samchain/econo-pairs-v2 huggingface dataset:
in credit intermediation is not disrupted. i hope the analysis and observations i have shared today can assist with a process of learning, evolving, and improving that will prevent future disruptions. thank you. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

richard byles : update and outlook for the jamaican economy monetary policy press statement by mr richard byles, governor of the bank of jamaica, at the quarterly monetary policy report press conference, kingston, 21 february 2024. * * * introduction good morning and welcome to our first quarterly monetary policy report press conference for 2024. the year has started with inflation being above the bank's inflation target. statin reported last week that headline inflation at january 2024 was 7. 4 per cent, which is higher than the outturns for the previous three months, and above the bank's target of 4 to 6 per cent. core inflation, however, which excludes food and fuel prices from the consumer price index, was 5. 9 per cent, which is lower than the 7. 1 per cent recorded in january 2023. the inflation outturn at january is higher than the bank had projected in november 2023. as we communicated then, in the wake of the announcement by the minister of finance and the public service of the temporary two - phase reduction in jutc fares, we had estimated that the announced measure would have had a material impact on tempering the inflationary pressures of the ppv fare increases. inflation was consequently projected to generally remain within the target range, except for december 2023 and a few months in 2024. upon review, the bank now recognises that it had overestimated the impact of the reductions in jutc fares. the two - phase reduction is now estimated to have an offsetting impact of only 0. 2 percentage points on annual inflation, with the first reduction already evident in the cpi data for january 2024. notwithstanding the welcomed and offsetting reduction in jutc fares, the higher than targeted headline inflation at january continued to largely reflect the impact of the increase in the ppv fares as well as the effect of wage increases throughout the economy. the inflation outturn also reflected high agricultural food inflation which has been the result of the adverse weather conditions that affected the island in 2023. with this brief background, i will now speak in further detail about the bank's latest monetary policy considerations and decisions. monetary policy decision the bank's monetary policy committee ( mpc ) met on the 16th and the 19th of february and was advised that inflation is projected to remain above the bank's target range until june 2025, largely because of the impact of the temporary price shocks which i outlined earlier, including the projected impact of the second phase of
back to. practically everything we need is in there. and it ’ s a respectful document. it gives each of us the responsibility of exercising good judgment. and more importantly, it says that we trust each other to do so. i ’ m really proud to be in an institution where we can operate that way. and the fact that we can is something i believe each of you should take pride in. because, let ’ s face it, it ’ s not something that happened by itself. it ’ s not a coincidence. it was your ideas that shaped the compass. and it ’ s no coincidence that the compass is even more relevant today than when we put it together. so, congratulations not only for creating it, but for living by it.

david a dodge : the bank of canada ’ s commitments to canadians remarks by mr david a dodge, governor of the bank of canada, at the town hall meeting, ottawa, 18 may 2004. * * * good morning everyone and welcome. welcome also to those of you joining us by videoconference. today ’ s gathering is very important, so i ’ m glad you have taken the time to attend. before i begin i want to say hello to the members of the management forum and executive management committee who are with us today. these town halls are becoming a bit of a springtime tradition. the snow melts and the time comes for us to get together. we take stock of where we are, where we ’ re going, and how we want to get there. as you know, many institutions, both governmental and private, are currently concerned about governance structures, accountability and rules of behaviour. of course we focused on these issues a couple of years ago when we established our compass. and it ’ s our compass i ’ d like to focus on now. it is an amazing document. i think it captures the essence of who we are. and one of the truly great things about it is how it came to be. creating the compass was a comprehensive exercise. it was top down, bottom up and side to side. staff had an opportunity to take part in the consultation, debate, and careful consideration that went into the making of it. together, we produced a remarkable set of commitments to canadians, to excellence, and to each other. we really don ’ t need to worry about producing something new. but it is useful as we get together, to remind ourselves of what it is that we created. our commitment to canadians placed our legislated mandate into very concrete terms. canadians need to have confidence in the value of the money they earn and the quality of the bank notes that they carry around. they need to have confidence in canada ’ s financial system. they want to know that the bank is managing the government ’ s funds with integrity. and that we are communicating and being accountable for what we do. when we say we are committed to canadians, we ’ re saying we ’ re committed to fostering their confidence in our integrity as a central bank. our second commitment is to excellence. it reflects the high standards we set for ourselves in our work on behalf of canadians. it goes hand in hand with the statement we made when we launched the compass and the medium term plan
compensation structure is reconsidered, the psas need to be amended or renegotiated in order to facilitate more workouts. finally, psas should clarify the situations in which loan modifications and other mitigation strategies should be pursued. one tool that could aid in providing such clarity, and has received substantial attention over the last few years, is the net present value model. requiring servicers to take mitigative actions that are net - presentvalue positive to the investor could encourage the fair and consistent treatment of borrowers. investors also need tools that will allow them to better monitor servicer performance and take action accordingly. these tools should be developed and described in the contract. currently, metrics that allow investors to measure servicers ’ execution are not widely available. such metrics could include customer satisfaction ratings, delinquency and cure rates, the average time that a homeowner waits on the phone to talk with the servicer, and servicer error rates. indeed, one can even imagine the development of a uniform servicer scorecard. to be meaningful, the ability to transfer servicing from low - performing servicers to high - performing ones would have to be enhanced. the creation of common back - office systems across servicers would make transfer less prone to error and less costly, and any contractual or legal barriers would need to be reduced to allow investors to “ fire ” a lowperforming servicer. a new contractual regime designed along these lines would represent a significant change from the existing world of servicing, but it could help create a system in which servicers compete on the quality of their performance and are more accountable to both investors and consumers. representations and warranties i turn next to the problem of representations and warranties contained in the psas. underwriting standards declined dramatically in the middle part of the previous decade as the housing bubble approached its peak. for example, the median combined loan - to - value ratio on subprime mortgages originated for home purchases rose from 90 percent in 2003 to 100 percent in 2005 – meaning that more than one - half of borrowers who purchased homes with subprime mortgages put no money down. the share of mortgages in which borrowers did not document fully their income or assets also increased. in addition, the number of mortgages that defaulted in the first year after origination – commonly considered a gauge of poor underwriting – rose appreciably as the bubble approached its peak. 4 the “ originate

government policies to drive structural changes. 2 / 2 bis - central bankers'speeches
countries like the philippines, with a long tradition of microfinance, have better institutional and financial infrastructures, which can be leveraged to provide a wider range of services, and cater to more clients at the “ bottom of the pyramid ”. ladies and gentlemen. this happened because we have dedicated and creative microentrepreneurs like our cma finalists and winners, responsive microfinance institutions, a consultative regular, and people who patronize the goods and services from our microentrepreneurs. moving forward, let us continue to find ways to maximize the opportunities and benefits we can derive from microfinance. i look forward to seeing our cma winners take advantage of the mentoring program organized by citi, guidance from the microfinance council and even better products from microfinance institutions. at the same time, you can count on the bangko sentral to keep working with industry players and advocates to nurture the development and maturity of the microfinance sector. we look forward to innovations that can target financially - excluded segments of our population, with affordable and accessible financial services. at the same time, we will ensure that our regulations will keep providers and products safe, sound, and responsive to diverse needs of our microfinance clients. once again, congratulations to all our winners and all those involved in this this 12th cma! mabuhay ang ating microfinance sector! mabuhay ang ating mahal na bansang piilipinas! maraming salamat, at magandang hapon sa inyong lahat! bis central bankers ’ speeches

generation currency coin series. prominently featured on the obverse of the 20 - piso coin is manuel l. quezon, the first president of the philippine commonwealth who advocated the adoption of the national language ; created the national economic council, the precursor of the national economic development authority ; and worked passionately to regain philippine independence. the reverse side features the bsp logo and the malacanan palace, the official residence of the president of the philippines. consistent with the theme of the ngc coin series, a native flora is featured in the 20 - piso coin — the nilad, which is believed to be the origin of the name of the country ’ s capital city, manila. it should also be mentioned that president quezon is the first philippine president to reside in this proud and iconic palace. these design elements put emphasis on the cultural and historical significance of coins to 1 / 2 bis central bankers'speeches philippine society. moreover, the design of this bi - color 20 - piso ngc coin makes it easily distinguishable and highly secure. the bsp is also introducing today the enhanced 5 - piso ngc coin with nine sides to make it more distinct from other denominations in the ngc coin series. this reaffirms bsp ’ s commitment to not only uphold the highest standard of excellence, but also listen to the public ’ s observations as it endeavors to bring central banking closer to the people. maraming salamat and mabuhay! 2 / 2 bis central bankers'speeches
to build a digital and carbon - neutral future. finally, better access to venture capital would help young european firms turn innovative ideas into marketable products. 1 / 2 bis - central bankers'speeches for now, i look forward to implementing our newly established partnership and to the benefits it will bring to our financial system. 2 / 2 bis - central bankers'speeches

joachim nagel : remarks at the " bell ringing ceremony " remarks by dr joachim nagel, president of the deutsche bundesbank, at the " bell ringing ceremony " to celebrate the european commission joining the european repo market at deutsche borse / eurex, frankfurt am main, 7 october 2024. * * * check against delivery ladies and gentlemen, it is a great pleasure to be here today to celebrate the european commission joining the european repo market at deutsche borse / eurex. this is a significant milestone, and i am happy to share this moment with all of you. the bundesbank will act as a general clearing member for the commission. having provided similar services to several other public entities for many years, the bundesbank brings experience to the table. with this robust track record, we are happy to provide our services to the commission. i can assure you that you are in good hands. eurex already supports a wide range of repo transactions and is a major player in europe's financial landscape. since 2021, the commission has been issuing bonds under the temporary nextgenerationeu programme, and this will continue until 2028. in total, bonds worth approximately €800 billion will ultimately be issued. the eu is therefore set to become an important player in the euro bond market for some time to come. the repo facility introduced today will significantly enhance liquidity in the secondary market for these bonds. ladies and gentlemen, today's event not only highlights the attractiveness of frankfurt as a financial hub, it also helps strengthen it further. this is particularly important as much investment will be needed in the areas of digitalisation and decarbonisation in the future. of course, bank loans will likely continue to play a vital role in financing these investments. but there is also substantial potential for more financing through capital markets. as many of you probably already know, i have long been an advocate of greater integration of european capital markets. i firmly believe that advancing the capital markets union is essential, particularly in the areas of securitisation, insolvency laws, and venture capital. a transparent and high - quality securitisation market would enable banks to transfer parts of their loan portfolios to the capital market. this would relieve their balance sheets and create scope for additional loans. an effective and harmonised insolvency regime would facilitate cross - border investment and the reallocation of scarce resources to innovative firms striving
. regtech could address a wide array of requirements related to regulatory reporting, financial crime, operational risk ( including cyber - security and fraud detection ), consumer protection and data protection regulation. although there are many regtech companies operating in developed countries, there are no examples of regtech operating in macedonia. nevertheless, macedonian banks and non - bank players are allowed to use services offered by regtech companies operating globally in order to stay compliant with the rising regulatory requirements. 1 “ open for business – choosing digital business models for banks to drive new growth ” – accenture strategy 2 accenture payments, consumers ’ initial reactions to the new services enabled by psd2, 2016 5 / 5 bis central bankers'speeches

years after the monetary independence, we stand firm ahead of new challenges and i assure you that we will succeed by guaranteeing the stability of the denar and price stability, which are the best contributions that a central bank can make for the prosperity of our society. congratulations on the 28th anniversary of the monetary independence! 2 / 2 bis central bankers'speeches
legal issues regarding central bank digital currency ( abstract ), " institute for monetary and economic studies, bank of japan, september 2019. goods ( i. e. financial and monetary stability ). this is desirable for the national economy as a whole. the bank of japan, as the operator of the boj - net and as a catalyst promoting dialogue in the private sector, will continue our efforts toward the greater efficiency and safety of payment systems. thank you very much for your attention.

” rate of inflation. the specificities of our economy coupled with the weak predictable relationships between certain key monetary and other economic variables have not made targeting a specific inflation rate that easy at this stage. i suspect you must be aware of the saying : “ to be sure of hitting the target, shoot first and call whatever you hit the target. ” price stability will continue to be given central importance and will be kept clearly in sight as the anchor for monetary policy. precisely, this is what the bank of mauritius act 2004 expects us to deliver. much progress has been made in the recent past in the achievement of price stability. wide fluctuations in the rate of inflation have been drastically reduced over time. inflation rate in the 1980s reached a peak of 44 per cent and a low of less than 1 per cent. in the 1990s, it attained a high of 14 per cent and a low of 3 per cent. in the last 5 years the highest rate was 7 per cent because of the introduction of vat coupled with an increase in the vat rate and the lowest was 4 per cent. these figures are the headline inflation rate as published by the central statistical office ( cso ). it captures changes in the cost of living based on a typical household consumption basket. central banks have gone deeper into statistical analyses of inflation. for quite some years they have come up with the concept of core inflation - an indicator of the underlying movements in consumer prices. core inflation irons out the effect of temporary disturbances and shocks to prices that are not attributable to economic and monetary policy. for instance, the impact of the current increase in world price of oil on our inflation rate is a disturbance for which monetary policy is not responsible. that part of inflation due to such disturbances and shocks are statistically isolated from the headline inflation rate. the resultant rate of inflation provides a measure of and an indicator of underlying long - term inflation. we have carried out this exercise for mauritius. we have had some difficulties in arriving at a specific core inflation rate for mauritius because the prices of around one - third of the items in our consumption basket are set by government. having used two different methods, we obtained a range for our core inflation. for the 12 - month period ended september 2004, the core inflation ranged between 2. 9 per cent and 3. 3 per cent lower than the headline inflation rate of 4. 1 per cent as published by the cso. on average, our core inflation is likely to be between 1 and 1
are not aware of how much good they do to their children. it just comes with being a father or a mother. so again, let me congratulate you and congratulate everyone who has been involved in your success. let ’ s now open our discussion. thank you. 2 / 2 bis central bankers'speeches

sector. these became what is known as the 2 / 3 bis central bankers'speeches single rulebook – a single framework for financial institutions in all 28 eu countries. but writing the rules was not enough. so, the second step was to build european banking supervision. and so the single supervisory mechanism, or ssm for short, was created. it is made up of the ecb and the national supervisors of the 19 euro area countries. the ecb directly supervises the largest banks in the euro area. smaller banks are still supervised at the national level, but in close cooperation with the ecb. our job is to contribute to a healthy and resilient banking system. we make sure each bank respects the rules it is subject to and is supervised according to the same approach. this creates a level - playing field for all banks across the euro area and avoids supervisory arbitrage and national bias. the next step was to create a european system to deal with bank failures : the single resolution mechanism. this step represented a larger paradigm shift. banks should no longer be rescued using taxpayers ’ money. those who have reaped the benefits, that is the investors and creditors, should pay first if things go wrong. this helps to keep incentives healthy. but let ’ s go back to the institutional architecture. the single resolution board, or srb for short, is at the centre of the single resolution mechanism. the ssm and the srb cooperate closely when a bank is in trouble. the decision to declare that a bank is failing or likely to fail is made by us as supervisors. at that point, when a bank fails, the srb takes over. it decides whether a bank should be resolved at the european level, or wound up under national legislation. the details of this process are complex, and i ’ m happy to tell you more if you are interested. but the bottom line is simple. the mechanism aims to minimise both the impact of bank failures on financial stability and their cost to taxpayers. but resolution is not the final piece of the puzzle. nor is it the final pillar of the banking union. it was envisaged that the banking union would be supported by three pillars. european banking supervision and resolution are the first two. the third pillar is a european deposit insurance scheme. it is still in the making, but its importance is clear. for there to be a true banking union, depositors in all countries need to have the same level of confidence in their banks
labour market is now strengthening and a more rapid increase in employment will probably contribute to rising cost pressures in future. during the summer inflation has been slightly higher than expected, which was mainly due to rising energy prices. the inflationary impulse this entails is to some extent counteracted by the low unit labour costs, but inflation this year will probably be slightly higher than we had assumed in our june forecast. our assessment is that the effects of the energy prices will subside at the beginning of 2007. however, as with productivity growth, there is a risk that we are underestimating the effects – this could mean that energy prices may continue to rise and that there could be contagion effects pushing up inflation further ahead. during 2007 rising unit labour costs will provide an increasing contribution to inflation and a couple of years ahead underlying inflation is expected to be in line with the target, given a gradual increase in the repo rate. prospects for economic activity and inflation thus indicate that less expansionary monetary policy is called for in future. this will ensure that inflation is close to the target and that developments in the real economy are balanced. given this, we chose, in line with the repo rate path expected by the market, to raise the repo rate by 0. 25 percentage points at the monetary policy meeting in august. the assessment of the prospects for economic activity and inflation over the coming years that we made then showed it would be reasonable to also assume that the gradual repo rate increases will need to continue. i see no reason to change this assessment today. thank you.

##ify in the months ahead. 11. it is heartening that there is coordination among developed countries in the management of the crisis. that is welcome and necessary, but not sufficient. in as much as emerging and developing economies are likely to be increasingly impacted by the crisis, going forward two things are necessary. first, in managing the crisis, the implications of that management for emerging and developing economies should be explicitly factored in. second, emerging and developing economies should be taken into confidence and consulted whenever the policies and actions of the developed countries have implications for them.