samchain/econo-pairs-v2 huggingface dataset:
will further deploy additional measures to protect international reserves, as well as and to maintain control over inflation. today we are facing a perfect storm, but the nbu continues to stand strong to hold the financial frontline. we will keep taking decisions aimed at maintaining price and financial stability. this will enable ukraine to come out of this perfect storm stronger than before. thank you for your attention! 4 / 4 bis - central bankers'speeches

that banks give borrowers the opportunity to make payments on consumer loans after the quarantine without penalties or late payment fees. most banks are already providing the opportunity to restructure loans to make it easier for customers to service debt after the lockdown has ended. the second solution applies to deposits. we have prohibited banks from imposing any restrictions on withdrawals. we have bet on the reliability of banks and the confidence of depositors in them, and we have been right. the result is that deposits remain in the banking system. in the first weeks of the quarantine, the outflow of funds was insignificant – much smaller than in the first days of the 2008 and 2014 crises. however, household deposits rebounded very quickly. in the last two weeks of april, hryvnia household deposits were actually at their highest since early march. the third solution has to do with how the banking system operates. we initially worked diligently with banks to maintain the availability of financial services despite the quarantine, while ensuring that financial service consumers remain in good health. we gave recommendations about which branches should remain open and how banks should work “ on the ground. ” in order for banks to focus all resources on priorities now, we have postponed stress tests and onsite bank inspections until after the crisis. the result is that banks continue to provide uninterrupted customer services in full. all central [UNK] of banks and 77 % of branches across the country are open. banks have enough funds to meet customer needs. more than 96 % of atms are working. they are supplied with cash on a regular basis. the fourth solution deals with foreign currency. in march, the nbu registered heightened anxiety in the fx market and entered the market regularly to sell usd 2. 2 billion to smooth out the fluctuations. as a result, panic buying in the fx market subsided in april. net fx supply is now even higher than in february, before the pandemic outbreak started in ukraine. thus, the hryvnia appreciated slightly, and the nbu returned to moderate purchases of foreign currency to replenish international reserves. we also quickly resolved the issue of cash fx deficit due to stalled air transportation. the nbu ensured that the supply of dollar and euro cash to ukraine would continue, and made weekly transactions to exchange cash for noncash currency. therefore, the nbu provided banks with over usd 550 million and eur 42 million and fully met their needs in foreign currency cash
marriner s. eccles ( 1932 ), “ depression : its causes, effects and suggested remedies, ” speech delivered at the utah state bankers convention, june 17, marriner s. eccles papers, fraser, federal reserve bank of st. louis, pp. 6 – 7. 2 / 2 bis central bankers'speeches

jerome h powell : brief remarks brief remarks by mr jerome h powell, chair of the board of governors of the federal reserve system, at the premiere of " marriner eccles : father of the modern federal reserve, " salt lake city, utah, 7 october 2019. * * * thank you, randy, for the kind introduction. it is a great pleasure to join you all this morning for the premiere of kued ’ s documentary marriner eccles : father of the modern federal reserve. it is also a great pleasure to be in utah. it has been a long time since a fed chair made an official visit to utah. alan greenspan spoke in salt lake city 22 years ago. all of the utahns here know about the eccles family ’ s enormous contributions to building the economies of the state and the region. the documentary will remind us of marriner ’ s immense contribution not just to the region, but also to our nation during the great depression, world war ii, and thereafter. many eccles family members are present here today. i would like to especially recognize marriner ’ s grandson, chip eccles ; marriner ’ s nephew, spencer eccles ; and spencer ’ s daughter, hope eccles. randy was fortunate to marry hope, and he has a second federal reserve connection. he is our vice chair for supervision. in a way, i feel that i know marriner, too. i work in a building named after him. i sit in the office where he sat as chair. and his portrait hangs in a room where i frequently meet with guests, board colleagues, and staff. when i sit in my usual seat, he stands, looking over my left shoulder, an enigmatic expression — neither approving nor disapproving — on his face. talk about pressure! more seriously, his legacy endures in much more than a name on a building and a portrait on a wall. as the depression deepened, he presciently recognized that the federal government should act forcefully to put people back to work and stimulate business. in a speech delivered here in utah in 1932, marriner asked what was the purpose of an economic system if not to allow those willing and able to work the opportunity to do so, to “ guarantee to them sustenance for their families and protection against want and destitution. " 1 his ideas helped form the basis of franklin d. roosevelt ’ s new deal and anticipated the
believe this will diminish. the dynamism that characterises the african policy space, with many countries being very pro - active, gives ground for optimism. however the global crisis plays out, africa is not likely to shoot itself in the foot. for a concluding remark, let me draw on a recent world bank publication on africa ’ s future ( march 2011 ) which encapsulates it nicely : bis central bankers ’ speeches “ putting these factors together, the bank concludes that africa could be on the brink of an economic take - off, much like china was 30 years ago, and india 20 years ago. ” whither africa, you ask? poised for an economic take - off, no less! bis central bankers ’ speeches

$ 30 billion has been quietly handed over on lease to saudi arabia, kuwait and china for growing staple crops or biofuels, and shipping them home. the big question is what are the starving people in these african countries getting from such deals : if the deals are so good, why did the people in madagascar throw out the government that signed one of these mega - deals? we should perhaps not be surprised by the findings of a recent ( october 2011 ) imf study on the matter. it comes to the startling conclusion that the investment climate of the host country actually weighs very little. what matter much more are poor governance and lack of transparency. this turns the conventional policy prescription on its head! weak land governance and poor security of tenure for current users seem to enhance the attractiveness of countries for offshore farming. these perverse incentives need to be addressed if offshore farming is to lead to win - win outcomes for both home and host countries. otherwise, they can rapidly erode hard - won gains in democracy, governance and transparency. with the ongoing troubles in the us and europe, current global growth depends much more on growth in demand from developing countries and emerging markets. there is growing consensus that it will be quite some time before the tide turns for the better in europe and the us. the euro may not actually be in its death throes as some doomsters have been predicting. but it is clear that the latest definitive solution to the eurozone sovereign debt crisis is no more definitive than the half dozen or so that preceded it. the euro saga keeps rolling on, along with the debt rollover that threatens to sink the currency and the eurozone economies. many at the european commission and at the european central bank must be kicking themselves for not paying heed to the ancient roman adage : “ timeo danaos atque dona ferentes! ” for “ dona ”, read “ referenda ”! beware of the greeks! or have i got it the other way round? it ’ s the europeans and their partners who have come bearing gifts, a cool euros 130 billion in the latest sovereign debt bailout. beware of the europeans, say the greeks, looking this gift horse in the month. if the euro has its troubles, so does the dollar with “ helicopter ben ” at the controls of the red - hot printing press. the us dollar remains the world ’ s reserve currency but confidence has been shaken by the fiscal brinkmanship in the us and the downgrade of
climate change and inequality reflecting on the impact of the pandemic and the significant economic transitions that started before it and remain ahead of us ( climate change and demographic change in particular ), it is clear that they require long - term and more integrated thinking across a number of dimensions. 25 we need to be thinking broadly and over longer time horizons to fully capture the trade - offs we face, not least because many of these challenges also require a global policy response. 26 policies to address climate change, for example, may appear costly in a short time horizon, but deliver large net benefits in a longer horizon that makes clear the benefits of avoiding catastrophic increases in global temperatures. central banks are acting in response to the climate challenge. we ’ re embedding climate change considerations into our supervisory assessments. this is about ensuring the true environmental and indeed societal costs of climate change are factored - in appropriately, whether the design of insurance policies or the granting of credit or something else. 27 we're broadening our understanding of the nature and magnitude of financial risks stemming from environmental change and how interlinkages across the economic and financial system might amplify these risks. we're working with our domestic and international partners to ensure that green and sustainable financial products are defined appropriately and identifiable to investors. our goal is to ensure that climate change is a strategic priority for the financial system, and that the financial system is resilient to the risks posed by climate change and capable of supporting the transition to a lower - carbon world. central banks need to play their part and lead by example in their own actions, as well as deliver on their mandate to ensure that the financial system is resilient to climate - related risks and ready to support the transition to a more sustainable world. but let us also be clear : central banks cannot solve the problem of climate change. the challenge requires action on the part of the whole community, businesses, households, as well as policymakers. inequality is another issue for today ’ s panel and both income and wealth inequality have been increasing in many advanced economics since the 1980s. as my colleague on the ecb ’ s governing council, isabel schnabel, has outlined, there are two factors which can explain income inequality trends. these are the effects of technological development in the labour market – with less - skilled workers experiencing lower wage growth than those with higher education levels – and the reduction in bargaining power for workers. 28 inequality is something that central banks need to pay close attention

bankers ’ speeches
patrick honohan : publication of the central bank of ireland annual report 2010 opening statement by mr patrick honohan, governor of the central bank of ireland, at the publication of the central bank of ireland annual report 2010, dublin, 30 may 2011. * * * we are today publishing the central bank ’ s 2010 annual report ; and for the first time an annual performance statement on our financial regulatory work. the latter is a new requirement under the central bank reform act of 2010. i am joined today by my colleagues, tony grimes, deputy governor for central banking ; matthew elderfield, deputy governor for financial regulation ; and gerry quinn, chief operations officer. major challenges on several fronts engaged the central bank during 2010, and continue to do so. the main driving force remains the pressing need to restore stability to the irish banking system. the central bank continues to work with the ecb to ensure that the necessary liquidity is available to allow the irish banking sector continue to function. the central bank has set new, tougher capital requirements to ensure the banks are strong enough to withstand future losses. we have brought in new consumer protection measures, not least in relation to the treatment of mortgage arrears. we have introduced new standards of corporate governance to the financial services industry and we have embarked on a major programme of enhancing supervision and enforcement. over the past year, the central bank has continued to provide policy advice to government on national economic issues, and to make public our views on current economic conditions and broad policy options. with the government ’ s access to market funding severely curtailed, the central bank did not hesitate to recommend a prompt application for assistance to the eu and imf financial support facilities. it provides a window of time during which the government can demonstrate its adherence to a convergent fiscal strategy, thereby helping to rebuild market confidence. to date, the programme is firmly on track. turning to our own financial accounts, the central bank ’ s profit for the year to 31 december 2010 amounted to €840. 9 million. after retained earnings, surplus income of €671 million will be paid to the exchequer. as i said, are also publishing today an annual performance statement ( financial regulation ) for 2010 and 2011. this comprises two main sections – a review of performance in 2010 and a regulatory performance plan for 2011. our key priority remains the resolution of the banking crisis and helping to put the banking system on a sound footing. we are now at your disposal for questions. bis central

bankers ’ speeches
over time as new information becomes available. ultimately, the bank of canada's commitment to canadians about monetary policy boils down to this : we will continue to work at maintaining a rough balance between demand and supply in the economy, in order to keep inflation low, stable, and predictable. and as we pursue this objective, we will continue to explain the reasons behind our policy actions, and our view of the outlook for inflation and for economic growth in canada.

understanding of the structure of the canadian economy, i can say that while the income trust structure may be very appropriate where firms need only to manage existing assets efficiently, it is definitely not appropriate in cases where innovation and new investment are key. to the extent that the system was favouring the use of the income trust structure in these cases, the incentives for innovation and investment were reduced, and the potential for future productivity growth was reduced. finally, members of the committee should realize that the different risk - return characteristics of income trusts may not enhance market completeness if they arise from differences in tax treatment. clearly, there has been a very significant tax incentive to use the income trust form of organization in cases where this would not have been the appropriate form of organization from a business efficiency point of view. by giving incentives that led to the inappropriate use of the income trust form of organization, the tax system was actually creating inefficiencies in capital markets, inefficiencies that, over time, would lead to lower levels of investment, output and productivity. while we at the bank have not done any research on how the rules of the tax system could be designed so that they do not give inappropriate incentives that would bias the choice of firms to operate either as an income trust or as a corporation, the changes proposed by the government last october would appear to substantially level the playing field. for the income trust sector to deliver efficiency benefits through the enhancement of market completeness, it's important that the tax system provide a level playing field.
always fine judgements changed with the facts - as i can assure you they will in future, in either direction.

is contributing to a sharp deterioration in our balance of payment and a fall in the net external component of aggregate demand. at the same time, the strong exchange rate, and the weakness of world commodity prices, is having a direct dampening impact on costs and prices in this country - particularly at the wholesale, producer, level but also affecting retail prices. meanwhile the domestic economy has been unsustainably strong. private consumption, in particular, was growing at an annualised rate of over 5 % last summer, and still growing at an annualised rate of 4 % by the first quarter of this year. this compares with a longer - term trend rate of some 2½ %. but for the dampening impact of the external influences on aggregate demand and on costs and prices, this could already have resulted in accelerating inflation. the complication for monetary policy, in this situation of external / domestic imbalance, has, of course, been that a tightening of monetary policy to slow the pace of the domestic economy would have been likely to aggravate the appreciation of the exchange rate, intensifying also the restraining external demand and price effects, and putting even more intense pressure on the internationally exposed sectors. now, there is no question but that the strength of the domestic economy must moderate further - as indeed we expect that it will. but the external influences - which we can anyway not do much about, but which will in time wear off - made this moderation of domestic demand growth less immediately urgent than it would otherwise have been. in these circumstances, with some evidence that growth in the domestic economy was in fact slowing, and given the evident pressures on the internationally exposed sectors, we needed, in my view, to be more than usually confident in our judgement as to the need to tighten policy further. the questions with which the mpc has been struggling this year then are : just how much shelter the external situation would in fact give us, and for how long ; and just how much time, therefore, we had to bring about a sufficient slow down in domestic demand to prevent inflation accelerating and the economy from overheating. now these are immensely difficult judgements. they depend in part upon one ’ s perception about the starting position - that is how close we are to full capacity utilisation to begin with. and they depend upon not just the direction, but the rate of change and the timing, of changes in the different components of aggregate demand. it is hardly surprising that the various members of
though we continued to operate for a time under different laws for banking, insurance and capital markets. in short, a single regulator in our experience has offered many benefits – but it is not an instant solution. to be successful, it requires sustained effort and focus over several years. five years on, we believe we have made significant progress in this respect, but there still remains more to do. thank you.

. the reason for this steadiness is that price cuts that aim at stimulating demand have not been observed widely in the current phase. since services consumption has been constrained due to people's vigilance against covid - 19, it will not increase even with price cuts. in addition, cost increases stemming from various preventive measures against covid - 19 have made it difficult for firms to cut prices. since this spring, the year - on - year rate of change in the cpi has been at around 0 percent, despite being significantly pushed down by a reduction in mobile phone charges. the underlying trend in prices, which excludes the effects of temporary factors such as the rise in energy prices, has been slightly positive. globally, prices had been pushed down due to the impact of covid - 19, but they have seen acceleration in their rates of increase as economic activity has resumed. in japan, prices are no longer on the declining trend that was seen from last year and have been turning to a rise. the year - on - year rate of change in the cpi is likely to be at around 0 percent in the short run ( chart 4 ). thereafter, it is expected to increase gradually as economic activity continues to improve and firms'price - setting stance becomes active. in terms of the medians of the policy board members'forecasts in the july 2021 outlook report, the year - on - year rate of change in the cpi is projected to be 0. 6 percent for fiscal 2021, 0. 9 percent for fiscal 2022, and 1. 0 percent for fiscal 2023. however, it has taken time in japan to change people's mindset and behavior, which are based on the assumption that prices will not increase easily. there are high uncertainties over how firms'price - setting stance will change as the economy recovers from the shock of covid - 19, and thus this should be carefully monitored. ii. the bank's conduct of monetary policy i would now like to explain the bank's conduct of monetary policy ( chart 6 ). in response to the impact of covid - 19, the bank has continued to support financing, mainly of firms, and maintain stability in financial markets by conducting powerful monetary easing since march 2020 through the following three measures : ( 1 ) the special program to support financing in response to the novel coronavirus ( covid - 19 ) ; ( 2 ) an ample and flexible provision of yen and foreign currency funds, mainly by