samchain/econo-pairs-v2 huggingface dataset:
in machinery, equipment, and technology. we may now be starting to see the payoff of these efforts, in the form of some larger productivity gains, which i hope will grow and continue, thereby providing the basis for improved standards of living for canadians in the future. all in all, the prospects for our economy are very positive. if these prospects are realized, we will also see a stronger canadian dollar over the medium term.

risks of the investment, because financial markets are better able to measure and price risk. this is not to say that we should expect the private sector to shoulder all the inherent risks of major infrastructure investments without any public sharing of those risks. but financing through markets provides a mechanism by which we can better assess the economic merits of an investment. the infrastructure investment climate these are some of the complex issues facing us as we try to eliminate canada's infrastructure deficit. the timing is right to make these investments. during the early 1990s, governments had to deal with large fiscal deficits and they simply did not have the cash to invest in building infrastructure. that is not the case today. further, over the next couple of decades as our population ages, more canadians will be saving for their retirement. this added saving will boost an already growing demand for long - term financial assets. pension and endowment funds are now allocating an increasing share of their portfolio assets to infrastructure investments, in an attempt to increase returns and better manage risk through portfolio diversification. these funds are increasingly looking for longer - term assets that provide a better match to their liabilities. so far, much of this investment has gone to projects in other countries. this is partly because the domestic markets for ppp in these other countries are more developed than ours. in canada, we currently see three conditions that present us with a vital opportunity. we have governments that are committed to investing in infrastructure, a private market with an appetite for longer - term financial assets, and a pent - up need for those investments in canada. if we get this right, we can enhance canada's productivity in two ways. first, the improved infrastructure can help to boost the productive capacity of the private sector and help to achieve more efficient resource allocation. second, better infrastructure is a key component in attracting the companies and the people who spearhead continuous innovation. conclusion the bank of canada's mandate is to promote the economic and financial well - being of this country. we know that an efficient and innovative economy is critical if we are to achieve sustainable growth and prosperity for canadians. that is why, in past speeches, i have focused on the need to have efficient financial institutions and markets. the right infrastructure is also key to promoting efficiency. and ppp is a practical way to match the demand of savers for long - term assets with the economy's need to build critical infrastructure. it is also a way to promote the efficient operation of that infrastructure. that is
rating agencies have already received their share of blame for the crisis. that ’ s the easier part ; the difficult part is to find viable alternatives – the rating agencies were part of a big machine that was working well as long as the going was good. obviously, any alternative framework has to be in sync with the changed realities of the market. its will not be possible to think of any changes in this regard in isolation. at a fundamental level, what needs to change, and hopefully will change, is an understanding about what the ratings convey. what needs to change is an understanding of the difference between a aaa bond and a aaa cdo tranche. here, more than the rating agencies, the responsibility will lie on the regulators to capture the differential risk characteristics of various instruments, even though identically rated, in a very specific manner in their prescriptions. uniform capital requirements just based on credit ratings will need to be replaced by a more granular and nuanced regulatory approach. financial innovation much of the development in the financial sector internationally over the past couple of decades or so owes much to the open spirit of financial innovation. the recent turn of events, i would say, can be attributed more to the way the financial industry functions, given the underlying regulatory and the incentive structures, rather than on financial innovation, per se. the risk - return payoff in the financial sector is quite different than any other sector. the only blame i would put on the model - centric financial innovations was the false sense of certainty and comfort they provided to not merely those who did not understand the black boxes but even the institutional investors and rating agencies. the critical element of judgement while interpreting and applying the models was found wanting. i am sure lessons would be learnt in this regard. conclusion the financial system in india has been resilient in these trying times. whatever fault points have been felt in the recent months do not owe their origin within the financial sector. as governor dr. subbarao has aptly remarked in one of his speeches, indian experience has been different in the sense that the strain in the real sector got transmitted to the financial sector unlike the other countries where it was the other way round. it is only thorough a constant process of mutual consultation between the market participants and the rbi that we will ride the difficult period. going forward, the test for further market development will be based on an assessment of not only implications for an individual institution – micro prudential but also implications for systemic risks. references

1. report of the high level group on financial supervision in the eu, february 25, 2009. 2. financial reform : a framework for financial stability, group of thirty, january 15, 2009. 3. declaration : summit on financial markets and the world economy, g - 20, november 15, 2008. 4. asset price bubbles : implications for monetary, regulatory and international policies, speech by the governor bank of spain, february 24, 2002.
objective of inclusive growth with financial stability cannot be achieved without ensuring universal financial inclusion. banks alone will not be able to achieve this unless an entire support system would be partnering with them in this mission. all the stakeholders need to join hands and make it possible. thank you. bis central bankers ’ speeches

bank branches, branch licensing norms have been relaxed considerably and banks are now free to open branches in centres with population less than 1 lakh under general permission, subject to reporting. opening of branches in unbanked rural centres : to further step up the opening of branches in rural areas, banks have been mandated to open at least 25 per cent of the branches in unbanked rural centres. to help facilitate achieving this mandate, banks have been advised to open to open small intermediary brick and mortar structures between the base branch and the unbanked villages. the idea is to create an eco - system for ensuring efficient delivery of services, efficiency in cash management, redressal of customer grievances and closer supervision of bc operations. this is expected to facilitate quicker branch expansion in unbanked rural centres. financial inclusion plan of banks we have encouraged banks to adopt a structured and planned approach to financial inclusion with commitment at the highest levels, through preparation of board approved financial inclusion plans ( fips ). the first phase of fips was implemented over the period 2010 – 2013. the reserve bank has used the fips to gauge the performance of banks under their fi initiatives. in this direction we have put in place a structured and comprehensive bis central bankers ’ speeches monitoring mechanism for evaluating banks ’ performance vis - a - vis their targets. to ensure support of the top management of the bank to the financial inclusion process and to ensure accountability of the senior functionaries of the bank, one on one annual review meetings are held with cmds / ceos of banks. a snapshot of the progress made by banks under the financial inclusion plan during the period from april 2010 to march 2013 are as follows : • banking outlets in villages have increased to nearly 2, 68, 000 from 67, 694 outlets in march 2010. • about 7, 400 rural branches have been opened during this 3 - year period compared with a reduction of about 1300 rural branches during the last two decades. • nearly 109 million basic savings bank deposit accounts ( bsbdas ) have been added, taking the total number of bsbda to 182 million. the share of ict - based accounts has increased substantially. the percentage of ict accounts to total bsbdas increased from 25 per cent in march 2010 to 45 per cent in march 2013. • with the addition of nearly 9. 48 million farm sector households during this period, 33. 8 million households have been provided with small entrepreneurial credit as at the end of march 2013.
they can get a wider range of better and cheaper financial products and services. our vision is to put the interest of the consumer, competition, security and trust between stakeholders at the centre through european legislative initiatives. 1 / 2 bis - central bankers'speeches last but not least, the fight against payment fraud is also a leading priority in the bnb supervisory practice, and i believe that the new european legislation will enable payment service providers to share fraud - related information with each other. this will increase consumer awareness and expand refund rights for those consumers who are victims of fraud. the new european legislation will also ensure levelling of the playing field between banks and non - bank payment service providers, and in particular by giving non - bank payment service providers access to all eu payment systems. this process will go hand in hand with setting appropriate adequate safeguards in order to ensure the right conditions for the entry of innovative financial services. thank you for your attention! 2 / 2 bis - central bankers'speeches

loans. we announced that we could increase the rate to a higher level earlier if credit growth significantly accelerates. our decisions were taken despite the fact that the standard metric of how the credit - to - gdp ratio deviates from its long - term trend remained deep in negative territory. furthermore, we strengthened the macroprudential powers of the bulgarian national bank. the key element here was the introduction into bulgarian law of a framework of borrower - based measures – requirements such as loan - to - value ( ltv ) and loan - to - income ( lti ) – in addition to the existing capital - based measures. as monetary easing in the euro area is likely to stay for quite some time, policymaking in the noneuro area countries affected by the ecb ’ s monetary policy needs to remain attentive. from a regulatory and a supervisory perspective, both positive and negative externalities from the euro area to our economies will need to be properly managed. the original text is published in english and can be read here. 1 / 1 bis central bankers'speeches
lorenzo bini smaghi : on the occasion of the inauguration of the euro exhibition in rome speech by mr lorenzo bini smaghi, member of the executive board of the european central bank, at the inauguration of the euro exhibition, rome, 3 april 2009. * * * dear fabrizio, ladies and gentlemen, it is a pleasure for me to be here in these wonderful premises of banca d ’ italia in rome to celebrate with you the occasion of the 10th anniversary of stage three of the economic and monetary union ( emu ) and of the adoption of the euro. we are also here to inaugurate “ the euro exhibition ”, presenting the euro banknotes and coins through a range of innovative features, which we hope will be appreciated by the public in rome. 1. first 10 years of the euro on 1 january 1999 the third stage of emu began with the irrevocable fixing of the exchange rates of the currencies of the 11 member states initially forming the euro area. monetary authority for the new currency was transferred to the governing council of the european central bank. the euro became the currency of over 300 million citizens of europe. the number of countries participating in the emu grew over the years. today, euro banknotes and coins are legal tender in 16 of the 27 member states of the european union, and used by almost 330 million citizens in the euro area. slovakia has recently become the 16th member of the euro area. following a two - week dual circulation period during which payments could be made using either euro or slovak koruna, the euro became the sole legal tender in slovakia from 17 january 2009 and the changeover was very smooth. today, the single currency is used in an area that stretches from cyprus to ireland and from portugal to finland. as you know, the euro cash did not enter into circulation until 1 january 2002, when it replaced the banknotes and coins of the national currencies like, in the case of italy, the lira. to support the cash changeover, which was one of the largest logistical operations undertaken in europe, extensive information campaigns were successfully run to acquaint citizens with the visual appearance of the euro banknotes and coins. the euro is widely recognised as a currency of major significance on the international level. some 12 billion banknotes circulate in europe and beyond, representing a face value of more than eur 700 billion. the number of euro banknotes in circulation continued to grow since the

name of this booklet is anna & alex take on the banknote forgers. after these introductory remarks it is now a pleasure for me to declare this euro exhibition open. you are kindly invited to come closer to view the exhibition and the children ’ s booklet.
but also to avoid the unwarranted impact on export industries, particularly of goods which tend to be more sensitive to the exchange rate. one could look at it as the qe of small open economies. a year passed, and still the inflation rate was below target and still in negative territory and we observed that the same forces were at play, and expected to continue to be due to the global economic and monetary environment and because of our own domestic conditions. it was clear that we needed to show our patience with the price environment. we did so by introducing nonconditional forward guidance – there were clearly too many elements behind the low inflation to allow us to turn some into conditions – which we reiterated more recently, and in our view was correctly interpreted by the market. patience has its virtue but must not be confused with inaction, the boi has been patient with inflation to return, but quite active to ensure that the crucial broader environment of price stability remains intact. inflation expectations of the medium and longer term are still well anchored within the target range bestowing credibility to the monetary policy. to conclude in the spirit of this forward looking conference, i would draw 3 points from the recent israeli experience. first, protracted periods of below target inflation do not entail an automatic loss of monetary policy credibility. for the latter to be maintained, we need to better understand, and better explain, how the transmission mechanisms operate – through short term interest rates, long term rates, exchange rate and asset prices. this will lead us to use more tools and more targeted tools when available. second, the israeli experience does not lead to the need of changing the inflation target : an important anchor for the economy must not be amenable to easy change unless there is strong evidence that it is no longer at the appropriate level. inflation in israel is also strongly impacted by global inflation, and while the debate on changing the inflation target is also taking place globally, there is no reason for israel to be a pioneer in this change, if the change takes place. third, monetary policy must take into account financial conditions as signaled daily, if not hourly by the markets, but as upholder of a necessary and crucial nominal anchor it must be able to withstand noise and remain forward looking. this in turn requires the central bank to engage in discussions and better explain its interpretation of sometimes contradictory data on the one hand, and to withstand “ flavor of the day ” pressures. “ 2 / 2 bis central bankers'speeches

be a catalyst for the going abroad endeavor. promoting the two - way interaction of foreign enterprises coming to china and chinese ones going abroad is conducive to the economic complementarity and helps promote common prosperity, global harmony and progress. on this front, the financial sector definitely will do a lot more to provide support. in conclusion, i wish the forum a complete success. thank you.
customer relationships. in conclusion, i would like to say that, in our opinion, bank financing remains and will remain the primary way of raising debt in russia for many years to come. we are interested in the banking sector enjoying long - term sustainability and profitability. we want banks to be able to meet the needs of the economy in any situation. in the crisis we underwent last year, we saw that banks are able to do so. and in periods of growth as there is now. i wish you every success. thank you for your attention! 5 / 5 bis central bankers'speeches

mixed dynamics. business price expectations continued to decline in april - may. inflation expectations of households came in at 9. 3 - 9. 4 % during this period. however, we expect that inflation decline to 4 % will bring down inflation expectations of households and businesses. analysts ’ expectations remain anchored at the inflation target of close to 4 %. fifth. monetary conditions are softening. this is driven by changing expectations of domestic and external financial market players. first, this is enabled by revised expectations as to the path of the bank of russia key rate ; second, by an adjustment in expectations and yields in the external financial market against the background of changes in major central banks ’ rhetoric – which i have mentioned. ofz yields are declining in this environment, enabling a potential reduction in deposit and lending rates. between april and may, a number of major banks revised downwards their interest rates on several deposit products ; interest rates on mortgage loans were also beginning to trend down. today ’ s decision to cut the key rate alongside the signal we have sent out will work to solidify these trends. medium - term outlook. the outcome of opec + negotiations remains uncertain. we look to further concerted actions by deal parties to warrant smooth oil price dynamics over the forecast horizon. based on their actual movements since the year start, we have upgraded the average annual urals crude price in our baseline scenario from $ 60 to $ 65 per barrel in 2019 and from $ 55 to $ 60 per barrel in 2020. we retain our conservative assumptions for 2021 whereby the oil price is expected to reach $ 55 per barrel. key balance of payments figures in the baseline scenario have also been adjusted to oil price movements and the expected dynamics of the global economy. this year ’ s current account balance is estimated to total $ 98 billion ( approx. 6 % of gdp ) and drop subsequently to $ 50 billion ( approx. 3 % of gdp ) in 2021. this is attributed to downward oil price trends and expanding imports as economic growth accelerates. the private sector ’ s financial account balance in 2019 is set to amount to approx. $ 50 billion ( 3 % of gdp ). financial transactions of private sector balance already reached $ 35 billion in the first five months of the year. we expect it to drop substantially in the second half of the year 2 / 3 bis central bankers'speeches compared to both the past year ’ s last six months and the first six months of this year. the main reasons behind this outlook are as follows. first
stanley fischer : the transmission of exchange rate changes to output and inflation speech by mr stanley fischer, vice chair of the board of governors of the federal reserve system, at the research conference “ monetary policy implementation and transmission in the post - crisis period ”, sponsored by the board of governors of the federal reserve system, washington dc, 12 november 2015. * * * the views expressed here are my own and not necessarily those of others at the board, on the federal open market committee, or in the federal reserve system. i am grateful to christopher erceg, joseph gruber, and deborah lindner for their contributions to this speech and to william english and david skidmore for comments. good evening. my discussion tonight will focus on a key transmission channel in an open economy – the exchange rate. the exchange rate is a primary focus of central bankers in small open economies as well as a prime concern of the broader public in those economies – and, to a lesser extent, in even the largest of economies. when i was governor of the bank of israel prior to joining the federal reserve, my markets screen was continuously open at a chart of the exchange rate of the shekel against the dollar. for small open economies, the exchange rate may well matter as much for output and inflation as do interest rates. 1 given that the u. s. economy is much less open than israel ’ s, it is not surprising that fluctuations in the dollar typically receive somewhat less attention here in the united states. indeed, much of the focus on dollar fluctuations in the recent research literature is on transmission to foreign economies, including through balance sheet channels, as in the bank for international settlements paper ( hofmann, shim, and shin, forthcoming ) that will be presented tomorrow. nevertheless, the exchange value of the dollar also plays a significant role in the u. s. economy, a role that has increased over time given growing global trade and financial linkages. my remarks will focus on the consequences of the dollar ’ s ascent since last summer for u. s. output and inflation – and thus for monetary policy. size of dollar ’ s appreciation and its causes as seen in figure 1, the roughly 15 percent appreciation of the broad real dollar since july 2014 is large, though not unprecedented by historical standards. 2 two related factors appear to have played key roles in the dollar ’ s rise. first, while the u. s. economy has performed relatively well – as is visible especially in our steady progress toward full

capital plan, and stress test rules ( pdf ), 83 fed. reg. 18, 160 ( april 25, 2018 ). return to text 3 the capital planning evaluation remains as part of the normal supervisory process for these firms. return to text 3 / 3 bis central bankers'speeches