samchain/econo-pairs-v2 huggingface dataset:
support the modest economic recovery and ensure debt sustainability, while remaining in full compliance with the eu ’ s fiscal rules. with bond yields subject to volatility, high - debt countries in particular need to pay attention to risks related to a reversal of the current low interest rate environment. we have achieved significant progress over the past year, with banking union becoming a reality and with the single supervisory mechanism and the single resolution mechanism starting their operations. however, developments in greece in the first half of this year served as a reminder that the euro area architecture remains unfinished. as spelled out in the five presidents ’ report, a more complete union is necessary to make our monetary union in europe stable and prosperous. the economic and monetary union will notably need to strengthen its tools for managing and preventing the build - up of fiscal, financial and other macroeconomic risks. it is also necessary for the euro area to move towards completing banking union in order to create a truly single banking system and achieve its objectives of breaking the banksovereign nexus, making the financial system more resilient, and protecting the interests of taxpayers. in parallel, the authorities will need to decisively deal with remaining crisis legacies to create a better foundation for bank lending to the real economy. to further widen the scope for cross - border private risk - sharing in europe, the eu will have to make progress in developing a capital markets union ( cmu ). cmu will also play a key role in supporting european growth by diversifying sources of funding and increasing companies ’ access to financing. a long - term vision accompanied by an ambitious agenda for further action will be necessary in order to achieve the ultimate aims of cmu. a more complete union in europe will not only create a more prosperous and resilient euro area economy for its own citizens, but will also be in the best interests of the global economy. bis central bankers ’ speeches

the announcement on 20 june 2014 of the resignation of the board members designated by esfg, banco de portugal deems that the requirements needed for bes to qualify as a subsidiary of esfg within the meaning of article 4 ( 1 ) ( 16 ) of regulation ( eu ) no 575 / 2013 are no longer met, leading to a change to the perimeter of supervision on a consolidated basis, which will now only include bes, effective 30 june 2014. for supervisory purposes, the change to the consolidation perimeter has marginal impact. indeed, esfg ’ s banking activity was focused on bes and its subsidiaries : bes group represents around 96 % of esfg ’ s banking assets, 95 % of the regulatory capital requirements, 96 % of the banking turnover and 92 % of the operating expenses. furthermore, esfg does not make use of any eurosystem refinancing operation, except the operations to provide liquidity to bes group. bis central bankers ’ speeches
world economy. bis central bankers ’ speeches

uncertainty surrounding the beginning of u. s. monetary normalization. speculation regarding the possible date of the federal reserve ’ s first hike is great in spite of efforts to confirm intentions to make the process gradual. the second stems from the recent slowdown of china ’ s economy, with leading indicators suggesting that this trend may continue. potentially unsustainable financial imbalances in that country have also raised concerns. as a result, since the middle of 2014, net capital flows to emerging markets have declined, commodity prices have fallen sharply, and most currencies have depreciated against the u. s. dollar. in this scenario, the mexican peso has weakened significantly, stressed in particular by faltering oil prices and production, while the yield curve has seen a moderate upward shift, probably in anticipation of the start of u. s. monetary normalization. the share of nonresident holdings of peso - denominated government securities in the total outstanding see texas department of transportation ( 2013 ). north american free trade agreement : is it important for texas? austin tx, texas department of transportation. for an estimation of jobs supported by exports from individual u. s. states, see hall, j. and c. rasmussen ( 2015 ). jobs supported by state exports 2014, office of trade and economic analysis, international trade administration, the u. s. department of commerce. estimation of net mexican migration to the united states based on the current population survey by the u. s. census bureau and the u. s. bureau of labor statistics. bis central bankers ’ speeches has dipped only slightly. however, a potential portfolio adjustment with significant pressures on domestic financial markets cannot be ruled out. 6 to cope with possibly rising uncertainty and risk, mexico should distinguish itself from other emerging economies by strengthening its growth prospects and macroeconomic policy framework. steps to favor greater growth include deep structural changes and improvements to the rule of law and public security. especially important to financial stability are actions to ensure the sustainability of the path of the public - debt - to - gdp ratio, and timely adjustment of monetary policy, with the relative stance vis - a - vis the united states taken into account, among other factors. 7 since 2014, mexico ’ s economy has been recovering, growing in the first half of 2015 at an annual rate of 2. 4 percent. this pace is slightly below the yearly average of the previous two decades, and is held back by at least three drags. the
was not acceptable. apart from the benefits of a multilateral netting scheme, we also needed a real time settlement system, for its superior characteristics in terms of risk control and simplicity, and because it would be very useful for our liquidity provision mechanisms. in order to perform simultaneously multilateral netting and settlement in near real time, banco de mexico developed and proposed a methodology based on mathematical models and operations research techniques. bis central bankers ’ speeches specifically, we created a linear programming model that linked a network flow problem for money with many network flow problems for securities. in other words, we proposed a model were money and securities constitute a flow through a network of participants. the solution we were looking for could be obtained by maximizing these flows quickly and applying the results immediately to the participants ’ balances. since there are specialized algorithms that solve linear programming problems very fast, we had, in principle, a method to choose a set of transactions with maximum value that could be settled with the available resources. this methodology, however, would, in some cases, settle transactions only partially – for example, instead of settling the 1, 000 cetes that were intended in a transaction, only 990 would be settled – a practice unheard at the time. we broke the mold when we realized that it was feasible to offer participants a simple choice : to operate on the basis of an efficient multilateral netting scheme that would partially settle some operations, or to operate on a gross basis. the intermediaries went for the most efficient solution. and so, thanks to the use of operations research techniques, a new methodology to settle securities in the mexican market was born. with this solution in hand, banco de mexico felt indeval had the capability to develop a system that would : 1. settle under a delivery versus payment scheme. that is, having an unbreakable link between the settlement of a securities transfer and the corresponding payment. 2. settle operations frequently. participants would be able to know, almost in real time, which transactions were settled. 3. make efficient use of the liquidity available for settlement, both in terms of securities and money. we knew from the models developed by banco de mexico that it was possible to implement a system with such characteristics and, more importantly, that this would yield a first class securities settlement system. after intensive analysis, testing and calibration, and with the valuable assistance of the instituto tecnologico autonomo de mexico ( itam ), indeval

the best way to deal with them is by cultivating long - term economic growth prospects, notably through well - implemented structural reforms, and buttressing the macroeconomic framework, including monetary policy. on that note, inflation this year has reached historically low levels. this achievement requires consolidation for mexico to reap the full benefits of permanent price stability. see banco de mexico ( 2015 ), idem. bis central bankers ’ speeches
are on the firm side. in view of the general outlook that i sketched at the beginning, that seems to us to be appropriate. having reached that position in a fairly timely fashion, the board has judged it to be sensible of late to leave the cash rate steady. my colleagues and i look forward to your questions. bis central bankers ’ speeches

powerful, at the same time the impact of earlier expansionary policy measures is starting to unwind. so what happens to growth depends on the net effect of the two sets of forces. it is noteworthy that, although measures of consumer and business confidence suggest that people are essentially quite optimistic about the future, a degree of caution still characterises consumer spending decisions. some areas of retail sales are quite soft. in the period ahead, moreover, we might expect to see households inclined to save a higher share of current income, and perhaps to be more cautious about the amount of debt they take on, than in the preceding upswing. on the whole, taking a longer - term perspective, this is probably not a bad thing. a similar caution is in evidence, at this stage, in some firms ’ investment intentions, though overall investment as a share of gdp remained fairly high through the downturn. but of course there is also a once - in - a - century build - up in resource sector investment, which could see that investment, already high, rise by another 1 – 2 percentage points of gdp over the next four or five years. there are also high levels of public sector infrastructure investment planned in coming quarters and the housing needs of a rapidly growing population are likely to see demand for new dwellings remain quite strong over time. so the outlook for demand seems likely to be driven more by investment, both private and public, and less by consumption than in some previous periods. even before the downturn, the relative share of consumer spending in total demand was tending to diminish and that of investment spending to increase. there will presumably be corresponding shifts in the industry composition and geographical location of output and employment. such effects could well be seen in and around toowoomba itself, depending on the outcomes of proposed gas and coal projects in the region. the key will be, and not just in toowoomba, to retain flexibility in the face of such changes. let me now make some observations about inflation and monetary policy. inflation has fallen from its peak of 5 per cent in 2008. measured on a cpi basis it fell to about 2 per cent in 2009, but that figure flatters us a bit as it was partly a result of some temporary factors. underlying inflation ran at around 3¼ per cent for the year, and at an annualised pace of about 2¾ per cent in the second half of the year. our forecast a few months ago for 2010 was that inflation, measured either in headline or
. 3 percent average annual increase in nominal gdp. this suggests a meaningful contribution to the economic and financial development of the country. dissecting further, the average annual growth in residential mortgage loans was 14. 2 percent, compared to 21. 8 percent for commercial banks. another interesting comparison is that outstanding residential mortgages by botswana building society as at the end of june 2018 amounted to p2. 9 billion, constituting 31 percent of the total of p9. 3 billion for the commercial banks, which for the individual banks, ranged from a smallest value of p2. 3 million to the largest amount of p3. 2 billion. distinguished guests, this represents some of the relevant information that should inform prospective growth areas, strategic initiatives, and resource requirements of botswana building society, going forward. interestingly, botswana building society limited is reportedly making efforts to enhance its service offering and, therefore, potentially greater impact on society and the economy. in this regard, i wish to underscore that, to ensure an enduring and mutually rewarding relationship, businesses need to treat customers with respect and dignity. to this end, it is pleasing that botswana building society limited has, as its motto, “ we know you better ”, which i suppose means, a moral and corporate commitment that bbs staff will give you the respect and service quality that you deserve, here in palapye. distinguished ladies and gentlemen, let me now turn to expectations on closing existing gaps with respect to housing finance, resource mobilisation and impact on welfare and sustained increase in incomes. first, it is germane to acknowledge the low level of housing finance in botswana relative to the size of the economy. for example, residential mortgage lending amounts to 21. 6 percent of total bank lending ( including statutory banks ) ; 14 percent of total assets of banks ; and only 6. 9 percent of gdp. compared to more mature housing markets, these figures are very low. for example, the respective ratios for the united kingdom are, 70. 8 percent of total banking lending ; 36. 6 percent of total banking assets and 52. 7 percent of gdp. this demonstrates the gap in development and the opportunities. significantly, growth in this area represents an important source of future income growth and wealth generation. this is in several respects. for individuals, this relates to the opportunity to invest earnings meaningfully, use of the value of houses to generate other economic activities and sources of income, and potential for increase in wealth over time, as well

of all key players in the economy, including government, parastatals and the private sector. i thank you for your kind attention.
i, as governor, can promise that we will continue to change and improve our institution, and that we will spearhead and set an example for all european integration efforts. allow me once again to thank you all, because it is owing to your work that we are here today. i would also like to give special thanks to our secretary general who was not satisfied with just a “ provisional ” occupancy permit, and, as a result, today we can number ourselves among the rare few in belgrade that have been granted a final occupancy permit.

, more jobs. however, for ordinary households and businesses it is difficult to see these advantages. what people see is that fluctuations in the exchange rate are affecting their income – profits, payments for goods or a mortgage. and people don ’ t like this persistent reason for concern. yet, a flexible exchange rate is the lesser of the two evils and we will need to learn to live with it without such concerns. these concerns arise, when incomes and expenditures of households and businesses are not in the same currency. for instance, a car importer has to pay in euros for the cars, but will receive dinars from the buyers. an exporter of local meat products receives euros, while most of its costs are in dinars. a household receiving wages and pensions in dinars has to pay in euros for a mortgage. unless a balance is restored between the currencies of these incomes and payments, people will always watch exchange rate movements with anxiety. there are several ways of restoring the balance between the currencies of incomes and expenditures – in other words hedging against the risks of exchange rate fluctuations. some businesses or households are so called “ naturally hedged ”. an exporter who is importing lots of materials from abroad is not really concerned about the exchange rate. nor is a household that is paying a mortgage in euros, but that is receiving enough income in fx from relatives abroad to cover for these mortgage payments. others who are not that fortunate are trying other ways of hedging against the currency fluctuations. the most common way consists of quoting the price in euros and receiving dinars according to the exchange rate valid at the payment day. such an approach is understandable, but from the perspective of the nbs and macroeconomic policy is not welcome. such behavior makes our economy and its financial system vulnerable. instead, we would like to encourage businesses to seek hedging of currency risks through their banks and their specialized hedging instruments. these instruments allow fixing future payments in any given currency as of today. for instance, with a simple forward contract concluded today one can buy or sell the euro in december 2010 for about 108 dinars with certainty – irrespective of what the actual dinar exchange rate is going to be in december. sure, with such a contract buyers of euros will be disappointed, if the actual exchange rate in december turns out to be 104 and delighted when it is 112. but the contract gives them certainty. such contracts greatly facilitate cash flow and
challenges. however, we have a clear mandate : to maintain price stability. our recent decision to cut rates was warranted by our mandate. to ensure the effective transmission of monetary policy we provide forward guidance and provide ample liquidity. but we can only provide an environment conducive to long - term growth. growth itself comes from a structurally sound economy. the banking union and the forthcoming asset quality review are part of structural reforms whose success is key for the economic future of europe. bis central bankers ’ speeches

jean - claude trichet : cultural days of the ecb – netherlands 2010 – interview in special edition of frankfurter allgemeine zeitung interview with mr jean - claude trichet, president of the european central bank, in special edition of frankfurter allgemeine zeitung ( faz ), published on 10 october 2010. * 1. * * what do you spontaneously associate with dutch culture? was verbinden sie spontan mit der niederlandischen kultur? for me, dutch culture is impregnated with the openness and modernism that derive from the netherlands ’ history and that characterise dutch society in so many respects. pushing boundaries and exploring new avenues are key components of dutch society and culture. and these elements very often find their strongest expression in the field of the arts. modern dance, architecture, design, literature and cinematographic production are just some of the many artistic disciplines in which dutch creativity excels. i am particularly happy that all these disciplines – together also with high - profile musical and theatrical performances – are central to this year ’ s programme of the cultural days of the ecb, which has been developed in close cooperation with de nederlandsche bank. and, of course, one cannot talk about dutch culture without recalling the significance of the dutch golden age in european history and arts. 2. what role do the arts and culture play for your personal “ well - being ”? welche rolle spielen kunst und kultur fur ihr personliches wohlbefinden? arts and culture are fundamental in understanding our roots and history, but they are even more important in helping us to deepen our knowledge and understanding of each other. in our increasingly complex and rapidly changing world, such understanding is essential if we are to address global challenges efficiently. and i find it fascinating to see how much new technologies have facilitated our access to the world ’ s immense cultural and artistic heritage. on a more personal note, i have always had a very strong interest in poetry and literature, and i am also very fond of music and stage performances, such as dance, opera and theatre. 3. what are you especially looking forward to this year? worauf freuen sie sich in diesem jahr besonders? each edition of the cultural days of the ecb is unique and has its own spirit. it is the sheer variety of events that always amazes me. and it is a repeated
seen a transformation in the global payments landscape, with users now finding it easier to pay for goods than ever before. however, the underlying technology varies dramatically by region. today we use contactless cards in the uk, mobile money in africa, e - money in china and upi in india. these differences mean we will have to work harder to find solutions to the system of cross - border payments as our systems are not naturally interoperable. what can we, as policy makers and private sector participants, do to ease this trend? to conclude let me suggest two priorities. the first priority is simple – talk to and learn from each other, as we are doing here today. at the bank of england, we place a very strong emphasis on learning from best practice around the world. given the transformative outcomes in the chinese economy and fintech sector, for example the rapid growth of digital payments, we know there is a lot we can learn. it is for this reason that the bank of england is engaging in dialogue on these topics through a programme led by our centre for central banking studies, supported by the uk government. the wider uk government is also engaging with china on fintech issues through the uk government ’ s prosperity fund. the second priority is to leverage existing forums to promote global co - operation and co - ordination on technology issues. regulators across the globe are not always going to agree on what technologies they want to use and how they fit into regulatory frameworks. however, global financial institutions for policy coordination such as the fsb, bis and imf provide important forums in which we can highlight concerns and work to find agreement where it exists. at the bank of england we want to work with our partners to ensure we harness the benefits of technology in a way that maintains financial stability. and we want to work with our international partners to ensure fintech is supported by international cooperation, rather than creating new dislocation. we believe these goals are achievable and that if met, they herald the promise of a better finance for the people we serve, both in the uk and in china and globally. available online at https : / / www. imf. org / en / news / articles / 2019 / 10 / 03 / sp100819 - ams2019 - curtain - raiser. all speeches are available online at www. bankofengland. co. uk / news / speeches

##ing ( 2003 ).