samchain/econo-pairs-v2 huggingface dataset:
opportunity to thank the media for their work over the five - and - a - half years in which i have had the privilege of being at the helm of the governing council. i wish you all the best. we are now at your disposal for questions.

wage developments should remain moderate. the lagged effects of the past appreciation of the euro exchange rate will continue to alleviate import price pressures. they should thereby also dampen the inflationary impact of the rise in commodity prices, which is largely related to strong demand at the global level. turning to monetary developments, annual m3 growth has been moderating since the summer of 2003, albeit only slowly, while the growth of loans to the private sector has been edging up. both monetary and credit growth are supported by the low level of interest rates prevailing in the euro area, and may also reflect the improvement in the economic environment since last summer. given the strength of m3 growth over the past few years, there is currently more liquidity in the euro area than is needed to finance non - inflationary growth. the effects of this high liquidity on inflation will greatly depend on future developments in the economy and the financial markets. should excess liquidity persist, it could lead to inflationary pressures over the medium term. overall, at this juncture, given the expected gradual nature of the economic recovery, the outlook for price developments remains consistent with price stability. this expectation is in line with available forecasts and projections. obviously, the governing council will continue to monitor closely all developments that could affect the assessment of risks to price stability over the medium term. in terms of fiscal policy, 2003 was a disappointing year. public finances in several member states were marked by significant deficits, a large part of which were of a structural nature. there is a risk of continued or renewed deficits above 3 % of gdp in several countries over the coming years. as a consequence, after several years of uninterrupted, albeit moderate declines, the aggregate debt - to - gdp ratio in the euro area has started to rise again. in the light of these budgetary imbalances, the stability and growth pact must be implemented. as you will recall, in november 2003, the ecofin council made a commitment to continuously monitor budgetary developments and to act accordingly if countries did not live up to their obligations. the european commission has announced its intention to activate the procedures foreseen by the pact to prevent and deter excessive deficits. we support the commission ’ s initiatives. they are necessary to maintain the credibility of the fiscal framework, which, in turn, is essential for fostering macroeconomic stability and growth in the euro area in the long run. on a more positive note, 2003 saw progress in several euro
andreas dombret : the role of central banks opening statement by dr andreas dombret, member of the executive board of the deutsche bundesbank, to the panel discussion at the aicgs ( american institute for contemporary german studies ) panel, berlin, 12 june 2013. * * * ladies and gentlemen the events of the past five years have called into question many assumptions that were the foundations of our monetary and financial system. but while it is necessary to draw the right conclusions from the current crisis, we should not discard the lessons we have learned from previous crises – for they remain equally valid. the cautious role of central banks in spurring economic growth is such a lesson – a lesson we learned the hard way in the 70s and 80s. some central banks tried to foster economic growth by reducing interest rates considerably – even at the price of significantly higher inflation rates. in contrast, inflation rates in countries with independent central banks focused on delivering price stability were comparatively low in these years. while average inflation in germany stood at 3. 4 %, it reached 8. 2 % in france, 12. 5 % in italy and 12. 4 % in spain. the important point here is that lower inflation did not come at the expense of lower growth. it turned out that quite the opposite is true – the best contribution to sustainable growth a central bank can make is to keep prices stable. but stable prices are not the only prerequisite for growth. a stable financial system is also crucial – this is the lesson of the financial crisis. it is of utmost importance to restore and preserve confidence in the resilience of the financial system as a whole. in this process, central banks play an important role, especially when it comes to mitigating systemic risks, nowadays known as macro - prudential regulation and supervision. in keeping prices stable and contributing to a stable financial system, central banks can put in place the conditions for sustainable growth. but they cannot deliver this growth on their own. all measures the eurosystem has taken to contain the fallout of the crisis, like the ecb governing council reduced interest rates to a mere 50 basis points, decided to provide banks with quasi unlimited liquidity, and to intervene in bond markets only helped to stabilise output in the short term. the fundamental problems of the euro area are structural in nature. as such, they require a structural solution. precarious public finances and a lack of competitiveness are at the root of the current crisis. in

some parts of the euro area, these problems are compounded by a very restrictive credit supply of banks. these challenges cannot be overcome by monetary policy. all that central banks can do is to buy time – time for governments and parliaments to consolidate budgets, improve the functioning of product and labour markets and recapitalize banks. in safeguarding monetary and financial stability, central banks can pave the way for growth. but to actually get there, governments and parliaments must go down the route of implementing the required reforms. bis central bankers ’ speeches
ravi menon : a note of thanks to the financial industry closing remarks by mr ravi menon, managing director of the monetary authority of singapore, at the institute of banking and finance distinction evening, singapore, 19 october 2023. * * * deputy prime minister mr heng swee keat, members of the ibf council, colleagues in the financial industry, good evening. my special thanks to dpm heng. you have a long association with both the mas and ibf and we are delighted you are here with us on this evening of celebration. my heartiest congratulations to all the award recipients. you are the real stars of this evening! the ibf distinction evening is probably the only large platform that brings together the entire financial industry a€ “ banks, insurers, asset managers, financial advisers. so, this is probably the last time i address the financial industry as md mas and chairman ibf. i want to take the opportunity to express my deep gratitude to all of you for the partnership and collaboration which we have enjoyed over the years. my fellow members of the ibf council for their support and guidance ; members of the standards committee and members of the various industry workgroups for setting competency standards and frameworks for continuous development ; our sister agencies in government, wsg, ssg, and imda for their close cooperation ; our trade unions for helping us engage employees and employers on workforce transformation ; and the hundreds of finance professionals who have volunteered as speakers, trainers, coaches and mentors, to help uplift the skills and competencies of our workforce. there is a special group i want to acknowledge - the staff and management of ibf. their dedication to our shared vision of a world - class industry workforce has been nothing short of inspiring. i am honoured to have worked with such a committed and competent team. i also want to add a special word of commendation for ng nam sin, who has led ibf so ably during the last 6 years, and will retire at the end of this year. his leadership was critical during the covid - 19 pandemic when ibf turned the crisis into an opportunity to step up training and skills development. since its birth in 1974, the story of ibf has been one of partnership and collaboration. by working together, we have created an ecosystem where we have continually reinvented ourselves to : create good job opportunities for singaporeans ; 1 / 3 bis - central bankers'speeches build up skills and raise standards across

interest. this is key to creation of common understanding. i wish to conclude by urging participants, to actively participate in the deliberations of this conference. i am certain that this conference will benefit both the local institutions and our visitors from abroad. once again, i would like to thank standard chartered bank zambia plc, for organising such an important workshop for mfis and smes. honourable minister, distinguished ladies and gentlemen, i thank you.
research and official statistics. some of the data we manage are confidential and / or sensitive. the protection of the integrity and confidentiality of data is therefore a key concern. access to data is suitably restricted within the bank, and data management follows clear rules on procedures and responsibility. central banks must also be ready to cope with the increasing demand by the public for access to granular data. as a data producer, the bank of italy has always strived to make its statistics available to the widest possible audience. we already share some data with researchers and other institutions, with appropriate and adequate protection of confidentiality, of course. within the eurosystem ’ s household finance and consumption survey ( hfcs ), italian data are available on request alongside those of other euro - area countries. for firms ’ data, which are much more difficult to anonymize, the bank has developed a remote access system called bird ( bank of italy remote access to data ), which enables users to perform their analyses online, thereby preserving data confidentiality. particularly confidential data might require on - site access. the bank of italy has started to design a research data centre which will have a suitable taxonomy of confidentiality areas. cfr. comment by l. f. signorini to the paper “ ways to improve the use of banking statistics by policy - makers : what is reasonable, what is feasible and what the ssm and the banking union are calling for ” by fernando restoy. seventh ecb conference on statistics ‘ towards the banking union – opportunities and challenges for statistics ’ ecb ( 2015 ). other european countries have already started to work on this ( the centre d ’ acces securise aux donnees in france, the administrative data research network in the uk and the deutsche bundesbank research data and service centre ). in addition, we need to find solutions to allow us to link microdata belonging to different institutions without compromising individual confidentiality. the explosion of granular data provides many new research opportunities. for all the issues i have highlighted, big data have big potential. in the past two days we have just scratched the surface. more research is surely needed. i wish to thank you all very much for your participation. special thanks to all the speakers, discussants, chairs and participants for making the sessions lively and thoughtprovoking. finally, i would also like to take this opportunity to thank all those involved in preparing this event. designed by the printing and

publishing division of the bank of italy
continuing reform agenda geared toward further strengthening the financial sector and improving overall confidence in the banking system. ladies and gentlemen of the bmap, we are counting on your support in reaching this goal. we can do no less in ensuring the continuous development of our country and in improving the quality of life of all filipinos. again, my congratulations to bmap. maraming salamat po sa inyong lahat. mabuhay!

amando m tetangco, jr : bsp & bmap – continuing partnership for a stronger banking system speech by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the induction of the board of directors and general membership meeting of the bank marketing association of the philippines ( bmap ), manila, 6 february 2007. * * * distinguished board of directors, officers and members of the bank marketing association of the philippines ( bmap ), colleagues in the banking industry, friends, ladies and gentlemen : good evening! first, i wish to congratulate the bmap board of 2006 for a job well done. as your president reported, much was accomplished during the year, even as you had fun as well. let us therefore give all of you a well - deserved round of applause. i especially thank bmap members for your support for the national coin recirculation program of the bangko sentral ng pilipinas and the “ tulong barya para sa eskwela ” campaign. clearly, it was a successful campaign as both the public and your banks are now more conscious of recirculating our barya. we also thank the bmap members who provided promotional support for the campaign. equally important, banks cooperated fully by accepting millions of coin donations and by making direct contributions to “ tulong barya. ” if we are to combine the donations raised and the production savings of the bangko sentral ng pilipinas, “ tulong barya ” generated benefits worth p13 million for our public elementary schools! let us therefore give another round of applause for this successful partnership between the bangko sentral ng pilipinas and the bmap! moving forward, i am very pleased to know that the 2007 board of bmap is unique, and possibly a trendsetter, insofar as representations are concerned : you have universal banks ( metrobank and rcbc ), commercial banks ( security bank, pbcom, phil. veterans ), a thrift bank ( world partners bank ), a government bank ( dbp ) a private development bank ( plantersbank ), an atm consortium ( bancnet ) and, for the first time, a rural bank ( green bank in mindanao )! i am confident therefore that bmap, in 2007, will be able to implement its programs in a
benjamin e diokno : opening remarks macroeconomic conference series for the regional opening remarks by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the regional macroeconomic conference series, manila, 21 february 2022. * * * to our partners from the banking and business sectors, the academe, colleagues from the government, members of the monetary board, ladies and gentlemen, good morning. to our guests from davao and soccsksargen regions, " maayong buntag. " and for those from the bangsamoro region, " mapiya mapita. " welcome you all to our regional macroeconomic conference series ( rmcs ). this is the second leg of the regional conference since its launch in cebu city on september 28, 2021. the rcms is one of regional operations'many efforts to bring the bsp closer to the filipino people. we are doing this virtually for now but i look forward to when we can finally do this face to face. in any case, may the discussion ahead harness a broad spectrum of opinions and insights, your experience on the ground is valuable to us as we take these in consideration in our policy diretions. two topics stood out as your top concerns through a survey : 1 ) recent economic developments focusing on a regional perspective and 2 ) general banking system developments. today's presentation will focus not only on the davao region development but also on soccsksargen and barmm, particularly maguindanao and cotabato city. overall, the economy of mindanao remains afloat despite the pandemic. davao region is an emerging investment hub and is becoming a sustainable place for global business. on the other hand, soccsksargen region successfully hurdles the challenge with its competitive cities and provinces leaping strides. meanwhile, barmm achieved several significant investments feats and withstood gaps and challenges. while our current experiences pose challenges, it is also a reminder that a robust financial and banking system combined with proactive policies can mitigate the impact of covid - 19. but achieving economic recovery requires contributions from the monetary and fiscal fronts, and the private sector as well. in that sense, this event is timely as we engage with all of you as partners in pursuit of the country ’ s economic recovery. with this in mind, let me share share with you a quote from german writer johann wolfgang von goethe [

gur - ta ] which is relevant to this respect. " let everyone sweep in front of his door, and the whole world will be clean. " it is indeed a shared responsibility to continue to create a better, more inclusive approach that can effectively sustain our agenda for economic growth. only by working together can we recover and build better. i am confident that this virtual conference would bear a productive and positive outcome. i look forward to a fruitful engagement. maraming salamat at mabuhay! 1 / 2 bis central bankers'speeches 2 / 2 bis central bankers'speeches
into dexia, a bank with assets of more than $ 700 billion, and the irish government guaranteed the deposits and most other liabilities of six large irish financial institutions. soon thereafter, the icelandic government, lacking the resources to rescue the three largest banks in that country, put them into receivership and requested assistance from the international monetary fund ( imf ) and from other nordic governments. in mid - october, the swiss authorities announced a rescue package for ubs, one of the world's largest banks, that consisted of a capital injection and a purchase of assets. 1 the growing pressures were not limited to banks with significant exposure to u. s. or u. k real estate or to securitized assets. for example, unsubstantiated rumors circulated in late september that some large swedish banks were having trouble rolling over wholesale deposits, and on october 13 the swedish government announced measures to guarantee bank debt and to inject capital into banks. 2 the rapidly worsening crisis soon spread beyond financial institutions into the money and capital markets more generally. as a result of losses on lehman's commercial paper, a prominent money market mutual fund announced on september 16 that it had " broken the buck " – that is, its net asset value had fallen below $ 1 per share. over the subsequent several weeks, investors withdrew more than $ 400 billion from so - called prime money funds. 3 conditions in short - term funding markets, including the interbank market and the commercial paper market, deteriorated sharply. equity prices fell precipitously, and credit risk spreads jumped. the crisis also began to affect countries that had thus far escaped its worst effects. notably, financial markets in emerging market economies were whipsawed as a flight from risk led capital inflows to those countries to swing abruptly to outflows. the policy response authorities in the united states and around the globe moved quickly to respond to this new phase of the crisis, although the details differed according to the character of financial systems. the financial system of the united states gives a much greater role to financial markets and to nonbank financial institutions than is the case in most other nations, which rely primarily on banks. 4 thus, in the united states, a wider variety of policy measures was needed than in some other nations. in the united states, the federal reserve established new liquidity facilities with the goal of restoring basic functioning in various critical markets. notably, on september 19, the fed announced the creation of a facility aimed at

labour market flexibility. attention must now shift towards implementing this reform agenda. closing the implementation gap is essential in order to reap the full benefits of structural reforms in terms of both a higher growth potential in the medium term and improved consumer and business confidence in the short term. we are now at your disposal for questions.
impact on the rest of the world. and it means that asia will need to prepare for a future in which it relies more on the strength of growth at home rather than on the strength of growth in the rest of the world. as asia makes further progress in financial reform and toward more flexible exchange rate regimes, it will be in a better position both to deal with the inevitable challenges that come with economic and financial integration, and to make the necessary transition to stronger domestic demand led - growth, which will prove a more sustainable foundation for future improvements in living standards. thank you.

, that the outlook for the unemployment rate is unusually uncertain. if our assessment is correct, at some point an improving labor market should cause the labor force participation rate to stabilize or rise a bit as currently discouraged workers begin looking for work. such developments could result in a more muted rate of decline of the unemployment rate despite the faster growth. finally, as the expansion continues, i expect inflation to gradually rise toward the fomc ’ s objective of 2 percent as measured by the pce deflator. this forecast is based on the projected gradual increase in the levels of resource utilization, a firming in global demand, and the upward pull exercised by stable inflation expectations on actual inflation. underpinning the latter assumption is the broad stability of long - term inflation expectations across different financial and survey measures, combined with ongoing moderate growth of wages and unit labor costs – all observations consistent with anchored inflation expectations. overall, i would characterize the outlook as reasonably favorable. but i would very much prefer faster economic growth and more rapid progress towards our dual mandate objectives of maximum sustainable employment and price stability. hence, the continued need for monetary policy to remain highly accommodative to support the economic recovery to the fullest. thank you for your kind attention and i will now be happy to take some questions. bis central bankers ’ speeches