samchain/econo-pairs-v2 huggingface dataset:
will have real economy implications. in addition, the interest rate benchmarks that monetary policy sets will directly impact the cost of leverage and the volume of credit exposures. obviously, the use of one policy lever ( in this case, policy interest rates ) would not always be able to address – at the same time – two policy objectives ( price stability vs. financial stability ) without conflict. hence, the use of enhanced policy tool kit and policy coordination are imperative. to operationalize all these at the bsp, we have recently created the bsp financial stability committee ( or fscomm ) in addition to the bsp advisory committee ( which recommends monetary policy to the monetary board ). from the five items i enumerated earlier, it is clear that financial stability crosses the three pillars of central banking. to close that “ divide ”, the fscomm is set at the highest level at the bsp, with the main committee manned by the three deputy governors and 3 of the most senior officers of the bsp … i have the pleasure of directly overseeing this committee. closing remarks : market conduct ensures reform success i have given you some of the guideposts, or mile markers on the road to financial stability – as we see it in the bsp. the bsp can put out regulations and create the enabling regulatory environment … but, after everything is said and done, it is the market that will execute transactions. a wise man once warned that when dealing with the market, one should anticipate that it is not so much about the destination, as it is about the ride itself. financial targets tell us where we want to go but it is risk - taking and risk management that get us there. no doubt, the ride can be enjoyable and give you a high, but if you don ’ t manage the risks well, then you – dragging everyone else with you – might end up in one big traffic jam, if not in the gutter. ladies and gentlemen, i am not about to ask everyone here – for lack of a better term – to “ behave ” … as michael corleone said to sonny, “ it ’ s not personal, it ’ s strictly business. ” acceptable behaviour is a given because that is what collective responsibility requires. and our collective responsibility are prudential concerns. turned on its head, prudential concerns are our collective responsibility because the gains ( as well as the losses ) are always shared. this applies as much to the cash market,

to the foreign exchange market, to securities underwriting and brokering, to trusts and other fiduciary activities and certainly to banking. i therefore ask the organizations and institutions here tonight, let us effectively partner with one another because... the stakes are far too great for the bottom line of any single balance sheet … the stakes far outweigh the high of the ride …. ladies and gentlemen, we are in this together. bis central bankers ’ speeches
, and to impose transparency. fourthly, we are still today in a very difficult and very unpredictable environment. we permanently need to remain alert, and there is no place for complacency. i would have two main messages in that regard. as concerns direct government support to the financial sector, today ’ s priority is “ rapidity of execution. ” decisions that have already been taken should be implemented swiftly. this holds true, in particular, for recapitalisation, as currently only 55 % of funds earmarked for recapitalisation have been used in the euro area. in crisis times, rapid implementation is crucial. as concerns global governance, i insist on the absolute necessity to reinforce macroeconomic policy surveillance of systematically important countries and economies. the imf has to play a fundamental role in such monitoring, coupled with responsible and active peer surveillance. finally, central banks have a fundamental role in ensuring monetary and financial stability from a long - term perspective. morocco knows that it can count on the crucial contribution of bank al - maghrib, whose fiftieth anniversary we are celebrating today. the world economy can count on central banks to continue to act as anchors of stability, which are more needed than ever. the european central bank, for its part, will continue to be an anchor of stability and confidence. and i am pleased to note the recent proposals by the european commission, in line with the recommendations of the de larosiere report, to establish a european systemic risk council under the auspices of the ecb. thank you for your attention.

based and statecontingent elements. the expectation is that policy rates will remain at their present levels at least through the summer of 2019 and, in any case, for as long as necessary to ensure that the evolution of inflation remains aligned with the governing council ’ s current expectations of a sustained adjustment path. beyond the end of net asset purchases, reinvestments will mean that the eurosystem maintains a sizeable presence in euro area securities markets. enhanced forward guidance on rates, in turn, supports financial conditions by anchoring policy rate expectations more firmly at their present low levels. moreover, the conditionality embedded in forward guidance on all policy instruments ensures that the monetary stance will continue to evolve gradually and in a datadependent manner. the impact of our most recent decisions on financial prices was largely frictionless. our enhanced forward guidance on the ecb ’ s policy rates underlines their pivotal role as the main tool for adjusting the monetary policy stance in the future. overall, the present configuration of policy instruments will preserve the monetary stimulus that underpins the economic growth momentum in the euro area and the evolution of inflation along a sustained adjustment path. 4 / 4 bis central bankers'speeches
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of liquidity, especially in us dollars. in the final quarter of 2008 we faced a situation in which our financial institutions were facing liquidity pressures, owing to the market reaction to the lehman brothers failure. to offset the liquidity outflow that had taken place after the bankruptcy of lehman brothers, the central bank instituted a new swap facility that permitted banks to exchange us dollars for bahrain dinar at no penalty. this helped greatly to ease liquidity conditions in bahrain ’ s money markets and allowed the 2008 year - end to pass without any significant market disruptions. as 2009 unfolded, liquidity pressures gave way to rising credit losses. within bahrain itself, losses reported by banks have been in line with those we would expect in a normal business cycle. the domestic impact of the crisis has been limited in large part due to the fact that our real estate market had not experienced high levels of speculative activity. however, since bahraini banks are major providers of credit throughout the mena region, they have been affected by credit defaults elsewhere, and by problems in the real estate sector elsewhere in the region. nonetheless, the high levels of capital adequacy of our banks has allowed them to absorb these losses and the banking system remains on a very solid footing. a further source of strength for bahrain ’ s financial sector has been our position as a hub for islamic finance. owing to the sharia prohibition on speculative activity and the requirement that financial transactions be backed by real assets, the islamic financial industry has been less affected by the global financial crisis than the conventional sector. while this sector has no room for complacency, as its customers are just as likely to suffer from the economic downturn as those of conventional banks, we nonetheless believe that there are enormous opportunities for sharia - compliant finance to take up some of the slack created by problems in the conventional financial industry. the sukuk market, in particular, is one that we believe provides a flexible financing mechanism which contains enormous potential. with bahrain ’ s long track - record and supportive regulatory regime for islamic finance, we believe that this is an aspect of the financial sector that is ripe for further development. let me again welcome you to bahrain and thank you for your participation in this important event.
ground. this not only applies to mobile and contactless methods as well as internet payment methods, but also to regular debit card payments. so how does the future of payments look? in my opinion, diverse and multifaceted. in the past, paying in cash was virtually the only option, and cash is still going strong even today. the volume of euro banknotes in circulation, which increases by around 5 % a year and has been in excess of €1 trillion since the end of 2014, clearly demonstrates this. but nowadays, there is also a wealth of cards – ranging from prepaid cards to contactless cards. moreover, smartphone and e - mail - based methods offer new channels to existing payment procedures. everyone should be able to pay as he or she wishes ; the bundesbank takes a neutral stance and leaves citizens to decide how they would like to pay. thank you very much for your attention. bis central bankers ’ speeches

us, and you debated with us. thank you all for getting involved. my gratitude also goes out to all those who made our focus session such a success – everyone who spoke and participated in discussions, and of course the many helping hands in the background whose job it was to prepare and organise today ’ s event. ladies and gentlemen securities settlement and payments are a network industry. what would be more apt, then, to network at a joint reception to which you are now all cordially invited. join me there in celebrating the successful migration of the german market to t2s. thank you for your attention. 4 / 4 bis central bankers'speeches
with the line supervisors of banks and insurers transparency and accountability. this will not be easy. and in a world of global capital markets, it is unavoidably a shared enterprise. national authorities will fail unless we work together. which is why i am giving this speech here. governor king and i have long believed that the market intelligence available to central banks through our operational roles has a central place in identifying threats to stability, whether exuberance in markets or faultlines in the fabric of the system. if that is true of central banks in general, it is especially so for the bank of england and the fed, based as we are in the two most significant financial centres. the partnership between our institutions, going back to benjamin strong and montagu norman, is more important than ever. we need to maintain a free flow of information and ideas. we owe that to the public we each serve, and we owe it to the rest of the central banking and macroprudential community. as those of us at the bank of england build the uk ’ s financial policy committee, we will need the active support of you all here and, in particular, of our colleagues from around the federal reserve system, for whom central banking began very nearly a century ago. see tucker, “ developing an eu cross - border crisis management framework ”, september 2010. bis central bankers ’ speeches

with growth close to trend - and with the imbalances within the economy beginning to adjust. in any event i am totally confident that mervyn king, my successor from july, with his deputies, andrew large and rachel lomax, and with the mpc, will be ready to adjust policy in either direction as the prospect changes, and that they will be as totally committed as i have been to maintaining stability and hitting the government's inflation target, as a necessary condition for sustainable growth. that will provide the best possible context for the continued development of your business, and the important contribution that you make to the economy. i, myself, of course, will be looking for a new lease of life in retirement! i'm not aware that it's a lease product any of you actually provide. given our ageing population perhaps you should develop one though you'd better be careful how you market it! in any event i wish you well.
masaaki shirakawa : recent economic and financial developments and the conduct of monetary policy speech by mr masaaki shirakawa, governor of the bank of japan, at a meeting with business leaders, osaka, 31 august 2009. * * * introduction i am honored to be here today to speak and to exchange views with business leaders from the kansai region. i take this opportunity to express my deep gratitude for your cooperation with the bank of japan's branches in osaka, kobe, and kyoto. before we exchange views, i will first speak about the background to the recent economic recovery and the economic outlook, as well as the bank's thinking behind the conduct of monetary policy. at the gathering held at the end of august last year in osaka, i mentioned two things about japan's economic outlook. one thing was that growth would likely remain sluggish for the time being. and the other was that, even so, there was a remote possibility that japan's economy would experience a crucial adjustment phase. i presented a cautious outlook that growth would likely remain sluggish for the time being because i judged that the accelerated rise in energy and materials prices at the time as well as the effects of the bursting of a global credit bubble triggered by the subprime mortgage problem would continue to weigh on the economy at home and abroad in the form of balance sheet adjustments. while i believe that the judgment itself was a valid one, as for the part that there was a remote possibility that japan's economy would experience a crucial adjustment phase, it turned out that the possibility became a reality and the economy followed a bumpier road than envisaged at the time. needless to say, the direct cause was the collapse of lehman brothers in september last year. because of that, a liquidity crisis emerged on a global basis, and we faced a serious situation that confidence, which could be said as a prerequisite for the normal functioning of financial markets, collapsed. as a result, the economic conditions deteriorated simultaneously and sharply worldwide, the situation no policy authorities around the globe ever imagined. in fact, looking back on the changes in the international monetary fund's forecast for world economic growth for 2009, it was plus 3. 9 percent in july last year, but was subsequently revised downward for several times to become minus 1. 4 percent in july this year. the sheer fact that the forecast for the growth rate was revised downward by more than 5 percentage points in a period of

the issue of raising productivity are of course people of the private firms. for such efforts, the bank is and will be of service through creating a stable economic and financial environment. thank you.
bond market. we have seen a favourable response to the abf hong kong fund, and i hope that the paif, with its broader investor base, will also be well received by markets. i wish you every success in promoting the paif. thank you.

mr thiessen discusses the effect on the canadian economy of recent global financial turbulence remarks by gordon g thiessen, governor of the bank of canada, to the “ chambre de commerce de la region sherbrookoise ” in sherbrooke, quebec on 4 may 1999. global financial turbulence and the canadian economy the world economy and canada have had to navigate some difficult straits in the past couple of years. but we have made it through. and considering the tide from the asian financial crisis that washed around the world, the canadian economy has coped better this time around than in the past. with the clouds of international uncertainty gradually lifting, canada ’ s solid economic foundations are providing good reason to remain positive about the outlook for our economy. today, i would like to talk about recent economic developments and the prospects for canada. but since much of what has been happening here recently has been heavily influenced by external events, i would also like to discuss some of the measures the international community is contemplating to prevent, or at least reduce the severity of, any future crises. recent developments in the canadian economy the financial crisis that began in southeast asia in mid - 1997 turned out to be much more persistent and serious than anyone had expected. during 1998, the turmoil spread to russia and brazil, causing a great deal of nervousness and volatility in markets everywhere. this led to large outflows of capital from many emerging - market economies, rising interest rates, tighter credit conditions, and a marked slowdown in economic growth worldwide. canada has not been insulated from these forces. many of our industries, including those in quebec, have been hard hit. the most immediate impact on our economy has been the lower foreign demand for the key primary commodities we produce and a 20 per cent drop in their prices between the middle of 1997 and the end of 1998. these developments were reflected in the value of our currency, which declined sharply against the u. s. dollar. as the turmoil in markets increased following the russian debt moratorium last august, the bank of canada moved to head off signs of a potential loss of confidence in canadian dollar investments, by raising the bank rate one full percentage point. the confidence of households and businesses in canada was also affected by market nervousness and volatility, and this dampened domestic spending. consequently, the canadian economy expanded by just under 3 per cent through 1998 ( fourth quarter over fourth quarter ) compared with over 4 per cent in 1997. considering the seriousness of
as of the financial system and the economy as a whole. this summer, ecb banking supervision ran a climate stress test that showed that many banks still have their work cut out for them when it comes to managing climate risks. 4 ngfs climate scenarios that stress test was based on a set of scenarios developed by the network for greening the financial system ( ngfs ). the ngfs is a network of more than 120 central banks and supervisors that aims to support sustainable transformation. the ngfs scenarios help quantify the economic impacts of different emission and policy pathways. the most recent update considered physical risks for the first time and took an improved look at regional and sectoral factors. the ngfs is continuing to upgrade the scenarios and their practical usability a€ “ also with a view to transition plans. the ngfs is working out how transition plans relate to supervisors'roles and mandates and how they could become part of the supervisory toolkit. 5 conclusion many aspects of transition plans are still up for discussion. the same is true for the role of supervisors when it comes to checking these plans. events like this are good opportunities to consider such fundamental questions. so let us discuss ways forward and find common ground internationally. the goal is clear : to define ambitions and to turn these ambitions into actions. 2 / 2 bis - central bankers'speeches

from ethiopia, russia, ukraine, belarus, lithuania, moldova, bulgaria, kazakhstan, turkmenistan, azerbaijan, uzbekistan, iran, australia, the uk, germany, france, the u. s., argentina, uruguay, and brazil. i, too, am an ‘ oleh. it makes me proud, as an israeli and as a recent immigrant, to see the young immigrants integrating beautifully in israel and doing well in their fields of study. the more able israel is to grow over time, and the better its education system, the more successful we will be in attracting immigration that attracts immigration – because of zionism, yes, but also because it ’ s a country that is worth living in. thus far, i ’ ve spoken about the social and national levels. but this event is above all an important one at the personal level. each of you has reached at a critical phase in your lives. the path you choose to follow in the coming years will affect your future. it sounds very important, and indeed it is. but student life may also be very enjoyable. it is my wish that each of you should seize firmly the opportunities that lie ahead. enjoy yourselves, and, the main thing, be successful! thank you. may you succeed.
. i highlighted some of these questions with you today. i have enjoyed immensely having to grapple with these issues but recognize that we at the central bank may have all of the right questions but do not have all the answers.

that early childhood education programs make children better prepared for school, a precursor of future success. 3 the benefits of early childhood programs are not just short - term in nature. careful studies demonstrate that early interventions can have a positive effect on young children from low - income families that lasts well into adulthood. for example, analysis of one program showed that children who attended a high - quality half - day preschool program at ages 3 and see national scientific council on the developing child ( 2005 ), “ excessive stress disrupts the architecture of the developing brain, ” working paper no. 3 ( cambridge, mass. : center on the developing child at harvard university, summer ). see arthur rolnick and rob grunewald ( 2011 ), “ the economic case for targeted preschool programs, ” in edward zigler, walter s. gilliam, and w. steven barnett, eds., the pre - k debates : current controversies and issues ( baltimore : brookes publishing ), pp. 22 – 26. see vivian c. wong, thomas d. cook, w. steven barnett, and kwanghee jung ( 2008 ), “ an effectiveness - based evaluation of five state pre - kindergarten programs, ” journal of policy analysis and management, vol. 27 ( winter ), pp. 122 – 54. bis central bankers ’ speeches 4 were, at age 40, more economically successful – for example, more likely to own their own homes – than nonparticipants in a control group. 4 in other evaluations, long - term benefits were demonstrated for a full - day early childhood education program starting before age 1 and for a nurse - based home visiting program. 5 economically speaking, early childhood programs are a good investment, with inflation - adjusted annual rates of return on the funds dedicated to these programs estimated to reach 10 percent or higher. 6 very few alternative investments can promise that kind of return. notably, a portion of these economic returns accrues to the children themselves and their families, but studies show that the rest of society enjoys the majority of the benefits, reflecting the many contributions that skilled and productive workers make to the economy. 7 the federal reserve has long supported increasing educational opportunity for children, including the youngest. federal reserve banks have published articles and convened community forums on early childhood issues. for school - age children, we sponsor financial literacy and economic education programs. for these programs, we make a special effort to reach schools with high proportions of minorities and lower - income children. many