samchain/econo-pairs-v2 huggingface dataset:
and i look forward to our discussion. 1 constant sample of significant institutions which reported the ratio in all periods 2 / 2 bis central bankers'speeches

existing international institutions and adjusting existing or developing new informal forums. overall, the system is moving decisively towards genuine global governance that is much more inclusive, encompassing key emerging economies as well as industrialised countries. the significant transformation of global governance that we are engineering today is illustrated by three examples. first, the emergence of the g20 as the prime group for global economic governance at the level of ministers, governors and heads of state or government. second, the establishment of the global economy meeting of central bank governors under the auspices of the bis as the prime group for the governance of central bank cooperation. and third, the extension of financial stability board membership to include all the systemic emerging market economies. let me touch on each of these. the breakthrough of the g20 one distinctive feature of this crisis has been that it erupted at the centre of the system. although emerging countries have been severely affected, taken as a group, they have rapidly become a source of strength for the world economy. it is therefore not surprising that the crisis has led to a clear recognition of their increased economic importance and to their full integration into the institutions of global governance, notably with the breakthrough of the g20. the g20 has been effective in addressing the global crisis. we are now at the stage where this forum is making the transition from acting in a crisis resolution mode to contributing to crisis prevention. this is, in particular, the purposes of the g20 framework for strong, sustainable and balanced growth. the primary goal of this framework is to collectively implement coherent and medium - term policy framework to attain a mutually beneficial growth path. for this purpose a mutual assessment process ( map ) has been set up that will allow to assess whether policies of individual members are collectively consistent with sustainable and balanced growth trajectories. the first steps in this map have been presented by the imf to the g20 ministers and governors last week during our spring washington meetings. guidance has been given to the imf on the next steps in the process that will lead to policy recommendations on how to best meet the common goal of strong, sustainable and balanced growth. since this process is fully owned by the g20 members, and given that it involves them not only at the level of ministers and governors but also at the level of heads of state and government, it is confirming the strong commitment at the global level to more multilaterism in economic decision making. further strengthening of central bank cooperation in the area of central bank cooperation, the main forum is
secondly, avail your infrastructure to support the informal sector and be an enabling platform for sme and cottage industries to find markets in fiji and the rest of the world. 3. thirdly, become the repository for data and information. you will be able to record the transaction records and other statistics to facilitate better economic planning. 4. fourthly, can yehdo be a catalyst for self employment? for instance, given the low start up cost for an account, establishing a business can be easier. 5. lastly, i am encouraged by the availability of yehdo to the far flung reaches of fiji and am optimistic that it can be a platform to take trade to these remote areas and improve livelihoods. yehdo is indeed a timely contribution to economic progress and growth. by the way, yehdo is a happy local expression that means we have done it and done it well! it also has a congratulatory connotation. we must say yedho that transtel has lived up to its vision – the world at your fingertips. launch once again, i thank mr. tabualevu for his kind invitation. i wish him and his team at transtel every success with yehdo. i now have much pleasure in launching yehdo.

: info @ rbf. gov. fj website : www. rbf. gov. fj reserve bank of fiji develop and promote sustainable business models that support communities ’ response to climate change under the maya declaration and issuing sovereign green bonds – a world first for an emerging market. i also encourage you to use the financial pages in the diary to record your daily expenses as it will help you develop the habit of tracking and assessing your financial decisions to better plan for a sustainable future. i wish to take this opportunity to acknowledge the continued commitment of all the teachers to your personal development. to the students, my advice to you is to continue asking questions. be inquisitive and further your learning whenever possible. your teachers play a key role in giving you the necessary guidance to help you develop your financial literacy but it is up to you to make the most of your opportunities. conclusion i hope you will find this year ’ s student diary both useful and engaging. i encourage you to use it well and develop yourselves to become not just financially responsible but environmentally - conscious. remember that a concerted effort is required to ensure a sustainable future for us and our planet, therefore every bit that you do counts. finally, i would like to wish the teachers and students all the very best for the new academic year. may you flourish always, thank you! end private mail bag, suva, fiji tel : ( 679 ) 331 3611 fax : ( 679 ) 330 2094 email : info @ rbf. gov. fj website : www. rbf. gov. fj
national financial supervisors - and therefore in france to the acpr, the prudential supervisory and resolution authority. this is a wise choice! it will enable the implementation of this text to be coordinated as closely as possible with existing sectoral rules, with the help - when the time comes - of guidelines from the european supervisory authorities. the acpr stands ready to play the new role that the ai act will entrust to it. it will do so by using a " risk - based " approach, and by making maximum use of existing synergies with prudential supervision, in order to limit the additional burden for financial institutions and for itself. however, i am not minimising the challenge that the implementation of the ai act represents : beyond organisational aspects, we will need to develop an ai audit methodology, which undoubtedly represents a quantum leap in our working methods. we welcome this challenge not as a constraint, but as an opportunity : everywhere in the world, indeed, regardless of whether a specific regulation has been adopted, financial supervisors need to develop new capabilities in order to respond to the growing use of ai by financial actors. and, in fact, we intend to build effective cooperation with other supervisors, particularly at european and international level. 2 / we also want to use ai technologies for our own purposes. we intend to improve our operational efficiency, while giving the banque de france and acpr staff new capabilities. indeed, we want to build a trustworthy ai framework, in which technology complements rather than replaces humans. investment in ai is therefore addressed in a specific action in our strategic plan, monitored at the highest level. this action has two main ambitions : generate a range of generic online services for all our agents - for example with enhanced search 3 / 4 bis - central bankers'speeches capabilities, or document analysis and synthesis functions - and provide support aiagents to address more specific business needs. because learning by doing is the best way to progress, it will start with 5 priority use cases in the short run. to illustrate, let me mention three of them : an internal chatbot assistant to answer employees'questions on hr issues, a tool to detect atypical transactions for aml / ctf purposes - particularly in the french treasury transactions managed by the banque de france - and a structured financial product mapping tool for the acpr. one last point to conclude : the deployment of ai at the banque de france and the acpr is being done in a reasoned and

the issue, publishing a number of vital reports. it is not my role to decide when or how we go about it, but i firmly believe our country needs to take a dispassionate look at the way it saves. savings are one of our foremost resources and they are in abundant supply ; business investment is one of our foremost needs. we mustn ’ t miss out on this opportunity in the current context of low interest rates. thank you for your attention and please feel free to ask any questions. bis central bankers ’ speeches
however, as our economy grows and current agreement ends at 2009, we will soon get full ownership of our economic policies with a reduced role of imf under article 4 of the agreement. the bank of albania has a proven track record of competence, credibility and professionalism in the service of our economy. these three elements provide necessary conditions to support and guarantee achievement of economic goal of stable prices and boost credibility in albanian economy ; but, we can not be hold responsible for the behavior of the other players. i am convinced that we need to find and implement clear domestic and foreign anchors to preserve the credibility of our reforms in the future. for the way ahead we are focusing our efforts in the identification and utilization of key elements of the state, politics, markets, institutions and general public that could efficiently play the role of domestic anchors. as part of this preemptive action, the bank of albania is carefully considering the possibility to launch a fully fledged inflation targeting regime of monetary policy in the midterm. this will be a conditional decision based upon results of current ongoing research, evaluation of the preconditions and building up of capacities. other possible anchors such as a memorandum of understanding with ministry of finance and public education are considered as well. on the foreign side we see numerous prestigious partners which understand our concerns and appreciate the value of fiscal discipline. they enjoy the power and the virtues of an influential voice. some of them have already been partners in reforms and will be shaping the future ones. european integration process and the association and stabilization agreement that we just signed in provides nominal anchors. in addition, sovereign ratings and other independent country reports could also play this role. the bank of albania intends to establish open lines of communication and adopts instruments that will automatically start building up pressures before it is too late. my personal conviction is that european accession lies out as a natural process, where central banks have a vital role to play. this approach would be of mutual benefit and it will speed up the convergence toward european standards, making the political decision a natural outcome of our efforts. to make this process more effective the central banks and the european institutions should continue the dialogue, why not even by surveillance, supporting, assisting and guiding us in fundamentals and economic financial and legal, infrastructure. this process would increase our responsibility and accountability to make albania an eligible partner. let me conclude my discussion quoting euripides who says : “ much effort, much prosperity ”. thank you again.

by specialized assessments of international financial institutions that assist this process. allow me to state once more that the bank of albania is completely committed to provide all the necessary assistance for strengthening the capacities of the deposit insurance agency in albania, in view of its very important mission. i wish good proceedings to this seminar. 3 / 3
downturn in housing with limited collateral effects, and inflation appears to be easing with the aid of lower energy prices, well - anchored inflation expectations, and competitive labor and product markets. i am a central banker to my core, so i know that somewhere, somehow, something will go wrong, but you will have to rely on the new president of the federal reserve bank of atlanta to explain to you next january just what happened and what the implications are for 2008.

##ned securitization. conduits, especially sivs, were not built to absorb shocks. their relationships with sponsor banks are sometimes very ambiguous. there may be a gap between the legal commitments taken by the banks through liquidity support and credit enhancements, and the “ true ” level of responsibility they felt obliged to take to protect their reputation. potential consequences for the economy financial turbulences may affect the real economy through several channels. • there is, obviously, a potential effect on confidence. we are currently seeing deterioration in business and consumer surveys in the euro area, although from very high levels. this may put a question mark over our hopes that europe could " decouple " its cyclical evolution from the evolution of financial markets and uncertainties in the us outlook. • most of the impact, however, will depend on how credit markets will evolve in the period to come. while some sectors – such as hedge funds – seem to have held up well, the increased turbulence of recent weeks has partly reversed the improvements in market dynamics seen in late september and in october. funding uncertainties around year - end maintain inter - bank markets under pressure. • some tightening of financing conditions has already occurred through stricter lending standards and decreased credit availability for the weakest segments of the market. the sectors more concerned have been household's non - conforming mortgage loans ( jumbo loans, subprime loans … ). • for the future, there will be pressures on banks balance sheets and we must watch carefully for signs of quantitative restraint on credit distribution. there are talks, in some countries, of " capital shortages " in big financial institutions. we have absolutely no signs of this in france. but, in all countries, banks have been ( or will be ) exposed to a triple shock : unwanted expansion of their balance sheets through reintermediation ; higher cost of capital as a consequence of the decrease in share prices ; and, finally, a deterioration in the quality of their assets if the credit cycle turns downward or valuation problems appear for some securities ( all this, according to basel ii, would mobilize additional capital ). tighter credit conditions might be desirable. repricing of risky assets, better risk compensation and more attractive yields may ease some of the restrictions and bring in new investors into the markets. however, quantitative constraints on credit distribution could be very damaging – especially if corporate bond issuances were to stay, as they are now, extremely low. challenges for central banks the
to ensure that innovations are adopted to increase efficiency instead of becoming a hurdle to financial integration and efficiency. in its catalyst function, the ecb uses its position as “ honest broker ” to facilitate the harmonisation of standards among market participants and the interaction of the industry with other public authorities. the ecb stands ready to work together with all interested parties in its catalyst capacity to move towards interoperability of any developed services. thank you. 2 / 2 bis central bankers'speeches

so we have to be mindful not to exert an undue influence on price formation. another potential complication relates to our public sector purchases. a key safeguard that we have set up for these purchases is to operate so - called “ blackout periods ”, where we do not buy around the date of a new issuance. this facilitates price formation and ensures that article 123 of the treaty – the monetary financing prohibition – is fully respected. conclusion the economic recovery in the euro area has been better than expected and employment has risen strongly. both wages and underlying inflation appear to have turned the corner. all the conditions are in place for a sustained adjustment in inflation towards our aim. so it ’ s just a question of time now. more haste, less speed, however. the improving inflation trajectory means that we can gradually scale back our net purchases and keep monetary policy sufficiently accommodative to continue to support the convergence of inflation towards our aim. we will continue to monitor developments in the economy and set policy in a way that remains consistent with our price stability objective. in doing so, we must also take into account the balance of risks. if we withdraw our monetary policy stimulus too early and too fast, asset prices could collapse and yields rise sharply, with negative spillover effects to the economy. if our asset purchase programme continues for too long, the side effects will increase. and if we nourish a market belief that the exit might be permanently postponed, potential cliff - edge effects could be exacerbated. we are pursuing a credible prospect for the exit to keep these risks contained. see mersch y., “ economic policy and the need for humility ”, speech at the conference “ banking and financial regulation ”, bocconi university, 9 october 2017. 2 bartelsman e., lopez - garcia p. and presidente g., “ cyclical and structural variation in resource reallocation in europe ”, mimeo. 3 see e. g. gopinath g. et al, “ capital allocation and productivity in south europe ”, nber working paper no 21453, 2015 ; borio c. et al, “ labour reallocation and productivity dynamics : financial causes, real consequences ”, bis working paper no 534, 2016 ; andrews d. and petroulakis f., “ breaking the shackles : zombie firms, weak banks and depressed restructuring in europe ”, oecd economics department working paper no 1433, 2017
countries ’ central banks ( or supervisory authorities ) – non - eu countries, managing and overcoming unexpected liquidity risk and other potential constrains faced by multinational european banks, which might rise directly or as unintended consequences in response to decisions taken by supervision and financial stability authorities in the euro area. this could be the case only for those ( non - euro area, non - eu ) host countries, where the european banks have a systemic importance. in return, the host countries ’ supervisors will provide the ecb with information on the financial situation of the systemic subsidiaries and their respective supervisory policies ; fifth, it is about the role of international financial organizations. the imf, the world bank, and the basel committee have had and continue to play an important role in shaping the financial system and building its resilience in our economies. the efsap is an excellent example to illustrate this point, and they have vast expertise in dealing with related issues in developed and emerging countries. therefore, i believe that involvement of these institutions in the discussion process would benefit both eu and cesee economies. bis central bankers ’ speeches the euro area and the cesee economies will be ultimately part of the same political economic and monetary union. despite current hardships, the eu political and economic integration agenda remains committed in this goal. one might even say that despite potential political, social setbacks caused by the crisis, it ( the crisis ) is pushing the integration agenda faster and stronger than before. in this respect, it is necessary to connect the political and economic integration process together and continue developing both processes at the same speed. under current circumstances, regional cooperation and communication becomes a necessary objective of the cesee integration process, at least for the banking and financial market reform. it would be much easier for the eu authorities to adopt and address the concerns of the cesee as a single group rather than individually. in conclusion, it is so important to establish a significant level of communication and coordination among the central banks and eu institutions, their legal and regulative framework. finally, i would recommend complementing it with a similar level of coordination among other institutions, which play a significant role in macroeconomic and financial stability in our economies. in particular, there is more need for communication and coordination among the ministers of finance in the region because fiscal policy is essential for the macrofinancial stability of the economy and plays a significant role in the successful implementation of the macroprudential tools. the coordination is not an easy task

the region. you have our unremitting cooperation and support. thank you.
that housing markets around the country are on the mend.

medicaid participants. in 2009, caseloads were 11 percent above their 2007 level in the region represented by the slc, again similar to the average in all states. with revenues down and medicaid spending up, other categories of spending by state governments have been tightly squeezed. over the past year, numerous state governments have laid off or furloughed employees, decreased capital spending, and reduced aid to local governments. indeed, state and local payrolls have fallen by more than 200, 000 jobs from their peak near the end of 2008. some states have also raised taxes, but the weak economy has made it difficult to find significant new revenues. assistance from the federal government, especially through the fiscal stimulus package, has eased, but certainly not eliminated, the budget difficulties faced by states. although states and localities will continue to receive significant aid this year, that source of help will be winding down next year. on a more positive note, state and local tax revenues seem set to increase as economic activity expands. indeed, 11 of the 15 states of the slc reported earlier this year that they expect fiscal year 2011 revenues to be at least somewhat higher than the previous fiscal year. 5 and improvements in the job market should gradually ease some of the demands on medicaid and other social services. moreover, the municipal bond market has remained reasonably receptive this year to most borrowers, with rates low and new issuance relatively solid, despite the concerns about the fiscal positions of many state and local governments. all that being said, with economic conditions still far from normal, state budgets will probably remain under substantial pressure for a while, leaving governors and legislatures a difficult juggling act as they try to maintain essential services while meeting their budgetary obligations. a question for the longer run is whether the vulnerability of state budgets to business - cycle downturns can be ameliorated. the pressures that states face during and after a recession are the result, in part, of balanced - budget rules in state constitutions that prohibit the use of long - term borrowing to cover operating budget shortfalls, a constraint not faced by the federal government, as you know. i do not advocate changing the balanced - budget rules followed by 49 of the 50 states ; they provide important discipline and are a key reason that states have not built up long - term debt burdens comparable to those of many national governments. however, as is the case today, these rules may force significant state cutbacks in bad economic