samchain/econo-pairs-v2 huggingface dataset:
the parties are enjoined from manipulating their exchange rates to gain an unfair trade advantage. this is not a controversial issue for us. we have long relied on our marketdetermined flexible exchange rate to absorb external shocks and cushion the economy from their impact. this policy has served canada well. without a freely floating currency, prices, wages and unemployment would fluctuate markedly, creating havoc for people and businesses. a flexible exchange rate is essential for us to be able to pursue an independent monetary policy. we maintain a high standard of transparency, both with regard to our framework for managing foreign exchange reserves and the publication of relevant data. this speech is another step in making sure that our framework is well understood. i would like to thank wendy chan, eric chouinard, mervin merkowsky and maksym padalko for their help in preparing this speech. 1 some prominent international literature on reserve adequacy focuses on emerging - market economies that are subject to sudden stops in capital flows. see, for instance, o. jeanne and r. ranciere, “ the optimal level of reserves for emerging market countries : a new formula and some applications, ” the economic journal 121, no. 555 ( 2011 ) : 905 – 930. 2 the role of international reserves in mitigating rollover risk has been an important focus of the literature. see, for instance, j. bianchi, j. c. hatchondo and l. martinez, “ international reserves and rollover risk, ” american economic review 108, no. 9 ( 2018 ) : 2629 – 2670. 3 as of january 2019, the currency composition of our reserves was 67 per cent usd, 19 per cent eur, 10 per cent gbp and 3 per cent yen. see official international reserves, department of finance canada. 6 / 6 bis central bankers'speeches

twenty - first century.
to rationalize their organization and expand their activities given the added flexibility with respect to both staffing and revenue.

that i will be watching for closely. here are some of things i will be following : labor force participation. given long - standing demographic trends, it would seem a heavy lift to expect labor force growth to contribute much to a pickup in gdp growth. however, it is encouraging that the downward movement in labor force participation has recently been on hiatus, a development that could possibly be prolonged by the recent tax legislation — which could, for example, give some workers an incentive to remain in or enter the workforce. capital investment. as i mentioned, the recent data on investment have been encouraging, with a noticeable pickup in capital equipment spending. as businesses become more confident in the sustainability of the upturn, investment could be further boosted. while the tax act is multifaceted and complex, lower corporate tax rates and other incentives will also likely boost investment and increase the capital stock. productivity. though the quarterly numbers are volatile and should be treated cautiously, the nearly 1 percent decline in labor productivity recorded in the fourth quarter of 2017 would imply that a productivity turnaround is not yet upon us. moreover, for 2017 as a whole, productivity increased only 3 / 4 percent, about the same as the average annual pace since 2011. that said, with no consensus on what has caused the productivity slowdown, a turnaround could come suddenly. there are those who argue a more optimistic take on the prospects for technology developments to boost productivity growth. 11 for example, a number of new technologies, including artificial intelligence and genetic sequencing, appear on the cusp of breaking out, with widespread effects on economic activity. 12 also, it might be true that productivity growth will be nudged higher by the pace of economic activity. tight labor markets might induce firms to invest more in robotics and other labor - saving technology. external developments. with global growth picking up steam, the external environment is more favorable for u. s. growth than it has been in quite some time. in 2017, for example, the contribution of real exports to growth picked up markedly following two years in which exports provided no support to growth at all. what are the consequences of higher growth? again, i think it is too soon to call a turning point in the long - run growth prospects of the economy, notwithstanding some encouraging signs that i have highlighted. all the same, i think it is worthwhile to acknowledge that there are some upside risks to the forecast and to think through what the consequences of those risks materializing might be. one consequence might be that
to help markets return to more orderly functioning and to foster its economic objectives of maximum sustainable employment and price stability. broadly, the federal reserve's response has followed two tracks : efforts to improve market liquidity and functioning and the pursuit of our macroeconomic objectives through monetary policy. to help address the significant strains in short - term money markets, the federal reserve has taken a range of steps. notably, on august 17, the federal reserve board cut the discount rate – the rate at which it lends directly to banks – by 50 basis points, or 1 / 2 percentage point, and it has since maintained the spread between the federal funds rate and the discount rate at 50 basis points, rather than the customary 100 basis points. in addition, the federal reserve recently unveiled a term auction facility, or taf, through which prespecified amounts of discount window credit can be auctioned to eligible borrowers. the goal of the taf is to reduce the incentive for banks to hoard cash and increase their willingness to provide credit to households and firms. in december, the fed successfully auctioned $ 40 billion through this facility. and, as part of a coordinated operation, the european central bank and the swiss national bank lent an additional $ 24 billion to banks in their respective jurisdictions. this month, the federal reserve is auctioning $ 60 billion in twenty - eight - day credit through the taf, to be spread across two auctions. taf auctions will continue as long as necessary to address elevated pressures in short - term funding markets, and we will continue to work closely and cooperatively with other central banks to address market strains that could hamper the achievement of our broader economic objectives. although the taf and other liquidity - related actions appear to have had some positive effects, such measures alone cannot fully address fundamental concerns about credit quality and valuation, nor do these actions relax the balance sheet constraints on financial institutions. hence, they alone cannot eliminate the financial restraints affecting the broader economy. monetary policy ( that is, the management of the short - term interest rate ) is the fed's best tool for pursuing our macroeconomic objectives, namely to promote maximum sustainable employment and price stability. monetary policy has responded proactively to evolving conditions. as you know, the federal open market committee ( fomc ) cut its target for the federal funds rate by 50 basis points at its september meeting and by 25 basis points each at the october and december meetings. in total, therefore, we

a fiscal program that increased the structural budget deficit would only make confronting those challenges more difficult. thank you. i would be pleased to take your questions.
jurgen stark : future trends in central banking dinner speech by dr jurgen stark, deputy governor of the deutsche bundesbank, at the conference “ the next 25 years in african economic development ”, bank of botswana, on 6 july 2000. * * * your excellencies, ladies and gentlemen, it gives me great pleasure to convey the congratulations of the president and the entire deutsche bundesbank on the 25th anniversary of the founding of the bank of botswana. i am aware that the bank of botswana, with its stability - oriented monetary policy - the conditions for which were improved still further in 1997 following the modernisation of the bank of botswana act - has for years been making a substantial contribution to the much above - average performance of the botswanan economy in africa, even if a number of structural adjustments still need to be made. with its responsible budgetary policy and well - developed democratic system, botswana is a widely - rated model for africa. “ who does not know the past, will not come to terms with the future ”, 1 said golo mann, a well - known german historian and publicist, some years ago. that statement is also true of the future of central banking. let me therefore start with a brief look back at the recent history of central banking as a starting point for highlighting some aspects of the challenges that will face us in future. in the middle of the 20th century, after the end of the second world war, germany - perhaps more than any other country - was searching for a new economic policy paradigm that would mark out a course for the future. at that time, a decision was made ( at least in the western part of germany ) in favour of implementing free market principles. that decision - as the wirtschaftswunder, germany ’ s much - cited “ economic miracle ” showed - was to produce notably successful results. apart from those fundamental policy decisions that set the future course for a market economy, however, that notable success was also due to an unqualified commitment of monetary policy to the objective of price stability. following the devastating experience of war inflation, and after the subsequent currency reform, the parliament of the young federal republic of germany made that price - stability objective the primary task of the newly established central bank. this decision was anything but a matter of course at a time when keynesianism was shaping economic policy thinking not only in most other industrial countries but also in the federal republic of germany itself. the federal republic ’ s monetary approach and the perception

years to come. 1 at the 30th anniversary of the “ pan - european picnic ” in sopron, hungary, august 2019, see www. bundeskanzlerin. de / bkin - en / news / merkel - in - ungarn - 1662334. 3 / 3 bis central bankers'speeches
cost of equity capital, and to the cost of debt as credit spreads widen. there may also be an increase in general uncertainty and preparedness to invest as a result of community disillusionment with some recent business practices. i want to stress that these risks come from international markets, not the domestic ones. even though australian share prices have fallen, compared with others they have done so by a smaller amount, from a much lower peak, and the fall has been much more recent. most importantly, we did not have a “ bubble ” in our stock market as diagram 1 attests. nor have we had anywhere near the widening of credit spreads in debt markets that has occurred in the united states ( diagram 2 ). our business environment has not been without incident, as several prominent failures show, but with the exception of one. tel, they have not been the result of a boom and bust in the share markets. as has canada, but it is a special case in that it followed us rates down to very low levels. it has since raised them three times this year, but they are still only at 2. 75 per cent. diagram 1 click to view larger diagram 2 click to view larger the other thing i would like to mention before i close is another aspect of asset prices. we in australia have been very fortunate in the current expansion in not having a boom or a bust in asset prices - the closest we come to such a situation would, i suppose, be the large rises that have occurred over the past five years in house prices. now, many of you may be aware that this situation is one that we at the reserve bank are not entirely comfortable with. while it may give home owners a happy feeling, we cannot help but also think of the people - mainly in the younger age groups - who aspire to own a home, but are finding it increasingly difficult to do so because rising prices are putting home ownership out of their reach. but since this is mainly a wealth distributional issue, rather than something that directly affects the economy ’ s ability to continue its low - inflation economic expansion, it is not something that can or should be directly this is not the first time the reserve bank has “ bought into ” this issue. see my speech, “ inflation and changing public attitudes “, reserve bank bulletin, december 1995, which made the same points during a period when there was some public dissatisfaction with the failure of house prices to rise! addressed by monetary policy. as always,

3 bis central bankers'speeches
will open up many new options. they naturally also imply uncertainties. these are, however, unavoidable if competitive trends are to remain dynamic. but they likewise imply a real prospect of greater economic prosperity. the fundamental prerequisite of such greater prosperity remains, of course, order and stability in the financial system. needless to say, there are major challenges ahead ; cut - and - paste approaches will not get us very far. at the same time, it is important to learn from the experience and perceptions of others. therefore, the two days that we are about to devote to these matters seem to me a very worthwhile investment.

, of course, first the responsibility of monetary policy, which has been assigned to the eurosystem since january 1. incidentally, monetary policy is european commission, economic forecasts spring 1999. also making the most valuable contribution to growth and employment by ensuring price stability. to enable the european system of central banks ( escb ) to fulfil its task, its independence was enshrined in the maastricht treaty ( article 107 ). neither the ecb, nor a national central bank, nor any member of their decision - making bodies is allowed to take instructions from any government. similarly, the governments of the member states shall not seek to exert any influence on monetary policy. in the last months, this second part of the article of independence was neglected by some parties. the signatories of the maastricht treaty have, however, and rightly so, acknowledged that a “ depoliticised ” money can only be brought about, if all policy areas duly respect the independence of the central bank. at the beginning of this month, the governing council of the ecb - fully independently and with total responsibility for price stability - lowered the interest rate for the main refinancing operations from 3. 0 % to 2. 5 %. this decision was in line with the two pillars of its strategy and was taken with a view to the future. it was generally welcomed. however, the ecb governing council made it clear that those responsible for other policy areas are now even more obliged to take the necessary steps. iii the international role that the euro will play in the future will be determined particularly by the policies pursued in the euro countries. it will hinge crucially on the euro ’ s stability and the success of emu and on the markets ’ confidence in the new currency. i should like to stress at this juncture that it was never intended to establish the euro as a “ counterweight ” to the dollar - although some commentators saw it like that. the relationship of the european currencies to the us dollar had previously depended, in particular, on the size and openness of the respective economic area, the breadth and depth of the financial market, and the preferences of international investors. in the case of the d - mark it was certainly the profound confidence of market participants in the stability of the german currency that established is as the second most important reserve and investment currency after the us dollar. as far as the size and openness of the
covid - 19 crisis, in accordance with our price stability mandate. 1 in light of the situation, a series of decisions, which can be grouped into two large blocks, were adopted. as regards the first block, the ecb approved a broad battery of measures to provide liquidity to banks so that they, in turn, would continue to grant credit to households and firms. the measures included substantially improving the conditions of our targeted longer term refinancing operations ( tltro ) and easing the collateral eligibility criteria for banks in the ecb ’ s refinancing operations, thus increasing the volume of funds they may obtain on such operations. these measures have been highly successful. in the june tltro operation, participating banks received liquidity for an amount of €1. 3 trillion, an all - time high in the eurosystem ’ s refinancing operations. more importantly, the available evidence suggests that participating banks ( both spanish banks and those in the euro area as a whole ) have used a significant portion of the funding received to continue to provide credit to the real economy. 2 see the speech delivered by the governor of the banco de espana “ the role of the european central bank ’ s monetary policy in the covid - 19 crisis ”, october 2020. see, for example, the bank lending survey ( bls ) for october. for a summary of the results of the survey for the spanish banks participating in the survey see a. menendez pujadas and m. mulino ( 2020 ), « the october 2020 bank lending survey in spain », analytical articles, economic bulletin, 4 / 2020, banco de espana. the second block of measures related to asset purchase programmes. since late february, financial conditions had tightened in the euro area, with both corporate and sovereign risk spreads widening considerably. this spread widening in the euro area was uneven : countries that started from weaker fiscal positions, with higher debt levels, and those that were most affected by the first wave of the pandemic experienced a much more pronounced increase in their financing costs. this cross - country financial fragmentation was a challenge for the transmission of a single monetary policy throughout the euro area, and even posed a threat of a repeat of the 2012 sovereign debt crisis. in this context, in march the ecb announced the launch of the pandemic emergency purchase programme ( pepp ). it was initially announced that the programme would have an envelope of €750 billion, which was expanded in

stronger recovery of our economy and minimising the structural damage caused by this crisis. to attain these goals, not only must fiscal policy continue to provide adequate support for households and firms in the short term, but the european funds must be allocated to high added - value investment projects, accompanied by a structural reform programme designed to strengthen the economy ’ s long - term growth. indeed, the european funds should also be used to finance the structural improvements required by the spanish economy. thank you very much for your attention.
and international customers, in both trade and finance, should be considerable. i take this opportunity to thank and congratulate those who have worked hard to bring the project to its present advanced stage in so short a time, and especially to thank standard chartered bank for the enthusiasm and professionalism which they have brought to the exercise. i wish every success to all who will be involved in translating the design into reality.

clearing system, introduced in 2000, has demonstrated that a niche exists for services of this type in this part of the world. usd rtgs turnover has grown to about 3, 000 transactions a day with a value of some us $ 6 billion ; and over 1, 000 usd cheques are being processed daily. enquiries and discussions with banks suggested to us that there was also a business case for a roughly parallel service in euro. and so it is my pleasure to welcome you to this ceremony today, formally to witness the appointment of standard chartered bank as the settlement institution for the new euro clearing system. this system will enable a wide range of financial transactions in euro to be settled on a real - time basis here in hong kong. not only should this be useful to those involved with trade and remittances in euro, but it should also facilitate financial institutions to manage international liquidity and investment portfolios in hong kong. the system will encompass not only the best, internationally agreed, principles of payment system design but also state - of - the - art technology. it will provide rtgs settlement for euro denominated fund transfers ; a linkage with the us dollar payment system to provide real - time pvp settlement for eur / usd transactions ; and linkages with the cmu to provide dvp settlement for euro - denominated debt securities, in readiness for the potential development of that market. we expect to see all these features implemented by the second quarter of 2003. for the moment there will be no cheque clearing capability, but this is something which could be added later if there was sufficient demand. as in the case of the us dollar clearing, we have adopted a private sector solution, with a commercial bank as the settlement institution. this is not only consistent with the tradition in hong kong, but is also in line with international practice and with the recommendations of the bank for international settlements. as part of the agreement between the hkma and standard chartered bank, the latter will in turn appoint hong kong interbank clearing ltd, the current operator of the hong kong dollar and us dollar payment systems, to develop and operate the euro system. the role of the hkma will be to oversee the design and implementation, and to ensure that the system meets the highest international standards. and so, hong kong will shortly have a pioneering facility for the efficient and secure conduct of euro transactions in asian time, as a further significant piece of our financial infrastructure. the benefits to both local business