samchain/econo-pairs-v2 huggingface dataset:
must be supported by a strengthening of domestic competition in switzerland. the export industry will remain a key engine of growth in switzerland and an essential basis of our prosperity. the main ticks on the horizontal axis indicate the beginning of the first quarter of the respective year. the value for each quarter is recorded in the middle of the quarter. inflation forecast june 2002 with libor at 1, 25 % annual average inflation in % 1. 0 0. 9 1. 3 1. 6

is in progress, such as regulations on financial institutions ’ capital adequacy ratios and leverage ratios, regulations on derivatives transactions, and establishment of a framework that enables the resolution of systemically important financial institutions. these deliberations on new regulations are based on a lesson from the experience of global financial crises, and they show the strong determination of financial authorities worldwide to establish a stable financial system to avoid another financial crisis. the global financial regulations will be reflected in regulations in each country including japan, and japan ’ s financial institutions will be subject to these regulations. major financial institutions in japan that conduct overseas operations will need to adjust to the local laws overseas. introduction of new regulations entails a considerable increase in costs for financial institutions in the short term as they adjust to the new regulatory environments. nevertheless, from a long - term perspective, it will further stabilize their profits by restraining their excessive risk - taking, and further strengthen the foundations for sustainable growth of the overall economy, thereby underpinning the development of financial institutions. the initiatives to establish global financial stability will continue into the future. i expect japan ’ s financial institutions to actively take part in such initiatives. the bank is determined to diligently join international discussions such as meetings of the financial stability board and the basel committee on banking supervision. i would like to close my speech by noting that the bank will do its utmost to overcome deflation at the earliest possible time and achieve a vigorous financial system. thank you. bis central bankers ’ speeches chart 1 introduction of the " quantitative and qualitative monetary easing " strong and clear commitment the bank will achieve the price stability target of 2 % at the earliest possible time, with a time horizon of about 2 years. monetary base : annual increase of about 60 - 70 tril. yen ( x2 in 2 years ). amount outstanding of jgb holdings : annual increase of about 50 tril. yen ( more than x2 in 2 years ). average remaining maturity of the bank's jgb purchases : extended to about 7 years ( more than x2 in 2 years ). amount outstanding of etf holdings : annual increase of about 1 tril. yen ( more than x2 in 2 years ). amount outstanding of j - reit holdings : annual increase of about 30 bil. yen. chart 2 introduction of the " quantitative and qualitative monetary easing " intelligible monetary policy the bank has terminated the asset purchase program and synthesized purchasing methods of jgbs. it
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in the financial sector, where mechanisms could be engineered to ensure that market allocation takes account of the environmental impact and climate - related risks. there is no lack of demand by 4 / 5 bis central bankers'speeches investors : after the outbreak of covid - 19, amid market mayhem, we observed preferences skewed towards “ sustainable assets ”. this tendency must be encouraged through properly designed regulation and the adequate provision of information, and also by preventing the risk of “ green washing ” practices in the provision of sustainability scores by the rating industry. there needs to be a coherent approach, activating all levers – incentives, taxes and regulation – to deliver on our goals. italy, which will also co - host, along with the united kingdom, next year ’ s conference of the parties ( cop26 ) under the united nations framework convention on climate change, will strive to bring “ climate cooperation ” to the centre of debate also within the g20. we are aware that there is some contention around how to deal with this issue, but we are also firmly convinced that there cannot be any more room for complacency. * * * i discussed some of the issues that will be focused on by the italian g20 presidency in the coming year, in particular within the finance track, with no ambition to be either exhaustive or detailed. our agenda will be kept flexible enough so as to adapt to the rapidly evolving health and economic situation. next year, the global economy is expected to advance along a slow and very uncertain path of recovery and so far we have merely succeeded in picking the proverbial low - hanging fruit ; the end point will be a “ new normality ” that is hard to prefigure in sufficient detail at the moment. all policies must contribute to averting downside risks, by means of a far - sighted and cooperative approach. striving for the global common good, the signature byword of the global foundation, is also at the root of the g20 and must be its lighthouse. multilateralism has suffered major setbacks in recent years, but in the current emergency the g20 has proven again that it can make a difference. with the 2021 presidency of the group, italy now carries the full burden of responsibility for ensuring that it will live up to the expectations of all communities. 5 / 5 bis central bankers'speeches
growth, we will need to continue to remove monetary stimulus before the excess supply in the economy is completely absorbed. the pace and extent of this action will depend on the balance of domestic and external developments and on their implications for pressures on capacity and inflation in canada. now malcolm and i will be happy to take your questions.

david a dodge : the bank of canada ’ s commitments to canadians remarks by mr david a dodge, governor of the bank of canada, at the town hall meeting, ottawa, 18 may 2004. * * * good morning everyone and welcome. welcome also to those of you joining us by videoconference. today ’ s gathering is very important, so i ’ m glad you have taken the time to attend. before i begin i want to say hello to the members of the management forum and executive management committee who are with us today. these town halls are becoming a bit of a springtime tradition. the snow melts and the time comes for us to get together. we take stock of where we are, where we ’ re going, and how we want to get there. as you know, many institutions, both governmental and private, are currently concerned about governance structures, accountability and rules of behaviour. of course we focused on these issues a couple of years ago when we established our compass. and it ’ s our compass i ’ d like to focus on now. it is an amazing document. i think it captures the essence of who we are. and one of the truly great things about it is how it came to be. creating the compass was a comprehensive exercise. it was top down, bottom up and side to side. staff had an opportunity to take part in the consultation, debate, and careful consideration that went into the making of it. together, we produced a remarkable set of commitments to canadians, to excellence, and to each other. we really don ’ t need to worry about producing something new. but it is useful as we get together, to remind ourselves of what it is that we created. our commitment to canadians placed our legislated mandate into very concrete terms. canadians need to have confidence in the value of the money they earn and the quality of the bank notes that they carry around. they need to have confidence in canada ’ s financial system. they want to know that the bank is managing the government ’ s funds with integrity. and that we are communicating and being accountable for what we do. when we say we are committed to canadians, we ’ re saying we ’ re committed to fostering their confidence in our integrity as a central bank. our second commitment is to excellence. it reflects the high standards we set for ourselves in our work on behalf of canadians. it goes hand in hand with the statement we made when we launched the compass and the medium term plan
, further structural reforms will be important prerequisites to unlocking the economic growth and development potential of south africa. all of theses reforms will need to be nurtured carefully and it is crucial that they be supported throughout by a stable and transparent macroeconomic policy framework. 10. 4 in conclusion it is reasonable to look forward to the future with confidence : and this we do. references t. mbeki ( 2005 ) “ state of the nation address ” i. plenderleith ( 2004 ) “ always something normal from south africa ”

9 per cent in early 2004 to as high as 18, 9 per cent by early 2005. furthermore, nonresident participation in share trading on the jse averaged approximately 20 per cent in both 2004 and 2005. south africa also attracted some secondary listings of foreign companies on the jse securities exchange as well as the first listing of a non - resident bank on the bond exchange, again displaying increased confidence in south africa. prices in the financial and real - estate markets have reached new record highs and financial and real - estate markets have remained buoyant, but the rate of increase in real estate prices, which at times exceeded 35 per cent on a year - on - year basis in 2004, tapered off significantly over the course of 2005. 8. inflation picked up in the second half of 2005 in response to the increase in the prices of crude oil and its derivative products. however, when crude oil and petrol are excluded from the production price index and consumer price index baskets, the inflation in the prices of the remaining items remained quite subdued, suggesting no firm evidence of second - round inflationary effects arising from the oil price increase. moreover, the targeted twelve - month cpix inflation rate – which incorporates petrol price inflation – only accelerated to a high point of 4, 8 per cent in august 2005 and subsequently receded to 3, 7 per cent in november, partly on account of the somewhat lower levels of international oil prices at the time. so far, the high oil price has therefore not prevented cpix inflation from remaining comfortably within the target range of 3 to 6 per cent – an outcome which has been maintained for 27 successive months, and which has helped to anchor inflation expectations. 9. the exchange rate of the rand appreciated significantly towards the end of 2005 and in the first part of january 2006. from its most recent dip at the end of october to r6, 71 against the us dollar, it appreciated by more than 11 per cent to trade below r6, 00 level by mid - january 2006. although much of this appreciation mirrored the recent depreciation in the value of the us dollar, the rand has also gained significant ground against the other major currencies. as a result, the nominal trade - weighted index of the rand increased by a similar percentage over this two - and - a - half - month period of 99. 18 on 17 january – stronger than its year - end peak recorded in december 2004. in the year to 20 january, the twi has increased
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supervisory framework in europe. the financial crisis has provided a vivid illustration of the importance of having in place an effective framework of macro - prudential surveillance that can complement micro - prudential supervision both at the national level and in a cross - border context. thus, in order to enhance their abilities to assess and address potential systemic risks, over the past few years significant work has been undertaken by authorities at country, regional and global levels with the aim of setting up a macro - prudential policy framework. in this respect, a major achievement at the european level has been the establishment of the european systemic risk board ( esrb ), entrusted with the responsibility of macro - prudential oversight at the eu - level. the ecb plays a key role by providing the esrb with a secretariat, and thereby logistical, administrative and analytical support. a key objective of the esrb is to link systemic risk analysis with appropriate policy responses. the analytical work will focus on identifying, measuring and assessing the potential sources of systemic risks on the basis of broad and deep information, and on applying a wide range of analytical tools to process the relevant data. the work will entail the assessment of the potential impact of the risks identified and of the ability of the financial system to withstand the related shocks. on the basis of the outcome of its risk analysis and assessment, the esrb may issue concrete and well targeted risk warnings or policy recommendations. there is no doubt that the establishment of the esrb introduces a new function at the eu level that will enhance the ability of european and national authorities to promote the stability of the eu financial system as a whole. at the same time, much work needs to be done to advance in the design and implementation of the macroprudential frameworks. indeed, unlike for monetary policy, the framework for macroprudential policy is not yet well developed. in ( jul. 2008 ), report by the counterparty risk management policy group entitled containing systemic risk : the road to reform ( aug. 2008 ). conclusion reached in a recent report by the senior supervisors group entitled, observations on developments in risk appetite frameworks and it infrastructure, december 23, 2010. bis central bankers ’ speeches particular, most of the policy tools that are considered for macro - prudential purposes at this stage fall under other policy area domains, such as micro - prudential supervision ( e. g. capital and liquidity requirements ), monetary policy implementation ( e. g. minimum reserve requirements
mit dem meine kollegen und ich den vertrag von maastricht verhandelt haben. heute genieße ich das privileg, mit der bundesbank als mitglied des eurosystems zusammenzuarbeiten, das in vollem umfang zum erfolg des europaischen wahrungsteams und zur erfullung unseres auftrags, die preisstabilitat zu gewahrleisten, beitragt. funfzig jahre mag von einigen als fortgeschrittenes alter empfunden werden, aber fur eine erfolgreiche institution wie die bundesbank ist dieses jubilaum kein grund zur wehmut, sondern stellt eine auszeichnung dar. die werte und beitrage, die die bundesbank in das eurosystem einbringt, sind jung wie eh und je. herzlichen gluckwunsch! ich mochte dir, axel, und deiner institution meinen dank und meine freundschaft aussprechen!

trust takes years to build, seconds to break and forever to repair ”. so it ’ s now our duty to nurture and sustain this trust – by ensuring that banknotes are secure, payments systems are robust, and the value of the euro is stable. thank you. 2 / 2 bis central bankers'speeches
gent sejko : transparency, communication and the importance of the media partnership address by mr gent sejko, governor of the bank of albania, at the end - of - year meeting with the media and the governor ’ s award ceremony, tirana, 13 december 2019. * * * dear ladies and gentlemen, welcome to the bank of albania, to spend some time together as the year end approaches. sadly, the atmosphere at the end of this year is different from previous ones, following the devastating earthquake, which hit albania in late november. in the aftermath, we are all heartbroken by the tragic loss of 51 lives, with hundreds of others injured and many buildings, which have collapsed or have been heavily affected by the strongest quake in decades. yet, beyond the material consequences and psychological shock, this tragic event foregrounded another – somewhat dormant – dimension of our society : solidarity and unconditional support for each other. we all witnessed an impressive demonstration of voluntary support from fellow citizens to those affected by the devastating earthquake. in this extraordinary situation, the media played a key role in promoting solidarity and alleviating the human pain caused by this natural disaster. in light of this event, and in retrospection of 2019, let me express my sincere thanks and heartfelt gratitude to the media, to those who are present here tonight, and those that were unable to attend, for their invaluable work, reporting news truthfully and in real time. staying on the media, but shifting to another, concrete contribution of it, professionalism and integrity in covering news related to economic and financial developments in albania increased notably this year. let me emphasise. we are glad to say that we find your work has advanced in all its dimensions. the language you use as well as the breadth and depth of your analysis in presenting our reports to the public reflect a serious approach and professionalism. thanks to you, our decisions have been passed on in a timely fashion. further, they have been translated and adapted using simple and easy - to - assimilate language, not only for market actors, but also for the general public. the media is a unique ally in our efforts to enhance the effectiveness of our decision - making. please allow me to thank you once again for your work, filled with passion and dedication during the course of this year. i am confident that in the coming year your dedication, truthfulness and objectivity in reporting economic and financial news will continue to characterise

given these conditions, we deem that the monetary policy provides the necessary support to stimulate the aggregate demand. bis central bankers ’ speeches
a role that the bank of zambia is committed to playing effectively. ladies and gentlemen, with these remarks, i wish to thank all stakeholders in this important initiative. thank you.

caleb m fundanga : local bond market developments in zambia speech by dr caleb m fundanga, governor of the bank of zambia, on the occasion of the listing of the development bank of zambia bond, lusaka stock exchange, lusaka, 4 april 2007. * * * • the general manager – lusaka stock exchange • the chairman, dbz board of directors • the chairman, standard chartered • the secretary – securities and exchange commission • mr ade adebajo, director, standard chartered africa debt capital markets • member of the dbz board • all senior government officials present • acting managing director, dbz • managing director – zambia state insurance corporation • chief executive officer – stock brokers ( z ) limited • representative of dbsa • distinguished invited guests ; and • ladies and gentleman today marks another important milestone in financial sector development indicative of the coming of age of the zambian financial system in general and local bond market in particular. the issue of the k68. 620 billion senior unsecured floating rate note under the development bank of zambia ( dbz ) k150 billion medium term note programme and listing of the note on the lusaka stock exchange ( luse ) is a landmark transaction for two key reasons. the first is that this is the first time in the history of the local bond market that a local currency medium term note programme has been established. the second is that this transaction marks the largest single issue ever offered to zambian fixedincome institutional investors. ladies and gentlemen, the development of the local bond market is central to government ’ s strategy for diversification of the economy for one key reason. all businesses, including state owned enterprises, require finance, covering both equity and debt, and ranging from short - term to long - term. in the absence of a properly functioning local bond market, those in need of capital and qualified enough have had to turn to international financial markets to finance their local projects with the attendant exchange rate risk. similarly, those seeking a competitive return on their investments that also meet their maturity preferences but are unable to find these features locally, have always sought out alternative avenues offshore in foreign currency, thereby creating pressures in the foreign exchange market. therefore, government ’ s involvement in improving the local bond market has been deliberate. ladies and gentlemen, government ’ s participation in improving the functioning of the local bond markets has seen the establishment of appropriate market infrastructure that facilitates cost - effective and secure trading, and a transparent price discovery process. further,
to productivity and firm dynamics. - i wish you an interesting and fruitful seminar, and a pleasant stay in athens. 2 / 2 bis - central bankers'speeches

to very pressing issues of global trade, namely sanctions and supply bottlenecks. two papers use the embargo after the first russian invasion of ukraine in 2014 to study how firms in france and latvia adjusted to the shock. the third paper examines how supply bottlenecks due to covid19 affected the performance of global value chains. this type of research is extremely important now, as we try to adjust to the multiple shocks europe and the world have suffered over the past three years. while the dampening effects of globalization on low inflation in the pre - covid era were overall deemed modest, the undoing of globalization, alongside the green transition, may well imply rapid and large level effects on the price level. as such, how we adapt to such persistent trade shocks is clearly of high value to central banks. 1 / 2 bis - central bankers'speeches - two more sessions look at macro issues of high policy relevance. one is the session on dollar dominance. the dollar is now more important in terms of invoicing and reserves than it was at the end of breton woods, a paradox, given that this was a system designed to have the dollar at its core. the papers in the session look at the determinants and effects of dollar dominance, both now and in a historical perspective. in my opinion, the energy transformation of the us in the last several years from a large net energy importer into a net energy exporter, combined with the much higher energy prices worldwide, has played an important role in the recent dollar strength. this is an idea that is perhaps worth exploring, if you have not already done so. the other session looks jointly at fiscal and emu governance issues, issues that unfortunately are with us again. this session is anchored by the second keynote by elias papaioannou, who will talk about " international unions and international integration ". elias is a distinguished academic, but in fact he did start his career at the ecb, and so he is, so to speak, a member of our family. - finally, while this edition of the workshop is especially affected by fast - moving policy problems, we should never forget structural issues. after all, structural issues were our main focus for years before the pandemic hit, and issues like the labour market effects of automation or low productivity growth may well keep us busy even after the war has ended and inflation is at bay. as such, the workshop also contains one session dedicated to labour markets, and another dedicated