samchain/econo-pairs-v2 huggingface dataset:
##ncies could enjoy international currency status. the possibility of using widely a supranational currency, such as the sdr, has also been proposed and is firmly supported by several emerging countries ( although the sdr lacks in fact most of the properties of a true currency ). if such a “ multi - currency ” world did emerge, bearing in mind that international currency status cannot be dictated but is the result of market forces, we would then have to adapt the international financial architecture accordingly.

existing, these risks have neither worsened nor improved since the last monetary policy decision was made. this means that the balance of risks has remained unchanged since early september. however, there has been a change in economic conditions – underlying inflationary pressures are declining more quickly than the nbu anticipated. this has made it possible to ease monetary policy somewhat more quickly this year than envisaged in the previous macroeconomic forecast. as a result, the board has cut the key policy rate by 1 pp, to 15. 5 %. 2 / 3 bis central bankers'speeches what will the nbu ’ s monetary policy stance be in future? the nbu ’ s forecast scenario envisages that the key policy rate will be cut further, to 8 % as of the end of 2021, provided that inflation steadily declines to its 5 % target. as before, the largest decrease in the key policy rate is expected to take place in 2020, along with inflation returning to its target range and inflation expectations improving. however, the actual pace at which the key policy rate is cut to 8 %, together with any actual actions taken to achieve this goal, will depend on many factors. if the above inflation risks, both internal and external, materialize, the key policy rate could decline to 8 % more slowly. that said, the key policy rate could be cut further, to 8 %, much more quickly. these cuts will greatly depend on whether or not key internal reforms are sped up. these reforms are those that are envisaged in the memorandum of understanding signed by the ukrainian government and the nbu, and the judicial reform required to establish the rule of law in ukraine. thank you for listening! 3 / 3 bis central bankers'speeches
reducing the efficacy of the critical role played by this market in supporting the broader financial system. i am glad that you are all here today to work with us to begin to identify the best solutions to the problem of fire sale risk in the context of the tri - party repo market. i urge you to participate actively and express your ideas candidly. i am confident that we will come up with the best solution to this problem by working together. bis central bankers ’ speeches

in any detail. bis central bankers ’ speeches in conclusion, the challenge for policy makers is to understand and attempt to appropriately regulate the evolving financial services landscape, while at the same time balancing oftencompeting objectives of competition and choice, financial stability, and the effectiveness of macroeconomic policies. we remain vigilant and alive to these challenges, just as we expect a similar attitude from our regulated firms. to state this is easy, to deliver more difficult. i wish you all well in your endeavours in navigating this phase of technological innovation in financial services. acknowledgements : i thank anna lalor, anne - marie mckiernan and ed sibley for their inputs into this speech bis central bankers ’ speeches
milestone in the process of building the capital market union. finally, i wish to thank the staff of the 4cbs and the ecb for their effort and their commitment to the project ’ s success : they have all been involved in the development of t2s and are now actively engaged in the operational phase. and thanks to all those involved central banks, csds, financial markets - for their unflagging support and decisive contributions. once again, let me extend our welcome to everyone present. i wish you all a pleasant evening. bis central bankers ’ speeches

ignazio visco : translating a shared vision into a winning story welcoming remarks by mr ignazio visco, governor of the bank of italy, at the t2s launch celebration, milan, 2 july 2015. * * * good afternoon. president draghi, colleagues of the european central bank, of the european parliament and the eu commission, ladies and gentlemen, it is my pleasure and privilege to welcome you all here today, in milan ( the destination of the year, let me say in passing ), to share this important moment : the launch of the target2securities platform. for the euro area and the eurosystem, we are now living through what is, to say the least, a challenging period. this acknowledged, we must nonetheless recognize that t2s is a major achievement. this ambitious project is now reality thanks to the combined effort and cooperation of 21 countries - represented by their central banks, central securities depositories and financial market institutions - together with the european institutions : the ecb, the parliament and the commission. the t2s platform that has been built by four national central banks – banca d ’ italia, deutsche bundesbank, banque de france, banco de espana ( the so - called 4cbs ) - is now in operation with a first group of securities depositories and their linked - in user communities for the settlement of securities transactions in euro. by february 2017, at the end of the migration period, the platform will be deployed across europe, covering the vast majority of securities transactions in euro. the activities that took place over the migration weekend of 20 - 21 june ran smoothly. they were coordinated by the teams from the 4cbs and the ecb. since the 22nd, banca d ’ italia and bundesbank have had the responsibility for operating the platform. the t2s project was large and complex, involving many stakeholders. we have come a long way : from the start of the specification phase to the go - live, the project took seven years. the 4cbs, mandated by the eurosystem, developed and implemented the platform. this has been a demanding task, one to which our institutions have devoted substantial resources. aside from the role of developer and operator of t2s, the four central banks have been actively involved in the project through the participation in technical and steering structures with an important role in the governance of the platform. the participation of securities depositories in t2s is voluntary
##mi pong salamat thank you all.

growth in domestic liquidity the development budget coordinating committee is looking at a real gdp growth rate of 5. 7 percent for 2006, with growth driven by services, industry, and agriculture which stands to benefit from better weather conditions. the main risk we see for domestic demand is high oil prices, which have already taken some of the buoyancy out of consumer spending last year rising oil prices also continue to be the key source of risk to inflation, although the strong peso and the easing of food prices should help balance inflationary risks. while inflation may range from 7. 5 to 8. 2 percent, we see a downward trajectory given expectations of an easing of oil prices from peak levels in 2005 and a short - lived impact of the revised vat on prices of goods and services. market interest rates are also expected to benefit from ample liquidity, improving fiscal performance, and better prospects for our sovereign credit rating at the same time, our external position is likely to continue to benefit from dollar inflows from remittances and investments with healthy inflows, the peso is likely to remain generally stable in the course of the year. challenges and strategies in the months ahead, the task for economic managers will be to strengthen the economy in the short term …. and to preserve the momentum for economic reforms that will sustain growth in the long term. at the bsp, our job will be to be more steadfast in fighting inflation and reforming the financial sector. in the area of banking supervision, our focus will be on reducing the stock of non - performing loans with the help of congress in extending the spv law ; enhancing the prudential regulatory environment of the banking system to align it with international standards and best practices ; strengthening corporate governance standards and market discipline mechanisms ; developing the domestic capital market further ; enhancing the payments system ; and improving the bsp ’ s supervision technology and capacity. in the pipeline are the issuances of the guidelines on the implementation of basel ii accord, and the new financial reporting package in line with the adoption of international accounting standards. while there will be initial friction costs related to the transition, these will strengthen the banking system for the long haul. to speed up the development and deepening of the domestic capital market, the bsp will continue to work with other government agencies and the private sector for the completion of critical market infrastructure to further enhance system integrity and overall market confidence and in response to the need to further enhance financial information critical to investor decisions
ltd, hsbc, and barclays bank plc., were appointed primary dealers. the bank of mauritius had decided that traditional bidders for bills at the weekly auctions would be gradually cropped out. between february 2002 and november 2003 transactions by primary dealers with banks amounted to rs1. 9 billion. their transactions with corporate bodies amounted rs10. 8 billion. with individuals their transactions amounted to rs1. 6 billion. these give a total amount of over rs14 billion worth of bills transacted by primary dealers. this value of transactions in bills reflects the potential that exists for the trading of government papers on the stock exchange. so far the number of eligible bidders at the weekly auctions held at the bank of mauritius that are not primary dealers has been reduced from around 250 to 11. over time only the primary dealers will be eligible to bid at the weekly auctions. institutional investors like the national pension fund, the national savings fund and all the remaining banks and other financial institutions will be required to purchase government papers on the secondary market. this would definitely require major changes in the investment decision - making process within these organizations. they would stand to gain in the medium - term. sometime in may last i initiated discussions with mr. sunil benimadhu, mr. vipin mahabeersingh and mr. chota moollan at the bank of mauritius on our intention to sell treasury bills through brokers on the stock exchange. several meetings were since held with myself, the managing director and the staff of the financial markets department of the bank of mauritius. discussions were held with stock brokers also. a set of rules and procedures has been defined and was submitted for approval by the financial services commission. some six weeks back i had a stimulative exchange of views with the honourable minister sushil khusiram on this project. the swiftness with which the honourable minister made regulations to that effect reflects his personal commitment and determination for the development of the market for government papers. i am thankful to him for having supported this initiative. with hindsight the decision to sell treasury bills over - the - counter at the bank of mauritius was a decision taken in the right direction. i am happy to see that finally the trading of bills will soon take - off on solid foundation. the stock exchange of mauritius, the central depository & settlement co. and the brokers have put in lots of efforts in the project and i am confident that it will not suffer the

miscarriages of the past. should the stock exchange and the brokers require any further assistance from the bank of mauritius we will be glad to do so. may i wish all the stakeholders the very best of success.
confidence and commitment. i will end my remarks by quoting – as is appropriate within these walls – from none other than jean monnet : “ ce qui est important, ce n ’ est, ni d ’ etre optimiste, ni pessimiste, mais d ’ etre determine. ” thank you for your attention. bis central bankers ’ speeches

international recognition and that the eurosystem made publicly as early as 2001. 1 most euro area governors are already banking supervisors. supervision could allow for better - informed monetary policy - making. in parallel, monetary policy operations could provide useful signals to the supervisory function, for instance, when a bank relies disproportionately on central bank funding. the creation of the ssm is an opportunity for europe to rethink the links between banking supervision and monetary policy in a way that can strengthen both functions and learn the lessons of past banking crises, such as avoiding “ zombie banks ” infused with central bank money or the evergreening of non - performing loans. the ssm does not need to be limited to the euro area. as the cornerstone of a financial market union, it is necessary for the euro area, but it is desirable for the eu as a whole. the participation of additional member states is welcome and would strengthen the single market. these countries have raised legitimate concerns about a fair involvement in the decision - making of the ssm. we are working hard on arrangements that would address those concerns consistent with article 127. 6 tfeu. two versions of the fiscal union there exists a link between the notion of a banking union and the second topic highlighted by the four presidents in june, that is the fiscal union. a fully - fledged banking union, including resolution and deposit insurance, assumes a partial fiscal union. let me note that this does not imply that the structure and powers of the ssm can only be decided upon when we know the full details of the fiscal union. the ssm as such does not have fiscal consequences, and should be implemented promptly. what i am referring to here is a first interpretation of the fiscal union : a limited risk - sharing capacity allowing the absorption of idiosyncratic shocks. these shocks cannot entirely be absorbed by national policies alone, given the constraints imposed by the single monetary policy and the lack of an exchange rate. therefore, there has to be a euro area fiscal capacity, as a form of limited rainy day insurance. whether other tasks could be assigned to this common fiscal capacity, such as supporting allocative efficiency, is a matter of choice, not necessity. let me voice two words of caution. first, such risk - sharing capacity should serve as a complement, not a substitute to fiscal responsibility at national level. it should not undermine the implementation of the strong national fiscal governance rules enshrined in the fiscal compact. second, the fiscal
my own and are not necessarily those of my colleagues on the federal reserve board or the federal open market committee. 3 / 3 bis - central bankers'speeches

and metaphysics galen strawson. through my interactions with him, he helped me answer the question, " how does one construct a thoughtful, systematic world view? " after i completed my studies at oxford, galen also helped me hone further academic pursuits and advised me on plans that ultimately led me to pursue a phd in economics. he was generous with his time and offered very useful advice in comparing british and american economics programs. outside of my studies, i enjoyed participating in extracurricular activities that i did not have the opportunity to participate in during high school or college. those included the oxford union, the debate society, and traveling through italy, greece, and the middle east during spring break of my first year. one of my favorite experiences at oxford was producing, acting in, and serving as the dialect coach for the performance of " for colored girls - " by ntozake shange. i did so alongside my still very close friends, ambassador susan rice and congresswoman terri sewell. it was sponsored by the oxford university dramatic society and presented in the historic oscar wilde theatre at magdalen college. it was the first time " for colored girls - " was put on at oxford, because it was the first time there were six black women to put it on! i helped actors from liverpool and trinidad and tobago ( and some from the u. s. ) learn regional american accents. they joined four of us from the u. s. in the show, which included singing the aretha franklin hit " respect. " we sold out every single show. in addition to sharing american culture, i picked up on the cultural influences of the british isles. songs from irish rock band u2, such as " pride ( in the name of love ) " and " new year's day, " seemed to constantly play in the background during my time at oxford. that exposure proved vital a few years later when i was teaching at harvard and two gentleman named paul and david came to speak to my colleagues and me about debt relief for highly indebted poor countries. initially, i did not understand why 2 / 3 bis - central bankers'speeches everyone was abuzz about these visitors, until someone whispered the familiar song titles in my ear. those words instantly transported me back to my time in britain. i was, of course, speaking to bono and the edge. lasting bonds while the u. s. and u. k. share close cultural bonds - look no further than james bond, adele, down
: / / www. bundesbank. de / en / press / speeches / change - and - continuity - 824754 10 / 11 2 / 4 / 2020 change and continuity | deutsche bundesbank 23. lehmstedt, m. ( 2017 ), “ diese bilder sind futter fur die fantasie ”, die zeit, interview by gabriel kords published on 21 april 2017. https : / / www. bundesbank. de / en / press / speeches / change - and - continuity - 824754 11 / 11

which can be particularly harmful to small and open emerging countries. changes in the demographic structure are also a challenge for a number of countries, notably in terms of the decrease in active working population and the widening skills gap in the labour market. this is why investing in people, their education and improvement of living conditions is a key global priority. without global and regional cooperation there can be no adequate answer to climate change, which has economic as well as far deeper consequences. this is where no progress can be made unless we all join forces. the challenges arising from the drastic changes in climate conditions and the sustainability of natural resource exploitation can cause disruptions in the global food supply chain. finally, accelerated development of artificial intelligence creates a multitude of possibilities, but also gives rise to many risks. the quantitative technological breakthrough is certainly conducive to productivity growth, but can also lead to major changes in the labour market, and this has already mandated a special policy. what will prevail depends on us. indisputably, investment in development and implementation of new technologies is necessary if we want to remain competitive, but this must be done in a way that will enable all members of society to benefit from them. esteemed participants of the business forum, 7 / 8 bis - central bankers'speeches by embracing the fact that future is always uncertain, and even more so today when we are witnessing an interplay of numerous social, technological and biological factors shaping and changing our reality, our only answer can be the creation of a system that is not afraid of change. a system in which all advantages of the inevitable changes will be fully utilised for the growth and development of society. still, our attention should also focus on building a system that is more than resilient, and is most aligned with the term of antifragility, as defined by nassim nicholas taleb, a well - known thinker in the remit of risks and unpredictable events. taleb said that " antifragility is beyond resilience or robustness. the resilient resists shocks and stays the same ; the antifragile gets better. " to build a resilient system, and i have often spoken about this, we need the following, among other things : stability – political, macroeconomic and financial ; cooperation and solidarity at home and abroad ; strengthening and sharing knowledge for a modern 21st century society ; overcoming differences and supporting everything that is good for the growth and development of serbia.
ardian fullani : recent banking developments in albania speech by mr ardian fullani, governor of the bank of albania, at the ceremony dedicated to the launch of the autumn 2005 issue of the legal journal, law in transition, online, published by, ebrd, rogner hotel, tirana, 18 october 2005. * * * dear participants, it is a great pleasure for me to participate in this ceremony dedicated to the launch of the “ autumn 2005 ” issue of the legal journal “ law in transition, on - line ”. i believe this publication of the european bank for reconstruction and development shall gather the best experts in the area of law and finance in the country, who shall find in it an alternative source of consultation and expertise, for crucial projects interweaving their professions. banks do represent the main institutions of our financial system. the total volume of their activity constitutes around 50 percent of the gross domestic product ( gdp ) in the country. currently, 16 banks are operating, the capital of which is owned by private and institutional, domestic and foreign shareholders. market competition has overwhelmingly strengthened and the service quality provided to the public has significantly improved. the banking network has extended to the most part of the territory and developments in this respect are still robust. the role of the banking system as a developer to the economy is mainly displayed in the increase of crediting to the economy. its increasing pace, especially in the last 15 months is remarkable. at the end of june 2005, loans constituted around 21 percent of the total assets in the banking system, compared to 14. 5 percent at the end of 2004 and 12. 5 percent at the end of 2003. moreover, the deposits volume in the banking system has increased, representing the main source of growth in the banking system activity. banks also serve as significant employment institutions. only during 2004 their personnel increased by 26 percent and this figure is expected to be even higher at the end of 2005. the banking system continues to represent a profitable investment sector. these developments further indicate the vital importance of the banking sector to one ’ s country economy. it is essential that the banking sector activity be supervised cautiously in order to ensure sound and safe banking practices, transparent and clear set of rules, fair competition and stable and sound institutions. it is our duty, as a supervisory authority in the country, and other governmental institutions, as well, which control part of the banking system activity, to care and provide favourable development conditions. the bank of albania is the

well - stabilised financial environment shall provide the needed spaces for the growth of monetary stimulus in the economy.