samchain/econo-pairs-v2 huggingface dataset:
policy globalization index. data on social expenditure are oecd.

€10 – more than nine months ahead of the launch. this should allow sufficient time for the machines to be adapted by 25 november. in addition, the ecb and the national central banks will conduct an information campaign addressing everyone who handles banknotes so that they will be able to recognise the new note and its security features. the new €20 note is the third denomination in the europa series that is gradually replacing the original euro banknotes introduced in 2002. it will be followed, over time, by new versions of the €50, €100, €200 and €500 notes. thank you for your attention. i now have the pleasure of signing the new €20 banknote. bis central bankers ’ speeches
recovery with positive quarterly growth rates is expected. the significant policy stimuli in all major economic areas should support growth globally, including in the euro area. in the view of the governing council, uncertainty remains high and we have to be prepared for ongoing volatility in incoming data. overall, the risks to this outlook remain balanced. on the upside, there may be stronger than anticipated effects stemming from the extensive macroeconomic stimulus being provided and from other policy measures taken. confidence may also improve more quickly than currently expected. on the downside, concerns remain relating to a stronger or more protracted negative feedback loop between the real economy and the turmoil in financial markets, renewed increases in oil and other commodity prices, the intensification of protectionist pressures, more unfavourable than expected labour market conditions and, lastly, adverse developments in the world economy stemming from a disorderly correction of global imbalances. with regard to price developments, annual hicp inflation was, according to eurostat ’ s flash estimate, - 0. 6 % in july, compared with - 0. 1 % in june. this further decline in annual rates of inflation was anticipated and reflects primarily base effects resulting from the peaks observed in global commodity prices a year ago. looking ahead, owing to these base effects, annual inflation rates are projected to remain temporarily in negative territory, before turning positive again later this year. however, such short - term movements are not relevant from a monetary policy perspective. consistent with available forecasts and projections, looking further ahead, inflation is expected to remain in positive territory, while price and cost developments are expected to remain subdued in the wake of ongoing sluggish demand in the euro area and elsewhere. in this respect, indicators of inflation expectations over the medium to longer term remain firmly anchored in line with the governing council ’ s aim of keeping inflation rates below, but close to, 2 % over the medium term. risks to the outlook for inflation are broadly balanced. they relate, in particular, to the outlook for economic activity and to higher than expected commodity prices. furthermore, increases in indirect taxation and administered prices may be stronger than currently expected owing to the need for fiscal consolidation in the coming years. turning to the monetary analysis, the latest data confirm the ongoing deceleration in broad money and credit growth. the annual growth rates of m3 and of loans to the private sector recorded in june – 3. 5 % and 1. 5 % respectively – are the lowest since the start of stage three of

parallel on risk sharing and risk reduction, and we look forward to an ambitious mid - term review process of the capital markets union agenda. a more complete emu is the foundation for a stable, flourishing and resilient euro area economy that will be the best contribution to global economic growth and financial stability. the ecb will continue to do its part by delivering on its mandate. 2 / 2 bis central bankers'speeches
pertinent issues as we continue seeking to re - evaluate both the nature of risk management and the role of regulation and supervision in the wake of the global financial crisis. once again let me welcome you all and wish you bon appetit! bis central bankers ’ speeches

laurence h meyer : capital standards and community banks remarks by laurence h meyer, member of the board of governors of the us federal reserve system, at the ohio bankersa€™ day conference, columbus, ohio on 15 march 2001. * * * i am pleased to be here today to discuss capital standards at community banks. this topic does not reflect any apparent problem with the current capital standard for such organizations. the system has worked well for both supervisors and community banks. with some minor exceptions, it continues to work well. nonetheless, the issue calls out for discussion because of the new basel capital accord proposed in mid - january as well as the banking agencies'advance notice of proposed rule - making last october on possible revisions to community bank capital rules. by way of background, you may recall that the original basel accord, reached in 1988, was designed for large, internationally active banks. nonetheless, regulators in the united states applied it universally to all domestic commercial banks and bank holding companies. other countries took a similar approach. technology and banking practices have advanced since 1988, and especially for the large, complex banking organizations, the rule has developed serious shortcomings. risk - measurement techniques have improved ; the costs of generating, maintaining, and analyzing data have declined ; and capital markets have become more tightly intertwined. as a result, the current accord that worked well before these developments has proven to be far too crude for practices today, particularly practices at large, complex banking organizations. supervisors in industrial nations have concluded that they need a capital measure for these large banks that is both more risk - sensitive and more compatible with current market practice than the current accord. my focus today is on what all of this means for the overwhelming majority of u. s. banks, specifically community banks. the new basel proposal clearly applies to all of the institutions we supervise under our program dealing with large, complex banking organizations. but that program covers only about twenty domestic entities of the nearly 9, 000 u. s. banks, almost all of which have assets exceeding $ 40 billion. the vast majority of banks in this country are neither large nor complex and seem to be unlikely candidates for a high - maintenance capital standard that requires costly and extensive riskmanagement systems. more than 98 percent of u. s. commercial and savings banks, for example, have assets of less than $ 5 billion, and 95 percent have assets of less than $ 1 billion. last fall, in anticipation of the basel proposal, the u. s. banking
of england / nop public attitudes to inflation survey.

a new stage of developing a liquefied natural gas project as well as a gas condensate project. the outcome is high demand for gas exploration licenses and many new companies have commenced exploration work. the investment incentive and tax regimes are considered very competitive and favourable. the areas with great potential are in tourism specifically eco - tourism, agriculture, and small to medium sized manufacturing. these are the least developed sectors and the ones that badly need entrepreneurial initiatives and skills. these are the industries that in the long run will provide the back bone of economic growth and income generating opportunities and employment for the great majority of the population. in our thirty one years of independence we have had, fourteen years of stable low growth up to 1989, ten years of very difficult times up to 1999, following the bougainville crisis. this lost decade was characterized by gross mismanagement of the economy that resulted in an almost default on our foreign currency liabilities in 1994, which forced us to float the kina our national currency, the sandline affair in 1997 of hiring mercenaries to fight on bougainville, an almost second default in 1998 to 1999, the combined effect of a very severe drought, the asian financial crisis and the world economic slowdown exacerbated by continued gross mismanagement of the economy. we were very fortunate that in mid 1999, a new government was formed, that undertook some major reforms. it took four years to stabilize the economy, re - establish the confidence of the public, and realising that the constitutional changes introduced to the political system through the integrity of political parties act, will result in political stability. we are experiencing for the first time a government which lasted a full term of five years. these developments assisted by very high commodity prices of oil, copper and some of the agricultural exports like rubber, resulted in a very stable macroeconomic environment, of fiscal surpluses, low inflation, low interest rates, an appreciating exchange rate and fast accumulation of foreign exchange reserve. i am not going to bore you with numbers, but just as an indication, our foreign currency reserves increased from around us $ 300 million to us $ 1. 5 billion in three years, and the increase is continuing. inflation and interest rates are lower than in australia. economic activity as measured by gdp growth is around 4 percent in recent years. for a low income developing country it is very low. to ensure that the great majority of the population is benefiting from the mineral boom we have to
workshop fruitful and informative. please feel free to bring to our attention the kind of facilitation that you may need to make this workshop successful. thank you very much.

development aspirations are taken into account in formulating the policy position. the payments system has undergone active modernization that began in 1998 to develop a world - class payment system to ensure : increased efficiency and effectiveness of the clearing and settlement ; provision of a variety of instruments and mechanisms for an integrated, modern and technologically sound payment system for transfer of funds between transacting parties ; reduction and containment of systemic and other payment related risks ; reduction of settlement cycles ; enhanced access to financial services and promotion of kenya as a competitive regional and international financial center. given the importance of payment and settlement systems in the economy, the central bank, with the support of kenya bankers association, implemented a real time gross settlement system two years ago going by the acronym kepss ( kenya electronic payment settlement system ). the central bank is happy with the way that the banking sector adapted to its usage especially for inter - bank payments. i commend the banking fraternity for this cooperation. the total value of transactions processed through the system increased by 71. 4 % from kshs 496. 3 billion in august 2005 to the current level of kshs 850. 7 billion. a commercial bank survey conducted in july 2007 indicated that 75. 1 percent of the users were corporate while 24. 9 percent were individuals. central bank is, however, convinced that this system ’ s usage for third party payments can still be enhanced and accordingly, the bank is seeking your support in achieving this objective by way of pricing the service competitively among other contributions. the bank has also initiated action in a number of areas namely : linking the central government and kenya revenue authority to kepss and capping the value of payments processed through the clearing house in order to reduce systemic risk associated with the large value payments while at the same time increasing the number of transactions processed on a rtgs basis. turning to the retail payment sector, the central bank has observed increased use of plastic money or payment cards and the use of mobile phones to transfer money in kenya. in a recent survey carried out by the central bank, atms in kenya grew from 648 in june 2006 to 844 in june 2007. the mobile phone as a means of transferring money was introduced early in the year and is recording rapid increase in usage especially for rural to urban funds transfers. this phenomenal growth is evidence of the modernization and innovations taking place in payments in the country. in order to facilitate this growth further, banking institutions are encouraged to expand access to the rural areas without ignoring the
jerome h powell : comments on the fair and effective markets review speech by mr jerome h powell, member of the board of governors of the federal reserve system, at “ making markets fair and effective for all ”, sponsored by the brookings institution, washington dc, 20 january 2015. * * * the views expressed here are my own and are not necessarily shared by other members of the federal reserve board or the federal open market committee. i want to thank the brookings institution for inviting me to comment today on martin wheatley ’ s presentation on the fair and effective markets review ( review ). the review is an ambitious and important initiative. although london is perhaps the leading center for many fixed - income, currency, and commodities ( ficc ) markets, these markets are global, and the united states and the largest u. s. firms play key roles in them. so the review addresses issues that affect our markets as well. the review looks to identify further steps that should be taken to restore public confidence in ficc markets in the wake of the depressingly numerous instances of serious misconduct in these markets in recent years. that misconduct has been, and will continue to be, addressed through substantial fines and criminal prosecution of the firms and individuals involved. the federal reserve continues to take part in these enforcement actions in cooperation with other u. s. agencies. the design of the review is not only to advance the enforcement process, but also to look carefully at markets and firms and ask whether there are structural vulnerabilities or incentives for bad conduct that have not been well addressed by reforms to date. i will offer comments on a few specific areas and discuss some of our parallel efforts here in the united states. first, as the review notes, there is a perception that ficc markets and their participants are highly sophisticated and do not need protection. while that may be generally true, the perspective is too narrow, because the importance of these markets extends far beyond the largest participants in them. the market mechanism allocates credit and determines the borrowing costs of households, companies and governments. proper market functioning is really a public good that relies on confidence and trust among market participants and the public. bad conduct, weak internal firm governance, misaligned incentives, and flawed market structure can all place this trust at risk. one of the ways we have to influence incentives is through compensation practices at supervised institutions. many have argued that pre - crisis compensation practices at the largest financial firms allowed or created misaligned incentives.

fund, november ). 5 / 5 bis central bankers'speeches
the accomplishment of inflation target over the medium term period, and provides at the same time the needed monetary conditions to support the sound development of economy. looking ahead, bank of albania shall continue to observe carefully the developments in inflation and in the other indicators of the economic progress, by analysing the need and time span in terms of a reaction from the monetary policy.

import, signal a contraction of private investments even during the first three months of this year. the demand for monetary assets of private sector continues to be low, thus reflecting a deceleration of the economic activity. the annual pace of lending growth, excluding the exchange rate effect, for this sector slowed down onwards, at 4. 8 percent in march. business ’ demand for loans persists to be the sole lending increase source, whereas loan to households continues to shrink in annual terms, for the fifth consecutive month. during this period there are transmitted also the first signals on an easing of lending standards from banks, but this step is applied only on large - sized business. fiscal stimuli developed at more controlled paces in the first 4 - month period of year, providing a lower contribution on the economic activity during this period. fiscal policy has maintained an encouraging character, but at a lower rate relative to the same period of previous year. budget deficit amounted to all 5. 3 billion, contracted by 47 percent in annual terms. the low economic activity is reflected on the low growth by about 3 percent of budged revenues during the first 4 - month period of year. on the other side, budget expense recorded a reduction by about 2 percent from the rate recorded in the previous year. bank of albania continues to draw the attention that, notwithstanding the short - term positive effects the fiscal stimuli may generate ; the long - term stability of public sector should remain the main leader of fiscal policy. the lesson from the current problematic situation involving many european union countries, is the indispensability for consolidation of public finances and for that purpose the implementation of important correcting measures at quickest time, is a target of strategic importance. given the balancing of above stated developments, the accelerated growth of exports has provided a positive contribution on the total demand and on the economic growth. exports climbed by 45. 1 percent in annual terms, during the first quarter of 2010, whereas imports recorded an annual drop by about 2. 3 percent. accelerated upsurge of exports and the fall of imports at more moderate paces led to the contraction by about 17. 1 percent of trade deficit, pursuing the trend observed even during the second half of 2009. the ratio of imports covering from exports pointed to 35. 4 percent, about 11. 6 percentage points higher than in the previous year. the above stated developments in the foreign economy sector have established a more sustained balance of the supply and demand for foreign currency, thereby providing a higher stability of the domestic
await us in the future.

that monetary policy should only react to a rapid credit expansion and price increase in the housing market if the forecasts made by the central bank indicate problems of, for instance, overheating and too high inflation in the coming period. if this is not the case, the central bank should wait and see, but be prepared to quickly ease monetary policy if the housing market were to collapse and demand in the economy were to fall drastically. one should not, as the expression goes, “ lean into the wind ”, but make do with cleaning up afterwards if problems arise. the main argument in favour of this way of acting is that the central bank is not better than others at assessing whether or not the price increase is due to over - optimistic calculations – if a bubble has arisen. if the bank makes the wrong assessment and raises the interest rate despite the events being justified by fundamental factors, demand will be pushed down unnecessarily. and even if the central bank were to be sure that the problem is overvaluation, the timing of the measures may be problematic. the hope is, of course, that tighter monetary policy will contribute to counteracting an imbalance. but if the central bank acts too late and, for example, raises the interest rate just before a bubble would nevertheless have burst of its own accord, monetary policy may instead contribute to worsening the fall in demand. the view that the central bank should only react if the forecasts indicate problems may appear reasonable, but there are some uncertainties in this, particularly with regard to how this should be translated into practical policy. in situations where house prices and lending are rising very quickly, the central bank can see risks in this development, even if it cannot be sure whether a bubble is building up. it may then be difficult and even inappropriate to remain completely passive, even if the main line of the forecasts is that developments will be balanced. if house prices were then to plummet and pull down demand and inflation, the consequences could be very severe, which is clearly illustrated by the current financial crisis. the conclusion the riksbank has reached with regard to monetary policy is therefore that this type of risk may need to be taken into consideration in a different way than the normal procedure, via the forecasts for inflation and the real economy. as indicated in the policy document " monetary policy in sweden ", this could be done by beginning a phase of interest rate increases slightly earlier than would otherwise have been the case, or by
. many challenges were encountered as the project was rolled out in a shorter timeframe than we normally would, but appropriate steps were taken to ensure 1 / 2 bis - central bankers'speeches its secured implementation. this hybrid model of work is still being implemented, and may remain long term. other initiatives have also been undertaken as we move to modernise our systems and processes. notably, in the third quarter of 2022, we awarded a contract to a firm for cyber forensic services and incident response plan. in addition, at the end of last year, we completed migration to the hyperconverged infrastructure, for which we are currently seeing significant benefits, primarily high availability of the system, prompt deployment of critical security updates and a downward trend in electricity expenses. leading to this event, we have also availed cloud communication technology with appropriate features for such meetings. the ict subcommittee is one of the ccbg cross - cutting enablers whose focus is to support sadc central banks to enhance communication, interaction, and integration. while i have emphasised cyber security, there are other technology risks and opportunities that are evolving in central banking, for which this committee, in particular, has an important role. i believe this meeting will be an opportune time for you ict and business continuity leaders to reflect and address these critical matters, as you strategise on achieving our common goals for the future. another risk that seychelles being a small island state is a strong advocate of since it threatens our existence, is climate change. i want to take this opportunity, on behalf of the central bank of seychelles, to express solidarity with the countries in southern africa affected by the recent floods. on this note, i wish you all successful and fruitful deliberations and hope you make the most of this opportunity for networking and peer - to - peer learning. to our foreign guests, i want to wish you an enjoyable stay on our beautiful shores, as you experience our creole hospitality. thank you very much! merci beaucoup! muito obrigado! 2 / 2 bis - central bankers'speeches

inclusive leadership, i look forward to the collaboration, and i am equally excited to bear witness to the continued progress as we work on achieving the deliverables that we will outline for the coming years. once again, i would like to reiterate our appreciation to all afpi leaders and the afi management for the confidence entrusted in the central bank of seychelles. thank you! 2 / 2 bis - central bankers'speeches