this project is expected to contribute to reducing the gap between fees for cross - border payment transactions and domestic payments, which is in line with the eu progress report recommendations and the ecb ’ s needs analysis report for the national bank of the republic of macedonia from 2013. in the period ahead, we will continue to further strengthen capacities enabling the nbrm to successfully join the european system of central banks, and later the eurosystem once the republic of macedonia achieves its strategic commitment for eu membership. i would also like to express my appreciation to our distinguished panelists for today – governors and other honorable guests and to thank all esteemed guests, delegates and speakers for contributing to another successful event. finally, jubilees like this don ’ t come together over night. allow me to express my recognition and appreciation to the whole team that each year coordinates the conference

##b has been given supervisory responsibilities, to ensure, besides price stability, also proper conditions of financial stability in the euro area. we must work continuously to build up a resilient, robust and efficient financial system that is essential for the long - term prosperity of our monetary union. in this work cooperation between the eurosystem, the ssm and national central banks and supervisors is essential. thank you for your attention. bis central bankers ’ speeches
. a bosom friend afar brings a distant land near. thank you for your attention. i wish you a successful forum and plenty of health!

the time. so i cannot tell you when and, more importantly, how rapidly our rate target will rise. i will share an observation, however. the economic outlook can change rapidly, and judgments about appropriate policy need to respond accordingly. it ’ s not hard to find historical examples : the outlook for real activity shifted dramatically from late 1998, when overseas turmoil was thought to jeopardize u. s. growth, to early 1999, when it became clear that the effects would be minimal and activity was accelerating. similarly, the outlook for growth and inflation shifted significantly from mid - 2003, when inflation seemed to be sinking below 1 percent, to early 2004, when growth and inflation were clearly rising. arguably, the fed fell at least somewhat behind the curve in each case. the lesson, i believe, is that policymakers should strive to look through clearly transitory phenomena to assess the underlying real economic developments that – as long as inflation is anchored – determine the appropriate path for interest rates. and they need to be prepared to respond promptly. bis central bankers ’ speeches
of micro - entrepreneurs across the country. bis central bankers ’ speeches

is as high as 96 per cent for korea. the comparable level for india is less than 15 per cent. expenditure on research and development ( r & d ) in the developed countries is in the range of 2 to 3 per cent of gdp on an average, which is just 0. 8 per cent in india. this probably explains the gap between employment and employability in our country. how to bridge this gap is the challenge for the voice of tomorrow. the skill gap will become increasingly costly for the economy. way back in 1948, while addressing the conference on all india education, maulana azad had stressed that “ … we must not for a moment forget, it is a birth right of every individual to receive at least the basic education without which he cannot fully discharge his duties as a citizen ”. in april 2010, on the occasion of “ the children ’ s right to free and compulsory education act ” becoming effective, the hon ’ ble prime minister emphasized : “... we are committed to ensuring that all children, irrespective of gender and social category, have access to education. an education that enables them to acquire skills, knowledge, values and attitudes necessary to become responsible and active citizens of india ”. enhancing employability of the labour force requires focus on both skill development and an economic structure that could ensure that the growth process become more employment intensive. according to the national skill development policy 2009, the current capacity of the country to conduct skill development programmes is about 3. 1 million. the target is to cover 500 million cumulatively by 2022. the policy recognizes that 93 per cent of the country ’ s workforce is in the unorganized sector, but contributes only 60 per cent of gdp. strengthening the skill base in this segment will contribute to improving productivity, working conditions and living standards. when we talk of living standards what is of immediate relevance is shelter. the right to shelter is as important as the right to education and employment. now, since the past decade or so there has been a tremendous demand for housing as the economy flourished and income levels increased significantly. the banks entering the housing finance market in a big way provided a major fillip to this sector. but when we talk of shelter to all we mean housing units which will be within the reach of the common man. to bring down the unit cost of housing to that level would require a great deal of technological and financial innovation. to deal with the challenge of gainfully absorbing the expected large number of
proposals appear to be prudent, balanced and appropriately sensitive to risk. moreover, i believe that they support our goal to encourage continued improvement in the measurement and management of these exposures. the rapid progress that we achieved here largely reflects the contributions that the iif, its members, and many others in the industry provided in the discussions with the various working groups. for that, i would like to express my thanks to the iif and its members. i look forward to continuing our discussions on the solutions proposed in the coming weeks. i am confident that we will then be able to finalise the rules by early july so that national rule - making processes and banks ’ own preparations can incorporate them in time for basel ii ’ s implementation. i ’ d like to mention one other area of preparations that will affect banks directly : the recalibration exercise. in order to establish a common data set on which to base this review, the committee has decided to begin the recalibration exercise in autumn this year. we recognise that the recalibration exercise will demand resources from both banks and supervisors. the iif expressed clearly to us this concern. in this regard i would like to make two comments. first, we discussed this issue yesterday in our meeting and decided to publish a newsletter clarifying some elements of the proposed work that i hope will address these concerns. in this newsletter, available on the bis website, we underline several ideas. the committee thinks that this early recalibration, in the spring of 2006, will give banks and supervisors more time to reflect and will facilitate implementation. in order to ensure that the envisaged review is based on recent and high - quality data, the committee will undertake a so - called fifth impact study between october and december 2005, three months earlier than previously envisaged. the calibration of the revised framework will be discussed in spring 2006 on the basis of qis 5 data. as we are conscious of the workload of this exercise, the committee does not intend to set data requirements or timeframes for the parallel calculation that will be conducted in 2006. so there is no duplication of work. in addition to that, in countries in which a qis 4 has been conducted, the qis 5 might be either a partial update of the qis 4 or a new exercise. finally in terms of the schedule, to enable banks to make early preparations for the impact study, the committee intends to provide banks with work

##lation in the euro area has finally been averted, and the us economic recovery continues apace, we may expect the financial markets to return to normal and yield curves to move back in step with normal, sustained economic growth. bis central bankers ’ speeches
financial risk forum guide 2022 : scenario analysis in financial firmsopens in a new window ', ngfs ( 2023 ),'scenarios portalopens in a new window ', bank of england ( 2021 ),'guidance for participants of the 201 biennial exploratory scenario : financial risks from climate changeopens in a new window'7 / 7 bis - central bankers'speeches

in any doubt that the transition is already building, creating opportunities and crystallising risks, and that its speed will only accelerate. within the uk, policies on energy efficiency in buildings are driving changes now. 4 and transition policies elsewhere such as the us inflation reduction act will have on - shored impacts for the uk. so firms cannot, and should not, delay taking action to better understand how transition might impact their businesses. as i mentioned earlier, the cbes revealed a significant gap in the understanding of real economy firms on what the transition to net zero means for them. whilst i recognise there is uncertainty, i urge firms to explore how different scenarios are relevant to their strategy, to test their specific vulnerabilities and to identify opportunities. here at the bank, we have helped create tools to support such analysis. 5 and they continue to be enhanced. they include carbon prices consistent with different pathways to net zero to help you identify robust strategies. i encourage you to use them. 5 / 7 bis - central bankers'speeches and the fourth challenge is that system wide change is complex as the actions of one are dependent on actions of others, so it is important to coordinate action throughout the supply chain. each firm should be stretching its horizons – building capabilities now that enable action to drive long - term reductions in emissions through their value chain. that does not mean immediately ceasing to deal with high emission counterparties and suppliers. that does not necessarily remove emissions, perhaps chasing them into the shadows instead. rather, economy - wide emissions reductions will come through proactive engagement with counterparties and suppliers, and decisions aligned to the transition over time. this means understanding the needs of firms up and down the supply chain and having difficult discussions about steps to reduce emissions. and smaller corporates will need help from larger corporates and their financiers to develop their climate expertise. the collaboration between garp and chapter zero we see today shows how effective that can be in driving faster progress. i truly believe that transformation can come from constructive and systematic engagement with your value chain. i therefore urge you to convene your opposite numbers in and around the real economy. chapter zero is a great network. who knows, the source of your scope 3 emissions may be sat in this room! conclusion let me conclude. we know the costs of transition to a net - zero economy are lowest with early and wellmanaged action. and we are making good progress in supporting that transition, arguably more than we might have
prasarn trairatvorakul : policy forum marking the bank of thailand ’ s 70th anniversary welcome remarks by dr prasarn trairatvorakul, governor of the bank of thailand, to the bank of thailand ’ s 70th anniversary and 3rd policy forum, bangkok, 12 december 2012. * * * governor glenn stevens, distinguished guests, ladies and gentlemen, 1. it gives me great pleasure to extend a warm welcome to all of you, our distinguished guests, to the bank of thailand ’ s policy forum. today ’ s gathering marks the third such event organized by the bank of thailand. the policy forum serves as a platform for prominent academics, policy - makers and market participants to learn from the visions and insights of outstanding international leaders. more importantly, the discussion and knowledge - sharing arisen from this forum will further equip the bank of thailand with a broader and deeper pool of knowledge to pursue its mandate. on that note, let me add that this year marks the 70th anniversary of the bank of thailand, an institution that has always been committed to preserving economic and financial stability. this commitment would not be possible without continual upgrading of our knowledge base through forums such as the one today. 2. today, the bank of thailand is truly honored to have governor glenn stevens of the reserve bank of australia with us to share his thoughts on “ challenges for central banking ”. this talk is especially timely because the effects of the global crisis are spreading to our region. asia is clearly slowing amid the weak us economic recovery and the euro crisis. at the last policy forum, dr. wolfgang schauble, federal minister of finance of germany, spoke at this forum and shared with us his views from the eye of the storm. now, as the storm moves east to asia, governor glenn stevens will be able to share with us his views from the perspective of our region with respect to the external challenges we are facing. 2 3. apart from common external challenges, australia and thailand also share many internal characteristics as well as a similar monetary policy framework. for example, both are open economies. both export commodities and import oil. the reserve bank of australia ( rba ) practices inflation - targeting with a flexible exchange rate. in fact, it is considered a pioneer among central banks as it adopted inflation - targeting in 1994. as you all know, the bank of thailand also practices inflation - targeting with a flexible exchange rate. both australia and thailand recently experienced substantial exchange rate swings amid the

be earned. this i think we have done to no small degree, so i ’ m not unhappy about this most important area of central banking. let me, therefore end my statement on this rather hopeful note.