samchain/econo-pairs-v2 huggingface dataset:
##ecd september 2014. 16 the consumer advisory group was set up under the central bank reform act 2010 to advise the central bank on the performance of our functions and the exercise of our powers in relation to consumers of financial services. 17 www. centralbank. ie / press - area / press - releases / pages / cpor2017. aspx 18 advancing national strategies for financial education : oecd 2013 message from anton siluanov minister of finance russian federation. p 6 9 / 9 bis central bankers'speeches

albanian population structured pursuant to the model of international network of financial education ( infe, oecd ). the analyses of these questions provides information on the degree of wrong use of terminology by : location - residential, age - group, gender, education, employment and average level of income, as well as the settings where it is more frequently used ; aimed at adopting the campaign undertaken by the bank of albania on the elimination of the outdated terms “ new lek ” - “ old lek ”. results of the survey show that more than half of interviewees ( 54 % ), in terms of a 500 leke banknote, in an instinctive manner either wrongly identify or read its value, by adding a “ 0 ” to turn its value into “ old lek ”. the situations or sets where the interviewees, more than 80 %, responded that habitually speak with the outdated term “ old lek ”, are mainly informal or family ones : small shops or fruit and vegetables markets ; conversations with family members, friends and colleagues ; followed by means of public transport. on the other side, data show that the wrong communication of lek value occurs very rarely across financial institutions ( banks, non - banks, etc. ), only 28. 1 %, or in the offices of public administration ( 39. 4 % ), although it might be expected 1 / 2 bis central bankers'speeches these figures would have been even lower in addition to public and financial institutions, another strongminded factor affecting the communication of public is media, the written and audio - visual media. according to 20 % of public perception, media always or frequently communicate prices and monetary values in “ old lek ”. this percentage, though a low one, sheds light on the need for a higher inclusion of media in the efforts to completely eliminate this phenomenon, particularly by bearing into mind its mission to transmit the information truly and accurately to the public, coupled with its educational role. in terms of analysis by socio - demographic groups, the survey results show that the monetary value in “ old lek ” is more frequently used by : ( i ) males ; ( ii ) old - aged people ; ( iii ) persons with a low - education level ; ( iv ) unemployed persons in labour market ; and ( v ) individuals with a low level of family income. these groups identified in the survey will be the focus in the projects of this awareness campaign for bringing to an end the use of the wrong term “ old
##ing inflation expectations, credibility helps to reduce uncertainty about future developments and to stabilise the economy. this makes the economic agents understand more easily the interest rate decisions in the short term and the central bank reaction function in the long - term.

denis beau : artificial intelligence evolution and outcomes – digital trust, data and cloud introductory remarks by mr denis beau, first deputy governor of the bank of france, at the point zero forum 2024, zurich, 2 july 2024. * * * ladies and gentlemen, i am very pleased to open this panel on artificial intelligence ( ai ). ai is a breakthrough innovation that can lead to real economic disruption. this is especially true in the financial sector, where ai has been an important main driver of transformation in recent years. the advent of generative ai is expected to further accelerate this trend, not only by increasing users'adoption of ai tools, but also by structurally accelerating the pace of innovation ( let's think, for example, of the new ability to generate computer code based on natural - language queries ). however, these significant developments raise a number of questions, including from the central banker and financial supervisor perspective with which i am looking at them. i would like to share some of these questions with you, before expressing my views about how we should tackle the issue. 1 / first, despite recent progress, the underlying ai technology does not yet appear to be fully mature, particularly as regards generative ai ( genai ). there are still a number of unanswered questions on this subject. i will touch on two of them. first, the question of general - purpose ai ( gpai ) models : how will they perform in a whole range of tasks relevant to the financial sector? this question really arises on two levels. will gpai models become the standard for all uses, to the detriment of specialized models? will smaller, well - trained - that is, more specialized - models have the ability to live up to larger, more general - purpose models? these performance issues have many potential consequences, not least in terms of competition : if large gpai models are introduced in all areas, we run a high risk of ending up in a natural monopoly or oligopoly, adding to the already largely oligopolistic nature of the cloud market. second, the issue of the vulnerabilities of ai systems : while we are starting to gain a clearer picture of the situation, research on this subject is far from complete. this is particularly true in the field of cyber security for genai models, with the recent discovery of the dangers of " indirect prompt injection ". while this race between the'sword'( development of new attack techniques ) and the
the main challenges of monetary policy were thought to be, by and large, solved. we know now that this was not so. monetary economics had failed to incorporate several crucial aspects of real life. the role of the financial sector in monetary transmission, financial fragility, systemic risk, and the role of liquidity, to name just a few, were not sufficiently appreciated. i still believe that the core insights of the pre - crisis monetary theory will survive this crisis. monetary stability will still require a credible and independent central bank with clear mandate based on price stability. but the crisis will leave a permanent mark as to how monetary policy is done. we will be thinking more about tail risks. we will have a more expansive view of the central banks ’ toolbox than we used to have. and we will have to think of ways of redrawing a clear boundary between what belongs to monetary policy and what belongs to fiscal policy. bis central bankers ’ speeches

very high by international standards, and it still is. however it has been declining a bit in the recent years but it is important that this decline be temporary. [ slide 7 ] on the policy front, some important steps have been taken to bolster growth. these include e. g. the competitiveness pact which i mentioned, significant deregulation of trade, and a new transportation code which can open up new possibilities for private companies and strengthen the incentives for infrastructure investments. the government is working on many other areas too, such as improving the functioning of the labour market, education, the conditions for bio - economy and clean - tech sectors as well as digititalization. * all in all, the finnish economy has both problems and strengths. after a long recession, there is now reason for optimism as economic activity is picking up and especially in construction the recovery is strong. on the other hand, there are structural problems still, which have to do with the ageing population and the need to accelerate productivity growth. also, our economy is quite dependent on international markets, and the outlook for the world economy is not without risks at this time as you well know. however, despite these challenges, i would say that in finland the fundaments for a sustained recovery are well in place. the two strongest points of the finnish economy, according to international competitiveness barometers, are our good education system and good public institutions. both are regularly classified among the world ’ s best by outside observers. they serve well the firms operating in finland. these strengths give finland a good starting point for the coming years, and i trust that your visit to our country will convince you of the forward - looking dynamism and potential of our economy. thank you very much for your interest. 3 / 3 bis central bankers'speeches
over time as new information becomes available. ultimately, the bank of canada's commitment to canadians about monetary policy boils down to this : we will continue to work at maintaining a rough balance between demand and supply in the economy, in order to keep inflation low, stable, and predictable. and as we pursue this objective, we will continue to explain the reasons behind our policy actions, and our view of the outlook for inflation and for economic growth in canada.

the canadian dollar rose to a 13 - year high of about 85 1 / 2 cents ( us ). this occurred despite the fact that world commodity prices had declined somewhat and the outlook for the global economy had weakened. the bank's target overnight rate was therefore left unchanged at the fixed announcement dates in december 2004 and january 2005. each monetary policy decision that we make is complicated by uncertainty about the persistence of exchange rate changes and about the length of time it takes for both exchange rate and monetary policy movements to influence the economy. this has been one of the bank's major challenges in the recent conduct of monetary policy. it's one thing to observe a movement in the exchange rate. it's quite another to determine its implications for aggregate demand and, hence, for monetary policy. we continue to struggle with the same complications today as we chart a path for monetary policy. canadian interest rates remain low by historical standards. eventually, this considerable monetary stimulus will have to be reduced ; that is, at some point, interest rates will have to rise. but as i said, the second type of exchange rate movement appears to have gained relative importance in recent months, which means that aggregate demand in canada will be weaker than we had expected last autumn. that is why in our recent update we slightly lowered our growth projection for 2005, to 2. 8 per cent from 2. 9 per cent. and it is why we said in the update that : " a€¦the pace of reduction in monetary stimulus is likely to be slower than envisioned in the october report. " by slowing the pace at which we will reduce monetary stimulus, we will continue to provide support for domestic demand to offset the additional drag we expect from net exports. conclusion let me conclude by reminding you of what i said at the beginning of my remarks today. the relationship between the exchange rate, the economy, and monetary policy is complex. and the effects of movements in the currency are spread out over time. you can't look at one day's or one week's performance of the canadian dollar and pinpoint the reason behind the movement. there is no precise way to measure the relative importance of the two types of movement that i have described, or their likely persistence. so, in setting monetary policy, we at the bank use an analytical framework based on historical evidence, assess a lot of current data and, even then, we must apply a lot of judgment to our analysis. and the analysis and the judgment can change
market may pose considerable challenges to european regulators and supervisors in the forthcoming years. accordingly, as central bankers, we need to remain vigilant to ensure that the regulatory framework is adequate to address both current and emerging risks and challenges. at this stage, as already highlighted by the financial stability board and other international bodies, the level of interconnectedness between the traditional financial system and crypto - asset providers is low and the financial sector has not suffered large losses because of the significant correction of crypto - assets'market value or because of the defaults of some major crypto players. for this reason, we need to be proactive and stand ready to react. at european level, legislators are trying to find some answers to the challenges and risks stemming from cases like these. i am referring to micar, the regulation that introduces – for the first time – a clear set of rules to deal with crypto - assets. micar represents an important step forward in this field, although it will enter into force in the first semester of next year. in the run - up to the finalization of a european regulatory framework and also afterwards, as the new rules will obviously not cover each and every potential issue, we felt the need to provide some useful references for consumers, intermediaries, providers and operators of digital infrastructures. this is why we released a'communication on decentralized technology in finance and crypto - assets'in june. the purpose of the communication is twofold : 4 / 7 bis - central bankers'speeches 1. to draw the attention of these entities to both the opportunities and risks connected with the use of such technologies in finance and with activities and services relating to crypto - assets ; 2. to guide regulated firms in finding safeguards to mitigate the risks associated with the use of decentralized technologies and / or with crypto - assets. we want to help our financial system to seize the opportunities offered by these technologies. the bank of italy, together with two italian universities and open to any others that want to take part, has already started an initiative for developing common standards for smart contracts. this project aims at establishing a collaboration to promote standards and guidelines for smart contracts relating to the banking, financial and insurance sectors. indeed, the development of smart contracts must take into account both the technological and the regulatory component, and requires a holistic approach benefiting from contributions deriving from legal, economic and computer science perspectives. the bank of italy intends to define standards

##ture - e - sistemi - di - pagamento / approfondimenti / 2022 - 026 / n. 26 - misp. pdf 7 / 7 bis - central bankers'speeches
mary c nkosi : creating an environment for banks to operate effectively in malawi speech by mrs mary c nkosi, deputy governor of the reserve bank of malawi, at the official launch of dedza agency, dedza, 31 january 2009. * * * dr charles mataya, who is representing the board of directors of the bank the managing director of msb, mr joseph mwanamvekha valued customers of the bank management and staff of the bank here present distinguished guests ladies and gentlemen it gives me great pleasure to preside over the official launch of the msb dedza agency this afternoon. let me begin by congratulating and commending the board, management and staff of msb for their untiring efforts in getting the bank to where it is today. it is not too long ago when we heard of similar functions as the bank launched its new outlets in the just ended year, 2008. today we are here to witness the official opening of dedza agency. this is no doubt a visible sign evidencing the growth and expansion of the bank and the banking industry in general. i have no doubt that the bank is now well poised to effectively discharge its responsibilities on savings mobilization and financing of investments both in the rural and urban sectors of our economy. the business and economic environment is looking good for malawi as banks require a sound economic environment in order to operate effectively and efficiently. the reserve bank of malawi is sparing no effort in ensuring that it creates an enabling environment for banks to operate effectively in the country. as a result, more banks have come on the market and are willing to serve the rural and semi - urban communities owing to the ever improving rural infrastructure and conducive fiscal policies. statistics indicate that nearly a very large population of malawi remains un - banked. it is therefore commendable to note that msb has identified itself with the rural communities for a very long time. through its wide rural network the bank has been able to take banking to the door steps of the rural people who would otherwise not be able to access banking facilities. the bank, therefore, needs to leverage this network which is one of its strengths, to roll out products and services that should be convenient and easy to use by its client base. let me take this opportunity to urge the board, management and staff of the bank not to relax in dealing with the many challenges that the bank faces ; particularly in spearheading bank penetration into the rural unbank

services. it is therefore encouraging to note initiatives by some banks to reach out to the “ unbanked ” populations. bis central bankers ’ speeches finally, may i assure you that the reserve bank of malawi will always strive to provide an enabling legal and regulatory framework to encourage innovations by all players in our financial sector in order to enhance access to financial services. in this regard, we will continue to work with stakeholders to put in place an enabling environment for business to thrive. i thank you for your kind attention, and god bless you all. bis central bankers ’ speeches
9 payment card terminals per 1, 000 inhabitants. with the coming into force of the payment card reform framework on 1 july 2015, the cost of accepting debit cards has been made more affordable through a fivefold reduction in the interchange fees from about 1. 00 % to 0. 21 %. concurrently, the industry has also committed to invest about rm1. 1 billion to enhance the payment card infrastructure over the next five years. this would comprise efforts to expand the number of payment card terminals, adopt pin - based verification for enhanced security and roll out contactless debit cards for greater transaction efficiency. the industry should capitalise on the lower interchange fees and the market development fund created under the payment card reform framework to expand the number of payment card terminals among lower tier merchants. additionally, the industry should leverage on the roll - out of contactless debit cards to promote the use of debit cards to displace cash. in this regard, an industry - wide promotional campaign should be launched in a coordinated manner focusing on educating and incentivising cardholders to use their atm cards as debit cards to make purchases instead of making atm cash withdrawals. financial institutions should also review the effectiveness of the promotional campaigns from time to time and make the necessary adjustments to ensure the intended outcomes are attained. 3. fostering synergistic collaboration between myclear and financial institutions synergistic collaboration between myclear and financial institutions is critical as investments in technology are expensive. the constant need to invest in key payment infrastructures in this country is in line with technological advancements and the changing needs of consumers and businesses. in this regard, myclear should be responsible to facilitate the pooling of resources and adoption of new technology to expand the network reach and resilience of its payment infrastructures. financial institutions on the other hand, should leverage on the common platform to compete by providing innovative and value - adding products to their customers. such synergistic collaboration will prevent unnecessary duplication and wastage bis central bankers ’ speeches of resources in the payment landscape. it shall reduce the cost of transactions over the long run. modernising payment and settlement infrastructure myclear is embarking on a multi - year programme to modernise malaysia ’ s payment infrastructure. in the area of retail payments, a new real - time retail payments platform will be developed to serve both as a catalyst and enabler for innovative payments in malaysia. as for large value payments, the real - time gross

that note, i wish you all success and may you have a productive and fruitful conference. thank you.
185 – 288. woodford, m. ( 2013a ), ‘ forward guidance by inflation - targeting central banks ’, paper presented at the conference two decades of inflation targeting : main lessons and remaining challenges, sveriges riksbank, 3 june 2013. woodford, m. ( 2013b ), ‘ fedspeak : does it matter how central bankers explain themselves ’, university lecture delivered at columbia university, 22 april 2013. bis central bankers ’ speeches

rates may work smoothly in an economic model, i am less certain how the general public would react, particularly after millennia of positive nominal rates. not only would such rates be deeply unpopular, there may also be unintended changes in behaviour that could dampen the effectiveness of the measure. the fact that banks do not pass negative rates on to most depositors, 3 and notably not to households, is a warning sign for central banks of how people may react if attempts were made to extend the lower bound of rates downwards by replacing cash with some form of remunerated digital currency. what assets the central bank ought to hold against these widely held liabilities driving bank disintermediation and deleveraging? a potential decision to issue a central bank digital currency ( cbdc ) needs to be assessed in relation to the impact on the financial system. in an extreme case, during a systemic banking crisis, holding risk - free central bank - issued cbdc could become vastly more attractive than 1 / 5 bis central bankers'speeches bank deposits. there could be a sector - wide run on bank deposits, magnifying the effects of the crisis. even in the absence of a crisis, readily convertible cbdc could crowd out bank deposits – putting the two - tier banking system at risk. then, the efficient flow of credit to the economy would likely be impaired. the central bank – now holders of deposit funding – would have to decide which projects to finance, either directly, by replacing commercial banks, or indirectly, by deciding which banks would receive funding. this would lead to a situation in which the central bank pretends to know better than the established system of the decentralised allocation of credit. overall, there is currently no convincing motivation for the eurosystem to issue cbdc to the general public. it is unnecessary and appears to be disproportionate to the aims put forward by its proponents. there is no need to fix something that is not broken. if anything, one could imagine a digital representation of cash that replicates the features of cash in the reasonably distant future, if people demanded it. and i have not even mentioned the insufficient robustness or reliability of some technologies like dlt, or their energy insufficiencies and dependencies. how does technological change affect the monetary transmission mechanism and monetary policy? technological change has multifaceted effects on the transmission mechanism. it is important not to jump to conclusions, for example that, because the phillips curve has become flat