samchain/econo-pairs-v2 huggingface dataset:
s story. as the german playwright friedrich hebbel said, “ drama should not present new stories, but new situations ”. many thanks for your attention. 1 stokes, b., wike, r. and manevich, d., “ post - brexit, europeans more favorable toward eu ”, pew research center, june 2017, available at www. pewglobal. org 2 raines, t., goodwin, m. and cutts, d., “ the future of europe : comparing public and elite attitudes ”, chatham house research paper, the royal institute of international affairs, june 2017, available at www. chathamhouse. org 6 / 6 bis central bankers'speeches

and shares. a truly european capital market would make the monetary union more stable. but the main aim of the capital markets union is of course a different one. first and foremost, the capital markets union would help the economy to grow. companies would no longer be restricted to domestic banks for funding. they could access sources of equity and loans throughout europe. at the same time, savers would have more options to invest their money. all in all, it would be possible to fund the economy more efficiently and allow it to grow faster. for all these reasons, a european capital markets union is currently being built. this is not something that can be done in a day. capital markets are complex and diverse. exchanges, central counterparties, tax law, insolvency law – these and much more play a role. creating a european capital market thus requires many different measures to be taken. and, more than anything, it requires time. still, that is no reason not to do it. the capital markets union has been an important project from the beginning, and, since brexit, it has become even more important. 5 / 6 bis central bankers'speeches conclusion ladies and gentlemen, the first four acts of the euro area ’ s story have been written. now it ’ s all about the fifth act. it ’ s about putting the crisis behind us for good, resolving the conflicts and arriving at a happy ending. in my speech, i have talked a lot about how we can deal with risks in the euro area. but it ’ s not just about risks and stability, of course. it ’ s also about opportunities ; it ’ s about growth and prosperity. here too, europe offers the best possible conditions. and more and more citizens are beginning to realise that. according to a recent poll, support for the european union is on the rise. 1 that is a good sign but no reason to relax, because another poll shows that there are still differences. 2 according to that poll, the average citizen does not feel that he or she benefits from europe. our goal should therefore be to ensure stability and prosperity for all citizens of the euro area. we have to achieve that goal. it may not be easy, but it is possible, and it will be worthwhile. in my speech, i listed a few of the things we can do to get closer to our goal. the important thing now is to make a start and to begin writing the fifth act of the euro area ’
short at the plenary debate. thank you for your attention. bis central bankers ’ speeches

in norway, though for now, credit volumes are marginal. a trend that is becoming increasingly evident is bundling financial services with other products. some companies combine payment solutions with securities and cryptocurrency trading. an example of this is robinhood in the us. others combine proprietary payment solutions with access to credit for online purchases of goods and services. here in norway, we have the link between komplett. no and komplett bank, and between the airline norwegian and bank norwegian. in the global arena, the online retail giant amazon offers a proprietary payment solution, a credit card in collaboration with a large international bank and a crowdfunding platform. chart : bigtech is entering the financial market with their technical expertise and financial muscle, bigtech companies can potentially be catalysts for sweeping changes in the financial sector. they are able to bundle a range of services, while making use of the information customers have left behind to target their services more directly to each one. 12 by offering financial services, these companies gain access to our payment histories – a very valuable commodity. and with already large customer bases, their proprietary solutions can quickly achieve widespread adoption. unlike banks, other non - bank service providers cannot create their own financing. financing costs may therefore be somewhat higher than for banks, especially for new participants that have not built up sufficient trust in capital markets. it is perhaps therefore not surprising that a number of participants that have started as fintech companies have eventually obtained a banking licence. an example is klarna, which has many users in norway. the company has obtained a banking licence in sweden and has the stated ambition of becoming the ryanair of the banking industry. also bigtech companies that offer credit services on proprietary platforms have so far done so in collaboration with existing banks, or by establishing their own banks. fintech companies and tech giants can take market shares from established banks. this can result in sweeping changes in market structure. but this does not mean that banks will become obsolete. the services offered by the new participants and the new means of payment i have discussed so far are based on our current monetary system. what is lent and saved will still be norwegian kroner created by regulated banks. will cryptocurrencies give rise to a new financial system? chart : cryptocurrencies – another kind of money a more radical scenario is that cryptocurrencies not pegged to the krone gain a larger role in the monetary system. cryptocurren
jean - claude trichet : inauguration of the “ euro exhibition ” hosted by national bank slovakia speech by mr jean - claude trichet, president of the european central bank, at the inauguration of the “ euro exhibition ”, hosted by national bank slovakia ( narodna banka slovenska ), bratislava, 21 september 2008. * * * ladies and gentlemen, it is a great pleasure for me to welcome you here today. this is a historic moment for slovakia, which will become the 16th country to join the euro area on 1 january 2009, exactly ten years after the euro was set up. slovakia is the fourth country to join the euro area since the cash changeover in 2002 : we have so far seen the entry of slovenia in 2007, followed by malta and cyprus in 2008. when the euro banknotes and coins were first introduced on 1 january 2002, they became one of the most visible symbols of europe. they are now an important and natural part of our daily lives and will soon be so for slovak citizens. in preparation for this historic moment, the ecb has greatly appreciated its cooperation with the national bank of slovakia over the last couple of years. governor sramko has been a member of the general council of the ecb since january 2005 and from mid - july 2008 he has also participated as an observer to the governing council of the ecb. the good cooperation between the national bank of slovakia, the european central bank and the eurosystem will make the introduction of the euro in slovakia a success. 188 million banknotes from eurosystem stocks will be delivered to slovakia by the oesterreichische nationalbank in austria, given its close proximity. the pre - launch distribution of euro cash to banks – what we call “ frontloading ” – and its subsequent sub - frontloading to retailers and other businesses is essential to make banknotes and coins widely available within a short timeframe. in fact, the frontloading of the euro has just begun and i understand that an additional 1. 2 million coin mini - kits will be on sale to the public from 1 december 2008. the ecb has been providing support to the euro campaign in slovakia by helping slovak citizens to become acquainted with the visual aspects of the euro and how the changeover will work. as part of the joint euro campaign, many seminars and training sessions for bank staff and cashiers have been held and over seven million copies of different publications have been produced by the ecb. over two million public information leaflets

fear of treaty change should not deter us from discussing what is necessary to put our economic and monetary union on a more solid footing. i remain convinced that european nations and citizens are willing to share more sovereignty in policy areas where national member states are increasingly less able to tackle the challenges on their own. but citizens rightly ask for a concrete roadmap in which policy fields sovereignty need to be shared and how such powers at the central level are controlled and legitimised. once we have convincing answers to these questions, treaty change will lose its trepidation. 3 / 3 bis central bankers'speeches
the landesbanken sector consists of eight individual cases with eight very different traditions and sets of underlying data which allow only qualified cross - comparisons to be made. 2. resilience in the german banking sector the bundesbank is well aware of the existing diversity among credit institutions. it is not without good reason that one main chapter of our recent stability review was entitled increases and differences in resilience in the german financial system. that is one of the key messages of our stability review. this means, first of all, that resilience improved overall last year. with regard to the one pillar of resilience – the capital side – capitalisation increased on an average of the large banks. on the other hand, there appears a notable gap among the large institutions. and this “ twoclass society ” can also be found within the category of landesbanken. as a category, the landesbanken display lower tier 1 capital ratios than the other large banks. in the third bis central bankers ’ speeches quarter of 2010, the aggregate figure was 10. 8 %, compared with 11. 5 % in the case of the other large german banks. among landesbanken, the longstanding trend decline in risk - weighted assets continued last year, which means they were de - risking. but not only that : they continued to reduce their total assets – unlike the other large banks, whose total assets increased. these differences are primarily the result of eu state aid control procedures, which aim for the restructuring of government - supported banks. now, i am aware that, in weighing up the objectives of financial stability and a level playing field, the european commission – as guardian of the treaties – will tend to emphasise the latter. in acute phases of stress, this can lead to decisions that are not always entirely fortunate. in a fragile environment, care has to be exercised not to take rash action that would, in fact, trigger stress. however correct and necessary they are in terms of ensuring a level playing field for competition, the decisions to be taken therefore have to be examined in terms of their systemic relevance in order to prevent an overreaction. at all events, a system change requires sufficient time for the necessary coordination. on the other hand, i ask myself where we would be today in terms of the necessary consolidation without the commission ’ s requirements. are these requirements not ultimately in the best long - term interests of financial stability? after all, their aim is that the landes

announced by ubs, which are aimed at strengthening its capital base, are to be welcomed. the fact that ubs has been able to attract a large and internationally recognised asian investor for this purpose serves as an illustration of one of the ways in which globalisation of financial markets has been to our advantage.
. the central bank will continue to monitor developments in the foreign exchange market but allow genuine demand and supply factors to determine the level of the kenya shilling exchange rate. finally, measures to promote exports including foreign direct investment are critical to the long term stability of the kenya shilling exchange rate. 9. in closing, let me take this opportunity to thank the over 300 private enterprises that responded to the year 2013 foreign investment survey questionnaires. the response rate of 75 percent was impressive and we look forward to better this performance in this year ’ s survey. the time spent building this critical information base is for our mutual benefit and the people of kenya. 10. it is now my pleasure to invite the cabinet secretary, national treasury to make his remarks and official launch the 2015 foreign investment survey. thank you. bis central bankers ’ speeches

also a regulator. this approach will ensure innovative policies that work for the market and ensure financial inclusion for all kenyans, lower unit cost of financial services and also ensure the market stability. ladies and gentlemen : in conclusion, i would like to assure the banking sector and other market players that the central bank will continue to support the market development by providing an enabling environment for growth in the banking sector. we shall continue to ensure that the sector operates efficiently, effectively and soundly, supported by the following three pillars : • first, strengthening financial stability, through a robust supervisory and regulatory framework. in this regard, the central bank has adopted a consolidated supervision approach to take cognizance of the growing pan - african nature of the kenyan banking sector – and where applicable, supervisory colleges will be used. • second, enhancing financial integrity in the banking sector so as to ensure that the financial systems are safeguarded against money laundering and financing of terrorism in line with international best practice. • third, promoting financial inclusion for financial deepening and development in line with the aspirations under the kenyan vision 2030. we expect banks to strengthen their screening and monitoring role of their clients, new or potential ones for market development. the kenyan bank of india should take advantage of the market vibrancy as well as initiatives put forth by the central bank to grow its market share even further in the coming years. ladies and gentlemen : with these few remarks, let me once again applaud the kenyan bank of india, as you celebrate your diamond jubilee and wish the bank continued prosperity in the years to come – not only in kenya but also in the east african community region. thank you and god bless you all. bis central bankers ’ speeches
jerome powell : welcoming remarks " expanding the impact : increasing capacity and influence " welcoming remarks by mr jerome h powell, member of the board of governors of the federal reserve system, at " expanding the impact : increasing capacity and influence ", the 2017 interagency minority depository institution and community development financial institution bank national conference, los angeles, california, 5 april 2017. * * * thank you, donna. good morning and welcome to the federal reserve. we are honored to have you here today as we host the biennial interagency minority depository institution ( mdi ) and community development financial institution bank conference. my colleagues from the federal reserve bank of san francisco and i are especially honored to be hosting you in los angeles. as you probably know, all of the previous interagency mdi conferences have been held on the east coast, mainly in washington, d. c. however, because the largest concentration of minority banks is located here in southern california, it seemed natural to bring this conference west. the federal reserve seeks to support mdis in a number of ways, including our partnership for progress, our program for outreach and technical assistance to mdis. both the office of the comptroller of the currency and federal deposit insurance corporation share our goal of preserving and promoting mdis because you are critical institutions to the communities you serve and the larger u. s. economy. and i note that congress has also recognized your importance, mandating our respective agencies to help support mdis. from the perspective of someone who sits on the federal open market committee, i see many ways that the federal reserve can not only support mdis but is itself also supported by them, and i would like to talk about four of these ways today. first, half of our monetary policy mandate is maximum sustainable employment. that means that we need to be aware of employment trends across all communities in america, not just the top - line averages, since unemployment rates vary significantly across races and geographies. for the first time, last year, we put into our monetary policy report to congress a section that detailed how post - recession economic gains have been distributed across races. 1 you, as mdis, are committed to understanding and serving these diverse communities. i know that, for example, your small business loans to minority business owners make a difference in the employment rates of minority communities. i thank you for that work, and we will continue to work closely with you to better understand the employment dynamics of underserved

june 21, 2016 ), www. federalreserve. gov / monetarypolicy / files / 20160621 _ mprfullreport. pdf. 2 / 2 bis central bankers'speeches
interactions between ai, financial services, and markets. i would like to close by hoping that today's conference will generate fruitful discussions, and that the exploration of financial frontiers by utilizing new information technologies, including ai, will greatly contribute to the development of the economic society. thank you for your attention.

s. it seems that u. s. capital markets, which tend to promote venture businesses, are supported by such household behavior to no small extent. in japan, despite the strong propensity for safe assets, it cannot be denied that how to make firms and financial products attractive for investment purposes will warrant study. i stated earlier that capital productivity in japan is low and thus not attractive for either domestic or foreign investors. this refers only to the overall trend of the economy thus far. if we closely examine each individual firm and project, there must potentially be many investment opportunities with an appropriate combination of risk and return. there should not be much difference between japan and abroad in that even a small firm will be able to become a big success if it takes advantage of technological innovation in telecommunications and deregulation. in fact, we may detect some seeds of new business opportunities in the recent buoyancy of the stock market. to germinate such seeds, it is deemed necessary to encourage new entry to the market through deregulation which leads to intensified competition and the revitalization of industries, and to create a variety of financial products through which the abundant savings of the household sector can be smoothly channeled as risk capital to investments in new businesses. viii. concluding remarks the japanese economy now stands at a crossroads as to whether it can move onto a self - sustained recovery path. needless to say, a stable macroeconomic environment is important for the smooth progress of structural adjustment. we are fully aware that monetary policy is expected to play an important role under such circumstances. with these considerations in mind, we will maintain current monetary easing until deflationary worries subside. having said this, the three structural problems discussed here are determined by supply - side factors, and cannot be dealt with only by demand stimulus measures from the monetary and fiscal side. for example, in addressing the corporate balance sheet problem, to what extent firms tackle the allocation of management resources will depend critically on the way corporate governance is being implemented. regarding the changes in growth mechanisms under globalization, whether new firms emerge to bring innovation to the productivity of existing domestic - oriented industries will depend on how regulations and traditional transaction practices change and how the capital market functions. as to the savings and investment imbalance and the provision of risk capital, much may depend on the future of pension, insurance, and taxation systems. since these supply - side measures work on the incentives of firms and households, it thus often takes time for effects to materialize unlike
, will provide a future framework within which our financial institutions will operate. ladies and gentlemen i would like to close by saying that our future is in our hand. we ask for your cooperation in positioning our financial system for the future. i am fully confident that together we can contribute to the benefits of our nation. thank you.

of commodities and behind the recent episodes of severe financial turbulence. we will therefore monitor closely all relevant incoming information and its impact on the outlook for price stability. our monetary policy measures in place, including the tltros, continue to have a favourable impact on the cost and availability of credit for firms and households. they have so far prevented a measurable tightening in financial conditions for the real economy despite the recent surge in financial volatility. the sustained decline in the cost of borrowing is strengthening domestic demand, by supporting durable goods consumption and stimulating investment particularly by small and medium - sized businesses. this is making the euro area economy more resistant to external shocks. bis central bankers ’ speeches should some of the downwards risks weaken the inflation outlook over the medium term more fundamentally than we project at present, we would not hesitate to act. the asset purchase programme has sufficient in - built flexibility. we will adjust its size, composition and duration as appropriate, if more monetary policy impulse should become necessary. i am aware that many of you closely scrutinise the potential effect of the low interest rate environment on financial stability ; econ coordinators chose this as one of the topics for today. building on what i said during the hearing in march, let me underline that we are closely monitoring risks to financial stability, but we do not see them materialising for the moment. should this be the case, macroprudential policy – not monetary policy – would be the tool of choice to address these risks. here, we can build on the recent experience in developing these tools : over the last two years, national authorities in europe have been active in introducing macroprudential policies, such as caps on loan - to - value or debt - to - income ratios to structurally strengthen the mortgage market and to counter growth in real estate prices as well as mortgage loans. similarly, to strengthen the banking system, countries have introduced systemic risk buffers, in addition to the buffers for globally systemic banks and other important institutions. however, these macroprudential instruments mainly cover lending through the banking sector. as there are signs that the financing of the euro area economy has tended to shift to non - banks, the coverage of the macroprudential framework needs to start being extended to the shadow banking sector so as to address risks in the financial sector as a whole. i would also like to say a few words about greece. during the last hearing in june, i called for a comprehensive and fair agreement with greece