samchain/econo-pairs-v2 huggingface dataset:
fully addressed if globalization is to sustain the public support it requires to make further progress.

, but the war is eroding growth ] russia ’ s brutal, illegal war in ukraine has profoundly transformed the european security order, as well as the economic policy landscape, with global ramifications. as an expression of europe ’ s firm support of ukraine, the european commission yesterday recommended candidate status for ukraine, which is a critical, major step in ukraine ’ s journey towards eu membership – and i assume the eu leaders will soon endorse it. before the war broke out, the eurozone economy had recovered from the pandemic better than expected. while russia ’ s share of the world economy is small, knock - on effects of the war are amplifying the supply bottlenecks and impacting energy, commodity and food prices. these headwinds will weigh on confidence and dampen growth in the near term, but once they abate, economic activity is expected to pick up again. the ecb ’ s latest eurozone projections forecast annual real gdp growth of 2. 8 % in 2022, 2. 1 % in 2023 and 2. 1 % in 2024. like in the us, the inflation outlook is ever more challenging for the eurozone, with headline inflation accelerating above 8 % in may. [ slide # 3 inflation dynamics – a driver and an anchor ] currently, we have a very clear driver and likewise a very clear anchor for inflation dynamics in the eurozone. the driver is of course energy inflation, as fuel prices have steeply increased since the summer of 2021. the anchor is a relatively moderate level of wage inflation – at least until recently. let me elaborate in a bit more detail on these. [ slide # 4 inflation on the rise in the eurozone – energy inflation explains ] while eurozone inflation has risen mainly because of surging energy and food prices, inflationary pressures have recently broadened and intensified. the latest ecb projections forecast an annual eurozone inflation rate of 6. 8 % in 2022, after which it is projected to decline to 3. 5 % in 2023 and to 2. 1 % in 2024. headline inflation at the end of the projection horizon is thus expected to be only slightly above the ecb ’ s target of 2 %. it must be underlined that energy inflation and supply chain bottlenecks alone would not lead to a sustained acceleration in inflation. in the medium term, the critical question is whether rising energy prices will increase inflation expectations and wage demands, leading to a wage - price
. all of this has a considerable impact on our economies : on productivity and growth. but also on prices. droughts can disrupt hydropower4 and hit electricity costs, with ripple effects throughout the supply chain. before we start the panel, however, i would like to move from eye - catching extreme events to call your attention to second - round and indirect economic channels caused by lasting damages or chronic changes to economic patterns. in some cases, such as the aftermath of cyclone idai, they are more obvious : destroyed infrastructure that needs to be rebuilt, disrupted supply chains that cause prices to rise5 – examples of lasting damages. however, some macroeconomic effects from chronic changes are less obvious. the ipcc reports that – and i am aware of my generalisation – for africa as a whole, agricultural productivity growth over the past decades is 34 % below a baseline without climate change. 6 the ngfs tries to extrapolate some of these macroeconomic effects into the future : our online tool allows you to explore these under different climate scenarios. a short example : the impact on labour productivity from heat stress. if we assume that only the currently implemented climate policies are maintained, our models forecast a labour productivity drop for some of the countries in southern africa of over 5 % by 2050. this can represent a real hit to economic output. as central banks within the ngfs, we do not stop at simply exploring such scenarios. it is necessary for central banks to take climate risks into account in their models in order to ensure price and financial stability in the future. stability is a key building block that we as a central bank have to deliver as a basis for growth and prosperity for our societies. this thought leads to an addition i find important to state : amidst the impact of climate change there are chances for growth and prosperity. i once again quote the prime minister of kenya : we need to unlock solutions. i could not agree more. there is ample demand for climate finance in the global south. public finances, however, are very much constrained. it is therefore key to leverage more private financing in this area. 3 / 4 bis - central bankers'speeches for this, we need to understand what hinders the flow of private capital and try to unlock barriers to solutions. investment flows from the global north to the global south could then bring business opportunities that are mutually beneficial. green hydrogen production and resources partnerships are just some examples. these solutions will only be found through an open dialogue, bringing climate finance demand and

oudheusden, “ financial literacy around the world : insights from the standard and poor ’ s ratings services global financial literacy survey ". 6 / 6 bis central bankers'speeches
and experiences is an important step to develop a coherent overall sense of economic identity. with this note, i would like to thank bilkent university once again and wish a successful conference. thank you. speech by issing, o. ( 2004 ). “ emu and economic governance ”.

would reinforce financial stability and enhance financial depth. in this respect, the financial stability report, which was prepared by the central bank of the republic of turkey and made public yesterday, is an important policy text delineating the strategy to be implemented in the upcoming period to maintain and reinforce financial stability in turkey. therefore, i suggest that the report be examined in detail. the policy framework, which the report outlines in detail, has four pillars. one of the main pillars of policy implementations in this respect is to encourage economic units to borrow less and to use more equity capital ( in other words to have lower leverage ratios ). recent implementations such as increasing required reserve ratios, the termination of remuneration of required reserves, the sustained fiscal discipline in the public sector as underlined in the revised medium - term program, the increase in resource utilization support fund deductions imposed on consumer loans, the introduction of limitations to loan / value ratio in mortgages, the 12 - percent target for banks ’ capital adequacy ratios are deterring measures against an excessive rise in indebtedness ratios. secondly, the extension of maturities regarding the borrowings of economic units is encouraged. under the aegis of the undersecretariat of treasury, studies for extension of maturities in public borrowings are being carried out successfully. an important development is that the banking regulation and supervision agency has permitted the issuance of turkish lira bonds so as to extend the maturities of liabilities in the banking sector. additionally, the central bank decreased overnight borrowing by 400 basis points last month enabling short - term swap interest rates to go down when required. besides, the central bank aims to encourage long - term deposits with the new arrangements to be made in required reserves. the third pillar of the policy framework is to encourage borrowing in terms of the turkish currency and to strengthen the net foreign exchange position. to this end, the undersecretariat of treasury is oriented towards borrowing in tl ; the fx - denominated domestic debt stock was pushed down gradually and central bank accelerated reserve accumulation at times of elevated capital inflows, through the flexible foreign exchange buying auctions. reasons such as implementation of the floating exchange rate regime, the progress made in terms of attaining price stability and the decrease in tl interest rates have facilitated a wider use of turkish lira in the economy as opposed to foreign currency. moreover, measures like setting higher required reserve ratios for foreign exchange than those for turkish li
norman chan : welcome remarks - 2018 green and social bond principles annual conference welcome remarks by mr norman t l chan, chief executive of the hong kong monetary authority, at the 2018 green and social bond principles annual conference, hong kong, 14 june 2018. * * * financial secretary, martin, distinguished guests, ladies and gentlemen, 1. welcome to the 2018 green and social bond principles annual conference, co - organised by the hong kong monetary authority ( hkma ) and the international capital market association, supported by the hong kong financial services development council. 2. today ’ s conference is the flagship event in the world of green finance, and rightly so. since the publication of the green bond principles ( gbp ) in 2014, it has become the de facto global standard for green bond issuance. these days, a majority of the green bonds issued globally follow the gbp framework, and many major markets base their local green bond standards on the gbp. in this conference, we will have the opportunity to hear more about the latest enhancements to the gbp, and how green standards have been developing in different parts of the world. 3. today ’ s conference is notable also because of its location. as martin said, it is the first time that the conference is held in asia. looking at the turnout, it is a good choice. i am not just referring to over 900 registered attendees – this is clearly impressive. i am also referring to the geographical mix, with a large showing from asia, in addition to delegates from europe. this is a testament to the rapid growth of the green bond market in region. 4. indeed, over the past few years, the green bond market has grown exponentially, including the green bond market in hong kong, and we are very pleased about this development. for many years, the hkma has been working to promote the development of the hong kong bond market. today, hong kong is the third largest bond issuer in asia ex - japan, behind only the mainland of china and south korea. 5. the hkma plays more than just the promoter role in green finance. as many of you may know, the hkma is the investment manager of the exchange fund. with assets under management over usd500 billion at the end of last year, we are one of the world ’ s largest asset owners. the hkma has been very supportive of responsible investment, and has incorporated environmental, social and governance, or esg, principles into our investment

##ourcing can provide significant opportunities for banks but it also increases their risk exposure. this demands robust governance, comprehensive risk assessments and thorough pre - outsourcing analyses. our supervisory expectations should not be seen as regulatory hurdles in this regard but as strategic enablers to enhance resilience, operational continuity and data protection in banks'cloud strategies. i wish you a wonderful rest of the conference today. 3 / 4 bis - central bankers'speeches gartner ( 2024 ), " gartner forecasts worldwide public cloud end - user spending to surpass $ 675 billion in 2024 ", press release, 20 may. 4 / 4 bis - central bankers'speeches
– the imf ’ s blueprint for fintech development, produced together with the world bank. being one of the jurisdictions to take on the fintech challenge early on, this shows that the overall direction we have chosen has put us on the right track. one example of our good practice is opening up the bank of lithuania ’ s payment infrastructure to non - banking entities. now they can directly, – without the middlemen – access the single euro payments area through our centrolink payment platform. today, out of the total 80 users of the centrolink, over three quarters are e - money and payment institutions. by streamlining licensing procedures, we have also shortened the time it takes for such entities to receive authorisation and begin their operations. in addition to this, we ’ ve introduced the concept of a specialized bank, which offers most of the mainstream financial services, but features a lower initial capital requirement. as a result, already 1 / 3 bis central bankers'speeches 3 specialized bank licences have been issued, with 4 applications under consideration. and, on top of that, we have initiated the creation of a legal framework for crowdfunding and peerto - peer lending. this helps avoid regulatory arbitrage and eliminates the obstacles to the much needed development of alternative financing sources. the results of our efforts speak for themselves : in 2016, we had 6 licenced e - money and payment institutions operating in lithuania ; today, that number has surpassed 80. and yet, despite these early results, we are constantly looking for new ways to adapt. that is a large reason why we actively engage with the novel financial market players. take, for instance, the newcomer programme. or our own regulatory sandbox, which enables innovative firms to test their business models under our guidance and supervision. all this interaction is a two - way street. we do it not only to help new participants, but also to help ourselves identify regulatory shortcomings. — this know - how is especially crucial in one particular area – managing risks that are stemming from fintech. the duality of potential benefits and risks, recognized in the bali fintech agenda, is also the underlying theme in our event today. in this regard, the bank of lithuania has brought the money laundering concerns to the forefront, substantially boosting human resources devoted to the issue. we have also started to look into the non - bank entities when conducting cyber security exercises on the financial services sector. and, when it comes to investor protection, we

##ndering - and - counter - terrorist - financing 2 / 2 bis central bankers'speeches
ronald waas : handling alleged payment system and currency exchange crime speech by mr ronald waas, deputy governor of bank indonesia, at the signing of the working guidelines between bank indonesia and the national police, as a follow - up action to the memorandum of understanding ( mou ) “ cooperation to support task implementation and the authority of bank indonesia and the national police of the republic of indonesia ”, jakarta, 24 september 2014. * * * honourable, chief of the criminal investigation agency, commissioner general suhardi alius, m. h. ; leaders of mabes polri : kadivkum, kadivhumas, dirtipidekus, dirtipikor ; leaders of bank indonesia as well as all other attendees and invitees. assalamu ’ alaikum warahmatullahi wabarakatuh, good morning to you all. • first, let us praise god almighty that we may gather here today to witness the signing of working guidelines between bank indonesia the national police, in this case the criminal investigation agency, concerning “ the handling of alleged payment system and currency exchange crime. ” • the signing of the working guidelines represents a follow - up action to the memorandum of understanding ( mou ) signed between bank indonesia and the national police on 1st september 2014 regarding “ cooperation to support task implementation and institutional authority. ” • pursuant to the memorandum of understanding ( mou ) signed by the governor of bank indonesia and police chief, the following tasks will be spotlighted for synergised implementation : – data and / or information exchange ; – security and escorts ; – supervision ; – law enforcement ; – enhanced human resources ; – socialisation. concerning law enforcement, one aspect that will be synergised through cooperation between bank indonesia and the national police is the handling of alleged payment system and currency exchange crime, otherwise known as money changers. • law enforcement in the area of currency exchange is essential considering its susceptibility to abuse by unauthorised parties, including money laundering and terrorism funding, the narcotics trade as well as trafficking disguised as currency exchange activity. • in order to prevent various forms of criminality in the currency exchange business, bank indonesia recently promulgated bank indonesia regulation ( pbi ) number 16 / 15 / pbi / 2014, dated 11th september 2014, concerning non - bank currency exchange activity. the regulation fosters stronger and more refined non - bank currency exchange activity that must be licensed by bank indonesia. the recent bis

payment system and currency exchange industry. • the working guidelines are expected to become a form of good communication, intensive coordination and synergetic collaboration between bank indonesia and the national police, related ministries, law enforcement officers and other stakeholders. • that concludes my opening remarks with the belief that god almighty will always bless us and light out way towards a better future. wassalamu ’ alaikum wr. wb. thank you. bis central bankers ’ speeches
##ntial policies ) can do something to prevent costly booms and busts – although it has less leverage than commonly thought in a balance sheet recession which often characterises the “ bust ” phase. hence, by being more aggressive in preventing risks ex ante, the central bank may have an easier life ex post, and avoid being over - burdened with bis central bankers ’ speeches excessive expectations in the bust phase. a distinct advantage of monetary policy as compared with macro - prudential policies is its robustness to regulatory arbitrage and its ability to “ get in all the cracks ”. note that claudio is careful not to argue that central bank mandates should be changed. a stronger focus on the financial cycle could be justified based on central banks ’ traditional mandate of maintaining price stability. at the ecb, we are definitely sympathetic to these views. 1 the ecb ’ s monetary policy strategy with its medium - term orientation and emphasis on monetary analysis explicitly involves looking beyond short - term price developments and taking into account the mediumterm implications of booming asset prices and credit markets for price stability. ultimately, however, the answer to the question how actively monetary policy should be used to “ lean against the wind ” will depend on the answer to two other questions : i ) how effective will the new macro - prudential policy framework be in reining in the financial cycle and maintaining financial stability? ; and ii ) what is the effect of monetary policy on risk taking and financial stability? regarding the first question on the effectiveness of macro - prudential policies, let me just say that the experience with those policies as a stabilisation tool is relatively scarce and often confined to emerging market economies. in the euro area, the spanish experience with dynamic provisioning shows that increasing buffers during the credit boom can increase the resilience of banks ; this was visible in the first phase of the financial crisis. however, at the same time it did not prevent the large run - up in credit and real estate prices and its subsequent painful and protracted bust, suggesting that a more intrusive macro - prudential policy may be necessary. i trust that the new macro - prudential tools created under the capital requirements directive iv, combined with the new role of the single supervisory mechanism in macro - prudential decision - making, will help provide that intrusiveness. regarding the second question, there is by now considerable research on the effect of monetary policy on risk taking in the financial sector (

the ecb ’ s monetary policy during the coronavirus crisis – necessary, suitable and proportionate ”, speech at the petersberger sommerdialog, frankfurt am main, 27 june. 5 empirical evidence corroborates this view. new research by the international monetary fund ( imf ) finds that, in periods of high uncertainty, an increase in public investment by 1 % of gdp could lift real gdp growth by up to 2. 7 %. see imf ( 2020 ), “ public investment for the recovery ”, fiscal monitor : october 2020, chapter 2. 4 / 4 bis central bankers'speeches
of economic recovery are increasing. at the federal reserve, we stand ready to do what is necessary to maintain financial stability, as we did on september 11, and to maintain a monetary policy stance that will foster price stability and promote maximum sustainable growth in output.

monetary policy is not on a pre - set path, and i will be closely monitoring the incoming data and their implications for the economic outlook. i will be looking for evidence that inflation is on a consistent and meaningful downward path as i consider whether further increases in the federal funds rate will be needed, and how long the federal funds rate will need to remain at a sufficiently restrictive level. i know that high inflation has been a hardship, especially for lower - and middle - income families, who spend the majority of their income on necessities. returning inflation to two percent will help american families focus on important decisions other than 1 / 3 bis - central bankers'speeches inflation. addressing high inflation will ensure that it is no longer a factor for spending and investment decisions and will help put the u. s. economy on a course of ongoing economic growth and rising standards of living. but i also know that higher interest rates have made it more difficult for many to get a loan, to buy a home or a car, and for businesses to invest and expand. i am interested to hear the ways in which inflation and higher interest rates are affecting the day - to - day lives of our participants today. i am also looking forward to learning about how the economy and the fed's policies are affecting lower - income workers and small businesses, the two subjects of today's fed listens event. over the past few years, for many, wage and salary increases have not kept up with inflation, and while that general pattern has improved recently, most workers still have not seen wage increases equal to price increases. for workers at the lower end of the wage spectrum, wage gains have been the strongest seen in decades. however, because necessities like groceries and gasoline make up a large share of their household expenses, lower - wage workers have been experiencing the effects of higher prices more acutely than others. we also know from history that a slower economy, with higher unemployment, tends to hit lower - income workers the hardest, so we must remain attuned to the fact that our efforts to reduce inflation have the potential to undermine wage gains and job security for lower - wage workers. should inflation remain at today's level, or increase again, lower - wage workers would continue to bear the brunt of these effects. small businesses are also more vulnerable in an economic slowdown than larger businesses, and i am watching carefully to see how they are dealing with both inflation and higher interest rates. despite high inflation and